Bitget Research: Crypto Market Experiences Pullback, Ethereum Layer 2 TVL Surpasses US$16 Billion Setting New High

In the past 24 hours, many new popular tokens and topics have emerged in the 03db731a-1756-473a-963e-12be6c61ad81, and perhaps they will be the next focus of the market.

In Summary:

1.Popular Tokens:

KONG (Token) - A dormant inscription deployed on March 13, KONG was strongly promoted by Jack 孔@iPollo to build a community. The project experienced a significant surge, with a 40x increase in a single day. It achieved the second-highest 24-hour on-chain trading volume with over 22 BTC (equivalent to nearly US$1 million), ranking just after SATS.

MEMES (Token) - Known fully as Memes Street, this memecoin associated with Elon Musk has recently seen high trading activity. It has significant contract risks, but the project team has renounced the contract, and the LP has been sent to a burn address. The token has a 24-hour trading volume nearing US$6 million with over 4500 transactions, indicating its considerable popularity. It is advisable to keep this token on your radar.

BSSB (Token) - Bitstable (token ticker: BSSB) is a decentralized stablecoin protocol based on the Bitcoin Network. The project has a liquidity pool of US$2 million on a DEX and a total market cap of US$15.5 million. The recent introduction of a staking feature allows earning BSSB through staking DAII. The token's 24-hour trading volume is US$4.6 million. Despite facing recent downward pressure, the token's innovative nature makes it an important one to watch.

KEKE (Token) - A frog-themed memecoin, this project recently had its TGE within the past three days and has shown a favorable trend since the launch. KEKE has an on-chain liquidity of US$350,000, a total market cap of US$1.74 million, and a 24-hour trading volume of US$6.3 million. The project has decent trading activity, and the community shows speculative interest.

SNX (Token) - SNX, the token of a prominent DeFi project, experienced a downward spike today. However, SNX has recently shown a strong counter-trend rise, with evident trading interest in the community. In terms of contract trading, the project's open interest volume has reached a recent high, indicating significant popularity and making it a project worth continuous monitoring.

2.Popular NFTs:

Ethrunes (NFT) - Ethrunes, an ERC1155-based Ethereum inscription protocol, has suddenly gained significant attention. On-chain data indicates a notably high rate of participation in the minting process. Once minted, these ERC1155 format NFTs are displayed on platforms like OpenSea and other NFT marketplaces. There is no secondary market trading data, with mainly the newly minted NFTs generating more interest. It is advisable to keep this NFT on your radar.

!fundrop (NFT) - The NFT mint aggregator mint.fun has announced the conclusion of the !fundrop event. Currently, !fundrop Pass holders are allowed to mint !fundrop Finale IDs on Base. The attributes of these IDs are generated based on points, streaks, and level achievements. Since the commencement of !fundrop, over 513,547 people have minted the !fundrop Pass, and more than 382 ETH in rewards have been distributed.

Smart Cats (NFT) - An NFT associated with SmartLayer, with over 800,000 holders. By feeding and cleaning Smart Cats, the NFTs can be upgraded. The high trading volume of the NFTs is driven by users' anticipation of future airdrops from SmartLayer.

Pudgy Penguins (NFT) - The NFT project Pudgy Penguins has announced the launch of Pudgy World Alpha in the first quarter of 2024, supported by zkSync. Pudgy World is a digital experience that completes the physical product loop. Pudgy Toy holders can scan the accompanying QR code, create an account, redeem features, and customize their Forever Pudgy Penguin. A significant part of the Pudgy World Alpha release is the introduction of new characters Pudgy Peaches.

3.Popular DApps:

Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. With the advantage of being an early player in the market, Maestro has established a substantial user base. Maestro's daily transaction fees have increased to previous high points, ranging between US$150,000 and US$200,000, which helps it maintain its top position in the BOT sector.

TinyTap (DApp) - TinyTap is a vast library of games created by educators. Now under the umbrella of Animoca Brands, the project is dedicated to forging an open, blockchain-driven educational ecosystem. Animoca Brands has announced plans to purchase additional EDU tokens from the open market. Binance Labs invested US$3.15 million in the Web3 education protocol Open Campus, bringing a significant level of traffic to the Web3 education sector.

Port3 (DApp) - Port3 is a social data oracle project incubated by Binance Labs. Its main features include the creation of a decentralized social data oracle based on data aggregation, and providing open data layer services for various Web3 identities and asset applications. It also introduces an incentive layer to empower contributors, aiming to ensure user data ownership. Port3's social data oracle addresses three core issues: data organization and connectivity, data rights ownership by users, and user privacy protection.

xPet (DApp) - A SocialFi project on the Arbitrum chain, with gameplay similar to Fren Pet, requiring players to feed, accompany, and ensure the survival of their pets, thereby helping them earn token rewards. Unlike Fren Pet's "main screen" gameplay, xPET operates through a browser plugin, enabling greater interaction possibilities with Twitter.

LayerZero (Dapp) - LayerZero Labs stated on a social platform that it will have a native LayerZero token in response to community discussions over the past few months. The team is currently focused on the distribution process of the token and anticipates completing it in the first half of 2024.

Wormhole (DApp) - Wormhole has completed a funding round of US$225 million at a valuation of US$2.5 billion. This round did not have a leading investor and saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. The funding round stands out as the largest in terms of the amount raised for a cryptocurrency project in 2023.

StarkEx (DApp) - The Starknet Foundation confirmed screenshots showing draft airdrop plans and announced that snapshot for the airdrop has already been taken. Plans are currently underway to distribute tokens to certain active past users and contributors. The eligibility cutoff date for the airdrop has been set, and no actions by users after this date will affect their eligibility for future airdrops. The foundation also stated that it will share finalized official standards and detailed information regarding the airdrop distribution in due course.

4.Twitter Hot Topics:

SOL (Token) - According to DeFillama data, Solana Network's TVL has risen to US$902 million, with multiple protocols within the Solana ecosystem experiencing substantial growth. The Solana token itself has seen a significant increase, and the airdrops by projects within the ecosystem are creating a strong wealth effect.

5.Regional Trending Searches:

Bitcoin (Token) - Market data reveals that Bitcoin experienced a maximum decline of 7.5% within two hours, with many popular altcoins also experiencing short-term declines of over 15%.

Main Body

Written by: Bitget Research

Data collection time: December 11, 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)

5) In this report, the term "Entity" refers to both Contract Account (CA) and Ethereum Original Account (EOA), and is not a result of the aggregation of actual entity addresses.

1.BTC Profile - BRC-20

KONG (Token) - A dormant inscription deployed on March 13, KONG was strongly promoted by Jack 孔@iPollo to build a community. The project experienced a significant surge, with a 40x increase in a single day. It achieved the second-highest 24-hour on-chain trading volume with over 22 BTC (equivalent to nearly US$1 million), ranking just after SATS.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 433,181

New active users on ETH: 88,164, with a daily decrease of 2.59%

Existing active users on ETH: 345,017, with a daily decrease of 2.49%

2.1.2 New User Profile

Core data: There were a total of 88,164 new active users on ETH yesterday, with a daily decrease of 2.59%

Popular Sectors

Popular Projects

Key Projects:

Ethrunes (NFT) - Ethrunes, an ERC1155-based Ethereum inscription protocol, has suddenly gained significant attention. On-chain data indicates a notably high rate of participation in the minting process. Once minted, these ERC1155 format NFTs are displayed on platforms like OpenSea and other NFT marketplaces. There is no secondary market trading data, with mainly the newly minted NFTs generating more interest. It is advisable to keep this NFT on your radar. https://ethrunes.xyz/

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 345,017, with a daily decrease of 2.49%

Popular Sectors

Popular Projects

Key Projects:

Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. With the advantage of being an early player in the market, Maestro has established a substantial user base. Maestro's daily transaction fees have increased to previous high points, ranging between US$150,000 and US$200,000, which helps it maintain its top position in the BOT sector.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

MEMES (Token) - Known fully as Memes Street, this memecoin associated with Elon Musk has recently seen high trading activity. It has significant contract risks, but the project team has renounced the contract, and the LP has been sent to a burn address. The token has a 24-hour trading volume nearing US$6 million with over 4500 transactions, indicating its considerable popularity. It is advisable to keep this token on your radar.

2.2.2 Uniswap V3

BSSB (Token) - Bitstable (token ticker: BSSB) is a decentralized stablecoin protocol based on the Bitcoin Network. The project has a liquidity pool of US$2 million on a DEX and a total market cap of US$15.5 million. The recent introduction of a staking feature allows earning BSSB through staking DAII. The token's 24-hour trading volume is US$4.6 million. Despite facing recent downward pressure, the token's innovative nature makes it an important one to watch.

2.3 Popular NFTs

2.3.1 Top NFT Collections

Pudgy Penguins (NFT) - The NFT project Pudgy Penguins has announced the launch of Pudgy World Alpha in the first quarter of 2024, supported by zkSync. Pudgy World is a digital experience that completes the physical product loop. Pudgy Toy holders can scan the accompanying QR code, create an account, redeem features, and customize their Forever Pudgy Penguin. A significant part of the Pudgy World Alpha release is the introduction of new characters Pudgy Peaches.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 959,628

New active users on BSC: 146,154, with a daily decrease of 21.53%

Existing active users on BSC: 813,474, with a daily decrease of 4.15%

3.1.2 New User Profile

Core data: There were a total of 146,154 new active users on BSC yesterday, with a daily decrease of 21.53%

Popular Sectors

Popular Projects

Key Projects:

TinyTap (DApp) - TinyTap is a vast library of games created by educators. Now under the umbrella of Animoca Brands, the project is dedicated to forging an open, blockchain-driven educational ecosystem. Animoca Brands has announced plans to purchase additional EDU tokens from the open market. Binance Labs invested US$3.15 million in the Web3 education protocol Open Campus, bringing a significant level of traffic to the Web3 education sector.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 813,474, with a daily decrease of 4.15%

Popular Sectors

Popular Projects

Key Projects:

Seg Finance (DApp) - A Play2Earn project on the BSC, where users can stake their shoe NFTs or provide liquidity to earn passive BNB profits. The project is now open source, and its contract on the BSC is transparent. It has over 1500 followers on Twitter and is an essential project to stay updated on.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

KEKE (Token) - A frog-themed memecoin, this project recently had its TGE within the past three days and has shown a favorable trend since the launch. KEKE has an on-chain liquidity of US$350,000, a total market cap of US$1.74 million, and a 24-hour trading volume of US$6.3 million. The project has decent trading activity, and the community shows speculative interest.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 415,350

New active users on Polygon: 67,512, with a daily increase of 1.51%

Existing active users on Polygon: 347,838, with a daily decrease of 7.88%

4.1.2 New User Profile

Core data: There were a total of 67,512 new active users on Polygon yesterday, with a daily increase of 1.51%

Popular Sectors

Popular Projects

Key Projects:

Inscription (DApp) - The Inscription sector is surging in popularity, with over 900 different Inscriptions being created on the Polygon network. Transactions of Inscriptions account for 28% of the total on-chain transactions, dominating the gas consumption ranking.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 347,838, with a daily decrease of 7.88%

Popular Sectors

Popular Projects

Key Projects:

Port3 (DApp) - Port3 is a social data oracle project incubated by Binance Labs. Its main features include the creation of a decentralized social data oracle based on data aggregation, and providing open data layer services for various Web3 identities and asset applications. It also introduces an incentive layer to empower contributors, aiming to ensure user data ownership. Port3's social data oracle addresses three core issues: data organization and connectivity, data rights ownership by users, and user privacy protection.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

SNX (Token) - SNX, the token of a prominent DeFi project, experienced a downward spike today. However, SNX has recently shown a strong counter-trend rise, with evident trading interest in the community. In terms of contract trading, the project's open interest volume has reached a recent high, indicating significant popularity and making it a project worth continuous monitoring.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 170,276

New Active Users on Arbitrum: 25,453, with a daily decrease of 16.82%

Existing Active Users on Arbitrum: 144,823, with a daily decrease of 5.31%

5.1.2 New User Profile

Core data: There were a total of 25,453 new active users on Arbitrum yesterday, with a daily decrease of 16.82%

Popular Sectors

Popular Projects

Key Projects:

xPet (DApp) - A SocialFi project on the Arbitrum chain, with gameplay similar to Fren Pet, requiring players to feed, accompany, and ensure the survival of their pets, thereby helping them earn token rewards. Unlike Fren Pet's "main screen" gameplay, xPET operates through a browser plugin, enabling greater interaction possibilities with Twitter.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 144,823, with a daily decrease of 5.31%

Popular Sectors

Popular Projects

Key Projects:

Vertex (DApp) - Vertex is a decentralized exchange (DEX) protocol based on Arbitrum, offering cross-margin trading services. It integrates spot, perpetual contracts, and money markets into one application. It is currently the most active derivatives platform on Arbitrum.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

Currently, there are no new hot projects.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 76,546

New Active Users on Base: 19,942, with a daily increase of 54.77%

Existing Active Users on Base: 56,604, with a daily increase of 9.63%

6.1.2 New User Profile

Core data: There were a total of 19,942 new active users on Base yesterday, with a daily increase of 54.77%

Popular Sectors

Popular Projects

Key Projects:

!fundrop (NFT) - The NFT mint aggregator mint.fun has announced the conclusion of the !fundrop event. Currently, !fundrop Pass holders are allowed to mint !fundrop Finale IDs on Base. The attributes of these IDs are generated based on points, streaks, and level achievements. Since the commencement of !fundrop, over 513,547 people have minted the !fundrop Pass, and more than 382 ETH in rewards have been distributed.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 56,604, with a daily increase of 9.63%

Popular Sectors

Popular Projects

Key Projects:

LayerZero (Dapp) - LayerZero Labs stated on a social platform that it will have a native LayerZero token in response to community discussions over the past few months. The team is currently focused on the distribution process of the token and anticipates completing it in the first half of 2024.

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

Balancer (DApp) - The social protocol TagDotTech, incubated by influencer Machibigbrother, was launched on Balancer hosted on the BASE network. The project has recently experienced significant levels of interaction. TAG token achieved a 24-hour trading volume of US$1.7 million, indicating considerable popularity. The project's token, BAL, has been listed on Bitget.

9.DApp Ecosystem - BSC

Pancake (DApp) - PancakeSwap is a decentralized exchange based on the BSC. Recently, it has significantly increased its trading volume and doubled its market share with the launch of its V3 version. PancakeSwap V3 brings numerous improvements, including increased capital efficiency, reduced trader fees, enhanced rewards for liquidity providers, and an improved user experience. It has also ventured into blockchain gaming, introduced fiat channels, and expanded its Yield Farming. PancakeSwap recently announced the burning of 8,808,741 CAKE tokens, valued at approximately US$21 million.

10.DApp Ecosystem - Polygon Chain

Planet IX (DApp) - A Web3 NFT-based GameFi game that is currently one of the most popular games on Polygon. It consistently tops the Polygon ecosystem rankings, indicating a very high level of user activity.

11.DApp Ecosystem - WAX Chain

Currently, there are no notable changes in the projects within the WAX Ecosystem.

12.DApp Ecosystem - Solana Chain

Wormhole (DApp) - Wormhole has completed a funding round of US$225 million at a valuation of US$2.5 billion. This round did not have a leading investor and saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. The funding round stands out as the largest in terms of the amount raised for a cryptocurrency project in 2023.

13.DApp Ecosystem - Arbitrum Chain

WooFi (DApp) - Launched by the cryptocurrency exchange WOO as a DeFi project, it recently gained positive attention in a short period due to its plans to buy back the shares and tokens previously acquired by the hedge fund Three Arrows Capital. This move is aimed at "eliminating uncertainties."

14.DApp Ecosystem - Base Chain

Stargate (DApp) - Stargate is a liquidity transfer protocol and the core project of the LayerZero ecosystem. Currently, the number of unique addresses staking its STG token has reached 1.1 million, with over 40 million STG tokens being staked. With Stargate, users and DApps can transfer native assets across multiple chains (with more to come in the future).

15.DApp Ecosystem - GameFi Sector Across All Chains

Smart Cats (NFT) - An NFT associated with SmartLayer, with over 800,000 holders. By feeding and cleaning Smart Cats, the NFTs can be upgraded. The high trading volume of the NFTs is driven by users' anticipation of future airdrops from SmartLayer.

16.Gas Fee Consumption - ETH Chain

StarkEx (DApp) - The Starknet Foundation confirmed screenshots showing draft airdrop plans and announced that snapshot for the airdrop has already been taken. Plans are currently underway to distribute tokens to certain active past users and contributors. The eligibility cutoff date for the airdrop has been set, and no actions by users after this date will affect their eligibility for future airdrops. The foundation also stated that it will share finalized official standards and detailed information regarding the airdrop distribution in due course.

17.Gas Fee Consumption - BSC

Port3 Aggregator (DApp) - Port3 is a social data oracle project incubated by Binance Labs. Its main features include the creation of a decentralized social data oracle based on data aggregation, and providing open data layer services for various Web3 identities and asset applications. It also introduces an incentive layer to empower contributors, aiming to ensure user data ownership. Port3's social data oracle addresses three core issues: data organization and connectivity, data rights ownership by users, and user privacy protection.

18.Gas Fee Consumption - Polygon Chain

CoinTool: Xen Batch Minter (DApp) - A renowned on-chain toolbox extensively utilized on the Polygon network. Its XEN Batch Minter feature assists users in batch minting XEN tokens.

19.Gas Fee Consumption - Arbitrum Chain

Layer Zero: Relayer V2 (Dapp) - LayerZero Labs stated on a social platform that it will have a native LayerZero token in response to community discussions over the past few months. The team is currently focused on the distribution process of the token and anticipates completing it in the first half of 2024.

20.Gas Fee Consumption - Base Chain

Wormhole Relayer (DApp) - Wormhole has completed a funding round of US$225 million at a valuation of US$2.5 billion. This round did not have a leading investor and saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, ParaFi, Dilectic, Borderless Capital, Arrington Capital, and Jump Trading. The funding round stands out as the largest in terms of the amount raised for a cryptocurrency project in 2023.

21.Top Trending Tokens on Twitter

SOL (Token) - According to DeFillama data, Solana Network's TVL has risen to US$902 million, with multiple protocols within the Solana ecosystem experiencing substantial growth. The Solana token itself has seen a significant increase, and the airdrops by projects within the ecosystem are creating a strong wealth effect.

22.Google Trends - Global

Bitcoin (Token) - Market data reveals that Bitcoin experienced a maximum decline of 7.5% within two hours, with many popular altcoins also experiencing short-term declines of over 15%.

23.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan

a) South Asia Region

India Trends: satoshi, bob, bttc, pancakeswap

Pakistan Trends: ada, tradingview, coinmarketcal

b) Southeast Asia Region

Malaysia Trends: crypto mining, chainlink, lunc

Philippines Trends: pi, jto, dca

Thailand Trends: crypto news, okx, faucet

Singapore Trends: xrp, btt, olas

Indonesia Trends: belajar, crypto miner, polygon

c) East Asia and Hong Kong, Macau, and Taiwan

Trends: avalanche

24.Google Trends Surge - English-speaking Countries, Europe, CIS Region

a) CIS Region

Trends: Crypto bubbles, Coinmarketcap

b) English-speaking Countries

Australia Trends: jesus, arweave, santa coin, shrapnel, btt

UK Trends: btt, bob, arkham, defillama

USA Trends: egld, betonline, orca, sei

Canada Trends: vet, etheruem, injective

c) Europe

France Trends: inspect, clore, wojak, helium

Poland Trends: ledger, zonda, scapesmania

Switzerland Trends: coinbase, xrp, avalanche, bittorrent, cro

Turkey Trends: yuki, btc, dogecoin

Germany Trends: casper, elrond, crypto wallet erstellen

Italy Trends: bittorrent, inj, hex, sol, helium

25.Google Trends Surge - Middle East, Latin America, Africa

a) Africa

South Africa Trends: crypto monnaie, crypto bubbles

Nigeria Trends: Crypto Bubbles, ice, mmm

b) Middle East

Trends: rediff, crypto bubbles

c) Latin America

Brazil Trends: solana, wrx, faucet, wax

Argentina Trends: dolar crypto precio hoy, tienda crypto

Mexico Trends: ultron crypto, crypto torreon, crypto bubbles

Reference Links

1. Dune On-Chain Data Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview

2. Dune On-Chain Data Dashboard - Gas Consumption: https://dune.com/bitgetresearch/gas-overview