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almost like you should always bet on liquidity, because liquidity is king :)

Author: flowie, ChainCatcher As the crypto community wails, many "legacy" projects born in the last two cycles are announcing their token launches one after another. Last night, OpenSea announced the launch of the $SEA token, followed by Doodles, which also announced the launch of the $DOOD token on Solana. This comes after the likes of Pudgy Penguins and Azuki, as two more NFT leaders join the token issuance frenzy. Not only in the NFT space, but also in the privacy projects that were popular in the last cycle but have almost disappeared in 2024, it seems that they are also trying to extend their lives through token issuance. Last night, Aztec Network, an Ethereum privacy layer backed by investment giants like a16z and Paradigm, established a foundation, possibly in preparation for an upcoming TGE. Pudgy Penguins, which issued tokens when they were ignored, saw their NFT floor price soar from 11 ETH to 35 ETH due to extremely high yield expectations from community players, with the opening FDV of their token PENGU exceeding $6 billion at its peak. Following the demonstration effect of Pudgy Penguins' token issuance, many blue-chip NFTs have collectively announced their token launches. However, compared to Pudgy Penguins, other NFTs that followed suit seem to have not garnered as much attention, and their NFT and token popularity is far below that of Pudgy Penguins. In mid-January, another blue-chip NFT, Azuki, announced the launch of the ANIME token. While the NFTs within the Azuki ecosystem saw some recovery, the price increases were generally modest, far from the gains of Pudgy Penguins. The Azuki series NFTs saw a daily increase of 17.42%, while other related series NFTs did not show significant rises. In December last year, after Doodles NFT founder Burnt Toast hinted at a token issuance in a tweet, the floor price of Doodles surged in a short time, breaking above 8 ETH before falling back to 6.7 ETH, marking a nearly 60% increase within 24 hours. After the official token announcement this morning, as of the time of writing, the Doodles NFT floor price remains at 4.449 ETH. Once the leading NFT platform, OpenSea, received mixed reactions from the community after revealing its token issuance news. During the NFT boom in 2021, OpenSea raised funds aggressively, with its valuation soaring to $13 billion. While the community actively traded in anticipation of airdrops, OpenSea insisted on pursuing an IPO route, facing backlash from the community. Now that the NFT market has cooled down, OpenSea is following Pudgy Penguins in issuing tokens without having achieved an IPO. In response, crypto KOL @BroLenoAus criticized, "This is OpenSea's last harvest before it turns into a zombie, essentially a death struggle," stating that after receiving the OpenSea airdrop, he would firmly choose to short it. Additionally, the newly launched platform OpenSea 2.0 (OS2), which was prepared for the TGE, has limited free access during the private testing phase to only Gemesis NFT holders, while other users must join a waiting list, causing dissatisfaction among community members who feel it favors early users and neglects the existing user base. However, @ElvisPoldark believes there is a positive side, suggesting that the new features of OpenSea 2.0, leveraged by the token issuance, may provide a new experience and compete with rivals like Blur. For instance, OpenSea 2.0 offers a one-stop service for NFTs and tokens, allowing users to purchase NFTs and tokens across multiple blockchains without manual bridging. Currently, more details about the airdrops and TGE for Doodles and OpenSea have yet to be finalized, and whether they can gain user support remains uncertain. Learning from the experiences of Pudgy Penguins and Trump tokens, "token issuance" may become a lifeline for old projects rather than reinventing the narrative. However, these former leaders backed by VC giants are facing significant bottlenecks and trust crises in their own businesses. OpenSea, once the largest NFT trading platform, peaked at a monthly trading volume of $5 billion in early 2021. However, according to Dune Analytics, its NFT trading volume last month was approximately $190 million, less than 4% of its peak. Faced with challenges from competitors like Blur and Magic Eden, OpenSea's market share has dropped from 90% in 2022 to around 30%. OpenSea is also facing regulatory compliance challenges. Meanwhile, the floor price of Doodles has fallen from a high of 25 ETH to 4.449 ETH. During the previous bear market, Doodles attempted to save itself by selling IP and related products, but the results have been minimal. As a star project in Ethereum privacy, Aztec Network raised over $100 million in four rounds of financing, with top investment teams like a16z, Paradigm, Coinbase Ventures, and HashKey Capital participating. However, after raising $100 million, Aztec Network suddenly announced a business transformation in March 2023, shutting down its DeFi privacy bridge project Aztec Connect and focusing on two new main products: a general-purpose development language Noir that supports zero-knowledge proofs and a new privacy blockchain. Facing the transformation and the delayed airdrop, community users have expressed disappointment towards Aztec, and since then, the project has not made significant progress or impact. Currently, in a market lacking liquidity and innovative models, where market attention is no longer easily captured by old narratives and VC tokens, it is a significant challenge for old narratives and projects that have lost some trust to attempt to reverse their fortunes through token issuance.

Author: Nianqing, ChainCatcher In the early hours of Beijing time, after keeping everyone in suspense, Zhao Changpeng finally released a photo and story of his pet dog Broccoli. The expectations were high among the P players and the schemers, but neither Zhao Changpeng nor BNBChain anticipated that a small picture of a pet dog would trigger a large-scale meme battle and a "slaughter" of retail investors. After the announcement of Zhao Changpeng's dog's name, the meme coin Broccoli** (**broccoli) quickly went on-chain, with hundreds of similarly named memes appearing on the BNB Smart Chain, some projects even directly forking code templates. As of the time of writing, the BNBChain's Four.Meme platform has 479 Broccoli-themed tokens, but the vast majority have very low market values. Due to the lack of official and absolute authoritative contracts, players spent a lot of time "searching for dogs," and most players fell into various conspiracy coins and rug pulls. This also led to the result of traffic spilling over to other chains, such as Solana, which is best at launching memes. Currently, there are also hundreds of Broccoli memecoins on Solana's Pump.fun, and although the hype has decreased, the highest market value is still in the tens of millions of dollars. KOL @Dengta vividly commented: the distorted crypto world has become a hell. In the meme scene, it resembles a Buddhist classic, where "once, when a novice monk poured a large amount of offering water and food, a large group of hungry ghosts gathered to fight for food…" After fermenting for half a day, some people doubled their profits and left, some were cut and trapped, while others remained in place, waiting to see which dog the officials would support more. In the face of this large-scale stress test, BNB Chain clearly was not prepared. With the explosive increase in trading volume, BNB Chain began to experience lag and downtime. Many users reported that their transactions were stalled, resulting in losses. It was reported that unconfirmed transactions on the BNB Chain network once exceeded one million, and 15% of the validating nodes crashed due to memory overflow. The technical issues seemed to expose more problems within the team, such as customer service. KOL @Yuyue published an urgent public complaint titled " Serious Negligence of BNBChain's Marketing Personnel and Damage to Brand Image ," reflecting that after a malfunction in the Myshell airdrop wallet yesterday, there were significant professional misconduct issues during communication with staff, accusing "relevant personnel of displaying arrogance and a lack of professionalism in recent community communications, which has caused substantial damage to the BNB Chain brand reputation." There are also views that suggest the issues exposed are not merely the fault of a single employee, but rather a disorder in strategy and decision-making at BNB Chain/Binance in the face of fierce competition. What was intended to be a traffic draw for BNB Chain turned into a marketing opportunity for Solana. After experiencing BNB Chain's infrastructure, people even began to reminisce about Solana. The tragedy stemmed from a founder who originally did not like memes having to step in for the ecosystem. Zhao Changpeng had publicly stated that while he does not oppose meme coins, they have become "a bit" strange, and he encourages and supports "using blockchain technology to build real applications." After the launch of Trump’s coin sparked a wave of celebrity coins, he reiterated that there are currently no plans to launch a meme coin. Recently, after the meme coin TST on the Four.meme platform became popular, this founder decided to leverage his influence to give it a boost. Zhao Changpeng began to catch up on the release process and mechanisms of memecoins and decided to publicly share information about his dog. After spending about a day considering it, Zhao Changpeng finally decided to expose his dog's information for the sake of his career. However, he emphasized, "I only released a photo and name of my dog. I will not personally issue a meme coin." Subsequently, in response to criticisms of "manipulating investors and playing various guessing games on BSC," Zhao Changpeng acknowledged that while the comments were harsh, the viewpoints were interesting. He admitted he hoped to see more activities on BSC but had not participated in the issuance or operation of meme tokens due to a lack of experience. However, as a top figure in the crypto world, it is clearly irresponsible to distance himself from this farce merely by claiming "a lack of experience." @CryptoZen commented: "There are clearly better ways to layout the meme track, yet you default to or even advocate for everyone to join the 'on-chain massacre,' so don't blame everyone for cursing you" (this comment was also retweeted by Zhao Changpeng himself). Additionally, he stated that Zhao Changpeng's influence is indeed too great; every word and action, whether it’s a dog or a cat he raises, constantly stirs the heartbeat of the market. Especially, one should be wary of "being exploited by malicious harvesting machines."

Doodles is launching its own Solana-based token, DOOD, with plans to eventually bridge it to the Layer 2 platform, Base. The token’s total supply will be capped at 10 billion, with the majority allocated to the Doodles community and an ecosystem fund. The popular NFT brand Doodles is expanding its presence with the launch of DOOD, a Solana-based token. The total supply of the token is set at 10 billion, with 30% reserved for the Doodles community, 25% for the ecosystem fund, 17% for the Doodles team, 13% for "new blood," 10% for liquidity, and 5% allocated to the company. This move signals the brand's continued push into the digital economy, with plans to bridge the token to Base, a Layer 2 network incubated by Coinbase. The DOOD token launch follows the trend set by other prominent NFT brands like Pudgy Penguins , which recently introduced its token, PENGU, with a supply of 88.8 billion on Solana. Doodles, originally launched as a collection of 10,000 collectible NFT artworks, has grown significantly and now engages in animation, music, and high-profile partnerships, including collaborations with global brands such as McDonald’s. The $DOOD token aims to empower the Doodles community by allocating a significant portion of the supply to its fans. With 68% of the tokens going directly to the community, Doodles emphasizes its commitment to decentralization and fan engagement. Only 5% will go to the company, 10% will be used for liquidity, and 17% will be retained by the team to further develop the ecosystem. Doodles’ impressive rise in the entertainment industry, with billions of views on its animations and music and partnerships with major brands, reflects the growing influence of the project. The launch of the $DOOD token marks a pivotal step in Doodles’ mission to build a lasting movement, leveraging its global community and expanding digital economy. Since the announcement of the $DOOD token, the floor price of the Doodles NFT collection has surged by 12.4%, signaling a rise in excitement and interest surrounding the brand. The anticipation for the token is driving more collectors and investors to engage with the Doodles ecosystem, further elevating the value of Doodles NFTs. As the token launch progresses, Doodles is poised to push the boundaries of decentralized engagement, offering fans new ways to participate and influence the future of the brand. The $DOOD token is set to become a cornerstone of this new era in the NFT and entertainment space.

Bitget , the leading cryptocurrency exchange and Web3 company, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria's National Revenue Agency. The official licensing now enables Bitget to offer a comprehensive suite of crypto services within Bulgaria, including the exchange, trading, transfer, custody, and public offering of crypto assets, as well as wallet services. This aligns with Bitget's broader plans of obtaining EU's Markets in Crypto-Assets (MiCA) license, which will boost its foothold in the region. The VASP license in Bulgaria aligns with Bitget's strategic expansion across the European Union. The company is actively preparing for compliance with the EU's MiCA framework, which seeks to establish a unified regulatory environment for crypto assets throughout the region. "The successful application of the VASP license in Bulgaria is a part of Bitget's expansion strategy to serve users across the European Union," said Hon Ng, Chief Legal Officer at Bitget. "As the EU continues to lead with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation in the region while maintaining compliance. Bulgaria serves as a strategic gateway for our European expansion, offering crypto-friendly ecosystems the chance to accelerate crypto's adoption." Ng added, "In 2025, we are excited to continue to grow Bitget's global regulatory footprint in partnership with various regulators around the world. We have a sharp focus on meeting compliance standards in every jurisdiction where we operate and we have been investing in our compliance programme from day one. We believe that our approach enhances user trust, ensures market integrity while at the same time increasing global adoption of digital assets and ensures long-term sustainable growth as we align our operations with emerging regulations worldwide”. Bitget views regulatory compliance as a social responsibility for crypto exchanges, which is evident through its acquisition of approvals in key markets such as Poland, Italy, Lithuania, UK and now Bulgaria. The VASP license in Bulgaria grants Bitget the regulatory authority to offer a wide array of services altered to cater to the needs of digital asset users in the region. These services include the exchange of crypto assets, enabling seamless conversion between crypto and fiat; trading and transfer of crypto assets, facilitating efficient and secure transactions; and custody services, providing a strong framework for safeguarding user assets. Additionally, the license permits the public offering of crypto assets, supporting the scope for innovative token launches and opportunities. In the last three months alone, Bitget has put forth major licensing and expansion updates. It has secured a BSP license in El Salvador , approval in the UK to provide digital asset services , it powered a compliant Vietnam-based exchange BitEXC and is also in talks with FIU in India. With Bulgaria's VASP license, Bitget is now inching closer to being one of the most trustworthy exchanges in the crypto space. The company plans to collaborate closely with European regulators to ensure its products meet all regulatory requirements while prioritizing the protection of user assets and data. Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.