Cryptocurrency Market Weekly Overview

This week, the cryptocurrency market has shown a positive trend, with several Layer 2 solutions and decentralized finance protocols demonstrating significant growth.

Overview of Layer 2 Development

Last week, major Layer 2 networks showed positive growth, with Starknet performing the best, increasing by 15.67%. The locked value of protocols such as JOJO, VaultCraft, Basemax, XY Finance, and Nostra, with (TVL), grew particularly significantly.

Liquidity Staking Token ( LSD ) Sector

The amount of Ethereum deposits and total withdrawals have both increased, with the withdrawal amount showing a more significant rise of 2.88%. The market share of mainstream LSD tokens has generally grown, with wstETH experiencing the largest increase at 16.28%.

Physical Assets ( RWA ) Sector

Last week, the total market value of physical assets increased by 13.85%, and the trading volume in the last 24 hours rose by 43.93%. The tokenized RWA treasury increased by 1.6%, and the value of tokenized US Treasury bonds rose by 0.08%. Notable performing tokens include $DEXTF, $LMR, and $BST, while tokens such as $BRTR, $LNDX, and $SOB experienced significant declines.

Bitcoin Records Largest Monthly Gain in Three Years

Bitcoin is heading towards its strongest monthly close since December 2020. In February, Bitcoin has risen by 44%, breaking through the $50,000 and $60,000 thresholds, and reached a high of $64,000 on Wednesday. This surge began after a brief pullback following the debut of the U.S. spot Bitcoin ETF at the end of January.

Although prices are nearing historical highs, analysts believe the bull market is far from its peak. Alex Thorn, head of research at Galaxy, stated that the U.S. spot Bitcoin ETF is a "game changer," providing stable and accelerated demand for Bitcoin. Meanwhile, approximately 75% of Bitcoin supply is controlled by long-term holders, who have not yet sold at recent price levels.

IntoTheBlock analysts point out that the on-chain transaction volume of Bitcoin and the interest of retail investors are still far below the levels seen during previous peaks. Swissblock analysts believe that the sustained buying pressure and strong bullish signals from technical indicators suggest that Bitcoin is likely to continue rising.

OpSec: AI-driven decentralized cloud computing platform

OpSec is a decentralized physical infrastructure network utilizing AI technology ( DePIN ) cloud computing platform. It aims to address the issues posed by centralized entities controlling traditional internet infrastructure, providing secure, efficient, and decentralized cloud computing services.

The main products of OpSec include:

• OpSec Cloudverse: includes Nodes, VPS, and GPU, used for deploying and managing nodes, performing basic computing and GPU operations.

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

• CloudSec: An advanced routing device that enhances online privacy and security using a decentralized network architecture.

OpSec has established collaborations with multiple blockchain networks, including Bittensor, Venom, Taiko, Optimism, and Celestia, to help these networks gain control over their nodes.

As a representative of the popular AI + DePIN track, OpSec is leveraging AI technology to build, maintain, and operate blockchain infrastructure, providing Web3 users and developers with a secure and reliable cloud service experience.

Important Investments This Week

• Octav: Raised $4 million in funding to provide a free, anonymous, and editable DeFi data analysis platform.

• BounceBit: Raised $6 million in funding to develop a native BTC staking chain using a dual-token staking system.

• READYgg: Secured $4 million in funding to build social gaming infrastructure for the Web3 creator economy.

Industry Trends

• Nigeria reportedly demands Binance to pay $10 billion in compensation.

• BlackRock's IBIT spot Bitcoin ETF has surpassed $10 billion in managed assets.

• The Bank for International Settlements has issued regulatory recommendations regarding global stablecoin arrangements.

• The total locked value of decentralized lending has surpassed 30 billion USD for the first time since mid-2022.

• Attorneys General from eight states in the U.S. have questioned the SEC's authority in the Kraken lawsuit by submitting a joint amicus brief.

In the coming week, attention should be paid to important economic data and events such as the S&P Global Services PMI, ISM Non-Manufacturing PMI, Spring Forecast Report, ADP Employment Data, and the Bank of Canada's interest rate decision.