Gate Research Institute: Ethereum NFT seven-day sales nearly $160 million | Lending institutions launch unsecured encryption loans using World ID

Crypto Market Overview

• BTC (0.88% | Current Price 119,228 USDT): After experiencing a rapid pullback, BTC has successfully stabilized and entered a phase of consolidation. The market bulls are attempting to recover lost ground, but the resistance at 120,000 USDT remains strong. In the short term, BTC may continue to oscillate within the current range (approximately 117,000 USDT - 120,000 USDT). On July 25, the net inflow of BTC ETF reached 130 million USD in a single day, with BlackRock's IBIT inflowing 92.8 million USD and Fidelity's FBTC inflowing 10.2 million USD, indicating that institutional funds are continuously increasing their Bitcoin holdings and enhancing their allocation weight for this asset.
• ETH (2.53% | Current Price 3,863 USDT): ETH is currently in a short-term upward consolidation channel, with bullish momentum prevailing. The price is approaching the resistance area around 3,900 USDT, which is a key level to watch in the short term. If it can effectively break through and stabilize, it is expected to further challenge higher levels. The support level below can be monitored in the range of 3,750-3,800 USDT. On July 25, the net inflow for ETH ETF was 452 million USD in a single day, with BlackRock's ETHA inflow at 440 million USD and Fidelity's FETH inflow at 7.3 million USD.
• Altcoins: Most mainstream altcoins have risen slightly. The Fear and Greed Index today reports 75, still within the greed range, indicating that market sentiment is relatively positive but attention should be paid to the risk of overheating.
• Macro: On July 25, the S&P 500 index rose by 0.40%, closing at 6,388.64 points; the Dow Jones index rose by 0.47%, closing at 44,901.92 points; the Nasdaq index rose by 0.24%, closing at 21,108.32 points. As of July 28, 10:30 AM ( UTC+8), the spot gold price is temporarily reported at $3,336 per ounce, with a 24H decline of 0.04%.

Popular Tokens on Jujin

VINE Vine (+114.79%, circulating market cap 1.44 million USD)

According to Gate market data, the current price of the VINE token is $0.14774, with an increase of about 114.79% in the last 24 hours. VINE is a token issued by Rus, the founder of the short video platform Vine, based on the Solana blockchain, aimed at commemorating the spirit of unity and creativity. Vine was established in June 2012 and was acquired by Twitter (now X) in October of the same year. It is a free mobile app that allows users to create and share short videos of up to 10 seconds.

Influenced by Musk's announcement on social media that "we will relaunch Vine in AI form," the price of VINE quickly rebounded, attracting intense market attention, briefly breaking through $0.08 and reaching a temporary high. Discussions about VINE on social media surged, with sentiment continuing to heat up, drawing a large amount of attention. Meanwhile, whale funds also began to enter the market, with one whale making a significant purchase near the $0.14 price point, accumulating a total investment of 17,080 SOL. Previously, VINE experienced a correction after a wave of increases, retreating to around $0.06 for consolidation. After stabilizing, the price began to rise gradually from July 26, forming a structure of "higher lows and higher highs," indicating a strong upward trend. During the period of July 28, the price of VINE once again broke through strongly, reaching a maximum of $0.15010, showing extremely strong bullish momentum.

ZORA Zora (+16.46%, circulating market cap 290 million USD)

According to the Gate market data, the current price of the ZORA token is $0.085967, with a 16.46% increase in the last 24 hours. Zora is an on-chain social network aimed at providing decentralized creation, connection, and economic incentive opportunities through Ethereum and the Zora Network. The platform originally started as an NFT marketplace protocol, offering creators tools for creating, curating, and collecting NFTs.

Since the integration of Zora Coin into the Base APP, market sentiment has been continuously heating up; especially the contract call volume has surged in a short period, coupled with the high attention on ZORA from social media, forming a strong bullish expectation. Starting from July 26, ZORA has initiated a strong upward trend, with prices showing a step-like oscillation upward, accompanied by a continuous increase in trading volume, indicating significant capital inflow and active buying. The price once approached a high point of 0.10 USD, reaching a new peak for this phase. Although there has been a certain degree of technical correction afterwards, it is currently consolidating around the 0.085 USD level, and the market is in a stage of bullish-bearish contention, with attention on the stability of support and continuity of sentiment.

NAVX NAVI Protocol (+10.36%, circulating market cap 35.7624 million USD)

According to Gate.io market data, the current price of NAVX token is $0.06, having increased by approximately 10.36% in the last 24 hours. Navi is a native one-stop liquidity protocol on Sui. It allows users to participate in the Sui ecosystem as liquidity providers or borrowers, with liquidity providers supplying assets to the market and earning passive income through yields, while borrowers can flexibly obtain loans in different assets.

Recently, SUI has surged significantly, triggering active speculation in the SUI ecosystem sector. As one of the leading lending protocols in this ecosystem, NAVX has gained widespread market attention due to its high stablecoin yields (USDC deposit APY exceeding 9.5%) and its collaboration with Momentum to expand BTCFi liquidity. Under the favorable catalyst, NAVX's price rapidly increased from around 0.045 USD, strongly breaking through the bottom consolidation range and rising above 0.06 USD, showing a significant increase. This rise was accompanied by a notable increase in trading volume, indicating a concentrated influx of capital and strong bullish momentum.

Alpha Interpretation

In the past 7 days, NFT sales on the Ethereum chain reached nearly 160 million dollars, with CryptoPunks taking the lead.

According to CryptoSlam data, as of July 27, the total sales of NFTs on the Ethereum blockchain in the past 7 days reached 157.6 million USD, with a significant rebound in market activity. Among them, CryptoPunks achieved a sales volume of 35.14 million USD with 172 transactions, firmly holding the top position; Pudgy Penguins and BAYC followed closely with 8.36 million and 5.86 million USD respectively; Moonbirds also performed actively, with sales reaching 4.72 million USD and a transaction volume of 683, indicating the broad circulation of mid-priced projects.

The current round of NFT sales on the Ethereum blockchain has seen significant growth, driven mainly by two factors: first, leading projects like CryptoPunks have experienced frequent rare trades, revitalizing the high net worth market; second, the Meme market's popularity continues to spread, bringing NFT back into focus as a cultural asset. At the same time, the temporary rebound in ETH prices has enhanced market risk appetite, injecting incremental funds into NFT trading. Additionally, projects like Pudgy Penguins and Moonbirds have recently been actively engaging in offline and brand collaborations, effectively increasing user participation and purchase enthusiasm, creating a positive feedback loop for the project ecosystem.

Decentralized Prover Network Succinct launches the Succinct Foundation, possibly preparing for the token TGE.

The Decentralized Prover Network Succinct has announced the establishment of the Succinct Foundation, which is widely interpreted as paving the way for the subsequent Token Generation Event (TGE) of its token. The foundation will serve as an independent entity dedicated to promoting the development of the Succinct Prover Network and zero-knowledge (ZK) technology, with a focus on supporting infrastructure development, research funding, and ecosystem collaboration, assisting the next generation of developers in innovating within the ZK space. The Succinct Prover Network aims to provide efficient proof services for a variety of applications by coordinating distributed provers. Its native token PROVE is used to incentivize competitive pricing for provers, pay service fees, and serves as one of the core mechanisms for network security and governance.

The establishment of the Succinct Foundation marks a crucial phase for the project as it approaches the launch of its token economy. In the context of increasing competition in the zero-knowledge space, Succinct aims to integrate resources and expand its influence through the foundation as a "neutral entity", while laying the groundwork for the value capture and ecological governance of the PROVE token. If the subsequent TGE proceeds smoothly, Succinct is expected to become an important piece of the modular ZK infrastructure, particularly in unleashing significant potential in inter-chain interoperability and lightweight proofs.

The lending institution Divine Research uses World ID to verify borrowers for issuing unsecured encryption loans.

The San Francisco-based crypto lending institution Divine Research has issued over 30,000 short-term unsecured cryptocurrency loans since December 2023, allowing users to forgo traditional collateral. To prevent multi-account fraud and abuse risks, Divine Research has introduced the iris-scan-based World ID authentication system, ensuring that each borrower has a unique identity, thereby enhancing default control capabilities and overall credit efficiency.

The practice of Divine Research highlights the potential integration of "on-chain identity" and "unsecured credit" in Web3 finance. By integrating decentralized identity authentication systems like World ID, project parties not only strengthen their risk control capabilities but also take an important step toward establishing an on-chain credit system in the crypto field. Against the backdrop of long-standing regulatory prudence and a lack of trust restricting the development of crypto lending, this type of "no collateral + strong authentication" light credit model may become an important breakthrough in future crypto finance.
Reference material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• CryptoSlam, https://www.cryptoslam.io/blockchains/ethereum
• Succinct, https://blog.succinct.foundation/introducing-the-succinct-foundation/
• Cointelegraph, https://cointelegraph.com/news/divine-research-issues-30000-unbacked-crypto-loans-world-id

Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not take responsibility for any losses or damages arising from such investment decisions.