WAVES, the largest public chain in Russia, is up 33%

March 14, 2024

I. Mainstream exchange news

• Binance responded to 626 information requests from Nigerian law enforcement agencies with an average processing time of 37.4 hours.
• Binance will launch VANRY/USDT perpetual contracts.
• Binance launches AEVO on its earn, convert, margin, and futures.
• OKX has received provisional approval from the Monetary Authority of Singapore for a major payment institution license.

II. Mainstream projects and trending events

• Optimism has so far the lowest transaction fees of less than $0.01 in the L2 network.
• Magic Eden's cross-chain reward program begins to trace "Ethereum OG" for "Diamond" airdrops.
• MicroStrategy applies to issue $500 million convertible bonds and plans to purchase more Bitcoins.
• Swell Network will launch its L2 rollup chain and plans to launch its mainnet in the second half of this year.
• 11% of ether.fi token's total supply will be used for airdrops, 1% allocated to Protocol Guild.

III. Funding news

• Hivemind Capital launches blockchain fund, aiming to raise $50 million.
• Fjord Foundry completes a $4.3 million seed round of funding and plans to launch its native utility token FJO.
• UXLINK raises total funding of $9 million, with participation from OKX Ventures and Web3Port Foundation.

IV. Regulatory news

• The European Central Bank plans to launch the digital Euro in November 2025.
• South Africa plans to issue 60 cryptocurrency platform licenses by the end of this month.
• EU releases draft rules for complaint procedure for stablecoin issuers.
• Indonesia's financial regulators issue new cryptocurrency regulations to enhance industry development.

IV. Popular projects 

WAVES soars 33% in the last 24 hours

WAVES, the largest public chain in Russia, was established in 2016 by Russian physicist Sasha Ivanov. It was hyped to a historical high of $63.8 after the outbreak of war between Russia and Ukraine. Subsequently, Alameda caused a cliff-like price drop by continuously depositing USDT into Vires.Finance, borrowing WAVES to sell. The current price of WAVES is $4.8, with a market cap of $476 million, and a 33% increase in the last 24 hours. The position of WAVES perpetual contracts on Binance has increased from $19 million to $30.64 million in the last 24 hours. It might be worth keeping an eye on.

FIS will launch StaFi2.0

StaFi, initially supported by Polkadot's grants, expanded its scope to include the Ethereum and Cosmos ecosystems. The ecosystem boasts a locked-in value of $16.18 million. On March 1st, it unveiled StaFi 2.0, featuring several key updates:

• Transitioning from a multi-chain LSD protocol to an LSD Infra Layer.
• Introducing a burning mechanism for FIS tokens and introducing new utility programs.
• Enhancing contract layer security by supporting multiple VMs such as EVM and WASM, alongside existing chain security.
• Collaborating with the LSD protocol in the BTC ecosystem to develop a unified LSD solution for Bitcoin and integrating it into the existing LSD base layer.

While StaFi has outlined ambitious concepts and product extensions, their implementation will require a significant timeframe. FIS, the native token, holds a market value of $40.45 million, experiencing a 2.1% decline in the past 24 hours. The token burn is anticipated to occur in Q3.

ether.fi announced token economics 

The total supply of tokens is 1 billion, with an initial circulation accounting for 11.52% of the total supply.

The main allocations include:

Binance Launchpool: 2%

Airdrop: 11%

Investors and Advisors: 32.5%

Team: 23.26%

Protocol Guild: 1%

DAO Treasury: 27.24%

Liquidity: 3%

ether.fi said it raised $27 million on February 28, 2024, without disclosing the valuation. The current TVL is $3 billion. If estimated against a 1 billion FDV (Fully Diluted Valuation), ETHFI would open at around 1 USDT.

Steady growth in DIMO data

DIMO is an automobile Internet of Things platform built on Polygon, enabling drivers to collect and share their vehicle data. The recorded data includes vehicle mileage, speed, location tracking, tire pressure, battery/engine health, etc. DIMO has successfully linked 62,200 vehicles and showcases a weekly growth rate of 8.54%. The market cap of the DIMO token stands at $105 million, ranking 520th in terms of market value. As a low-market-cap project within the Depin track, DIMO merits close attention.

Magic Eden opens airdrop for Ethereum OG

NFT marketplace, Magic Eden, announced that its cross-chain rewards program is conducting a retrospective airdrop for the "Ethereum OGs" (early ETH NFT traders). Ethereum OG users can claim their diamond airdrops directly or earn extra diamonds by completing additional tasks. The current trading price for each diamond is $0.09.

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