BTC touches $57,000 as memecoins rise collectively

February 27, 2024

I. Mainstream exchange news

• OKX issued its 16th Proof of Reserve, and the total value of reserve funds for BTC, ETH, USDC, and USDT reached $17.7 billion.
• BIT, as the official custodian partner of Merlin Chain, supports ETHS Merlin staking.

II. Mainstream projects and trending events

• Yuga Labs announced that Dookey Dash: Unclogged is scheduled to launch the beta version on March 6th, providing over $1 million in in-game rewards.
• Tap Protocol will take an airdrop snapshot for TRAC holders on February 28th.
• Grayscale's GBTC experienced a net outflow of funds of $22.4 million on February 26th, marking the lowest outflow in history.
• The settlement agreement reached by the US SEC with Genesis has been approved by the court.
• Blast Mainnet will launch on February 29th.
• Theta Lab announced that the first version of the hybrid cloud computing platform EdgeCloud is expected to be released on May 1st.
• Ethena Labs launches Shard event Epoch2 on February 27th.
• MicroStrategy purchased an additional 3000 BTC bringing up their total holding to 193,000 BTC.

III. Funding news

• Modular blockchain Avail completed a $27 million seed round of funding, led by Founders Fund and Dragonfly.
• The zk-native blockchain protocol QED completed a $3 million funding round, led by Arrington Capital.
• AI-focused blockchain platform Talus Network completed a $3 million funding round, led by Polychain Capital.
• Tokenized asset issuance company Open Asset completed 2.3 billion Korean won  (approximately $1.73 million) in seed round investment.
• OKX Ventures announced its investment in the trustless computing platform provider Delphinus Lab.

IV. Regulatory news

• Several US Republican senators intend to propose a new bill prohibiting the Federal Reserve from issuing a CBDC without congressional authorization.
• The Financial Stability Board stated before the G20 meeting that cryptocurrencies, tokenization, and AI remain the priority items for monitoring.

IV. Popular projects 

Market overview

BTC has broken through $57,000, and ETH has broken through $3250, both setting recent highs. The ETH/BTC exchange rate has fallen back to 0.057, and copycat coins have declined as BTC siphons value. BTC ecology tokens STX and BADER have seen noticeable increases. BRC20 ecosystem's ORDI and SATS have seen increased trading volumes. The prices of several tokens under the Cancun upgrade concept, are increasing with VELO leading the way. The market's early memecoins PEPE, FLOKI, PEOPLE, TURBO, BONK, and WIF are unusually collectively rising. The market activity has increased with liquidations of over $330 million in the past 24 hours.

Avail secures $27 million in seed funding round

The modular blockchain Avail announced the completion of a $27 million seed round of funding, led by Founders Fund and Dragonfly. As one of the main competitors of Celestia, Avail distinguishes itself by utilizing KZG polynomial commitments, a more complex yet less bandwidth-intensive technology, unlike Celestia's fraud-proof technology, which is easier to implement but requires more communication bandwidth resources. 

Avail's funding has ignited intense competition in the Data Availability track and modular track. Moreover, as Ethereum is poised for a major Cancun upgrade on March 12th, performance indicators like adoption rate, strategic partnerships, and total value locked (TVL) are expected to be key differentiators among blockchain projects moving forward.

New protocol Dizzy Havoc gains market attention

Dizzy Havoc is an upgradable ERC20 protocol written using the EVM assembly language. Deploying a contract on ETH using this protocol costs less than 0.001ETH gas fee. Currently, it's deployed on five chains and displays innovative technical capabilities. Some influential figures in the community are promoting it.

The token soared 400 times in a single day, with on-chain liquidity of $386,000. Trading volume in the last 24 hours reached $7.51 million, indicating high trading activity. Keeping an eye on the protocol's future implementation capabilities and seeking more information about its features could be worthwhile.

Innovative AI Project MONAI set for LBP on March 1st

Monai is an uncensored, generative AI model set to be built on Monad. The team behind it has created its large language model (LLM) and has published 13 artificial intelligence-related papers. 

The MONAI token will begin its Liquidity Bootstrapping Pool (LBP) on March 1st. The total supply is 100 million tokens with the following allocation: 

Treasury: 25%, locked for 1 year, linearly unlocked over the next year.

LBP: 15%, 100% released at Token Generation Event (TGE).

Seed round: 10%, 50% released at TGE, 50% linearly released over 90 days.

Core contributors: 20%, locked for a year, then released.

Liquidity providers and market-makers: 10%, 100% released at TGE.

Strategic partners: 20%, locked for six months, then linearly unlocked over the next six months.

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