MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

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密客资本
1 months ago
This article is approximately 1574 words,and reading the entire article takes about 2 minutes
This week, the popularity of MemeCoin and Base ecology will most likely continue; as the BTC halving approaches, coupled with the supply and demand interaction between ETFs and miners, and the continued profit-taking selling behavior, the market may once again be prompted to fluctuate significantly. .

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

《Wild Poppies, near Argenteuil》 — — Claude Monet

Introduction:

As the TVL and token prices of multiple projects such as ETHFI, PENDLE and DEGEN have exceeded historical highs, the markets attention and enthusiasm remain high. In particular, the BTC futures contract of the entire network has reached a record high of US$38.8 billion, which reflects the market Expectations for this round of BTC-dominated market to rise.

1. Investment and Financing Observation

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

Last week, a total of 31 investment and financing events occurred in the crypto market, a year-on-year decrease of 20%, but the total fund size exceeded US$293 million, a year-on-year increase of 8%:

DeFi announced 5 investment and financing projects, Bitcoin DeFi developer Automated Liquidity Exchange (ALEX) completed US$10 million in strategic financing, led by Spartan Capital;

Chain gaming circuit announces 8 investment and financing rounds, among which the NFT card game Parallel announced the completion of a new round of financing of US$35 million, with participation from Solana Ventures and others;

The infrastructure and tools track announced 15 investment and financing rounds, in which privacy infrastructure company Espresso Systems completed a $28 million Series B round of financing, led by a16z crypto;

Three investment and financing rounds announced in AI, DePIN and other fields, in which MyShell, a Web3-based artificial intelligence platform, raised $11 million in a round of financing led by Dragonfly;

Judging from the month-on-month data, the number of investment and financing transactions in the cryptocurrency market declined slightly last week. The investment and financing amount was concentrated in the direction of infrastructure and chain games. Among them, OKX Ventures, Dragonfly, and Animoca Brands were more active, focusing mainly on Web3 and infrastructure fields.

About ParallelParallel is a science fiction-themed trading card game (TCG) that uses the power of NFT to give players ownership of their cards and other game assets. These cards can be used to build a deck and play it in an online client/mobile game currently in development.

About 0G0G is a modular AI blockchain designed to improve the performance and cost efficiency of on-chain AI applications in the web3 ecosystem and solve speed and other issues. 0G features a scalable and programmable DA layer for AI dapps, and its modular technology will enable frictionless interoperability between chains while ensuring security, eliminating fragmentation and maximizing connectivity to enable weightless and An open metaverse.

About DappOSDappOS is a Web3 intent execution protocol that aims to make dApps as user-friendly as mobile applications. As a Web3 unified operating protocol, it builds a layer between users and cryptographic infrastructure such as public chains and cross-chain bridges, allowing users to Verification and execution in the decentralized world can be completed simply by interacting with DappOS.

In addition, DappOS was established in May 2022 and was selected into the fifth season of the Binance Incubation Program in December 2022. In July 2023, DappOS received seed round investment from Binance Labs, Sequoia China, etc.

2. Industry data

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

The number of ETH validators exceeds 1 million

Dune data: On March 28, the number of validators on the ETH network reached 1 million, the pledged ETH accounted for 26.64% of the total supply, and the pledge share of the liquidity staking protocol Lido reached 30.50%.

The net inflow of ETH after Shanghai’s upgrade was 13,787,261 pieces. Although the number of validators and Lido’s single pledge can translate into blockchain security, some community members believe that too many validators may cause problems. Venture capitalist and Ethereum advocate Evan Van Ness said too many validators and an overly centralized staking platform will eventually lead to bigger problems.

$DEGEN surges 30 times in 15 days, Meme trend continues

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

From March 14th to 31st, $DEGEN on Base increased 30 times in two weeks, allowing the MemeCoin market to continue to dominate the market’s FOMO sentiment. So far, the Degen community is extremely popular and cohesive, and its subsequent performance is worth looking forward to.

About $DEGEN

DEGEN launches on the Degen channel on Farcaster in January 2024, with tokens distributed among builders, content creators and users.

In addition, DEGEN is also the Gas token of Degen Chain. Degen Chain is built based on Arbitrum Orbit. The Base network only serves as the settlement layer, and the DA layer uses AnyTrust.

Base TVL breaks $3.2 billion

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

Thanks to the recent Meme craze, Bases TVL performed well in March, exceeding US$3.2 billion on March 30, reaching a record high. Base network DEX transaction volume also reached US$657 million, setting a record high. Base mainnet Daily active users exceeded 450,000, reaching 458,826, the second highest in history (the highest record was 902,300 daily active users set on March 16, 2024).

PENDLE currency price and TVL hit new highs

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

DeFiLlama data: Pendle’s total TVL exceeded US$3.4 billion, reaching US$3.404 billion, a record high, with a monthly increase of 61.86%.

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

At the same time, the price of $PENDLE token exceeded US$5, continuing to reach a record high. It is now quoted at US$5.57, with a 24-hour increase of 16%.

On March 30, Pendle Lianchuang @tn_pendle posted on social media, confirming that the team was unable to access @pendle_fi’s X account control. Currently, the Pendle protocol is safe and no user funds are at risk. During this period, PENDLEs currency price and TVL were not affected by this incident.

About Pendle

Pendle is a blockchain project focused on yield tokenization, allowing users to lock in the future yield of their crypto assets and obtain returns in advance through its platform. Pendle implements this functionality through smart contract technology, allowing users to participate in the market in a decentralized and secure manner.

3. VC positions

MIIX Capital Investment Research Weekly Report (0325–0331): The market is rising across the board, and the good news continues

Note: The above data sourceshttps://platform.arkhamintelligence.com, Statistical time: 14:00, April 1, 2024 (UTC+ 8).

4. Pay attention this week


April 1

  • TON will launch the first season of the public league on April 1, with a prize pool worth US$115 million and 30 million TON community rewards;

  • The fiat-backed stablecoin USDM launched by Mehen Finance, Cardano’s ecological stablecoin issuance protocol, will be retailed in April;

  • Acala (ACA) unlocked 27.43 million tokens at 15:00 on April 1, worth approximately US$5 million, accounting for 2.85% of the circulating supply;

April 2

  • Alpaca Finance’s 50,000 PYTH airdrop distribution plan will last until April 2;

  • Ethena will airdrop 750 million ENA tokens to users on April 2, with a total airdrop of 750 million, accounting for 5% of the total token supply;

  • HTX DAO’s first People’s Committee election has been postponed to April 2;

  • QnA3.AI launched the second round of airdrops on April 2, distributing 5 million GPT;

  • South Korea’s blockchain event IXO™ 2024 will be held in Seoul from April 2 to 3;

April 3

  • US March ADP employment data (small non-farm payrolls);

  • The second phase of the Arbitrum Foundation funding program will end on April 3, and applications for the third phase will open on April 15;

  • Sui will unlock 34.62 million tokens at 8:00 on April 3, worth approximately US$65.08 million, accounting for 2.81% of the circulating supply;

April 4

  • U.S. initial jobless claims data for the week;

  • The BCH halving time is expected to be April 4, 2024, and the block reward will drop from 6.25 BCH to 3.125 BCH;

  • Nigeria’s detention of Binance executive case will be heard on April 4;

April 5

  • U.S. unemployment rate in March;

  • US non-farm payrolls data for March;

  • Bitlayer plans to launch the mainnet on April 5 and will launch the ecological incentive program Ready Player One;

  • Galxe will unlock 3 million tokens at 8:00 on April 5, worth approximately $14.51 million, accounting for 3.34% of the circulating supply;

April 6

  • The 2024 Hong Kong Web3 Carnival will be held at 3 FG, Hong Kong Convention and Exhibition Center from April 6 to 9, 2024;

  • Echelon Prime will unlock 1.66 million tokens at 8:00 on March 31, worth approximately $37.53 million, accounting for 4.65% of the circulating supply;

  • 4 million SUI will be unlocked at 8:00 on March 31, worth approximately US$6.68 million, accounting for 0.32% of the circulating supply;

  • The Bitcoin Layer 2 project Ligo mainnet will be launched on March 31, and pledged assets are currently being screened;

April 7

  • Hashflow (HFT) unlocked 13.62 million tokens at 8:00 on April 7, worth approximately $6 million, accounting for 3.56% of the circulating supply;

  • Wormhole will co-host a Meetup with Pyth in Hong Kong to discuss trends, opportunities and innovations in the Web3 industry in 2024;

5 Conclusion

Last week, the entire crypto market rose steadily, BTC spot ETF funds turned to positive inflows, and bullish sentiment remained the mainstream of the market.

This week, the popularity of the MemeCoin and Base ecology will most likely continue; as the BTC halving approaches, coupled with the interaction of supply and demand between ETFs and miners, and the continued profit-taking selling behavior, the market may once again be prompted to fluctuate significantly. .

In addition, as the London Stock Exchange approved the listing of Bitcoin and Ethereum ETNs, HSBC issued tokenized gold to individual investors in Hong Kong, and Fidelity submitted a proposal to the SEC for an ETH spot ETF with a pledge function. , the encryption market is deeply integrated with traditional finance. The rise of the crypto market has emerged, but investors still need to be wary of large market fluctuations and individual malicious behaviors arising from FOMO emotions in order to reduce their investment risks and seize key opportunities for asset appreciation.

Note: All the above opinions are for reference only and do not serve as investment advice. If you have any objections, please contact us for correction.

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