Review of this week｜Bitcoin ETF experienced net outflows for the first time in a whole week; meme project Slerf triggered pre-sale "money making" risk

BlockBeats will organize the key industry news contents of the week (3.18-3.24) 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 Slerf triggered a pre-sale trend, and the narrative of "the project team made an operational error and all LP Tokens were destroyed" was hyped

On March 18, after the Solana ecological fundraising project Slerf added initial liquidity, due to operational errors, the LP Token raised by the project and the tokens used for airdrops were all destroyed. Token minting permission has been removed and cannot be re-minted. The new "storytelling method" was enthusiastically received by the community. SLERF rose by more than 700% within one hour of going online, with a 24-hour transaction volume exceeding US$2.69 billion. It ranked seventh on the entire network, second only to SOL and USDC that day, triggering strong FOMO in the community. The founder of Slerf held Space for a week to discuss with the community how to solve the issue of pre-sale fund refunds.

On March 19, the founder of SLERF plans to set up a trusted third-party donation wallet. As the first donor, LBank will serve as the custodian of the donation address. Offer refunds to pre-sale contributors. On March 21, SLERF said in its new Discord community that it would create an NFT series to promote the raising of remaining funds and donations for pre-sellers. On March 22, Slerf completed its first refund, totaling 3,800 SOL.

Due to the popularity of SLERF, many project parties imitated its pre-sale model, resulting in negative impacts such as meme issuers "running away" with funds and Solana network congestion. . On March 19, ZachXBT released data on social platforms stating that calculations showed that the Solana ecosystem had raised more than 655,000 SOL (approximately US$122.5 million) in 27 recent project pre-sales.  SubsequentlySolana co-founder Toly called for an end to this type of pre-sale release project model.

Related reading: "Market value exceeded US$600 million in 3 hours, a quick look at SLERF's horse-catching story" , "SLERF evaporated nearly 200 million US dollars in ten minutes, Solana's technical details have never been so valuable" , "Six hours after SLERF went online, the different endings of three large investors" .

Solana’s market value surpasses Porsche

On March 18, according to 8marketcap data, Solana’s market value has reached 91.85 billion The U.S. dollar, which has risen 8.4% in the past 24 hours, has now surpassed luxury car giant Porsche (market value of approximately US$90.26 billion) and ranks 192nd in the global asset market value rankings.

Bitcoin ETF continued to have net outflows for 5 days this week, and the market fell back sharply after rising high

According to data from farside investors, the U.S. Bitcoin spot ETF had a net outflow of US$887 million this week, the first time there was a net outflow for the whole week. Among them: a net outflow of US$154.3 million on Monday, March 18; a net outflow of US$326.2 million on Tuesday, March 19; a net outflow of US$261.5 million on Wednesday, March 20; a net outflow of US$94 million on Thursday, March 21; Net outflows were US$51.6 million on Friday. In addition, after Bitcoin reached a historical high of US$70,000, it once fell below US$60,000 and retraced more than US$10,000, triggering market discussion.

The US SEC launches a legal campaign to classify Ethereum as a security

March 21 On Sunday, the U.S. Securities and Exchange Commission is launching an aggressive legal campaign to classify Ethereum as a security, following the SEC’s approval of a series of Bitcoin ETFs in January, news that could further dampen the crypto industry’s hopes of U.S. securities trading. Hopes that committee will approve Ethereum ETF application from BlackRock and other companies. The SEC’s Ethereum investigation involves asking companies to provide any documents and financial records related to transactions with the Ethereum Foundation, the nonprofit organization that oversees the governance and development of the eponymous blockchain.

The Ethereum Foundation is under official investigation by a country

On March 20, according to An update to the organization's GitHub repository on February 26 shows that the Ethereum Foundation, the Swiss non-profit organization at the heart of the Ethereum ecosystem, is under investigation by a "national authority." A lawyer familiar with the situation said the Swiss regulator may have submitted a document request to the Ethereum Foundation and may be working with the U.S. Securities and Exchange Commission (SEC). The lawyer said that the Ethereum Foundation is not the only entity required to submit information, and other overseas entities are also under review.

Azuki founder: I am Chinese born in Harbin, hoping to better connect the Eastern and Western communities

On March 23, according to Wu Shuo Blockchain, Azuki founder Zagabond recently attended Azuki’s Shanghai event. He stated that he is Chinese and was born in Harbin. This is his first visit in more than five years since the epidemic. I returned to China for the first time and hoped to better connect the Eastern and Western communities.

Base chain Meme coins generally rose, DEGEN rose by more than 80% in 24 hours

March 20, Base Chain Meme coins have generally seen rising prices, among which DEGEN has increased by 80.09% in 24 hours, and is temporarily reported at US$0.0067; BRETT has increased by 35.29% in 24 hours, and is temporarily reported at US$0.0335; NORMIE has increased by 185.18% in 24 hours, and is temporarily reported at US$0.1312.

AI game chain Nim Network will issue airdrops to DYM stakers and game NFT holders such as Parallel and Pirate Nation

On March 21, according to the official announcement, the AI game chain Nim Network based on Dymension will provide DYM stakers as well as games such as Parallel and Pirate Nation. NFT holders, Pudgy Penguins community, Wolves DAO community and 9dcc community will issue airdrops, and AI projects such as Ocean Protocol, Olas Network and Gitcoin community will also receive some airdrops. The airdrop amount accounts for 9% of the total token supply. The official website is currently open for applications. According to the announcement, the Nim token will be an IBC token that can be used as a native token on its EVM chain to pay on-chain transaction fees, facilitate governance, and power the Nim economic flywheel. Once Nim is launched, tokens will be automatically distributed to all eligible addresses.

10x Research: If ETF inflows are lower than expected, BTC may Dropped to $59,000

On March 19, data from crypto analysis firm 10X Research showed that the U.S. spot Bitcoin ETF hit record inflows last week, but demand may weaken in the next day or two. This will trigger the next round of decline in Bitcoin prices. 10x Reaearch founder Markus Thielen wrote in a report on Monday that Bitcoin price found short-term support at these levels and stabilized at $67,000, but the "real test" will come on Monday and Tuesday if ETF inflows Disappointing, Bitcoin’s correction may continue. “While this is an unpopular narrative, inflows are expected to slow after price experienced significant intraday moves,” the report said. “A retracement to $59,035 appears more likely based on our reversal indicator, "Providing better risk-reward entry levels," this would indicate another 10% drop in Bitcoin price.

Multiple zkSync ecological projects released notices of "24.03.2024"

On March 23, several zkSync ecological projects including Kreatorland, zkApes, and Bigint mentioned the preview of "24.03.2024" on Twitter. zkSync may announce relevant information tomorrow. BlockBeats previously reported that Matter Labs CEO Gluchowski said on March 24, 2023 that the zkSync Era would not launch tokens immediately because the network is still largely centralized, and zkSync is expected to achieve serialization in about a year. Decentralization of the machine.

BlackRock launches BUIDL, the first tokenized asset fund on the Ethereum network

On March 21, BlackRock launched its first tokenized fund issued on a public blockchain on Wednesday - the BlackRock USD Institutional Digital Liquidity Fund (abbreviation BUIDL) . BUIDL will subscribe to the Fund through Securitize Markets, LLC, providing accredited investors the opportunity to earn U.S. dollar income.

Through the tokenization of the fund, BUIDL will expand investors’ access to on-chain products and provide Instant and transparent settlement, as well as allowing cross-platform transfers, bring important benefits to investors. BNY Mellon will enable interoperability between digital and traditional markets for the fund.

BUIDL is a stable asset pegged to the U.S. dollar, with BlackRock paying out daily accrued dividends as new tokens directly into investors’ wallets. The fund invests 100% of total assets in cash, U.S. Treasuries, and repurchase agreements, allowing investors to earn income while holding tokens on the blockchain.

This week’s popular articles

"SLERF evaporates nearly $200 million in ten minutes , Solana’s technical details have never been so valuable”

The founder of the SLERF project posted on social media admitting the destruction of LP and airdrop tokens caused by misoperation , and said that there was nothing he could do and felt very sorry. However, this incident did not lead to the demise of the SLERF project. On the contrary, its total transaction volume exceeded $1.1 billion in less than 4 hours, setting a new record for BOME and becoming the new king of meme. Subsequently, Starknet joint venture tobbykitty.eth said that the Raydium contract can be upgraded through multi-signature and the tokens can be retrieved. As soon as this statement came out, it caused panic in the community, and SLERF immediately fell 50% from its high point. A few minutes later, X user ghazzog replied: SLERF was destroyed instead of the Raydium contract. This means that these destroyed funds cannot be recovered. After being clarified, SLERF briefly fell below $0.6 before rebounding, rebounding more than 66% from its lows.

"Solana's magic market continues, and trading BOT has made crazy money"

Recently, Solana's ecology has successively stepped out of BOME and SLERF. In addition to benefiting the Solana ecosystem, BOT is also an important driving force for this meme wave. According to statistics, on March 18 alone, the total revenue of various BOTs exceeded US$5.33 million. Among them, Pepe Boost quickly occupied more market share in this craze because it posted many useful summaries and tutorials about MEME and local dogs on its social media. According to BlockBeats’ interview with a BOT distributor, the distributor can earn dozens of SOL as handling fees every day. At the same time, he speculated that Pepe Boost’s daily fee income will reach between 3,000 SOL and 6,000 SOL.

"In the Year of Airdrops, You Can't Miss These Projects (Updated Version)"

This article lists a series of projects that are about to be airdropped or have already been airdropped for readers to pay attention to and participate. These projects cover a variety of areas, including decentralized trading platforms, lending protocols, cross-chain bridges, blockchain infrastructure, etc. Official links and relevant social media information are provided for each project, allowing readers to obtain more detailed information.

"Not issuing coins is Base's weapon"

Thanks to this week's meme craze, Base's TVL had a strong performance in March, surpassing $700 million, setting a new all-time high. Backed by Coinbase, Base seems to be becoming a new dynamic growth point for the Ethereum ecosystem. While the community has questioned whether the increase in on-chain activity is caused by bots, Base continues to attract real users and increase on-chain activity. When Base launched its mainnet in August last year, it made it clear that it would not issue tokens and had no plans to issue tokens. Therefore, it needs to rely on real users to contribute fee income as the source of revenue for the ecosystem. With the support of VC, Base is becoming the most Alpha-intensive place in the Ethereum ecosystem, and Coinbase's compliance management also allows Base to reduce risks in the future. Current targets worthy of attention include projects such as Moonwell, Avantis, Infusion, BSX and Drakula, which are expected to become an important part of the Base ecosystem.

"The carnival ended in less than four hours. Are you feeling FOMO in today's Base?" 》

This Wednesday, a wave of meme frenzy started on the Base chain. As one of the leading meme coins in the Base ecosystem, DEGEN experienced a short-term rise and then fell. Other recently launched meme coins also suffered sharp declines. At the same time, a trading competition between a pair of meme coins, OVER and BACK, triggered crazy speculation in the market, but then the price quickly fell. The roller coaster ride has unnerved many investors but also attracted a lot of money and attention. It is undeniable that Base has gone from BALD to DEGEN today. It does not lack the genes to be the golden dog. What it lacks is the community culture that continues to build the meme ecology. The future development of Base is worth looking forward to.

"Viewpoint: MEME's breaking out of the circle is just a warm-up, will value narratives return to the mainstream? 》

The continued carnival of MEME coins and the relative sluggishness of mainstream narrative coins have led to the illusion that the bull market may be driven by AltCoin. Crypto researcher Haotian believes this view is incorrect. He pointed out that the MEME currency breaking out of the circle is just a warm-up for the mainstream narrative, and a larger narrative may be brewing. The first is AI+web3, which is expected to become the main narrative of this bull market, with strong scalability and potential. Next is ETH Layer2. Although it faces difficulties in ecological implementation, it has huge room for development. Next is BTC Layer2, which is expected to become an important addition to the BTC ecosystem. In addition, he also mentioned trends such as Alt-Layer1 high-performance chain and Chain Abstraction chain abstraction, believing that they both carry the direction of progress of part of the mainstream narrative.

"How much is the real circulation of BTC? Will spot ETFs "buy out" the circulation? 》

This article discusses the true number of Bitcoins in circulation and its relationship to ETF inflows. According to statistics, approximately 32.18% of all Bitcoins have had a trading move in the last year, and combined with holdings such as exchanges, ETFs, and micro-strategies, there are currently approximately 5 million active Bitcoins. The article pointed out that if the price of the pie stops rising, it will only be a matter of time before all the Bitcoins in circulation are bought. The continued inflow of funds into ETFs is considered to be the main driving force for the continued rise of the pie, and a recession may become a nuclear bomb-level negative for Bitcoin and the global market. Therefore, the authors recommend keeping an eye on ETF inflows to determine market price trends.

"BOME, which created a market value of US$1.5 billion in three days, broke the encryption industry's defenses"

BOME was listed on the Binance exchange within three days, becoming a popular market with a market value of more than $1.1 billion. The success of BOME has inspired other projects to pursue pre-sale models, but it has also raised some concerns, especially for those who have missed out on buying BOME. Although BOME has been rising very smoothly all the way, if it wants to go further and surpass PEPE, SHIBI and even Dogecoin, it still needs to go through multiple stages, which may also include a deeper market crash and a longer washout stage.

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