Market Updates
Weekly Market Insight: February week 2
06 Feb 2024

Headline News

  • - Bitcoin prices were trading between $41,600 and $43,900 last week with no obvious direction despite Grasyscale GBTC AUM outflow decreasing day-over-day. However, Genesis Global Capital filed on 2nd February seeking to liquidate $1.4 billion worth of GBTC. The expedited hearing for the motion will be held on 8th February.


  • - The Fed kept interest rates unchanged in last week's FOMC meeting. Jerome Powell further expressed the March FOMC meeting will likely not have a rate cut as the Fed needs more confidence on sustainable inflation path to 2%. The Fed will have in-depth discussion on its balance sheet run-off in the March meeting as well.
  • - The US unemployment in January was 3.7%, lower than the expected 3.8%. Non-farm payroll increased 353K in January, way above market forecasts of 180K. The US 10-Year Treasury Yield increased 142bps on Friday after the job reports were released.
  • - New York Community Bancorp's stock price dropped 42% last week after its surprise decision to cut dividends and stockpile cash in case commercial real estate loans go bad, raising concern in the banking industry and potential spillover from commercial real estate bad debts.


Layer 1 and Layer 2

  • - Avalanche Durango upgrade is expected to be launched on Fuji Testnet on 13th February, enables native cross-chain communication across all EVM Chains in the ecosystem. Avalanche also introduced Vryx Scaling Solution, which aims to achieve 100K TPS on Avalanche blockchain.
  • - EigenLayer reopened the uncapped restaking pool until 9th February.
  • - Stacks announced the Nakamoto upgrade is planned for a date between 15th and 29th April.
  • - Polygon introduced its Aggregation Layer Thesis, allowing unprecedented interoperability across chains. Type-2 zkEVM upgrade is expected to be launched on 6th February.
  • - LayerZero has launched V2, which enables developers to build apps and tokens that interoperable across every blockchain.
  • - Mode Network Mainnet & Airdrop 1 went live. Mode is a new Modular DeFi L2 powered by Optimism.


  • - Farcaster experienced a 12x increase in daily active users after releasing Frames, a feature that enables interactive embedded post allowing games or e-commerce purchases to be carried within the post.
  • - Immutable zkEVM Mainnet Early Access is live, featuring gas free for gamers.
  • - Stride is now supporting TIA liquid staking.
  • - Superverse announced a partnership with Immutable, Beam, Polygon and LayerZero to create a unified gaming network with its own chain.
  • - Hong Kong probed Worldcoin over alleged irregular iris data collection from customers.

Upcoming Alpha: Token Unlock, Governance

  • - Pandora, the first token built on the ERC404 token standard, was launched. ERC404 mixed ERC20 / ERC721 implementation with native liquidity and fractionalization.
  • - Frax Finance L2 chain is expected to launch on 7th February. FXTL airdrop points will be distributed to FXS stakers according to Sam Kazemian, founder of Frax Finance.
  • - Shrapnel, the highly anticipated first person shooting game, will start early access on 8th February.
  • - The ApeCoin DAO's voting on the development of ApeChain is likely to pass on 8th February.
  • - Akash Network's $3.5M Provider Incentive proposal is likely to pass.
  • - The RSS3 mainnet is expected to be launched in Q1.
  • - TreasureDAO released Treasure chain Litepaper, featuring Infinity Chains, where Treasure Chain will integrate Arbitrum roll-up stacks in the early stage and expand to Optimism, zkSync, Polygon and Immutable in the future. Testnet is expected in Q1, and mainnet will be in Q3 2024.
  • - APT token unlocked on 11th February, amount representing 7.34% of the token supply.
  • - CYBER token unlocked on 14th February, amount representing 15.93% of the token supply.
  • - SAND token unlocked on 14th February, amount representing 9.19% of the token supply.
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