The stablecoin track may be on the verge of a breakout

Hot projects + Market overview

I. Mainstream exchange news 

• Upbit has resumed digital asset trading and Korean Won deposit/withdrawal services.
• Binance has launched the 50th project in its new coin mining program, employing BNB and FDUSD for Ethena (ENA) mining.
• Binance will support the Rootstock (RIF) network upgrade and hard fork.

II. Mainstream projects and trending events 

• FTX plans to repay creditors before the end of 2024, the claim submission deadline may be extended until June 2024.
• Bitcoin ecosystem project Satoshi Protocol announces the launch of the mainnet and the opening of the recommendation event.
• The fee income from Ordinals inscription casting in the Bitcoin NFT protocol now tops 6,400 BTC.
• The probability of the Federal Reserve maintaining rates in May stands at 95.8%, according to CME Federal Reserve. 
• Sui mainnet upgrades to V1.21.1 version.
• Synthetix passes a proposal to launch Synthetix Perps on Solana and Sui.
• Grayscale launches its first actively managed investment product, GDIF, optimizing income through pledge rewards.
• Bitcoin Layer 2 project Bitlayer launches a $50 million ecosystem incentive plan.

III. Funding news

• Farcaster is to complete funding led by Paradigm, with an estimated valuation of $1 billion.
• The seed round valuation of Mystiko.Network, a base layer of Web3, is estimated at $400 million.
• Arrow Markets, a derivatives trading platform, completes a $4 million Series A funding round.
• Modular blockchain sophon raises $10 million in funding, with participation from OKX Ventures.

IV. Regulatory news

• US CFTC Commissioner expressed that the CFTC's charges against KuCoin may violate the rights of the SEC.
• The Nigerian government accuses Binance of laundering a value of $35.4 million.
• Taiwan's cryptocurrency industry gets local government approval to establish an industry association.

V. Popular projects 

Market overview

BTC has experienced a positive month-end close, indicating a robust overall trend. The adjustment range from this round's peak to its lowest point is a mere 17.6%, with the corrective phase extending over 18 days until April 1st. Both the depth and duration of this adjustment period are relatively short from a technical standpoint. In terms of major capital flows, the BTC halving is less than a month away. Once sufficient time for adjustment has elapsed, strategic market maneuvers can quickly attract market funds. Leveraging the narrative surrounding BTC halving, it's plausible for BTC to swiftly surpass its previous high of $73,777. The adjustment process may manifest as either a sideways range oscillation ($68,200-$71,000) or a false breakout in an "M" shape pattern followed by a pullback. Regardless of its form, BTC is poised to continue reaching new highs in the future.

BTC Spot ETF 

According to Coinglass data, the total market value of BTC ETFs (both spot and futures ETF) is $62.092 billion, with total assets under management (AUM) at $58.341 billion. There has been a net inflow of funds amounting to $12.13 billion. The strong demand has led to a BTC supply shortage. CryptoQuant's recent weekly report suggests that due to surging BTC demand and declining seller liquidity, liquid stock has arrived at a historical low. The monthly demand for BTC has surged from 40,000 at the beginning of 2024 to the current level of 213,000 Bitcoins. It's projected that the existing BTC liquidity reserve from sellers can only sustain 6-12 months of demand at the current growth pace. Furthermore, considering narratives like BTC halving and Federal Reserve rate cuts, a growing number of institutions, funds, and family trusts might incorporate BTC into their asset diversification strategies. Data for March 29th has not been released yet.

Solana Ecosystem 

With BTC climbing to $70,500, the activity in the Solana ecosystem swiftly improved. WIF set a historic high of $4.86 on March 31st, surpassing the market value of PEPE. The cat-concept POPCAT also reached a historical high with a market cap of $410 million, leaving 10 times room for growth compared to WIF. Traditional blue-chip projects on Solana, JUP, and JTO, experienced historic highs with single-day increases of 20% and 32%, respectively. Continual focus could be paid to yet-to-be-issued Defi projects on Solana such as Kamino, Marginfi, dflow, RWA concept project Parcl, and Defpin concept project io.net.

Stablecoin Track

With the listing and airdrop of Ethena (ENA) on the Binance Launchpool, the stablecoin track may be on the verge of a breakout. Among them, the algorithmic stablecoin concept projects AMPL and WAMPL have already seen a wave of speculation. The collateralized stablecoin concept projects such as MKR and LQTY have shown strong performance. The semi-collateralized stablecoin concept projects like WAVES, SPA, SPELL, etc., are still awaiting value exploration.

DIONE breaks historical high

The co-founder of Dione tweeted that the description of Dione on CMC had been updated. Dione incorporates multiple concepts including L1, DePIN, AI, new energy, and RWA, primarily implemented through various products within its protocol, which include: 

Orion: A flagship product of the Dione Protocol, Orion represents a decentralized physical infrastructure product (DePIN) designed to utilize artificial intelligence (AI) to detect and verify green energy by identifying renewable energy and incorporating it into the blockchain. 

Odyssey: A fully renewable-energy-driven L1 blockchain solution, Odyssey is committed to minimizing the carbon footprint of blockchain technology and aligns with global efforts to combat climate change.

Nebra: A peer-to-peer renewable energy marketplace, Nebra aims to democratize green energy and enable individuals to efficiently and transparently trade and share renewable resources.

On-chain Daily

Base Chain

1. Dino： Dino is a project that conducts fair launch in a novel manner, utilizing the ERC-50 protocol. Dino’s team releases half of the total supply of tokens. Chain gamers can obtain tokens by sending ETH to a specified address. After all the tokens are minted, the remaining half of the tokens will be combined with ETH to form a liquidity pool. This eliminates uncertainty about receiving tokens only after the opening. Dino’s contract is designed for automatic pool addition. This design avoids malpractice due to human factors and eliminates rat warehouses.

The current price of Dino is 0.00098 USDT. The issue price is approximately 0.0001 USDT. The historical high is about 0.022 USDT. The current market capitalization is $20 million, with a 24-hour increase of 18.24%.

2. Mfer: Sartoshi, the founder of Mfer, issued the memecoin $mfer on the Base chain, distributing 20% of the tokens as airdrops to the community, artists, and other holders of Mfer ecosystem NFTs. The remaining tokens were fully committed to the liquidity pool.

The day after its release, Mfer experienced an increase of over 20,000 times. The current price is 0.17 USDT, with a historical high of 0.31 USDT. The current market capitalization is $170 million, with a 24-hour increase of 14%.

3. poop: The co-founder of NFT project doodles, Poopie (Jordan Castro), announced the experimental Meme project, poopcoin, on Base, issuing airdrops to NFT holders. 

The current price of poop is 0.0086 USDT, with a historical high of 0.08 USDT. The current market capitalization is $8.2 million, with a 24-hour decrease of 57%.

Degen Chain

1. Degen: Originating from the Web 3 social protocol Farcaster, users initially only needed to speak in the Degen channel to receive Degen tokens. The aim was to stimulate further discussion and promote engagement.

Recently, Degen also announced the launch of its own blockchain. Currently, there are no other stablecoins on Degenchain and cross-chain transfers require a seven-day wait, which is one reason for the continuous rise of Degen.

The current price of Degen is 0.055 USDT, with a historical high of 0.063 USDT, current market cap is $676 million, with a 24-hour increase of 16.2%.

2. Depe: Degenchain version of Pepe frog. The pricing strategy implements a bonding curve, with the eventual goal of locking up 2 billion Degen.

The current price of Depe is 0.0(4)97 USDT, with a historical high of 0.00013 USDT, the current market cap is $22 million, with a 24-hour increase of 8%.

3. Dswap: The first Decentralized Exchange (DEX) on Degenchain, which has also rolled out a Dswap staking feature.

The current price of Dswap is 16.7 USDT, with a historic high of 27 USDT. The current market capitalization is $16.7 million, with a 24-hour increase of 58%.

SOL Chain

1. WIF: WIF depicts a Shiba Inu wearing a beanie. Arthur Hayes has endorsed it multiple times. It was the first memecoin to go live on Backpack instead of BONK, which was very popular at the time. Robinhood also announced it would list WIF. The token narrative is seen to be the new DOGE.

The current price of WIF is 4.5 USDT, which is at a historical high. The market cap is $4.5 billion, surpassing ARB, and currently ranked 31st, with a 24-hour increase of 7%.

2. MEW: MEW is a new memecoin that recently performs strongly. Within less than a week of the market opening, the market cap soared past 200. Simply put, it's about a cat in a dog's world.

The current price of MEW is 0.0058 USDT, with a historic high of 0.01 USDT. The current market cap is $517 million, with a 24-hour decrease of 35%.

3. Bobaoppa: Bobaoppa is a memecoin named after the dog from the boss's house. Bobaoppa raised funds via presale and collected over 200K SOL (approx $400 million). However, the project set a 2%-10% dynamic fee, so if you trade at the same price, you instantly lose over 15% of your capital. 

The current price of Bobaoppa is 0.0005306 USDT, with a historical high of 0.0012 USDT. The current market cap is $53 million, with a 24-hour increase of 13.2%.

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