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Ethereum Value and Price (Part 1)

This is an attempt to rationalise the market's imperishable hype with Ethereum - the Mother of all altcoins. One of the key articles in Bitget Academy’s 101 Series is Bitcoin Value and Price, where we discuss the determinants of Bitcoin price and how the mass adoption is reflected in its price. Now, it is a general perception that Ethereum and Bitcoin are different in nature. The questions have become: should we give Ethereum the status as money, and if yes, how can it be valued? The Current State Of Ethereum Markets According to Google Trends, the number of searches for ‘Ethereum' reached its peak during the bull market of 2021 before crashing in 2022 - twice - due to the Terra (LUNA) collapse and the FTX demise. Of course we are seeing some interest surge around the announcement and the actual event of Ethereum Merge, an event expected to push the token's price much higher. Ethereum market share has taken off since the start of 2023, though it doesn't seem to be shown in the level of Google interest. If Bitcoin dominance averages at 42.5% year-to-date, Ethereum has no trouble maintaining its second place with 18.1%, which is way ahead of the third-largest cryptocurrency Tether (USDT) at 6.7%. Mind you that Tether is a stablecoin, thus often considered a safe option to onboard crypto by newbies. This analysis is divided into two parts; Part 1 explores Ethereum's utilities and Part 2 introduces some valuation framework for ETH. The Future Of Money The most well-known Bitcoin notions are ‘Bitcoin as a store of value’ and ‘Bitcoin as a medium of exchange'. Those are just dimensions of money; from a store of value to a medium of exchange then to an unit of account, any item must tick all the characteristics of scarcity, durability, acceptability, portability, divisibility and fungibility. Let's see if Ethereum can fulfil these requirements. Durability, Portability, Divisibility and Fungibility As a digital asset and a programmable money, Ethereum for sure is: • durable: It can't be spoiled; damage or alter is only possible if the attacker breaks through the defence of large networks such as Ethereum (PoS). One must own at least 51% of the total staked ETH to corrupt the very same network, and consequently risk losing all their assets should a slashing take place. • portable: ETH is a digital money used on the Internet, especially for peer-to-peer transactions regardless of place and time. • divisibility: ETH has an extremely high degree of divisibility as one Ethereum is represented by 1018 gwei, the smallest denomination. That allows Ethereum to be utilised even by the world population. • fungibility: any two gwei or two ETH are interchangeable, and that makes the ERC-20 ETH fungible. Scarcity The scarcity principle talks about the relationship between limited supply and growing demand and how the equilibrium price will go up as a result. The original PoW Ethereum is an inflationary asset, meaning that there are more ETH going into circulation everyday, whereas Bitcoin supply is capped at 21 million. A reason, albeit not the main one, for the Ethereum Merge execution is to reduce the ETH supply and thereby increase its value. Take a look at the ETH supply chart below. The amount of daily rewarded ETH significantly decreases with the shift to PoS consensus, turning the net supply growth rate a.k.a. the annualised difference between daily ETH issuance and daily ETH burn to negative. It translates to an ETH deflation or an ever-decreasing supply of ETH, and the chart shows that ETH price tends to move in the opposite direction of its supply change. Summary: Less ETH in circulation after The Merge, ETH prices climb up. Stability Stability is the most crucial money attribute because none of the given dimensions of money can hold if its value keeps changing. Ethereum value rises and falls equally to periods of euphoria (DeFi Summer, bull market 2021) as well as crashes (May and November 2022). However, it's worth mentioning that Ethereum volatility has clearly declined over time, showing signs of better resistance towards market events such as the fall of FTX in November 2022 and staying well below 10% p.a. since 2023. Also important is how easily ETH value changes compared to other assets. We choose the NASDAQ Composite Index (COMP) as the stock/TradFi representative here due to the tech-savvy nature of this market and the Dollar Strength Index (DXY) for the US-Dollar is the global reserve currency. As of June 18, 2023, Ethereum volatility is nearly three times higher than that of COMP and 7.5 times higher than DXY. Historically speaking, Ethereum had always been more volatile than Bitcoin, but we already have two periods of ‘ETH volatility lower than BTC' in April and June 2023. This is a good start. Acceptability and Cognisability With a market cap of US$207,595,972,780 (as of June 18, 2023), Ethereum has remained the second-largest cryptocurrency by market cap for at least five years. The number of daily transactions on Ethereum looks remarkably stable throughout the years but is second to BNB Chain's daily transactions, mostly because of the exorbitant gas fees. BNB Chain is cheaper and hence has become home to a plethora of crypto projects during the 2021-22 bull cycle, even though 12% of BNB Chain-based tokens have fraudulent characteristics, per Solidus Labs. Ethereum developers plan to reduce gas fees on the network by introducing Sharding. Once successfully executed, this entry barrier to Ethereum will be lowered, resulting in a new wave of investors flocking to the ecosystem. Big guys, on the other hand, have already aped in via liquidity staking derivatives (LSDs) with eagerness. More on Sharding, ETH tokenomics and LSDs can be found here. It's safe to say that DeFi, and even NFT, originates from Ethereum, and many L2s are built on Ethereum, too. Ethereum is also widely recognised as the first bona fide Bitcoin's alternative - therefore the ‘Mother of All Altcoins'. A sound investment In light of recent lawsuits against Binance and Coinbase, the Securities and Exchange Commission (SEC) has published a list of tokens that they refer to as ‘securities’, including BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. It seems that the securities regulator has a not-so-hostile attitude towards Bitcoin and Ethereum, whilst the Commodity Futures Trading Commission (CFTC) has stated several times that Ethereum is a ‘commodity'. As long as Ethereum has nothing to do with the term ‘security', it should easily outperform other altcoins in the long run. To avoid the hassle that may arise with owning the actual Ethereum, Bitget offers a variety of Ethereum trading products, such as Bitget USDT-Ⓜ Futures, Bitget USDC-Ⓜ Futures and Bitget Copy Trade, all of which can give our users better, yet indirect, exposure to this token. Not yet a Bitgetter? Register with us today! Despite the fact that crypto prices are more volatile than stocks, their yields are actually higher. For example, the year-to-date return of ETH is 1.4 times higher than COMP as shown in the chart below. It's simply a trade off between risk and return. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

What Happened to the Cryptocurrency Market One Week Post-Shanghai Upgrade

On April 12 (UTC), the Ethereum network underwent a significant upgrade known as the Shanghai Upgrade, or Shapella Upgrade. This Upgrade included several important changes to the network, including the lowering of gas fees and the ability to withdraw ETH for node validators. The Upgrade is thought to have come out in a sensitive time as the price of ETH, as well as of other cryptocurrencies, had been fluctuating greatly. What impact did the Shanghai Upgrade have on the market? Let's find out. Unexpected Surge in Gas Fees The Shapella Upgrade aims to solve two things: decreasing gas fees and allowing the withdrawal of ETH. Yet, the former has not necessarily been realized. In fact, transaction fees on the Ethereum network have been on the rise since the Upgrade, reaching a 10-month high of 49.1 gwei. Source: Glassnode It is essential to mention that the surge in gas fees is not directly due to the Shapella Upgrade, but rather to bots spending millions to front-run memecoin buyers. While PEPE leads the recent memecoin frenzy and is the first one to start the gas spike on Ethereum, newer coins like TROLL and APED have replaced it as the top gas-burning altcoins. First Few Days of ETH Withdrawals Since the Shanghai Upgrade, according to recent data from 21Shares on Dune, approximately 1.7 million ETH, equivalent to approximately $3 billion, has been withdrawn from various sources. Of this amount, 54.9% can be attributed to staking rewards and partial withdrawals, while 45.1% is from full withdrawals. Source: Dune Among all entities, Kraken has witnessed the largest number of validator exits and ETH withdrawals, with over 15,000 validators having fully exited and nearly 1.1 million ETH outflow in both partial and full withdrawals. That is indeed a large number of unstaked ETH tokens, but it is lower than anticipated. Furthermore, the amount of new ETH being staked is surpassing the withdrawals, leading to additional buying pressure to counteract the withdrawn ETH. These past few days following the Upgrade have seen a consistent increase in the daily staking of ETH, with an average of over 100,000 ETH being staked per day. Influx of ETH Deposits in Exchanges Data from CryptoQuant reveals that cryptocurrency exchanges experienced a spike of 179,500 ETH net inflow, valued at approximately $375 million, during the four days following Ethereum's Shanghai Upgrade. The data also shows that within the period between April 13 to April 16, traders deposited 1,101,079 ETH to exchanges, while withdrawing only 921,579 tokens, resulting in the largest net inflow in a month over a four-day period. Messari's data also shows a significant influx of ETH deposits and a slump in ETH withdrawals into crypto exchanges following the Upgrade, leading to a net increase in ETH supply on exchanges. Source: Messari Even though increased net deposits on exchanges often signal an impending sell-off and subsequent price decline, the outlook for Ethereum appears to be positive. Overall Bullish Sentiment Following the successful implementation of the Shanghai Upgrade on Ethereum, the cryptocurrency market experienced an upward trend despite concerns of significant sell pressure after millions of staked ETH were to be withdrawn. The spot prices of ETH increased by 11%, surpassing the $2,000 mark, contrary to expectations of a sell-off, while BTC also soared past $30,000 for the first time since June 2022. Despite ETH’s rally, the Coinbase ETH-USD pair recorded more sell orders than buy orders, indicating that some traders may be liquidating their ETH holdings for USD possibly after staking them with the exchange. The trend in derivatives markets suggests a bullish sentiment, with ETH option volumes on the largest options market Deribit exceeding $1 billion. Rocketpool (RPL), the native token of a liquid staking platform, has dramatically outperformed not only BTC and ETH, but also its closest rival and market leader of liquid staking, Lido (LDO), following the Shapella Upgrade. Notably, since the Upgrade, the latest data from Kaiko reveals that the correlation between Bitcoin (BTC) and Ethereum (ETH) has reached its lowest point since January 2023, indicating that investors are potentially starting to view them as distinct and separate assets with unique characteristics and uses. After April 20, the crypto markets have recently been on a slight downward trend due to concerns about inflation and recession. Nonetheless, as aforementioned, daily staking of ETH continues to rise with an average of more than 100,000 ETH staked per day, which indicates a growing confidence in the long-term potential of the Ethereum network. What's Next? Following the Merge, Ethereum has been facing increased regulatory scrutiny. The US Securities and Exchange Commission has expressed concerns about some platforms that provide yields from staking cryptocurrencies, deeming them illegal securities offerings. Due to the Shapella Upgrade, which allows the unlocking of staked ETH, Ethereum may face more intensified inspection from governments. Also, later this year, another big upgrade called Cancun is scheduled to happen to the Ethereum network. This upgrade promises significantly lower fee, much faster transaction speed, and better scalability through the implementation of sharding. The exact date for the Cancun Upgrade has not been announced but the community is looking forward to it. Disclaimer: All products and projects listed in this article are not endorsements and are provided for informational purposes only. Qualified professionals should be consulted prior to making financial decisions.

Bitget Research: Overall Crypto Market Pullback, Memecoins Dominate Ethereum Chain Transaction List

In Summary: 1.Popular Tokens: PEPE (Token) — A memecoin featuring a sad frog on its logo, currently the hottest memecoin on the market with a daily on-chain trading volume of over US$100 million and dominating community discussions. During the market pullback yesterday, it rose to a new high against the trend. According to some blockchain data analysts, some early holders earned millions with an investment of less than 1 ETH, with gains up to 1000x. Users should be aware of the risks involved in participating. Currently, the token is available for trading on Bitget. WOJAK (Token) — The MEME coin, which is closely associated with the Pepe the Frog meme and features powerful human meme imagery, has a 24-hour trading volume of $22 million and a market cap of $9.17 million on the token chain. It is currently in high demand, with Bitget offering to trade for the coin. RUGame Labs (RUG) — A community memecoin with RUG as its theme name. The project was launched yesterday and has 22,000 Twitter followers but no KOL attention. The token liquidity is 440,000, and the price has seen a 120x increase from the bottom. Its 24-hour trading volume is US$1.38 million. APED (Token) — An ape-themed memecoin. The community’s interest is high, with several KOL discussions. Its 24-hour trading volume is US$20 million, and its market cap is US$7.4 million. The price fluctuates at a high level. CHAD (Token) — CHAD is positioned as an elite memecoin and has some association with PEPE and WOJAK. Its 24-hour trading volume is US$12.47 million, with a market cap of US$2.66 million. BABYPEPE (Token) — A PEPE replica memecoin imitating the Babydoge model. Its current market cap is US$5.33 million, with a 24-hour trading volume of US$7.89 million. With only 600 Twitter followers, its overall marketing level is lower than that of PEPE and WOJAK, and the price has increased too much in the short term. Users should be aware of the risks involved. SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. AIDOGE (Token) — An Arbitrum community memecoin project, with AI-generated code and free airdrops for ARB airdrop users. The token has a 15% trading tax, with 1% permanently burned, 2% added to the AIDOGE/ETH trading pair for increasing the depth, 3% used for AIDOGE staking rewards, 3% given to secondary market traders as rewards, 3% used to buy ARB to subsidize the protocol game and voting, currently, some ARB is used directly to incentivize users to increase liquidity, and 3% used for development purposes. The 24-hour trading volume is currently US$18.5 million, and it is available for trading on Bitget. PUF (Token) — A community memecoin project with high community engagement and KOL discussions. It has a 24-hour trading volume of US$1.06 million, a market cap of US$330,000, and experienced a significant drop in price after a period of growth. RDNT (Token) — A cross-chain lending protocol based on Layer Zero and native to Arbitrum. It has already bridged to BSC and has a total TVL of US$240 million. Recently, the staking token for its V2 version was released without significant selling pressure. Multiple KOLs have bought in, and the project has been highly popular with a 24-hour trading volume of US$120 million and a market cap of US$110 million. 2.Popular NFTs: AISHIB (NFT) — An NFT collection called AIShiba OG Collection, issued by a memecoin project with the slogan “Missed $AIDOGE? Don’t miss $SHIBAI!” It has 12,207 holders, and a floor price of only 0.021 ETH, but has achieved a trading volume of over 500 ETH. The token $SHIBAI has a similar mechanism to AIDOGE, with a 15% trading tax. However, its token distribution and reward mechanism are more complex than AIDOGE, but currently only outlined in the project’s whitepaper. LFi NFT (NFT) — A free mint NFT built on Polygon. It is available on OpenSea, with a total supply of 1.1 million and over 10,000 holders. The on-chain minting activity is very hot. XEN Torrent (NFT) — XEN NFT is currently deployed on 10 different EVM-compatible chains, with over 1 million addresses minting it. With recent price increases, on-chain arbitrage has become active again. 3.Popular DApps: MEV Bot (DApp) — jaredfromsubway.eth, a highly active sandwich trading bot on the blockchain, specializing in sandwich attacks on memecoins. It has processed over 570,000 transactions. According to data from Dune, in the past 24 hours, jaredfromsubway.eth has consumed 535.18 ETH in gas fees, worth approximately US$1,119,969, accounting for 8.3% of the total network data. In the past week, the address consumed 1007.29 ETH, worth approximately US$2,096,850, accounting for 3.79% of the total network data. Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, Link3 participated in the Web Social Hackathon organized by Binance and released a growth incentive plan. In the future, it will attract projects and users to jointly build a high-quality Web3 social network. The project has not launched its own token yet, making it an important project to keep a close watch on. Galxe (DApp) — Galxe is an on-chain task platform and a top-tier DID application that recently launched a new identity verification method allowing for one-click login using an Ethereum address. On April 19th, the project bought back tokens to mark Q1’s development journey. Key product updates include Galxe Mintlist, a loyalty point system, Telegram integration, and page access credentials. The project has already collaborated with over 2100 projects and is growing rapidly. Benji Bananas (DApp) — An F2P mobile blockchain game invested by Animoca Brands. The overall ecosystem has seen a decrease in popularity due to two big holders of Bored Ape Yacht Club (BAYC) announcing their exit recently. Nevertheless, it is still a highly active project on the BSC. Currently, it is distributing Easter campaign rewards. Lens (DApp) — A leading on-chain social platform that has yet to release its token, with expectations of an airdrop. The ecosystem currently includes a variety of projects and has become one of the most active ecosystems on the Polygon chain. GameTrade Market (DApp) — A platform on Solana blockchain specialized in discovering and trading NFTs within games, mainly targeting in-game asset trading, providing a full range of game categories and game asset trading functions. Currently, the ecosystem has many game collaborations and announced on April 20th that it is launching its own Launchpad platform, allowing users to participate with a low fee of only 2.5%. BLUR (DApp) — On April 19, BLUR platform traded a total of 5746 ETH, with OpenSea trading 1796 ETH and OpenSea Pro 941 ETH. Recently, the overall trading volume of the NFT market has started to rebound, and the short-term price of BLUR has also increased. This is due to the upcoming release of Amazon’s NFT on April 24th, which has caused NFT-related token projects to rebound. Additionally, BLUR is set to release new products in May, generating significant user anticipation. Rarible (DApp) — Rarible is a multi-chain NFT trading platform where users can create “mint” and trade digital collectibles. On April 20th, the project indicated that the auction for The Smurfs NFTs would end in a few hours. The recent auction of the highly popular Smurfs NFT on Rarible has increased UAW. Space ID (Token) — On April 18th, SPACE ID announced the formation of a DAO Treasury, which will use 50% of the total net revenue generated by the SPACE ID platform (including revenue from domain name registration, renewal, gift card purchases, and SPACE ID market fees) to buy and burn ID tokens, while the remaining 50% will be added to the DAO treasury in the form of stablecoins and managed by all eligible ID token holders. On April 20th, Space ID announced its listing on OKX, and the token has seen high levels of community activity recently. 4.Twitter Hot Topics: There is no data available for today due to issues with the data source update. 5.Regional Trending Searches: PEPE (Token) — A frog-themed memecoin with a very strong wealth effect, having experienced a 4500x increase since its launch. It has been widely discussed worldwide, and OKX has released a poll where the community chooses whether it belongs to the “dog” or “frog” camp, generating expectations for PEPE listing on OKX. Currently, the trading pair is available on Bitget. ARB (Token) — Arbitrum has transferred 1 ARB token to the Curve DAO address for public testing to verify DAO’s control over funds. The decisions of the Arbitrum Foundation have a significant impact on the trend of the token. Therefore, following the development of events may reveal good trading opportunities. Why Crypto Crash (Event) — Yesterday, there was a flash crypto crash. BTC and ETH both fell by over 3% and 4% respectively within an hour, triggering a market correction. The average leverage ratio of market participants is currently high, and cryptocurrency volatility is significant, so users need to be aware of trading risks. Main Body Written by: Bitget Research Data collection time: April 20, 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.Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 369,707 New active users of ETH: 76,035, with a daily decrease of 5.84% Existing active users of ETH: 293,672, with a daily decrease of 4.54% 1.1.2 New User Profile Core data: There were a total of 76,035 new active users on ETH yesterday, with a daily decrease of 5.84% Popular Sectors Popular Projects Key Projects: RUGame Labs (RUG) — A community memecoin with RUG as its theme name. The project was launched yesterday and has 22,000 Twitter followers but no KOL attention. The token liquidity is 440,000, and the price has seen a 120x increase from the bottom. Its 24-hour trading volume is US$1.38 million. https://www.dextools.io/app/en/ether/pair-explorer/0x0ae290bcf6a7bb134c46f8c4c7cd905fce177e24 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 293,672, with a daily decrease of 4.54% Popular Sectors Popular Projects Key Projects: MEV Bot (DApp) — jaredfromsubway.eth, a highly active sandwich trading bot on the blockchain, specializing in sandwich attacks on memecoins. It has processed over 570,000 transactions. According to data from Dune, in the past 24 hours, jaredfromsubway.eth has consumed 535.18 ETH in gas fees, worth approximately US$1,119,969, accounting for 8.3% of the total network data. In the past week, the address consumed 1007.29 ETH, worth approximately US$2,096,850, accounting for 3.79% of the total network data. PEPE (Token) — A memecoin featuring a sad frog on its logo, currently the hottest memecoin on the market with a daily on-chain trading volume of over US$100 million and dominating community discussions. During the market pullback yesterday, it rose to a new high against the trend. According to some blockchain data analysts, some early holders earned millions with an investment of less than 1 ETH, with gains up to 1000x. Users should be aware of the risks involved in participating. Currently, the token is available for trading on Bitget. https://www.dextools.io/app/en/ether/pair-explorer/0xa43fe16908251ee70ef74718545e4fe6c5ccec9f WOJAK (Token) — The MEME coin, which is closely associated with the Pepe the Frog meme and features powerful human meme imagery, has a 24-hour trading volume of $22 million and a market cap of $9.17 million on the token chain. It is currently in high demand, with Bitget offering to trade for the coin. https://www.dextools.io/app/en/ether/pair-explorer/0x0f23d49bc92ec52ff591d091b3e16c937034496e 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 COPE (Token) — A memecoin with an image similar to that of PEPE. Its 24-hour trading volume is US$17.8 million, and its liquidity is only US$88,000. After an initial rise, the price has collapsed, and there are no signs of a rebound. This memecoin carries high risks. https://www.dextools.io/app/en/ether/pair-explorer/0xad1b370187aefff639442d7596fcf9a0c0661b17 APED (Token) — An ape-themed memecoin. The community’s interest is high, with several KOL discussions. Its 24-hour trading volume is US$20 million, and its market cap is US$7.4 million. The price fluctuates at a high level. https://www.dextools.io/app/en/ether/pair-explorer/0x877193009a881359e80df3ded7c6e055be9cc144 CHAD (Token) — CHAD is positioned as an elite memecoin and has some association with PEPE and WOJAK. Its 24-hour trading volume is US$12.47 million, with a market cap of US$2.66 million. https://www.dextools.io/app/en/ether/pair-explorer/0x2db388d12c56fa6bd81b101aa6ec8542e315ec5c BABYPEPE (Token) — A PEPE replica memecoin imitating the Babydoge model. Its current market cap is US$5.33 million, with a 24-hour trading volume of US$7.89 million. With only 600 Twitter followers, its overall marketing level is lower than that of PEPE and WOJAK, and the price has increased too much in the short term. Users should be aware of the risks involved. https://www.dextools.io/app/en/ether/pair-explorer/0x5b6a17d4e84b8d9b40eaaae821fc141d6158fe44 1.2.2 Uniswap V3 PEPE, WOJAK, APED (Token) — Aside from ETH, several memecoins, including PEPE, WOJAK, and APED, have taken over the top five positions in trading on UNI V3, as mentioned earlier in the report. 2.Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 1,264,894 New active users on BSC: 202,127, with a daily decrease of 6.14% Existing active users on BSC: 1,062,767, with a daily increase of 0.78% 2.1.2 New User Profile Core data: There were a total of 202,127 new active users on BSC yesterday, with a daily decrease of 6.14% Popular Sectors Popular Projects Key Projects: Trillioner (TLC) — A chain-based anonymous project with no liquidity pool. Currently, there are 8600 holders accumulated through transfers, which poses a high risk. https://bscscan.com/token/0x29a5daf6e3fdf964def07706ea1abee7ec03d021#balances 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 1,062,767, with a daily increase of 0.78% Popular Sectors Popular Projects Key Projects: Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, Link3 participated in the Web Social Hackathon organized by Binance and released a growth incentive plan. In the future, it will attract projects and users to jointly build a high-quality Web3 social network. The project has not launched its own token yet, making it an important project to keep a close watch on. Galxe (DApp) — Galxe is an on-chain task platform and a top-tier DID application that recently launched a new identity verification method allowing for one-click login using an Ethereum address. On April 19th, the project bought back tokens to mark Q1’s development journey. Key product updates include Galxe Mintlist, a loyalty point system, Telegram integration, and page access credentials. The project has already collaborated with over 2100 projects and is growing rapidly. 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 There is no data available for today due to issues with the data source update. 3.Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 389,528 New active users on Polygon: 86,068, with a daily decrease of 5.34% Existing active users on Polygon: 303,460, with a daily increase of 0.04% 3.1.2 New User Profile Core data: There were a total of 86,068 new active users on Polygon yesterday, with a daily decrease of 5.34% Popular Sectors Popular Projects Key Projects: Benji Bananas (DApp) — An F2P mobile blockchain game invested by Animoca Brands. The overall ecosystem has seen a decrease in popularity due to two big holders of Bored Ape Yacht Club (BAYC) announcing their exit recently. Nevertheless, it is still a highly active project on the BSC. Currently, it is distributing Easter campaign rewards. SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 303,460, with a daily increase of 0.04% Popular Sectors Popular Projects Key Projects: Lens (DApp) — A leading on-chain social platform that has yet to release its token, with expectations of an airdrop. The ecosystem currently includes a variety of projects and has become one of the most active ecosystems on the Polygon chain. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. 4.Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 345,350 Arbitrum New Active Users: 80,741, with a daily increase of 47.44% Arbitrum Existing Active Users: 264,609, with a daily increase of 5.97% 4.1.2 New User Profile Core data: There were a total of 80,741 new active users on Arbitrum yesterday, with a daily increase of 47.44% Popular Sectors Popular Projects Key Projects: AISHIB (NFT) — An NFT collection called AIShiba OG Collection, issued by a memecoin project with the slogan “Missed $AIDOGE? Don’t miss $SHIBAI!” It has 12,207 holders, and a floor price of only 0.021 ETH, but has achieved a trading volume of over 500 ETH. The token $SHIBAI has a similar mechanism to AIDOGE, with a 15% trading tax. However, its token distribution and reward mechanism are more complex than AIDOGE, but currently only outlined in the project’s whitepaper. https://www.dextools.io/app/en/arbitrum/pair-explorer/0xbb1554b79d49327f6f000fb8057a972bfee4afca 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 264,609, with a daily increase of 5.97% Popular Sectors Popular Projects Key Projects: AIDOGE (Token) — An Arbitrum community memecoin project, with AI-generated code and free airdrops for ARB airdrop users. The token has a 15% trading tax, with 1% permanently burned, 2% added to the AIDOGE/ETH trading pair for increasing the depth, 3% used for AIDOGE staking rewards, 3% given to secondary market traders as rewards, 3% used to buy ARB to subsidize the protocol game and voting, currently, some ARB is used directly to incentivize users to increase liquidity, and 3% used for development purposes. The 24-hour trading volume is currently US$18.5 million, and it is available for trading on Bitget. 4.2 Popular Trading Pairs 4.2.1 Uniswap V3 PUF (Token) — A community memecoin project with high community engagement and KOL discussions. It has a 24-hour trading volume of US$1.06 million, a market cap of US$330,000, and experienced a significant drop in price after a period of growth. RDNT (Token) — A cross-chain lending protocol based on Layer Zero and native to Arbitrum. It has already bridged to BSC and has a total TVL of US$240 million. Recently, the staking token for its V2 version was released without significant selling pressure. Multiple KOLs have bought in, and the project has been highly popular with a 24-hour trading volume of US$120 million and a market cap of US$110 million. 5.DApp Ecosystem — All Chains Iskra (DApp) — Iskra is a blockchain gaming platform built on Klaytn, bringing together gamers and game studios. The platform allows gamers to explore and enjoy high-quality blockchain games and create their own communities. Users can access new gaming projects through the platform’s Launchpad. On April 20th, it was announced that Iskra will be conducting its second promotional activity on Zealy, where users who complete tasks will have the chance to win a share of 5400 ISK and 5400 USDT in rewards. GameTrade Market (DApp) — A platform on Solana blockchain specialized in discovering and trading NFTs within games, mainly targeting in-game asset trading, providing a full range of game categories and game asset trading functions. Currently, the ecosystem has many game collaborations and announced on April 20th that it is launching its own Launchpad platform, allowing users to participate with a low fee of only 2.5%. TT Prize (DApp) — A mini-game platform built on Thundercore that uses TT for gaming. Currently, it has 455 Twitter followers and Similarweb shows a monthly traffic of less than 5000. It is essential to monitor this project. 6.DApp Ecosystem — ETH Chain BLUR (DApp) — On April 19, BLUR platform traded a total of 5746 ETH, with OpenSea trading 1796 ETH and OpenSea Pro 941 ETH. Recently, the overall trading volume of the NFT market has started to rebound, and the short-term price of BLUR has also increased. This is due to the upcoming release of Amazon’s NFT on April 24th, which has caused NFT-related token projects to rebound. Additionally, BLUR is set to release new products in May, generating significant user anticipation. DexView (DApp) is a website that provides real-time price charts and market sentiment for various chains, including Ethereum, BSC, Arbitrum, Polygon, etc. The Twitter account has only 14 followers, and usage is still relatively low. It is essential to monitor this project. 7.DApp Ecosystem — BSC Chain MOBOX (Dapp) — A cross-chain Metaverse game platform that integrates Web3 elements such as NFT and DeFi to assist game development within the project. At present, its token $MBOX is available on Bitget, and Mobox users can trade this asset on Bitget. AutoShark Finance (DApp) — A one-stop DeFi platform that supports functions such as Swap, Farm, Launchpad, etc. It has been audited by Certik, but its overall TVL is only US$388,000. It is essential to stay updated on this project. 8.DApp Ecosystem — Polygon Chain Flip Coin (DApp) — In the Flip Coin and Lottery application, users can toss a coin and earn double or participate in the lottery and earn ten times the amount. It has been marked as a high-risk DApp by DappRadar, so users are advised to be cautious and monitor the project. Rarible (DApp) — Rarible is a multi-chain NFT trading platform where users can create “mint” and trade digital collectibles. On April 20th, the project indicated that the auction for The Smurfs NFTs would end in a few hours. The recent auction of the highly popular Smurfs NFT on Rarible has increased UAW. 9.DApp Ecosystem — WAX Chain Neftyblocks(DApp) is an NFT trading platform on the WAX blockchain. According to data from third-party data websites, the platform’s traffic ranks behind SuperRare and LooksRare in the NFT space, with more popularity in the European and American regions. 10.DApp Ecosystem — Solana Chain MeanFi (DApp) — A permissionless, self-custodial bank on Solana, with main modules including a payment stream system, an aggregated DEX, etc. The project has been a top DeFi application on Solana for a long time, with many ecosystem collaborations. However, there is no recent significant update about the project. 11.DApp Ecosystem — Arbitrum Chain Space ID (Token) — On April 18th, SPACE ID announced the formation of a DAO Treasury, which will use 50% of the total net revenue generated by the SPACE ID platform (including revenue from domain name registration, renewal, gift card purchases, and SPACE ID market fees) to buy and burn ID tokens, while the remaining 50% will be added to the DAO treasury in the form of stablecoins and managed by all eligible ID token holders. On April 20th, Space ID announced its listing on OKX, and the token has seen high levels of community activity recently. 12.DApp Ecosystem — GameFi Sector Across All Chains Nine Chronicles (DApp) — A blockchain game supported by Ubisoft, with 129,000 Twitter followers including 91 KOLs. On April 10th, the monthly report was released, showing a monthly active user base of 32,000. The game is running campaigns, but there are no recent significant updates. 13.Gas Fee Consumption — ETH Chain PEPE (Token) — A frog-themed memecoin with a very strong wealth effect, having experienced a 4500x increase since its launch. It has been widely discussed worldwide, and OKX has released a poll where the community chooses whether it belongs to the “dog” or “frog” camp, generating expectations for PEPE listing on OKX. Currently, the trading pair is available on Bitget. 14.Gas Fee Consumption — BSC Chain XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. 15.Gas Fee Consumption — Polygon Chain LFi NFT (NFT) — A free mint NFT built on Polygon. It is available on OpenSea, with a total supply of 1.1 million and over 10,000 holders. The on-chain minting activity is very hot. https://opensea.io/collection/lfi-nft-1 XEN Torrent (NFT) — XEN NFT is currently deployed on 10 different EVM-compatible chains, with over 1 million addresses minting it. With recent price increases, on-chain arbitrage has become active again. https://opensea.io/collection/xenft-by-xen-crypto/activity 16.Gas Fee Consumption — Arbitrum Chain Camelot Router (DApp) has seen a significant increase in usage frequency and gas fee burn, thanks to the positive market sentiment for trading memecoins such as Aidoge and Shibai. Historical data shows that every significant increase in the amount of gas burned by DEXs is often accompanied by active trading of certain hot tokens. 17.Twitter Trends Token Top 20 There is no data available for today due to issues with the data source update. 18.Token Mentioned Frequency by KOLs on Twitter There is no data available for today due to issues with the data source update. 19.Token Mentioned Frequency by VCs on Twitter There is no data available for today due to issues with the data source update. 20.Google Trends — Global The most frequently mentioned Google search terms: PEPE, ARB, Why Crypto Crash PEPE (Token) — A frog-themed memecoin with a very strong wealth effect, having experienced a 4500x increase since its launch. It has been widely discussed worldwide, and OKX has released a poll where the community chooses whether it belongs to the “dog” or “frog” camp, generating expectations for PEPE listing on OKX. Currently, the trading pair is available on Bitget. ARB (Token) — Arbitrum has transferred 1 ARB token to the Curve DAO address for public testing to verify DAO’s control over funds. The decisions of the Arbitrum Foundation have a significant impact on the trend of the token. Therefore, following the development of events may reveal good trading opportunities. Why Crypto Crash (Event) — Yesterday, there was a flash crypto crash. BTC and ETH both fell by over 3% and 4% respectively within an hour, triggering a market correction. The average leverage ratio of market participants is currently high, and cryptocurrency volatility is significant, so users need to be aware of trading risks. 21.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: BTC, OLYMP Pakistan Trending Tokens: BTC, XEN b) Southeast Asia Region Philippines Trending Tokens: FTX, BTC Vietnam Trending Keywords: Crypto news Indonesia Trending Tokens: Luna, BTC, MEME Malaysia Trending Keywords: AVAX Singapore Trending Tokens: Gala, Crypto Crash c) East Asia and Hong Kong, Macau, and Taiwan Trending Tokens: WTK, XDC 22.Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region Trending Keywords: Watchlist, Crypto News b) English-speaking Countries UK Trending Tokens: XRP, INJ Australia Trending Tokens: BTTC, GRT, IRC, ETH USA Trending Keywords: Why crypto crashing, Crypto Drop, Crypto Down Canada Trending Tokens: FILM, XRD, (radix), CHZ, ICP, PEPE, XEN, HBAR c) Europe Spain Trending Tokens: ETH, ADA, CASH, BTC, CTSI, UNI Italy Trending Tokens: PEPE, BTC, BRISE, HBAR, LITE France Trending Tokens: UNI, XRP, PEPE, FIL, FTT Germany Trending Tokens: BTC, XRP, TRON Belgium Trending Tokens: TAMADOGE, WAVES, ETH Turkey Trending Tokens: BTC 23.Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Tokens: Shib; Trending Keywords: why crypto falling, coinbase, crypto jobs, dca b) Middle East Trending Tokens: BTC; Trending Keywords: Crypto Market, Binance, Crypto Bubbles, Crypto Crash c) Latin America Brazil Trending Tokens: BTC, ARB, RIO, UNI Argentina Trending Tokens: XRP, BTC

Bitget Research: Meme Sector Remain Hot, PEPE and Other Memecoins Experience Over 100% Daily Increase Following Bitget Listing

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: SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. This news has stimulated a rise in the XEN token price, which has increased by 46% in the past 24 hours. Pepe (Token) — A recent viral memecoin that has surged 100x from its bottom. Its trading volume has reached US$60.64 million in the past 24 hours, indicating high trading activity. It is important to keep a close watch on this token. Wojak (Token) — A highly popular memecoin recently, with on-chain liquidity reaching US$818,000 and a 24-hour trading volume of US$42.84 million. User trading activity is very high, and it is essential to stay updated on this token. CHAD (Token) — Positioned as an elite memecoin, CHAD has a similar marketing strategy to those of PEPE and WOJAK. Its on-chain liquidity is US$147,000, and its trading volume in the past 24 hours has reached US$10.54 million. Contract checks have shown no issues. It is essential to stay updated on this token. APED (Token) — A replica of PEPE, focusing on an ape-themed version of Pepe. The token has recently been launched, with on-chain liquidity of US$320,000 and a 24-hour trading volume of US$15.22 million, indicating significant attention. TRAD (Token) — A female-themed memecoin that represents female characters in various memes. The token was recently listed, with on-chain liquidity of US$107,000 and a 24-hour trading volume of US$9.73 million, indicating significant attention. PANDA (Token) — A recently launched memecoin that positions itself as the Chinese version of Pepe. On-chain liquidity is 71,900 USDT, with a 24-hour trading volume reaching US$4.85 million. It is still gaining popularity and is an essential token to stay updated on. SOV (Token) — Positioned as a token that fulfills the original vision of Ryoshi, the founder of Shib, to become a token for the people. It has a decent user base, with on-chain liquidity of US$4.14 million and a 24-hour trading volume of US$2.97 million. The project announced the completion of Veridiselinc’s contract audit on April 16th, and there are currently no risks detected by Goplus, making it an essential token to stay updated on. ID (Token) — On April 18th, SPACE ID announced the formation of a DAO Treasury, which will use 50% of the total net revenue generated by the SPACE ID platform (including revenue from domain name registration, renewal, gift card purchases, and SPACE ID market fees) to buy and burn ID tokens, while the remaining 50% will be added to the DAO treasury in the form of stablecoins and managed by all eligible ID token holders. This news has stimulated recent growth in the token’s value. LJF (Token) — A newly launched community-type token with limited information available. However, it has relatively high on-chain activity, with a pool liquidity of US$717,000 and a trading volume of US$1.51 million in the past 24 hours. It has 3950 holders and a market cap of only US$665,000. The contract has buy/sell taxes and 5 points to pay attention to. It is essential to stay updated on this token. LINK (Token) — On April 19th, Chainlink announced the official launch of registration for the 2023 Spring Hackathon, with the competition scheduled to take place from April 28th to May 9th. Participating projects have the opportunity to win US$400,000 in prizes and investment opportunities. https://www.bitget.com/en/spot/LINKUSDT_SPBL?type=spot AIDOGE (Token) — The project is airdropping tokens to all ARB airdrop users, with the earlier claimers receiving more tokens. There is also an invitation mechanism in place where the inviter can receive an additional 10% of the tokens. The token has a 15% trading fee. It has been super popular recently, with a 24-hour trading volume reaching US$8.7 million, making it an important token to keep a close watch on. PUF (Token) — A meme project launched by PufDAO, which has also launched two types of Pepe NFTs that have received high market attention. It has on-chain liquidity of US$139,000 and a trading volume of US$410,000 in the past 24 hours, with 947 holders. It is essential to stay updated on this token. 2.Popular NFTs: Mainnet Alpha (NFT) — A test faucet for NFTs issued by zkBridge, allowing users to experience functions such as cross-chain transfer of NFTs. There are currently 31,700 holders and 193,000 transfers, making it an essential project to engage with. Bear Market Pack (NFT) — Thirdweb has launched an NFT that can be claimed by users who have made contributions on Ethereum, Polygon, Avalanche, Arbitrum, or Optimism between January 1, 2022, and April 1, 2023, or deployed smart contracts during that period. So far, 7662 addresses have claimed this NFT. 3.Popular DApps: zkSync (DApp) — Recently, zkSync’s interaction activity has consistently been at the top on Ethereum in terms of new users. According to the latest data from Dune, the zkSync Era mainnet has reached 432,000 independent wallet addresses and 139,000 ETH transferred to zkSync. The total number of transfers has reached 525,000, indicating a good level of user engagement. BLUR (DApp) — On April 18, BLUR platform traded a total of 12,700 ETH, with OpenSea trading 3585 ETH and OpenSea Pro 1247 ETH. The NFT market has started to recover recently, and BLUR has shown a strong performance, with a current price of 0.79 USDT, indicating short-term price is trending upwards. As Amazon plans to release NFTs on April 24th, NFT-related projects’ tokens have begun to rebound, and BLUR is set to release new products in May, generating significant user anticipation. Uniswap NFT Aggregator (DApp) — Benefiting from the upcoming release of Amazon’s NFT platform, the overall trading volume in the NFT market has started to rebound, leading to an upward trend in BLUR’s price and increased attention on the Uniswap NFT aggregator market. Serious Dice (DApp) — A card game application built on ThunderCore, where users can earn tokens by throwing dice and guessing high or low numbers. The gameplay is simple and easy to understand, with a short participation time cycle. It is essential to stay updated on this project. Ramses Exchange (DApp) — A VE(3,3) DEX on Arbi, from the original team of Fantom Solidity and the DEUS team, with over 20 projects in cooperation. Recently launched its first launchpad project and deployed a centralized liquidity mechanism. The token saw a more than 50% increase in the past 24 hours, indicating high popularity. Rain.fi (DApp) — NFT liquidity protocol on Solana, supports pre-payment for NFT transactions and NFT lending. Currently, it has a TVL of 339k, including 179 NFT collections and 62 lending pools. 4.Twitter Hot Topics: GALA (Token) — Cryptocurrency project Gala Games will launch a new upgraded version of the GALA token (v2), which will be airdropped to all GALA holders at a 1:1 ratio. GALA (v2) will bring many advantages, including an improved burning mechanism, enhanced security, and future upgradability. The team is committed to ensuring that GALA and the Gala Games ecosystem are always at the forefront of blockchain technology and usability. 5.Regional Trending Searches: ICP (Token) — ICP is soon to integrate with ETH and introduce tokens such as ckETH and ckERC-20 to increase liquidity within the ICP ecosystem. The founder promoted ICP at the Hong Kong Web3 conference with 200 attendees, and the ecosystem has now surpassed 100 projects. KMD (Token) — Komodo is an open-source blockchain technology provider and its token, KMD, is listed on several top-tier centralized exchanges including Binance, experiencing a surge of over 50% in the past 24 hours. There are only about 3 days left until the submission of candidate proposals for Komodo’s 7th-season notary node election. Main Body Written by: Bitget Research Data collection time: April 19, 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.Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 388,390 New active users of ETH: 80,750, with a daily increase of 1.99% Existing active users of ETH: 307,640, with a daily increase of 1.36% 1.1.2 New User Profile Core data: There were a total of 80,750 new active users on ETH yesterday, with a daily increase of 1.99% Popular Sectors Popular Projects Key Projects: zkSync (DApp) — Recently, zkSync’s interaction activity has consistently been at the top on Ethereum in terms of new users. According to the latest data from Dune, the zkSync Era mainnet has reached 432,000 independent wallet addresses and 139,000 ETH transferred to zkSync. The total number of transfers has reached 525,000, indicating a good level of user engagement. XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. This news has stimulated a rise in the XEN token price, which has increased by 46% in the past 24 hours. https://www.dextools.io/app/en/ether/pair-explorer/0x2a9d2ba41aba912316d16742f259412b681898db 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 307,640, with a daily increase of 1.36% Popular Sectors Popular Projects Key Projects: Pepe (Token) — A recent viral memecoin that has surged 100x from its bottom. Its trading volume has reached US$60.64 million in the past 24 hours, indicating high trading activity. It is important to keep a close watch on this token. https://www.dextools.io/app/en/ether/pair-explorer/0xa43fe16908251ee70ef74718545e4fe6c5ccec9f Wojak (Token) — A highly popular memecoin recently, with on-chain liquidity reaching US$818,000 and a 24-hour trading volume of US$42.84 million. User trading activity is very high, and it is essential to stay updated on this token. https://www.dextools.io/app/en/ether/pair-explorer/0x0f23d49bc92ec52ff591d091b3e16c937034496e 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 CHAD (Token) — Positioned as an elite memecoin, CHAD has a similar marketing strategy to those of PEPE and WOJAK. Its on-chain liquidity is US$147,000, and its trading volume in the past 24 hours has reached US$10.54 million. Contract checks have shown no issues. It is essential to stay updated on this token. https://www.dextools.io/app/en/ether/pair-explorer/0x2db388d12c56fa6bd81b101aa6ec8542e315ec5c APED (Token) — A replica of PEPE, focusing on an ape-themed version of Pepe. The token has recently been launched, with on-chain liquidity of US$320,000 and a 24-hour trading volume of US$15.22 million, indicating significant attention. https://www.dextools.io/app/en/ether/pair-explorer/0x877193009a881359e80df3ded7c6e055be9cc144 TRAD (Token) — A female-themed memecoin that represents female characters in various memes. The token was recently listed, with on-chain liquidity of US$107,000 and a 24-hour trading volume of US$9.73 million, indicating significant attention. https://www.dextools.io/app/en/ether/pair-explorer/0x31191699046a17e684f2e8a1505d08ffa2f5babc PANDA (Token) — A recently launched memecoin that positions itself as the Chinese version of Pepe. On-chain liquidity is 71,900 USDT, with a 24-hour trading volume reaching US$4.85 million. It is still gaining popularity and is an essential token to stay updated on. https://www.dextools.io/app/en/ether/pair-explorer/0xa42ffd05ba61e038b841caf8e947cfcd16bc3678 1.2.2 Uniswap V3 SOV (Token) — Positioned as a token that fulfills the original vision of Ryoshi, the founder of Shib, to become a token for the people. It has a decent user base, with on-chain liquidity of US$4.14 million and a 24-hour trading volume of US$2.97 million. The project announced the completion of Veridiselinc’s contract audit on April 16th, and there are currently no risks detected by Goplus, making it an essential token to stay updated on. https://www.detools.io/app/en/ether/pair-explorer/0x0318170609141bfdb38d20d1f1c5b5197670ecee BLUR (DApp) — On April 18, BLUR platform traded a total of 12,700 ETH, with OpenSea trading 3585 ETH and OpenSea Pro 1247 ETH. The NFT market has started to recover recently, and BLUR has shown a strong performance, with a current price of 0.79 USDT, indicating short-term price is trending upwards. As Amazon plans to release NFTs on April 24th, NFT-related projects’ tokens have begun to rebound, and BLUR is set to release new products in May, generating significant user anticipation. 2.Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 1,269,859 New active users on BSC: 215,359, with a daily increase of 11.16% Existing active users on BSC: 1,054,500, with a daily increase of 1.06% 2.1.2 New User Profile Core data: There were a total of 215,359 new active users on BSC yesterday, with a daily increase of 11.16% Popular Sectors Popular Projects Key Projects: ID (Token) — On April 18th, SPACE ID announced the formation of a DAO Treasury, which will use 50% of the total net revenue generated by the SPACE ID platform (including revenue from domain name registration, renewal, gift card purchases, and SPACE ID market fees) to buy and burn ID tokens, while the remaining 50% will be added to the DAO treasury in the form of stablecoins and managed by all eligible ID token holders. This news has stimulated recent growth in the token’s value. https://www.bitget.com/en/spot/IDUSDT_SPBL?type=spot Mainnet Alpha (NFT) — A test faucet for NFTs issued by zkBridge, allowing users to experience functions such as cross-chain transfer of NFTs. There are currently 31,700 holders and 193,000 transfers, making it an essential project to engage with. 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 1,054,500, with a daily increase of 1.06% Popular Sectors Popular Projects Key Projects: Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, Link3 participated in the Web Social Hackathon organized by Binance and released a growth incentive plan. In the future, it will attract projects and users to jointly build a high-quality Web3 social network. The project has not launched its own token yet, making it an important project to keep a close watch on. Galxe (DApp) — Galxe is an on-chain task platform and a top-tier DID application that recently launched a new identity verification method allowing for one-click login using an Ethereum address. On April 19th, the project bought back tokens to mark Q1’s development journey. Key product updates include Galxe Mintlist, a loyalty point system, Telegram integration, and page access credentials. The project has already collaborated with over 2100 projects and is growing rapidly. 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 LJF (Token) — A newly launched community-type token with limited information available. However, it has relatively high on-chain activity, with a pool liquidity of US$717,000 and a trading volume of US$1.51 million in the past 24 hours. It has 3950 holders and a market cap of only US$665,000. The contract has buy/sell taxes and 5 points to pay attention to. It is essential to stay updated on this token. https://www.dextools.io/app/en/bnb/pair-explorer/0x6bd0ddb349d87fa6f738ed354022d28e6eabe4e5 SUI (Token): A BSC-based replica with the same name as SUI. Currently, there is no additional information available. The token has 923 holders, a liquidity of $807,000, and a 24-hour trading volume of US$1.55 million. Contract analysis shows a 100% sell tax. Users should be aware of a possible rug pull risk. https://www.dextools.io/app/en/bnb/pair-explorer/0x3eb5d03d3234b526c5a02c9a7b96251b9feb8f88 3.Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 394,275 New active users on Polygon: 90,927, with a daily decrease of 4.17% Existing active users on Polygon: 303,348, with a daily increase of 3.19% 3.1.2 New User Profile Core data: There were a total of 90,927 new active users on Polygon yesterday, with a daily decrease of 4.17% Popular Sectors Popular Projects Key Projects: SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). Bear Market Pack (NFT) — Thirdweb has launched an NFT that can be claimed by users who have made contributions on Ethereum, Polygon, Avalanche, Arbitrum, or Optimism between January 1, 2022, and April 1, 2023, or deployed smart contracts during that period. So far, 7662 addresses have claimed this NFT. https://opensea.io/zh-CN/collection/bear-market-pack-9 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 303,348, with a daily increase of 3.19% Popular Sectors Popular Projects Key Projects: Layerzero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Recently, LayerZero completed a $120 million Series B funding round at a valuation of $3 billion, with participation from a16z and Sequoia Capital, among others. The wealth effect of the Arbitrum airdrop has spurred interaction, with on-chain data showing that there are currently 1.063 million independent users, with 189,000 transfers on April 18th and an average of 200,000 daily transfers in the past week. The level of activity has been steadily increasing. ZED RUN (DApp) — A horse racing game that has already launched, with 67,300 followers on Twitter and 141,000 monthly visits according to Similarweb. The majority of visitors are from the United States (45.7%) and the United Kingdom (34.51%). The game is very popular within its community. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 DIMO (Token) — This project is positioned as a drive-to-earn software that allows users to connect DIMO hardware to their cars, monitor their vehicle’s health status, and perform maintenance to receive weekly rewards. The token has on-chain liquidity of US$50,000, and the trading volume in the past 24 hours was US$429,000. The token has seen a 39% increase in value in a single day recently, indicating a 5x increase from its bottom, naturally attracting significant user attention. LINK (Token) — On April 19th, Chainlink announced the official launch of registration for the 2023 Spring Hackathon, with the competition scheduled to take place from April 28th to May 9th. Participating projects have the opportunity to win US$400,000 in prizes and investment opportunities. https://www.bitget.com/en/spot/LINKUSDT_SPBL?type=spot 4.Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 304,466 Arbitrum New Active Users: 54,761, with a daily decrease of 23.83% Arbitrum Existing Active Users: 249,705, with a daily decrease of 33.81% 4.1.2 New User Profile Core data: There were a total of 54,761 new active users on Arbitrum yesterday, with a daily decrease of 23.83% Popular Sectors Popular Projects Key Projects: AIDOGE (Token) — The project is airdropping tokens to all ARB airdrop users, with the earlier claimers receiving more tokens. There is also an invitation mechanism in place where the inviter can receive an additional 10% of the tokens. The token has a 15% trading fee. It has been super popular recently, with a 24-hour trading volume reaching US$8.7 million, making it an important token to keep a close watch on. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x6a78e84fa0edad4d99eb90edc041cdbf85925961 Stargate Finance (DApp) — Stargate, developed by the LayerZero Labs team, is a fully composable liquidity transfer protocol that serves as the core of OmniChain DeFi. With Stargate, users and DApps can transfer native assets across 7 chains (with more to come in the future). Its TVL has rapidly increased recently. 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 249,705, with a daily decrease of 33.81% Popular Sectors Popular Projects Key Projects: Odos (DApp) — A DEX aggregator with a clear interface that supports one-click token swapping. Recently, it has partnered with Camelot and integrated with its platform. Odos has aggregated all the pools on Camelot to find the best prices and has the potential for a future airdrop. 4.2 Popular Trading Pairs 4.2.1 Uniswap V3 PUF (Token) — A meme project launched by PufDAO, which has also launched two types of Pepe NFTs that have received high market attention. It has on-chain liquidity of US$139,000 and a trading volume of US$410,000 in the past 24 hours, with 947 holders. It is essential to stay updated on this token. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x246e7cac689729609de20b3ff3a61a4aed92883f RDNT (Token) — Recently, driven by the continued rise of ARB, the core project RDNT in the Arbitrum ecosystem has also experienced a surge in both trading volume and price, approaching its previous high. The on-chain trading volume reached US$3.56 million in the past 24 hours. If the hype around the Cancun upgrade continues, then the core ecosystem of Layer 2 still has the potential for hype. https://www.bitget.com/en/spot/RDNTUSDT_SPBL?type=spot 5.DApp Ecosystem — All Chains Uniswap NFT Aggregator (DApp) — Benefiting from the upcoming release of Amazon’s NFT platform, the overall trading volume in the NFT market has started to rebound, leading to an upward trend in BLUR’s price and increased attention on the Uniswap NFT aggregator market. Sweat Economy (DApp) — This is a traditional Web2 project that has transitioned to a Web3 wallet and “Move to Earn” project. The project is currently conducting a community voting and destruction governance activity, deciding whether to burn or distribute the accumulated 100 million Sweat tokens since the beginning of this year. The token increased by 10% yesterday, with a trading volume of US$1.06 million in the last 24 hours. Serious Dice (DApp) — A card game application built on ThunderCore, where users can earn tokens by throwing dice and guessing high or low numbers. The gameplay is simple and easy to understand, with a short participation time cycle. It is essential to stay updated on this project. 6.DApp Ecosystem — ETH Chain Gemesis (NFT) — Gem has been renamed to OpenSea Pro and has airdropped NFTs to users. It is designed specifically for professional NFT users and has a total airdrop of 180,000 “Gemesis” NFTs. The project has become a target for earning points, with Bid prices on the secondary market exceeding the floor price. The daily trading volume was around 100 ETH. 7.DApp Ecosystem — BSC Chain Playbux (DApp) — Playbux is a metaverse project on the Binance Smart Chain that integrates real-world shops (shop-to-earn), DeFi, NFT, and virtual community activities. Users can explore the blockchain world (such as PancakeSwap, 1inch, NFT marketplace, mini-games, etc.) within Playbux’s metaverse while also experiencing real-world shopping and getting rebates on the platform. The project is incubated and invested in by Binance Labs and will conduct its first season airdrop activity on April 25th, with overall popularity steadily increasing. 8.DApp Ecosystem — Polygon Chain Taskon (DApp) — Taskon is a Web3 on-chain task platform that has recently gained popularity. According to Similarweb, the official website has a monthly traffic volume of 295,000, with the majority coming from Nigeria, Indonesia, Vietnam, Turkey, and Ukraine. In the last 24 hours, five projects have added activity tasks, and the overall activity frequency is high. 9.DApp Ecosystem — WAX Chain Neftyblocks(DApp) is an NFT trading platform on the WAX blockchain. According to data from third-party data websites, the platform’s traffic ranks behind SuperRare and LooksRare in the NFT space, with more popularity in the European and American regions. 10.DApp Ecosystem — Solana Chain GameTrade Market (DApp) — A platform on Solana blockchain specialized in discovering and trading NFTs within games, mainly targeting in-game asset trading, providing a full range of game categories and game asset trading functions. Currently, the platform has many collaborations with gaming ecosystems, and there have been 4 games and NFT trading collaborations in the past 24 hours. Rain.fi (DApp) — NFT liquidity protocol on Solana, supports pre-payment for NFT transactions and NFT lending. Currently, it has a TVL of 339k, including 179 NFT collections and 62 lending pools. 11.DApp Ecosystem — Arbitrum Chain Li.Fi (DApp) — A cross-chain bridge and DEX aggregator, LiFi automatically selects the best trading route, using the most liquid and cheapest fees to allocate assets at the lowest cost. The project raised $5.5 million in funding in July 2022, with 1kx leading the round and other investors, including Dragonfly Capital and Lattice Capital. The project has not yet launched its own token. Due to the expectations of upcoming airdrop and partnership campaigns, the project has seen significant interaction. Ramses Exchange (DApp) — A VE(3,3) DEX on Arbi, from the original team of Fantom Solidity and the DEUS team, with over 20 projects in cooperation. Recently launched its first launchpad project and deployed a centralized liquidity mechanism. The token saw a more than 50% increase in the past 24 hours, indicating high popularity. 12.DApp Ecosystem — GameFi Sector Across All Chains Benji Bananas (DApp) — A free-to-play mobile blockchain game invested by Animoca Brands. While the UAW shows growth of over 100%, the actual values are significantly lower than in the previous period, with a drop of over 60%. The overall ecosystem has seen a decrease in popularity due to two big holders of Bored Ape Yacht Club (BAYC) announcing their exit recently. 13.Gas Fee Consumption — ETH Chain Uniswap (DApp) — The trading frenzy of memecoins has driven up gas fees on the Ethereum chain, with top DEXs consuming the most gas. 14.Gas Fee Consumption — BSC Chain XEN (Token) — On April 18th, the bidding activity for XENKnights officially began. XENKnights is an experimental collection of only 100 unique art pieces inscribed on satoshis on the Bitcoin blockchain. A total of 100 XENKnight ordinals will be auctioned to the highest bidders, and the XEN tokens from the top 100 bidders will be burned. This news has stimulated a continuous and significant increase in the XEN token price. Two projects have already been launched on the XEN ecosystem, the first being DXN and the second being XLON, which is obtained by burning DXN. 15.Gas Fee Consumption — Polygon Chain Lfi NFT (NFT) — Lfi NFT is a free mint NFT built on Polygon. It is available on OpenSea, with a total supply of 1.1 million and 10,000 holders. The on-chain minting activity is very hot. https://opensea.io/collection/lfi-nft-1 Bear Market Pack (NFT) is a Free Mint NFT project issued by Thirdweb, a Web3 development framework project that encourages developers to continue building with the concept “For builders, there is no bear market.” Currently, there are 7565 holders, and opening this Pack NFT will give users different levels of NFT based on their on-chain contributions. https://thirdweb.com/bear-market-airdrop 16.Gas Fee Consumption — Arbitrum Chain AIDOGE (Token) — ArbDoge AI is a super hot memecoin. The project distributed 95% of its tokens through airdrops to users eligible for the ARB airdrop, which attracted a large number of users. The remaining 5% of tokens were distributed to the inviters who referred other users to claim the tokens. With a large number of retweets on Twitter, the project’s promotion had a good outreach. The token has a 15% trading tax, with 1% permanently burned, 2% added to the AIDOGE/ETH trading pair for increasing the depth, 3% used for AIDOGE staking rewards, 3% given to secondary market traders as rewards, 3% used to buy ARB to subsidize the protocol game and voting, currently, some ARB is used directly to incentivize users to increase liquidity, and 3% used for development purposes. AIDOGE, PEPE, WOJAK, and other hot memecoins are now available on Bitget. Those who are interested are welcome to trade on Bitget. 17.Twitter Trends Token Top 20 From the perspective of token popularity on Twitter trends: Newly listed tokens: ARB, GALA, MMIT, PEPES, TOMI, XEN, XRD GALA (Token) — Cryptocurrency project Gala Games will launch a new upgraded version of the GALA token (v2), which will be airdropped to all GALA holders at a 1:1 ratio. GALA (v2) will bring many advantages, including an improved burning mechanism, enhanced security, and future upgradability. The team is committed to ensuring that GALA and the Gala Games ecosystem are always at the forefront of blockchain technology and usability. 18.Token Mentioned Frequency by KOLs on Twitter There is no data available for today due to issues with the data source update. 19.Token Mentioned Frequency by VCs on Twitter There is no data available for today due to issues with the data source update. 20.Google Trends — Global The most frequently mentioned Google search terms: XEN, GALA, ICP, GPT, Komodo（KMD） GALA (Token) was explained above. ICP (Token) — ICP is soon to integrate with ETH and introduce tokens such as ckETH and ckERC-20 to increase liquidity within the ICP ecosystem. The founder promoted ICP at the Hong Kong Web3 conference with 200 attendees, and the ecosystem has now surpassed 100 projects. KMD (Token) — Komodo is an open-source blockchain technology provider and its token, KMD, is listed on several top-tier centralized exchanges including Binance, experiencing a surge of over 50% in the past 24 hours. There are only about 3 days left until the submission of candidate proposals for Komodo’s 7th-season notary node election. 21.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: ICP, PI, NEBL, KMD Pakistan Trending Tokens: XEN, GPT b) Southeast Asia Region Philippines Trending Tokens: NEBL, ARB, ID Vietnam Trending Tokens: XEN Indonesia Trending Tokens: DOGE, WAVE, REN, ETH Malaysia Trending Keywords: XEN Singapore Trending Tokens: MATIC, XEN c) East Asia and Hong Kong, Macau, and Taiwan Trending Tokens: XEN 22.Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region Trending Tokens: XEN b) English-speaking Countries UK Trending Tokens: VEX, HEX, KMD, ADA USA Trending Tokens: IOST, DIMO, XRD, ICP Canada Trending Tokens: FILM, XRD (radix), CHZ, ICP, PEPE, XEN, HBAR Australia Trending Tokens: ATOM, GALA, XRD, NEBL, KMD, AGIX c) Europe Germany Trending Tokens: XEN, ICP Italy Trending Tokens: ICP, GALA, HNT, XEN, CTSI France Trending Tokens: KMD, ICP, ETH, ILV Spain Trending Tokens: ADAX, DOT, RUNE Turkey Trending Tokens: XEN Belgium Trending Tokens: DOT, KMD 23.Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Tokens: XEN, GPT b) Middle East Trending Tokens: BTC, GALA c) Latin America Brazil Trending Tokens: AIDOGE, ICP, GALA, XEN Argentina Trending Tokens: LUNA, ROSE, CFX, ARB