Web3 AI Daily Review (2024/9/22)

2024-09-24 19:08:54

Collection

JPMorgan Chase CEO Jamie Dimon expressed skepticism about the prospects of a "soft landing" for the U.S. economy, believing the likelihood is low. He pointed out that although inflation has decreased, it will not easily dissipate due to factors such as fiscal deficit spending. Dimon stated at an event on Friday that he is not optimistic about the economic outlook after the Federal Reserve cuts interest rates, emphasizing that inflation may be more stubborn than investors expect.

1. Attention Value - Market Highlights

1. Market Trends

(1) Macroeconomic Environment:

l Dimon: The likelihood of a "soft landing" for the U.S. economy is low, and inflation remains a concern

Jamie Dimon, CEO of JPMorgan Chase, expressed skepticism about the prospects for a "soft landing" for the U.S. economy, deeming it unlikely. He pointed out that although inflation has decreased, it will not easily dissipate due to factors such as fiscal deficit spending. Dimon stated at an event on Friday that he is not optimistic about the economic outlook following a Federal Reserve rate cut and emphasized that inflation may be more stubborn than investors expect.

He mentioned that the Federal Reserve recently lowered the benchmark interest rate by 50 basis points, but this will not have a significant impact on the presidential election. Dimon believes that regardless of the extent of the rate cut, this event will not be a "game changer." He has repeatedly warned about the persistence of inflation over the past year and stated that JPMorgan is prepared for interest rate fluctuations.

Dimon concluded that the future may shift from low rates and low inflation to a scenario where slightly higher rates coexist with inflation. While economists are accustomed to dealing with such situations, he has little hope for a "soft landing."

(2) Web3 Sector:

l South Korean Financial Services Commission supports Phase Two legislation for virtual assets, focusing on service provider behavior and qualification criteria

The South Korean Financial Services Commission announced its active support for Phase Two legislation on virtual assets, noting that U.S. policy direction will serve as an important reference. Kim Sung-jin, head of the virtual assets division, stated that a strategic approach is needed in the areas of security tokens and central bank digital currencies (CBDCs) to expedite discussions on revising related bills.

South Korean authorities plan to focus on the operational behavior and qualification criteria of virtual asset service providers in Phase Two legislation. Additionally, the National Assembly of South Korea considers digital asset legislation an urgent task, believing that digital assets have the potential to create a new financial order and bring opportunities and challenges to the South Korean economy.

2. Hot Events

Macroeconomic Environment:

l Microsoft and Star Energy reach a 20-year agreement to promote nuclear energy revival to meet AI power demands

Microsoft has entered into a 20-year agreement with Star Energy, marking a surge in interest in nuclear energy from the AI industry. Under the agreement, Star Energy will provide power to Microsoft's AI data centers, with an expected investment of $1.6 billion to restart the Three Mile Island nuclear power plant in Pennsylvania by 2028. This news led to a more than 17% increase in Star Energy's stock price and drove uranium and nuclear energy concept stocks to soar.

As AI's demand for electricity rises, tech companies are increasingly seeking clean energy, with nuclear power becoming a popular choice. Microsoft plans to have its entire data center network powered by clean energy by 2025, as nuclear power plants are seen as ideal sources of electricity due to their stability and carbon-neutral characteristics.

The Three Mile Island nuclear power plant was closed in 2019 and will require regulatory review for its restart. Star Energy expects to complete the review by 2027 and may restart earlier to address power supply constraints.

Web3 Sector:

Powerledger announces entry into the Solana ecosystem to promote clean energy and sustainability

Australian energy tech company Powerledger has announced its entry into the Solana ecosystem in response to the growing interest in regenerative finance (ReFi). This integration will enhance the narrative of clean energy and sustainability within the blockchain space.

Powerledger plans to integrate its products with the Solana mainnet and cease operations of its own Solana Virtual Machine (SVM) blockchain. The company stated that Powerledger and Solana share a common vision in innovation, sustainability, and transparency, which are becoming increasingly important as the world transitions towards regenerative finance and sustainability.

Regenerative finance aims to create an economic system that goes beyond mere financial returns, focusing on restoring and improving social, environmental, and economic well-being. According to CoinGecko, the total market capitalization of regenerative finance currently stands at $110.57 million.

3. Hot Narratives

OPCAT is an opcode in Bitcoin scripts designed to concatenate two data fragments into a larger element. Although its function seems simple, it can significantly enhance the smart contract capabilities of the Bitcoin network, allowing developers to create and handle more complex transaction logic. OPCAT existed in early versions of Bitcoin but was disabled due to concerns over security and complexity. Now, with the development of the Bitcoin ecosystem, more developers believe it is time to re-enable OP_CAT.

Since the beginning of this year, OPCAT has gradually become a focal point in the Bitcoin community, especially after the NFT project Taproot Wizards launched the Quantum Cats series, which rapidly increased OPCAT's visibility. In just a few months, protocols based on OPCAT, such as Fractal Bitcoin, have gone live, with token prices skyrocketing and attracting significant investor attention. Discussions within the community about OPCAT have also intensified, with many Bitcoin developers believing it could become the next key milestone for Bitcoin scalability and payment innovation.

The advantage of OPCAT lies in its significant enhancement of Bitcoin's smart contract capabilities, enabling developers to achieve functions that are currently complex or even impossible within Bitcoin scripts. By optimizing multi-signature processes, state contracts, and payment channel networks, OPCAT shows great application potential in payment systems, especially in off-chain protocols and payment channel networks, thereby improving operational efficiency and reducing on-chain transaction burdens. Additionally, OP_CAT has garnered support from key figures in the Bitcoin space, such as Tadge Dryja, author of the Lightning Network white paper, and Andrew Poelstra, research director at Blockstream, providing strong backing for its future development.

With the advancement of BIP 347, OPCAT is expected to bring new vitality to the Bitcoin network. First, the successful implementation and widespread adoption of OPCAT will depend on the community's assessment of its security and usability. Secondly, market reactions will be a key factor; as projects based on OPCAT go live, their market performance may influence investor confidence in the Bitcoin ecosystem. Furthermore, the combination of OPCAT with other technologies, such as zero-knowledge proofs, could expand Bitcoin's application scenarios, making it more competitive in privacy protection and smart contracts.

4. Potential Catalysts

Cuy Sheffield, Visa's cryptocurrency chief, stated at the Solana Breakpoint event in Singapore that stablecoins based on non-U.S. fiat currencies will grow in the coming years. He noted that while the U.S. dollar performs well in cross-border transactions, local currency stablecoins can provide fast and efficient exchange services.

Sheffield added that in the future, every major fiat currency will be represented on the blockchain, even though U.S. dollar stablecoins currently account for 99% of the market. He expressed excitement at the prospect of seeing more stablecoins entering the market that differ from USDT or USDC.

2. Attention Value - Hot Projects

1. Social Media Highlights

Ethereum is a decentralized, open-source public blockchain platform with smart contract functionality. With the continuous development of Ethereum 2.0 and Layer 2, it has become one of the most widely used blockchains today. In July of this year, Ethereum's spot ETF was officially approved for trading. Although recent declines in $ETH due to reduced income and whale exits have been significant, the market remains largely optimistic due to its low inflation rate and strong development capabilities.

Key Projects:

Pendle

Pendle is an innovative decentralized finance protocol focused on fixed income and interest rate swap markets. Its core functionality allows users to tokenize and trade future yields, a mechanism similar to coupon stripping in traditional finance. The project aims to split income-generating assets into independently tradable principal and yield components, providing users with flexible yield trading options. Recently, the project announced the official launch of the uniBTC (Corn) pool, which includes three types: YT, LP, and PT. This pool will operate until December 26, with a total locked value (TVL) of $3.19 million and a maximum annualized yield (APY) of 132.9%.

2. Smart Money Accumulation

Smart Money Holdings

Source: ChainEDGE, Dot Labs

Project Overview:

1. MIGGLES (@MrMigglesOnBase /X)

$MIGGLES (Mister Miggles) is a meme coin based on the Base ecosystem, themed around cats. The token launched in July 2024, and Coinbase successfully attracted a large number of users and investors through short videos and NFT activities related to Mister Miggles. Within just three days of its launch, the price surged over 900 times, with its market capitalization briefly exceeding $73 million.

2. $michi (@michionsolana /X)

$michi is a cryptocurrency based on the Solana blockchain, designed to combine meme culture with a community-driven economic model. The design inspiration for $michi comes from a cute cat image, aiming to attract a broad user base, especially enthusiasts of meme culture.

Smart Money Inflows

Source: ChainEDGE, Dot Labs

Project Overview:

1. wBAI (@Balance_AI /X)

Balance AI is an open-source protocol that supports a decentralized, blockchain-based machine learning network. Machine learning models are collaboratively used and rewarded with $BAI based on the value they provide to the entire system.

2. JUP (@JupiterExchange /X)

Jupiter is a decentralized trading liquidity aggregator based on the Solana blockchain, aimed at providing users with the best trading experience and diverse financial services. The project's main function is liquidity aggregation, allowing users to find the best trading paths across multiple exchanges for more efficient asset exchanges.