Bitget Research: Bitcoin Surpasses $44,000, ORDI Fluctuates in Response to the Luke Incident

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:

ORDI (Token) - ORDI has experienced dramatic surges and declines in the past 24 hours. The price initially dropped from US$63.26 to US$43.59, then rose to an all-time high of US$68.37, and is currently retracing around US$55. The main reason stems from Luke, a Bitcoin Core developer, publicly stating on social media that Bitcoin Inscriptions exploit a vulnerability in the Bitcoin Core client to spam the blockchain. If the vulnerability is fixed, it would mean that Ordinals and BRC-20 would no longer exist. The community expressed significant opposition and criticism towards this statement, prompting Luke to back down and acknowledge that it may not be necessary to eradicate all inscriptions to provide value to Bitcoin.

SHIB (Token) - Yesterday, in celebration of the tenth anniversary of Dogecoin's creation, meme coins experienced a surge in popularity. In the past 24 hours, SHIB saw a temporary 6% increase and a trading volume of US$550 million.

GEMINI (Token) - Google has announced the launch of its newest and most powerful AI model, Gemini. Developed by Google's DeepMind team, the model can understand and process different types of information, such as text, code, audio, images, and video. Inspired by the news, a new token called GEMINI emerged on the blockchain, reaching a market capitalization of US$5 million at one point, with a trading volume of US$8 million.

MUBI (Token) - MUBI is the native protocol token for Multibit, a cross-chain bridge project facilitating BRC20-ERC20 interoperability. As the BRC20 ecosystem continues to thrive, the excitement surrounding it has expanded to the Ethereum network. Multibit enables users to seamlessly transfer BRC20 tokens from the Bitcoin network to the Ethereum network, enabling them to access the corresponding DeFi ecosystem. This distinctive feature has attracted significant market attention and speculative interest. MUBI's market capitalization has reached record highs as the BRC20 market trend continues to surge, currently standing at US$87.7 million.

2. Popular NFTs:

GasHeroBadge (NFT) - Gas Hero is a Web3 social and strategy game developed by the former StepN team. Unlike traditional games, Gas Hero focuses heavily on game theory, providing players with a wider range of strategies and utilizing a decentralized trading platform to maximize on-chain data transparency. The game has recently gone live, and the in-game NFT trading is exceptionally active.

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:

Inscription BSC (DApp) - The frenzy surrounding Inscriptions has expanded to the BSC, which has given birth to 900 Inscriptions, accounting for 23% of the total on-chain transactions. Only PancakeSwap and BUSD made an appearance on the on-chain gas consumption ranking.

Inscription Polygon (DApp) - The Inscriptions sector is heating up, with over 900 different Inscriptions being created on the Polygon network. Transactions of Inscriptions account for 66% of the total on-chain transactions, dominating the gas consumption ranking.

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

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

Arbitrum (DApp) - According to L2BEAT data, the TVL of the Arbitrum One network has reached a new all-time high of US$8.12 billion, with a 7.08% growth rate over the past 7 days.

Friend.Tech (DApp) - According to DefiLlama, the TVL of Friend.tech currently stands at US$38.2 million, a notable decline from its historical high of US$52.04 million on October 2 and a slight recovery from its historical low of US$28 million. The Twitter account @0xRacerAlt of Friend.tech's founder Racer is no longer accessible.

Jupiter Exchange (DApp) - Jupiter Exchange, a derivatives trading platform within the Solana ecosystem, has announced the details of the JUP community airdrop. Out of a total of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). Wallets that interacted directly with Jupiter before November 2, totaling 955,000, are eligible for the airdrop. There will also be subsequent airdrops targeting new users.

Lido (DApp) - The official announcement on social media has revealed that the TVL of the protocol has increased to US$20.48 billion. Deposits of wstETH on the Base platform have grown by 35.96% in the past week. Additionally, a new proposal from the community proposes the adoption of the xERC20 open standard, an open cross-chain standard (EIP 72816) that allows any cross-chain bridges to work with Lido, for the wstETH full-chain circulation.

Jito (DApp) - Jito, a liquidity staking protocol in the Solana ecosystem, has announced the launch of its governance token, JTO. The total supply of JTO is 1 billion tokens, with 10% allocated for a retrospective airdrop to the community. The token will be used for community governance, allowing holders to participate in setting fees for the JitoSOL stake pool, delegating strategies by controlling StakeNet parameter update, managing the DAO vault and revenue of JTO tokens, as well as contributing to the enhancement of the Jito Network.

4. Twitter Hot Topics:

TIA (Token) - The modular blockchain TIA has experienced a continuous surge and consecutive all-time highs following its Token Generation Event (TGE), sparking extensive discussions on social media. However, after a market-wide correction, the token price has exhibited significant volatility. Yesterday, the price briefly broke above US$10 before starting to fall, with trading volume remaining high. It is essential to stay updated on this token.

5. Regional Trending Searches:

Helium (Token) - The market is recovering, with an increase in trading volume and a positive market wealth effect. Yesterday, Helium announced the launch of its mobile phone service, offering a US$20/month plan. This development may lead to improved revenue prospects for the project in the future. The open interest of futures on the secondary market skyrocketed fourfold yesterday. The influx of funds has caused a rapid increase in token prices. The price of HNT on Bitget increased by 62% in 24 hours, attracting much attention from the market.

Main Body:

Written by: Bitget Research

Data collection time: December 7, 10:30 AM

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

ORDI (Token) - ORDI has experienced dramatic surges and declines in the past 24 hours. The price initially dropped from US$63.26 to US$43.59, then rose to an all-time high of US$68.37, and is currently retracing around US$55. The main reason stems from Luke, a Bitcoin Core developer, publicly stating on social media that Bitcoin Inscriptions exploit a vulnerability in the Bitcoin Core client to spam the blockchain. If the vulnerability is fixed, it would mean that Ordinals and BRC-20 would no longer exist. The community expressed significant opposition and criticism towards this statement, prompting Luke to back down and acknowledge that it may not be necessary to eradicate all inscriptions to provide value to Bitcoin.

2. Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 425,552

New active users on ETH: 84,907, with a daily increase of 4.21%

Existing active users on ETH: 340,645, with a daily decrease of 2.15%

2.1.2 New User Profile

Core data: There were a total of 84,907 new active users on ETH yesterday, with a daily increase of 4.21%

Popular Sectors

Popular Projects

Key Projects:

Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. With the advantage of being an early player in the market, Maestro has established a substantial user base. 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.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 340,645, with a daily decrease of 2.15%

Popular Sectors

Popular Projects

Key Projects:

SHIB (Token) - Yesterday, in celebration of the tenth anniversary of Dogecoin's creation, meme coins experienced a surge in popularity. In the past 24 hours, SHIB saw a temporary 6% increase and a trading volume of US$550 million.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

GEMINI (Token) - Google has announced the launch of its newest and most powerful AI model, Gemini. Developed by Google's DeepMind team, the model can understand and process different types of information, such as text, code, audio, images, and video. Inspired by the news, a new token called GEMINI emerged on the blockchain, reaching a market capitalization of US$5 million at one point, with a trading volume of US$8 million.

2.2.2 Uniswap V3

MUBI (Token) - MUBI is the native protocol token for Multibit, a cross-chain bridge project facilitating BRC20-ERC20 interoperability. As the BRC20 ecosystem continues to thrive, the excitement surrounding it has expanded to the Ethereum network. Multibit enables users to seamlessly transfer BRC20 tokens from the Bitcoin network to the Ethereum network, enabling them to access the corresponding DeFi ecosystem. This distinctive feature has attracted significant market attention and speculative interest. MUBI's market capitalization has reached record highs as the BRC20 market trend continues to surge, currently standing at US$87.7 million.

2.3 Popular NFTs

2.3.1 Top NFT Collections

GasHeroBadge (NFT) - Gas Hero is a Web3 social and strategy game developed by the former StepN team. Unlike traditional games, Gas Hero focuses heavily on game theory, providing players with a wider range of strategies and utilizing a decentralized trading platform to maximize on-chain data transparency. The game has recently gone live, and the in-game NFT trading is exceptionally active.

3. Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,040,069

New active users on BSC: 153,943, with a daily decrease of 4.77%

Existing active users on BSC: 886,126, with a daily decrease of 0.84%

3.1.2 New User Profile

Core data: There were a total of 153,943 new active users on BSC yesterday, with a daily decrease of 4.77%

Popular Sectors

Popular Projects

Key Projects:

Inscription BSC (DApp) - The frenzy surrounding Inscriptions has expanded to the BSC, which has given birth to 900 Inscriptions, accounting for 23% of the total on-chain transactions. Only PancakeSwap and BUSD made an appearance on the on-chain gas consumption ranking.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 886,126, with a daily decrease of 0.84%

Popular Sectors

Popular Projects

Key Projects:

Hooked (DApp) - Hooked Protocol aims to establish a community-driven social network with a tokenomics design. Recently, it initiated the opBNB mainnet launch and the Hooked staking program. It has also launched a US$50 million Web3 education ecosystem fund to promote the development of HOOK2.0.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

There are no popular coins traded on BSC.

4. Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 424,074

New active users on Polygon: 74,525, with a daily increase of 15.18%

Existing active users on Polygon: 349,549, with a daily increase of 3.97%

4.1.2 New User Profile

Core data: There were a total of 74,525 new active users on Polygon yesterday, with a daily increase of 15.18%

Popular Sectors

Popular Projects

Key Projects:

Inscription Polygon (DApp) - The Inscriptions sector is heating up, with over 900 different Inscriptions being created on the Polygon network. Transactions of Inscriptions account for 66% of the total on-chain transactions, dominating the gas consumption ranking.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 349,549, with a daily increase of 3.97%

Popular Sectors

Popular Projects

Key Projects:

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

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

Most of the trading activity on Polygon's UniswapV3 is focused on mainstream coins, with limited activity observed for newer assets.

5. Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 131,685

New Active Users on Arbitrum: 23,519, with a daily increase of 2.26%

Existing Active Users on Arbitrum: 108,166, with a daily increase of 6.18%

5.1.2 New User Profile

Core data: There were a total of 23,519 new active users on Arbitrum yesterday, with a daily increase of 2.26%

Popular Sectors

Popular Projects

Key Projects:

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

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 108,166, with a daily increase of 6.18%

Popular Sectors

Popular Projects

Key Projects:

Arbitrum (DApp) - According to L2BEAT data, the TVL of the Arbitrum One network has reached a new all-time high of US$8.12 billion, with a 7.08% growth rate over the past 7 days.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

XPET (Token) - XPET, a popular pet raising game on Arbitrum, has gained significant traction recently. Since its official launch for conversion and withdrawal, the price has surged more than fourfold, generating high on-chain activity.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 47,980

New Active Users on Base: 7,369, with a daily decrease of 28.01%

Existing Active Users on Base: 40,611, with a daily decrease of 10.09%

6.1.2 New User Profile

Core data: There were a total of 7,369 new active users on Base yesterday, with a daily decrease of 28.01%

Popular Sectors

Popular Projects

Key Projects:

Friend.Tech (DApp) - According to DefiLlama, the TVL of Friend.tech currently stands at US$38.2 million, marking a notable decline from its historical high of US$52.04 million on October 2 and a slight recovery from its historical low of US$28 million. The Twitter account @0xRacerAlt of Friend.tech's founder Racer is no longer accessible.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 40,611, with a daily decrease of 10.09%

Popular Sectors

Popular Projects

Key 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

Jupiter Exchange (DApp) - Jupiter Exchange, a derivatives trading platform within the Solana ecosystem, has announced the details of the JUP community airdrop. Out of a total of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). Wallets that interacted directly with Jupiter before November 2, totaling 955,000, are eligible for the airdrop. There will also be subsequent airdrops targeting new users.

8. DApp Ecosystem - ETH Chain

Lido (DApp) - The official announcement on social media has revealed that the TVL of the protocol has increased to US$20.48 billion. Deposits of wstETH on the Base platform have grown by 35.96% in the past week. Additionally, a new proposal from the community proposes the adoption of the xERC20 open standard, an open cross-chain standard (EIP 72816) that allows any cross-chain bridges to work with Lido, for the wstETH full-chain circulation.

9. DApp Ecosystem - BSC

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.

10. DApp Ecosystem - Polygon Chain

Galxe (DApp) - Galxe supports a variety of data sources, including both on-chain and off-chain. For on-chain credentials, curators can contribute through subgraph queries or static snapshots. For off-chain credentials, Project Galaxy has integrated with platforms like Snapshot.org, Twitter, and Github. This support for diverse data sources enables Project Galaxy to more broadly collect and utilize data.

11. DApp Ecosystem - WAX Chain

Farmers World (DApp) - A farming mining game built on WAX. The project consistently ranks among the top in blockchain games. The regularity of social media updates from the project has been low and no substantial changes have been noted.

12. DApp Ecosystem - Solana Chain

Jito (DApp) - Jito, a liquidity staking protocol in the Solana ecosystem, has announced the launch of its governance token, JTO. The total supply of JTO is 1 billion tokens, with 10% allocated for a retrospective airdrop to the community. The token will be used for community governance, allowing holders to participate in setting fees for the JitoSOL stake pool, delegating strategies by controlling StakeNet parameter update, managing the DAO vault and revenue of JTO tokens, as well as contributing to the enhancement of the Jito Network.

13. DApp Ecosystem - Arbitrum Chain

Rhino (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.

14. DApp Ecosystem - Base Chain

Aerodrome (DApp) - Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. Aerodrome's design is inspired by the Velodrome V2 model to incentivize liquidity on the protocol. Despite past collaborations, Aerodrome operates independently of Velodrome. AERO, Aerodrome's utility and governance token, allows holders to lock their tokens and receive veAERO NFTs and voting power based on the lock-up period.

15. DApp Ecosystem - GameFi Sector Across All Chains

PlayEmber (DApp) - PlayEmber is focused on delivering customized monetization solutions through its Unity-based software development kit, aiming to facilitate the transition of game advertising revenue from the Web2 market to Web3. The start-up has also received substantial strategic support from the NEAR Foundation. The test version of PlayEmber has been launched and has gained significant popularity.

16. Gas Fee Consumption - ETH Chain

0x Protocol (DApp) - 0x is an open, decentralized trading protocol mainly utilized for trading tokens on the Ethereum blockchain. It establishes a foundational structure for Decentralized Exchanges (DEXs), enabling anyone to create and operate their own exchange on its platform. As the cryptocurrency market experiences an uptick, the engagement volume with the 0x protocol is gradually increasing.

17. Gas Fee Consumption - BSC

PancakeSwap (DApp) - PancakeSwap is a decentralized exchange based on the BSC. Recently, it has significantly increased its trading volume and doubled its market share with the launch of its V3 version. PancakeSwap V3 brings numerous improvements, including increased capital efficiency, reduced trader fees, enhanced rewards for liquidity providers, and an improved user experience. It has also ventured into blockchain gaming, introduced fiat channels, and expanded its Yield Farming.

18. Gas Fee Consumption - Polygon Chain

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.

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.

20. Gas Fee Consumption - Base Chain

FriendtechSharesV1 (DApp) - According to DefiLlama, the TVL of Friend.tech currently stands at US$38.2 million, marking a notable decline from its historical high of US$52.04 million on October 2 and a slight recovery from its historical low of US$28 million. The Twitter account @0xRacerAlt of Friend.tech's founder Racer is no longer accessible.

21. Twitter Trends Token Top Rank

TIA (Token) - The modular blockchain TIA has experienced a continuous surge and consecutive all-time highs following its Token Generation Event (TGE), sparking extensive discussions on social media. However, after a market-wide correction, the token price has exhibited significant volatility. Yesterday, the price briefly broke above US$10 before starting to fall, with trading volume remaining high. It is essential to stay updated on this token.

22. Google Trends - Global

Helium (Token) - The market is recovering, with an increase in trading volume and a positive market wealth effect. Yesterday, Helium announced the launch of its mobile phone service, offering a US$20/month plan. This development may lead to improved revenue prospects for the project in the future. The open interest of futures on the secondary market skyrocketed fourfold yesterday. The influx of funds has caused a rapid increase in token prices. The price of HNT on Bitget increased by 62% in 24 hours, attracting a lot of attention from the market.

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

a) South Asia Region

India Trends: HNT, AVAX, BTTC, BTT, INSP

b) Southeast Asia Region

Malaysia Trends: LUNO, AVAX, MATIC, Bitcoin

Canada Trends: USTC, USTC, ADA, XRP

Thailand Trends: Fear and greed index

Singapore Trends: ADA, BTTC, SOLANA, Doge, ORDI, STRAIT, AVAX

Indonesia Trends: Bitcoin, APA, WAVES

c) East Asia and Hong Kong, Macau, and Taiwan: No important trending keywords.

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

a) CIS regions Trends: Crypto Bubbles, CoinMarketCap

b) English-speaking Countries

Australia Trends: AAVE, BTTC, HNT, BTC, Dogecoin, VECHAIN

UK Trends: BTT, ORCA, INSP, Gamestop, HNT

USA Trends: AMP, BTT, HNT

Canada Trends: ANKR, QNT, BTTC, PYTH, HNT, ENJ

c) Europe

France Trends: SHIB, DOGE, GMT, BTT

Poland Trends: TIA, TIA, POT, BTC

Switzerland Trends: BEAM, QUANT, MATIC, ETHER

Turkey Trends: SELCOIN, TEOS

Germany Trends: XRP, ARB, MANA, TIA, DOT, KAS, BTTC, XEN

Italy Trends: SHIB, PYTH, HNT, BTTC

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

a) Africa

South Africa Trends: ETH, BTC

Nigeria Trends: Cosmos, FOMO

b) Middle East Trends: CoinMarketCap, TradingView

c) Latin America

Brazil Trends: BTTC, MATIC, Lido

Argentina Trends: SHIB, XRP, BNB, BTC, ORDI, BAKE, XRP

Mexico Trends: XLM, BONK, UNI, CMC, SHIB

Reference Links

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

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