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Bitget Research: Solana DEX Trading Volume Surpasses Ethereum, Notcoin Pre-Market Price Continues to Rise

John & Victoria
2024/05/10
Bitget Research: Solana DEX Trading Volume Surpasses Ethereum, Notcoin Pre-Market Price Continues to Rise
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.

Overview

As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday before starting to rebound on Friday. The outflow trend in ETFs persisted, with a diminished impact from Grayscale as its assets under management decreased. The positive news of Notcoin being listed on Binance boosted its pre-market trading price significantly, rising 68.77% in 24 hours. Bitget is also listing the Notcoin in pre-market trading today, where users can position themselves early to capitalize upon market opening.
  • Sectors with strong wealth creation effects: Ton ecosystem tokens and DeFi sector.
  • Top searched tokens and topics: UXUY and Space Nation.
  • Potential airdrop opportunities: Grass and Movement.
Data collection time: May 10, 2024, 4:00 AM (UTC)

1. Market Environment

As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday before starting to rebound on Friday. As of May 10, 4:00 AM (UTC), Bitcoin's price has rebounded to above $62,800.
In terms of trading markets, according to DeFiLlama data, the trading volume of DEXs on the Solana chain reached $1.314 billion yesterday, surpassing the $1.297 billion trading volume on Ethereum's DEXs.
In terms of ETFs, the outflow trend continued. Yesterday, spot Bitcoin ETFs experienced a net outflow of $11 million, whereas BlackRock's IBIT saw a net inflow of $14 million, and Grayscale's GBTC had a net outflow of $43 million. Unlike previous weeks, other spot ETFs remained in a net inflow state, except for Grayscale, whose outflow impact has been reducing due to its decreasing asset management size.

2. Wealth Creation Sectors

2.1 Sector Movements – Ton Ecosystem Tokens (TON, FISH, GRAM, and NOT)

Primary reasons: Binance Launchpool launched the 54th project using BNB, FDUSD to mine Notcoin (NOT), which benefits the Ton ecosystem with short-term positive news.
Gainers: TON, FISH, and GRAM tokens have risen by 8.62%, 22.1%, and 17.03% respectively in the past 24 hours.
Factors affecting future market conditions:
  • Future price performance of NOT: The positive news of Notcoin being listed on Binance boosted its pre-market trading price significantly, rising 68.77% in 24 hours. Bitget is also listing the Notcoin in pre-market trading today, where users can position themselves early to capitalize upon market opening.
  • Future support from Pantera for the Ton ecosystem: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made its largest investment in the Telegram TON blockchain project, increasing attention to the Ton ecosystem. If project financing and product launches can be implemented promptly, the prosperity of the Ton ecosystem could arrive sooner.

2.2 Sector Movements — DeFi Sector (VRTX and LBR)

Primary reasons: Vertex Edge has implemented a new fee structure and has begun to increase the staking rewards for $VRTX, enhancing cross-chain fee earnings. As a result of the significant increase in $VRTX's returns, the token's price has been positively impacted and has risen. Concurrently, following a major sell-off of LBR tokens by a whale, the price of LBR has started to recover, leading to an increase in its on-chain price.
Gainers: VRTX and LBR have increased by 65.51% and 30.61% respectively in the past 24 hours.
Factors affecting future market conditions:
  • Future market trends: Trading-related DeFi projects heavily rely on the activity of on-chain transactions. In markets where prices are rising or volatility is high, traders and trading volumes increase correspondingly. Conversely, if the market trends downward, trading volumes tend to contract. DeFi token prices are also affected by a reduction in the overall business volume of the projects.
  • The DeFi sector continues to see new projects with high valuations emerging, and the buyout funds interested in such projects may be limited in the market. Investors should keep an eye on the sector's competitive landscape and lock investments in leading projects, as most others that have launched tokens or ceased development quickly lose traction.

2.3 Sectors to Focus on Next — SocialFi

Primary reasons: Base has achieved tremendous success in the SocialFi domain, with multiple top-tier cryptocurrency-based social applications built on Base. Notably, 46% of SocialFi-related transactions occur on the Base chain. Additionally, SocialFi projects like Friend and Degen have created significant wealth effects. Degen reached a market cap of $1 billion just three months after its launch, creating a wealth-creation myth.
Specific projects:
  • Friend: Friend.tech is a decentralized social platform built on Coinbase's Layer 2 network, Base. It integrates users' Web2 identities via a strong link to Twitter, allowing for monetization based on these identities. In this platform, every user can be tokenized, and their influence is directly priced by the market. The project has already launched its token, with a daily trading volume exceeding $21 million.
  • Degen: Following the launch of the Degen channel on Farcaster, this project issued its token, primarily to enable users to reward high-quality content creators with Degen. The decentralized social protocol Farcaster has surpassed $1.2 million in total revenue and reached over 300,000 users. Farcaster and Degen projects complement each other, and Farcaster is one of the most prominent projects on the Base chain.

3. Top Searches

3.1 Popular DApps

UXUY:
Incubated by Binance Labs, the next-generation decentralized multi-chain trading platform UXUY has completed a $7 million Pre-A round of funding. Participants include Binance Labs, JDI Ventures, NGC Ventures, Metalpha, GSR, and other institutions from Asia, North America, and Europe. UXUY's total funding has exceeded $10 million. This round of funding will be used to build Bitcoin ecosystem infrastructure, aimed at facilitating efficient and low-cost transactions for Taproot Assets, Ordinals BRC-20, and Runes.

3.2 X (former Twitter)

Bitget Research: Solana DEX Trading Volume Surpasses Ethereum, Notcoin Pre-Market Price Continues to Rise image 0
Space Nation:
Space Nation is an AAA space epic-themed Web3 MMORPG developed by veteran Blizzard game producers, experienced MMORPG developers, a renowned Hollywood producer, and Oscar-winning director Roland Emmerich. Space Nation Inc. has also garnered substantial support from partners and venture capital firms, with a total of $50 million invested in the game's development. Prominent investors such as Chain Hill Capital, Foresight Ventures, Lighthouse Capital, and SevenX Ventures have invested in the project. Yesterday, OKX Web3 and Space Nation launched a limited edition collaborative spaceship NFT, the "Bering X-pathfinder Edition," limited to 1155 units featuring unique design elements from OKX, garnering high community interest.

3.3 Google Search (Global and Regional)

Bitget Research: Solana DEX Trading Volume Surpasses Ethereum, Notcoin Pre-Market Price Continues to Rise image 1
Global focus:
Notcoin (NOT): Notcoin is a game based on Telegram where users can earn in-game tokens by clicking on coin images, similar to the "Tap to Earn" concept. Prior to the TGE, "vouchers" represented Notcoin in the game, which can be exchanged for $NOT post-TGE. The project has its own pre-market trading at https://getgems.io/notcoin, showing that 640,000 users already hold NOT pre-market tokens. It is confirmed to be listed on Binance Launchpool and OKX.
Regional focus:
(1) Yesterday, the trending searches across various regions of Asia primarily centered around RWA crypto projects:
The RWA sector mainly consists of U.S. bond products. As the Federal Reserve continues to signal maintaining high-interest rates, RWAs are seen by the market as favorable for the long term and capable of hedging against current market risks. Additionally, HashKey Group has recently joined the Hong Kong Monetary Authority's Ensemble project framework work group. HashKey Group will integrate its practical experience in virtual asset custody, trading, digital payment, STO technology solutions, and RWA tokenization to provide comprehensive Web3 financial infrastructure support for financial asset tokenization including bank deposits and green bonds. This has generated significant interest in the Asia Pacific region.
(2) No significant trends in Africa, CIS, and English-speaking countries/regions:
These regions exhibit a more dispersed interest, with BTC, ETH, and Solana frequently appearing in trending searches. Users are also showing interest in narratives related to AI and memes.

4. Potential Airdrop Opportunities

Grass
Grass is the flagship product of Wynd Network, enabling users to profit by selling unused network resources for internet connectivity. For individuals, it functions as a network extender that is downloaded, retained, and then operates in the background, facilitating access to public network data in exchange for payment in the native token of the protocol. Grass specializes in converting public network data into AI datasets, thereby simplifying access to public data for open-source AI projects.
Wynd Network has completed a $3.5 million seed funding round led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik, bringing its total funding to $4.5 million.
To participate, register on the GRASS official website, install the web plugin, wait for the network connection to complete, and select Open Dashboard to enter your control panel. Here, you can see your connection status and earn points for contributing bandwidth by being online. Your daily points income and network status can be viewed on the control panel page.
Movement
Movement Labs is a blockchain development team founded in 2022, which secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Movement Labs is a blockchain development team founded in 2022, which secured $3.4 million in seed round funding in September 2023. In addition to its flagship product, Movement L2, Movement Labs will also launch Move Stack—an execution-layer framework compatible with rollup frameworks including Optimism, Polygon, and Arbitrum.
Recently, Movement Labs completed a $38 million Series A funding round led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent institutions.
To participate, enter the Movement zealy task interface (note: social tasks have a time period and continuously updated tasks), interact with the DEX with a few tests, and await further actions from the official site.