ACX sees steady growth in TVL

March 22, 2024

I. Mainstream exchange news

• Coinbase to launch perpetual futures contracts for Fantom and THORChain on March 28th.
• Backpack appoints Oliver Sleafer, ex-Stripe and Credit Suisse senior executive as CFO.
• OKX to cut services in India, asks local users to withdraw funds by April 30th.

II. Mainstream projects and trending events 

• Frax announces its roadmap, to launch 23 layer 3 projects over the next year to kickstart the Fraxtal Nation community.
• SLERF to create NFTs to raise the remaining missing funds for pre-sale participants.
• YGG token is now listed on the Ronin network and will be airdropped to Ronin validator nodes for delegation staking.
• The web3 innovative health platform WELL3 will start the public sale of $WELL tokens on March 28th.
• Immutable's mobile RPG Guild of Guardians will be released on May 15th.
• Conflux plans to launch an HKD stablecoin pegged to AnchorX in Q2 this year.
• JUP DAO to inject 10 million USDC and 1 billion JUP to speed up Jupiverse growth. 
• The first public fundraising project of Jupiter LFG Launchpad, Zeus Network, will start public fundraising on April 4th.

III. Funding news

• Self-hosted cryptocurrency trading platform Rails raised $6.2 million in seed round funding, with participation from VCs including Slow Ventures.
• Zero-knowledge-proof Succinct Labs raised $55 million in funding, led by Paradigm.
• Dutch crypto exchange CoinMart received a $3 million investment from IDG Capital.
• Tanssi developer Moondance Labs secured $6 million in strategic funding.
• Decentralized social trading protocol Bi.social completed $3 million in funding.
• Web3 and AI startup Tensorplex Labs completed a $3 million seed round of funding, with participation from Amber Group.

IV. Regulatory news

• The Estonian government has approved a bill to regulate crypto service providers.

IV. Popular projects 

Market overview

Following the Federal Reserve's interest rate meeting, BTC rebounded but fell shortly due to insufficient buying pressure, dropping from $68,240 to $66,000 levels. Technically, the market retraction from $73,777 to $60,775 has come to an end, with the expectation of BTC not falling below the latter. Crucial resistance levels to observe are $66,000 and $70,500. If BTC breaks above $66,000, this suggests a potential short-term price appreciation, while passing $70,500 indicates the likelihood of reaching a new record high. The recent sustained outflow from BTC's spot ETFs seemingly signals the market's anticipation for adjustments. Looking ahead, the focus should be on signals of BTC's strengthening in early April and the potential return cycle of ETF inflows.

DAO Maker will expand into the Solana Network

On March 17th, DAO Maker announced its expansion to the Solana network. DAO Maker will add a $2 million SOL liquidity pool on Raydium and launch four Solana IDO projects. A Solana pre-sale version of DAO Maker will also be rolled out, emphasizing fair distribution. By leveraging its powerful influence, DAO Maker aims to ensure project quality and user fund safety. Between 2020 and 2022, DAO Maker launched seven projects that saw a hundredfold increase. In a bull market cycle, an IDO platform, having strong project resources and promotional capabilities may continue to launch projects that have increasing value. Influenced by this expectation, DAO has been rising recently, with a cumulative increase of 164% in the past month.

ACX witnesses steady growth in TVL

ACX is a cross-chain bridge built on UMA's Optimistic oracle. It incorporates an Optimism oracle, relays, and single-sided liquidity pools, offering decentralized, real-time transactions among various prevalent networks. On February 23rd, ACX announced the launch of its V3 update, positioning itself as an intent-driven interoperability solution. This enhancement is expected to boost execution speed and minimize costs. As for now, the ACX token holds a market capitalization of $94.53 million, ranking 516th in market cap, suggesting potential growth opportunities.

BOME may have a burning scenario in the future

On March 21st, Darkfarms, the founder of BOME, proposed on Twitter that Bitcoin inscription 149,970 could potentially be purchased with BOME, and the used BOME might be subjected to burn. BOME experienced a 70% drop from its peak after listing on Binance but has recently shown increased capital purchase activities on-chain, indicating a trend toward stabilization. Should BOME initiate its empowerment in the future, it may provoke further demand for the token.

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