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Gate Research Institute: BTC breaks through $66,000 strongly, Puffer Airdrop goes live with a pump of nearly 60%, gate launches PUFFER Mining
Summary
Market Review
According to gate market data, as of 4 o’clock on October 15th (UTC+0)【1】:
Popular Token
According to gate market data【10】, combined with the volume and price performance in the past 24 hours, the following popular altcoins are as follows:
DEEP - Daily increase of approximately 60.2%, with a circulating market value of $6,979,000.
DeepBook aims to provide unparalleled on-chain liquidity for the SUI ecosystem. From the beginning, it has provided developers with reliable and composable on-chain applications, enabling market makers and liquidity pools to operate seamlessly on a global scale.
Recently, DeepBook V3 was launched on the SUI Mainnet, providing reliable infrastructure for developers and Liquidity providers, especially in terms of blockchain Liquidity innovation, which may attract more market participants to join. This news may be an important factor in pumping its price in a single day. [11]
PUFFER —— Daily increase of approximately 59.1%, with a market capitalization of 79.09 million US dollars.
Puffer is a developer in the Ethereum infrastructure field, focusing on the next generation Rollup solution called Based Rollups. Its technology relies on Liquidity to stake (LRT) and Advanced Verification System (AVS), aiming to enhance the decentralization and neutrality of Ethereum. Through products like Puffer UniFi and Puffer UniFi AVS, Puffer strives to provide more efficient transaction confirmation and resource allocation to promote the development of the Ethereum ecosystem.
Puffer opened Airdrop for claiming yesterday, and gate launched trading on October 14, 2024, 12:00 (UTC+0). After the launch, PUFFER pumped by 59.1% and showed strong performance. Gate has also started PUFFER Mining activity. Users can participate by staking GT or PUFFER, with a total amount of 1,500,000 PUFFER. This Mining activity will continue until October 21, 12:00 (UTC+0).【12】
BOME - The daily increase is about 44.0%, with a circulating market value of 7.71 billion US dollars.
The Book of Meme (BOME) is a memecoin built on the Solana blockchain, created by an artist named Darkfarms. BOME aims to serve as a digital archive of memes, intended to protect meme culture by storing these digital creations on blockchain technology. Ensuring they are never lost and can be accessed indefinitely.
Recently, pump may be related to discussions on social media and community promotion, and many investors see it as an opportunity to make short-term profits. In addition, the enthusiasm for meme coins has revived, stimulating more funds to flow in, further driving the pump of BOME’s price. Although meme coins usually have high volatility, the current trend shows that investors’ interest in BOME is still increasing.
Highlighted Data
BTC ETF net inflows yesterday were 5.56 billion US dollars According to Sosovalue data, the BTCSpot ETF in the United States had a net inflow of 556 million US dollars and a total turnover of 2.612 billion US dollars yesterday (October 14th). The cumulative net inflow amount is 19.363 billion US dollars, and the total value of BTC managed by the ETF is 61.895 billion US dollars, accounting for 4.75% of the total market capitalization.
ETH ETF net inflow yesterday was 17.07 million US dollars According to Sosovalue data, the US Ethereum Spot ETF had a net inflow of USD 17.07 million yesterday (October 14), with a total daily trading volume of USD 210 million. The cumulative net outflow amount is USD 542 million, and the total value of ETH managed by the ETF is USD 7.195 billion, accounting for 2.28% of the total market capitalization.
After this week’s rebound, 91% of BTC Address are in a profitable state BTC rebounded rapidly this week, with prices reaching the key level of $66,000, indicating potential strong buying support. Currently, about 91% of BTC holders are in a profitable state, which may indicate that market sentiment is developing in a positive and optimistic direction. As BTC prices continue to rise, investor confidence may continue to strengthen, further driving market pump momentum.
Meanwhile, ETH has also performed well, reaching a high of $2,654, with approximately 66% of ETH holders currently in a profitable state. It is worth noting that about 9.09% of ETH addresses are expected to break even between the current price level and $3,000, indicating that once the price breaks through the key resistance level, more investors may profit, further driving the market higher. However, market uncertainty may still affect future trends, and investors need to remain cautious. [13][14]
Weekly encryption asset fund inflows surged to $4.07 billion According to CoinShares data, encryption assets investment products saw a capital inflow of $407 million in the past week, possibly influenced by the upcoming US election and global interest rate cuts, with investors’ decisions more affected by political factors than monetary policy prospects. BTC became the biggest beneficiary, attracting a capital inflow of $419 million, while investment products shorting BTC saw an outflow of $6.3 million. However, Ether continued to experience capital outflows, with $9.8 million flowing out last week.
Blockchain stocks ETF also benefited from the recent pump in BTC prices, attracting a capital inflow of 34 million USD, one of the largest inflows in a single week this year. It is worth noting that this capital inflow is mainly concentrated in the U.S. market, reaching 4.06 billion USD, with 48 million USD flowing into Canada, while capital flow in other regions is relatively flat. [15]
Hotspot Review
Tether is in talks with commodity traders to borrow up to $1 billion in funds Tether Holdings Ltd is exploring a new strategy to provide loans to commodity trading companies, which could mark a significant shift in the financing of traditional commodity trading. As the issuer of the USDT stablecoin, Tether has already used its token to circumvent US dollar sanctions, particularly in countries such as Russia and Venezuela. Tether’s further introduction of USDT into the commodity trading market could have far-reaching implications for the global trading system.
The attraction of USDT lies not only in its stability as a stablecoin, but also in its ability to bypass the cumbersome procedures of traditional banks, speeding up payment and transaction processes. Traditional commodity trade financing relies heavily on bank-provided credit, but is subject to strict regulatory limitations. However, this trend also faces some challenges. First, as a cryptocurrency company, Tether does not provide audited financial reports, which may raise doubts about the source of its funds and stability for some large commodity trading companies. In addition, commodity trading is inherently high risk. In recent years, the industry has experienced a number of high-profile bankruptcies, fraud, and scandal events, all of which have shaken investors’ confidence in trade financing.
Tether’s exploration into the commodity trading field highlights the strong potential application of USDT. In the future, with the maturation of the cryptocurrency market, stablecoins may gradually replace some traditional trade financing tools and become a new engine for international trade.【16】【17】
Vitalik proposes to lower the staking threshold for ETH validators from 32 ETH to 1 ETH drop ETH founder Vitalik Buterin proposed a major update to the Proof of Stake Consensus Mechanism of the ETH network, suggesting to drop the validators’ stake threshold from 32 ETH to 1 ETH. According to Buterin, ‘lowering the minimum stake amount to 1 ETH will solve the problem of preventing more people from staking alone,’ effectively addressing the barrier to more individuals staking alone on the Ethereum network, thus democratizing staking and enhancing the Decentralization of Ethereum.
Currently, Ethereum requires 32 ETH to become validators. This restriction is designed to balance security, Decentralization, and indirect costs. However, Buterin’s new proposal believes that this high threshold is a barrier for smaller participants and individual holders who want to contribute to the security of Ethereum, but cannot afford a large lock-up. Lowering the threshold to 1 ETH will significantly reduce the entry barrier, encourage more individual stakers to join the network, and may reduce the centralization of stake.
Puffer TVL rise to $1.4 billion Puffer is a leading innovator in Ethereum infrastructure, introducing a Permissionless design that allows anyone to participate in Node operations without relying on traditional centralized services. With its unique hardware support, Puffer offers innovative penalty evasion technology and simplifies the process of participating in ETH staking and restaking. It allows anyone to participate in ETH Node operations with a minimum threshold of 1 ETH, greatly improving capital efficiency.【19】
$PUFFER Token economic model: The total supply of $PUFFER is 1 billion, with 40% allocated to the ecosystem and community, 1% to the Protocol Guild, 7.5% as an airdrop reward for the Crunchy Carrot Quest Season 1, 5.5% as an airdrop reward for Season 2, 20% for early contributors and advisors, gradually released over 3 years with the first batch unlocked after 1 year to ensure the team’s long-term commitment and vision for the ecosystem, 26% for investors, gradually released over 3 years with the first batch unlocked after 1 year, followed by linear release over the next 2 years. $PUFFER Token will be used for governance decisions in the Puffer ecosystem, and holders can participate in voting and guiding the future development of the protocol through the vePUFFER mechanism.
Puffer opened the Airdrop for claiming on October 14th, and gate will start trading on October 14th, 2024, at 12:00 (UTC+0). [21] As of 6:00 (UTC+0) on October 15th, Puffer has risen by 95% in the past 24 hours, with a circulating market cap of $61.46 million. [22] TVL continues to rise to $1.4 billion. [23] This significant increase not only reflects the market’s confidence in the Puffer ecosystem but also signifies its growing competitiveness in the Decentralized Finance field. With more user participation and continuous innovation, Puffer is expanding its influence in the encryption industry, and its future development potential is promising.
Financing Information
According to RootData, on October 14th to October 15th, 2024, there were multiple significant financings in the blockchain and Web3 fields. The specific financing situations are as follows: [24]
**Flappy Bird **—— Web3 mobile game project Flappy Bird Foundation has announced the completion of a $2 million new round of financing, led by Kenetic Capital and Scytale Ventures, with participation from Big Brain Holdings, Optic Capital, and 4SV. The new funds will support the project in adding a series of new Web3 features to attract both nostalgic and new generation players. It is reported that under the management of the newly established Flappy Bird Foundation, the intellectual property of the game will continue to be protected.【25】
**Solv Protocol **—— The BTCstake platform Solv Protocol has raised $11 million from companies like Nomura Securities subsidiary Laser Digital, Blockchain Capital, and OKX Ventures, with a valuation of $2 billion. Solv Protocol’s SolvBTC product has currently deployed over 20,000 BTC (approximately $12.4 billion) on 10 major blockchain networks. The BTCstake platform has grown rapidly in recent years, aiming to deploy 100s of billions of dollars in BTC capital to other networks for profit. Solv co-founder Ryan Chow stated that the loan-to-value ratio for BTC is much lower than Ethereum’s 28%. If it could reach a similar level, it would unlock approximately $330 billion in value.【26】
Airdrop Opportunity
COOK Mantle Mainnet is actively promoting the Metamorphosis campaign and plans to distribute new COOK Tokens to the community. COOK will become the core governance token for Mantle’s Liquidity stake Token (mETH, currently one of the largest TVL LSTs) and Liquidity stake Token (cmETH), playing an important role in network governance. The key to participating in the COOK Airdrop is to obtain mETH Tokens. Operating on the Mantle network can earn more Powder rewards, and participating in Decentralized Finance activities can further enhance rewards. [27]
Participation Steps:
Currently, mETH is the fifth largest liquidity staking Token, second only to Jito (fully diluted market capitalization of 2.1 billion US dollars) and Marinade Finance (fully diluted market capitalization of 100 million US dollars). Given that COOK will serve as the governance Token for mETH and the upcoming cmETH, the fully diluted valuation (FDV) of COOK at the time of listing is expected to be between 150 million and 300 million US dollars. If Mantle adopts a higher circulation and robust FDV strategy instead of a high valuation and low circulation model in Token distribution. [28]
**Reference:**
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