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Bitget Research: BlackRock Registers Ethereum Trust, Ethereum Breaks US$2000 Mark
Bitget Research
2023/11/10
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.
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. The price fluctuates at high levels, with a 24-hour trading volume of approximately US$6 million.
BADGER (Token) - Badger DAO, an open-source and decentralized autonomous organization, is dedicated to creating products and infrastructure that streamline the process of using Bitcoin (BTC) as collateral on numerous smart contract platforms. As per the official announcement, Binance will launch the USDT-M BADGER Perpetual Contract on November 9, 2023, at 20:30 (GMT+8), with up to 50x leverage. The anticipation of increased liquidity is expected to drive up the price.
PME (Token) - A native chain project with a current trading volume of US$820,000. However, the project's token contract is not verified. There are nearly 692 holders, and the price has surged by 159x. An EOA address holds over 70% of the tokens. Despite the substantial price increase, the high risk makes it not advisable to participate.
LINK (Token) - Chainlink has announced the launch date for its Chainlink Staking v0.2. The priority migration is set to commence on November 29 at 01:00 (This migration phase allows holders who staked in v0.1 the opportunity to transfer their v0.1 stakes, along with the accumulated LINK rewards, to v0.2).
PENDLE (Token) - Influenced by the news of BlackRock registering an Ethereum trust, there has been a general rise in tokens associated with LSD protocols. As per market data from Bitget, PENDLE experienced a surge, breaking the US$1 mark, currently trading at US$1.028, with a 24-hour increase of 9.39%. Additionally, Spartan Group has announced on social media that they have acquired tokens from Pendle's official team through the OTC channel.
2.Popular NFTs:
Bored Ape Yacht Club (NFT) - According to Dune Analytics, Ethereum NFT trading volume yesterday surpassed 10,000 ETH, reaching 10,351 ETH, a new high in the past three months. The floor price of Bored Ape Yacht Club also rebounded with the increase in trading volume.
3.Popular DApps:
Sweat Economy (DApp) - A traditional Web2 project that has transitioned to a Web3 wallet and a "Move to Earn" project, with currently 5 million downloads on Google Play. Users can earn SWEAT tokens through its Sweat Wallet application by engaging in daily physical activities.
GMX (DApp) - GMX is a decentralized exchange (DEX) specifically designed for trading perpetual
cryptocurrency futures, offering up to 50x leverage. The cryptocurrencies available for trading include popular ones such as Bitcoin (BTC) and Ethereum (ETH). Currently a leading project in the Arbitrum ecosystem, GMX has a TVL of US$486 million. Recently, it officially launched a short-term incentive program involving 12 million ARB tokens, which will be distributed over 12 weeks as liquidity and trading incentives.
PancakeSwap (DApp) - Binance has officially launched the Binance Web3 Wallet, enabling users to exchange tokens across multiple networks at the bes t prices through a secure and simplified process. The underlying DEX utilizes routing service from 1inch and PancakeSwap.
MeanFi (DApp) - A multi-chain swap DeFi application, with main modules including a payment stream system, and an aggregated DEX. The project has long been a leading DeFi application in the Solana ecosystem. Its main product feature is performing ERC20-ERC20 conversions using a Dollar Cost Average strategy. The project has recently cooperated with many projects from the Arbitrum ecosystem and integrated the DCA trading feature of STG and MIM.
Maestro (DApp) - Maestro is a renowned on-chain bot, that is highly favored by the crypto community. With the advantage of being an early player in the market, Maestro has established a substantial user base. In the next memecoin season, projects in the Bot sector may have good potential for growth. The usage of bots in the crypto community remains steady, and Maestro continues to maintain its position in the top three of the interaction leaderboard.
TinyTap (DApp) - A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). As a specific technology in the trading sector, Tiny Tap will participate in the ISTE Live23 conference and earlier established a US$10 million Global Educators Fund, gaining considerable interest in the community.
PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase. Users can select merchants from the activity page and shop as usual. It also offers opportunities through shopping, playing mini-games, NFTs, and M2E, among others.
MakerDAO (DApp) - The quantity of RWA assets in MakerDAO has been continuously increasing. Recently, due to conducting transactions of U.S. bonds in Switzerland, MakerDAO has paid approximately US$1.5 million in stamp duty to the Swiss government.
Galxe (DApp) - A Web3-based credential data network, Galxe fosters an open and collaborative infrastructure, enabling brands and developers to interact with their communities and build robust products within the Web3 environment. Recently, Galxe officially launched Galxe AI, a chatbot proficient in cryptocurrencies. It is powered by ALVA and is in the whitelist testing phase.
RhinoFi Bridge (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.
LayerSwap (DApp) - This platform supports users in transferring assets across EVM chains such as Arbitrum, OP, Zksync, Starknet, and Polygon. Zkswap and Rollup.finance have already integrated LayerSwap and will use the relevant cross-chain services. The project makes cross-chain operations simple and secure. With a solid foundation, it is an essential project to stay updated on.
4.Twitter Hot Topics:
ARB (Token) - BlackRock's iShares Ethereum Trust successfully registered in Delaware, leading to a significant rise in Ethereum's value. This also resulted in a rebound of over 10% in Ethereum's exchange rate against BTC. As the leader in TVL among Layer 2 solutions, ARB also experienced an uptick, with its price briefly surpassing US$1.2.
5.Regional Trending Searches:
FTT (Token) - The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stated that a rebooted FTX is possible if the new leadership team operates with a clear understanding of the law. Influenced by the potential reboot of FTX, FTT has seen significant increases over the past three days, at one point surpassing US$3.
GAS (Token) - GAS, the fuel token of the veteran chain Neo, has seen a sharp increase, rising 650% in a month. Based on CEX trading volume, over 60% of the trading volume originates from Upbit in South Korea, suggesting that this surge may be associated with speculation in the Korean region.
Main Body
Written by: Bitget Research
Data collection time: November 10, 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: 426,811
New active users on ETH: 77,433, with a daily increase of 9.07%
Existing active users on ETH: 349,378, with a daily increase of 10.74%
2.1.2 New User Profile
Core data: There were a total of 77,433 new active users on ETH yesterday, with a daily increase of 9.07%
Popular Sectors
Popular Projects
Key Projects:
ChangeNow (DApp) - This is a non-custodial cryptocurrency and
fiat exchange where users can trade over 200 tokens with no registration or trading limits. The project integrates DeFi and CeFi, with an average exchange time of 5 minutes, and has a very active on- XCNUSDT">
chain trading volume.
2.1.3 Existing User Profile
Core data: The number of ETH active existing users is 349,378, with a daily increase of 10.74%
Popular Sectors
Popular Projects
Key Projects:
Maestro (DApp) - Maestro is a renowned on-chain bot, that is highly favored by the crypto community. With the advantage of being an early player in the market, Maestro has established a substantial user base. In the next memecoin season, projects in the Bot sector may have good potential for growth. The usage of bots in the crypto community remains steady, and Maestro continues to maintain its position in the top three of the interaction leaderboard.
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. The price fluctuates at high levels, with a 24-hour trading volume of approximately US$6 million.
2.2.2 Uniswap V3
BADGER (Token) - Badger DAO, an open-source and decentralized autonomous organization, is dedicated to creating products and infrastructure that streamline the process of using Bitcoin (BTC) as collateral on numerous smart contract platforms. As per the official announcement, Binance will launch the USDT-M BADGER Perpetual Contract on November 9, 2023, at 20:30 (GMT+8), with up to 50x leverage. The anticipation of increased liquidity is expected to drive up the price.
2.3 Popular NFTs
2.3.1 Top NFT Collections
Bored Ape Yacht Club (NFT) - According to Dune Analytics, Ethereum NFT trading volume yesterday surpassed 10,000 ETH, reaching 10,351 ETH, a new high in the past three months. The floor price of Bored Ape Yacht Club also rebounded with the increase in trading volume.
3.Blockchain Profile - BSC
3.1 User Profile
3.1.1 Core Data
Total active users on BSC: 1,088,685
New active users on BSC: 151,373, with a daily increase of 9.05%
Existing active users on BSC: 937,312, with a daily increase of 7.62%
3.1.2 New User Profile
Core data: There were a total of 151,373 new active users on BSC yesterday, with a daily increase of 9.05%
Popular Sectors
Popular Projects
Key Projects:
TinyTap (DApp) - A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). As a specific technology in the trading sector, Tiny Tap will participate in the ISTE Live23 conference and earlier established a US$10 million Global Educators Fund, gaining considerable interest in the community.
3.1.3 Existing User Profile
Core data: The number of BSC active existing users is 937,312, with a daily increase of 7.62%
Popular Sectors
Popular Projects
Key Projects:
PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase. Users can select merchants from the activity page and shop as usual. It also offers opportunities through shopping, playing mini-games, NFTs, and M2E, among others.
3.2 Popular Trading Pairs
3.2.1 PancakeSwap V2
PME (Token) - A native chain project with a current trading volume of US$820,000. However, the project's token contract is not verified. There are nearly 692 holders, and the price has surged by 159x. An EOA address holds over 70% of the tokens. Despite the substantial price increase, the high risk makes it not advisable to participate.
4.Blockchain Profile - Polygon Chain
4.1 User Profile
4.1.1 Core Data
Total active users on Polygon: 384,269
New active users on Polygon: 73,003, with a daily increase of 0.89%
Existing active users on Polygon: 311,266, with a daily decrease of 6.86%
4.1.2 New User Profile
Core data: There were a total of 73,003 new active users on Polygon yesterday, with a daily increase of 0.89%
Popular Sectors
Popular Projects
Key Projects:
MakerDAO (DApp) - The quantity of RWA assets in MakerDAO has been continuously increasing. Recently, due to conducting transactions of U.S. bonds in Switzerland, MakerDAO has paid approximately US$1.5 million in stamp duty to the Swiss government.
4.1.3 Existing User Profile
Core Data: The number of Polygon active existing users is 311,266, with a daily decrease of 6.86%
Popular Sectors
Popular Projects
Key Projects:
Galxe (DApp) - A Web3-based credential data network, Galxe fosters an open and collaborative infrastructure, enabling brands and developers to interact with their communities and build robust products within the Web3 environment. Recently, Galxe officially launched Galxe AI, a chatbot proficient in cryptocurrencies. It is powered by ALVA and is in the whitelist testing phase.
4.2 Popular Trading Pairs
4.2.1 Uniswap V3
LINK (Token) - Chainlink has announced the launch date for its Chainlink Staking v0.2. The priority migration is set to commence on November 29 at 01:00 (This migration phase allows holders who staked in v0.1 the opportunity to transfer their v0.1 stakes, along with the accumulated LINK rewards, to v0.2).
5.Blockchain Profile - Arbitrum Chain
5.1 User Profile
5.1.1 Core Data
Total Active Users on Arbitrum: 206,604
New Active Users on Arbitrum: 42,004, with a daily increase of 21.88%
Existing Active Users on Arbitrum: 164,600, with a daily increase of 6.23%
5.1.2 New User Profile
Core data: There were a total of 42,004 new active users on Arbitrum yesterday, with a daily increase of 21.88%
Popular Sectors
Popular Projects
Key Projects:
LayerSwap (DApp) - This platform supports users in transferring assets across EVM chains such as Arbitrum, OP, Zksync, Starknet, and Polygon. Zkswap and Rollup.finance have already integrated LayerSwap and will use the relevant cross-chain services. The project makes cross-chain operations simple and secure. With a solid foundation, it is an essential project to stay updated on.
5.1.3 Existing User Profile
Core data: The number of Arbitrum active existing users is 164,600, with a daily increase of 6.23%
Popular Sectors
Popular Projects
Key Projects:
RhinoFi Bridge (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.
5.2 Popular Trading Pairs
5.2.1 Uniswap V3
PENDLE (Token) - Influenced by the news of BlackRock registering an Ethereum trust, there has been a general rise in tokens associated with LSD protocols. As per market data from Bitget, PENDLE experienced a surge, breaking the US$1 mark, currently trading at US$1.028, with a 24-hour increase of 9.39%. Additionally, Spartan Group has announced on social media that they have acquired tokens from Pendle's official team through the OTC channel.
6.Blockchain Profile - Base Chain
6.1 User Profile
6.1.1 Core Data
Total Active Users on Base: 66,437
New Active Users on Base: 10,984, with a daily decrease of 9.05%
Existing Active Users on Base: 55,453, with a daily decrease of 19.90%
6.1.2 New User Profile
Core data: There were a total of 10,984 new active users on Base yesterday, with a daily decrease of 9.05%
Popular Sectors
Popular Projects
Key Projects:
MERKLY (DApp) - Merkly is a multifunctional Omnichain platform, aiming to simplify bridging through the groundbreaking technology of LayerZero (LZ). The purpose of the refuel contract is to provide gas fees for chains without gas by using a swap and cross-chain method.
6.1.3 Existing User Profile
Core data: The number of Base active existing users is 55,453, with a daily decrease of 19.90%
Popular Sectors
Popular Projects
Key Projects:
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.
7. DApp Ecosystem - All Chains
Sweat Economy (DApp) - A traditional Web2 project that has transitioned to a Web3 wallet and a "Move to Earn" project, with currently 5 million downloads on Google Play. Users can earn SWEAT tokens through its Sweat Wallet application by engaging in daily physical activities.
8.DApp Ecosystem - ETH Chain
UAW fluctuations of all the projects are within the normal range.
9.DApp Ecosystem - BSC
Mobox has no remarkable promotions. UAW fluctuations of all the other projects are within the normal range.
10.DApp Ecosystem - Polygon Chain
UAW fluctuations of all the projects are within the normal range.
11.DApp Ecosystem - WAX Chain
AtomicAssets (DApp) - AtomicAssets is an NFT Marketplace on the WAX chain. It consistently maintains a high level of activity, with no particular promotions currently.
12.DApp Ecosystem - Solana Chain
MeanFi (DApp) - A multi-chain swap DeFi application, with main modules including a payment stream system, and an aggregated DEX. The project has long been a leading DeFi application in the Solana ecosystem. Its main product feature is performing ERC20-ERC20 conversions using a Dollar Cost Average strategy. The project has recently cooperated with many projects from the Arbitrum ecosystem and integrated the DCA trading feature of STG and MIM.
13.DApp Ecosystem - Arbitrum Chain
UAW fluctuations of all the projects are within the normal range.
14.DApp Ecosystem - Base Chain
UAW fluctuations of all the projects are within the normal range.
15.DApp Ecosystem - GameFi Sector Across All Chains
Sweat Economy was described earlier in the report.
16.Gas Fee Consumption - ETH Chain
BananaGun (DApp) - The project is a TG Bot that helps users trade on DEXs, with two core features: "Sniper" (targeting newly listed memes) and "Quick Trade." Both features have "anti-rug" and "MEV protection" functionalities to protect investors, with fees of 0.85% and 0.5%. Looking at the roadmap, future updates will include features such as automatic profit-taking, Telegram scraper, multi-chain support, and copytrading. With the market in a vibrant state, BANANA token has recently experienced a surge of over 60%.
17.Gas Fee Consumption - BSC
PancakeSwap (DApp) - Binance has officially launched the Binance Web3 Wallet, enabling users to exchange tokens across multiple networks at the best prices through a secure and simplified process. The underlying DEX utilizes routing service from 1inch and PancakeSwap.
18.Gas Fee Consumption - Polygon Chain
Galxe (DApp) - A Web3-based credential data network, Galxe fosters an open and collaborative infrastructure, enabling brands and developers to interact with their communities and build robust products within the Web3 environment. Recently, Galxe officially launched Galxe AI, a chatbot proficient in cryptocurrencies. It is powered by ALVA and is in the whitelist testing phase.
19.Gas Fee Consumption - Arbitrum Chain
GMX (DApp) - GMX is a decentralized exchange (DEX) specifically designed for trading perpetual cryptocurrency futures, offering up to 50x leverage. The cryptocurrencies available for trading include popular ones such as Bitcoin (BTC) and Ethereum (ETH). Currently a leading project in the Arbitrum ecosystem, GMX has a TVL of US$486 million. Recently, it officially launched a short-term incentive program involving 12 million ARB tokens, which will be distributed over 12 weeks as liquidity and trading incentives.
20.Gas Fee Consumption - Base Chain
Friend.Tech (DApp) - The social protocol on Base, Friend.Tech, has seen a decline in popularity during the token bull market. The TVL remains stable, hovering around US$43 million. The protocol's daily fees have decreased by 60%, presenting a favorable opportunity for point accumulation through interaction.
21.Twitter Trends Token Top Rank
ARB (Token) - BlackRock's iShares Ethereum Trust successfully registered in Delaware, leading to a significant rise in Ethereum's value. This also resulted in a rebound of over 10% in Ethereum's exchange rate against BTC. As the leader in TVL among Layer 2 solutions, ARB also experienced an uptick, with its price briefly surpassing US$1.2.
22.Google Trends - Global
FTT (Token) - The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stated that a rebooted FTX is possible if the new leadership team operates with a clear understanding of the law. Influenced by the potential reboot of FTX, FTT has seen significant increases over the past three days, at one point surpassing US$3.
GAS (Token) - GAS, the fuel token of the veteran chain Neo, has seen a sharp increase, rising 650% in a month. Based on CEX trading volume, over 60% of the trading volume originates from Upbit in South Korea, suggesting that this surge may be associated with speculation in the Korean region.
23.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan
a) South Asia Region
India Trends: Crypto Screener, Storj, SOL, BONK
Pakistan Trends: CMC, Crypto Batter, CMC, Ordinals, Halal, Coinmarketcap
b) Southeast Asia Region
Malaysia Trends: CMC, LINK, Bitcoin, AVAX, LUNC
Vietnam Trends: Crypto Bubbles
Singapore Trends: Binance, Crypto Ranking
c) East Asia and Hong Kong, Macau, and Taiwan
Trends: Crypto
24.Google Trends Surge - English-speaking Countries, Europe, CIS Region
a) CIS Region
Trends: Airdrop Crypto, Crypto Bubble, Arkham, Airdrop
b) English-speaking Countries
Australia Trends: Matic, Link, Moonriver, WTK, Bigtime
UK Trends: Arbitrum, Atom, Binance, Storj, Safemoon, TWT
USA Trends: link, Litecoin, SUI, CMC
Canada Trends: ANKR, Stellar, XRP, BTC, PEPE, Storj, TON
c) Europe
France Trends: Gas, SXP, GST, Polymesh, MNW
Poland Trends: ATOM, MINA, FTM, SOL, TAO, Dash
Switzerland Trends: Matic, Link
Turkey Trends: Faucet Crypto, CMC, RSI, YUKI
Germany Trends: Sweat, XRP, Ripple, Sweat
Italy Trends: TAO, MOVR, ORDI
25.Google Trends Surge - Middle East, Latin America, Africa
a) Africa
South Africa Trends: XRP, Matic, Solana, CMC
Nigeria Trends: Cosmos, ICE, TWT, CMC, Simplex
b) Middle East
UAE Trends: CGC, CMC, BTC,
Tradingview
c) Latin America
Brazil Trends: Shiba, RAD, LINK, SHIBA, ETH, RAD
Argentina Trends: XRP, CAKE, SHIB, STELLAR, NEXO, CMC
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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