Bitcoin continues to consolidate in the range of 60K to 65K, with a maximum retracement of 19.24% from its all-time high of 73,787. Even after the halving, there doesn’t seem to be any improvement, and the cryptocurrency market appears to be waiting for the next wave of speculation. DeFi researcher Ignas has put forward several opinions on this matter.
Table of Contents
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Ethereum and Bitcoin Ecosystem
Ethena is Difficult to Replicate
Ordinals, Runes
Reasons for Holding ETH: Re-staking
Sui, TON, Blast, Solana
Wallets, Exchanges
Ethereum and Bitcoin Ecosystem
Ethena is Difficult to Replicate
The stablecoin project Ethena uses ETH and BTC as collateral reserves and locks in asset value through contract hedging to generate the stablecoin USDe. Currently, USDe seems to be facing its first test of maintaining stability in a market downturn.
Ignas believes that the mechanism of Ethena makes it difficult to fork and replicate, which is its main advantage.
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Negative funding rates, can Ethena’s USDe withstand it?
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Ordinals, Runes
Ignas has expressed optimism about Ordinals and Runes on multiple occasions and still considers them the most interesting and innovative projects in the market.
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Ignas: The second bull market is unfolding, what catalysts are leading the rise in token prices?
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Reasons for Holding ETH: Re-staking
The narrative of re-staking is second only to Ordinals and Runes, which is also the main reason for holding ETH in this cycle.
He also mentioned that VC and team lock-up tokens can now be staked and receive rewards for unlocked tokens, and this practice should be stopped.
Sui, TON, Blast, Solana
He believes that the Sui ecosystem is undervalued, with wallet and dApp revenues being underestimated. However, it does not seem to be a good time to enter the market until a large amount of SUI tokens (8.27%) are unlocked on May 3rd.
The integration of Telegram, TON, and gaming is driving mainstream adoption of cryptocurrencies but is being overlooked by the crypto Twitter community.
Ignas pointed out that there don’t seem to be many airdrops for Solana mobile, and once again mentioned that the airdrop of Injective (INJ) was disappointing and the dApp quality was poor.
He also urged:
The Blast L2 ecosystem is not worth users’ mining investments unless you really know what you are doing.
Wallets, Exchanges
He mentioned a few points:
Rabby Wallet is the best EVM chain wallet.
OKX International is great, but the European platform is terrible.
OKX Web3 Wallet is the best multi-chain wallet in the cryptocurrency field.
Binance customer service is the best, while OKX, Bybit, or Coinbase are terrible.
Old coins are difficult to regain attention, and it is recommended to rename and update the token model to hype again with a “brand new price chart”.
Ethena
Ignas
Ordinals
Runes
Re-staking
Further Reading
Negative funding rates, can Ethena’s USDe withstand it?
Who’s swimming naked as the tide goes out? Cryptocurrency analyst Ignas mentions CRV, USDe, PAXG.