The first quote| Ordinals Releases Genesis Runes, Wormhole Opens Airdrop Claims, Arbitrum Foundation Grants New Phase, and Global Markets Flat

Crypto Daily Digest: Ordinals Founder Releases Genesis Rune, Wormhole Announces Airdrop Claim, Arbitrum Foundation Grant Program Phase 3

The market is closed on Friday with no trading activity for Bitcoin ETFs.

Casey, founder of the Bitcoin NFT protocol Ordinals, released the Runes (runes) document, according to which the runes allow Bitcoin transactions to etch, mint, and transfer Bitcoin-native digital goods. While each inscription is unique, each unit of the rune is the same, and they are interchangeable tokens that are suitable for multiple purposes.

He posted on Platform X that one of the great features of Runes is that the minting terminology is very flexible and expressive. In addition to the maximum number of mints, the user can also specify the start and end times, both of which are absolute block heights, as well as the relative block count after the etch has been mined.

On April 1, it was reported that Casey released the creation rune UNCOMMON•GOODS, which will be open for minting after the halving until the next halving block, that is, unlimited runes in limited blocks. This rune grants one per mint, with a divisibility of 0.

Wormhole, a cross-chain protocol, announced on Platform X that it will open airdrop claims on April 3, 2024 at 11:30 AM UTC.

Wormhole is a distributed, general-purpose cross-chain information transfer protocol whose mission is to enable the transfer of assets and information between different blockchain networks. As a communication medium for blockchains or rollups, the protocol currently provides developers with liquidity and user access on more than 30+ mainstream blockchain networks, covering a variety of application scenarios such as DeFi, NFT, and governance. In 2023, it closed a new funding round at a valuation of $2.5 billion.

Arbitrum, an Ethereum Layer2 solution, has launched a new investment program, and the Arbitrum Foundation has announced that the second phase of its grants program, the Arbitrum Foundations Grants Program, has been successfully completed, with an application deadline of April 3, 2024.

Phase 3 is about to begin: new applications will begin on April 15, 2024 and last until the end of June. At this stage, the Foundation will continue to focus on the dApp space, but will introduce a more standardized funding method, mainly focusing on projects in vertical fields such as games, NFTs, social, DAO, and DeFi.

Market analysis: BTC is trading sideways at a high level, and the Solana ecological project is soaring

Market Trend

Bitcoin (BTC) is still trading above $70,000, and the overall market is showing an upward trend. At present, the focus of market speculation mainly revolves around the Solana ecosystem and the Base ecosystem, and many on-chain hundred-fold coin projects have emerged. On the macroeconomic front, the US stock market was closed for the Easter holiday, while the US PCE (Personal Consumption Expenditures Price Index) inflation data was in line with expectations.

MARKET HOTSPOT

1. The Solana ecosystem has risen sharply: The price of SOL has risen sharply, returning to above $200, which has promoted the Solana ecosystem projects WIF, BOME, JUP, JTO, RAY and other currencies to follow up. It is worth noting that the market capitalization of Jito and Jupiter projects on the Solana chain has surpassed that of similar projects in the Ethereum ecosystem, Lido and Uniswap. In addition, meme projects on the Solana chain are still active, especially with the emergence of many cat memes.

2. The Base Chain is in the spotlight: Many meme projects on the Base Chain attracted most of the market's attention over the weekend, among which MFER rose 100 times in two days. At present, the number of addresses on the Base chain has exceeded 5.5 million, and the transaction volume has also reached an all-time high.

3. CORE RISES: THE PRICE OF THE PUBLIC CHAIN CORE HAS RISEN BY MORE THAN 5 TIMES IN A SINGLE WEEK, AND AT THE SAME TIME, THE NEGATIVE FEE RATE IN THE Gate.io EXCHANGE CONTRACT IS AS HIGH AS -0.08%, AND THE MARKET IS OBVIOUSLY SHORT-SQUEEZED.

4. Stablecoin protocol LQTY soared: The price of LQTY rose by more than 20% in a single day, affected by the upcoming ETHNA project, and the market bet on similar projects in advance.

5. LSDfi's PENDLE hits an all-time high: PENDLE has hit an all-time high again, and its TVL (Total Value Locked) has also reached an all-time high. The re-pledge track remains one of the most eye-catching stories of this round of bull market.

On the whole, the market hotspots are concentrated in the Solana ecosystem, Base ecosystem, and LSDfi and other fields. Investors should pay close attention to these hot spots, adjust their investment strategies in a timely manner according to market conditions, and respond cautiously to market risks.

Macro: Easter Break Flattened Markets, Investors Bet: Tight Supply Will Push Oil Up

On Friday, March 29, global market volumes were thin as several countries were closed for the Easter holidays. Data released by the Bureau of Economic Analysis of the U.S. Department of Commerce on Friday showed that the personal consumption expenditures (PCE) price index rose 0.3% in February, lower than the 0.4% increase previously predicted by economists polled by Reuters.

The yen touched a 34-year low of 151.975 against the dollar on Wednesday, while it rebounded slightly against the dollar on Monday, edging higher to 151.315.

The release of the PCE data cemented expectations for a rate cut in June, which led to a relatively stable performance for the US dollar and a focus on the Japanese yen. USDJPY is hovering around 152, keeping traders nervous about potential risks to USDJPY and may need to intervene to stabilize the situation.

In the Asian market, South Korea showed that chip exports rose for the sixth consecutive month in March, with exports up 3.1% from a year earlier and 4.8% a month ago, which is also a sign of the momentum of the global economic recovery, as South Korea's position in semiconductors and other high-tech products makes it a barometer of global demand. At the same time, China has criticized the United States for tightening semiconductor export rules, saying they have created more barriers to trade and more uncertainty for the chip industry.

In commodities, expectations of tight supply, attacks on Russian refineries and upbeat data from China's manufacturing sector still underpinned most of the recent gains, despite a slight drop in oil prices on Monday.

Brent crude prices fell 17 cents, or 0.2 percent, to $86.83 a barrel, up 2.4 percent last week. The price of West Texas Intermediate crude fell 11 cents, or 0.1%, to $83.06 a barrel, after rising 3.2% last week.

Russian Deputy Prime Minister Alexander Novak said on Friday that Rosneft would focus on production cuts rather than exports in the second quarter in order to distribute the cuts evenly with other OPEC+ members. Analysts noted that geopolitical risks to crude oil and heavy feedstock supply exacerbated strong demand fundamentals in 24 years in the second quarter.

by Sherry S. & Icing. *This article represents the views of the author only and does not constitute any trading advice. *The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.