原文标题：This Week On-Chain #67 - Despair, Binance, Bitcoin Halving
原文作者:DEGEN SENSEI
原文来源：Substack
Compiler: Lynn, Mars Finance
The market continues to brutalize and shake people, and it's a good time to check your portfolio and make sure you're at a high level of conviction, because these are the only coins you'll love when the price moves against you. The Bitcoin halving is coming in a day, and people expect an immediate reversal in the market, but they most likely won't bet on this scenario as it is usually a lag effect that will take a few weeks to manifest itself in the market.
Be diligent and patient with what you hold, now is not the time to surrender, but patience to hold for the long term will be rewarded. Be a cockroach and survive.
Market Summary
- Binance converts $1 billion worth of "SAFU assets" BNB and BTC to USDC
- Franklin Templeton explores "Runes"
- Arbitrum's LTIPP incentive voting has ended
- Puffer Finance raised $18 million in a Series A funding round
- OKX's zkEVM L2 is now live
- Maverick launched their V2, which is an AI DEX with programmable pools
- Lido introduces a simple DVT module
- Zachxbt 揭露 Prism 漏洞利用者 ( Trung )
- Bryant banned Palau "residents" from using the Echo
Also, if you haven't already, now is also a good time to support your ongoing airdrop farming and get those grass points. It would be a good thing that you can do here.
Cross-chain bridges
A lot of capital fled from Base and Solana to Ethereum, and luckily we caught this early on and didn't stay at the Base party for long. However, if you think there will be a second wave, now might be a good time to start researching something that you were previously interested in but is overbought because it is now oversold.
DEX trading volume
DEX trading volumes have been down for some time and need to turn things around before we can see a lot of on-chain activity. Currently, the activity is concentrated among a handful of altcoins, while most on-chain altcoins have lost their trading volumes, barely below $1 million per week. It's always been an ogre, but that means it's a promotion you want to buy but no one buys.
Trading pairs
This week's queries have been adjusted to give you a clear picture of the alternatives that people are interested in in the current market environment, with zero interest in most alternatives. Not surprisingly, all of these alternatives were the top performers, with BVM and OLM leading the way and completely untouched by the market, while RAIL was up 300% as Vitalik mentioned the importance of on-chain privacy.
DEGEN continues to close most of the deals on Base, while FOMO is the presale I mentioned recently, as they raised $15 million but only deployed $1 million to LPs. In terms of its value, the memecoin presale has never been bullish on other memecoins in the ecosystem because it shows that people are desperate because they can't make money with memecoin and it sucks liquidity from the ecosystem into the presale. If everybody buys an uncapped pre-sale, then who's left to buy?
PENDLE is still the only interesting coin on Arbitrum at the moment, and Boop was famous for 15 minutes, but has now calmed down. Other than that, we only see some trading volume for ARB, FLY, and GMX. The maximum L2 needs to be woken up.
NFT trading volume
As Humpty Dumpty Penguins continue to get airdrops and approach all-time highs again, their share price is quietly rising again. BAYC's floor price has risen slightly, but it is struggling at the 12 ETH level as there is no clear demand at this price level yet. The most notable growth is Lasogette, which is the first collection of Bitcoin puppet creators that will eventually be connected to Bitcoin, which is why the price has skyrocketed after people realize this.
Interesting casting:
At the moment, most of the interesting things happen with Bitcoin, and I'll continue to share the latest Compos in the upgraded stack, a burning game that will migrate to runes.
Net inflows
This table clearly shows how risk-averse people have been over the past week, with altcoins not being among the top 6 most accumulating assets, as what people want to farm is either ETH derivatives or stablecoins. Alternatives of interest include MKR (which is usually a defensive token), BVM (which has gained a strong boost due to the focus on the BTC ecosystem, SNX, and CHEX (Singapore's tokenized RWA L1).
The trend is the same as the largest purchased tokens, USDC and WETH. However, since INT and TKN are the strongest of them, there is more interest in bidding on ecosystem tokens, and FOMO has generated some interest. However, people have also been bidding on the wrong FOMO token, given the attention it has caused. Typical.
Over the past week, there has been essentially zero interesting action on Arbitrum, as the most accumulating alternatives are mainnet native tokens other than ARB tokens. Even unnamed contracts are Arbitrum versions of BVM tokens.
Investigation
Today's survey will tell what happens when you're painfully trying to catch the bottom instead of letting the market work in front of you. Anyone who has tried to buy the token since its launch will quickly learn that SHU was a painful experience, and that it was nicknamed the "Shutter Island Token" or a reason.
(Maybe this will mark the bottom)
Token unlocking
- Asymetrix Agreement - 12,74% of the April 19 supply is worth $848,487
- Xana - 3.67% of the April 20 supply is worth $1.57 million
- Rarible - 0.3% of the April 21 supply is worth $287,250
- Biconomy - 0.75% of the April 23rd supply is worth $3.76 million
- DAO Maker - 5.5% of the April 24 supply is worth $16.09 million
- Avalanche - 1.33% of April 24 supply is worth $327 million
It's been a tumultuous week, but everything will soon be fine and patience will pay off. Until next time, be sure to live.
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