The first quote|BTC and ETH continue to fall; The Dencun upgrade makes Ethereum inflation again; Sophon raises $60 million through "Node Sale"; Lyra launches new Token and Airdrop plans; The global market performance was solid

Crypto World Daily Summary: Dencun upgrade makes Ethereum inflation again; Sophon raises $60 million through "Node Sale"; Lyra Finance launches new Token LDX Airdrop

A report by data firm CryptoQuant argues that the Dencun upgrade could inflate the Ethereum again, with Ethereum burning already falling to one of the lowest levels since the merge due to a drop in Ethereum Money Laundering. This drop burn has caused the Ethereum supply to rise at an unprecedented rate for the first time since the Ethereum Network Merge.

Analysts noted that prior to the Dencun upgrade, higher levels of activity on the Ethereum network meant higher Money Laundering, resulting in a smaller Ethereum supply. However, with the implementation of the Dencun upgrade, the relationship between burn fees and network activity has been decoupled.

Overall, the report concludes that Ethereum is "unlikely to experience deflation again" because inflation in Ethereum is likely to continue and ETH's depreciation is inevitable at current levels of network activity. This means that Ether coin may no longer have the characteristics of a "supersonic cargo coin", or that a higher level of network activity may be required to restore this feature.

According to The Block, zkSync's "hyperchain" Sophon successfully raised about $60 million through Node Sales.

"Hyperchain" Sophon – specifically a Layer 2 network built on Matter Labs' modular Open Source framework ZK Stack. The sale provides a purchase opportunity of 200,000 nodes with a tiered pricing model; The company said Wednesday that investors had bought 121,000 nodes, bringing about $60 million worth of wETH to Sophon.

Sebastien, co-founder of Sophon and former head of Decentralized Finance at zkSync, said Sophon raised 20,800 wETH. Sebstien said the Node sale empowers the community because they can essentially get project Token at a discounted price at an early stage and get Token Airdrop.

Sophon plans to launch its network in the coming months. There will be a centralized sequencer where Node holders can delegate their licenses to Sophon and receive their network fees share of the proceeds. "These holders will also be able to participate in Sophon's operations, such as running light nodes through index chains or using Sophon's chosen data availability layer," the project said. ”

Sophon has determined that 20% of the total supply of its Token (SOPH) will be distributed to Node license holders within the first 36 months of Sophon Mainnet launch.

Decentralized Finance tool Lyra Finance has announced a Token transformation plan with the launch of the LDX Token, which will serve as the native coin of the Lyra derivation network, scheduled to launch in the third quarter of this year. Existing Lyra Tokens will be migrated to the new Tokens. And there are plans for LDX airdrops to reward traders and yield farmers and encourage them to increase the liquidity and adoption of Lyra's products. The Airdrop will use a point system, with LDX distributed proportionally every four weeks.

Lyra also launched a derivation tokenization product, initially focusing on basis trading, followed by the launch of a covered call options strategy on EigenLayer Liquidity stake Token. This will allow users to deposit LRT made up of protocol issuance such as EtherFi (eETH) and Swell (rswETH) to earn yield. The protocol will tokenization the policies on the LRT and package them in the form of ERC-20 Token.

Lyra Finance was originally launched as a on-chain Options trading protocol, employing a market maker vault, where Liquidity providers use a specific pool of assets funded by stablecoin in exchange for a portion of Money Laundering.

Market Analysis: BTC continues to probe, IO is about to Token Airdrop

⭐️ ** Market Trend **

Over the past 24 hours, the price of Bitcoin (BTC) has experienced significant fluctuations, falling below $61,000 at one point, and has now rebounded slightly to around $61,500. Ethereum (ETH) also falls below the $3,000 mark, and the entire alt market also generally falls. In addition, the market observed continued outflows of Spot ETF, indicating a cautious attitude among investors. On the macroeconomic front, U.S. stocks have been volatile as markets await next week's Consumer Price Index (CPI) data as an important clue to the future direction of the economy and policy.

⭐️ ** Market Hotspots **

1. Oracle Machine protocol: Tellor (TRB) has achieved a three-fold price pump in a few days and then falls, Fluctuation which is a typical example of the behavior of strong dealer coin in a volatile market, that is, a rapid rise followed by a rapid fall. In addition, the Fluctuation of TRB has also led to the pump of other Oracle Machine protocol Token such as UMA and API3. API3 recently announced a Layer 2 partnership with Xlayer, which could be a factor driving its price pump.

2. Development of the DePIN concept: The representative project of the DePIN concept io.net announced the launch of the IO Token, whose futures price on the DEX is $3.66, and the corresponding market capitalization is close to $2 billion. IO Token is expected to be Airdropped in mid-May, a news that could spur interest in IO. However, despite the hype around DePIN-related concepts for a long time, the concept Token in this space has not yet exploded en masse. Other Tokens in the same track, such as RNDR and AKT, hold market capitalization of $5 billion and $1 billion, respectively, showing the deep potential of the space.

The main market in this round still revolves around AI and Meme Tokens. With important CPI data just around the corner next week, the market is likely to face more Fluctuation. Investors should remain vigilant and pay attention to the development of macroeconomic indicators and related Crypto Assets projects in order to adjust their strategies in time to respond to possible market movements.

Macro: U.S. markets are pump fall, Asian markets are stable, gold and crude oil are pump

The Dow Jones Industrial Average closed higher on Wednesday as investors continued to bet on the supportiveness of the U.S. monetary policy, trading pump for six straight sessions and closing above 39,000 for the first time in five weeks. However, other Wall Street benchmark indices cooled slightly as momentum stalled on the day of the 10-year Treasury auction and US Treasury yields rising. The S&P 500 closed flat after four consecutive sessions of pump, and the Nasdaq Composite Index fell fall for the second consecutive session.

Among the three major index pump fall, the S&P 500 was flat, the Nasdaq fall 0.18%, and the Dow Jones pump 0.44%

Fed policymakers who spoke on Wednesday were in line with recent information, including at last week's Fed policy meeting. Boston Representative Susan Collins said the current monetary policy setting will slow the economy, which she believes is necessary for the Fed's goal of "getting inflation back to 2%."

According to CMEGroup's Fedwatch tool, traders are pricing in a 67% chance that the Fed will cut rates by at least 25 basis points in September, up from 54% a week ago.

Asian equities are now stabilizing on Thursday, May 9, as investors await China's trade data to gauge the health of the Chinese economy. Japan has indicated a possible coin intervention, and the yen has stabilized after three consecutive days of falling.

Following the overnight rate cut by the Riksbank Central Bank, the Central Bank of England (BoE) will also decide on its Intrerest Rate policy, is considering a longest cut in Intrerest Rate from its current 16-year high. All eyes are on the prospect of a rate cut in June, which also highlights Europe's divergence with the Fed.

At the same time, the UK's job market is in the spotlight, with the latest official figures showing an annual wage rise rate of about 6% in the three months to the end of February, while the unemployment rate rose to a six-month high of 4.2%. The task of employment has become more complex.

More and more long people are entering the workforce, with candidates rise at the fastest pace in five months, in part due to increased layoffs and a general increase in job searches, REC said. The increase in the supply of labor is welcome by the government as the government and the Central Bank are concerned about the inflation and fiscal impact of the sustained decline in the labor force participation rate for nearly two years.

In Asia, the MSCI Asia Pacific equity index pumped 0.1% after Federal Reserve Chair Jerome Powell reiterated his "accommodative stance" later this year, not far from a 15-month high previously hit. Japan's Nikkei pumped 0.3%.

China's blue-chip stocks pumped 0.6% and Hong Kong's Hang Seng Index pumped 0.7% as technology stocks rebounded 2% and Chinese property developers recovered. The CSI Real Estate Index pumped 0.9%, recovering the previous day's falls.

Investors will focus on U.S. consumer inflation data for April due next Wednesday to get a better idea of the Fed's policy direction; The data has unexpectedly pumped three consecutive rounds.

On the commodity front, oil prices edged higher on Thursday, rebounding from a two-month low in the previous session, after falling U.S. crude inventories signaled tighter supply and growing hopes of a Fed rate cut before the end of the year. Brent crude futures pumped 0.2% to $83.76 a barrel, while U.S. crude futures pumped 0.3% to $79.24 a barrel.

Gold pumped 0.1% to $2,311.23 an ounce.

by Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.