Crypto Assets Weekly Report: Ether Breaks 4,000 USD for the First Time in Over Two Years

Welcome to this week's Crypto Assets summary. We bring you key market trends, in-depth insights on emerging protocols, and the latest industry developments, aimed at enhancing your expertise in Crypto Assets and Web3.

Market and Industry Snapshot

Last week, Layer 2 all showed positive growth, with Starknet experiencing the most significant increase at 19.64%. Protocols such as Stear Protocol, Polynomial Protocol, Interport Finance, Fringe V2, and Carmine Options demonstrated notable TVL growth ratios.

In the LSD space, both the deposit amount and total withdrawal amount of Ether have increased, with the withdrawal amount growing more significantly, reaching 3.74%. In terms of market share, all major LSDs have seen substantial increases, with stETH showing the most significant growth at 13.01%.

Last week, the market value of real-world assets (RWA) increased by 20.27%, and the 24-hour trading volume rose by 9.37%. The tokenized treasury for RWA increased by 2.07%, and the value of tokenized U.S. Treasury bonds rose by 2.47%. Notable growing tokens include CGT, RWA, and PROPS, while tokens such as DEXTF, LUMI, and LAND experienced significant losses.

Macroeconomic Overview

This week, the SPX and NASDAQ in the stock market fell by 0.14% and 1.14%, respectively. In the coming week, important events to watch include the German Consumer Price Index, Core Consumer Price Index, 10-year Treasury auction, crude oil inventory, and 30-year Treasury auction.

Major Events of This Week

Ether has surpassed $4,000 for the first time in over two years.

ETH, as the second largest crypto asset by market capitalization, touched $4,000 for the first time on Friday, reaching its highest level in over two years. Over the past few months, Ether has risen alongside Bitcoin, which hit an all-time high on March 5. The last time Ether reached such a high level was on December 28, 2021. In the past 30 days, Ether has outperformed Bitcoin, rising by 67%, while Bitcoin increased by 57%.

Ether has been continuously rising, mainly due to market expectations for the approval of the U.S. spot Ether ETF. The spot Bitcoin ETF was approved in January and attracted billions of dollars in net inflows. However, some analysts indicate that the chances of the spot Ether ETF being approved are less clear, giving a 50%-60% approval opportunity, believing that this "will happen sooner or later".

Weekly Protocol Recommendations

This week we focus on NetMind, a decentralized AI computing platform.

NetMind aims to leverage the idle GPUs of users worldwide to create a global computing power network for AI models. This enables businesses and research institutions to develop and run AI models at a lower cost and with greater efficiency.

NetMind provides the following main solutions:

• NetMind Power: A distributed computing platform that provides massive computing resources.
• NetMind Chat: Customizable Chatbot
• NetMind Avagi: customizable digital entity
• NetMind Life: Health Status Assessment and Recommendation System

NetMind has launched its own NetMind Chain, which uses the POA consensus algorithm and is fully compatible with Ether. The platform employs a decentralized management approach, forming distributed machines into thinking nodes (Mind Nodes).

The native token of NetMind, NMT, has a total supply of 10 billion. Its main uses include paying platform usage fees and rewarding network participants. 40% of the token supply will be used to reward GPU providers, 30% to reward stakers, 20% to the community, and 10% to the team.

Our insights: NetMind belongs to the AI sector and is a new highlight in this bull market, currently valued at $4.3 billion with a trading volume of $790 million. Its token NMT has increased by 107.9% in price over the last 7 days. On March 7th, NetMind.AI announced its invitation to attend NVIDIA's GTC24 conference, and the price surged by 40% that day.

NetMind's recent plans include:

• Update information from major platforms and increase Ether network liquidity.
• Launch cross-chain transfer function
• Collaborate with multiple centralized exchanges

As the network expands, although mining rewards may decrease, the fees burned by users using the platform will increase, which is expected to drive up the coin price. NetMind provides a competitive distributed computing platform solution for the AI field by integrating global heterogeneous computing resources.

Weekly VC Investment Focus

• Kravata: A Colombian platform that connects traditional finance and Crypto Assets, backed by investments from Circle Ventures and others.

• GoPlus Security: An open-source blockchain security service platform that has completed a $4 million financing.

• Oyl: A Bitcoin trading application that supports direct wallet transactions for assets like Ordinals, which has raised $3 million in funding.

Protocol Events

• MakerDAO implements a temporary fee increase to address potential Dai demand shocks.
• Aevo offers pre-market trading for its tokens ahead of the upcoming airdrop.
• BlackRock plans to purchase spot Bitcoin ETFs for its global allocation fund.
• The Optimism Foundation will sell OP tokens worth $89 million in a private placement.
• Base indicates that it will support EIP-4844 "from day one" after the Dencun upgrade.

Industry Update

• Solana client Jito Labs cancels mempool function due to increased MEV attacks
• Bitcoin trading volume surges, miners take the opportunity to cash out
• Coinbase's stock price first exceeded the direct listing price of $250.
• Wyoming signs a bill granting legal status to DAOs
• JPMorgan stated that it is unrealistic to expect Bitcoin to hold parity with gold in investment portfolios.

Events Next Week

• March 12: EU CPI data released
• March 12: U.S. CPI data released
• March 13: US PPI data released
• March 14: European Central Bank interest rate decision
• March 15: University of Michigan Consumer Confidence Index Released

That's all for this week. Thank you for reading, and we hope you benefit from our insights and observations.

This weekly report is for informational purposes only. It should not be considered investment advice. Before making any investment decisions, you should conduct your own research and consult independent financial, tax, or legal advisors. Furthermore, past performance of any asset does not guarantee future results.