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Bitget Research: Crypto Market is in a Weak Trend, BASE Chain Token $BALD Crashes After Skyrocketing Thousandfold
Bitget Research
2023/08/01
the past 24 hours, there have been many new popular tokens and topics emerging in the efdfa3bd-29e0-45e1-a43d-82fff97593b0, and perhaps they could be the next market spotlight.
In Summary:
1.Popular Tokens:
CRV (Token) - Curve has suffered heavy losses after a recent attack, causing its token price to drop for two consecutive days. Currently, the liquidation price of CRV positions on various lending platforms ranges from 0.38 to 0.4 USDT, posing significant potential risks to CRV and the DeFi sector. Several major CEX platforms have seen CRV contract
funding rates reach -0.4%, indicating a growing sentiment for shorting.
X (Token) - An "X" themed
memecoin on the Ethereum mainnet, it has seen a surge in trading volume in the past 24 hours, reaching US$13 million. This volume includes US$5 million from CEXs and US$8 million from DEXs. Bitget announced the listing of X yesterday, and X has seen a 40% increase over the past 24 hours. Risk warning: There are currently many tokens on-chain with the symbol "X". Make sure to check the contract address and risks when trading, or trade on a CEX platform instead.
CAKE (Token) - Just 5 days after the launch of zkSync Era PancakeSwap v3, the trading volume soared to US$10 million. PancakeSwap recently introduced a revenue-sharing pool, enabling fixed-term CAKE stakers to directly share in PancakeSwap's revenues.
2.Popular NFTs:
Firesky (NFT) - FIRESKY is an upcoming RPG developed by the Concept Haus team. This limited-edition series is based on the character lineup of the first season, with a limited number of new characters to be released each season. Yesterday, its NFTs were minted out on MagicEden, and they teased the upcoming alpha launch of their game.
Pandra (NFT) - Pandra is conducting a series of NFT cross-chain interactions, enabling simultaneous interactions with zkBridge and LayerZero. The task deadline is August 20th, and the NFT's transactions have been boosted by speculative investors taking advantage of the airdrop.
Merkly (NFT) - Merkly is a multi-chain NFT cross-chain bridge that connects NFTs to various networks using LayerZero and zkSync. With the anticipation of airdrops on LayerZero and zkSync, Merkly has become a key component in the interaction between zk and Layer0, leading to high interaction data and a significant increase in minting activity for multi-chain NFTs.
3.Popular DApps:
BridgeBase (DApp) - Users need to complete the cross-chain operation of ETH from the ETH mainnet to the Base chain by interacting with "0x49..97e". Users frequently complete cross-chain operations, resulting in an initial accumulation of assets in the Base ecosystem. Risk warning: 1) After soaring a thousandfold overnight, the BALD on the Base chain suffered a drastic crash. Memecoin rug pulls are frequent on the Base chain; 2) Currently, Base has not yet launched an official cross-chain bridge. When using third-party cross-chain bridges, users need to be aware of and manage their risks to prevent large amounts of funds from being stolen.
Vertex (DApp) - Vertex, a hybrid order book-AMM DEX built on Arbitrum, offers unified collateral across spot, perpetual, and money
markets. Vertex has received a strategic investment from Wintermute Ventures.
Plexus (DApp) - Plexus is a cross-chain
liquidity aggregator and a middleware infrastructure. On July 28, Plexus announced that it will conduct an IDO on Seedify, attracting significant attention from the community. A significant amount of progress has been made in product development in July, including the integration with Paraswap DEX, and bridge integrations with Connect, XYfinance, Symbiosis, and more.
zkLightClient (NFT) - Polyhedra's zkLightClient technology is fully integrated with LayerZero's messaging protocol, allowing DApp developers to use zero-knowledge-proof technology without barriers. Through its extensive developer tools and community support, developers can easily build cross-chain applications on LayerZero.
Linea (DApp) - An Ethereum Layer 2 solution launched by ConsenSys. Currently, Linea mainnet has bridged 19,308 ETH, and the number of unique users has reached 110,000. LayerZero launched the Linea mainnet two weeks ago, enabling applications to integrate with the new zkEVM rollup via LayerZero.
4.Twitter Hot Topics:
CAKE (Token) - Just 5 days after the launch of zkSync Era PancakeSwap v3, the trading volume soared to US$10 million. PancakeSwap recently introduced a revenue-sharing pool, enabling fixed-term CAKE stakers to directly share in PancakeSwap's revenues.
WLD (Token) - According to the Dune data dashboard, the number of Worldcoin (WLD) tokens claimed has surpassed 8.5 million, currently at 8,540,936, while the number of addresses participating in the claim phase has exceeded 340,000, currently at 341,647. The average value of WLD claimed per participant is US$57.84.
5.Regional Trending Searches:
HEX (Token) - According to The Block, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, also known as Richard Heart, alleging that he sold unregistered securities in violation of federal securities laws. Richard Heart is the founder of Pulsechain, PulseX, and Hex projects. The SEC also claims that Richard Heart defrauded investors by misappropriating at least US$12 million of customer funds.
CRV (Token) - Due to a reentrancy lock failure, some stable pools (alETH/msETH/pETH) using Vyper 0.2.15 were attacked. The attack led to losses of about US$52 million for projects such as Alchemix, JPEG'd, and Curve. CRV has temporarily pulled back to above US$0.56, with the curren t price at US$0.556. The funding rates for CRV contracts on several mainstream central exchanges, including Binance, have reached -0.4%, indicating a significant increase in shorting sentiment.
Main Body
Written by: Bitget Research
Data collection time: August 1, 10:30
Data sources: Dune, DApps, Twitter, Google
Note:
1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.
2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.
3) DApp daily activity (UAW: unique active wallets)
4) TGE (Token Generation Event)
1.BTC Profile - BRC-20
BILI (BRC-20) - A bilibili concept BRC-20 token initiated by the Chinese project bili_labs. The number of holders is currently 2651, indicating a slow increase. Its trading volume is US$32,000. It is essential to stay updated on BILI.
2. Blockchain Profile - ETH Chain
2.1 User Profile
2.1.1 Core Data
Total active users of ETH: 439,307
New active users of ETH: 81,886, with a daily increase of 10.54%
Existing active users of ETH: 357,421, with a daily increase of 16.63%
2.1.2 New User Profile
Core data: There were a total of 81,886 new active users on ETH yesterday, with a daily increase of 10.54%
Popular Sectors
Popular Projects
BridgeBase (DApp) - Users need to complete the cross-chain operation of ETH from the ETH mainnet to the Base chain by interacting with "0x49..97e". Users frequently complete cross-chain operations, resulting in an initial accumulation of assets in the Base ecosystem. Risk warning: 1) After soaring a thousandfold overnight, the BALD on the Base chain suffered a drastic crash. Memecoin rug pulls are frequent on the Base chain; 2) Currently, Base has not yet launched an official cross-chain bridge. When using third-party cross-chain bridges, users need to be aware of and manage their risks to prevent large amounts of funds from being stolen.
2.1.3 Existing User Profile
Core data: The number of ETH active existing users is 357,421, with a daily increase of 16.63%
Popular Sectors
Popular Projects
Linea (DApp) - An Ethereum Layer 2 solution launched by ConsenSys. Currently, Linea mainnet has bridged 19,308 ETH, and the number of unique users has reached 110,000. LayerZero launched the Linea mainnet two weeks ago, enabling applications to integrate with the new zkEVM rollup via LayerZero.
2.2 Popular Trading Pairs
2.2.1 Uniswap V2
X (Token) - An "X" themed memecoin on the Ethereum mainnet, it has seen a surge in trading volume in the past 24 hours, reaching US$13 million. This volume includes US$5 million from CEXs and US$8 million from DEXs. Bitget announced the listing of X yesterday, and X has seen a 40% increase over the past 24 hours. Risk warning: There are currently many tokens on-chain with the symbol "X". Make sure to check the contract address and risks when trading, or trade on a CEX platform instead. https://www.dextools.io/app/en/ether/pair-explorer/0x363ab2dd5dcb55f8d8c82bd465c7be4271e6ae74
2.2.2 Uniswap V3
CRV (Token) - Curve has suffered heavy losses after a recent attack, causing its token price to drop for two consecutive days. Currently, the liquidation price of CRV positions on various lending platforms ranges from 0.38 to 0.4 USDT, posing significant potential risks to CRV and the DeFi sector. Several major CEX platforms have seen CRV contract funding rates reach -0.4%, indicating a growing sentiment for shorting.
3.Blockchain Profile - BSC Chain
3.1 User Profile
3.1.1 Core Data
Total active users on BSC: 1,481,882
New active users on BSC: 198,240, with a daily increase of 5.26%
Existing active users on BSC: 1,283,642, with a daily decrease of 1.54%
3.1.2 New User Profile
Core data: There were a total of 198,240 new active users on BSC yesterday, with a daily increase of 5.26%
Popular Sectors
Popular Projects
zkLightClient (NFT) - Polyhedra's zkLightClient technology is fully integrated with LayerZero's messaging protocol, allowing DApp developers to use zero-knowledge-proof technology without barriers. Through its extensive developer tools and community support, developers can easily build cross-chain applications on LayerZero.
Pandra (NFT) - Pandra is conducting a series of NFT cross-chain interactions, enabling simultaneous interactions with zkBridge and LayerZero. The task deadline is August 20th, and the NFT's transactions have been boosted by speculative investors taking advantage of the airdrop.
3.1.3 Existing User Profile
Core data: The number of BSC active existing users is 1,283,642, with a daily decrease of 1.54%
Popular Sectors
Popular Projects
zkBridge on opBNB (DApp, NFT) - opBNB has already been launched on zkBridge. The opBNB network is a Layer 2 extension solution for the BNB smart chain, supported by the bedrock version of Optimism's opStack. zkBridge is a cross-chain bridge in the LayerZero ecosystem, featuring a trustless, efficient, and secure cross-chain interoperability protocol with zero-knowledge proof.
3.2 Popular Trading Pairs
3.2.1 PancakeSwap V2
RWT (Token) - RevaLink Wallet Token, rumored to be associated with a financial pyramid scheme promoted by hopingclub. The token price has experienced a continuous sharp decline after an initial rapid increase. There are 470,000 token holders on-chain, but the chips are overly concentrated, with the top 6 addresses holding 99% of the tokens. The risk is extremely high and participation is not recommended.
4.Blockchain Profile - Polygon Chain
4.1 User Profile
4.1.1 Core Data
Total active users on Polygon: 504,237
New active users on Polygon: 107,000, with a daily increase of 20.98%
Existing active users on Polygon: 397,237, with a daily increase of 15.28%
4.1.2 New User Profile
Core data: There were a total of 107,000 new active users on Polygon yesterday, with a daily increase of 20.98%
Popular Sectors
Popular Projects
Firesky (NFT) - FIRESKY is an upcoming RPG developed by the Concept Haus team. This limited-edition series is based on the character lineup of the first season, with a limited number of new characters to be released each season. Yesterday, its NFTs were minted out on MagicEden, and they teased the upcoming alpha launch of their game. https://magiceden.io/drops/firesky
Plexus (DApp) - Plexus is a cross-chain liquidity aggregator and a middleware infrastructure. On July 28, Plexus announced that it will conduct an IDO on Seedify, attracting significant attention from the community. A significant amount of progress has been made in product development in July, including the integration with Paraswap DEX, and bridge integrations with Connect, XYfinance, Symbiosis, and more.
4.1.3 Existing User Profile
Core Data: The number of Polygon active existing users is 397,237, with a daily increase of 15.28%
Popular Sectors
Popular Projects
Pandra and ZKLightClient were described earlier in the report.
4.2 Popular Trading Pairs
4.2.1 Uniswap V3
The trading pairs with the highest activity on the Polygon chain continue to center around its native token MATIC and stablecoins such as USDT and USDC.
5.Blockchain Profile - Arbitrum Chain
5.1 User Profile
5.1.1 Core Data
Arbitrum Active Users: 187,404
Arbitrum New Active Users: 34,309, with a daily increase of 24.93%
Arbitrum Existing Active Users: 153,095, with a daily increase of 19.51%
5.1.2 New User Profile
Core data: There were a total of 34,309 new active users on Arbitrum yesterday, with a daily increase of 24.93%
Popular Sectors
Popular Projects
Merkly (NFT) - Merkly is a multi-chain NFT cross-chain bridge that connects NFTs to various networks using LayerZero and zkSync. With the anticipation of airdrops on LayerZero and zkSync, Merkly has become a key component in the interaction between zk and Layer0, leading to high interaction data and a significant increase in minting activity for multi-chain NFTs.
5.1.3 Existing User Profile
Core data: The number of Arbitrum active existing users is 153,095, with a daily increase of 19.51%
Popular Sectors
Popular Projects
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.
5.2 Popular Trading Pairs
5.2.1 Uniswap V3
GETH (Token) - LayerZero has cross-chained Geth on the Georli testnet to the EVM ecosystem. Cross-chain swap transactions can be completed through the ETH Goerli Bridge. Holders of the Goerli testnet tokens can participate in interacting with testnet projects. Recent interactions with various testnets and airdrop expectations have led to an increase in demand for GETH.
6.DApp Ecosystem - All Chains
WOOFi (DApp) - A decentralized exchange launched by WOO X. It provides users with the best unilateral passive income and the most powerful cross-chain exchange function. Its main modules include Swap, Earn, Stake, and an order book-style decentralized exchange. The project's most recent audit was in October 2022. According to DeFiLlama data, the current total TVL of WOOFi is over US$22 million, mainly formed by the staking of WOO tokens. The WOO token can now be staked across seven chains, gradually gaining increasing importance in the Arbitrum and LayerZero ecosystems.
7.DApp Ecosystem - ETH Chain
Curve, Aave (DApp) - Curve's heavy losses from the attack and the sharp decline in the token price led to a panic sentiment on-chain. Users are worried about a potential large-scale liquidation event, leading to more frequent accumulation or withdrawal of funds for loss mitigation on Curve and Aave.
8.DApp Ecosystem - BSC Chain
TinyTap (DApp) - A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). As a specific technology in the trading sector, Tiny Tap will participate in the ISTE Live23 conference and earlier established a US$10 million Global Educators Fund, gaining considerable interest in the community.
9.DApp Ecosystem - Polygon Chain
Stargate and WOOFi were explained earlier in the report.
10.DApp Ecosystem - WAX Chain
The UAW fluctuations on the
WAX chain remain within the normal range, with no significant changes.
11.DApp Ecosystem - Solana Chain
Genopets (DApp) - A Move to Earn project on Solana featuring pets as its theme. It combines social fitness incentives, free game mechanics, and player-controlled
Web3 economics. The project's investors include famous organizations like Pantera, Konvoy, and Solana. Its latest version 0.25 has made some functional updates to enhance user experience.
12.DApp Ecosystem - Arbitrum Chain
Stargate, WOOFi and Curve were explained earlier in the report.
13.DApp Ecosystem - GameFi Sector Across All Chains
Sweat Economy (DApp) - A traditional Web2 project that has transitioned to a Web3 wallet and a "Move to Earn" project. It is currently the most active project in the Near ecosystem.
14.Gas Fee Consumption - ETH Chain
Optimism (DApp) - According to Dune's data, the total number of Worldcoin wallets on the Optimism chain has reached 1,032,400, among which the number of Optimism wallets holding WLD tokens is 361,816. The daily transaction count on Optimism has now surpassed that of Arbitrum.
15.Gas Fee Consumption - BSC Chain
Drip Faucet (DApp) - A project on the BSC chain for "depositing, mining, withdrawing, and selling". The four pools in the project have a compounding robot that constantly performs compounding strategies, leading to an overvaluation of UAW on the BSC chain. Currently, the project's token, $DRIP, has a daily trading volume of US$35,900 in the secondary market, indicating relatively low popularity.
16.Gas Fee Consumption - Polygon Chain
CoinTool: XEN Batch Minter (DApp) - XEN has been in a downward trend recently, but its fund activity remains vibrant.
17.Gas Fee Consumption - Arbitrum Chain
Vertex (DApp) - Vertex, a hybrid order book-AMM DEX built on Arbitrum, offers unified collateral across spot, perpetual, and money markets. Vertex has received a strategic investment from Wintermute Ventures.
18.Twitter Trends Token Top 20
CAKE (Token) - Just 5 days after the launch of zkSync Era PancakeSwap v3, the trading volume soared to US$10 million. PancakeSwap recently introduced a revenue-sharing pool, enabling fixed-term CAKE stakers to directly share in PancakeSwap's revenues.
WLD (Token) - According to the Dune data dashboard, the number of Worldcoin (WLD) tokens claimed has surpassed 8.5 million, currently at 8,540,936, while the number of addresses participating in the claim phase has exceeded 340,000, currently at 341,647. The average value of WLD claimed per participant is US$57.84.
19.Google Trends - Global
HEX (Token) - According to The Block, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, also known as Richard Heart, alleging that he sold unregistered securities in violation of federal securities laws. Richard Heart is the founder of Pulsechain, PulseX, and Hex projects. The SEC also claims that Richard Heart defrauded investors by misappropriating at least US$12 million of customer funds.
CRV (Token) - Due to a reentrancy lock failure, some stable pools (alETH/msETH/pETH) using Vyper 0.2.15 were attacked. The attack led to losses of about US$52 million for projects such as Alchemix, JPEG’d, and Curve. CRV has temporarily pulled back to above US$0.56, with the current price at US$0.556. The funding rates for CRV contracts on several mainstream central exchanges, including Binance, have reached -0.4%, indicating a significant increase in shorting sentiment.
20.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan
a) South Asia Region
India Trending Keywords: acropolis crypto, uniswap, renq crypto
Pakistan Trending Keywords: nicehash, trading view,
best crypto exchange
b) Southeast Asia Region
Thailand Trending Keywords: coinpayu, crypto ronin
Philippines Trending Tokens: pi, stellar, btc
Indonesia Trending Tokens: ethereum, btc, luna
Vietnam Trending Keywords: crypto rank,
crypto news
c) East Asia and Hong Kong, Macau, and Taiwan
Trending Tokens: wtk, xdc, qnt
21.Google Trends Surge - English-speaking Countries, Europe, CIS Region
a) CIS Region
Trending Tokens: APT
b) English-speaking Countries
Canada Trending Tokens: ltc, btc, crv, xrp, eth
USA Trending Tokens: crv, ygx, bald, leet, ustc
Australia Trending Tokens: xrp, ada, tron, eth
UK Trending Tokens: crv, bald, op, wld, nxra
c) Europe
Spain Trending Tokens: doge, pendle, dot, iotx, ada
Italy Trending Tokens: ada, brise, wld, ark
Germany Trending Tokens: doge, wld
France Trending Tokens: gmx, cake, axelar, crv
Switzerland Trending Keywords: Crypto Bubbles, Crypto News
Poland Trending Tokens: btc, xrp, pepe
Turkey Trending Tokens and Keywords: Crypto Fund Trader, Crypto Faucet, Crypto Bubbles
22.Google Trends Surge - Middle East, Latin America, Africa
a) Africa
South Africa Trending Keywords: calr crypto exchange, bitcoin, xrp news
b) Middle East
Trending Keywords: crypto batter, crypto exchange dubai,
tradingview
c) Latin America
Brazil Trending Tokens: sdao, matic
Argentina Trending Tokens: wld, btc, dolar, shib, caw
Mexico Trending Tokens: None
References
1. Dune Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview
2. Dune Dashboard - Gas Fee Consumption: https://dune.com/bitgetresearch/gas-overview
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