《Wild Poppies, near Argenteuil》 ------ Claude Monet

Introduction:

With the TVL and token prices of multiple projects such as ETHFI, PENDLE, and DEGEN breaking historical highs, market attention and enthusiasm remain high. Notably, the total BTC futures contracts across the network reached a historical high of $38.8 billion, reflecting the market's expectations for this round of BTC-dominated bullish trend.

1. Investment and Financing Observation

Last week, there were a total of 31 investment and financing events in the crypto market, a year-on-year decrease of 20%, but the total funding amount exceeded $293 million, a year-on-year increase of 8%:
In the DeFi sector, there were 5 investment and financing events, with Bitcoin DeFi developer Automated Liquidity Exchange (ALEX) completing a $10 million strategic financing round led by Spartan Capital;
The gaming sector announced 8 investment and financing events, among which the NFT card game Parallel announced the completion of a new financing round of $35 million, with participation from Solana Ventures;
The infrastructure and tools sector reported 15 investment and financing events, including the privacy infrastructure company Espresso Systems completing a $28 million Series B financing round led by a16z crypto;
In the fields of AI and DePIN, there were 3 investment and financing events, with the Web3-based AI platform MyShell raising $11 million in a financing round led by Dragonfly;
From a month-on-month perspective, the number of investment and financing events in the cryptocurrency market slightly declined last week, with funding concentrated in infrastructure and gaming sectors, where OKX Ventures, Dragonfly, and Animoca Brands were particularly active, mainly focusing on Web3 and infrastructure.

About Parallel
Parallel is a sci-fi themed trading card game (TCG) that leverages the power of NFTs to give players ownership of their cards and other game assets. These cards can be used to build a deck and play in the currently developing online client/mobile game.
About 0G
0G is a modular AI blockchain designed to enhance the performance and cost efficiency of on-chain AI applications in the web3 ecosystem, addressing issues such as speed. 0G features a scalable programmable DA layer suitable for AI dapps, and its modular technology will enable frictionless interoperability between chains while ensuring security, eliminating fragmentation, and maximizing connectivity for a weightless and open metaverse.
About DappOS
DappOS is a Web3 intent execution protocol designed to make dApps as user-friendly as mobile applications. As a unified operating protocol for Web3, it builds a layer between users and public chains, cross-chain bridges, and other crypto infrastructures, allowing users to interact solely with DappOS to complete verification and execution in a decentralized world.
Additionally, DappOS was established in May 2022 and was selected for Binance's incubation program in its fifth season in December 2022. In July 2023, DappOS received seed round investment from Binance Labs, Sequoia China, and others.

2. Industry Data

Number of ETH Validators Exceeds 1 Million

According to Dune data: On March 28, the number of validators on the ETH network reached 1 million, with staked ETH accounting for 26.64% of the total supply, and the staking share of the liquid staking protocol Lido reached 30.50%.
After the Shanghai upgrade, the net inflow of ETH was 13,787,261 coins. While the number of validators and Lido's single staking can translate into blockchain security, some community members believe that too many validators may pose problems. Venture capitalist and Ethereum advocate Evan Van Ness stated: "Too many validators and an overly centralized staking platform's market share will ultimately lead to 'bigger problems.'"

$DEGEN Surges 30 Times in 15 Days, Meme Trend Continues

From March 14 to 31, $DEGEN on Base surged 30 times over two weeks, continuing to dominate the market's FOMO sentiment. As of now, the Degen community is highly active and cohesive, with promising future performance.

About $DEGEN
The Degen token was launched in January 2024 on the Degen channel on Farcaster, distributing tokens among builders, content creators, and users. It reshapes the Farcaster ecosystem, allowing Casters to tip quality content creators using DEGEN.
Additionally, DEGEN is also the gas token for Degen Chain, which is built on Arbitrum Orbit, with the Base network serving only as a settlement layer, using AnyTrust for the DA layer.

Base TVL Exceeds $3.2 Billion

Thanks to the recent meme frenzy, Base's TVL performed outstandingly in March, surpassing $3.2 billion on March 30, reaching a historical high. The DEX trading volume on the Base network also reached $657 million, setting a new historical record, with daily active users on the Base mainnet exceeding 450,000, reaching 458,826, marking the second-highest level in history (the highest record was 902,300 daily active users on March 16, 2024).

PENDLE Token Price and TVL Hit New Highs

According to DeFiLlama data: Pendle's total TVL exceeded $3.4 billion, reaching $3.404 billion, a historical high, with a monthly increase of 61.86%.

During the same period, the price of the $PENDLE token surpassed $5, reaching a new historical high, currently quoted at $5.57, with a 24-hour increase of 16%.
On March 30, Pendle co-founder @tnpendle posted on social media confirming that the team could not access the @pendlefi X account, which was controlled by hackers who posted false airdrop information. On the 31st, they posted: "We have regained control of the @pendle_fi Twitter/X account. The Pendle protocol is secure, and no user funds are at risk." During this period, the price of PENDLE and its TVL were not affected by this incident.

About Pendle
Pendle is a blockchain project focused on yield tokenization, allowing users to lock in the future yield of their crypto assets and receive returns in advance through its platform. Pendle achieves this through smart contract technology, enabling users to participate in the market in a decentralized and secure manner.

3. VC Holdings

Note: The above data is sourced from https://platform.arkhamintelligence.com/, statistics time: April 1, 2024, 14:00 (UTC+8).

4. This Week's Focus

April 1

• TON will launch the first season of the public league on April 1, with a prize pool worth $115 million, providing 30 million TON community rewards;
• The fiat-backed stablecoin USDM launched by Cardano ecosystem stablecoin issuance protocol Mehen Finance will retail in April;
• Acala (ACA) will unlock 27.43 million tokens on April 1 at 15:00, worth about $5 million, accounting for 2.85% of the circulating supply;

April 2

• Alpaca Finance's airdrop distribution plan of 50,000 PYTH tokens will continue until April 2;
• Ethena will airdrop 750 million ENA tokens to users on April 2, with a total airdrop amount of 750 million tokens, accounting for 5% of the total token supply;
• The first People's Committee election of HTX DAO has been postponed to April 2;
• QnA3.AI will launch the second round of airdrops on April 2, distributing 5 million GPT tokens;
• The Korean blockchain event IXO™ 2024 will be held in Seoul from April 2 to 3;

April 3

• U.S. March ADP employment data (small non-farm);
• The second phase of the Arbitrum Foundation's funding program will end on April 3, with the third phase application starting on April 15;
• Sui will unlock 34.62 million tokens on April 3 at 8:00, worth about $65.08 million, accounting for 2.81% of the circulating supply;

April 4

• U.S. initial jobless claims data for the week;
• BCH halving is expected on April 4, 2024, with block rewards decreasing from 6.25 BCH to 3.125 BCH;
• The hearing for the case involving the detention of Binance executives in Nigeria will be held on April 4;

April 5

• U.S. March unemployment rate;
• U.S. March non-farm data;
• Bitlayer plans to launch its mainnet on April 5 and will introduce the ecological incentive program Ready Player One;
• Galxe will unlock 3 million tokens on April 5 at 8:00, worth about $14.51 million, accounting for 3.34% of the circulating supply;

April 6

• The 2024 Hong Kong Web3 Carnival will be held from April 6 to 9 at the Hong Kong Convention and Exhibition Centre 3FG;
• Echelon Prime will unlock 1.66 million tokens on March 31 at 8:00, worth about $37.53 million, accounting for 4.65% of the circulating supply;
• SUI will unlock 4 million tokens on March 31 at 8:00, worth about $6.68 million, accounting for 0.32% of the circulating supply;
• The Bitcoin Layer2 project Ligo mainnet will go live on March 31, with staking assets currently being screened;

April 7

• Hashflow (HFT) will unlock 13.62 million tokens on April 7 at 8:00, worth about $6 million, accounting for 3.56% of the circulating supply;
• Wormhole will co-host a Meetup with Pyth in Hong Kong to discuss trends, opportunities, and innovations in the Web3 industry in 2024;

5. Conclusion

Last week, the entire cryptocurrency market experienced stable upward trends, with positive inflows into BTC spot ETFs and bullish sentiment remaining mainstream.
This week, the enthusiasm for MemeCoins and the Base ecosystem is likely to continue; with the approaching BTC halving, along with the supply-demand interactions of ETFs and miners, as well as ongoing profit-taking sell-offs, the market may experience significant volatility again.
Additionally, with the London Stock Exchange allowing the listing of Bitcoin and Ethereum ETNs, HSBC issuing tokenized gold to individual investors in Hong Kong, and Fidelity submitting a proposal for a spot ETF with staking functionality to the SEC, the cryptocurrency market is deeply integrating with traditional finance. The trend of the cryptocurrency market's rise has already become apparent, but investors should remain vigilant against significant market fluctuations and individual malicious behaviors arising from FOMO sentiment to mitigate investment risks and seize key opportunities for asset appreciation.
Note: All opinions above are for reference only and do not constitute investment advice. If there are any objections, please feel free to contact us for corrections.

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