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Ignas reviews the current market situation: Ethena's advantage lies in its difficulty to replicate, and advises against playing Blast.

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Ignas reviews the current market situation: Ethena

Bitcoin continues to consolidate in the range of 60K to 65K, with the largest retracement from the all-time high of 73,787 reaching 19.24%. Even after the halving, there seems to be no improvement, and the crypto market appears to be waiting for the next wave of speculative narratives. DeFi researcher Ignas has put forward several opinions on this.

Ethereum, Bitcoin Ecosystem

Ethena Difficult to Replicate

The stablecoin project Ethena uses ETH and BTC as collateral reserves, and locks asset value through contract hedging to generate the USD stablecoin USDe. Currently, USDe seems to be facing its first test in maintaining stability during a market downturn.

Ignas believes that the mechanism of Ethena makes it difficult to fork and replicate, which is its main advantage.

With funding rates turning negative, can Ethena's USDe withstand it?

Ordinals, Runes

Ignas has expressed optimism about Ordinals and Runes multiple times, still considering them the most interesting and innovative projects in the entire market.

Ignas: The second round of the bull market is underway, what catalysts are leading the rise in coin prices?

Reasons for Holding ETH: Re-staking

The narrative of re-staking is second only to Ordinals and Runes, which is also the main reason for holding ETH in this cycle.

He also mentioned that VC and team-locked tokens can now be staked to earn rewards for unlocked tokens, a practice that should be stopped.

Sui, TON, Blast, Solana

He believes the Sui ecosystem is underestimated, with wallet to dApp revenue being undervalued, but entering before the SUI token unlocks a large amount on May 3rd at 8.27% seems not to be a good timing.

The integration of Telegram, TON, and games is driving mainstream adoption of cryptocurrencies, but it is being overlooked by the crypto Twitter community.

Ignas points out that Solana seems to have few airdrops for mobile users, and once again mentions that the airdrop of Injective INJ is disappointing and dApp quality is poor.

He also urges:

The Blast L2 ecosystem is not worth users' mining investment unless you really know what you are doing.

Wallets, Exchanges

He mentioned a few points:

  • Rabby Wallet is the best EVM chain wallet.

  • OKX International is great, but the European platform is terrible.

  • OKX Web3 Wallet is the best multi-chain wallet in the cryptocurrency field.

  • Binance has the best customer service, while OKX, Bybit, or Coinbase are all terrible.

  • Old coins are difficult to regain attention, he suggests renaming, updating token models, and using a "brand new price chart" to hype them up again.