Bitget Research: Inscription Series Token Skyrockets, Federal Reserve Expected to Cut Interest Rates in March Next Year

In the past 24 hours, many new popular tokens and topics have emerged in the market, and perhaps they will be the next focus of the 8519201c-d812-4851-a52b-6d0f44356ade.

In Summary:

1.Popular Tokens:

RATS (Token) - Benefiting from the listing of SATS on Binance, the BRC-20 inscription sector experienced a significant surge, with RATS' price increasing over threefold in the past three days. Its 24-hour trading volume is US$97 million, and its market cap has reached US$250 million.

OZK (Token) - OrdiZK, a new BRC-20 cross-chain protocol developed using zk-SNARKS technology, connects BTC and ETH. Following its token deployment, it has seen a continuous rise in the secondary market, with a market cap of US$5 million and a 24-hour trading volume of US$1.85 million. The token has a 5% buy and sell tax.

BONK (Token) - BONK's Solana-based version is now listed on Coinbase, boasting a market cap of US$890 million and securing the 75th spot in market cap rankings. The token has considerable popularity with a substantial 24-hour trading volume of US$2.5 billion and a notable 45% surge. The ERC-20 version of the token continues to be actively traded on the chain.

BABYGROK (Token) - A memecoin with the GROK concept, BABYGROK is notably popular on the BSC. It has 52,000 on-chain holders, with a market cap of US$48.74 million. The token's 24-hour trading volume is US$2.3 million, which has seen a 55% increase in the past 24 hours. BABYGROK is now available for trading on Bitget.

2.Popular NFTs:

Pudgy Penguins (NFT) - Pudgy Penguins is set to launch Pudgy World Alpha in the first quarter of 2024, supported by zkSync. Pudgy World is a digital experience that completes the physical product loop. Pudgy Toy holders can scan the accompanying QR code, create an account, redeem features, and customize their Forever Pudgy Penguin. A significant part of the Pudgy World Alpha release is the introduction of new characters Pudgy Peaches. Pudgy Penguins' price has recently reached a new ATH, making it a popular NFT project through both bull and bear markets.

Rainbow World (NFT) - A metaverse project on BASE, created by Adworld and supported by the Rainbow Wallet. Its Character Creator function facilitates the creation of character NFTs. There are 12,000 NFTs in total, with 4980 holders.

3.Popular DApps:

ETHRUNES (DApp) - A novel token protocol based on ERC1155 and inspired by BRC-20. The top rune, $ERS, on the platform https://ethrunes.xyz/ has been fully minted and is available for trading on the public market. This protocol can create tokens, NFTs, and convert $eths, $ethi, BTC inscriptions $ordi, $sats, and ERC-20 tokens into runes. It is an early-stage, high-risk project worth monitoring.

Inscription (DApp) - The Inscription sector is surging in popularity, 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.

LayerZero (DApp) - As highlighted in yesterday's FTX hearing, there is an unresolved dispute between FTX and LayerZero concerning a US$45 million transaction that took place during FTX's bankruptcy. This dispute is anticipated to impact the token issuance until it is resolved. Recently, LayerZero Labs stated on a social platform that it would have a native LayerZero token and they are currently focused on the distribution process, aiming to finalize it in the first half of 2024.

Aerodrome (DApp) - Coinbase's recent listing of Seamless, a lending asset on the Base Chain, has stimulated key DeFi projects on the Base. Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. 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. Over the last month, Aerodrome's TVL has surged by 40%, amounting to US$74 million, and the AERO token has surged by 58% in the past 7 days, reaching a market cap of US$8.57 million.

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. PancakeSwap recently announced the burning of 8,808,741 CAKE tokens, valued at approximately US$21 million.

Wormhole (DApp) - On December 6, the cross-chain infrastructure Wormhole announced the launch of Wormhole Queries, a cross-chain instant data retrieval service. This service enables application developers to extract any on-chain data on demand. Wormhole indicates that compared to the push model, Queries offers less than 1-second latency and can reduce gas fees by 84%.

4.Twitter Hot Topics:

INJ (Token) - Injective, a blockchain specifically tailored for applications and built using the Cosmos SDK, aims to be an interoperable layer for decentralized trading infrastructure. In the past 24 hours, INJ has seen a significanT price surge of 22%, with the token price rising to the level of US$31. The community discussion around it is notably active.

BONK (Token) - A leading memecoin in the Solana ecosystem, BONK has experienced a significant rebound, increasing 50x from its low alongside a sharp rise in SOL's price. Following a substantial pullback yesterday, it has once again formed an upward trend, making it a token to keep on your radar.

5.Regional Trending Searches:

Bitcoin (Token) - Following yesterday's Federal Reserve interest rate meeting, which featured dovish statements, the market anticipates that the Fed may start lowering interest rates as early as next March. The yield on 10-year Treasury notes has fallen below 4%, and the US Dollar Index has dropped below the 103 level. Bitcoin, representing risk assets, has shown an upward trend after the Fed meeting, rising approximately 5% in the past 24 hours.

Main Body

Written by: Bitget Research

Data collection time: December 14, 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

RATS (Token) - Benefiting from the listing of SATS on Binance, the BRC-20 inscription sector experienced a significant surge, with RATS' price increasing over threefold in the past three days. Its 24-hour trading volume is US$97 million, and its market cap has reached US$250 million.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 393,669

New active users on ETH: 76,863, with a daily decrease of 5.13%

Existing active users on ETH: 316,806, with a daily decrease of 3.70%

2.1.2 New User Profile

Core data: There were a total of 76,863 new active users on ETH yesterday, with a daily decrease of 5.13%

Popular Sectors

Popular Projects

Key Projects:

ETHRUNES (DApp) - A novel token protocol based on ERC1155 and inspired by BRC-20. The top rune, $ERS, on the platform https://ethrunes.xyz/ has been fully minted and is available for trading on the public market. This protocol can create tokens, NFTs, and convert $eths, $ethi, BTC inscriptions $ordi, $sats, and ERC-20 tokens into runes. It is an early-stage, high-risk project worth monitoring.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 316,806, with a daily decrease of 3.70%

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. 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.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

OZK (Token) - OrdiZK, a new BRC-20 cross-chain protocol developed using zk-SNARKS technology, connects BTC and ETH. Following its token deployment, it has seen a continuous rise in the secondary market, with a market cap of US$5 million and a 24-hour trading volume of US$1.85 million. The token has a 5% buy and sell tax.

2.2.2 Uniswap V3

BONK (Token) - BONK's Solana-based version is now listed on Coinbase, boasting a market cap of US$890 million and securing the 75th spot in market cap rankings. The token has considerable popularity with a substantial 24-hour trading volume of US$2.5 billion and a notable 45% surge. The ERC-20 version of the token continues to be actively traded on the chain.

2.3 Popular NFTs

2.3.1 Top NFT Collections

Pudgy Penguins (NFT) - Pudgy Penguins is set to launch Pudgy World Alpha in the first quarter of 2024, supported by zkSync. Pudgy World is a digital experience that completes the physical product loop. Pudgy Toy holders can scan the accompanying QR code, create an account, redeem features, and customize their Forever Pudgy Penguin. A significant part of the Pudgy World Alpha release is the introduction of new characters Pudgy Peaches. Pudgy Penguins' price has recently reached a new ATH, making it a popular NFT project through both bull and bear markets.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,010,835

New active users on BSC: 163,057, with a daily decrease of 9.67%

Existing active users on BSC: 847,778, with a daily decrease of 1.69%

3.1.2 New User Profile

Core data: There were a total of 163,057 new active users on BSC yesterday, with a daily decrease of 9.67%

Popular Sectors

Popular Projects

Key Projects:

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. Animoca Brands has 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.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 847,778, with a daily decrease of 1.69%

Popular Sectors

Popular Projects

Key Projects:

Port3 (DApp) - Social data gateway Port3 Network announced that the cumulative trading volume for its BQL trading mining has exceeded US$100 million, with fee revenues reaching US$500,000. BQL trading mining is an event hosted by Port3 Network, where users can participate in an 80% cash reward pool of transaction fees and a total of 350 million Gemstone rewards by running BQL scripts to execute trades.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

BABYGROK (Token) - A memecoin with the GROK concept, BABYGROK is notably popular on the BSC. It has 52,000 on-chain holders, with a market cap of US$48.74 million. The token's 24-hour trading volume is US$2.3 million, which has seen a 55% increase in the past 24 hours. BABYGROK is now available for trading on Bitget.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 421,422

New active users on Polygon: 76,927, with a daily decrease of 8.14%

Existing active users on Polygon: 344,495, with a daily decrease of 4.5%

4.1.2 New User Profile

Core data: There were a total of 76,927 new active users on Polygon yesterday, with a daily decrease of 8.14%

Popular Sectors

Popular Projects

Key Projects:

Inscription (DApp) - The Inscription sector is surging in popularity, 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 344,495, with a daily decrease of 4.5%

Popular Sectors

Popular Projects

Key Projects:

Smart Cats (NFT) - An NFT project launched by SmartLayer, which has very high on-chain popularity. Users can interact with Smart Cats NFTs by feeding, cleaning, and other activities. The NFTs have a very high level of interaction.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

On Polygon, there are no exceptionally popular projects aside from mainstream tokens.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 146,445

New Active Users on Arbitrum: 24,708, with a daily decrease of 18.23%

Existing Active Users on Arbitrum: 121,737, with a daily decrease of 9.83%

5.1.2 New User Profile

Core data: There were a total of 24,708 new active users on Arbitrum yesterday, with a daily decrease of 18.23%

Popular Sectors

Popular Projects

Key Projects:

XPET (DApp) - The XPET mobile version has been recently launched. XPET is 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 121,737, with a daily decrease of 9.83%

Popular Sectors

Popular Projects

Key Projects:

MUX Protocol (DApp) - MUX has set a new 7-day trading volume record, with this week's trading volume reaching US$1.5 billion. MUX Protocol is a decentralized perpetual aggregator that can automatically select the best liquidity path, reducing trading costs while meeting the demands for opening positions.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

RDNT (Token) - Radiant Capital (RDNT) is a cross-chain lending protocol built on LayerZero. RDNT is the native token of this project, primarily used for governance. Token holders can create and vote on decisions as well as discuss protocol improvements. Radiant Capital aims to become the first full-chain money market, where users can deposit any major asset on any major chain and borrow various supported assets across multiple chains. Its ambitious goal is to integrate approximately US$22 billion in liquidity scattered across the top ten alternative layers, to achieve a more unified and efficient DeFi ecosystem.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 58,090

New Active Users on Base: 12,837, with a daily increase of 12.69%

Existing Active Users on Base: 45,253, with a daily decrease of 9.71%

6.1.2 New User Profile

Core data: There were a total of 12,837 new active users on Base yesterday, with a daily increase of 12.69%

Popular Sectors

Popular Projects

Key Projects:

Rainbow World (NFT) - A metaverse project on BASE, created by Adworld and supported by the Rainbow Wallet. Its Character Creator function facilitates the creation of character NFTs. There are 12,000 NFTs in total, with 4980 holders.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 45,253, with a daily decrease of 9.71%

Popular Sectors

Popular Projects

Key Projects:

LayerZero (DApp) - As highlighted in yesterday's FTX hearing, there is an unresolved dispute between FTX and LayerZero concerning a US$45 million transaction that took place during FTX's bankruptcy. This dispute is anticipated to impact the token issuance until it is resolved. Recently, LayerZero Labs stated on a social platform that it would have a native LayerZero token and they are currently focused on the distribution process, aiming to finalize it in the first half of 2024.

7. DApp Ecosystem - All Chains

KAI-CHING (DApp) - A Web3 shopping website on the Near chain. According to data statistics, it currently has a high number of weekly active users.

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

SecondLive (DApp) - SecondLive offers a 3D virtual space where users can explore the metaverse through unique virtual avatars. These avatars enable participation in various activities, such as singing, dancing, virtual exhibitions, and shopping. This immersive experience forms the foundation of SecondLive. As one of the most active metaverse infrastructure projects on BSC, SecondLive has over 800,000 registered users and a large, active community. The platform continuously improves, offering diverse avatar styles, space construction templates, and various low-code rule engines. It supports virtual live broadcasts, concerts, large online conferences, and commercial displays.

10.DApp Ecosystem - Polygon Chain

Yuliverse (DApp) - Yuliverse is a free-to-play blockchain metaverse game that combines GameFi and SocialFi elements, utilizing NFTs and the cryptocurrencies ARG and ART. Designed to enhance social interaction and engagement, it allows players to explore the real world and build connections. Yuliverse's game mechanics, featuring money-earning elements, deliver a distinct gaming experience to players.

11.DApp Ecosystem - Solana Chain

Magic Eden (DApp) - Magic Eden is recognized for its user-friendly interface, rapid processing times, robust security, and an array of standout features that simplify the buying and selling experience. For instance, Magic Eden collaborates closely with creators via its Launchpad, assisting them in crafting, minting, marketing, and successfully launching projects. Designed specifically for trading non-fungible tokens (NFTs), Magic Eden operates as a peer-to-peer marketplace built on the Solana chain.

12.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.

13.DApp Ecosystem - Base Chain

Aerodrome (DApp) - Coinbase's recent listing of Seamless, a lending asset on the Base Chain, has stimulated key DeFi projects on the Base. Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. 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. Over the last month, Aerodrome's TVL has surged by 40%, amounting to US$74 million, and the AERO token has surged by 58% in the past 7 days, reaching a market cap of US$8.57 million.

14.DApp Ecosystem - GameFi Sector Across All Chains

There have been no significant changes in the UAW count of the top GameFi DApps.

15.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. 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.

16.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. PancakeSwap recently announced the burning of 8,808,741 CAKE tokens, valued at approximately US$21 million.

17.Gas Fee Consumption - 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.

18.Gas Fee Consumption - Arbitrum Chain

LayerZero (Dapp) - LayerZero Labs stated on a social platform that it will have a native LayerZero token in response to community discussions over the past few months. The team is currently focused on the distribution process of the token and anticipates completing it in the first half of 2024.

19.Gas Fee Consumption - Base Chain

Wormhole (DApp) - On December 6, the cross-chain infrastructure Wormhole announced the launch of Wormhole Queries, a cross-chain instant data retrieval service. This service enables application developers to extract any on-chain data on demand. Wormhole indicates that compared to the push model, Queries offers less than 1-second latency and can reduce gas fees by 84%.

20.Top Trending Tokens on Twitter

INJ (Token) - Injective, a blockchain specifically tailored for applications and built using the Cosmos SDK, aims to be an interoperable layer for decentralized trading infrastructure. In the past 24 hours, INJ has seen a significant price surge of 22%, with the token price rising to the level of US$31. The community discussion around it is notably active.

BONK (Token) - A leading memecoin in the Solana ecosystem, BONK has experienced a significant rebound, increasing 50x from its low alongside a sharp rise in SOL's price. Following a substantial pullback yesterday, it has once again formed an upward trend, making it a token to keep on your radar.

21.Google Trends - Global

Bitcoin (Token) - Following yesterday's Federal Reserve interest rate meeting, which featured dovish statements, the market anticipates that the Fed may start lowering interest rates as early as next March. The yield on 10-year Treasury notes has fallen below 4%, and the US Dollar Index has dropped below the 103 level. Bitcoin, representing risk assets, has shown an upward trend after the Fed meeting, rising approximately 5% in the past 24 hours.

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

a) South Asia Region

India Trends: XXBT, Polygon, Sei, FOMC, Coindesk

b) Southeast Asia Region

Malaysia Trends: CAGA

Philippines Trends: ATOM, Uniswap, SHIB, LUNA, BTC

Singapore Trends: OLAS, UNI, BTC, OLAS

Indonesia Trends: UNI, BabyDoge, StepN, CTK

c) East Asia

Japan Trends: betfury

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

a) CIS Region

Trends: ARKM

b) English-speaking Countries

Australia Trends: BTC, JOE, WTK, SAND, SUI

UK Trends: FUN, ICX, Pancakeswap

USA Trends: BUSD, OLAS, FET, BEAMX

Canada Trends: Bigtime, SNEK, HEX

c) Europe

France Trends: IOTA, ATOR, OLAS, AKT

Poland Trends: AVAX, ATOM, SATS, TRX

Switzerland Trends: KAS, SHIB, PI, Mana, ORDI

Turkey Trends: BTC, Altcoin, Dogecoin

Germany Trends: Gold, ICP, ADA, ETHER

Italy Trends: SAND, TRB

Spain Trends: MANA, NANO, SOL, MATIC, ICP, Bitcoin

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

a) Africa

South Africa Trends: ETH, ADA, BTC, XRP, VALR

b) Middle East

Trends: M2, CMC

c) Latin America

Brazil Trends: SLM, DOT, WRX, ETH, SATS

Argentina Trends: NEXO

Mexico Trends: CMC, BONK, Solana, ICP, MANA, BTC

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