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Bitget Research: LUNA Series Assets Experience Significant Volatility Influenced by News, Basis of CME BTC Futures Approaching Levels Seen in Previous Bull Market

Bitget Research: LUNA Series Assets Experience Significant Volatility Influenced by News, Basis of CME BTC Futures Approaching Levels Seen in Previous Bull Market

Bitget Research

2023/11/28

the past 24 hours, there have been many new popular tokens and topics emerging in the fa152349-e2f4-411d-b4c5-d7ee76256498, and perhaps they could be the next market spotlight.

In Summary:

1.Popular Tokens:

USTC (Token) - A recent proposal in the LUNA community aims to re-enable the market module and gradually re-peg USTC to 1 USD. The proposal also includes setting a hard cap on the maximum supply of LUNC and USTC. The Mint Cash project within the USTC ecosystem has sparked considerable discussion in the community. Mint Cash is a stablecoin system fully backed by #Bitcoin collateral. Mint Cash requires Bitcoin as collateral to mint new Cash stablecoins. Participating in new projects requires locking and burning USTC, leading to an increased demand for USTC. Terraform Labs announced on social media that it will not participate in the Mint Cash project in any capacity. After initially rising in value, USTC retraced to approximately US$0.041.

GROK (Token) - GROK is a memecoin named after the artificial intelligence model GROK, developed by Elon Musk's company XAI. The token has generated considerable hype on the chain, despite recent instances of FUD suggesting the project creator was a scammer, which led to a significant drop in its value. However, the project team responded promptly and burned tokens worth nearly US$3 million, pushing its market cap to over US$100 million again. The price has rebounded significantly over the past three days, breaking its previous high likely due to the recent hype surrounding the AI sector.

BLAST (Token) - Recently, the Layer 2 project Blast has surged in popularity, with a Blast-themed memecoin appearing on the Ethereum chain. The token's LP is locked, and the contract has been renounced. Its 24-hour trading volume is US$6.31 million, of which MEV trading accounts for US$2.1 million (30% of the total), with 7231 transactions. There is high trading interest, but the on-chain liquidity is low, making it susceptible to signific anT price fluctuations.

Q* (Token) - Reuters reported that some OpenAI researchers warned the board before their dismissal about an artificial intelligence breakthrough. Q* (QSTAR) is an artificial intelligence technology that is more advanced than OpenAI. The AI-themed memecoin QSTAR has experienced significant fluctuations, surging and then plummeting in value. Its current market cap is nearly US$5 million, with a 24-hour trading volume of US$3.73 million and liquidity of US$300,000. The contract has been renounced.

USDC (Token) - Stablecoin issuer Circle has announced an agreement with the Japanese financial conglomerate SBI Holdings to promote the circulation of the US dollar-pegged stablecoin USDC in Japan. Furthermore, as part of SBI Group's digital asset portfolio strategy, the group will also adopt Circle's Web3 service solutions, such as programmable wallets, blockchain infrastructure, and smart contract management tools.

2.Popular NFTs:

DeGods (NFT) - The creator of the NFT projects DeGods and y00ts series, Frank, announced on Twitter that they will shut down the Points Parlor program, ceasing the distribution of points to holders of DeGods and y00ts NFTs. The points program did not meet the community's expectations, leading to dissatisfaction. While open to reconsidering if a viable alternative arises, the decision to close the points program has been made for now.

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

3.Popular DApps:

Blast (DApp) - Blast's TVL has surpassed US$573 million. Yesterday, Japanese cryptocurrency investment firm CGV announced a special investment of US$5 million in the Blast ecosystem, aimed at collaboratively advancing the development of the Blast network. However, Dan Robinson, the head of research at Paradigm, expressed criticism on Twitter about Blast's announcement, stating that it has "crossed lines in both messaging and execution." He disagreed with Blast's decision to launch the bridge before the L2 network and the prohibition on withdrawals for three months, since this sets a bad precedent for other projects.

Jito (DApp) - Jito, a Solana ecosystem liquidity staking protocol, has announced the launch of its governance token, JTO, with the aim of "enabling community members to directly influence the decisions and direction of the Jito Network." Initially, 115 million JTOs will be circulated. Approximately 34% of the tokens are allocated for community growth, 25% for ecosystem development, 24.5% to core contributors, 16% to investors, and 10% will be "airdropped to members of the Jito community."

Arbitrum (DApp) - Arbitrum announced that the Odyssey campaign has officially ended. The final NFT claim will begin on December 1 (EST). To be eligible for the claim, users must possess 12/15 of the Odyssey NFTs during the snapshot taken at 12:00 PM on November 30 (EST). NFTs that have been minted or purchased will count toward the 12/15 eligibility requirement.

Vertex (DApp) - Vertex's trading volume reached an ATH the day before, surpassing dYdX in trading volume and becoming the top-ranking derivatives DEX of the day in terms of trading volume. A few days ago, the second week of the $ARB incentive claim went live on Vertex, and traders on Vertex reaped significant rewards, sharing US$3 million in $ARB rewards and $VRTX.

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

4.Twitter Hot Topics:

KAS (Token) - KAS has recently experienced rapid growth, driving a noticeable resurgence and hype in the entire PoW sector. The KAS project itself is of high quality, making it an important one to keep on your radar.

5.Regional Trending Searches:

Main Body

Written by: Bitget Research

Data collection time: November 28, 10:30

Data sources: Dune, DApps, Twitter, Google

Note:

1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.

2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.

3) DApp daily activity (UAW: unique active wallets)

4) TGE (Token Generation Event)

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

1.BTC Profile - BRC-20

SATS (Token) - Currently one of the most actively traded BRC-20 tokens, SATS has a 24-hour tota l trading volume of approximately US$10 million, with the price experiencing a decline of 10% in the past 7 days. It has been listed on multiple centralized exchanges.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 374,246

New active users on ETH: 73,548, with a daily increase of 3.75%

Existing active users on ETH: 300,698, with a daily increase of 2.43%

2.1.2 New User Profile

Core data: There were a total of 73,548 new active users on ETH yesterday, with a daily increase of 3.75%

Popular Sectors

Popular Projects

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 300,698, with a daily increase of 2.43%

Popular Sectors

Popular Projects

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

2.2.2 Uniswap V3

2.3 Popular NFTs

2.3.1 Top NFT Collections

3.Blockchain Profile - BSC

Updates are temporarily suspended today due to an interruption in Dune's data services.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 418,173

New active users on Polygon: 72,398, with a daily increase of 9.87%

Existing active users on Polygon: 345,775, with a daily increase of 9.96%

4.1.2 New User Profile

Core data: There were a total of 72,398 new active users on Polygon yesterday, with a daily increase of 9.87%

Popular Sectors

Popular Projects

Inscription mint - With the wealth-generating impact of inscriptions expanding, their usage has spread across various chains, including a considerable rise in inscription minting on BSC. However, with the growing number of projects, the quality varies significantly. Users are advised to be aware of the risks.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 345,775, with a daily increase of 9.96%

Popular Sectors

Popular Projects

Key Projects:

4.2 Popular Trading Pairs

4.2.1 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 200%. LINK token has maintained a long-standing position at the forefront of the Nansen Smart Money Inflow List.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 188,204

New Active Users on Arbitrum: 19,916, with a daily decrease of 0.67%

Existing Active Users on Arbitrum: 168,288, with a daily decrease of 1.61%

5.1.2 New User Profile

Core data: There were a total of 19,916 new active users on Arbitrum yesterday, with a daily decrease of 0.67%

Popular Sectors

Popular Projects

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 168,288, with a daily decrease of 1.61%

Popular Sectors

Popular Projects

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

Magic (Token) - TreasureDAO is a decentralized NFT ecosystem project based on Ethereum's Layer 2 network, Arbitrum. It originated as a derivative of the Loot project and launched its first batch of 10,000 project items in August 2021. TreasureDAO highlights the acquisition of valuable items in its games without the need for purchases, setting it apart from numerous other NFT or gaming projects. TreasureDAO is about to launch a new game chain, and Magic is being designed to serve as the gas token, driving up the value of the MAGIC token.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 64,452

New Active Users on Base: 10,110, with a daily decrease of 10.62%

Existing Active Users on Base: 54,342, with a daily decrease of 5.18%

6.1.2 New User Profile

Core data: There were a total of 10,110 new active users on Base yesterday, with a daily decrease of 10.62%

Popular Sectors

Popular Projects

Friend.Tech (DApp) - Recently, a significant number of genuine accounts on Friend.tech were mistakenly identified as bots, resulting in these accounts not receiving their weekly points allocation. The community has observed that accounts using default usernames from Twitter, or those combining letters and numbers, are more likely to be flagged as bots by Friend.tech. The founder of Friend.tech deactivated their Twitter account over the weekend.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 54,342, with a daily decrease of 5.18%

Popular Sectors

Popular Projects

Dmail (DApp) - Dmail is a mail application based on Web 3.0 and Dfinity technology, integrating NFT functionality and distributed storage, with each account itself being an NFT. This project aims to bridge the gap between traditional email systems and blockchain-based email systems, thereby lowering the barrier for users and developers to engage with the crypto world. The design philosophy of Dmail is to make the use of blockchain technology as simple and intuitive as using the internet.

7. DApp Ecosystem - All Chains

8.DApp Ecosystem - ETH Chain

Manifold (DApp) - A creator platform that allows artists to create NFTs using componentized product releases for smart contracts. It also serves as a platform for users to mint NFTs. Artists can create their own single-page auction websites through the Gallery application in the Manifold Studio. Previously, the platform collaborated with several prominent artists and studios, generating substantial income for these artists.

9.DApp Ecosystem - BSC

TinyTap was described earlier in the report.

10.DApp Ecosystem - Polygon Chain

Jump.Trade (DApp) - Jump.trade is a significant gaming NFT marketplace on Polygon, where a substantial number of users have recently been trading NFTs. The platform enjoys considerable traffic.

11.DApp Ecosystem - WAX Chain

On the WAX chain, UAW fluctuations of the projects are within the normal range.

12.DApp Ecosystem - Solana Chain

13.DApp Ecosystem - Arbitrum Chain

Vertex was described earlier in the report.

14.DApp Ecosystem - Base Chain

The popularity of the SocialFi sector has decreased. On the Base chain, applications with high daily UAW such as FriendTech and FriendPet have seen a decline in their UAW.

15.DApp Ecosystem - GameFi Sector Across All Chains

In terms of daily UAW, no popular projects emerged in the GameFi sector yesterday.

16.Gas Fee Consumption - ETH Chain

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.

17.Gas Fee Consumption - BSC

Updates are temporarily suspended today due to an interruption in Dune's data services.

18.Gas Fee Consumption - Polygon Chain

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

19.Gas Fee Consumption - Arbitrum Chain

Vertex (DApp) - Vertex is a decentralized exchange (DEX) protocol based on Arbitrum, offering cross-margin trading services. It integrates spot, perpetual contracts, and money markets into one application. It has recently completed its TGE, and the VRTX token was initially listed on Bitget, Bybit, and KuCoin exchanges. Recently, the token has experienced commendable trading activity, registering a 10% increase within a single day.