Original Author: BitMEX

Too Long; Didn't Read

• With Trump's victory in the presidential election, cryptocurrency is experiencing its best moment in years, with Bitcoin reaching a new historical high and stabilizing in the $75,000 range.

• This week we saw a comprehensive rise. DeFi tokens are the main beneficiaries, as traders believe Trump's global free finance project and his presidency are a huge win for the DeFi industry. The U.S. Securities and Exchange Commission is likely to ease lawsuits against DeFi and utility tokens, which is particularly favorable for DeFi.

• In our trading alpha section, we will analyze $GRASS, a project that tripled in value eight days after its TGE. What caused their unexpected surge?

Data Overview

Quality Coins

• $GRASS (+160.9%): Grass's TGE unexpectedly surged, becoming the most successful token issuance of 2024.

• $GOAT (+58.5%): Goatse remains strong, reaching a historical high, proving that AI meme coins will exist long-term.

• $Neiro (+45.1%): As DOGE became the biggest gainer last week, traders quickly turned to $Neiro — the successor to $DOGE.

Poor Quality Coins

• $TRUMP (-43.8%): Trump's election victory turned $TRUMP into a "buy the rumor, sell the news" event.

• $TRX (-4.4%): After performing well in recent weeks, $TRX is experiencing a pullback.

• $OP (-0.3%): Not a truly poor-quality coin, but $OP failed to rise in this round of gains.

News Briefs

Macro

• ETH ETF weekly inflow: +$68.8 million (source)

• BTC ETF weekly inflow: +$1.37 billion (source)

• The Federal Reserve cut interest rates by 25 basis points as expected (source)

• Donald Trump elected as the 47th President of the United States (source)

• Powell: No plans to reduce inflation below 2%, will not resign due to Trump (source)

• Bitcoin's exchange rate against gold surged 12% on Wednesday, marking the largest single-day increase since February 28, 2022.

• The House of Lords in the UK echoed support for the digital assets property bill (source)

Projects

• Jito Labs' monthly fee revenue reached $78.9 million in October, doubling the previous record set in May (source)

• Only four entities accounted for nearly all the votes to rename MakerDAO to Sky (source)

• Swell Network has opened the SWELL token airdrop for claiming.

• France will ban Polymarket (source)

• SushiSwap launched Vesting Launch, a linear release meme coin issuance platform (source)

• The Avalanche Foundation repurchased $52 million worth of AVAX tokens from Do Kwon's defunct "Luna Foundation Guard" (source)

Trading Insights

Note: The following content should not be considered financial advice. This is a compilation of market news, and we always encourage you to conduct your own research (DYOR) before executing any trades. The following content does not guarantee any returns, and BitMEX is not responsible if your trades do not perform as expected.

Tripled in 8 Days - What is $GRASS?

What is the Grass project?

In simple terms, Grass sells users' idle network bandwidth, which previously could only be shared unconditionally and could not be monetized. This has the potential to fundamentally change the landscape of internet infrastructure.

The core selling point of Grass lies in its decentralized network architecture. Users can contribute idle bandwidth in exchange for ownership of the network (Grass tokens). Currently, the Grass network can handle over 100TB of data daily, with nodes spread across 190 countries, totaling over 2.5 million.

Grass's Moat

Grass's unique advantages and fundamentals are quite impressive:

• Can handle 80TB of data daily — enough to train two GPT-3/3.5 models (GPT-3/3.5 training requires 45TB).

• Has already captured nearly 1 billion minutes of multimodal data (video, images), attracting significant investment from companies.

• Daily active users of 2.5 million, achieving explosive growth within a year.

• Maintains a vast network of 2 million nodes.

• Already utilized by AI labs and has attracted attention from several Fortune 500 companies.

• Plans to enter the mobile sector and collaborate with Xbox and Roku TV.

• The CEO claims that the potential demand for the network has reached nine figures.

These factors give Grass the potential to become a dark horse in the ISP industry and the broader crypto/AI ecosystem.

From a tokenomics perspective, Grass creates an interesting supply-demand dynamic by rewarding bandwidth contributors with ownership shares. The project allows companies to pay users directly for using bandwidth, opening up significant revenue channels for $GRASS. This could attract decentralized AI projects (dApps) and even traditional tech companies seeking collaboration, driving up demand for Grass tokens.

However, the regulatory risks associated with this disruptive model cannot be ignored. The project may face scrutiny from telecommunications regulators and existing ISPs, which could impact its growth trajectory and, in turn, affect token value. Additionally, while growth and user data appear impressive, in the cryptocurrency space, DAU (daily active users) data can sometimes be exaggerated or misleading, so caution is warranted.

Summary

Grass proposes an innovative approach to monetizing idle network bandwidth, with impressive growth and user adoption rates. The project can handle massive amounts of data daily, coupled with a vast global network of nodes, has the potential to create a storm in the ISP industry and the crypto/AI ecosystem. However, investors should exercise caution, as the current fully diluted valuation (FDV) has already exceeded $3 billion. While there are no direct peers or competitors to compare $GRASS's value, we can look at other crypto projects in the AI theme for reference. Render's FDV is around $2.6 billion, while IO.net and Aethir's FDV are around $2 billion. Considering these valuations, entering $GRASS now may be a bit late.

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