The first quote | The Tensor Foundation Launches Governance Token TNSR, Solana Network Congestion Triggers Developer Response, ARC20 Tests Token Split Solution, and Global Markets Cautiously Seek Growth

Crypto Daily Digest: Tensor Foundation Launches Governance Token TNSR, Solana Network Congestion Triggers Developer Response, ARC20 Tests Token Split Solution

Looking at the trading activity of Bitcoin ETFs first, according to Farside Investor data, the Grayscale Bitcoin Spot ETF (GBTC) continued to see large outflows of $303.3 million on April 8, while the Fidelity Bitcoin Spot ETF (FBTC) saw inflows of $6.3 million, Bitwise Bitcoin Spot ETF (BITB) saw inflows of $40.3 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) inflows $9.3 million, with a net inflow of $2.3 million into the WisdomTree Bitcoin Spot ETF (BTCW).

The Tensor Foundation launched the governance token TNSR, and in a message posted on the social media platform X, the Tensor Foundation said that the launch of TNSR will help implement community governance, enabling TNSR holders to control the parameters of the Tensor and enjoy fee discounts on transactions on the Tensor. Users have until October 5, 2024 to claim their tokens.

TNSR has a token supply of 1 billion. The initial airdrop accounts for 12.5% of the token supply, of which 55% is 550,000,000 TNSR allocated to the community. Core contributors will receive 27% of the total supply. The remaining 18% will be allocated to future fundraisers as well as investors and advisors.

Tensor is an NFT trading marketplace that is considered "Solana's Blur"; Tensor had said it would launch its token a month ago, but few details were provided at the time. The token can be used throughout the Tensor protocol, including the Tensor NFT Marketplace, Tensor Automated Market Maker, Tensor Escrow, and more.

In recent days, the Solana network has been plagued by congestion issues that have caused significant delays in transaction processing and caused a large number of transactions to be dropped. Users of Solana's mainstream Phantom wallet and other apps have been notified of congestion and advised to wait longer for a transaction to be completed.

This congestion is largely due to the influx of spam transactions, with bots trying to prioritize their activities over those of regular users. The problem has been exacerbated by the dramatic increase in transactions associated with the newly released memecoin, which has created a huge demand for the network's block space and led to hindered access for many users.

Co-founder Anatoly Yakovenko said that to address these challenges, the Solana development team is designing effective solutions, and software patches are already in development, but it will take some time.

"Once again, the Solana network is facing an influx of traffic. The bug fix will be rolled out next week and the situation will start to improve," further noted Austin Federa, Head of Strategy at the Solana Foundation. The current congestion is likely to extend to the network infrastructure, impacting users' ability to interact with the blockchain.

In this regard, Anza, the developer of one of the Solana Atax validator clients, will roll out a fix that addresses specific issues related to its QUIC implementation. These updates are expected to improve the performance of the client, especially when high request volumes are involved. Another important advancement is the 1.18 update, which is scheduled for release in April. This update will introduce enhancements that make transaction scheduling more deterministic, simplify processing, and reduce bottlenecks.

The Atomicals protocol stated on Platform X that the ARC-20 token split solution is coming soon. With this scenario, Atomicals will have the potential to send tokens as little as 1 unit and overcome the Bitcoin dust limit, while still maintaining the key attribute that all tokens are backed by Satoshis.

Atomicals is a flexible protocol that can be used to mint, transfer, and update digital objects on a Bitcoin-like UTxO-based blockchain. Its leading token is $Atom.

"We can say that the split of $ATOM has arrived, and it represents a major milestone in Bitcoin's entry into the era of the Atomicals protocol. "

Market Analysis: ETH/BTC Exchange Rate Strengthens, Copycat Season Is Coming?

Market Trend

The cryptocurrency market showed a volatile upward trend, with BTC holding above $71,000, showing the market's recognition of its strength. At the same time, the ETH exchange rate reversed against BTC and the ETH price strengthened, which may signal the arrival of the copycat season. As one of the important indicators of the cryptocurrency market, the strength of ETH tends to lead to the gains of other altcoins, which has been repeatedly verified in the market in the past.

On the macroeconomic front, the U.S. stock market is also showing a volatile trend. The market expects the probability of a rate cut to be reduced to 0 in May, and the number of rate cuts for the whole year has also been reduced to 2, with the first rate cut likely to take place in September. These factors will also have a certain impact on the trend of the cryptocurrency market, and it is necessary to pay close attention to the subsequent performance of the market.

Market Hotspots

1. BTC Ecosystem Tokens Soar: BTC Ecosystem Tokens such as CKB and MUBI have seen a surge. With the BTC halving imminent, miners have pulled orders to support BTC ecological projects in order to prevent a sharp drop in income, which has provided strong support for the rise of BTC ecological tokens.
2. Stablecoin project Ethena soars: Ethena spurred the rise of ENA by announcing that it would increase its mining APY by staking ENA. This empowerment action is obvious, injecting new vitality into the future development of the project.
3. The rise of public chain TON: TON projects have risen sharply, and on-chain projects such as FISH and STON have also followed suit. The market hyped the news of Telegram's upcoming IPO, and FISH is the head meme project on the TON chain, and STON is the head DEX on the TON chain.
4. Tensor (TNSR) Launch: As an NFT trading platform on the Solana chain, Tensor's token TNSR is currently showing a trend of opening high and moving low after its launch yesterday. Trading NFTs for more than 5 SOL or more than 5 transactions on Tensor can get TNSR token airdrops, and this airdrop rule has also brought it some market attention, but its price trend remains to be seen.

Overall, the cryptocurrency market is currently in a volatile upward trend, and the trend of BTC and ETH has a significant impact on the overall market. In terms of market hotspots, BTC ecological tokens, ENA, TON, and TNSR have all attracted much attention. Investors should pay close attention to market dynamics, adjust their investment strategies reasonably, and beware of market volatility risks.

Macro: Wall Street closed flat, Asian markets cautiously rose, and gold remained attractive

On 8 April, US equities closed largely flat on Monday as investors awaited key inflation data and the start of the Q1 earnings season. U.S. Treasury yields hit a four-month high, and the stock market was somewhat subdued. The S&P 500 and Nasdaq suffered the smallest losses, closing nominally higher, while the Dow Jones Industrial Average fell slightly.

The Dow Jones Industrial Average (. DJI) fell 11.24 points, or 0.03%, to 38,892.80. The S&P 500 (. SPX), down 1.95 points, or 0.04%, to 5,202.39, the Nasdaq Composite Index (. IXIC) rose 5.44 points, or 0.03%, to 16,253.96.

On Wednesday, the Labor Department will release its Consumer Price Index (CPI) report for March, which is expected to see a slight slowdown in monthly price growth and a decline in annual core data.

In Asian equities, industrial metals prices extended gains on expectations of a global manufacturing rebound, but were relatively cautious ahead of this week's US inflation data and the European Central Bank meeting. MSCI's broadest index of Asia-Pacific equities outside Japan rose 0.2% on April 9, while Japan's Nikkei rose 0.6% as China's manufacturing activity expanded for the first time in six months in March.

In commodities, Brent crude oil prices were below recent highs but still held above $90 a barrel to settle at $90.62.

Gold prices hit a record high for the seventh straight session on Monday, driven by central bank purchases and geopolitical tensions, with relatively strong economic data, but gold's appeal remains strong.

Spot gold rose 0.3% to $2,336.39 an ounce after hitting an all-time high of $2,353.79. U.S. gold futures closed up 0.2% at $2,351.

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.