Under the on-chain coin frenzy, what is the outlook for coins within the exchange?

Recently, the cryptocurrency market has shown a trend of diversification, with Bitcoin's market share declining from 60% to 55%, marking the arrival of altcoin season. Market hotspots are emerging constantly, showcasing a variety of developments: AI-related projects such as a certain protocol saw its market cap surpass 300 million USD at one point, and an AI project in a certain ecosystem also exceeded a market cap of 1 billion USD. A certain ecological coin experienced over a tenfold increase in a short period, and the exchange's open interest has repeatedly reached new highs, surpassing 4.3 billion USD. Even the NFT sector, which was once overlooked by the market, has become active again, with multiple projects issuing tokens, driving up the ETH/SOL blue-chip NFT projects.

Looking at the hotspots in various sectors, it's not hard to see that the focus is mainly on on-chain projects. So, have the tokens of centralized exchanges really been forgotten by the market?

In fact, this is not the case. There is another potential driving factor in this round of bull market that cannot be ignored: Trump's possible election. This means that cryptocurrency will further enter the public eye. Improvements in regulations and the relaxation of oversight are conducive to external funds flowing into the crypto market. This can be evidenced by the continuous net inflow of funds into Bitcoin and Ethereum spot ETFs. Financial projects related to the Trump family have also led by example, purchasing a large amount of DeFi-related coins within a month, including ETH, certain Bitcoin derivatives, AAVE, LINK, ENA, and ONDO.

So, how do the purchased coins perform? What are their common characteristics? Are there any potential concept coins worth paying attention to? Let's analyze them together.

Purchase Record Overview

Starting from November 30, Trump-related financial projects have invested a total of 44.75 million USD to purchase cryptocurrencies. As of December 18, all held coins are in a profitable state.

Interestingly, unlike traditional institutions that tend to favor Bitcoin, the amount of ETH held by this project far exceeds that of Bitcoin, which may indicate their more optimistic outlook on the future of Ethereum.

As the leader in lending across the entire market, AAVE ranks first in TVL, with a deposit scale nearing $40 billion, reaching a historic high. Recently, the coin price has risen by 35% in seven days. The project's community has proposed a collaboration with AAVE, which is currently under further discussion in AaveDAO. If the proposal is ultimately approved, it will bring new users and more real benefits to AAVE.

LINK is a well-known oracle project. On November 14th, a financial project related to Trump announced that it would adopt this technology as the standard for on-chain data and cross-chain connectivity, driving the large-scale adoption of DeFi in a secure manner.

The development of ENA is closely related to the current bull market. As its revenue comes from arbitrage between spot and futures, the more optimistic the market sentiment is, the higher the Ethereum funding rate, and the more the project can benefit. Recently, its TVL surpassed $6 billion, reaching an all-time high. In terms of products, they have also partnered with a major asset management giant to launch an RWA stablecoin based on government bond yields, which has alleviated concerns about the protocol falling into a death spiral due to the potential negative funding rate.

ONDO is the leading project in the current RWA sector. After a major asset management giant announced the launch of a related fund, the project invested over $95 million, becoming the largest holder. In terms of compliance, legitimacy, capital scale, and market recognition, ONDO is the best choice in the current RWA sector.

It is worth mentioning COW. The Trump-related financial projects all proceeded through a certain protocol when purchasing the aforementioned coins, so COW is also regarded as a related conceptual coin.

Future Coins to Pay Attention To

Based on the investment logic of financial projects related to Trump, we can speculate on the targets they may focus on next.

First of all, the ideal scenario is to have tokens that have a partnership with the project. Secondly, "clear business model" and "stable real returns" are also important considerations. AAVE, LINK, ENA, ONDO and others have clear product positioning, a large ecosystem of users, and tangible revenue models. This indicates that they prefer to invest in protocols that can bring long-term value rather than chasing after "novelty" or "pure concept" tokens.

LDO: Given that Trump's related financial projects have a significantly higher holding in ETH compared to BTC, it is evident that they are very optimistic about Ethereum's long-term potential. With the maturation of Ethereum's staking mechanism, coupled with the possibility of ETFs introducing Ethereum staking yields, a certain liquid staking protocol, currently the leader, may become the preferred choice. This protocol is the largest liquid staking protocol in the Ethereum ecosystem, with a TVL of up to $37 billion, accounting for 30% of the entire Ethereum staking market.

A certain revenue splitting project: mainly focuses on the revenue splitting market, allowing users to trade future revenue rights. As Ethereum staking rates and protocols like USDe see rising yields, the demand for revenue trading markets continues to grow, garnering significant attention in this bull market. Recently, its TVL has surpassed $5 billion, and it has established partnerships with several mainstream DeFi protocols.

A certain DEX token: as the beginning of DeFi Summer, it is also the most commonly used decentralized exchange by current users, leading this sector. Recently, they launched a new cross-chain solution. Although the market response has been temporarily tepid, it does not affect users' reliance on its products.

Summary: Blue-chip projects are favored

Regarding the situation where Trump-related financial projects are heavily purchasing cryptocurrencies, an analyst from a data analysis platform stated to a certain media outlet: "This buying behavior may be aimed at gaining more trust or driving the development of its own projects by drawing attention to these assets. Because if these assets perform well, the related financial projects may also benefit from it."

Trump-related financial projects actively layout blue-chip projects, which not only enhances the market's confidence in mainstream DeFi protocols but also injects more institutional funds into the crypto market. Such capital flows further stabilize the market, pushing mainstream projects towards higher market capitalization and development potential.