Ignas: The crypto market is looking for further catalysts for an uptrend, which airdrop platform is worth paying attention to?

Feeling a bit bored with the crypto market lately? Cryptocurrency analyst Ignas suggests that boredom might actually be a good sign, as it means crypto companies aren't going bankrupt, USDC isn't unpegging, and CEOs aren't going to jail. He believes that the current crypto market is searching for further catalysts for an upward movement and points out several airdrop farms worth keeping an eye on.

Current Cryptocurrency Market Situation

The first-quarter report data from Coinbase in 2024 shows that retail trading has not yet taken off completely. The retail user trading volume in the first quarter of 2024 was $56 billion, compared to $177 billion in the fourth quarter of 2021. On the other hand, institutional trading volume reached a historical high of $371 billion in the fourth quarter of 2021, with the recent quarter's volume at $256 billion.

Even with the recent meme coin craze, DEX trading volumes, including Solana, have not reached the historical highs of 2021/22. Additionally, the amount of funding in venture capital is still far from the peak in 2022.

Furthermore, the market FOMO has not yet appeared: the Coinbase app is not the top app on the Apple Store, friends are not asking too many questions about cryptocurrencies, cryptocurrency ads are not visible, and Lamborghinis or Rolexes are not either.

Market Looking for Catalysts for Further Upside

Ignas believes that the circulation of stablecoins reaching an all-time high is another bullish signal—off-exchange funds are ready to deploy. Currently, the funding rate for BTC is positive, indicating bullish sentiments from traders betting on an upward market.

According to Ignas, based on the above signs, the market is looking for catalysts for further upside! These may include:

• Interest rate cuts
• Speculation on Trump's victory ultimately ending with a sell-off when he is elected
• Another major institution adopting cryptocurrencies or a sudden increase in inflows into BTC ETFs
• Historical pricing of Bitcoin halving
• Approval of ETH ETFs
• Internal catalysts like the 0 to 1 innovations seen in 2020 with DeFi and NFTs
• Expanding user base to consumer apps beyond the native cryptocurrency audience. Perhaps with Friend Tech, Fantasy Top, some GameFi games, or any other games.

Token Minting Mechanism for This Cycle: Points System

Every cycle, we find a new way to mint tokens. The currently prevalent points system is its natural evolution. It aims to extend token generation events, add multiple farming seasons, and allow users to truly use dApps to address the "farm and dump" issue, thus keeping users and TVL engaged for longer.

However, the launch of Layerzero's self-reporting mechanism for airdrop hunters and Eigenlayer's recent announcement of tokens that cannot be traded have triggered people's nerves.

LayerZero introduces a self-reporting mechanism for airdrop hunters, allowing them to claim 15% of tokens even after self-reporting

Why is staking points no longer popular recently? Is it EigenLayer's intention to issue tokens?

Key Points to Focus on in Airdrop Farms

Ignas suggests that protocol parties can focus on:

• Identifying real users and potential new users by targeting active users of other protocols, such as NFT holders, POP holders
• Increasing airdrop distribution
• Launching with higher MC/FDV ratios and lower valuations

Ignas advises investors to "use multiple wallets not directly connected", as Eigenlayer offers an additional 100 EIGEN just as an example. But don't dilute yourself too much. If you hold multiple NFTs, spread them out, so each wallet only has one notable NFT.

In addition, Ignas also recommends several airdrop farms this week, including Blackwing, Infinex, Fantasy.top, and Sanctum. Interested readers can research and participate on their own.

This article is not investment advice; please DYOR.