Bitget Research: SUI ecosystem TVL surpasses $900 million, reaching a new high; Solana Breakpoint announcements provide strong support for SOL's long-term price
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Bitget Research: SUI ecosystem TVL surpasses $900 million, reaching a new high; Solana Breakpoint announcements provide strong support for SOL's long-term price
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Executive Summary
BTC price rose 9% over the past seven days. Last week, BTC spot ETFs saw a net inflow of $397 million. The ETH/BTC exchange rate rebounded to 0.04, and ETH network gas fees rose to around 20gwei. SUI ecosystem TVL surpassed $900 million, setting a new all-time high, fueling market speculation around the "Solana killer" narrative.
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Sectors with notable movements and those worth watching: SUI ecosystem, Solana ecosystem;
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User's top-searched tokens & topics: EARNM, PENDLE, GRASS;
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Potential airdrop opportunities: Story Protocol, Fuel Network;
Data cutoff time: September 23, 2024, 04:00 UTC
1. Market Environment
BTC spot ETFs recorded net inflows on four out of the past five trading days, with a total weekly net inflow of $397 million. BTC price increased by 9% over the past week, currently fluctuating between $62,000 and $64,500. The ETH/BTC ratio has recovered to 0.04, and Ethereum gas fees have risen above 20gwei.
The SUI ecosystem’s TVL surpassed $900 million, reaching a record high. SUI’s token price surged 48% in seven days, driving market hype around the idea of “SUI as the Solana killer.” The Solana Breakpoint 2024 conference concluded, with numerous projects announcing new initiatives and major product upgrades. While these developments did not immediately impact SOL’s price, they lay a solid foundation for the long-term growth of the Solana ecosystem.
2. Wealth-Creating Sectors
1) Sector Movement: SUI Ecosystem
Main Drivers:
The SUI ecosystem’s TVL hit a new all-time high, sparking speculation about SUI becoming a “Solana killer.” SUI’s underlying technology—such as its unique object model and Move programming language—provides an efficient and secure platform, attracting developers and projects.
Price Performance:
Over the past seven days, SUI rose 48%, while CETUS, NAVX, and SCA increased by 50%, 93%, and 19% respectively.
Factors Influencing Future Trends:
In reality, the SUI ecosystem has yet to establish a strong moat or killer application, and on-chain transaction activity remains relatively low. Short-term price surges may be driven by speculation, but sustained long-term appreciation will require fundamental improvements and stronger product development. SUI is set to unlock $100 million worth of tokens in seven days, which could lead to significant price volatility before and after the unlock event.
2) Sector to Watch: SOL and Solana Ecosystem
Main Drivers:
The conclusion of Solana Breakpoint 2024 saw multiple projects unveil new plans and major product updates, including:
(1) Solayer announced a partnership with OpenEden to launch SUSDC, a yield-bearing stablecoin, during the Solana Breakpoint conference;
(2) Magic Eden announced the launch of its ME token on Solana at the Breakpoint event;
(3) A Coinbase spokesperson confirmed that cbBTC will be deployed on the Solana blockchain;
(4) …
Although these developments have not yet translated into immediate price gains for SOL, they are crucial for supporting Dapp innovation and long-term ecosystem growth, laying a solid foundation for Solana’s future expansion.
3. User Search Trends
1) Popular Dapps
EARNM
EARNM is a MobileFi and DePIN rewards platform that transforms smartphones into EarnPhones. Through its proprietary Fractal Box protocol, EARNM combines Web2 accessibility with Web3-style innovative incentives, cultivating a balanced, deflationary, and growth-oriented ecosystem.
EARNM aims to expand its ecosystem through innovative MobileFi and DePIN solutions, targeting the creation of a global, phone-centric rewards network and pioneering a new digital economic model. To date, EARNM has become one of the top three dApps on DappRadar, demonstrating remarkable success in user growth and engagement.
EARNM represents a new type of mobile finance and loyalty rewards system, leveraging blockchain technology and the widespread adoption of mobile devices to provide users with novel income streams and businesses with innovative marketing and user incentive tools.
2) Twitter
Hamster Kombat:
Hamster Kombat is a clicker game built on Telegram where players act as CEOs of a cryptocurrency exchange. By tapping a hamster on-screen within Telegram, players earn coins used to upgrade their exchange and increase hourly profits, with potential future token airdrops. Additional earning methods include subscribing to Telegram channels and inviting friends.
3) Google Search & Regional Trends
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Global Trends:
PENDLE
Pendle has officially entered the Bitcoin yield space by launching BTC yield pools, offering Bitcoin holders new yield strategies and fixed-income trading opportunities. This move comes amid rapidly growing market interest in Bitcoin staking and yield generation. Pendle collaborates with various Bitcoin yield protocols such as Corn LBTC and EtherFi’s eBTC, enabling users to access diversified yield opportunities. More restaked Bitcoin yield pools are planned, including Bedrock uniBTC, Solv solvBTC, and PumpBTC.
Pendle’s V3 upgrade will further enhance liquidity and scalability, expected to attract more capital into the BTCFi sector. This upgrade is part of Pendle’s multi-phase initiative for Bitcoin yield, known as the “Bitcoin Arc.”
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Regional Search Trends:
(1) Grass is a primary focus in regions like CIS, while Crypto Bubble has become a trending search in Ukraine and Russia, indicating high secondary market interest in these areas.
(2) Search trends in Europe and North America are more dispersed, focusing on recently high-performing projects such as AERO, AIOZ, and PENDLE.
(3) Asian users show higher interest in large-cap cryptocurrencies like BTC and ETH, while Middle Eastern regions have seen rising searches for crypto exchanges.
4. Potential Airdrop Opportunities
Story Protocol
Story Protocol is an IP management protocol aiming to revolutionize how humanity records history by storing content and intellectual property across blockchains and linking them together.
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 attention and could emerge as a leading player in a new blockchain sector.
How to participate: Story Protocol has partnered with several projects including ColormyNFT. Users can mint Launch NFTs from these platforms and stay engaged with ongoing tasks to potentially qualify for future IP token airdrops.
Fuel
Fuel is a UTXO-based modular execution layer that brings globally accessible scale to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways monolithic chains cannot, while inheriting Ethereum’s security.
In September 2022, Fuel Labs raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies, with participation from top-tier investors including CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Users can earn points by depositing eligible assets into Fuel. For every $1 deposited in supported tokens, participants earn 1.5 points per day. Eligible assets include: ETH, WETH, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH. From July 8 to July 22, deposits of ezETH earned 3 points per day per dollar.
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