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Bitget Research: Ethereum Gas Fees Fall to Single Digits, friend.tech Protocol Fees Surpass US$20M
Bitget Research
2023/09/18
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) - DOMO, the founder of BRC-20, announced at a recent conference in Singapore the establishment of the Layer1 Foundation, aiming to promote decentralized indexing and governance. Collaborative partners include Unisat, Okx web3, Besttinslot, and AlexlabBTC. Unisat wallet revealed the details of the brc20-swap, which will integrate with the Inscribing Virtual Machine and the Lightning Network. The price of ORDI tokens has experienced a significant rebound recently, bouncing back by 30% in the past week and rising over 15% in the past 24 hours.
SALLY (Token) - A
memecoin featuring a fire salamander. Its daily trading volume is US$1.49 million, and its price has decreased by 29.7% compared to yesterday. The contract has been renounced, and the liquidity pool is locked. The dissemination of the project within the community is relatively slow, making it essential to monitor its performance.
Toncoin (Token) - TON's self-hosted digital wallet, TON Space, launched on Telegram, and Telegram announced its recognition of the TON network as its chosen
blockchain for Web3 infrastructure. The token's price has surged by 34.9% in the past 7 days, with a daily on- XCNUSDT">
chain trading volume of $857,000.
RWT (Token) - RevaLink Wallet Token, rumored to be associated with a financial pyramid scheme promoted by Hua Ying Hui. Both its on-chain liquidity and the trading volume in the past 24 hours are remarkable. The token price has experienced a continuous sharp decline after an initial rapid increase. There are over 580,000 token holders on-chain, but the risk is high due to significant chip concentration, with the top 6 addresses holding 99% of the chips.
IndiCoin (Token) - This token is currently in the mint phase and conducting an airdrop. More than 42 million tokens have been minted, with over 110,000 unique holders. The token contract was created 63 days ago, indicating rapid development. No relevant Twitter or website information was found, raising suspicions that it might be a region-specific token related to India.
OPEX (Token) - OPEX provides flexible and open-source
blockchain technology to help users tokenize their assets by converting them into stablecoins. In recent days, the token experienced multiple on-chain transfers, despite not having a well-defined DEX. The token's trading intentions remain unclear.
agEUR (Token) - agEUR is a stablecoin protocol by Angle Protocol that emphasizes capital efficiency, decentralization, and over-collateralization. Recently, the Angle Transmuter product underwent voting on Snapshot. If approved, agEUR's price will no longer be tied to the EURUSD exchange rate, potentially mitigating market risks associated with USDT/USDC unpegging.
Banana Gun (Token) - The project is a TG Bot that helps users trade on DEXs, with two core features: "Sniper" (targeting newly listed memes) and "Quick Trade." Both features have "anti-rug" and "MEV protection" functionalities to protect investors, with fees of 0.85% and 0.5%. Looking at the roadmap, future updates will include features such as automatic profit-taking, Telegram scraper, multi-chain support, and copytrading. The project has just launched its token. The price is currently surging above US11, with high trading activity.
2.Popular NFTs:
Currently, there are no popular NFTs.
3.Popular DApps:
ChangeNow (DApp) - This is a non-custodial
cryptocurrency and
fiat exchange where users can trade over 200 tokens with no registration or trading limits. The project integrates DeFi and CeFi, with an average exchange time of 5 minutes, and has a very active on-chain trading volume.
Linea (DApp) - Data from Dune indicates that the Linea mainnet has bridged 45,842 ETH, with a total of 376,069 transactions and interactions from 256,926 unique addresses. However, 236,324 addresses have only one transaction recorded. Additionally, 142,306 addresses only have a balance of 0.01-0.1 ETH on Linea, while 71,295 addresses have a balance between 0-0.01 ETH, indicating a significant number of addresses targeting airdrops.
TinyTap (DApp) - A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). As a specific technology in the trading sector, Tiny Tap will participate in the ISTE Live23 conference and earlier established a US$10 million Global Educators Fund, gaining considerable interest in the community.
Playbux (DApp) - A metaverse project on the Binance Smart Chain that integrates real-world shops (shop-to-earn), DeFi, NFT, and virtual community promotions. It has recently launched a promotion called "Walk2Win" in partnership with Nike. Users can earn exclusive rewards just by walking. It is essential to keep an eye on this DApp.
The Graph (DApp) - At the end of August, The Graph community decided to expand through Arbitrum, aiming to enhance The Graph's accessibility within the Web3 ecosystem and reduce Gas costs. With the release of new L2 transfer tools, The Graph's core development team has entered the third phase of the Arbitrum expansion. These tools are designed to simplify the process of moving subgraphs, signals, stakes, or delegations to Arbitrum One, enabling all participants in The Graph ecosystem to efficiently and effortlessly engage with The Graph on L2.
Stargate (DApp) - Developed by the LayerZero Labs team, Stargate is a fully composable liquidity transfer protocol and serves as the core of Omnichain DeFi. With Stargate, users and DApps can transfer native assets across 7 chains (with more to come in the future). Recently, due to the impact of Arbitrum airdrop, a large number of users have shown interest in obtaining LayerZero airdrop, leading them to engage with Stargate.
GMX (DApp) - A leading user contract trading platform on Arbitrum. Over the weekend, there was a unilateral decline, causing a significant drop in altcoin prices. This has set off a downward trend and triggered users' take-profit and stop-loss orders. GMX's trading volume increased, and its usage frequency rose yesterday.
XEN (DApp) - XEN has been launched on the Base network and quickly became one of the top projects in terms of gas consumption. The related minting tool, Cointool_App, also ranks high in gas consumption. Currently, XEN's price is at an all-time low, but there's still over US$1 million in liquidity on-chain. Overal l trading activity is relatively low.
Aerodrome (DApp) - A ve(3,3) DEX on Base L2, developed and launched in collaboration with the Velodrome and Base teams. Initially, 40% of the circulating veAERO will be airdropped to veVELO users and locked for 4 years. The TVL grew rapidly after the product went live. It has since experienced a decline from its initial figure, currently standing at US$151 million.
opBNB (DApp) - The mainnet officially launched on September 13. Bitget Wallet (formerly known as BitKeep Wallet) now supports the opBNB mainnet. Recently, various projects have started integrating with opBNB. The Muverse team participated in the Ecosystem Mixer event hosted by BNBChain and announced on Twitter that they plan to deploy their NFT trading protocol on the opBNB 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.
Vertex (DApp) - Vertex Protocol, a decentralized trading platform built on Arbitrum, announced that it would initiate the VRTX token generation event in October. On September 8, it announced the upcoming launch of a Liquidity Bootstrapping Auction (LBA). It currently has a daily trading volume of US$81.21 million.
friend.tech (DApp) - The latest data from the friend.tech "Keys" price leaderboard shows that the platform's founder Racer ranks first with 8.190 ETH; crypto influencer Vombatus ranks second with 5.550 ETH; crypto influencer Hsaka ranks third with 4.865 ETH. Overall, the cumulative protocol fees for friend.tech have surpassed US$20 million.
4.Twitter Hot Topics:
APE (Token) - A whale address starting with 0xbaff has deposited a total of 2.6 million APE tokens (valued at approximately US$3.27 million) into OKX over the past 16 days. This is the first sale by the whale since acquiring 5 million APE tokens from the ApeCoin Treasury. As previously reported by BlockBeats, on September 17 at 8 AM, ApeCoin will unlock 40.6 million APE tokens (valued at approximately US$51.6 million), accounting for around 11.02% of the circulating supply. APE saw an increase of 3.13% in the past 24 hours.
BTC (Token) - On a macro level, the Federal Reserve's balance sheet stands at US$8.098 trillion and has been reduced to below US$8.1 trillion, in line with the Federal Reserve's pace. According to data from CME's Fedwatch, there is a 99% probability that the Federal Reserve will maintain interest rates between 5.25% and 5.50% in September. This indicates that there is a high probability that no events causing drastic price surges or falls will occur in September on the macro level.
5.Regional Trending Searches:
Radix (Token) - Radix DLT aims to offer "frictionless access, liquidity, and programmability for any asset in the world." Radix DLT has introduced four technologies: the high-speed network consensus mechanism Cerberus, the Radix Engine for building DeFi applications, the Component Catalog library to assist in creating DeFi, and the decentralized incentive program Developer Royalties. Currently, there are no remarkable promotions for Radix, and the price volatility of the Radix token is not high.
Main Body
Written by: Bitget Research
Data collection time: September 18, 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)
1.BTC Profile - BRC-20
Ordi (Token) - DOMO, the founder of BRC-20, announced at a recent conference in Singapore the establishment of the Layer1 Foundation, aiming to promote decentralized indexing and governance. Collaborative partners include Unisat, Okxweb3, Besttinslot, and AlexlabBTC. Unisat wallet revealed the details of the brc20-swap, which will integrate with the Inscribing Virtual Machine and the Lightning Network. The price of ORDI tokens has experienced a significant rebound recently, bouncing back by 30% in the past week and rising over 15% in the past 24 hours.
2.Blockchain Profile - ETH Chain
2.1 User Profile
2.1.1 Core Data
Total active users on ETH: 348,187
New active users on ETH: 69,776, with a daily decrease of 2.90%
Existing active users on ETH: 278,411, with a daily decrease of 3.71%
2.1.2 New User Profile
Core data: There were a total of 69,776 new active users on ETH yesterday, with a daily decrease of 2.90%
Popular Sectors
Popular Projects
Key Projects:
ChangeNow (DApp) - This is a non-custodial cryptocurrency and fiat exchange where users can trade over 200 tokens with no registration or trading limits. The project integrates DeFi and CeFi, with an average exchange time of 5 minutes, and has a very active on-chain trading volume.
2.1.3 Existing User Profile
Core data: The number of ETH active existing users is 278,411, with a daily decrease of 3.71%
Popular Sectors
Popular Projects
Key Projects:
Linea (DApp) - Data from Dune indicates that the Linea mainnet has bridged 45,842 ETH, with a total of 376,069 transactions and interactions from 256,926 unique addresses. However, 236,324 addresses have only one transaction recorded. Additionally, 142,306 addresses only have a balance of 0.01-0.1 ETH on Linea, while 71,295 addresses have a balance between 0-0.01 ETH, indicating a significant number of addresses targeting airdrops.
2.2 Popular Trading Pairs
2.2.1 Uniswap V2
SALLY (Token) - A memecoin featuring a fire salamander. Its daily trading volume is US$1.49 million, and its price has decreased by 29.7% compared to yesterday. The contract has been renounced, and the liquidity pool is locked. The dissemination of the project within the community is relatively slow, making it essential to monitor its performance.
2.2.2 Uniswap V3
Toncoin (Token) - TON's self-hosted digital wallet, TON Space, launched on Telegram, and Telegram announced its recognition of the TON network as its chosen blockchain for Web3 infrastructure. The token's price has surged by 34.9% in the past 7 days, with a daily on-chain trading volume of $857,000.
3.Blockchain Profile - BSC Chain
3.1 User Profile
3.1.1 Core Data
Total active users on BSC: 966,358
New active users on BSC: 132,057, with a daily decrease of 6.98%
Existing active users on BSC: 834,301, with a daily decrease of 1.65%
3.1.2 New User Profile
Core data: There were a total of 132,057 new active users on BSC yesterday, with a daily decrease of 6.98%
Popular Sectors
Popular Projects
Key Projects:
TinyTap (DApp) - A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). As a specific technology in the trading sector, Tiny Tap will participate in the ISTE Live23 conference and earlier established a US$10 million Global Educators Fund, gaining considerable interest in the community.
3.1.3 Existing User Profile
Core data: The number of BSC active existing users is 834,301, with a daily decrease of 1.65%
Popular Sectors
Popular Projects
Key Projects:
Playbux (DApp) - A metaverse project on the Binance Smart Chain that integrates real-world shops (shop-to-earn), DeFi, NFT, and virtual community promotions. It has recently launched a promotion called "Walk2Win" in partnership with Nike. Users can earn exclusive rewards just by walking. It is essential to keep an eye on this DApp.
3.2 Popular Trading Pairs
3.2.1 PancakeSwap V2
RWT (Token) - RevaLink Wallet Token, rumored to be associated with a financial pyramid scheme promoted by Hua Ying Hui. Both its on-chain liquidity and the trading volume in the past 24 hours are remarkable. The token price has experienced a continuous sharp decline after an initial rapid increase. There are over 580,000 token holders on-chain, but the risk is high due to significant chip concentration, with the top 6 addresses holding 99% of the chips.
4.Blockchain Profile - Polygon Chain
4.1 User Profile
4.1.1 Core Data
Total active users on Polygon: 356,008
New active users on Polygon: 65,207, with a daily decrease of 16.17%
Existing active users on Polygon: 290,801, with a daily decrease of 5.57%
4.1.2 New User Profile
Core data: There were a total of 65,207 new active users on Polygon yesterday, with a daily decrease of 16.17%
Popular Sectors
Popular Projects
Key Projects:
IndiCoin (Token) - This token is currently in the mint phase and conducting an airdrop. More than 42 million tokens have been minted, with over 110,000 unique holders. The token contract was created 63 days ago, indicating rapid development. No relevant Twitter or website information was found, raising suspicions that it might be a region-specific token related to India.
4.1.3 Existing User Profile
Core Data: The number of Polygon active existing users is 290,801, with a daily decrease of 5.57%
Popular Sectors
Popular Projects
Key Projects:
OPEX (Token) - OPEX provides flexible and open-source blockchain technology to help users tokenize their assets by converting them into stablecoins. In recent days, the token experienced multiple on-chain transfers, despite not having a well-defined DEX. The token's trading intentions remain unclear.
4.2 Popular Trading Pairs
4.2.1 Uniswap V3
agEUR (Token) - agEUR is a stablecoin protocol by Angle Protocol that emphasizes capital efficiency, decentralization, and over-collateralization. Recently, the Angle Transmuter product underwent voting on Snapshot. If approved, agEUR's price will no longer be tied to the EURUSD exchange rate, potentially mitigating market risks associated with USDT/USDC unpegging.
5.Blockchain Profile - Arbitrum Chain
5.1 User Profile
5.1.1 Core Data
Total Active Users on Arbitrum: 110,857
New Active Users on Arbitrum: 19,920, with a daily decrease of 35.85%
Existing Active Users on Arbitrum: 90,937, with a daily increase of 2.98%
5.1.2 New User Profile
Core data: There were a total of 19,920 new active users on Arbitrum yesterday, with a daily decrease of 35.85%
Popular Sectors
Popular Projects
Key Projects:
The Graph (DApp) - At the end of August, The Graph community decided to expand through Arbitrum, aiming to enhance The Graph's accessibility within the Web3 ecosystem and reduce Gas costs. With the release of new L2 transfer tools, The Graph's core development team has entered the third phase of the Arbitrum expansion. These tools are designed to simplify the process of moving subgraphs, signals, stakes, or delegations to Arbitrum One, enabling all participants in The Graph ecosystem to efficiently and effortlessly engage with The Graph on L2.
5.1.3 Existing User Profile
Core data: The number of Arbitrum active existing users is 90,937, with a daily increase of 2.98%
Popular Sectors
Popular Projects
Key Projects:
Stargate (DApp) - Developed by the LayerZero Labs team, Stargate is a fully composable liquidity transfer protocol and serves as the core of Omnichain DeFi. With Stargate, users and DApps can transfer native assets across 7 chains (with more to come in the future). Recently, due to the impact of Arbitrum airdrop, a large number of users have shown interest in obtaining LayerZero airdrop, leading them to engage with Stargate.
5.2 Popular Trading Pairs
5.2.1 Uniswap V3
GMX (DApp) - A leading user contract trading platform on Arbitrum. Over the weekend, there was a unilateral decline, causing a significant drop in altcoin prices. This has set off a downward trend and triggered users' take-profit and stop-loss orders. GMX's trading volume increased, and its usage frequency rose yesterday.
6.Blockchain Profile - Base Chain
6.1 User Profile
6.1.1 Core Data
Total Active Users on Base: 70,569
New Active Users on Base: 18,311, with a daily decrease of 19.38%
Existing Active Users on Base: 52,258, with a daily increase of 3.12%
6.1.2 New User Profile
Core data: There were a total of 18,311 new active users on Base yesterday, with a daily decrease of 19.38%
Popular Sectors
Popular Projects
Key Projects:
XEN (DApp) - XEN has been launched on the Base network and quickly became one of the top projects in terms of gas consumption. The related minting tool, Cointool_App, also ranks high in gas consumption. Currently, XEN's price is at an all-time low, but there's still over US$1 million in liquidity on-chain. Overall trading activity is relatively low.
6.1.3 Existing User Profile
Core data: The number of Base active existing users is 52,258, with a daily increase of 3.12%
Popular Sectors
Popular Projects
Key Projects:
Aerodrome (DApp) - A ve(3,3) DEX on Base L2, developed and launched in collaboration with the Velodrome and Base teams. Initially, 40% of the circulating veAERO will be airdropped to veVELO users and locked for 4 years. The TVL grew rapidly after the product went live. It has since experienced a decline from its initial figure, currently standing at US$151 million.
7.DAPP Ecosystem
Due to issues with the data source, there is no content for the DApp Ecosystem section today.
8.Gas Fee Consumption - ETH Chain
Banana Gun (Token) - The project is a TG Bot that helps users trade on DEXs, with two core features: "Sniper" (targeting newly listed memes) and "Quick Trade." Both features have "anti-rug" and "MEV protection" functionalities to protect investors, with fees of 0.85% and 0.5%. Looking at the roadmap, future updates will include features such as automatic profit-taking, Telegram scraper, multi-chain support, and copytrading. The project has just launched its token. The price is currently surging above US11, with high trading activity.
9.Gas Fee Consumption - BSC Chain
opBNB (DApp) - The mainnet officially launched on September 13. Bitget Wallet (formerly known as BitKeep Wallet) now supports the opBNB mainnet. Recently, various projects have started integrating with opBNB. The Muverse team participated in the Ecosystem Mixer event hosted by BNBChain and announced on Twitter that they plan to deploy their NFT trading protocol on the opBNB Chain.
10.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.
11.Gas Fee Consumption - Arbitrum Chain
Vertex (DApp) - Vertex Protocol, a decentralized trading platform built on Arbitrum, announced that it would initiate the VRTX token generation event in October. On September 8, it announced the upcoming launch of a Liquidity Bootstrapping Auction (LBA). It currently has a daily trading volume of US$81.21 million.
12.Gas Fee Consumption - Base Chain
friend.tech (DApp) - The latest data from the friend.tech "Keys" price leaderboard shows that the platform's founder Racer ranks first with 8.190 ETH; crypto influencer Vombatus ranks second with 5.550 ETH; crypto influencer Hsaka ranks third with 4.865 ETH. Overall, the cumulative protocol fees for friend.tech have surpassed US$20 million.
13.Twitter Trends Token Top Rank
APE (Token) - A whale address starting with 0xbaff has deposited a total of 2.6 million APE tokens (valued at approximately US$3.27 million) into OKX over the past 16 days. This is the first sale by the whale since acquiring 5 million APE tokens from the ApeCoin Treasury. As previously reported by BlockBeats, on September 17 at 8 AM, ApeCoin will unlock 40.6 million APE tokens (valued at approximately US$51.6 million), accounting for around 11.02% of the circulating supply. APE saw an increase of 3.13% in the past 24 hours.
BTC (Token) - On a macro level, the Federal Reserve's balance sheet stands at US$8.098 trillion and has been reduced to below US$8.1 trillion, in line with the Federal Reserve's pace. According to data from CME's Fedwatch, there is a 99% probability that the Federal Reserve will maintain interest rates between 5.25% and 5.50% in September. This indicates that there is a high probability that no events causing drastic price surges or falls will occur in September on the macro level.
14.Google Trends - Global
Radix (Token) - Radix DLT aims to offer "frictionless access, liquidity, and programmability for any asset in the world." Radix DLT has introduced four technologies: the high-speed network consensus mechanism Cerberus, the Radix Engine for building DeFi applications, the Component Catalog library to assist in creating DeFi, and the decentralized incentive program Developer Royalties. Currently, there are no remarkable promotions for Radix, and the price volatility of the Radix token is not high.
15.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan
a) South Asia Region
India Trending Keywords: tlc coin price, bybit, fida crypto
Pakistan Trending Keywords: trust crypto and bitcoin wallet, coinmarketcap, coingalss
b) Southeast Asia Region
Philippines Trending Tokens: axs
Singapore Trending Keywords: crypto millionaire couple tortured
Indonesia Trending Keywords: crypto calendar, dompet crypto, akademi crypto
c) East Asia and Hong Kong, Macau, and Taiwan Trending Tokens and Keywords: crypto com hong kong
16.Google Trends Surge - English-speaking Countries, Europe, CIS Region
a) CIS Region Trending Keywords: coinmarketcap
b) English-speaking Countries
Canada Trending Tokens: bitcoin, cel, helium, pi
Australia Trending Tokens: meld, radix, bitboy
UK Trending Tokens: cos, flux, avax
USA Trending Tokens: radix, banana
c) Europe
Spain Trending Tokens: bnb, dot
Germany Trending Keywords: icp, quant, ton
France Trending Tokens: tao, dca, chz, avax
Italy Trending Tokens: cro, shib
Turkey Trending Keywords: crypto kemal, mex
17.Google Trends Surge - Middle East, Latin America, Africa
a) Africa
Nigeria Trending Keywords: how to start
crypto trading
South Africa Trending Tokens: coinmarketcap,
crypto mining
b) Middle East Trending Keywords: crypto expo dubai 2023
c) Latin America
Brazil Trending Tokens: eth, luna, btc, radix
Argentina Trending Tokens: None
Mexico Trending Keywords: tron
References
1. Dune Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview
2. Dune Dashboard - Gas Fee Consumption:
https://dune.com/bitgetresearch/gas-overview
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