Celestia has increased the number of airdrops, which has gained favor. Scroll has officially announced the launch of its mainnet. Meanwhile, small cryptocurrencies such as Loom and ORBS are suspected of covering spot losses with short positions through contracts, in order to harvest market liquidity.
Author: Frank, Foresight News
Graphics: Kiet, Foresight News
Note: "Weekly Hot Search" statistics are based on user search results from Foresight News from last Friday to this Friday (October 13th to October 19th), and the capitalization of the same concept has been merged.
The popularity of "Big Time" has remained at the top this week. Binance has also launched U-based BIGTIME perpetual contracts. However, the secondary market price has been continuously declining (the curse effect of Binance contracts will be mentioned later). To some extent, although the wealth effect of its eye-catching rise in the early stage is quite attractive, the reality is that only a few have actually made money. For the vast majority of users, this seems more like a carnival narrative led by the project party and the exchange.
Looking at the performance of the blockchain gaming track in the past week, it seems that it has not sparked a sustained craze as expected. Currently, the market is dominated by speculative atmosphere where people shoot and leave. There are no long-term wealth effects or popular tracks to cultivate. This may also be one of the characteristics of a deep bear market.
"Celestia" has ended the application for the Genesis airdrop this week and announced that 60 million "TIA" tokens have been distributed to participants of the Genesis airdrop. The latest quantity can be viewed on the official website. It is expected that participants will directly receive TIA on the mainnet in the coming weeks.
This move by Celestia has indeed gained favor. Not only was the action swift, but the average number of tokens received by registered users exceeded the original estimate by more than three times (most positions have not been registered for collection), earning praise from the community.
"Scroll" also officially announced the launch of its mainnet this week. It will first be joined by infrastructure providers, followed by support for deploying various projects and development tools, allowing global developers to start building Web3 products and ultimately drive new users to join the Ethereum community. The next milestone on Scroll's roadmap is to build a decentralized proof network and a decentralized sorter.
However, Scroll quietly launched the Genesis block a week ago, and some projects have started to integrate or support the Scroll mainnet, providing users with more application scenarios and services. From a data perspective, the performance of Scroll in the week before the official announcement was average, and it did not impress, especially in terms of trading volume and ETH inflows. Whether there will be a breakthrough in the future remains to be seen (recommended reading: "Insights into Scroll mainnet launch: Which DApps are users interacting with?").
News related to "ETF" caused a stir this week. At 21:21 on October 16th, Beijing time, the official account of the crypto media Cointelgraph suddenly tweeted: "BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF." This unconfirmed news instantly ignited market sentiment, causing Bitcoin to soar directly, breaking through the integer thresholds of $28,000, $29,000, and $30,000, reaching a high of $30,535.8, with a nearly 10% increase in 10 minutes.
However, the increase only lasted for 10 minutes. Subsequently, Bitcoin fell back to near $28,000 within 10 minutes amid doubts. The secondary market under the "long and short double kill" can be described as brutal. Contract users even experienced the extreme experience of "the price hasn't changed, but the position is gone" within 20 minutes (recommended reading: "‘ETF drama’? The ‘Black Monday’ under the shocking news from Cointelegraph").
"Loom" has been a recent star coin with a strange performance in the secondary market. In about a month, it surged more than 10 times. However, after Binance launched perpetual contract trading pairs, it began to decline significantly, dropping by over 80% in the past 5 days, with violent fluctuations.
The same goes for "ORBS", which rose steadily with a rare negative fee rate. However, after Binance launched perpetual contract trading pairs, it experienced a significant pullback. Overall, whether it's Big Time, Loom, or ORBS, the trading style of operators has clearly shifted in strategy, seemingly starting to target the vulnerabilities of small-cap coins through contracts, playing the game of "buying spot to attract follow-up funds," then opening short positions, and finally "selling spot at all costs to cover spot losses through contract shorts" to harvest market liquidity. This approach deserves special attention.
"Sui" encountered regulatory turmoil this week. The South Korean financial supervisory authority stated that it would review whether the Sui team was manipulating token supply. The Sui Foundation subsequently denied manipulating token supply, stating that it had never liquidated SUI tokens, including staking rewards.
As a result of this news, the price of SUI tokens in the secondary market also fell below the $0.4 mark, dropping to around $0.36 at its lowest, setting a new low. Since its launch, SUI has been on a continuous downward trend.
In contrast, "Blur", which has also been on a continuous downward trend since its launch, briefly reversed its decline this week, rebounding strongly. It surged by over 20% in a single day to around $0.22, likely stimulated by news related to its proposed buyback mechanism. However, as of the time of writing, BLUR has fallen significantly to around $0.185. According to the unlocking data, it also faces a large amount of selling pressure in November, and its trend remains unclear.
"Uniswap" caused widespread discussion in the market this week due to the partial transaction fees charged through the front end, with the reason given being "to enable Uniswap Labs to continue researching, developing, and improving cryptocurrencies and DeFi." This move has sparked widespread debate in the market, especially when combined with the community's dissatisfaction with the delayed empowerment of UNI. Uniswap's team is caught in a whirlpool of public opinion, with the team taking money and users footing the bill (recommended reading: "Uniswap starts ‘charging’ model, what’s the impact?").
"TOMO" is another star project related to friend.tech's copycat behavior, which has caused quite a stir in the entire crypto community. On the one hand, it is backed by the ConsenSys Layer2 network Linea, which provides strong support (some users seem to have discovered close ties between its team and China). On the other hand, its gameplay is more sophisticated than friend.tech—even if the creators have not yet joined, users can purchase votes. When they join, the votes will become Keys, which also gives KOLs a reason to join. It is a game of mutual benefit with profit expectations for creators and users, making it quite popular. It is also worth paying attention to whether the heat of its subsequent development can be sustained.
In this week's Mirror hot search list, "Scroll" and "Celestia" are linked to the hot search on the platform. Overall, there has been a slight increase in the proportion of tutorial-related articles in the author category:
- learningblockchain (industry observation)
- EvmoSwap Chinese materials (project information)
- spopovss.eth (project progress)
- killthewolf.eth (airdrop tutorial)
- zsuck.eth (airdrop tutorial)
- 凯米 (airdrop tutorial)
- greymate.eth (project progress)
- infinite world (airdrop tutorial)
- havecoin.eth (airdrop tutorial)
- kycohen.eth (airdrop tutorial)
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