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Bitget Newsletter: March 15, 2024

Bitget Newsletter: March 15, 2024

This week we discuss: The Dencun Upgrade, GameFi Resurgence, $WILD (GameFi Token), Thorchain ($RUNE), and $NEO.

The Dencun Upgrade Is Live

Ethereum has successfully implemented its highly anticipated Dencun hard fork, enhancing the scalability of its thriving layer 2 (L2) ecosystem. Activated on March 13, Dencun has set the stage for a notable decrease in transaction costs on Ethereum L2s. This is achieved by substituting gas-heavy calldata with more efficient Binary Large Objects (blobs) through EIP-4844, commonly referred to as proto-danksharding. Blobs, unlike calldata, do not compete for gas with Ethereum transactions and are deleted from the blockchain approximately 18 days later, streamlining the data availability process and reducing expenses for L2 rollups.

As anticipated, many L2 protocols have performed exceptionally well. If you've been keeping up with my tweets, you'll remember I hinted this might happen! This is a massive step towards achieving full danksharding and a tremendous step in the right direction for the Ethereum ecosystem. As mentioned, L2s are looking to benefit from this upgrade the most, as it's predicted that L2 fees will be reduced by 90%. We need time to understand the true implications of the upgrade fully, but I'm excited about what's to come. I'm also enthusiastic about the Layer 2 space and suggest you all watch the most prominent L2 rollup solutions.

GameFi Resurgence?

GameFi has recently taken a backseat, overshadowed by the burgeoning narratives around AI and Crypto, which have been capturing the majority of the industry's attention. Despite this shift in focus, the GameFi sector continues to attract substantial investment. A notable development is the Starknet Foundation's recent establishment of a gaming committee, which boasts a $120 million budget. This committee is tasked with designing and recommending initiatives to encourage developers to create games on the Starknet platform and to incentivize user engagement.

This move is a testament to the underlying belief in the GameFi sector's potential within the broader web3 ecosystem. Various blockchain networks are competing to develop and integrate the most compelling games, aiming to captivate participants in their respective ecosystems. A key attraction of web3 games is their innovative play-to-earn (P2E) model, revolutionizing how players interact with gaming platforms. These games offer entertainment and the opportunity for players to earn tangible rewards. A recent example is PixelPals, which was recently launched on Mantle Network. Its season one prize pool of $150,000 has captured the attention of many, showcasing the lucrative possibilities that web3 games can offer.

$WILD to front run the GameFi narrative?

I share the belief of those who think the GameFi sector will thrive in the coming years as protocols continue to bridge the gap between web2 and web3 gaming. One platform that i've had my eyes on since its launch is Wilder Worlds ($WILD).

Wilder World merges art, technology, and gaming within a photorealistic metaverse, all powered by blockchain technology. This player-governed universe transforms everything from cars to real estate into NFTs, creating a deeply immersive and interactive experience. Spearheaded by Frank Wilder, the platform harnesses Unreal Engine technology to achieve lifelike visuals. At the heart of this universe is Wiami, the first city of the metaverse, where users can explore, compete in races, and potentially win their opponents' vehicles as NFTs. The in-game mechanics are highly polished, rivaling traditional web2 games in quality. In essence, Wilder World offers a metaverse where users can interact, race, and earn rewards, encapsulating a next-generation digital experience.

The Metaverse features its own token ($WILD) that powers the in-game economy. Looking at the chart above, you'll notice it has recently broken out from a long period of consolidation and appears to be on an upward trajectory. When you combine the current technical setup with the burgeoning GameFi narratives, $WILD seems to be an appealing choice at the moment, especially when you consider that it's currently 866% below its all-time highs, suggesting significant growth potential. I recommend doing your own research on this project, as it's widely regarded as one of the GameFi initiatives with substantial promise.

$RUNE Price Soars 120% in One Week as Trading Volumes Reach Record Highs

Thorchain ($RUNE), the decentralized protocol known for enabling seamless asset exchanges across blockchains, has experienced an impressive rally after overcoming a series of security challenges in the past. There's been a lot going on going on with Thorchain that could explain why $RUNE has been performing so well. The protocol decided to burn 60 million $RUNE tokens which seems to be a contributing factor to the rise in $ RUNE's price. Not only has the value of $RUNE been surging, but so to has the cross-chain liquidity protocol's TVL (total value locked), as it recently crossed $500 million.

A reason why Thorchain has been experiencing a lot of traction stems from the appeal of Thorchain's lending protocol, which allows users to secure interest-free loans against popular cryptocurrencies, such as Bitcoin and Ether, at a favorable collateral-loan value. This feature is particularly attractive in the current climate of rising borrowing costs within the DeFi landscape, offering a cost-effective alternative to the traditional DeFi lending models.

Despite encountering some obstacles, the Thorchain team has continued their commitment to refining their platform. They are diligently working to enhance their service. It's for that reason, I believe it's beneficial for readers of this newsletter to stay informed about Thorchain and $RUNE.


$NEO is another chart I've got a close eye on, as it seems to be breaking out of a sustained period of consolidation. I've noticed a few charts with a similar set, and I'm presenting one that has a lot of potential to the upside because it's a solid project. $NEO looks really good on the higher timeframes. It managed to stay above the lows of 2019, and when it breaks out of this range, I expect it to perform very well. When you look at the risk-reward on this chart, it makes the chart look even more impressive!

This is brought to you by @TheCryptoMann1, @CryptoinsightUK, and @ItsRagnarYT, who have recently partnered with Bitget to help provide the latest cryptocurrency news and technical developments. Be sure to check out their Discord, “ Trading Insight " for more information!

Disclaimer: The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation and/or without consulting financial professionals.