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Bitget Research: Bitcoin Ecosystem Remains Hot, Circle Considers Going Public in Early 2024
Bitget Research
2023/11/08
the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight.
In Summary:
1.Popular Tokens:
sats (Token) - Currently the most popular token within the BRC-20, sats have seen an approximate 16x increase in the past month, creating a significant wealth effect. As the Ordinals ecosystem gains more recognition and investment from market players, the momentum for sats is likely to continue.
Beg (Token) - A
memecoin newly launched by Crypto Twitter influencer ben.eth, Beg has garnered widespread attention since its release. It has an on-chain liquidity pool of US$1 million, with a 24-hour trading volume of US$1.15 million.
GROK (Token) - Following the release of the first artificial intelligence model Grok by Musk's xAI startup, the memecoin GROK has caught the attention of speculative capital. The token has a significant number of holders and trading volume, with a 24-hour trading volume reaching US$8.92 million.
MAI (Token) - An artificial intelligence-related token recently attracting attention. The project analyzes transaction data through machine learning to extract alpha measurements of the market. The token is currently showing a positive upward trend in the market, with a 24-hour trading volume of US$3.85 million.
TOKEN (Token) - A subsidiary token project of the Floki project, which announced that the prominent market maker DWF will be responsible for the market making of its token. Since its launch, the token has been consistently hyped and continues to catch the attention of speculative capital.
Kratos Cash (Token) - Kratos is recognized as the intellectual property owner of the world's largest gaming decentralized autonomous organization (DAO), IndiGG, and actively invests in the global Web3 gaming sector and its infrastructure. Kratos's business model is designed to attract game developers and players to join its platform, earning revenue from both groups. However, these valuations and performance indicators are not directly linked to the current market activity of the KCASH token.
ARB (Token) - Recently, ARB's Incentive Program has been released, and the incentives for various protocols on Arbitrum have started to be distributed. As more tokens are distributed, it is likely to result in increased trading volume, making it a development worth monitoring.
2.Popular NFTs:
Cool Cats (NFT) - Cool Cats announced on social media that it has received a strategic investment from Animoca Brands Japan and San FranTokyo, establishing a
partnership to promote the development of the NFT project Cool Cats’ intellectual property (IP) in Japan and Asia.
3.Popular DApps:
EthscriptionCreator (DApp) - This project is a new protocol for inscribing images on Ethereum, developed by Tom Lehman, co-founder and former CEO of Genius.com. It allows the creation and sharing of digital objects on Ethereum using callable data. These objects are referred to as "Ethscriptions", a tribute to "Inscriptions".
Port3 (DApp) - Port3 is a
blockchain project aimed at becoming a Web3 social data gateway, offering open data services by aggregating Web2 and Web3 data. Port3's architecture encompasses three core modules: data collection, data reading, and data application, supporting the consolidation of community dynamics, social media trends, and on-chain transaction data. Data is aggregated via DAO tools and the results are displayed on the SoGraph.xyz page, including community trends and market movements. The Port3 protocol serves as the foundation for its open and collaborative data layer, allowing data providers to control their data, earn rewards when providing data, and protect their privacy. Port3's design and implementation facilitates the swift migration of Web2 users and data to Web3, with a commitment to secure and efficient social data aggregation.
PancakeSwap (DApp) - PancakeSwap is set to launch Butter Finance, a decentralized meta-governance and yield enhancement platform based on the veCAKE model. The introduction of veCAKE will allow governance participants to gain proposal voting rights, fee claims, CAKE release control, and up to 3 times reward enhancement when providing liquidity on PancakeSwap.
Lens Protocol (DApp) - A Web3 social protocol on Polygon. Recently, the hype around social protocols has been high. Despite its longer history, Lens Protocol's token distribution schedule remains undecided.
RhinoFi (DApp) - Rhino.fi is a multi-chain decentralized finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different
blockchains without the need for complex bridging or network switching.
Dodo (DApp) - The decentralized exchange platform DODO community has passed the proposal "Temporary Pause of DODO Emissions in vDODO Staking Pool to Mitigate Inflation and Enhance Long-Term Stability".
Blur (DApp) - With the recent uptick in the NFT market, the number of trading users on Blur has briefly surpassed that of OpenSea. In addition, Blur's Season 2 airdrop is about to be released, and the price of Blur tokens has recently seen a fierce increase.
Maestro (DApp) - Maestro, as a renowned on-chain bot, is highly favored by the crypto community. Despite the recent attack on the prominent bot project, Unibot, which led to user losses due to certain routing issues, the overall usage of bots in the crypto community has not diminished. Maestro continues to maintain its position in the top three of the interaction leaderboard.
Vertex: Endpoint (DApp) - The derivatives protocol on the Arbitrum chain, Vertex, recently announced on social media their upcoming ARB trading incentives, the protocol's native token emission plan, and an LBA token sale. According to data shared by DeFiLlama, Vertex Protocol's TVL has recently increased to US$15.72 million.
4.Twitter Hot Topics:
ARB (Token) - On November 7, Arbitrum announced the launch of its donation program, which includes the first round of Arbitrum Citizens Retrofunding, Matching Fest on Gitcoin, and the Allo Hackathon. On November 8, Arbitrum DAO initiated the vote on the proposal "Provide funding support for the STIP proposal," intending to increase the budget to 71.4 million ARB.
5.Regional Trending Searches:
ORDI (Token) - Binance's listing of Ordinals (ORDI) and the addition of a seed tag led to a surge in trading volume across the network, a short-term spike in ORDI, and a widespread surge in BRC-20 ecosystem tokens. Previously, UniSat Wallet's BRC-20 Swap went live, initially supporting 14 types of Bitcoin inscription assets (sats, ordi, trac, oshi, btcs, oxbt, texo, cncl, meme, honk, zbit, vmpx, pepe, mxrc).
BONK (Token) - A top memecoin in the Solana ecosystem, BONK has seen a 4x increase over the past month as the Solana ecosystem gained momentum and the prominent projects within the ecosystem experienced a surge in value. It has seen over a 30% increase in the past 24 hours and is very popular on social media.
Main Body
Written by: Bitget Research
Data collection time: November 8, 10:30
Data sources: Dune, DApps, Twitter, Google
Note:
1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.
2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.
3) DApp daily activity (UAW: unique active wallets)
4) TGE (Token Generation Event)
1.BTC Profile - BRC-20
sats (Token) - Currently the most popular token within the BRC-20, sats have seen an approximate 16x increase in the past month, creating a significant wealth effect. As the Ordinals ecosystem gains more recognition and investment from market players, the momentum for sats is likely to continue.
2.Blockchain Profile - ETH Chain
2.1 User Profile
2.1.1 Core Data
Total active users on ETH: 390,749
New active users on ETH: 72,447, with a daily increase of 3.91%
Existing active users on ETH: 318,302, with a daily increase of 2.46%
2.1.2 New User Profile
Core data: There were a total of 72,447 new active users on ETH yesterday, with a daily increase of 3.91%
Popular Sectors
Popular Projects
Key Projects:
EthscriptionCreator (DApp) - This project is a new protocol for inscribing images on Ethereum, developed by Tom Lehman, co-founder and former CEO of Genius.com. It allows the creation and sharing of digital objects on Ethereum using callable data. These objects are referred to as "Ethscriptions", a tribute to "Inscriptions".
2.1.3 Existing User Profile
Core data: The number of ETH active existing users is 318,302, with a daily increase of 2.46%
Popular Sectors
Popular Projects
Key Projects:
Beg (Token) - A memecoin newly launched by Crypto Twitter influencer ben.eth, Beg has garnered widespread attention since its release. It has an on-chain liquidity pool of US$1 million, with a 24-hour trading volume of US$1.15 million.
2.2 Popular Trading Pairs
2.2.1 Uniswap V2
GROK (Token) - Following the release of the first artificial intelligence model Grok by Musk's xAI startup, the memecoin GROK has caught the attention of speculative capital. The token has a significant number of holders and trading volume, with a 24-hour trading volume reaching US$8.92 million.
2.2.2 Uniswap V3
MAI (Token) - An artificial intelligence-related token recently attracting attention. The project analyzes transaction data through machine learning to extract alpha measurements of the market. The token is currently showing a positive upward trend in the market, with a 24-hour trading volume of US$3.85 million.
2.3 Popular NFTs
2.3.1 Top NFT Collections
Cool Cats (NFT) - Cool Cats announced on social media that it has received a strategic investment from Animoca Brands Japan and San FranTokyo, establishing a partnership to promote the development of the NFT project Cool Cats’ intellectual property (IP) in Japan and Asia.
3.Blockchain Profile - BSC
3.1 User Profile
3.1.1 Core Data
Total active users on BSC: 972,620
New active users on BSC: 118,983, with a daily increase of 0.06%
Existing active users on BSC: 853,637, with a daily decrease of 6.89%
3.1.2 New User Profile
Core data: There were a total of 118,983 new active users on BSC yesterday, with a daily increase of 0.06%
Popular Sectors
Popular Projects
Key Projects:
Port3 (DApp) - Port3 is a blockchain project aimed at becoming a Web3 social data gateway, offering open data services by aggregating Web2 and Web3 data. Port3's architecture encompasses three core modules: data collection, data reading, and data application, supporting the consolidation of community dynamics, social media trends, and on-chain transaction data. Data is aggregated via DAO tools and the results are displayed on the SoGraph.xyz page, including community trends and market movements. The Port3 protocol serves as the foundation for its open and collaborative data layer, allowing data providers to control their data, earn rewards when providing data, and protect their privacy. Port3's design and implementation facilitates the swift migration of Web2 users and data to Web3, with a commitment to secure and efficient social data aggregation.
3.1.3 Existing User Profile
Core data: The number of BSC active existing users is 853,637, with a daily decrease of 6.89%
Popular Sectors
Popular Projects
Key Projects:
PancakeSwap (DApp) - PancakeSwap is set to launch Butter Finance, a decentralized meta-governance and yield enhancement platform based on the veCAKE model. The introduction of veCAKE will allow governance participants to gain proposal voting rights, fee claims, CAKE release control, and up to 3 times reward enhancement when providing liquidity on PancakeSwap.
3.2 Popular Trading Pairs
3.2.1 PancakeSwap V2
TOKEN (Token) - A subsidiary token project of the Floki project, which announced that the prominent market maker DWF will be responsible for the market making of its token. Since its launch, the token has been consistently hyped and continues to catch the attention of speculative capital.
4.Blockchain Profile - Polygon Chain
4.1 User Profile
4.1.1 Core Data
Total active users on Polygon: 375,994
New active users on Polygon: 67,097, with a daily decrease of 32.28%
Existing active users on Polygon: 308,897, with a daily decrease of 4.14%
4.1.2 New User Profile
Core data: There were a total of 67,097 new active users on Polygon yesterday, with a daily decrease of 32.28%
Popular Sectors
Popular Projects
Key Projects:
Kratos Cash (Token) - Kratos is recognized as the intellectual property owner of the world's largest gaming decentralized autonomous organization (DAO), IndiGG, and actively invests in the global Web3 gaming sector and its infrastructure. Kratos's business model is designed to attract game developers and players to join its platform, earning revenue from both groups. However, these valuations and performance indicators are not directly linked to the current market activity of the KCASH token.
4.1.3 Existing User Profile
Core Data: The number of Polygon active existing users is 308,897, with a daily decrease of 4.14%
Popular Sectors
Popular Projects
Key Projects:
Lens Protocol (DApp) - A Web3 social protocol on Polygon. Recently, the hype around social protocols has been high. Despite its longer history, Lens Protocol's token distribution schedule remains undecided.
4.2 Popular Trading Pairs
4.2.1 Uniswap V3
LINK (Token) - Recently, LINK has been priced at US$39 in Grayscale's GLNK, indicating a significant premium. LINK's recent performance has been very strong, making it an essential token to keep an eye on.
5.Blockchain Profile - Arbitrum Chain
5.1 User Profile
5.1.1 Core Data
Total Active Users on Arbitrum: 149,523
New Active Users on Arbitrum: 24,354, with a daily increase of 12.40%
Existing Active Users on Arbitrum: 125,169, with a daily increase of 18.22%
5.1.2 New User Profile
Core data: There were a total of 24,354 new active users on Arbitrum yesterday, with a daily increase of 12.40%
Popular Sectors
Popular Projects
Key Projects:
RhinoFi (DApp) - Rhino.fi is a multi-chain decentralized finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different blockchains without the need for complex bridging or network switching.
5.1.3 Existing User Profile
Core data: The number of Arbitrum active existing users is 125,169, with a daily increase of 18.22%
Popular Sectors
Popular Projects
Key Projects:
Dodo (DApp) - The decentralized exchange platform DODO community has passed the proposal "Temporary Pause of DODO Emissions in vDODO Staking Pool to Mitigate Inflation and Enhance Long-Term Stability".
5.2 Popular Trading Pairs
5.2.1 Uniswap V3
ARB (Token) - Recently, ARB's Incentive Program has been released, and the incentives for various protocols on Arbitrum have started to be distributed. As more tokens are distributed, it is likely to result in increased trading volume, making it a development worth monitoring.
6.Blockchain Profile - Base Chain
6.1 User Profile
6.1.1 Core Data
Total Active Users on Base: 65,395
New Active Users on Base: 10,162, with a daily increase of 6.00%
Existing Active Users on Base: 55,233, with a daily increase of 7.97%
6.1.2 New User Profile
Core data: There were a total of 10,162 new active users on Base yesterday, with a daily increase of 6.00%
Popular Sectors
Popular Projects
Key Projects:
FriendtechSharesV1 (DApp) - Recently, the popularity of Friendtech has been waning. Despite the continuous updates and detail optimizations by the team, the trading volume is no longer as high as in previous months. Currently, the project's growth has slowed, but it remains the hottest social product on the Base chain.
6.1.3 Existing User Profile
Core data: The number of Base active existing users is 55,233, with a daily increase of 7.97%
Popular Sectors
Popular Projects
Key Projects:
Dmail (DApp) - Dmail is a mail application based on Web3.0 and Dfinity technology, integrating NFT functionality and distributed storage, with each account itself being an NFT. This project aims to bridge the gap between traditional email systems and blockchain-based email systems, thereby lowering the barrier for users and developers to engage with the crypto world. The design philosophy of Dmail is to make the use of
blockchain technology as simple and intuitive as using the internet.
7. DApp Ecosystem - All Chains
KAI-CHING (DApp) - A Web3 shopping website on the Near chain. According to data statistics, it currently has a high number of weekly active users.
8.DApp Ecosystem - ETH Chain
Blur (DApp) - With the recent uptick in the NFT market, the number of trading users on Blur has briefly surpassed that of OpenSea. In addition, Blur's Season 2 airdrop is about to be released, and the price of Blur tokens has recently seen a fierce increase.
9.DApp Ecosystem - BSC
QuestN (DApp) - QuestN is a task platform, formerly known as Quest3, offering over 40 types of tasks and activity templates that include both on-chain and off-chain activities. These templates are free, open to everyone, and are continuously expanding, reflecting the platform's commitment to sustainable growth in marketing for Web3 projects. QuestN's vision is to become a native advertising platform for Web3, leveraging its capabilities to enhance project visibility and community engagement.
10.DApp Ecosystem - Polygon Chain
Bitget Swap (DApp) - Bitget Swap has seen impressive user growth following its launch on Polygon. It has briefly surpassed protocols such as Ox Protocol, QuickSwap, and Odos in terms of weekly user numbers.
11.DApp Ecosystem - WAX Chain
The WAX ecosystem shows no significant changes, with top projects clearly dominating.
12.DApp Ecosystem - Solana Chain
Saber (DApp) - As a leading cross-chain stablecoin exchange on Solana, Saber provides a liquidity foundation for a variety of cryptocurrencies, enabling market makers to deposit crypto into Saber liquidity pools. Participants can earn passive income from transaction fees, token-based incentives, and potential automated DeFi strategies. This ecosystem contributes to the broader vitality and functionality of the Solana network, meeting the needs of different market participants.
13.DApp Ecosystem - Arbitrum Chain
rhino.fi (DApp) - Rhino.fi is a multi-chain decentralized finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different blockchains without the need for complex bridging or network switching.
14.DApp Ecosystem - Base Chain
Aerodrome (DApp) - Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. Aerodrome's design is inspired by the Velodrome V2 model to incentivize liquidity on the protocol. Despite past collaborations, Aerodrome operates independently of Velodrome. AERO, Aerodrome's utility and governance token, allows holders to lock their tokens and receive veAERO NFTs and voting power based on the lock-up period. The protocol also permits external protocols to incentivize specific liquidity pools through "bribes," increasing liquidity more efficiently than the amount spent on bribes.
15.DApp Ecosystem - GameFi Sector Across All Chains
Pixels (DApp) - Pixels is a blockchain-based, immersive, open-world MMO game. It leverages the power of Web3 to realize digital ownership for players and has created an engaging world where players can explore, complete tasks, and collaborate. The Pixels game was initially launched with a core mechanism centered around farming, cooking, and questing, and has gradually added social features such as trading, achievements, and leaderboards to foster interaction among players.
16.Gas Fee Consumption - ETH Chain
Maestro (DApp) - Maestro, as a renowned on-chain bot, is highly favored by the crypto community. Despite the recent attack on the prominent bot project, Unibot, which led to user losses due to certain routing issues, the overall usage of bots in the crypto community has not diminished. Maestro continues to maintain its position in the top three of the interaction leaderboard.
17.Gas Fee Consumption - BSC
PancakeSwap (DApp) - PancakeSwap is set to launch Butter Finance, a decentralized meta-governance and yield enhancement platform based on the veCAKE model. The introduction of veCAKE will allow governance participants to gain proposal voting rights, fee claims, CAKE release control, and up to 3 times reward enhancement when providing liquidity on PancakeSwap.
18.Gas Fee Consumption - Polygon Chain
QuickSwap (DApp) - QuickSwap is a DEX based on the Polygon network, inspired by and cloned from the popular Uniswap v2 on Ethereum. It allows users to swap tokens with minimal delay and at very low transaction costs. Leveraging Polygon's Layer 2 scaling solutions, QuickSwap has achieved faster transaction confirmation times and reduced network fees, aiming to address Ethereum network congestion and high transaction costs. By using liquidity pools, users can also become liquidity providers to earn transaction fees, increasing the possibility for participants to earn profits.
19.Gas Fee Consumption - Arbitrum Chain
Vertex: Endpoint (DApp) - The derivatives protocol on the Arbitrum chain, Vertex, recently announced on social media their upcoming ARB trading incentives, the protocol's native token emission plan, and an LBA token sale. According to data shared by DeFiLlama, Vertex Protocol's TVL has recently increased to US$15.72 million.
20.Gas Fee Consumption - Base Chain
LayerZero (DApp) - LayerZero is a cross-chain protocol that facilitates communication between DApps deployed on different blockchains without the need for any intermediary chains or consensus mechanisms. LayerZero has added "ZRO withdrawal" support to its 18 existing chains.
21.Twitter Trends Token Top Rank
ARB (Token) - On November 7, Arbitrum announced the launch of its donation program, which includes the first round of Arbitrum Citizens Retrofunding, Matching Fest on Gitcoin, and the Allo Hackathon. On November 8, Arbitrum DAO initiated the vote on the proposal "Provide funding support for the STIP proposal," intending to increase the budget to 71.4 million ARB.
22.Google Trends - Global
ORDI (Token) - Binance's listing of Ordinals (ORDI) and the addition of a seed tag led to a surge in trading volume across the network, a short-term spike in ORDI, and a widespread surge in BRC-20 ecosystem tokens. Previously, UniSat Wallet's BRC-20 Swap went live, initially supporting 14 types of Bitcoin inscription assets (sats, ordi, trac, oshi, btcs, oxbt, texo, cncl, meme, honk, zbit, vmpx, pepe, mxrc).
BONK (Token) - A top memecoin in the Solana ecosystem, BONK has seen a 4x increase over the past month as the Solana ecosystem gained momentum and the prominent projects within the ecosystem experienced a surge in value. It has seen over a 30% increase in the past 24 hours and is very popular on social media.
23.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan
a) South Asia Region
India Trends: ORDI, YGG, AVAX
Pakistan Trends: BTC, fear and greed index, Coinbase
b) Southeast Asia Region
Malaysia Trends: LUNC, LINK, SOL
Vietnam Trends: crypto rank, coingecko
Singapore Trends: gemini, coinbase, cronos crypto
c) East Asia and Hong Kong, Macau, and Taiwan
No significant trending keyword found
24.Google Trends Surge - English-speaking Countries, Europe, CIS Region
a) CIS Region
Trends: airdrop crypto
b) English-speaking Countries
Australia Trends: SFUND, KUJI, DOGE, GRT, SHIB, TRB, LMWR
UK Trends: ATOR, ORDI, DINO, CHZ, KUJI
USA Trends: ORDI, XCN, BONK, API3, LCX, bitboy crypto, LMWR
c) Europe
France Trends: GMX, ORDI, OCEAN
Poland Trends: XEN, CRO, crypto casino
Switzerland Trends: SHIB
Turkey Trends: SHIBWAVES, selcoin twitter
Spain Trends: SAND, ETH, ARB, BONK, GALA, XLM, DOT, WAX
Germany Trends: CRO, BLUR, dca crypto
Italy Trends: TAO, MOVR, ORDI
25.Google Trends Surge - Middle East, Latin America, Africa
a) Africa
South Africa Trends: XRP, SHIB
Nigeria Trends:
p2p crypto exchange, ATOM
b) Middle East
UAE Trends: XRP
c) Latin America
Brazil Trends: MATIC, CRO, AAVE, LINK, SOL, NEAR
Argentina Trends: SOL, XRP
References
1. Dune Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview
2. Dune Dashboard - Gas Fee Consumption:
https://dune.com/bitgetresearch/gas-overview
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