January 4th Market Dynamics

I. Macro Trends

1. Market Trend: The market has plummeted, indicating the end of a trend. High contract rates are abnormal.

2. U.S stocks have fallen sharply and the dollar index has rebounded. The minutes from the Federal Reserve's December meeting were hawkish, with hopes to maintain high interest rates for an extended period.

II. Market Highlights

1. ARB on L2 track hit a new historical high, ENS and APEX in ETH series surged significantly; Vitalik tweeted his optimism about domain name ENS. APEX is a derivatives exchange on Ethereum, its transaction fee income is growing rapidly close to 20% of DyDx's, with total market value nearly 30% of dYdX’s at $900 million; it will introduce buyback mechanism in future . With Cancun upgrade approaching, Ethereum series strengthened.

2.SEI public chain rose along with Seilor ecosystem following suit.Seilor was originally on BSC chain but later switched to providing liquidity for SEI which increased by 20 times within one month reaching a total market value of $30 million USD.

3.HONEY from Depin soared doubling its price.Honey is part of Solana chain's map project Depin.

4.COOK rune opened new trading markets.The price stands over $200 USD,a drop by 30% compared to off-market peak,syncing basically with inscription market.