Crypto Alpha Trades You Might Have Missed

🚩 In 10 bullet points:

👇 1) Mina Protocol rallied +43% last 1w upon the news of Binance adopting zk-SNARKs which allow for security and privacy of information during proof-of-reserves verification. The rising trend toward zero-knowledge proofs has been gaining traction since late 2022 through Polygon’s launch of its zkEVM solution and anticipated releases of zkSync, all of which have benefitted platforms based on ZK technology such as the Mina Protocol. Mkt cap $993m

👇 2) ImmutableX rallied +19% last 1w as the Web3 game studio, XP Foundry, announced that it is migrating on-chain assets of its ‘Rooniverse’ mobile game from Solana to ImmutableX. XP Foundry plans to benefit from ImmutableX’s gas-free minting, growing ecosystem of games, improved security, faster transaction speeds and EVM support, to support mass adoption. Mkt cap $959m;'

👇 3) Baby Doge Coin rallied +17% last 1w as the project launched its highly anticipated Burn Portal, which will burn 5 tokens for every token burned until April 1st. Holders who burn their tokens receive lower buying fees when using the Baby Doge Swap DEX from the base 10% to as low as 0.5%. Within 24 hours, nearly 60 trillion tokens were removed from circulation (equivalent to $243k), with $804 million worth of BabyDoge burned since the project’s launch (50% of its total supply). Mkt cap $645m;

👇 4) Hedera rallied +16% last 1w upon the announcement of new projects including the launch of a new NFT series, Ashfall, and a new metaverse fund worth $1 million - the fund is targeted towards Africa’s creative industry to attract more projects onto the Hedera network. Last week, Dell Technologies also announced their plans to join the Hedera Governing Council where the company will operate a node and develop customized applications. Mkt cap $2.3bn;

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👇 5) GMX rallied +16% last 1w as the exchange logged fees worth over $5 million over 24 hours during the weekend, temporarily becoming the largest revenue generator, ahead of Ethereum. Besides an influx of users, the surge may be attributed to the founder of Mechanism Capital closing multimillion-dollar positions on BTC and ETH on GMX. The rally is also backed by GMX’s announcement of the integration of TradingView which allows users to customize charts with indicators. Mkt cap $665m;

👇 6) Rocket Pool rallied +9% last 1w as the Ethereum staking service attained $1 billion in TVL on Feb 9. The milestone comes within two years of the protocol launching its mainnet at the end of 2021. The rally is also supported by the SEC’s recent crackdown on staking which has forced the shutdown of Kraken’s staking services, with Coinbase also under fire. Kraken and Coinbase make up 33% of all staked Ether which presents the opportunity for LSD providers such as Rocket Pool to absorb that smarket share. Mkt cap $855m;

👇 7) Lido DAO rallied +7% last 1w as the platform raised a proposal regarding whether it should sell or stake the $30m worth of ETH in its treasury. The token also rallied from the news of the exchange Kraken ending their staking service in settlement with the SEC – it was reported that three whales cumulatively bought more than 400k LDO in reaction to the SEC news. Mkt cap $2.3bn;

👇 8) Tron rallied +4% last 1w as founder Justin Sun announced plans to launch a new decentralized payment framework to support the popular AI tool ChatGPT. The AI payment system is aimed to permit the settlement of stablecoins in an easy way and streamline the payments process for AI developers. Mkt cap $6.3bn;

👇 9) The Sandbox declined -16% last 1w as metaverse platform unlocked 372.5m of SAND tokens worth $250m on Feb 14, representing 12.4% of the total supply. More than 40% of the tokens are allocated to the team and foundation, more than 20% for seed and strategic sales, 26% in reserves, with the small remainder for retail investors. 1 billion more SAND tokens will be added to circulation over the next two years, with two unlock events scheduled per year. Mkt cap $1.3bn;

👇 10) BNB declined -7% last 1w as the crypto firm Paxos came under fire by the SEC for issuing and listing Binance USD, an unregistered security. Although Paxos had denied the allegation, FUD continues to fuel the sell pressure in the BNB market as whales and sharks dump BUSD, with over $200m BUSD dumped within one day. Mkt cap $47.8bn;