[3/30~4/4]Review of the web3 market for the week

Catch up on the week in markets, trends, news, and featured projects

Good morning.
This is mitsui from web3researcher.

Saturday is a summary of the week's market information and major news stories.

📰Market & News

◼️Blockchain

○L1

Overall, it was a week of decline, with only some growth in Avalanche's NFT volume and an increase in NEAR's UAW and NFT volume, but not many projects with distinctive growth rates.

"Main News".

• Solana Surpasses $200 as Interest in Meme Coins and Airdrops Continues

• Bitcoin Price Plunges Below $67,000; $426 Million Liquidation Expected in Virtual Currency Market

• BNB Chain prepares $150 million reward for inviting meme coin developers.

• Near Protocol Co-Founder Says Chain Abstraction is Key to Mainstream Adoption of Cryptocurrencies

• Entangle Launches Fastest Cross-Chain Messenger on Web3

○L2

Overall TVL is down 5.2%. In this context, Base's breakthrough is remarkable.

"Main News".

• Celestia Deploys Blobstream Solution for Arbitrum Orbit Chain

• How would the half-life of bitcoin affect bitcoin L2?

• Polygon Labs CEO Degen Criticizes Ethereum Layer 3 Network Amid Billionaire Minting

• Ethena reached a market capitalization of $1.2 billion shortly after launch

• Vitalik's blog post focusing on L2 internal scaling and parallel processing.

• Zircuit Raises Over $1 Billion in Pre-Main Net Deposits in 6 Weeks

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◼️DeFi

This is another TVL phenomenon, but Pendle's leap forward is remarkable, with a 26% increase in TVL.

"Main News".

• Solana and Bitcoin Communication Protocol "Zeus" to Airdrop to Jupiter Voters and Others

• McKinsey Executives Join Ondo Finance

• Wormhole Begins Airdrop Claims for Over 670 Million Tokens Today

• dYdX to establish a corporation in the Cayman Islands and discontinue existing financials.

• Total lock value of liquid re-staking platforms jumped to nearly $8 billion.

• Hashport establishes joint venture with Fosun in the field of RWA

• Tokenized Diamond Investments Now Available, Oasis Pro and Avalanche Enable Diamond Standard Through Funds

• Shizuoka City's "Shizutoku Gift Certificates" Issued Electronically via Blockchain Corda

• Grayscale Launches Proof-of-Stake Investment Fund for Billionaires

• Vana Launches DAO Allowing Users to Control and Sell Their Reddit Data

• TVL Exceeds $2 Million in Soil's Distributed Credit Protocol

• Bitcoin EigenLayer and StakeLayer Announce Presale Distribution

• MetaWin Introduces New Base and Arbitrum Layer 2-Based Swap System Boasting 2-Second Payment Speeds and 0.5-Cent Gas Prices

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◼️NFT

Market volume is down 9.95%. However, the total number of transactions is up 15%, so it does not appear that the market is falling. Notably, Bitcoin was #1 for a while in NFT transactions by blockchain, but it has returned to Ethereum after a long time. Then there is a chain called Stargaze that is growing rapidly, coming in at #10.

"Main News".

• Poopcoin worth millions of dollars in airdrops by Doodles creators

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◼️GameFi

This is also a declining trend overall, but the UAW is growing depending on the game title.

"Main News".

• A16z Gaming Fund Invests $30 Million in Multiple Startups

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◼️Others

○meme

If you look at the seven days, many projects are double-digit negative across the board.

"Main News".

• Bitcoin Cats, a meme coin for the Bitcoin sphere, to be released in April with its own chain.

• Dogwifhat hits record high, flips Pepe as Meme coins soar

• How an Indonesian Student Turned the "Stupidest Idea" into NFT and Millions of Meme Coins

• Solana Foundation Expresses Opinion on Racist Meme Coin Controversy

○Stable Coin

It has grown a bit over the past seven days. Among others, Ethena continues to expand rapidly, partly due to the launch of its tokens.

"Main News".

• Japan's first deposit-type stable coin "Totica" to be issued

• After latest purchase, Tether's bitcoin holdings exceed $5 billion

• Binance Launchpool begins handling "Ethena (ENA)

• Ethena Adds Bitcoin as Collateral Asset for USDe

• PayPal Enables PYUSD for Cross-Border Transfers as 'Stable Coin Wars' Intensify

○ State, legal and regulatory affairs

• Singapore's Financial Management Authority Expands Scope of Crypto Asset Regulation, Introduces Requirements for Enhanced User Asset Protection

• Sam Bankman Freed Sentenced to 25 Years in Prison, "Haunted" by FTX Mistake

• FTX Bankruptcy Foundation to begin repaying creditors by the end of 2024.

• FTX Launches $7.5 Billion Locked Solana Sale

• Chile is a Leader in Virtual Currency Regulation in Latin America, Despite Late Adoption

○Others

• Binance establishes new board of directors for the first time

• Bitkub, Thailand's Largest Virtual Currency Exchange, Plans IPO in 2025

• HashHub Closes Coworking Space, Lending Business Transferred to New Company

• Paradigm in Negotiations to Raise up to $850 Million for New Virtual Currency Fund

• Funds Leaked from Spot Bitcoin ETF, Grayscale GBTC Outflow Total Exceeds $15 Billion

• Virtual Currency Market Setup Looks Positive in Q2

• X (Twitter) payment feature X Payments not expected to support virtual currency at launch.

• Telegram Enables Toncoin Payments for In-Platform Ad Buying

• Farcaster Developers Look to Unicorn Valuations for Surge in User Activity

• These AI tokens are up over 30% this week due to the planned merger

• Bitcoin Rune Comes to Magic Eden

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👀Pickup Trend & Project & Post

We will feature trends and projects that catch our attention on the news and social networking timelines, based on our own prejudice. (Not necessarily only the latest projects)

Sofamon

• Sofamon, an on-chain Telegram sticker collection and trading service, launches beta version.

• Within just one week of its launch, the project has already generated more than 3,300 ETH in trading volume and 95 ETH in revenue

• Base x Privy combination is easy for everyone to use.

CoinGecko Announces Best Performing Areas in Q1 2024

• Memecoins +1,313% ②RWA +286% ③AI +222

• It's also consistent with the experience that's been flowing through social networking sites. Still, the meme coin excitement was extraordinary.

AI IS DEV

• Token issuance platform that leverages AI to create customized tokens in seconds

• Live on all major EVM networks and Solana

Star Protocol

• Build a social network aggregator and omnichain name service

• Aggregate Name service, DID and SocialFi protocols for ease of use.

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Research Article

The last section is a review of the research articles we wrote this week and some recommendations from past articles. Please take a look when you have time.

【3/23~29】Market information, major news, featured trends and projects all in one place!

【3/23~3/29】Weekly fundraising project roundup

8 stable coins with native yields (USDe / USDB / BUIDL / USDM / USDY / sFRAX / stEURA / sDOLA)

【dappOS】Intent Execution Network / Provides AA wallet infrastructure and intent network / Raised $15.3M in Series A / @dappOS_com

Explore what memes are and what the phenomenon of meme coins is all about.

Bitcoin L2 Market

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This is a general summary article for the week.

Tomorrow we will be updating the "Weekly Fundraising Project Summary". We will update articles on Saturday and Sunday to catch up on the week, and on weekdays, Monday~Friday, we will update topical projects, in-depth word searches, and industry report articles.

Please look forward to it!

🔗Reference sites:DappRadar / L2BEAT / growthepie / CryptoSlam / CoinGecko

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Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

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Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

• X：@web3researchgl

• Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.