Welcome, dear reader, to Gryphsis Academy’s weekly cryptocurrency digest. We bring you key market trends, in-depth insights on emerging protocols, and new industry dynamics, all designed to enhance your expertise in cryptocurrency and Web3. Happy reading! Follow ourTwitterandMedium, for deeper research and insights.
Market and industry snapshots
Layer 2 Overview:
Last week, Layer 2 all showed positive growth, among which Starknet had the most obvious growth of 19.64%. Protocols like Stear Protocol, Polynomial Protocol, Interport Finance, Fringe V2 and Carmine Options have demonstrated noteworthy TVL growth rates.
LSD Sector Overview:
In the LSD field, both Ethereum deposits and total withdrawals increased, but the withdrawal volume was more obvious at 3.74%. In terms of market share, all blue-chip LSDs have increased significantly, with stETH having the most obvious growth of 13.01%.
RWA Sector Overview:
Last week, the worlds real asset market value increased by 20.27%, and the 24-hour trading volume increased by 9.37%. The RWA tokenized treasury rose by 2.07%, and the value of tokenized U.S. Treasury bonds rose by 2.47%. Notable growth tokens include $CGT, $RWA and $PROPS, with tokens like $DEXTF, $LUMI and $LAND experiencing larger losses.
Main Topics
Macro overview:
US Stock V.S. Crypto
Big news this week:
Ethereum tops $4,000 for first time in more than two years
Weekly Agreement Recommendations:
NetMind
Weekly VC Investment Focus:
Kravata ( 3.6 M)
GoPlus Security ( 4 M)
Oyl ( 3 M)
Twitter Alpha:
@poopmandefi on Chainflip
@CryptoKaduna on NetMind
@MoonKing___ on Taraxa
@coinesper on Oasis Protocol
@wacy_time 1 on $TAO
Macro overview
This week, at the stock market level, SPX and NASDAQ fell 0.14% and 1.14% respectively. In the coming week, pay attention to major events such as the German Consumer Price Index, core consumer price index, 10-year Treasury bond auction, crude oil inventories and 30-year Treasury bond auction.
Big news this week
Ethereum tops $4,000 for first time in more than two years
ETH, the second-largest cryptocurrency by market capitalization, hit $4,000 for the first time in more than two years on Friday.
Over the past few months, cryptocurrencies have climbed alongside Bitcoin, which hit an all-time high on March 5. The last time Ethereum reached such high levels was on December 28, 2021. Ethereum has outperformed Bitcoin over the past 30 days, rising 67%, while Bitcoin has gained 57% and the CoinDesk 20 index, which measures the broader crypto market, has gained 53%.
Ethereum has been rising on speculation about the approval of a U.S. spot ether exchange-traded fund (ETF). The spot Bitcoin ETF was approved in January and has witnessed billions of dollars in net inflows.
Bitwise analysts said the chances of a spot Bitcoin ETF being approved are less clear. Analysts gave a 50%-60% chance of approval, saying it would happen sooner or later.
https://www.coindesk.com/markets/2024/03/08/ether-hits-4k-for-first-time-in-more-than-two-years/
Weekly Agreement Recommendations
Welcome to our Protocols of the Week segment – where we spotlight protocols making waves in the crypto space. This week, we chose NetMind, a decentralized AI computing platform.
With the rapid advancement of machine learning and artificial intelligence and the surge of global interest, the demand for high-performance computing has skyrocketed, bringing challenges such as the shortage, fragmentation and dispersion of computing resources. Companies, professionals and research institutions around the world are struggling. and rising costs. At the same time, the centralization of computing power creates controls on price and access among tech giants, which creates barriers to innovation and competition for smaller entities, further entrenching the dominance of large companies in the field of artificial intelligence.
NetMinds mission is to leverage the idle GPUs of users around the world to create a global computing power network for AI models, enabling enterprises and research institutions to have democratized computing power, enabling them to implement distributed deep learning with low latency, widespread connectivity, and easy management Training and services make it easier and more economical to develop and run artificial intelligence models and inference platforms.
Currently, NetMind offers the following solutions:
NetMind Power: is the ultimate distributed computing platform that provides massive computing resources to solve complex problems in artificial intelligence, data science and other fields. With NetMind.Power, individuals and businesses can easily access powerful computing resources to easily train or execute complex artificial intelligence models.
NetMind Chat: is a customizable chatbot that allows users to train the chatbot to reflect their own personality or choose from pre-trained models. It also allows businesses to customize chatbots using their own data sets to provide more specific domain knowledge and functionality.
NetMind Avagi: A digital entity, tailored to whatever appearance the user prefers, equipped with the knowledge, capabilities, or participation in specific relationships that interest the user.
NetMind Life: Assess user health and provide feedback and suggestions.
Source: Official Website
NetMind also released its own NetMind Chain, which uses the POA consensus algorithm and is fully compatible with Ethereum. To achieve decentralization of all tasks, transactions and functions that occur on the platform. In addition to using distributed technology as the platform design, NetMind Power also adopts a decentralized management method and consists of a large number of distributed machines called Mind Nodes.
Thinking nodes verify transactions and therefore build the blockchain, and as a reward, each thinking node is rewarded with Gas fees. Users can choose to stake $NMT on Mind Nodes to receive staking rewards.
NetMind’s native token $NMT has a total supply of 10 billion. Mainly used for: payment of training and inference fees on the platform, rewards for various types of participation in the network. As can be seen in the figure below, 40% of the token supply will be used to reward GPU providers, 30% will be given to token stakers, 20% will be given to the community, and the remaining 10% will be given to the team.
Source: Whitepaper
The segmented network participant rewards are as follows:
Compute Resource Provider Rewards: Providers are rewarded with $NMT simply for connecting to the network, and the amount of the reward assigned to a volunteer compute resource provider is determined by three factors: GPU type, network bandwidth speed, and connected machines on any given day Amount (each daily reward allocation will be distributed to all connected machines).
Computing power usage fee: Users who train or fine-tune models on the NetMind Power platform need to pay to train or fine-tune in $NMT. There are two payment modes, synchronous mode and asynchronous mode, but 50% and 80% of the fees in both will be destroyed.
Staking Rewards: Users can stake their $NMT tokens at any of the masternodes and receive $NMT rewards according to the distribution plan.
Mining rewards: Users can join the NetMind Chain network as a node operator. In addition to receiving $NMT rewards for node operations, they will also receive gas fee rewards from users training models or using other services on the platform.
our insights
NetMind belongs to the AI track. As a new highlight of this bull market, the current market value is $43B and the trading volume is $7.9B. The price of its token $NMT has increased by 107.9% in the past seven days. On March 7, according to official news, NetMind.AI announced that it would be invited to attend the NVIDIA GTC 24 conference, and the price increased by 40% that day.
Source: CoinMarketCap
In the official near-term plan, the following key points are listed:
Etherscan and other platform updates: The project team is transferring approximately $3-4M of liquidity on the BSC chain to Ethereum through CEX, and is actively updating information on Etherscan, CoinMarketCap and CoinGecko. We are preparing to maximize the liquidity of the Ethereum network and encourage users to contribute to ETH liquidity.
Cross-chain transfer: After the liquidity transfer is completed, the cross-chain transfer function will be launched to allow users to transfer funds between the NetMind chain and Ethereum/BSC. In the future, transfers between Ethereum and BSC will be provided on the website to enhance the interoperability of tokens and ecology.
CEX integration work: Officials are in discussions with several CEXs to improve accessibility and ease of use for $NMT token holders to facilitate trading and growth.
Source: Documentation
And as mentioned above, part of the computing power usage fees paid by users will be destroyed by the system. Currently, NetMind has destroyed a total of 1.5 million $NMT, and it is still increasing. As the network expands and more miners and users participate in the ecosystem, although mining rewards may decrease, the burning of users renting GPUs or deploying/using artificial intelligence models will increase to drive up currency prices.
NetMind creates a global computing power network for AI models by utilizing the idle GPUs of users around the world, and provides a large-scale distributed computing platform that integrates global heterogeneous computing resources, enabling enterprises and research institutions to achieve low latency, widespread connectivity and ease of use. Managed distributed deep learning training and technology to make it easier and more cost-effective to develop and run AI models.
Weekly VC Investment Focus
Welcome to our weekly Investing Spotlight, where we reveal the biggest venture capital developments in the crypto space. Each week, we’ll spotlight the protocols that received the most funding.
Kravata
Kravata is a Colombia-based platform that aims to connect traditional financial infrastructure and fiat currencies with cryptocurrencies for businesses looking to enter the Latin American web3. Its services include entry and exit for converting fiat currencies into cryptocurrencies (and vice versa), as well as market making and cross-border transfer systems. Its investors include Circle Ventures, Framework Ventures, Alliance DAO, and others.
https://x.com/KravataWeb3/status/1765820613338247555? s= 20
GoPlus Security
GoPlus Security is an open, permissionless, user-driven security services platform for all types of blockchain users. Support independent security risk submission, rapid risk detection, and result feedback.
Oyl
Oyl is a Bitcoin trading application that allows trading of Ordinals, BRC 20 and Bitcoin native assets directly from the wallet.
https://x.com/OylDynamics/status/1765894699703804045?s=20
protocol event
MakerDAO implements temporary fee hikes to prepare for 'potential Dai demand shock'
Aevo offers pre-market trading for its own token ahead of upcoming airdrop
BlackRock plans to purchase spot bitcoin ETFs for its Global Allocation Fund
Optimism Foundation to sell $ 89 million worth of OP tokens in private sale to unknown buyer
Base says it will support EIP-4844 from 'day 1' following Dencun upgrade
Industry updates
Solana client Jito Labs axes mempool function following increase in MEV attacks
Bitcoin transaction volume skyrockets as the halving approaches and miners cash in
Coinbase shares top $ 250 direct listing price for the first time in over two years
Wyoming governor signs into law a bill to give DAOs legal standing in the state
JPMorgan says expecting bitcoin to match gold in portfolios by notional amounts is unrealistic
Twitter Alpha
There is a lot of alpha in crypto Twitter, but navigating thousands of Twitter threads can be difficult. Each week, we spend hours doing research, curating threads full of insight, and curating your weekly picks list. Let’s dive in!
https://x.com/poopmandefi/status/1765768960816083214?s=20
https://x.com/CryptoKaduna/status/1766634752948289949?s=20
https://x.com/MoonKing___/status/1766479173936161146?s=20
https://x.com/coinesper/status/1766057905218871413?s=20
https://x.com/wacy_time1/status/1766520948587430362?s=20
next week events
news source
https://www.theblock.co/post/281216/jpmorgan-bitcoin-gold-investors-portfolios
That’s all for this week. Thank you for reading this weeks newsletter. We hope you benefit from our insights and observations.
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This weekly report is provided for informational purposes only. It should not be relied upon as investment advice. You should conduct your own research and consult independent financial, tax or legal advisors before making any investment decisions. And the past performance of any asset is not indicative of future results.
