Market Updates
Weekly Market Insight: April week 4
23 Apr 2024

Headline News

  • - Bitcoin completed its fourth halving last Saturday and together with the launch of Runes, miners' revenue reached a record high of $106.7 million on the day, which 75% came from network transaction fees.
  • - Despite the geopolitical tension in the Middle East continuing to remain escalated, retail sentiment towards Bitcoin gradually returning to normal, evidenced by the positive inflow of Bitcoin ETFs on Friday after 5 continuous days of net outflow.


  • - The S&P500 dipped by 3.05% last week, dropping the most in a week since March 2023. The subdued momentum may be attributed to a confluence of factors, including heightened geopolitical tensions in the Middle East, prolonged forecasts of elevated interest rates, underwhelming guidance pertaining to banks' interest income, and semiconductor sales falling short of expectations.
  • - The next FOMC meeting is in less than 10 days. The market estimates 98% probability rate remains unchanged, while more discussion on slowing pace of balance sheet run-off is expected in May FOMC.
Upcoming Economic Calendar including,
  • - Thursday, April 25th 8:30pm: US Q1 Advance Estimate GDP
  • - Friday, April 26th 8:30pm: US Core PCE Price Index, Personal Income and Spending in March


  • - Avail announced 600M AVAIL airdrop to developers, testnet contributors, rollup users, MATIC stakers and community contributors.
  • - Union announced to integrate Polygon's AggLayer into Cosmos IBC.
  • - Picasso Network has launched its Solana AVS on its restaking hub, enabling IBC protocols to connect Solana and Cosmos seamlessly.
  • - Bouncebit will be the first project to be listed on Binance's new Megadrop launch platform.
  • - Merlin Chain native token, MERL, is enabled for trading in major centralised exchanges such as OKX, Bybit, Bitget, Gate.io and Kucoin.
  • - CoreDAO announced non-custodial BTC staking, enables users to earn yield without leaving the Bitcoin Network.
  • - Sui has partnered with BytePlus to empower the Sui ecosystem, including Gaming and SocialFi.
  • - Polkadot introduced JAM. The upgrade will combine the strength of Ethereum and Polkadot, enables low cost deployment, high scability and coherency in Polka Virtual Machine (PVM). PVM will support upfront gas deployment and dapps will run based on the pre-deployed gas. It is expected to launch for another 8 to 20 months.
  • - Woldcoin announced the release of its World Chain in summer 2024.
  • - Ronin has partnered with Ragnarok and expected to be released in Q3 2024.
  • - Centrifuge raised $15 million in its latest Series A funding and plans to launch on Base.
  • - Radiant passed its proposal RFP-33, which increases its total supply by 50% to support new chain expansions and Radiant V3 (with new features such as innovation zone for new asset markets, looping, auto-convert mechanisms for protocol fees to dLP and more).

Upcoming Alpha: Token Unlock, Governance

  • - Sophon, a modular L2 powered by zkSync hyperchain, announced potential airdrop to BEAM holders.
  • - Friendtech V2 is announced to be launched on 29th April. FRIEND token is expected in V2, potentially reignites community interest in the SocialFi sector.
  • - MyShell announced it would be deployed using AltLayer. ALT stakers are potentially receiving airdrops from MyShell.
  • - INJ 3.0 voting will end on April 23rd and is expected to pass, reducing the future inflation rate from 5% for lower bound and 10% for upper bound to 4% and 7% relatively over 2 years.
  • - Karak announced integration of Pendle eETH PTs to stake on Karak platform to earn Karak XP points.
  • - Stargate V2 is to launch in April.
  • - Omni Network, a restaking interoperability layer for rollups, is expected to launch mainnet and staking soon.
  • - CTSI token unlocked on April 23th, amount representing 2.73% of the token supply.
  • - YGG token unlocked on April 27th, amount representing 5.33% of the token supply.
  • - OP token unlocked on April 29th, amount representing 2.31% of the token supply.
  • - PRIME token unlocked on April 30th, amount representing 4.43% of the token supply.
  • - DYDX token unlocked on May 1st, amount representing 10.72% of the token supply.
  • - ZETA token unlocked on May 1st, amount representing 2.24% of the token supply.
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