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

Welcome to this week's Crypto Assets Weekly Report. We bring you key market trends, insights into emerging protocols, and the latest industry developments, aimed at enhancing your expertise in Crypto Assets and Web3. Happy reading!

Market and Industry Overview

Last week, Layer 2 displayed positive growth, with Starknet showing the most significant increase at 19.64%. Protocols such as Stear Protocol, Polynomial Protocol, Interport Finance, Fringe V2, and Carmine Options exhibited remarkable TVL growth.

In the LSD field, both the deposit amount and total withdrawal amount of Ethereum have increased, with the withdrawal amount being more noticeable at 3.74%. In terms of market share, all mainstream LSDs have seen significant increases, with stETH showing the most remarkable growth, reaching 13.01%.

Real-world assets ( RWA ) market value increased by 20.27% last week, and the 24-hour trading volume rose by 9.37%. The RWA tokenized treasury increased by 2.07%, while the tokenized US Treasury value rose by 2.47%. Notable growth tokens include $CGT, $RWA, and $PROPS, while tokens such as $DEXTF, $LUMI, and $LAND experienced significant declines.

Main Topics

Macro Overview

This week, the SPX and NASDAQ fell by 0.14% and 1.14% respectively. In the coming week, attention should be paid to important events such as the German Consumer Price Index, Core Consumer Price Index, 10-year Treasury auction, crude oil inventory, and 30-year Treasury auction.

This week's major event: Ether has broken through $4,000 for the first time in over two years.

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

The rise in ETH prices is mainly attributed to expectations for the approval of the U.S. spot Ether exchange-traded fund ( ETF ). After the approval of the spot Bitcoin ETF in January, it witnessed billions of dollars in net inflows. However, analysts believe that the chances of the spot ETH ETF being approved are not very clear, giving a probability of approval between 50% and 60%.

Weekly Protocol Recommendation: NetMind

NetMind is a decentralized AI computing platform designed to leverage the idle GPUs of global users to create a global computing power network for AI models. Its main solutions include:

• NetMind Power: A distributed computing platform that provides massive computing resources.
• NetMind Chat: Customizable Chatbot
• NetMind Avagi: Customized Digital Entity
• NetMind Life: Health Assessment and Recommendations Service

NetMind has launched its own NetMind Chain, which uses the POA consensus algorithm and is fully compatible with Ether. The platform's native token $NMT has a total supply of 10 billion and is primarily used to pay platform fees and network rewards.

Our Insights

NetMind belongs to the AI sector, currently with a market cap of $4.3 billion and a trading volume of $790 million. Its token $NMT has increased by 107.9% in price over the past 7 days. On March 7, NetMind.AI announced its invitation to attend the NVIDIA GTC24 conference, and on that day, the price rose by 40%.

Recent plans include: updating information on platforms such as Etherscan, launching cross-chain transfer features, and collaborating with multiple exchanges. Currently, NetMind has accumulated the destruction of 1.5 million $NMT, and with the expansion of the network, the destruction amount is expected to increase further.

NetMind integrates global heterogeneous computing resources to provide enterprises and research institutions with a low-cost, high-efficiency AI model development and operation platform.

Weekly VC Investment Focus

• Kravata: Raised $3.6 million in funding to provide web3 services in the Latin American region.
• GoPlus Security: Raised $4 million in funding to provide open blockchain security services.
• Oyl: Secured $3 million in financing to develop a Bitcoin native asset trading application.

Protocol Events

• MakerDAO implements temporary fee increase
• Aevo offers pre-market trading before its token airdrop.
• BlackRock plans to purchase a spot Bitcoin ETF for its global allocation fund.
• The Optimism Foundation plans to privately sell $89 million worth of OP coins.
• Base indicates that it will support EIP-4844 starting from "Day One".

Industry Update

• Solana client Jito Labs cancels memory pool feature
• Bitcoin trading volume surges, miners accelerate cashing out
• Coinbase's stock price exceeded the $250 IPO price
• Wyoming has passed a bill granting legal status to DAOs.
• JPMorgan states that Bitcoin is difficult to match gold in investment portfolios.

Events Next Week

• March 12: U.S. February CPI data released
• March 13: U.S. February PPI data released
• March 14: US February retail sales data released
• March 15: The preliminary value of the University of Michigan consumer sentiment index for March is released.

This weekly report is for reference only and does not constitute investment advice. Please conduct your own research and consult a professional advisor before making any investment decisions. Past performance is not indicative of future results.