Background: Are Tokens on Centralized Exchanges Being Forgotten Amidst the Popularity of On-Chain Coins?

Recently, Bitcoin's market share has dropped from 60% to 55%, indicating the start of an altcoin season with a flurry of recent hot topics, showcasing a vibrant market: led by AI Agents, Virtuals Protocol has reached a market cap of over $300 million; the Solana ecosystem's ai16z has also surpassed a $1 billion market cap, while Hyperliquid's ecosystem token HYPE has seen an increase of over 10 times. In terms of products, the open interest on exchanges has repeatedly hit new highs, exceeding $4.3 billion. Even the NFT sector, which was almost forgotten by the market, has seen some movement, with Magic Eden and Pudgy Penguins issuing tokens, driving many ETH/SOL blue-chip NFT projects upward.

From this brief overview of various sectors, it is clear that they are all centered around on-chain activities. So, have the tokens on centralized exchanges truly been forgotten by the market?

Not at all. There is another narrative in this bull market that cannot be overlooked: Trump's election.

Trump's election means that cryptocurrency has officially entered the public eye. The improvement of regulations and the loosening of oversight have facilitated the influx of external funds into the crypto space, as evidenced by the continuous net inflow of funds into BTC and ETH spot ETFs. The Trump family's crypto project, World Liberty Financial, has also set an example by aggressively purchasing DeFi-related tokens over the past month, including ETH, CBBTC, AAVE, LINK, ENA, and ONDO.

So, how have the prices of these tokens performed after being purchased by World Liberty Financial? What common characteristics do these tokens share? What other conceptual tokens are there? Let's take a look with WOO X Research.

Summary of Purchase Records

The table above summarizes the cryptocurrencies purchased by World Liberty Financial on November 30, totaling $44.75 million. As of the writing date on December 18, all tokens held by World Liberty Financial are currently in a profit state.

Interestingly, traditional institutions have historically shown more interest in Bitcoin than Ethereum, but in their investment portfolio, it can be seen that World Liberty Financial holds significantly more ETH than Bitcoin, perhaps indicating a greater confidence in Ethereum's price trajectory compared to Bitcoin.

• AAVE is the leading lending platform in the market and holds the top spot in total value locked (TVL), with deposits nearing $40 billion, a historical high, and its price has increased by 35% in just seven days. Additionally, the community vote at World Liberty Financial has approved a proposal to collaborate with AAVE, which is currently in the TEMP CHECK phase at AaveDAO. If the proposal passes, it will bring new users and more real revenue to AAVE.
• LINK is a well-established oracle project. On November 14, World Liberty Financial announced that it would adopt Chainlink as the standard for on-chain data and cross-chain connectivity, serving as a secure way to bring DeFi into the next phase of mass adoption.
• ENA's development is closely tied to this bull market. Since USDe's yield source is based on futures arbitrage, as market sentiment rises and Ethereum's funding rates increase, Ethena can benefit from this. Recently, its TVL has also surpassed $6 billion, a historical high. In terms of products, they have recently partnered with BlackRock to launch the RWA stablecoin USDtb, with yield sourced from government bonds. This product launch addresses market concerns about negative funding rates leading to a death spiral for the overall protocol.
• ONDO is currently the leader in the RWA sector. After BlackRock announced the launch of the BUIDL fund, Ondo Finance invested over $95 million, becoming the largest holder. In terms of compliance, legitimacy, capital volume, and market favorability, ONDO is the best choice in the current RWA sector.

In addition to these tokens, it is worth mentioning COW. When World Liberty Financial purchased the aforementioned tokens, they only used Cow Protocol for the transactions, thus it is also regarded as a Trump conceptual token.

What Tokens Might They Buy Next?

After understanding the investment trajectory of World Liberty Financial, we can speculate on what targets they might focus on next.

First, from their holdings, it is best if the tokens have a cooperative relationship with World Liberty Financial, such as AAVE and LINK. Next, they prefer tokens with "clear business models" and "stable real yields." Tokens like AAVE, LINK, ENA, and ONDO all have clear product positioning, a large ecosystem of users, and actual revenue models. This indicates that they are not blindly pursuing "novelty" or "pure conceptual" tokens, but are more inclined to invest in protocols that can provide long-term value.

LDO: Given that World Liberty Financial holds significantly more ETH than BTC, it is evident that they are very optimistic about Ethereum's long-term potential. With the maturation of Ethereum's staking mechanism and the potential introduction of ETF-related Ethereum staking rates, the leading protocol LIDO becomes the current top choice.

It is the largest liquid staking protocol in the Ethereum ecosystem, with a TVL of $37 billion, accounting for 30% of the entire Ethereum staking market.

Pendle: This protocol primarily focuses on the yield splitting market, allowing users to trade future yield rights. As Ethereum staking rates and yields from protocols like USDe rise, the demand for yield trading continues to increase, making Pendle highly regarded in this bull market. Recently, Pendle's TVL has surpassed $5 billion, and it has established partnerships with several mainstream DeFi protocols.

UNI: Uniswap is the origin of DeFi Summer and is currently the most commonly used decentralized exchange, leading the sector. Recently, they also launched Unichain, but the market response has been lukewarm; however, this does not diminish users' reliance on Uniswap's products.

Conclusion: Blue-Chip Projects = Presidential Trading Coin Projects

Regarding World Liberty Financial's aggressive trading of coins, Nansen analyst Nicolai Søndergaard told Bloomberg: "World Liberty Financial's token purchases may be aimed at gaining more trust or drawing attention to these assets to promote the development of their own projects. If these assets perform well, World Liberty Financial could also benefit from it."

World Liberty Financial's active investment in blue-chip projects not only boosts market confidence in mainstream DeFi protocols but also injects more institutional funds into the crypto market. This flow of funds further stabilizes the market, pushing mainstream projects toward higher market caps and development potential.

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