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Bitget Research: Bitcoin Rebounds After Falling Below US$36,000, Polygon Inscription Hype Causes Surge in Gas Fees
Bitget Research
2023/11/17
the past 24 hours, there have been many new popular tokens and topics emerging in the ec87a293-504b-4d6b-a9fd-fa0b3f008231, and perhaps they could be the next market spotlight.
In Summary:
1.Popular Tokens:
SATS (Token) - Currently the most actively traded BRC-20 token, with a 24-hour on-
XCNUSDT">
chain trading volume of approximately US$5.2 million. It has seen a price decline of over 10%, and it has been listed on several centralized exchanges.
GROK (Token) - GROK is a memecoin named after the artificial intelligence model GROK, developed by Elon Musk's company XAI. It currently enjoys significant hype on-chain. Despite recent instances of FUD, the project confidently burned tokens worth nearly US$3 million. Over the past two days, its price experienced a significant rebound, at one point surging by 60%, reaching a market cap of US$66 million.
MUBI (Token) - A trending project, MUBI primarily facilitates cross-chain transactions between BRC-20 and ERC-20 tokens. The project conducted its IDO on Bounce and received official comments from DWF Labs. Given the high demand for BRC-20 tokens, the project's approach is well-targeted. MUBI has an open-source contract, with a 24-hour trading volume of approximately US$13 million and a market cap of US$14 million. It is advisable to keep this token on your radar.
Inscription Mint - Recently, inscription assets like BNBS and BNBI have emerged on the BSC, showing high activity. Currently, 22.08% of BNBI has been minted, with over 2500 holders.
RATS (Token) - A BSC replica of the BRC-20 token, rats. Token trading began in the early hours of today and the contract shows no apparent risks. Its 24-hour trading volume reached US$29.3 million, with significan
t price fluctuations. It is advisable to keep this token on your radar.
POLS (Token) - The community discovered the PRC-20 token POLS, deployed in May. According to evm.link, the total supply of POLS is 21,000,000 tokens, and 100% have been minted. The address with the highest minting volume is a contract address (0xf362561959f51bc29f4b3abe801b5373b4e1a144), currently holding approximately 2,228,700 tokens, which is around 10% of the total supply.
WMATIC (Token) - Recently, there has been significant on-chain activity for MATIC. Blockchain analyst Yu Jin reported that an address labeled Polygon: Ecosystem Growth distributed 217 million MATIC, equivalent to roughly US$199 million, across 70 addresses in the past 12 hours. Additionally, earlier today, an FTX/Alameda address received a transfer of 11.5 million MATIC from the Polygon staking contract, which is valued at approximately US$9.8 million.
2.Popular NFTs:
Azuki (NFT) - The blue-chip projects of the NFT market such as CryptoPunks, BAYC, Pudgy Penguins, and Azuki have recently shown a notable rebound. As the market takes a positive turn and ETH experiences a rise in value, there has been an increase in the USDT value of NFTs, leading to a gradual resurgence of interest in NFTs among market participants.
3.Popular DApps:
Fixedfloat (DApp) - Offering instant and automated
cryptocurrency exchanges via the Lightning Network, Fixedfloat enables the conversion of BTC for tokens across various chains, supporting the exchange of 59 different tokens. The platform was founded in 2018 and operates as a non-custodial exchange. Once tokens are received and the requisite number of network confirmations is met, the exchange is executed immediately.
Banana Gun (DApp) - The project is a Telegram Bot that helps users trade on DEXs. BananaGun's official announcement states that the protocol's tota
l trading volume has reached US$388 million, ranking second in the BOT sector. Concurrently, the on-chain trading volume for its token hit a record high of US$8.65 million in one day, yielding 28 ETH in fees.
PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase. Users can select merchants from the activity page and shop as usual. It also offers opportunities through shopping, playing mini-games, NFTs, and M2E, among others.
Graph (DApp) - At the end of August, The Graph community decided to expand through Arbitrum, aiming to enhance The Graph's accessibility within the
Web3 ecosystem and reduce Gas costs. With the release of new L2 transfer tools, The Graph's core development team has entered the third phase of the Arbitrum expansion. The project's token, GRT, has been listed on Bitget.
RhinoFi (DApp) - Rhino.fi is a multi-chain decentralized finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different blockchains without the need for complex bridging or network switching.
RAI Finance (DApp) - A DeFi project recently active on the Base chain. The protocol currently has a TVL of US$1,199,576, a trading volume of US$2,022,792, and 67,135 users. The platform offers token exchanges, NFT trading, and
social trading. Users can create portfolios or effortlessly follow others' portfolios.
Pixels (DApp) - Pixels is a blockchain-based, immersive, open-world MMO game. It leverages the power of Web3 to realize digital ownership for players and has created an engaging world where players can explore, complete tasks, and collaborate. The Pixels game was initially launched with a core mechanism centered around farming, cooking, and questing, and has gradually added social features such as trading, achievements, and leaderboards to foster interaction among players.
PancakeSwap (DApp) - PancakeSwap is set to launch Butter Finance, a decentralized meta-governance and yield enhancement platform based on the veCAKE model. The introduction of veCAKE will allow governance participants to gain proposal voting rights, fee claims, CAKE release control, and up to 3 times reward enhancement when providing liquidity on PancakeSwap.
4.Twitter Hot Topics:
KAS (Token) - Kaspa now ranks as the second-largest network in computing power, only next to BTC. Over the past year, it has experienced a cumulative increase of 1920%, consistently achieving new highs. Yesterday, Binance launched a KAS contract. The total trading volume over the past 24 hours is US$240 million, with a market cap of US$2.85 billion.
5.Regional Trending Searches:
YFI (Token) - YFI saw a rebound of 3 fold during the current market cycle, currently holding at a recent new high of US$14,427. An official tweet indicated that the Yearn v3 version will be launched soon, increasing the yield rate for protocol assets.
AVAX (Token) - Avalanche has declared a partnership with JPMorgan Chase Co on Twitter. This partnership involves JPMorgan Chase Co's Onyx digital asset platform and the alternative asset management firm Apollo. Their partnership will leverage the full-chain interoperability protocol LayerZero, connecting Onyx with the permissioned Avalanche Evergreen subnet. This move aims to facilitate the subscription and redemption of funds provided by the tokenized asset application Wisdom Tree Prime. Over the past three days, the price of AVAX tokens has soared, witnessing a 50% increase at one point.
Main Body
Written by: Bitget Research
Data collection time: November 17, 10:30
Data sources: Dune, DApps, Twitter, Google
Note:
1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.
2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.
3) DApp daily activity (UAW: unique active wallets)
4) TGE (Token Generation Event)
1.BTC Profile - BRC-20
SATS (Token) - Currently the most actively traded BRC-20 token, with a 24-hour on-chain trading volume of approximately US$5.2 million. It has seen a price decline of over 10%, and it has been listed on several centralized exchanges.
2.Blockchain Profile - ETH Chain
2.1 User Profile
2.1.1 Core Data
Total active users on ETH: 395,976
New active users on ETH: 77,162, with a daily increase of 8.30%
Existing active users on ETH: 318,814, with a daily increase of 1.31%
2.1.2 New User Profile
Core data: There were a total of 77,162 new active users on ETH yesterday, with a daily increase of 8.30%
Popular Sectors
Popular Projects
Key Projects:
Fixedfloat (DApp) - Offering instant and automated cryptocurrency exchanges via the Lightning Network, Fixedfloat enables the conversion of BTC for tokens across various chains, supporting the exchange of 59 different tokens. The platform was founded in 2018 and operates as a non-custodial exchange. Once tokens are received and the requisite number of network confirmations is met, the exchange is executed immediately.
2.1.3 Existing User Profile
Core data: The number of ETH active existing users is 318,814, with a daily increase of 1.31%
Popular Sectors
Popular Projects
Key Projects:
Banana Gun (DApp) - The project is a Telegram Bot that helps users trade on DEXs. BananaGun's official announcement states that the protocol's total trading volume has reached US$388 million, ranking second in the BOT sector. Concurrently, the on-chain trading volume for its token hit a record high of US$8.65 million in one day, yielding 28 ETH in fees.
2.2 Popular Trading Pairs
2.2.1 Uniswap V2
GROK (Token) - GROK is a memecoin named after the artificial intelligence model GROK, developed by Elon Musk's company XAI. It currently enjoys significant hype on-chain. Despite recent instances of FUD, the project confidently burned tokens worth nearly US$3 million. Over the past two days, its price experienced a significant rebound, at one point surging by 60%, reaching a market cap of US$66 million.
2.2.2 Uniswap V3
MUBI (Token) - A trending project, MUBI primarily facilitates cross-chain transactions between BRC-20 and ERC-20 tokens. The project conducted its IDO on Bounce and received official comments from DWF Labs. Given the high demand for BRC-20 tokens, the project's approach is well-targeted. MUBI has an open-source contract, with a 24-hour trading volume of approximately US$13 million and a market cap of US$14 million. It is advisable to keep this token on your radar.
2.3 Popular NFTs
2.3.1 Top NFT Collections
Azuki (NFT) - The blue-chip projects of the NFT market such as CryptoPunks, BAYC, Pudgy Penguins, and Azuki have recently shown a notable rebound. As the market takes a positive turn and ETH experiences a rise in value, there has been an increase in the USDT value of NFTs, leading to a gradual resurgence of interest in NFTs among market participants.
3.Blockchain Profile - BSC
3.1 User Profile
3.1.1 Core Data
Total active users on BSC: 1,036,006
New active users on BSC: 148,105, with a daily increase of 2.75%
Existing active users on BSC: 887,901, with a daily increase of 0.91%
3.1.2 New User Profile
Core data: There were a total of 148,105 new active users on BSC yesterday, with a daily increase of 2.75%
Popular Sectors
Popular Projects
Key Projects:
Inscription Mint - Recently, inscription assets like BNBS and BNBI have emerged on the BSC, showing high activity. Currently, 22.08% of BNBI has been minted, with over 2500 holders.
3.1.3 Existing User Profile
Core data: The number of BSC active existing users is 887,901, with a daily increase of 0.91%
Popular Sectors
Popular Projects
Key Projects:
PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase. Users can select merchants from the activity page and shop as usual. It also offers opportunities through shopping, playing mini-games, NFTs, and M2E, among others.
3.2 Popular Trading Pairs
3.2.1 PancakeSwap V2
RATS (Token) - A BSC replica of the BRC-20 token, rats. Token trading began in the early hours of today and the contract shows no apparent risks. Its 24-hour trading volume reached US$29.3 million, with signific
ant price fluctuations. It is advisable to keep this token on your radar.
4.Blockchain Profile - Polygon Chain
4.1 User Profile
4.1.1 Core Data
Total active users on Polygon: 343,094
New active users on Polygon: 65,781, with a daily decrease of 23.85%
Existing active users on Polygon: 277,313, with a daily decrease of 26.43%
4.1.2 New User Profile
Core data: There were a total of 65,781 new active users on Polygon yesterday, with a daily decrease of 23.85%
Popular Sectors
Popular Projects
Key Projects:
POLS (Token) - The community discovered the PRC-20 token POLS, deployed in May. According to evm.link, the total supply of POLS is 21,000,000 tokens, and 100% have been minted. The address with the highest minting volume is a contract address (0xf362561959f51bc29f4b3abe801b5373b4e1a144), currently holding approximately 2,228,700 tokens, which is around 10% of the total supply.
4.1.3 Existing User Profile
Core Data: The number of Polygon active existing users is 277,313, with a daily decrease of 26.43%
Popular Sectors
Popular Projects
Key Projects:
Attention is mainly centered on the POLS inscription.
4.2 Popular Trading Pairs
4.2.1 Uniswap V3
WMATIC (Token) - Recently, there has been significant on-chain activity for MATIC. Blockchain analyst Yu Jin reported that an address labeled Polygon: Ecosystem Growth distributed 217 million MATIC, equivalent to roughly US$199 million, across 70 addresses in the past 12 hours. Additionally, earlier today, an FTX/Alameda address received a transfer of 11.5 million MATIC from the Polygon staking contract, which is valued at approximately US$9.8 million.
5.Blockchain Profile - Arbitrum Chain
5.1 User Profile
5.1.1 Core Data
Total Active Users on Arbitrum: 219,030
New Active Users on Arbitrum: 22,834, with a daily increase of 1.54%
Existing Active Users on Arbitrum: 196,196, with a daily increase of 42.59%
5.1.2 New User Profile
Core data: There were a total of 22,834 new active users on Arbitrum yesterday, with a daily increase of 1.54%
Popular Sectors
Popular Projects
Key Projects:
Graph (DApp) - At the end of August, The Graph community decided to expand through Arbitrum, aiming to enhance The Graph's accessibility within the Web3 ecosystem and reduce Gas costs. With the release of new L2 transfer tools, The Graph's core development team has entered the third phase of the Arbitrum expansion. The project's token, GRT, has been listed on Bitget.
5.1.3 Existing User Profile
Core data: The number of Arbitrum active existing users is 196,196, with a daily increase of 42.59%
Popular Sectors
Popular Projects
Key Projects:
RhinoFi (DApp) - Rhino.fi is a multi-chain decentralized finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different blockchains without the need for complex bridging or network switching.
5.2 Popular Trading Pairs
5.2.1 Uniswap V3
LINK (Token) - LINK's trading activity has recently increased. As per recent Coinglass data, a number of Grayscale's cryptocurrency trust products have exhibited significant premiums. The premium rate for the LINK (Chainlink) Trust reached 250.50%. LINK token has maintained a long-standing position at the forefront of the Nansen Smart Money Inflow List.
6.Blockchain Profile - Base Chain
6.1 User Profile
6.1.1 Core Data
Total Active Users on Base: 55,700
New Active Users on Base: 8,654, with a daily increase of 4.59%
Existing Active Users on Base: 47,046, with a daily decrease of 4.46%
6.1.2 New User Profile
Core data: There were a total of 8,654 new active users on Base yesterday, with a daily increase of 4.59%
Popular Sectors
Popular Projects
Key Projects:
RAI Finance (DApp) - A DeFi project recently active on the Base chain. The protocol currently has a TVL of US$1,199,576, a trading volume of US$2,022,792, and 67,135 users. The platform offers token exchanges, NFT trading, and social trading. Users can create portfolios or effortlessly follow others' portfolios.
6.1.3 Existing User Profile
Core data: The number of Base active existing users is 47,046, with a daily decrease of 4.46%
Popular Sectors
Popular Projects
Key Projects:
LayerZero (DApp) - LayerZero is a cross-chain protocol that facilitates communication between DApps deployed on different blockchains without the need for any intermediary chains or consensus mechanisms. LayerZero has added "ZRO withdrawal" support to its 18 existing chains.
7. DApp Ecosystem - All Chains
Pixels (DApp) - Pixels is a blockchain-based, immersive, open-world MMO game. It leverages the power of Web3 to realize digital ownership for players and has created an engaging world where players can explore, complete tasks, and collaborate. The Pixels game was initially launched with a core mechanism centered around farming, cooking, and questing, and has gradually added social features such as trading, achievements, and leaderboards to foster interaction among players.
8.DApp Ecosystem - ETH Chain
The change in UAW for each project remains within the normal range.
9.DApp Ecosystem - BSC
MOBOX (DApp) - MOBOX Halloween event has ended, and there are currently no remarkable promotions.
10.DApp Ecosystem - Polygon Chain
The change in UAW for each project remains within the normal range. Due to the immense popularity of Inscription, the daily active users of various DApps have decreased to varying extents.
11.DApp Ecosystem - WAX Chain
The change in UAW for each project remains within the normal range.
12.DApp Ecosystem - Solana Chain
The change in UAW for each project remains within the normal range.
13.DApp Ecosystem - Arbitrum Chain
The change in UAW for each project remains within the normal range.
14.DApp Ecosystem - Base Chain
The change in UAW for each project remains within the normal range.
15.DApp Ecosystem - GameFi Sector Across All Chains
Pixels was described earlier in the report.
16.Gas Fee Consumption - ETH Chain
Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. With the advantage of being an early player in the market, Maestro has established a substantial user base. Currently, Maestro's daily transaction fees have increased to previous high points, ranging between US$150,000 and US$200,000, which helps it maintain its top position in the BOT sector.
17.Gas Fee Consumption - BSC
PancakeSwap (DApp) - PancakeSwap is set to launch Butter Finance, a decentralized meta-governance and yield enhancement platform based on the veCAKE model. The introduction of veCAKE will allow governance participants to gain proposal voting rights, fee claims, CAKE release control, and up to 3 times reward enhancement when providing liquidity on PancakeSwap.
18.Gas Fee Consumption - Polygon Chain
Inscripton (DApp) - Polygon Inscription project POLS has a total supply of 21 million tokens, with the token minting process already completed. The address with the highest minting volume is a contract address (0xf362561959f51bc29f4b3abe801b5373b4e1a144), currently holding 2.2287 million POLS. Over the past two days, this minting activity has temporarily caused a dramatic 100-fold surge in Polygon's gas fees.
19.Gas Fee Consumption - Arbitrum Chain
GMX (DApp) - The decentralized derivatives protocol GMX officially announced that trading incentives have been enabled for all V2 markets. This initiative aims to reduce the average trading fee for decentralized perpetual trading platforms to 0.02%, setting the stage for direct competition in transaction fees between DeFi (Decentralized Finance) and CeFi (Centralized Finance).
20.Gas Fee Consumption - Base Chain
Friend.Tech (DApp) - The social protocol on Base, Friend.Tech, has seen a decline in popularity during the token bull market. The TVL remains stable, hovering around US$43 million. The protocol's daily fees have decreased by 60%, presenting a favorable opportunity for point accumulation through interaction.
21.Top Trending Tokens on Twitter
KAS (Token) - Kaspa now ranks as the second-largest network in computing power, only next to BTC. Over the past year, it has experienced a cumulative increase of 1920%, consistently achieving new highs. Yesterday, Binance launched a KAS contract. The total trading volume over the past 24 hours is US$240 million, with a market cap of US$2.85 billion.
22.Google Trends - Global
YFI (Token) - YFI saw a rebound of 3 fold during the current market cycle, currently holding at a recent new high of US$14,427. An official tweet indicated that the Yearn v3 version will be launched soon, increasing the yield rate for protocol assets.
AVAX (Token) - Avalanche has declared a partnership with JPMorgan Chase Co on Twitter. This partnership involves JPMorgan Chase Co's Onyx digital asset platform and the alternative asset management firm Apollo. Their partnership will leverage the full-chain interoperability protocol LayerZero, connecting Onyx with the permissioned Avalanche Evergreen subnet. This move aims to facilitate the subscription and redemption of funds provided by the tokenized asset application Wisdom Tree Prime. Over the past three days, the price of AVAX tokens has soared, witnessing a 50% increase at one point.
23.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan
a) South Asia Region
India Trends: ETH, YFI, AMP, TOKEN, IRC, FTM
Pakistan Trends: Coinbase, Bitget, Defi
b) Southeast Asia Region
Malaysia Trends: SOL, LUNC, AVAX, SOL, ADA, BTC
Vietnam Trends:
Tradingview, Coinmarketcap
Singapore Trends: Crypto Bubble, BTC, SOL, ETH, AVAX, XRP
c) East Asia and Hong Kong, Macau, and Taiwan
Trends: Crypto News, BTC
24.Google Trends Surge - English-speaking Countries, Europe, CIS Region
a) CIS Region
Trends: Crypto bubbles, Airdrop
b) English-speaking Countries
Australia Trends: Sidus, YFI, AGL, SOL, XPR, FTM, JOE
UK Trends: SHIB, NEO, INJ, FET, FTM, AVAX
USA Trends: AVAX, BENQI, OSMOSIS, YFI, ORDI
Canada Trends: HEX, Celsius, ORDI, Casper, ADA, XLM, AVAX
c) Europe
France Trends: XLM, BAX, PKN
Poland Trends: Airdrop, LUNA, BTC
Switzerland Trends: TAO, ICP, XRP, SHIB
Turkey Trends: Investing, Mining
Germany Trends: KAS, MICA, SOL, Casper, ADA, SHIB, XRP, ELRD
Italy Trends: Polygon, BTC, PIVX, ETH, TRX, ICP, SLP, CAKE
25.Google Trends Surge - Middle East, Latin America, Africa
a) Africa
South Africa Trends: AVAX, ADA
Nigeria Trends: Etoro, Crypto
b) Middle East
UAE Trends: coinmarketcap, Crypto News
c) Latin America
Brazil Trends: ARB, DAI, SOL, AVAX
Argentina Trends: SOL, RUNE, YFI, AVAX, SHIB
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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