Review of this week | BOME’s three-day “wealth creation” myth triggered Fomo; Bitcoin flash crash, will it continue to correct or has it bottomed out?

BlockBeats will organize the key industry news contents of the week (3.11-3.17) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends

Review of important news this week

Solana ecological meme project BOME has experienced a thousand-fold increase in 3 days since its launch, and the spot and contract are listed on the Binance platform, triggering Market fomo

3 On the 14th, BOOK OF MEME (BOME) released by Pepe Meme artist Darkfarm swept all social platforms. In just three hours after it went online, it increased 20 times, with a market value of over 80 million US dollars. Then BOME behaved like a cheat, and the price soared with almost no correction or consolidation. Many early participating users continued to show off hundreds of times their profits on social platforms. The powerful wealth creation effect triggered market fomo, and BOME became a hot word in the industry.

On March 16, Binance announced the launch of BOME spot. After the launch, the price hit a high of US$0.0027, and the market value exceeded US$1.2 billion, ranking 7th in the market value of meme projects. Bit. As of press time, 24-hour trading volume ranked first in the meme project sector. Related reading: "BOME doubled 50 times in a single day, leading to the "meme pre-production of Solana ecology" Hot sales""On-chain transaction volume exceeded 2 in less than one day after going online Billion dollars, why did Pepe Meme artist’s BOME explode? ", "Reviewing BOME: The Art of the Divine Board 》

Bitcoin’s market value surpassed silver to become the eighth largest asset in the world, hitting a new high Post-flash crash enters consolidation period

Bitcoin’s market value has now jumped to US$1.398 trillion, surpassing silver (US$1.379 trillion) and becoming the eighth largest asset in the world. Bitcoin prices continued to move higher last week. However, it broke through $73,000 on March 12, continuing its all-time high. In the following days, it fluctuated and consolidated above $70,000. On March 15, Bitcoin suffered a flash crash, with the price falling below $67,000, and the entire network liquidated $220 million. Related reading: "Bitcoin flash crash, will the correction continue or has it bottomed out? 》, "US PPI data once again shows the stickiness of inflation, and Bitcoin plunged nearly 6% during the session"

Binance Launchpool launches ether.fi (ETHFI), ether.fi announces token economics, total supply 1 billion, initial circulation Supply 11.52%

On March 12, Binance Launchpool launched ether.fi (ETHFI), and users can use BNB and FDUSD to mine ETHFI tokens. Binance will list ETHFI at 12:00 (UTC) on March 18, 2024, and open ETHFI/BTC, ETHFI/USDT, ETHFI/BNB, ETHFI/FDUSD, and ETHFI/TRY trading pairs. Ethereum liquidity re-pledge protocol TVL is close to 7 billion US dollars, ether.fi TVL is nearly 3 billion US dollars,

On March 12, ether.fi (ETHFI) The total number of tokens is 1 billion, and the initial circulating supply is 11.52%. 2% of the token allocation will be used for Binance Launchpool, 11% will be allocated to airdrops, 32.5% will be allocated to airdrop investors and advisors, 23.26% will be allocated to the team, 1% Allocated to Protocol Guild, 27.24% allocated to DAO Treasury, 3% used to provide liquidity.

On March 16, ether.fi launched the airdrop inquiry page. Users can log in to the official project website to check the airdrop results. Claims for the airdrop will begin on March 18. Some users reported that a large number of airdrops were obtained by giant whales, and retail investors with limited funds paid more pledge time but did not receive the corresponding airdrop tokens. Ether.fi responded that it has received feedback from the community and will airdrop more tokens to small depositors.

Aevo announced the airdrop application details. The airdrop value received by most users cannot cover transaction wear and tear. Cost, causing community dissatisfaction

On March 13, Aevo will airdrop 30 million tokens to users. Among them, traders before the farm boost event and participants of the farm boost event will receive airdrop rewards. In addition, the official made it clear that accounts that abuse OTM options and wash accounts (opening and closing positions in a short period of time) will be severely punished. In addition, unclaimed airdrops will be recovered after 6 months.

The official stated that the airdrop of AEVO tokens will be based on transaction volume, so users began to frantically increase the transaction volume on the platform. Some of them are institutions and studios brushing up transaction volume, and the other part are retail investors manually conducting "relatively frequent" buying and selling transactions. For a time, various major communities were discussing issues such as "how to generate greater transaction volume with lower wear and tear", and the project became extremely popular. On March 14th, the AEVO airdrop application officially started. Just when users were looking forward to seeing the rewards of their "hard work" in these days of trading volume, they found that they were "repulsed" and the total value of the airdrop tokens they received could not cover their total value. Transaction wear and tear costs lead to community dissatisfaction. Related reading: "Explicitly stating that users are punished for cheating, AEVO airdrop Causing community dissatisfaction"

OKX will be listed on Polyhedra Network (ZK) on March 15th

On March 15th, OKX will be listed on Polyhedra Network Network(ZK). The specific arrangements are as follows: ZK recharge will be opened at 16:00 on March 15, 2024, Beijing time. ZK/USDT spot trading will be opened at 18:00 on March 19, 2024, Beijing time. ZK withdrawals will be opened at 18:00 on March 20, 2024, Beijing time.

Ethereum completed the Cancun upgrade on March 13th

On March 13th, The block height of the Ethereum mainnet has reached the Dencun upgrade scheduled epoch (269568). The "Dencun" upgrade name is a combination of the Cancun upgrade of the Ethereum execution client and the Deneb upgrade of the consensus client. The main goal of the upgrade is to improve the scalability and modularity of the Layer 2 network, enhance the security functions of the Ethereum network, and improve Overall usability. The proposal that has attracted the most attention is EIP-4844 (Proto-Danksharding), which is a pre-plan for the full version of sharding expansion Danksharding. The entire set of sharding solutions revolves around Rollup for on-chain expansion, aiming to expand Layer 2 Rollup and help Layer 2 reduce fees and increase throughput, and pave the way for full sharding. Related reading: "How to speculate on Ethereum after Cancun?" An article summarizing the community's views", "Summary of the latest meeting of Ethereum core developers: Dencun upgrade review, Pectra upgrade code changes"

Magic Eden has started the "Diamond" airdrop, and Ethereum users can trace it back to 2017

On March 14, Magic Eden has started the "Diamond" airdrop, for The original users of Ethereum started their journey with Magic Eden. They can trace back to 2017 based on their active time, and can receive "diamonds" by connecting to their wallets. The number of "diamonds" a user is eligible to receive is based on several factors, including when and where the transaction was made, as well as additional weighting for royalties. For original Ethereum users, some “diamond” rewards will be distributed immediately, and more can be earned through tasks. The team stated, “We always prioritize Magic Eden users, and the best way to earn ‘Diamonds’ is by using Magic Eden. This is why both the retroactive transaction volume on Solana and the future transaction volume on Ethereum are higher than this retroactive airdrop. The weight is higher."

Musk: Tesla will support DOGE payment "sometime" in the future, bringing DOGE "to the moon"

On March 14, Musk said at an offline event that Tesla will support DOGE payment "at some point" in the future, allowing DOGE to "to the moon".

BNB rose above the US$600 mark, rising more than 90% during the year, leading the platform currency

On March 14, BNB rose above the $600 mark, with a cumulative increase of more than 90% since this year, ranking first among similar platform coins. BNB is the platform native token of the cryptocurrency exchange Binance and the native token of BNB Chain. The current market capitalization is nearly $95 billion. On March 15, Solana’s market capitalization also hit a record high. As SOL breaks above $180, the market cap has reached $81.536 billion. The current circulating supply of SOL is 443 million pieces, and the FDV is US$105.1 billion. Related reading: "BNB and SOL market value race, "the third largest Who will take the "coin" throne? 》

Popular articles of the week

"Exclusive Interview with dYdX Foundation: Only by building your own chain can you truly move forward"

Since the announcement of the migration of dYdX v4 to a self-built public chain, the community has been discussing its possibility. The launch of v4 and dYdX chains means that handling fees will belong to currency holders, similar to Uniswap’s model where UNI holders share handling fees. However, unlike Uniswap's short-term attention, dYdX still attracts community attention in terms of centralization issues, validator commissions, and regulatory challenges faced after launching the new public chain. In this regard, BlockBeats conducted an exclusive interview with Charles d'Haussy, CEO of the dYdX Foundation. Charles d'Haussy stated that the order book on the dYdX chain is not on the chain, but in the memory of the validator. He also pointed out that in the future, more and more futures liquidity will not be able to find centralized trading venues to trade perpetual contracts. The liquidity of perpetual contracts will naturally flow to DeFi because DeFi is more open. As a good example of DeFi, dYdX shows that everything is transparent, whether it is front-end transactions or the maximum extractable value, the public can see it and can take measures to counter it.

"Bitcoin flash crash, will the correction continue or has it bottomed out? 》

Bitcoin price exceeded $67,000 on March 15, falling 8.18% in 24 hours. The decline may have been influenced by U.S. producer price index (PPI) data for February, signaling that U.S. inflation remains sticky and could lead the Federal Reserve to keep interest rates high for longer. Several analysts have noted that Bitcoin could enter a period of consolidation or even a 20% correction, and with ETF net outflows exceeding $200 million, BlackRock IBIT faces challenges. The founding partner of Matrixport stated on the social media platform that "in a bull market, a healthy flash crash of 5% is considered normal." Galaxy Digital founder Michael Novogratz predicted that Bitcoin may pull back to around $50,000 before hitting a new high. Therefore, there is no need to worry too much about a sharp retracement in the bull market, especially when Bitcoin reaches a new historical high, retracement is also a natural phenomenon.

"2024 will be the main rising year of this bull market, and a more secure strategy is to increase positions"

Last week, Bitcoin broke through its all-time high against the US dollar, signaling that we have officially entered the bull market phase. The characteristics of the bull market include altcoins leading the rally, increased gains in various currencies, and increased attention on social media and search engines. However, this bull market is different from the past in that it lacks the emergence of new assets or business models, while existing Defi, Gamefi, NFT and L1 tracks have experienced the previous bull market. Therefore, using BTC and ETH as primary allocation targets may be a safer choice. Among them, ETH may have better odds in the short term, but BTC may be a better choice in the long term. Additionally, the main upswing in the bull market is likely to occur in 2024, so it may be a wiser strategy to take advantage of the moment rather than wait for 2025.

"Continuously buying and selling, how many Bitcoins do US listed companies and fund giants hold? 》

BlackRock IBIT surpassed MicroStrategy’s Bitcoin holdings 40 trading days after listing, holding approximately 195,985 BTC and a market capitalization of over $13.579 billion. The spot Bitcoin ETF has traded more than $100 billion in less than two months, demonstrating broad market acceptance. A battle for Bitcoin reserves appears to have begun among U.S. public companies, including spot Bitcoin ETFs, MicroStrategy and Tesla. The Bitcoin reserves of these companies demonstrate confidence in the long-term value of Bitcoin and may attract more investors and crypto whales to the market, driving Bitcoin prices higher.

"If you want to keep profits, you need to avoid these 15 mistakes in the bull market"

In a bull market, although the market conditions are better, most people are still losing money at the end of the bull market. To avoid this from happening, you need to pay attention to the following 15 mistakes: not taking profits, paying too much attention to fundamentals, changing positions too quickly, misjudging the weakening of potential energy, being unable to control the trend in a timely manner, not thinking like retail investors, and diversifying the scope of investment. Going too big, pursuing too high a gain, panicking during pullbacks, over comparing, trying to sell at the top of the market, engaging in revenge trading, not cutting losses fast enough, and understanding investor psychology. Correctly dealing with these issues and keeping a clear mind will help you better deal with the changes in the bull market.

"How to speculate on Ethereum after Cancun?" One article to sort out the community’s views”

The crypto market is currently experiencing a bull market for Bitcoin. Meme relays Bitcoin’s continued rise, and other crypto tracks such as AI and gamefi are taking turns to pull the market. However, The L2s still seem to be sleeping. The "Dencun" upgrade was completed on the evening of March 13. It aims to reduce the transaction fees of Ethereum L2 and provide users with a cheaper transaction experience, but its impact on the overall revenue of Ethereum may be limited. At the same time, the Solana ecosystem is also advancing steadily, but the Ethereum Universal L2 team is highly ideological and is currently not a competitor to competing chains such as Solana.

After Saga, will Solana play with the "cloud phone" concept again? 》

There are many projects in the DePIN field. The previous huge airdrop of 30 million BONK allowed Saga to successfully break out of the circle. Recently, the emergence of the concept of “cloud mobile phone” has also brought new exploration to the field of DePIN. APhone is launched on Solana as the first decentralized cloud-based smartphone designed to deliver high performance, security, and user protection. Compared with traditional encrypted phones, the emergence of cloud phones has triggered a rethinking of encrypted phones. Although crypto phones face some challenges, such as high selling prices and limited app selections, their potential as a tool to bring cryptocurrencies into the mainstream remains huge. In the future, encrypted mobile phones are expected to become tools for users to control assets and digital rights, promoting the wider application of cryptocurrency.

"The American "killer" is becoming popular in Solana"

In The emergence of political meme coins on Solana has become a hot topic recently, with its astonishing rise and attracting the attention of Ryan Selkis and others. These meme coins are based on political figures and extend from the political field to entertainment, culture, business and religion. These meme coins often use homophones or variations of English words as a basis to present an exaggerated visual effect. The origin of this cultural phenomenon can be interpreted and analyzed from the perspectives of multiple disciplines such as memetics, politics, and history. With the development of the Internet era, the trend of political memetics has become increasingly obvious. Simplifying complex political realities into symbols that are easy to spread and understand has become a consensus cultural phenomenon.

Welcome to join the official BlockBeats community

Telegram subscription Group: https://t.me/theblockbeats

Telegram Communication group: https://t.me/theblockbeatsApp

Twitter official account: https://twitter.com/BlockBeatsAsia