OKX senior execs quit

Hot projects + Market overview

I. Mainstream exchange news

• Coinbase Wallet integrates SOL DEX, enabling users to trade over 50,000 kinds of Solana ecosystem tokens.
• Senior executives Tim Byun and Wei Lan of the cryptocurrency exchange OKX have resigned.
• Binance US appoints former New York Fed compliance chief Martin Grant to the board.
• Binance Academy partners with several European universities to launch university-accredited courses covering blockchain and Web3 disciplines.
• Binance to list ATOM/USDC, CFX/USDC, and other spot trading pairs.
• Binance Futures to launch ARB, NEO, and FIL USDC-based perpetual futures contracts.

II. Mainstream projects and trending events

• EigenLayer removes the LST deposit limit and reopens the deposit window.
• Jupiter announces the launch of its LST token, JupSOL.
• BounceBit announces the launch of liquidity custody services.
• Memeland announces that the first project on Stakeland will be Runecoin.
• Parcl announces that its PRCL token has been listed, and early adopters and core community members can claim it before December 31st.
• io.net publishes the economic model of the IO token: an initial supply of 500 million, a maximum supply of 800 million, with 50% allocated to the community.
• Solana ecosystem DeFi protocol Drift Protocol plans to launch the DRIFT governance token, with an airdrop of 100 million tokens in the next few weeks.
• The TON Foundation launches Memelandia, a culture center for memecoins and community tokens.
• A new artificial intelligence project created by StarkWare and Giza to be announced on April 23rd.
• The floor price of BAYC falls below 11 ETH, hitting a new low since August 2021.

III. Funding news

• DePIN project Geodnet completes a $2 million funding round.
• a16z raises $7.2 billion in new funds and plans to raise more funds by 2025.
• Account abstraction application Plena completes a $5 million funding round.
• Saakuru Labs, the developer of L2 protocol Saakuru, completes a private funding round of $2.4 million.
• Real estate equity mortgage institution and tokenization platform Homium completes a $10 million Series A funding round.
• Puffer, the liquidity collateralization protocol, completes an $18 million Series A funding round, led by Brevan Howard Digital and Electric Capital.

IV. Regulatory news

• The Cyprus regulator has extended the suspension of FTX EU's license until September 30th.
• The Russian central bank supports accelerating the review of the international cryptocurrency payment bill.

V. Popular projects 

BTC Spot ETF

As of April 16th, updated data show a net inflow of $12.4 billion into BTC spot ETFs, with a single-day net outflow of $85.51 million, and a single-day trading volume of $2.45 billion. The net assets of the ETF account for 4.25% of the BTC market value, with the main observations as follows:

GBTC: The single-day net outflow was $79.38 million, with a cumulative net outflow of $16.46 billion. The single-day trading volume was $527 million, and the current net asset value is $19.37 billion.

IBIT: The single-day net inflow was $26.2 million, other data have not been updated yet.

FBTC: The single-day net inflow was $1.37 million, with a cumulative net inflow of 8.05 billion. The single-day trading volume was $423 million, and the current net asset value was $9.54 billion.

Io.net announces token economics

On April 16th, io.net announced its token economics. The total number of IO tokens is 800 million, with an initial circulation of 500 million. The remaining 300 million will be sent to suppliers and stakers every hour over the next 20 years. io.net adopts a deflation model with an initial allocation of 8%, which will decrease by 1.02% each month until all 800 million tokens have been allocated. Io.net generates revenue by charging fees to users and suppliers, and this revenue is used to purchase and burn IO tokens. The project is expected to issue tokens soon.

Puffer is expected to issue tokens

On April 16th, Puffer, a liquidity re-collateralization protocol, announced a Series A funding round of $18 million, led by Brevan Howard Digital and Electric Capital, with participation from Coinbase Ventures, Kraken Ventures, and others. Currently, Puffer is the second largest liquidity re-staking protocol after Ether.Fi, with a TVL of $1.189 billion, and is expected to issue tokens soon.

TIA rebounds from the bottom

It's anticipated that many modular projects will go live in the second half of the year, further expanding the staking demand for TIA and resulting in continuous bottom fishing along with the drop in TIA. Aside from TIA, tokens related to the staking concept such as DYM, ALT, OSMOS, ATOM, etc., can also be monitored.

Karak draws increasing market attention

Karak is a general re-staking network, similar to other re-staking projects like Eigenlayer, which also incentivizes users to engage in re-staking for multiple rewards. Karak supports re-staking for a variety of mainstream protocol assets on networks such as Ethereum and Arbitrum. Its team members come from companies like Coinbase, Google, AWS, Microsoft, Twitter, Goldman Sachs, etc. Currently, the TVL is $64.89 million. On April 15th, Karak announced a collaboration with Pendle and supports PT asset pledging for projects like swell, etherfi, KelpDAO, and Renzo.

On-chain Daily

Key Projects: Pepe Meme Universe Explosion

1. ANDY: ANDY’s IP originates from a character in the Pepe comics as Pepe’s close companion. Interestingly, ANDY exists not only on Ethereum but also on the Blast and Sol chains.

The current price of ANDY is 0.000124 USDT, with a historical high of 0.000141 USDT, and a 24-hour increase of 40.68%. The current market cap is $130M.

2. SANDY: SANY is a memecoin whose IP originates from the girlfriend of the above memecoin 'Andy'.

The current price of SANDY is 0.0(5)241 USDT, with a historical high of 0.0(5)252 USDT, and a 24-hour increase of 922%. The current market cap is $1M.

3. vBRETT: BRETt is a memecoin on Ethereum, whose IP originated from a cartoon character by Pepe author Matt Furie in 'Boys’ Club'. The goal is to replace Pepe, and there are also tokens of the same name on the Base chain with a higher market value.

The current price of BRETT is 0.09 USDT, with a historical high of 0.184 USDT. The 24-hour increase is 68%, and the current market cap is $9M.

4. DOPE: DOPE is a memecoin, as a combination of Doge and Pepe.

The current price of DOPE is 0.0(5)12 USDT, with a historical high of 0.0(5)44 USDT. The 24-hour increase is 80%, and the current market cap is $846K.

5. BIRDDOG: BIRDDOG’s IP originated from Pepe's roommate, who is an addict.

The current price of BIRDDOG is 0.0(4)157 USDT, with a historical high of 0.0(4)392 USDT, and a 24-hour increase of 57.2%. The current market cap is $6.7M.

6. NEAI: NeuroNest AI is a Layer 0 AI infrastructure, a modular AI ecosystem. It provides customized interfaces for developers and users, including a decentralized modular market, developer tools, and a conversational AI interface. It provides intuitive APIs and user-friendly interfaces.

The current price of NEAI is 0.0648 USDT, with a historical high of 0.083 USDT, and an increase of 4.09% in 6 hours (token launch time April 16th). The current market cap is $648K.

—

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.