Weekly Market Insight: April Week 3

한국인

시장 업데이트

15 Apr 2024

Headline News

- Despite bullish sentiment towards Bitcoin halving events in less than a week, BTC price decreased by 5.2% last week as the result of Iran-Israel conflict escalated. Liquidated approximately $340 million BTC futures positions in a single day, the most since 17th August 2023.
- According to several fund issuers, Hong Kong's Securities and Futures Commission approved Bitcoin and Ethereum spot ETF applications this week.

Macro-Outlook

- The US core CPI in March was 3.8%, higher than the estimated 3.7%. The market increased the probability of the rate remaining unchanged in June from 48.5% to 77.6%, aligned with the Fed minutes, showing officials wanted more proof of disinflation. The minutes also indicated the pace of balance sheet runoff will slowdown soon.
- The US PPI in March increased by 0.2%, slightly lower than the estimated 0.3%.

Cryptos-Outlook

Layer 1 and Layer 2

- EigenLayer launched its mainnet together with its incubated EigenDA. Restakers can now delegate their restaked ETH to the AVS Operator of their choice. The mainnet is at beta stage, which doesn't include functions like payments from AVSs to operators and slashing. Omni Network, an AVS interoperability network that is designed to connect Ethereum rollups to achieve unified operating system, announced to airdrop 13.3% of its token allocation to EigenLayer restakers, demonstrated the potential supplementary return in restaking. Omni Network is part of the Binance Launchpool program.
- Karak Network, a restaking layer rivaling EigenLayer, raised $48 million Series A at $1+ billion valuation. The protocol supports restaking assets such as stablecoins or LRT that already have restaked on EigenLayer.
- Monad, an EVM parallel execution Layer 1, raised a $225 million funding round led by Paradigm.
- Swell launched its L2 pre-launch deposits, accepting LST, LRT, STONE and ALT tokens as points eligibility assets.
- Binance Labs announced undisclosed investment in BounceBit, a Bitcoin restaking protocol.

Dapps

- Uniswap Labs received Wells notice from the SEC.
- Ethena announced Season 2 staking, 50% reward boost if user locks minimum 50% ENA relative to their USDe farming across any platform. Meanwhile, MakerDAO has passed the proposal to increase Spark MetaMorpho Vault DDM debt ceiling to 1 billion DAI, increasing exposure to Ethena. Its Singularity Roadmap proposal for Frax has been approved, which includes allocating funds up to $250 million to USDeFRAX POL through the Curve AMO.
- Tensor, the second largest NFT trading platform after MagicEden, has launched its TNSR token with 55% allocated to community. Token holders are able to enjoy discounted fees on the protocol.
- ZigZag on-chain orderbook exchange announced that it would discontinue its zkSync Lite due to US regulatory pressure.
- Cyberconnect partners with Renzo, Puffer and Etherfi, allowing relative LRTs eligible for Cyber Restaking Points.
- DYDX chain halted production for 9 hours 32 minutes due to the wrong version of the Cosmos IAVL library fix.
- 1Inch announced a crypto debit card partnership with MasterCard and Baanx.
- Illuvium announced a strategic partnership with Samsung.

Upcoming Alpha: Token Unlock, Governance

- Stacks Nakamoto upgrade is expected to rollout from April 15th to 29th.
- Aerodrome announced the integration of Slipstream, its in-house concentrated liquidity pools, for more user-friendly tick-spacing, zero offchain accounting, faster oracle updates and custom fee algorithms. Slipstream is expected to be launched on April 22nd.
- Treasure is expected to release its Treasure Ruby Testnet on April 22nd.
- ARB token unlocked on April 16th, amount representing 3.49% of the token supply.
- APE token unlocked on April 17th, amount representing 2.48% of the token supply.
- AXS token unlocked on April 17th, amount representing 7.59% of the token supply.
- MANTA token unlocked on April 18th, amount representing 8.67% of the token supply.
- IMX token unlocked on April 19th, amount representing 2.4% of the token supply.
- PIXEL token unlocked on April 19th, amount representing 7.05% of the token supply.
- CTSI token unlocked on April 23th, amount representing 2.73% of the token supply.

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