Bitget Research: Market sentiment remains低迷, Grass airdrop token launch
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Bitget Research: Market sentiment remains低迷, Grass airdrop token launch
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
The crypto market continues to remain depressed with a sustained downward trend, among which:
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The wealth-generating sectors are: high-yield, low-risk U-denominated yield pools and DeFi blue-chip sectors (AAVE, 1INCH);
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User's most searched tokens & topics: World Liberty Financial, Yuga Labs;
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Potential airdrop opportunities: Story Protocol, Elixir;
Data collection time: September 5, 2024, 04:00 (UTC+0)
I. Market Environment
After a brief recovery yesterday from the prior sell-off panic, the crypto market remains sluggish overall, with trading volume and activity continuing to stay at low levels. The broader market is still in a downtrend with no clear signs of rebound.
On the ETF front, Bitcoin ETFs have recorded six consecutive days of net outflows, with yesterday seeing a net outflow of $37.2 million. Ethereum ETFs also continued to see net outflows, with $37.5 million net outflow yesterday. Multiple ETFs have seen zero net inflows for several consecutive days. These ETF figures indicate that investors across multiple funds remain cautious and are closely observing the market.
In the crypto ecosystem, the well-known project Grass released its airdrop query page yesterday. The query page only reflects allocation data from the Alpha test season and Seasons 1–7, excluding the ongoing reward season and future unannounced distributions. The total supply of GRASS tokens is 1 billion, with 10% allocated for the first airdrop.
II. Wealth-Generating Sectors
1) Recommended Focus: High-Yield, Low-Risk U-Denominated Yield Pools
Main reasons:
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Market sentiment remains fearful, and a significant rebound is unlikely in the short term. Before a major bullish wave emerges, it’s advisable to hold stablecoins and wait for market stabilization before entering on the right side of the trend.
Recommended projects:
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Kamino: Currently the lending protocol with the highest TVL on Solana. Supplying USDC currently yields an APY of 13%, while supplying PYUSD yields 19%;
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NAVI Protocol: Currently the protocol with the highest TVL on SUI. Supplying USDC yields an APY of 10.6%, and USDT yields 7.7%, with relatively stable returns;
2) Sector to Monitor Going Forward: DeFi Blue-Chips (AAVE, 1INCH)
Main reasons:
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Recent aggressive buybacks by DeFi blue-chip projects—such as the 1INCH team, which has spent a total of $2.993 million since July 5 to purchase 11.454 million 1INCH tokens at an average price of $0.26. In traditional markets, such actions signal strong confidence in the company’s stock and can positively boost market sentiment.
Factors influencing future performance:
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Total value locked (TVL): Cash flow generation for these protocols primarily depends on their asset scale. As TVL grows, protocol revenues increase accordingly, leading to stronger token price performance.
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Regulatory impact: As the cryptocurrency industry gradually gains legislative support and wider societal acceptance, favorable policies will become key drivers for token appreciation in this sector. With more major asset managers entering this space, steady growth is expected going forward.
III. User Search Trends
1) Popular Dapp
World Liberty Financial (Dapp)
Yesterday, a draft whitepaper for Trump family-backed crypto project World Liberty Financial revealed that up to 70% of the project’s tokens will be reserved for founders, team members, and service providers. Even within the remaining 30% allocated for public sale, the founding team will retain a portion of proceeds.
According to the whitepaper, all WLFI tokens will be non-transferable and indefinitely locked in wallets or smart contracts. Unlocking will occur through governance procedures in compliance with applicable laws. Given Trump’s reputation as a crypto-friendly presidential candidate, the project has drawn widespread attention from the crypto community.
2) Twitter
Yuga Labs
NFT issuer Yuga Labs has launched the sequel to its Dookey Dash game titled "Dookey Dash: Unclogginged," offering a $1 million prize pool. The app is now available for pre-download on mobile app stores. The original Dookey Dash game was launched in 2023, featuring Sewer Pass NFTs airdropped to holders of various tiers of Ape NFTs.
3) Google Search & Regional Trends
Global trends:
POL:
Developers behind Polygon have started migrating MATIC tokens to POL. POL is now the native gas and staking token on the Polygon PoS chain. Holders of MATIC on Polygon PoS do not need to take any action—the upgrade to POL will happen automatically. However, holders of MATIC on Ethereum, Polygon zkEVM, or centralized exchanges must actively migrate their tokens to POL via the migration contract. POL maintains MATIC’s existing tokenomics, distribution, and a total supply of 10 billion tokens. The initial exchange ratio between MATIC and POL is set at 1:1, with a gradual 2% unlock over ten years to support growth. Leading exchanges including Upbit, Binance, and Coinbase have announced support for the MATIC-to-POL swap.
Regional search trends:
(1) Search volumes for POL and MATIC have significantly increased in Western, English-speaking regions: Solana appeared in trending searches in the UK; AI and MEME sectors emerged as popular keywords in Canada, Australia, and Poland;
(2) No prominent hotspots in Asia and Latin America, with scattered search terms. A few countries mentioned Meme coins such as FLOKI and PEPE.
IV. Potential Airdrop Opportunities
Story Protocol
Story Protocol is an intellectual property (IP) management protocol aiming to transform how humanity records history using blockchain technology, by registering content and IP across various blockchains and enabling interoperability.
The project recently raised $80 million in a Series B round led by a16z Crypto, with participation from Foresight Ventures, Hashed, and others. To date, PIP Labs—the open team behind Story Protocol—has raised $140 million at a valuation of $2.25 billion. The project has attracted significant market attention and could emerge as a leading player in a new blockchain sector.
How to participate: Story Protocol has partnered with multiple projects, including Colormp. Users can mint Launch NFTs from these projects and continue engaging with tasks and updates, potentially qualifying for future IP-related token airdrops.
Elixir
Founded in 2022, Elixir is a modular DPoS liquidity network that enables anyone to directly provide liquidity to order books, bringing liquidity to long-tail crypto assets and allowing exchanges and protocols to bootstrap order book liquidity.
On March 12, 2024, Elixir raised $8 million in a Series B round at an $800 million valuation. On October 18, 2023, it raised $7.5 million in a Series A round. On January 17, 2023, it secured $2.1 million in seed funding. Investors include Hack VC, GSR, Sui, and Amber Group.
How to participate: Join Apothecary to earn points by depositing at least $100 worth of ETH to mint elxETH and unlock treasure chests. elxETH is a native yield-bearing token backed 1:1 by ETH and will serve as a cross-chain LP token upon mainnet launch, powering order book liquidity for exchanges. Additionally, users can provide liquidity to Elixir-supported protocols via https://agg.elixir.xyz/.
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