Worldcoin's low market cap indicates room for speculation

February 20, 2024

I. Mainstream exchange news

• Binance has launched PIXEL 1-50x USDT-margined perpetual contracts.
• Binance Futures is set to launch USDC-margined ORDI perpetual contracts.
• Coinbase is seeking to introduce perpetual futures contracts and other crypto derivatives in Canada.

II. Mainstream projects and trending events

• Paradex, a decentralized perpetual derivatives L2 app based on Starknet, has launched on the mainnet.
• Trust Wallet has launched  SWIFT, a smart contract wallet.
• The top 10 holders of WLD collectively hold about 9.15 billion WLD, accounting for 91.5% of the total supply.
• PancakeSwap has burned approximately 8.97 million CAKE, worth about $25 million.
• The TVL (Total Value Locked) of tokens in EigenLayer has surpassed $7.5 billion, an increase of approximately 251% since February 5th.
• Ethena announces public mainnet launch for USDe stablecoin with Shard campaign.
• Bounce Launchpad will list Bitcoin L2 project XRGB on February 20th.
• The TVL of tokens in Puffer Finance has exceeded $1 billion.

III. Funding news

• Silencio Network, which is focused on combating noise pollution, has completed a $1 million Pre-Seed funding round.
• ERC404 amendment protocol project, LoongCity, has completed a $2 million seed funding round.
• Web3 social protocol, beoble, has raised $7 million in two rounds of funding.
  

IV. Regulatory news

• ​​The UK government plans to pass laws related to stablecoins and crypto collateral within six months.
• The ruling party in South Korea is considering promising to allow spot Bitcoin ETFs as part of their election pledges.
• Thailand's Prime Minister Prayuth Chan-ocha hopes its cryptocurrency disbursement plans can be launched in May.
• Japan is looking into allowing certain risk investment firms to directly invest in cryptocurrencies and Web3 startups.
• The ruling party in South Korea is considering delaying the collection of cryptocurrency investment incentive taxes by another two years.

IV. Popular projects 

Worldcoin (WLD) hits record high

World Coin (WLD) has soared to a new peak of 7.996USDT, a 220% increase over the week, with a valuation of $72.6 billion but a market cap of just $9.5 billion, indicating potential room for speculation. The token distribution includes 75% allocated to the community, 9.8% to the development team, 13.5% to TFH investors, and 1.7% reserved for TFH.

Teneo, the liquidator of Three Arrows Capital, holds 75 million WLD tokens (approximately $547 million), accounting for 0.75% of the total supply. Additionally, Alameda's FTX insolvency estate holds 25 million WLD (approximately $182 million), which constitutes 0.25% of the total supply.

CKB has surged five-fold within a month

Nervos Network (CKB), an established player in the BTC Layer 2 realm, has experienced a five-fold surge in price within the last month. Diverging from other EVM-compatible BTC Layer 2 projects, Nervos employs the UTXO model to inherit BTC's security features, bolstered by the CELL model for transaction integrity and Ethereum-like account data states. Furthermore, Nervos introduced RGB++, enabling off-chain clients to engage in on-chain validation within the CKB ecosystem. These technical advancements have driven up CKB's token price, currently valued at $510 million in the market.

Ethena launches mainnet and Shard event

Ethereum stablecoin protocol Ethena Labs announced the launch of its public mainnet and Shard event on X (former Twitter) on February 19th to engage the community. Utilizing Delta hedging for collateral and arbitrage mechanisms for minting and redemption, Ethena aims to maintain USDe's stability pegged to the USD, boasting a 27.6% APY and a TVL of $280 million with over 2800 users. Following a $14 million strategic funding round on February 16th, the project reached a valuation of $300 million. Ethena's future performance as a decentralized stablecoin solution is noteworthy.

MerlinSwap announces Fair Launch event

MerlinSwap, a decentralized exchange (DEX) on Merlin Chain, announced a $VOYA airdrop event on February 19th. Users are eligible if they meet the following conditions:

• Assets staked in Merlin's SEAL valued at or above 0.01 $BTC
• BTC assets in the on-chain wallet on the Merlin Chain, totaling 0.01 $BTC or more
• HUHU assets in the on-chain wallet on the Merlin Chain, amounting to 140K$HUHU or more, or HULU value *0.00000007 + BTC >= 0.01$BTC

A snapshot to assess eligibility will be taken at 11:00 AM UTC+8 on February 21st. As Merlin's popularity increases, more projects are launching assets on Merlin Chain. Notably, HUHU, a leading meme in the Merlin ecosystem, has seen a bottom-up growth of more than 40 times.

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