Overview of this week's Crypto Assets market dynamics

Layer 2 Overview:

Last week, the Layer 2 ecosystem showed an overall growth trend, with Starknet experiencing the most significant increase at 15.67%. It is worth noting that the TVL of protocols such as JOJO, VaultCraft, Basemax, XY Finance, and Nostra has all seen substantial increases.

Liquidity Staking Derivatives ( LSD ) Overview:

The deposit and exit volumes of Ethereum have both increased, but the increase in exit volume is larger, reaching 2.88%. In terms of market share, mainstream LSD protocols have seen significant growth, with wstETH showing the most notable increase at 16.28%.

Real World Assets ( RWA ) Overview:

Last week, the total market value of RWA increased by 13.85%, and the 24-hour trading volume rose by 43.93%. The tokenized treasury of RWA grew by 1.6%, while the value of tokenized U.S. Treasury bonds increased by 0.08%. Notable performers included DEXTF, LMR, and BST, while tokens such as BRTR, LNDX, and SOB experienced significant declines.

Macroeconomic Market Overview:

This week in the stock market, the S&P 500 Index and the Nasdaq Index rose by 1.33% and 2.06%, respectively. Important economic data to watch for in the coming week includes: Global Services PMI, ISM Non-Manufacturing PMI, Spring Economic Forecast Report, ADP Employment Change, and the Bank of Canada's interest rate decision.

Major Event: Bitcoin Records Largest Monthly Gain in Three Years

Bitcoin is creating its strongest monthly performance since December 2020. In February, the price of Bitcoin has risen by 44%, breaking through the $50,000 and $60,000 marks, and at one point reaching a high of $64,000. Despite the price being close to historical highs, analysts believe this round of the bull market has not yet peaked.

The launch of the Bitcoin spot ETF in the United States is seen as a key factor driving this round of increase. As of the time of writing, the trading price of Bitcoin is approximately $61,200, poised to set a record high monthly closing price.

The cryptocurrency market performed strongly in February, with the CoinDesk 20 index rising by over 40%. Among them, Uniswap, Filecoin, and Dogecoin saw increases greater than that of Bitcoin.

Despite prices nearing historical highs, analysts remain optimistic about the future trend of Bitcoin. Galaxy Research Director Alex Thorn believes that the U.S. spot Bitcoin ETF is a "game changer," providing stable and growing demand for Bitcoin. At the same time, about 75% of Bitcoin supply is controlled by long-term holders, who have not yet sold at recent price levels.

Analysts at IntoTheBlock pointed out that on-chain transaction volume on the Bitcoin network and retail investors' interest in Crypto Assets are still far below previous peak levels. Analysts at Swissblock believe that the ongoing buying pressure and strong bullish signals from technical indicators suggest that Bitcoin is likely to continue its upward momentum.

Weekly Protocol Recommendation: OpSec

OpSec is a decentralized physical infrastructure network utilizing AI technology ( DePIN ) cloud computing platform. It aims to address the problems brought by the centralization of traditional internet infrastructure, providing secure, efficient, and decentralized cloud computing services.

OpSec mainly provides the following solutions:

1. OpSec Cloudverse: includes Nodes, VPS, and GPU, which are used to deploy and manage nodes, providing basic computing resources.

2. OpSec Network: A Layer 1 network that combines AI and a modular architecture, utilizing POS and POC(proof of cloud) mechanisms to enhance network security and scalability.

3. CloudSec: A high-end routing device that improves online privacy and security using a decentralized network architecture.

The native token of OpSec, $OPSEC, will be issued on Ethereum, with a total supply of 100 million coins, mainly used for network staking, paying transaction fees, node operation rewards, and governance voting.

As a representative project in the DePIN field, OpSec utilizes AI technology to build and maintain blockchain infrastructure, ensuring the security and privacy of applications. Currently, OpSec has established collaborations with several well-known public chains, including Taiko, Linea, Optimism, Starknet, and others. With the rapid growth of the DePIN market, OpSec is expected to gain greater development space in the future.

Weekly VC Investment Focus

1. Octav: A free, anonymous, and customizable data analysis platform that helps users parse DeFi investment activity.

2. BounceBit: A native BTC staking chain that protects network security by staking Bitcoin and BounceBit tokens.

3. READYgg: Building social game infrastructure for Web3 creators' economy, dedicated to achieving the democratization of game creation.

Protocol Events

• Worldcoin token price fell by 5% due to Musk suing OpenAI.
• The Delta upgrade has reduced fees on the Optimism ecosystem chain.
• StarkWare releases a new open-source zero-knowledge prover Stwo
• SynFutures launched the V3 version on the Blast mainnet and announced the points program.
• Robinhood wallet integrates Arbitrum for token exchange

Industry Update

• Nigeria reportedly demands Binance to pay $10 billion in compensation.
• BlackRock's IBIT spot Bitcoin ETF assets under management have surpassed $10 billion.
• The Bank for International Settlements has released global stablecoin regulatory recommendations
• The total locked amount of decentralized lending has surpassed 30 billion USD for the first time since mid-2022.
• The Attorneys General of 8 states in the United States have jointly questioned the SEC's authority in the Kraken lawsuit.

Important Events Next Week

March 4:

• Australia Retail Sales MoM (1 November )
• UK Nationwide House Price Index Monthly Rate (2 February )
• Eurozone Producer Price Index Monthly Rate (1 November )

March 5:

• Reserve Bank of Australia Interest Rate Decision
• US ISM Non-Manufacturing PMI ( December )

March 6:

• Bank of Canada interest rate decision
• US ADP Employment Change ( December )

March 7:

• Eurozone GDP annual rate revision (2022 Q4 )
• The number of initial jobless claims in the US as of the week ending February 24 (

March 8:

• Japan GDP annual rate revised value )2022 Q4 (
• Germany Industrial Output Monthly Rate )1 November (
• Canada unemployment rate ) February (
• US Non-Farm Payroll Change ) February (

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