Bitget Research: Net Outflows from GBTC Cause Market Downturn, Inscription Sector Rebounds Against Trend

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 market.

In Summary:

1.Popular Tokens:

MICE (Token) - A BRC-20 token named after a mouse, MICE drove the rise of the inscription sector yesterday, with a nearly 60% increase in 24 hours. The token has since retraced, with the potential for another rise. It has been listed on Bitget.

TROLL (Token) - This memecoin emerged recently after Elon Musk updated his Twitter bio to “Chief Troll Officer”. The token has been on a continuous uptrend since its creation, with nearly 5000 transactions on DEXs and a trading volume of $15 million. A trader spent $30,000 to buy 80.77 trillion TROLL, now valued at $2.79 million, demonstrating a strong wealth effect.

METIS (Token) - Metis is expected to become the first decentralized Optimistic Rollup sequencer by early next year. The allocation of the $100 million ecosystem fund is scheduled to take place one week after the anticipated launch of the Metis decentralized sequencer. Recently, METIS has seen a significant increase in its TVL and token price.

BabyDragon (Token) - BabyDragon is positioned as the strongest memecoin of 2024 with investor interests prioritized. The project token has a buy and sell tax rate of 5%/5%. The token's trading volume on DEXs currently stands at $710,000, with 3000 transactions and 1571 unique addresses. The project is still in the process of forming a community consensus. With a total market cap of just $2.8 million and showing a positive trend, it is advisable to keep this project on your radar.

PENDLE (Token) - PENDLE announces its entry into the restaking LRTfi sector, allowing users to earn additional profits or engage with DeFi more extensively with their Liquid Restaking Tokens (LRT). The token experienced a volatile decline over the weekend but has the potential for a notable rise during the Cancun upgrade narrative phase.

2.Popular NFTs:

Node Monkes (NFT) - An NFT from the Bitcoin ecosystem. Node Monkes is a PFP series based on the Ordinals protocol. The recent auction of NodeMonkes Honoraries NFTs at Sotheby's has generated 38 bids, valued at $6500. This operational strategy has attracted substantial traffic to the project, with an increase in both trading volume and wealth effect for its NFTs on Magic Eden recently.

3.Popular DApps:

Tether (DApp) - Last week, Tether issued an additional $1 billion USDT on both Ethereum and Tron, indicating a growing influx of funds from traditional markets into the crypto market. During 2023, Tether's share in the global stablecoin supply increased from 50% to 71%, now representing two-thirds of the total stablecoin supply. The company has reached a new historical high with the issuance of 95 billion USDT.

Memecoin (DApp) - Recently, it launched a farming reward certification promotion, requiring users to hold at least 69 $MEME tokens in their wallets to pass the human verification test. This has resulted in numerous on-chain transfers, showing a strong community interest in claiming farming rewards.

QnA3.AI (DApp) - A Web3 knowledge-sharing platform based on AI, QnA3.AI has garnered widespread attention on the BNB Chain. The project has initiated a data mining mode, where users can join and use idle computing resources on their devices for tasks like data cleaning and scraping. Contributors of computing power are rewarded with points.

Hooked Pickaxe (DApp) - Hooked Protocol aims to address major challenges in the adoption of Web3, such as lack of user motivation, high entry barriers, and a shortage of Web3 education. The project encourages users to embark on their Web3 journey by offering gamified learning experiences and incentive mechanisms.

Turnup (DApp) - Turnup, a Web3 social gaming ecosystem, has seen continuous growth in on-chain transaction data, ranking high on the Polygon DApps daily active users chart. The project team promised in a tweet that once they rank first on the daily active users chart, they will host an AMA with Polygon founder Sandeep Nailwal.

Smart Cats (DApp) - An NFT project launched by Smart Layer, 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. Smart Layer's official "Airdrop Confirmed" announcement hints at an upcoming airdrop and TGE.

Orbiter Finance (DApp) - Orbiter is a renowned cross-chain bridge project leveraging ZK technology to accelerate cross-chain operations. It has technical advantages, offering relatively lower costs compared to other cross-chain bridge projects. Additionally, it serves as an important on-chain analytical tool, providing fundamental data about various DApps and Layer 2 situations on its official website. Recently, the project announced plans to launch its native token this year and will gradually unveil its tokenomics and distribution plan, ensuring a fair process.

Odos (DApp) - The Odos Protocol stands out as the first Dex aggregator that allows users to swap multiple tokens for a single asset in one atomic transaction. This system facilitates the exchange of a basket of input tokens for the desired output in one go, saving on gas fees and mitigating market volatility.

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.

Jupiter Exchange (DApp) - Meow, the co-founder of Jupiter, outlined plans for a JUP token airdrop at the end of this month. To facilitate this, 10% of the tokens will be extracted from the team's wallet and 15% from the community wallet for use as liquidity provision, initial airdrops, and meeting community activity demands. It is estimated that on the first day of launch, between 15% and 17.5% of the tokens will enter the market circulation, with 10% to 7.5% stored in hot wallets and 75% stored in cold wallets.

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

Wormhole (DApp) - 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%. The project has not yet launched its token, making it an essential one to keep on your radar.

Fren Pet (DApp) - A new NFT project on the Base chain. Fren Pet is a cross-chain pet simulation game inspired by Friend.tech and developed jointly by Adam (@surfcoderepeat) and Cadu (@cadu_veloso). Some influencers are actively promoting the project on social media. Currently, the DApp shows average stability, with instances of downtime that were quickly resolved. It is worth keeping an eye on for future developments.

4.Twitter Hot Topics:

TIA (Token) - TIA has recently reached a new all-time high of $20. As a renowned DA layer project, it is widely considered the blockchain project most likely to challenge Ethereum.

5.Regional Trending Searches:

XAI (Token) - XAI is in collaboration with several important entities in the technology and gaming fields, including Offchain Labs (developers of Arbitrum) and various game publishing and development companies. These collaborations, leveraging blockchain technology, strive to revolutionize game distribution methods and improve the player experience.

Main Body

Written by: Bitget Research

Data collection time: January 15, 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

MICE (Token) - A BRC-20 token named after a mouse, MICE drove the rise of the inscription sector yesterday, with a nearly 60% increase in 24 hours. The token has since retraced, with the potential for another rise. It has been listed on Bitget.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 334,691

New active users on ETH: 74,432, with a daily decrease of 13.17%

Existing active users on ETH: 260,259, with a daily decrease of 21.80%

2.1.2 New User Profile

Core data: There were a total of 74,432 new active users on ETH yesterday, with a daily decrease of 13.17%

Popular Sectors

Popular Projects

Key Projects:

Tether (DApp) - Last week, Tether issued an additional $1 billion USDT on both Ethereum and Tron, indicating a growing influx of funds from traditional markets into the crypto market. During 2023, Tether's share in the global stablecoin supply increased from 50% to 71%, now representing two-thirds of the total stablecoin supply. The company has reached a new historical high with the issuance of 95 billion USDT.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 260,259, with a daily decrease of 21.80%

Popular Sectors

Popular Projects

Key Projects:

Memecoin (DApp) - Recently, it launched a farming reward certification promotion, requiring users to hold at least 69 $MEME tokens in their wallets to pass the human verification test. This has resulted in numerous on-chain transfers, showing a strong community interest in claiming farming rewards.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

TROLL (Token) - This memecoin emerged recently after Elon Musk updated his Twitter bio to “Chief Troll Officer”. The token has been on a continuous uptrend since its creation, with nearly 5000 transactions on DEXs and a trading volume of $15 million. A trader spent $30,000 to buy 80.77 trillion TROLL, now valued at $2.79 million, demonstrating a strong wealth effect.

2.2.2 Uniswap V3

METIS (Token) - Metis is expected to become the first decentralized Optimistic Rollup sequencer by early next year. The allocation of the $100 million ecosystem fund is scheduled to take place one week after the anticipated launch of the Metis decentralized sequencer. Recently, METIS has seen a significant increase in its TVL and token price.

2.3 Popular NFTs

2.3.1 Top NFT Collections

Node Monkes (NFT) - An NFT from the Bitcoin ecosystem. Node Monkes is a PFP series based on the Ordinals protocol. The recent auction of NodeMonkes Honoraries NFTs at Sotheby's has generated 38 bids, valued at $6500. This operational strategy has attracted substantial traffic to the project, with an increase in both trading volume and wealth effect for its NFTs on Magic Eden recently.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,224,000

New active users on BSC: 183,105, with a daily decrease of 0.74%

Existing active users on BSC: 1,040,895, with a daily decrease of 4.64%

3.1.2 New User Profile

Core data: There were a total of 183,105 new active users on BSC yesterday, with a daily decrease of 0.74%

Popular Sectors

Popular Projects

Key Projects:

QnA3.AI (DApp) - A Web3 knowledge-sharing platform based on AI, QnA3.AI has garnered widespread attention on the BNB Chain. The project has initiated a data mining mode, where users can join and use idle computing resources on their devices for tasks like data cleaning and scraping. Contributors of computing power are rewarded with points.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 1,040,895, with a daily decrease of 4.64%

Popular Sectors

Popular Projects

Key Projects:

Hooked Pickaxe (DApp) - Hooked Protocol aims to address major challenges in the adoption of Web3, such as lack of user motivation, high entry barriers, and a shortage of Web3 education. The project encourages users to embark on their Web3 journey by offering gamified learning experiences and incentive mechanisms.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

BabyDragon (Token) - BabyDragon is positioned as the strongest memecoin of 2024 with investor interests prioritized. The project token has a buy and sell tax rate of 5%/5%. The token's trading volume on DEXs currently stands at $710,000, with 3000 transactions and 1571 unique addresses. The project is still in the process of forming a community consensus. With a total market cap of just $2.8 million and showing a positive trend, it is advisable to keep this project on your radar.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 528,987

New active users on Polygon: 78,512, with a daily decrease of 24.95%

Existing active users on Polygon: 450,475, with a daily decrease of 5.47%

4.1.2 New User Profile

Core data: There were a total of 78,512 new active users on Polygon yesterday, with a daily decrease of 24.95%

Popular Sectors

Popular Projects

Key Projects:

Turnup (DApp) - Turnup, a Web3 social gaming ecosystem, has seen continuous growth in on-chain transaction data, ranking high on the Polygon DApps daily active users chart. The project team promised in a tweet that once they rank first on the daily active users chart, they will host an AMA with Polygon founder Sandeep Nailwal.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 450,475, with a daily decrease of 5.47%

Popular Sectors

Popular Projects

Key Projects:

Smart Cats (DApp) - An NFT project launched by Smart Layer, 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. Smart Layer's official "Airdrop Confirmed" announcement hints at an upcoming airdrop and TGE.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

There are no new popular tokens on Polygon DEXs.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 138,077

New Active Users on Arbitrum: 23,956, with a daily decrease of 16.99%

Existing Active Users on Arbitrum: 114,121, with a daily decrease of 20.47%

5.1.2 New User Profile

Core data: There were a total of 23,956 new active users on Arbitrum yesterday, with a daily decrease of 16.99%

Popular Sectors

Popular Projects

Key Projects:

Orbiter Finance (DApp) - Orbiter is a renowned cross-chain bridge project leveraging ZK technology to accelerate cross-chain operations. It has technical advantages, offering relatively lower costs compared to other cross-chain bridge projects. Additionally, it serves as an important on-chain analytical tool, providing fundamental data about various DApps and Layer 2 situations on its official website. Recently, the project announced plans to launch its native token this year and will gradually unveil its tokenomics and distribution plan, ensuring a fair process.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 114,121, with a daily decrease of 20.47%

Popular Sectors

Popular Projects

Key Projects:

XAI (Token) - XAI is a Layer 3 gaming chain, developed with direct support and assistance from Offchain Labs, the team behind Arbitrum. It has begun trading on multiple exchanges after launching on Binance Launchpool. XAI conducted a significant airdrop to the community, representing 5% of the total supply, totaling 125 million tokens. Vanguard NFT holders will receive 1307 XAI per NFT, Legendary NFT holders will get 290 XAI per NFT and Sentry Node Operators will be awarded 1658 XAI.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

PENDLE (Token) - PENDLE announces its entry into the restaking LRTfi sector, allowing users to earn additional profits or engage with DeFi more extensively with their Liquid Restaking Tokens (LRT). The token experienced a volatile decline over the weekend but has the potential for a notable rise during the Cancun upgrade narrative phase.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 60,458

New Active Users on Base: 8,062, with a daily decrease of 30.07%

Existing Active Users on Base: 52,396, with a daily decrease of 17.17%

6.1.2 New User Profile

Core data: There were a total of 8,062 new active users on Base yesterday, with a daily decrease of 30.07%

Popular Sectors

Popular Projects

Key Projects:

Odos (DApp) - The Odos Protocol stands out as the first Dex aggregator that allows users to swap multiple tokens for a single asset in one atomic transaction. This system facilitates the exchange of a basket of input tokens for the desired output in one go, saving on gas fees and mitigating market volatility.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 52,396, with a daily decrease of 17.17%

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) - Meow, the co-founder of Jupiter, outlined plans for a JUP token airdrop at the end of this month. To facilitate this, 10% of the tokens will be extracted from the team's wallet and 15% from the community wallet for use as liquidity provision, initial airdrops, and meeting community activity demands. It is estimated that on the first day of launch, between 15% and 17.5% of the tokens will enter the market circulation, with 10% to 7.5% stored in hot wallets and 75% stored in cold wallets.

8.DApp Ecosystem - ETH Chain

0x Protocol (DApp) - The 0x protocol is an open-source and decentralized trading protocol based on Ethereum, enabling users to trade Ethereum tokens (ERC-20) and non-fungible tokens (NFTs, i.e., ERC-721 tokens) quickly and securely across different decentralized exchanges. Its main role is to offer a standardized platform that enables developers to build efficient decentralized exchanges while optimizing trading efficiency by aggregating liquidity from multiple exchanges.

9.DApp Ecosystem - BSC

NFPrompt (DApp) - NFPrompt is the first AI-driven art creation and NFT trading platform, enabling users to generate artworks through text prompts and mint them as NFTs. This empowers every user to become an artist and own their creations on blockchain.

10.DApp Ecosystem - Polygon Chain

Gas Hero (DApp) - Gas Hero, developed by the former StepN team, is a Web3 social and strategy game. Unlike traditional games, Gas Hero places a strong emphasis on game theory, offering players richer strategies and utilizing decentralized trading platforms to maximize the transparency of on-chain data. The game has just launched, and the in-game NFT trading is quite active.

11.DApp Ecosystem - Solana Chain

Wormhole (DApp) - 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%. The project has not yet launched its token, making it an essential one to keep on your radar.

12.DApp Ecosystem - Arbitrum Chain

WooFi (DApp) - Launched by the cryptocurrency exchange WOO as a DeFi project, it recently gained positive attention in a short period due to its plans to buy back the shares and tokens previously acquired by the hedge fund Three Arrows Capital. This move is aimed at "eliminating uncertainties."

13.DApp Ecosystem - Base Chain

Fren Pet (DApp) - A new NFT project on the Base chain. Fren Pet is a cross-chain pet simulation game inspired by Friend.tech and developed jointly by Adam (@surfcoderepeat) and Cadu (@cadu_veloso). Some influencers are actively promoting the project on social media. Currently, the DApp shows average stability, with instances of downtime that were quickly resolved. It is worth keeping an eye on for future developments.

14.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, with currently 5 million downloads on Google Play. Users can earn SWEAT tokens through its Sweat Wallet application by engaging in daily physical activities.

15.Gas Fee Consumption - ETH Chain

Maestro (DApp) - Maestro is a renowned on-chain bot, and the crypto community highly favors that. Maestro's daily transaction fees have increased to previous high points, ranging between $150,000 and $200,000, which helps it maintain its top position in the BOT sector.

16.Gas Fee Consumption - BSC

QnA3.AI (DApp) - A Web3 knowledge-sharing platform based on AI, QnA3.AI has garnered widespread attention on the BNB Chain. The project has initiated a data mining mode, where users can join and use idle computing resources on their devices for tasks like data cleaning and scraping. Contributors of computing power are rewarded with points.

17.Gas Fee Consumption - Polygon Chain

CoinTool (DApp) - A renowned on-chain toolbox extensively utilized on the Polygon Network. Its XEN Batch Minter feature assists users in batch-minting XEN tokens.

18.Gas Fee Consumption - Arbitrum Chain

GMX (DApp) - GMX is a decentralized finance (DeFi) trading platform based on Arbitrum and Avalanche, specifically focusing on providing low slippage and zero-price impact trades. This platform enables users to engage in leveraged trading, earn income as liquidity providers, and offers efficient and stable liquidity for trades through its unique multi-asset pool.

19.Gas Fee Consumption - Base Chain

Aerodrome Finance (DApp) - Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. The 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.

20.Top Trending Tokens on Twitter

TIA (Token) - TIA has recently reached a new all-time high of $20. As a renowned DA layer project, it is widely considered the blockchain project most likely to challenge Ethereum.

21.Google Trends - Global

XAI (Token) - XAI is in collaboration with several important entities in the technology and gaming fields, including Offchain Labs (developers of Arbitrum) and various game publishing and development companies. These collaborations, leveraging blockchain technology, strive to revolutionize game distribution methods and improve the player experience.

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

a) South Asia Region

India Trends: Fantom, Tia, XAI

Pakistan Trends: XRP, XAI

b) Southeast Asia Region

Malaysia Trends: SEI, XRP, SOLANA

Philippines Trends: Pancake, AI, BNB

Singapore Trends: Polygon, Celestia, matic, xrp

Indonesia Trends: XAI, ICP

c) East Asia

Trends: osmosis, ibit

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

a) CIS Region

Russia Trends: Ton, Arkham

Ukraine Trends: XAI, Grass

Belarus Trends: Airdrop

b) English-speaking Countries

USA Trends: Tezos, XAI, Myria

Australia Trends: monad, icp, link

Canada Trends: pendle, cardono, chainlink, xai

UK Trends: wif, radix, flux

c) Europe

Poland Trends: aurora, trezor, dash

France Trends: bittensor, jito

Switzerland Trends: xai, btc, xrp

Turkey Trends: xai, crypto news

Germany Trends: icp, xai, xrp, ada

Italy Trends: shiba inu, centrifuge, beam

Spain Trends: arbitrum, polkaswap, maker, mana

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

a) Africa

Morocco Trends: bitcoin, ryanair

South Africa Trends: solana

b) Middle East

Israel Trends: btc, grass

UAE Trends: pi

Saudi Arabia Trends: crypto bubbles

c) Latin America

Brazil Trends: 1inch, xai, analos

Argentina Trends: vra, hedera, sol

Reference Links

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

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