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Bitget Research: Bigtime Soars on Listing Attracting Market Attention, Federal Reserve Meeting Minutes Indicate Probability of Rate Hike

Bitget Research: Bigtime Soars on Listing Attracting Market Attention, Federal Reserve Meeting Minutes Indicate Probability of Rate Hike

Bitget Research

2023/10/12

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:

Bigtime (Token) - Big Time is a multiplayer action RPG for PC led by the former founder of Mana. An all-star team composed of industry veterans was recruited from top gaming companies such as Epic Games, Blizzard, EA, and Riot. The project initially garnered over US$90 million in funds through NFT sales. The token's initial launch included listings on several exchanges, including Bitget, OKX, and Coinbase. This has garnered significant market attention and has spurred an overall upward trend in the gaming sector against prevailing market conditions.

Cryptopawcoin (Token) - An on-chain memecoin without any social media presence, posing a relatively high risk. Only less than 5% is in circulation, with a market cap of US$77 million, on-chain liquidity of US$52,000, and a daily trading volume of US$70,000. The price has surged by 300% in 24 hours. It is advisable to observe its performance.

XEN (Token) - XEN recently celebrated its first anniversary. The founder, Jack Levin, announced that the XEN blockchain would implement a POW/POS consensus, providing the network with a 51% resistance to attacks and enabling integration with DEFI and other incentive measures. Recently, the price trend of XEN has been favorable, with a 24-hour trading volume of US$2.6 million.

SAFEREUM (Token) - A decentralized memecoin project launched on Pinksale, Safereum garnered high participation in the fundraising. The project pre-sold on Pinksale with an original fundraising target of 10ETH, but eventually raised 267ETH, an over-subscription of 26.7 times. It has shown decent on-chain data performance in recent days, with 3540 holders and a 24-hour trading volume of US$5.68 million. Contract ownership has been renounced, and a portion of the LP token has been locked.

WSM (Token) - A popular memecoin within the crypto community. Originating from the Wall Street meme movement, WSM has a community of over 800,000 and combines meme-based humor with Web3 elements. Besides its speculative value, the project offers staking with an annualized yield of over 40%.

PENDLE (Token) - Pendle Finance, a DeFi yield protocol, has broken through a tota l trading volume of US$200 million. Meanwhile, Pendle Finance has initiated its voting process for the Short-Term Incentive Program (STIP) on Arbitrum. Currently, there are 40 million ARB in favor, but a total of 71.51 million ARB votes are needed for approval. The Arbitrum STIP includes a budget of 50 million ARB, specifically intended to provide incentives for qualifying protocols.

2.Popular NFTs:

Currently, there are no popular NFTs.

3.Popular DApps:

Cipher (DApp) - Cipher is a SocialFi project running on Arbitrum, similar to friend.tech. Users can purchase and sell "shares" of personal accounts called Cores, which are similar to the Keys on friend.tech. Due to its early announcement of a token airdrop, it has sparked a FOMO sentiment within the community, leading to increased participation.

Arbitrum (DApp) - Arbitrum officially announced that they will relaunch Week 2 of the Odyssey event on October 16 to ensure a higher degree of safety for all participating users and allow for more time to complete/claim these missions. This round of interactive missions will be conducted on the NFT marketplace, TofuNFT, and the derivatives protocol, Aboard Exchange.

Nine Chronicles (DApp) - A decentralized MMORPG based on Norse mythology. Binance Labs strategically invested in this project in 2022. It has since closely collaborated with the Binance ecosystem, establishing an asset bridge to BSC and offering exclusive in-game NFT skins for the BinanceNFT market. Today, it has distributed its weekly rewards on BSC, leading to an increase in UAW.

IndiGG (DApp) - IndiGG is one of the largest gaming DAO organizations, dedicated to onboarding players into the Web3 realm. Currently, the guild continuously collaborates with blockchain games to empower both players and games. IndiGG has been deeply involved in Bigtime's beta testing, and its popularity has surged recently.

WOOFi (DApp) - Cryptocurrency exchange WOO plans to repurchase shares and tokens previously acquired by hedge fund Three Arrows Capital. Following a settlement with 3AC's liquidator Teneo, WOO plans to buy back the shares and tokens acquired by 3AC during WOO's November 2021 Series A funding round. The plan is to proportionally increase the ownership of all other shareholders, and the 20 million tokens repurchased will be sent to a burn address.

Friend.Tech (DApp) - According to statistics from Messari, Friend.Tech has onboarded 300,000 unique users and generates a daily revenue of US$320,000, six times that of OpenSea. The latest data from the friend.tech "Keys" price leaderboard shows that the crypto influencer Vombatus ranks first with 8.281 ETH; crypto influencer CBB0FE ranks second with 5.402 ETH; crypto influencer Levi ranks third with 4.9 ETH; crypto influencers Herro and Dingaling rank fourth with 4.096 ETH each.

Linea (DApp) - According to L2BEAT data, the TVL of Linea, a Layer 2 network under ConsenSys, has reached US$65.65 million, with a 0.58% decrease in the last 7 days. Data from Dune indicates that the Linea mainnet has bridged over 67,900+ ETH, with a total of 480,000+ transactions and interactions from 310,000+ unique addresses.

4.Twitter Hot Topics:

USDR (Token) - A stablecoin asset issued by Tangible. Yesterday, all the DAI assets within the contract were fully withdrawn, causing USDR to instantly lose its peg. The project currently cannot guarantee the full collateral backing of USDR stablecoin, making it a high-risk asset. It's advisable to closely monitor the project's developments.

5.Regional Trending Searches:

Bitcoin (Token) - BTC's daily chart shows a downward trend, suggesting a weak outlook based on technical indicators. The global situation is tense, with elevated regional risks leading to heightened risk-off sentiment for risk assets. The U.S. bond yields have declined. The minutes from the Federal Reserve suggest differing opinions on interest. The macro environment is currently unfavorable for the crypto market. It is advisable to have a cautious approach in the near term.

Main Body

Written by: Bitget Research

Data collection time: October 12, 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

The dashboard is under maintenance due to anomalies in the data source.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 395,928

New active users on ETH: 71,429, with a daily increase of 3.51%

Existing active users on ETH: 324,499, with a daily increase of 5.30%

2.1.2 New User Profile

Core data: There were a total of 71,429 new active users on ETH yesterday, with a daily increase of 3.51%

Popular Sectors

Bitget Research: Bigtime Soars on Listing Attracting Market Attention, Federal Reserve Meeting Minutes Indicate Probability of Rate Hike image 0

Popular Projects

Key Projects:

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 324,499, with a daily increase of 5.30%

Popular Sectors

Popular Projects

Key Projects:

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

2.2.2 Uniswap V3

3.Blockchain Profile - BSC Chain

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,100,964

New active users on BSC: 174,633, with a daily decrease of 10.98%

Existing active users on BSC: 926,331, with a daily increase of 3.24%

3.1.2 New User Profile

Core data: There were a total of 174,633 new active users on BSC yesterday, with a daily decrease of 10.98%

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). Previously, TinyTap established a US$10 million Global Educators Fund.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 926,331, with a daily increase of 3.24%

Popular Sectors

Popular Projects

Key Projects:

SecondLive (DApp) - SecondLiveFactoryV3, a highly popular Web3 metaverse project on the BSC. The project previously completed its seed round of financing with a valuation of US$30 million. Apart from financial backing from Binance Labs, other participating investors include ArkStream Capital, Bullet Labs, GBV Capital, LucidBlue Ventures, Magic Ventures, Multiplex Ventures, Old Fashion Research, Pow Rise Capital, SEJO Asset, and Yuanyuzhou Ventures. The project has exhibited a substantial degree of development and functionality since its launch and has significant user engagement on-chain.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

Apart from BNB, there are no popular trading pairs.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 381,686

New active users on Polygon: 64,495, with a daily increase of 5.39%

Existing active users on Polygon: 317,191, with a daily increase of 9.06%

4.1.2 New User Profile

Core data: There were a total of 64,495 new active users on Polygon yesterday, with a daily increase of 5.39%

Popular Sectors

Popular Projects

Key Projects:

IMVU (DApp) - IMVU, a long-standing virtual world with a 19-year history rooted in Web2, is diving deeper into the Web3 realm with the assistance of Metajuice. Prior to the launch of VCOIN, the U.S. Securities and Exchange Commission (SEC) issued a "no-action letter", effectively granting IMVU permission to offer $VCOIN to its users. This represents one of the earliest regulatory attempts for cryptocurrencies within the metaverse.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 317,191, with a daily increase of 9.06%

Popular Sectors

Popular Projects

Key Projects:

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.

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: 116,993

New Active Users on Arbitrum: 23,008, with a daily decrease of 28.66%

Existing Active Users on Arbitrum: 93,985, with a daily decrease of 11.17%

5.1.2 New User Profile

Core data: There were a total of 23,008 new active users on Arbitrum yesterday, with a daily decrease of 28.66%

Popular Sectors

Popular Projects

Key Projects:

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 93,985, with a daily decrease of 11.17%

Popular Sectors

Popular Projects

Key Projects:

LayerZero (DApp) - LayerZero is a cross-chain protocol that facilitates communication between DApps deployed on different blockchains without the need for any intermediary chains or consensus mechanisms. Today, the community discovered and verified from the official gitbook, that LayerZero has added "ZRO withdrawal" support to its 18 existing chains, increasing the prospects of token issuance and airdrop expectations. The project is in collaboration with VEXT, and VEXT will use LayerZero's services as its foundational infrastructure.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

PENDLE (Token) - Pendle Finance, a DeFi yield protocol, has broken through a total trading volume of US$200 million. Meanwhile, Pendle Finance has initiated its voting process for the Short-Term Incentive Program (STIP) on Arbitrum. Currently, there are 40 million ARB in favor, but a total of 71.51 million ARB votes are needed for approval. The Arbitrum STIP includes a budget of 50 million ARB, specifically intended to provide incentives for qualifying protocols.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 74,767

New Active Users on Base: 22,837, with a daily decrease of 31.43%

Existing Active Users on Base: 51,930, with a daily decrease of 4.31%

6.1.2 New User Profile

Core data: There were a total of 22,837 new active users on Base yesterday, with a daily decrease of 31.43%

Popular Sectors

Popular Projects

Key Projects:

Friend.Tech (DApp) - The latest data from the friend.tech "Keys" price leaderboard shows that the crypto influencer Vombatus ranks first with 8.281 ETH; crypto influencer CBB0FE ranks second with 5.402 ETH; crypto influencer Levi ranks third with 4.9 ETH; crypto influencers Herro and Dingaling rank fourth with 4.096 ETH each.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 51,930, with a daily decrease of 4.31%

Popular Sectors

Popular Projects

Key Projects:

Odos (DApp) - OdosRouter utilizes its patented Automated Market Maker (AMM) path-finding algorithm as the foundation for its Smart Order Routing (SOR). This advanced algorithm can optimally route through over 500 liquidity sources, including decentralized exchanges (DEXs), lending protocols, yield optimizers, collateralized debt positions (CDPs), and more, to facilitate efficient swaps of various cryptocurrencies. This results in significant savings for both retail and institutional traders when converting cryptocurrencies into other types of digital assets.

7. DApp Ecosystem - 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. The community has voted to gradually burn 1.8 billion $SWEAT tokens. In addition, the ecosystem wallet app is set to launch in eight regions and countries, including the United States. The project recently collaborated with Orderly for joint promotions.

8.DApp Ecosystem - ETH Chain

Uniswap NFT Aggregator (DApp) - Uniswap's NFT aggregator allows users to view and compare listings from multiple different NFT markets at once, including OpenSea, LooksRare, NFTX, and more. This enables users to evaluate prices and find the best deals across markets. Compared to other NFT aggregators, Uniswap's aggregator can save up to 15% on gas fees. This is attributed to Uniswap's new open-sourced "Universal Router," contract which can save tens of thousands of gas when purchasing across markets.

9.DApp Ecosystem - BSC Chain

10.DApp Ecosystem - Polygon Chain

11.DApp Ecosystem - WAX Chain

Wombat Dungeon Master (DApp) - An NFT staking game built on the EOS and WAX blockchains. It has maintained a consistent presence in the top 10 within the WAX ecosystem. Currently, in Season 3, Sidekicks has recently undergone significant updates with increased parameter values, enabling users to acquire more WOMBAT tokens.

12.DApp Ecosystem - Solana Chain

In the Solana ecosystem, no new popular protocols have emerged. Two NFT Marketplaces, Rarible and Magic Eden, consistently occupy the top two positions in UAW rankings.

13.DApp Ecosystem - Arbitrum Chain

14.DApp Ecosystem - Base Chain

15.DApp Ecosystem - GameFi Sector Across All Chains

16.Gas Fee Consumption - ETH Chain

17.Gas Fee Consumption - BSC Chain

HyperFlux (Token) - The token was listed on PancakeSwap yesterday and has since seen a continuous rise. However, the contract details have not been disclosed, making participation extremely risky. It is not advisable to engage.

18.Gas Fee Consumption - Polygon Chain

End Block (DApp) - End Block is an on-chain entertainment gaming product with a decent number of active players on-chain.

19.Gas Fee Consumption - Arbitrum Chain

20.Gas Fee Consumption - Base Chain

Friend.Tech (DApp) - Friend.tech is one of the hottest projects on the Base chain. The project's operations range from tokenization to seamless interactions using blockchain technology and cryptocurrency. Not only has Friend.tech fueled the recent growth in Base, but it has also become a significant contributor to Base's growth through its operations on Base's Ethereum Layer 2 chain. Introduced on the Base L2 blockchain less than a week ago, it has made a splash in the Web3 sector. It invites users into an ecosystem where they can purchase and trade "friendship token" (originally called 'Shares', now renamed as 'Keys').