Weekly Market Insight: March week 4

English

Market Updates

18 Mar 2024

Headline News

- Ethereum's second most important upgrade, Dencun, successfully launched last week. Layer 2 gas fee has dropped significantly. Optimism transaction fees, for example, have dropped from median $0.322 to $0.009.
- Despite huge success in the Dencun upgrade, ETH prices decreased by 6.21% last week and BTC prices surged to a new all-time-high of $73,700 level and closed the week with -0.92%. Bitcoin ETFs had another record inflow of $2.57 billion last week and the highest single day inflow of $1.05 billion on March 12th.

Macro-Outlook

- The US core CPI in February increased by 0.4% month-over-month, higher than the market estimation of 0.3%. The US PPI in February also showed a 0.6% increase, significantly higher than the market estimation of 0.3%. Both economic data indicates the stickiness of inflation, significantly increases the probability of the rate remaining unchanged in March to 99% and June from 26% to 41.5%.

Upcoming Economic Calendar including,

- Thursday, March 21st 2:00am: The US FOMC meeting

Cryptos-Outlook

Layer 1 and Layer 2

- Avalanche announced that MapleStory is building an Avalanche Subnet. MapleStory is a MORPG game that has more than 180 million registered users worldwide and generates more than $3 billion in lifetime revenue.
- Blast suffered around an hour outage after the Dencun Upgrade, due to the node's software's incomplete support of Ethereum's post-Dencun block header shape.
- BNB Chain announced to provide Rollup-as-a-Service and opBNB Connect initiative to grow its ecosystem.
- Cronos announced the Titan mainnet upgrade on March 26th, increasing network performance and enhancing interoperability with the Cosmos SDK.
- Swell Protocol introduced restaking Layer 2, which its rswETH will be used as native gas token.

Dapps

- Ether.fi, a protocol that provides non-custodial native liquid restaking to users' ETH, is listed in Binance.
- Parallel announced the launch of its new AI-powered game on Solana.
- Vega Protocol introduced the first-ever futures market for 'Points', and its first product is EigenLayer points.
- Synthetix launched v3 beta with direct USDC deposits and withdrawals, better pricing, native cross-margin mode and more
- PancakeSwap introduced v4, introducing hooks, custom pool types (CLAMM and Liquidity Book), Singleton gas optimization and more. It is expected to launch in Q3 2024.
- Curve's Llamalend beta frontend has launched, opening the isolated lending market with soft liquidation mechanism.
- Apecoin DAO's Ape Accelerator announced to list its first project, Space Nation, on their launchpad.

Upcoming Alpha: Token Unlock, Governance

- The Nvidia GTC AI conference, which potentially drives the Ai-crypto tokens price higher, will be held from March 18th to 21st.
- Arbitrum snapshot voting on 200M ARB allocation for Gaming Proposal will end on March 22nd. Currently 98% of the votes are in favor of the proposal.
- Flux announced FluxEdge Marketplace Alpha will be launched on March 29th.
- IMX token unlocked on March 22nd, amount representing 2.46% of the token supply.
- ID token unlocked on March 22nd, amount representing 18.23% of the token supply.
- OP token unlocked on March 29th, amount representing 2.4% of the token supply.
- PRIME token unlocked on March 31st, amount representing 4.65% of the token supply.
- ZETA token unlocked on April 1st, amount representing 2.24% of the token supply.

Disclaimer

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