The on-chain token craze is rising, can the exchange coins follow the pump?

Recently, the cryptocurrency market has shown a diversified development trend, with Bitcoin's market share dropping from 60% to 55%, marking the arrival of the altcoin season. Market hotspots emerge frequently, showcasing a hundred flowers blooming: the AI Agent concept leads the trend, with a certain virtual protocol's market value once breaking 300 million USD; an AI project in a certain public chain ecosystem also saw its market value surpass 1 billion USD; and a certain liquidity protocol's ecosystem coin experienced a rise of over 10 times. In terms of products, the open interest on trading platforms has repeatedly hit new highs, exceeding 4.3 billion USD. Even the NFT sector, which was once neglected by the market, has also seen activity, with several well-known NFT trading platforms and projects issuing tokens one after another, driving up the prices of many blue-chip NFT projects under the Ethereum and Solana ecosystems.

Looking at the hotspots across various sectors, it is not difficult to find that most are concentrated on-chain. So, have the tokens of centralized exchanges really been forgotten by the market?

The reality is not so. There is another narrative in this round of bull market that cannot be ignored: Trump may be elected. This means that cryptocurrency will officially enter the public eye. The improvement of regulations and the loosening of supervision will help external funds enter the cryptocurrency market. The continuous net inflow of funds into Bitcoin and Ethereum spot ETFs can confirm this. The Trump family's cryptocurrency project also leads by example, purchasing a large amount of DeFi-related coins within a month, including ETH, CBBTC, AAVE, LINK, ENA, and ONDO.

So, how do these purchased Tokens perform afterwards? What common characteristics do they have? Which concept coins are worth paying attention to? Let's analyze them together.

Purchase Record Overview

Starting from November 30, the Trump family-related projects have invested a total of $44.75 million in purchasing cryptocurrency. As of December 18, all held coins are in a profitable state.

Interestingly, unlike traditional institutions that prefer Bitcoin, the project holds a significantly larger amount of Ethereum compared to Bitcoin, which may indicate their more optimistic outlook on the future price trend of Ethereum.

As a leader in the lending market, AAVE ranks first in TVL among all protocols, with a deposit size close to 40 billion USD, reaching an all-time high. In the past seven days, the price of AAVE has risen by 35%. In addition, the project's community has proposed a collaboration with AAVE, which is currently in the TEMP CHECK phase at AaveDAO. If the proposal is ultimately approved, it will bring new users and more actual profits to AAVE.

LINK is a well-known oracle project. On November 14, a project related to the Trump family announced that it would adopt Chainlink as the standard for on-chain data and cross-chain connectivity, thereby promoting the large-scale application of DeFi into the next phase.

The development of ENA is closely related to the current bull market. As its stablecoin USDe earns returns from arbitrage between futures and spot markets, the higher the market sentiment rises, the higher the Ethereum funding rate, and Ethena can benefit more from it. Recently, its TVL surpassed 6 billion USD, setting a new historical high. In terms of products, they have also collaborated with a large asset management company to launch the RWA stablecoin USDtb based on treasury bond yields. The launch of this product alleviated market concerns about the potential for the funding rate to turn negative, which could lead to a death spiral for the protocol.

ONDO is the leader in the current RWA sector. After a large asset management company announced the launch of the BUIDL fund, Ondo Finance invested over $95 million, becoming the largest holder. Whether in terms of compliance, legitimacy, capital scale, or market recognition, ONDO is the best choice in the current RWA sector.

In addition to the aforementioned coins held, it is worth mentioning COW. When purchasing these coins, the Trump family-related projects only used a certain decentralized exchange protocol for transactions, so COW is also regarded as a related concept Token.

Future Coins to Watch

Based on the investment logic of the Trump family's related projects, we can speculate on the targets they may focus on next.

First, the most ideal tokens are those that have a partnership with the project, such as AAVE and LINK. Next are the projects with a "clear business model" and "stable actual returns". AAVE, LINK, ENA, ONDO, etc. all have clear product positioning, a large ecosystem of users, and actual revenue models. This indicates that they are not pursuing "novelty" or "pure concept" tokens, but are more inclined to invest in protocols that can bring long-term value.

LDO: Given that the Trump family's related projects hold significantly more ETH than 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 rates, LIDO, as the leading protocol, may become the preferred choice. It is the largest liquid staking protocol in the Ethereum ecosystem, with a TVL of $37 billion, accounting for 30% of the entire Ethereum staking market.

Pendle: Primarily focused on the yield splitting market, allowing users to trade future yield rights. With the rise in Ethereum staking rates and yields from protocols like USDe, the demand for yield trading has continued to increase, making Pendle highly regarded in this bull market. Recently, Pendle's TVL has surpassed $5 billion, and it has established partnerships with several mainstream DeFi protocols.

UNI: A well-known decentralized exchange is the origin of DeFi Summer and is currently the most commonly used decentralized exchange, being a leader in this sector. Recently, they launched a cross-chain solution; although the market's response has been tepid, this does not affect users' reliance on their products.

Conclusion: Blue-chip projects become the focus of attention

Regarding the Trump family's large-scale purchase of cryptocurrencies related to their projects, an analyst from a data analysis platform stated to a media outlet: "This purchasing behavior may be aimed at gaining more trust, or to promote the development of their own projects by drawing attention to these assets. Because if these assets perform well, the related projects may also benefit as a result."

The Trump family's related projects are actively laying out blue-chip projects, which not only enhances the market's confidence in mainstream DeFi protocols but also injects more institutional capital into the crypto market. This flow of funds further stabilizes the market and propels mainstream projects towards higher market value and development potential.