Bitget Research: Grayscale GBTC Outflow Slows Down, Crypto Market Continues to Rebound

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:

ligo (BRC-20 Token) - LIGO, a BRC-20 token of a Bitcoin Layer 2 protocol, implements EVM on Bitcoin L2, thereby enhancing compatibility with Ethereum and its DeFi ecosystem while offering increased scalability and liquidity. The market cap, based on the mint cost (GAS 70-120), ranges between $7 million and $10 million. Deployed on December 3, 2023, it now has over 11k holders.

JUP (Token) - The token JUP for the Jupiter decentralized exchange on Solana, which has not yet had its TGE, has been confused with another token named JUP on Ethereum which has recently seen a continuous rise. Some platforms have even mixed up the two projects in their descriptions. Jup.io, a project supporting secure DApps on both public and private networks, appears to have ceased operations. The more renowned project, soon to have its TGE, is hosted at the domain jup.ag. Investors need to carefully differentiate between these projects.

PENDLE (Token) - On January 11, PENDLE announced the launch of its liquid staking token (LST) eETH on Ether.fi, entering the re-staking/LRTfi field. Pendle LPs depositing eETH will continue to receive all native rewards for eETH, including EigenLayer points, Ether.fi loyalty points, ETH staking yield, and re-staking yield. Pendle's TVL has soared, with the price continuously reaching new highs.

ALT (Token) - The Ethereum scaling project Altlayer was launched on Binance Launchpool and has unveiled its tokenomics. AltLayer OG Badge NFT holders, Oh Ottie! NFT, qualified participants of the Altitude promotions, qualified EigenLayer re-stakers, and Celestia stakers are eligible for the airdrop. The project's launch during the weekend led to a continuous rise in value and popularity. With a strong fundamental backing, the token is well-supported.

TIA (Token) - Celestia. Coinbase International Exchange and Coinbase Advanced have fully opened TIA perpetual contract and INJ perpetual contract markets for trading. Meanwhile, the use cases for Celestia are continually expanding. Starknet officially announced on social media its collaboration with Celestia to develop a high-throughput Layer 3 network.

2.Popular NFTs:

Magic Eden (NFT, DApp) - The NFT marketplace Magic Eden has officially launched a multi-chain self-custody wallet, supporting Solana, Bitcoin, Polygon, and Ethereum blockchains. The platform had previously released a beta version of the wallet in November 2023. To incentivize early users, Magic Eden announced plans to offer limited-time in-wallet minting for NFT projects like Claynosaurz, Degenerate Ape Academy, and BoDoggos in February, along with airdrops and other benefits.

Popcorn Royale (NFT, DApp) - An interactive on-chain event NFT where the winner receives $7500. This interactive game/event takes place on Cymbal.xyz, a human-readable blockchain explorer that allows users to view the Ethereum blockchain and search for events and activities stored on-chain. Investors include First Round Capital, Solana Ventures, CAA Connect, and Coinbase Ventures.

3.Popular DApps:

Jupiter (DApp) - Jupiter Exchange, a derivatives exchange in the Solana ecosystem, has announced the details of the JUP community airdrop. Out of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). There will also be subsequent airdrops targeting new users. The recent significant increase in on-chain transaction volume on the Solana blockchain, even surpassing Ethereum, has led to increased interest. It is advisable to keep this project on your radar.

Polyhedra Network (DApp) - In the zero-knowledge proof market, Polyhedra network has attracted attention with two funding rounds totaling $25 million. These funding rounds were led by Binance Labs and Polychain Capital, with other participating investors including Animoca Brands, Daofive, ABCDE Labs, Foresight Ventures, KuCoin Ventures, and HashKey Capital.

Pixels (DApp) - Pixels is a free-to-play Web3 farming game that allows players to engage in agricultural activities such as resource cultivation, food preparation, and commodity trading. Players also have the unique opportunity to own and develop individual farm plots. Airdrops are planned for active participants in the future. Pixels recently migrated from Polygon to the Ronin network, owned by Sky Mavis. Recent frequent RON transactions by Binance's wallet have led to market expectations of RON being listed on Binance, which in turn has increased the anticipation for Pixels' TGE.

Orbiter Finance (DApp) - The Layer 2 cross-chain protocol Orbiter Finance has announced its rebranding as ZK-based Orbiter Rollup. The Orbiter Rollup will serve as an infrastructure layer for Ethereum, focusing on ultimate interoperability and improving capital efficiency. The Orbiter team plans to announce its partners and will release a beta version in the future.

4.Twitter Hot Topics:

No data for this segment today due to anomalies in the data source.

5.Regional Trending Searches:

TIA - Celestia (Token) - Coinbase International Exchange and Coinbase Advanced have fully opened TIA perpetual contract and INJ perpetual contract markets for trading. Meanwhile, the use cases for Celestia are continually expanding. Starknet officially announced on social media its collaboration with Celestia to develop a high-throughput Layer 3 network.

JUP - Jupiter (Token, DApp) - Jupiter Exchange, a derivatives exchange in the Solana ecosystem, has announced the details of the JUP community airdrop. Out of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). There will also be subsequent airdrops targeting new users. The recent significant increase in on-chain transaction volume on the Solana blockchain, even surpassing Ethereum, has led to increased interest. It is advisable to keep this project on your radar.

Main Body

Written by: Bitget Research

Data collection time: January 30, 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

ligo (BRC-20 Token) - LIGO, a BRC-20 token of a Bitcoin Layer 2 protocol, implements EVM on Bitcoin L2, thereby enhancing compatibility with Ethereum and its DeFi ecosystem while offering increased scalability and liquidity. The market cap, based on the mint cost (GAS 70-120), ranges between $7 million and $10 million. Deployed on December 3, 2023, it now has over 11k holders.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 482,821

New active users on ETH: 103,890, with a daily decrease of 1.81%

Existing active users on ETH: 378,931, with a daily decrease of 9.20%

2.1.2 New User Profile

Core data: There were a total of 103,890 new active users on ETH yesterday, with a daily decrease of 1.81%

Popular Sectors

Popular Projects

ALT (Token) - The Ethereum scaling project Altlayer was launched on Binance Launchpool and has unveiled its tokenomics. AltLayer OG Badge NFT holders, Oh Ottie! NFT, qualified participants of the Altitude promotions, qualified EigenLayer re-stakers, and Celestia stakers are eligible for the airdrop. The project's launch during the weekend led to a continuous rise in value and popularity. With a strong fundamental backing, the token is well-supported.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 378,931, with a daily decrease of 9.20%

Popular Sectors

Popular Projects

USDC (Token) - According to official data from January 27, Circle issued 2.1 billion USDC and redeemed 1.8 billion USDC over the past seven days, increasing the circulating supply by 300 million tokens. As of January 25, the total circulating supply of USDC was $25.9 billion, with reserves amounting to $26 billion, including $3.3 billion in cash and $22.7 billion held in the Circle Reserve Fund.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

SAUDIBONK and other memecoins experienced a rapid surge and subsequent sharp decline post-TGE. Recently, there have been no phenomenally popular memecoins emerging.

JUP (Token) - The token JUP for the Jupiter decentralized exchange on Solana, which has not yet had its TGE, has been confused with another token named JUP on Ethereum which has recently seen a continuous rise. Some platforms have even mixed up the two projects in their descriptions. Jup.io, a project supporting secure DApps on both public and private networks, appears to have ceased operations. The more renowned project, soon to have its TGE, is hosted at the domain jup.ag. Investors need to carefully differentiate between these projects.

2.2.2 Uniswap V3

ALT was described earlier in the report.

2.3 Popular NFTs

2.3.1 Top NFT Collections

Magic Eden (NFT, DApp) - The NFT marketplace Magic Eden has officially launched a multi-chain self-custody wallet, supporting Solana, Bitcoin, Polygon, and Ethereum blockchains. The platform had previously released a beta version of the wallet in November 2023. To incentivize early users, Magic Eden announced plans to offer limited-time in-wallet minting for NFT projects like Claynosaurz, Degenerate Ape Academy, and BoDoggos in February, along with airdrops and other benefits.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,246,718

New active users on BSC: 180,911, with a daily decrease of 24.86%

Existing active users on BSC: 1,065,807, with a daily decrease of 0.39%

3.1.2 New User Profile

Core data: There were a total of 180,911 new active users on BSC yesterday, with a daily decrease of 24.86%

Popular Sectors

Popular Projects

QnA3 (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 1,065,807, with a daily decrease of 0.39%

Popular Sectors

Popular Projects

PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

Fake Dmail and ZETA tokens have appeared on the BNB Chain, some of which are suspected to be honeypots. Investors are advised to be cautious to avoid scams.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 677,434

New active users on Polygon: 121,499, with a daily increase of 1.23%

Existing active users on Polygon: 555,935, with a daily increase of 1.04%

4.1.2 New User Profile

Core data: There were a total of 121,499 new active users on Polygon yesterday, with a daily increase of 1.23%

Popular Sectors

Popular Projects

Polyhedra Network (DApp) - In the zero-knowledge proof market, Polyhedra network has attracted attention with two funding rounds totaling $25 million. These funding rounds were led by Binance Labs and Polychain Capital, with other participating investors including Animoca Brands, Daofive, ABCDE Labs, Foresight Ventures, KuCoin Ventures, and HashKey Capital.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 555,935, with a daily increase of 1.04%

Popular Sectors

Popular Projects

Laura (NFT) - The Laura Mint Contract ranked among the top 10 in terms of activity on Polygon yesterday. Currently, this NFT has 11,641 holders. While information about the project is not yet found on social media, it is present on platforms such as OpenSea and MagicEden. https://opensea.io/collection/laura-19 , https://magiceden.io/collections/polygon/0x34ed414fc0dc106afde510071ae3138313ba5feb

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

No new popular tokens on the Polygon Chain.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 181,739

New Active Users on Arbitrum: 27,850, with a daily decrease of 7.32%

Existing Active Users on Arbitrum: 153,889, with a daily increase of 15.00%

5.1.2 New User Profile

Core data: There were a total of 27,850 new active users on Arbitrum yesterday, with a daily decrease of 7.32%

Popular Sectors

Popular Projects

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.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 153,889, with a daily increase of 15.00%

Popular Sectors

Popular Projects

Camelot (DApp) - Camelot is a decentralized exchange built on Arbitrum, featuring a customizable liquidity infrastructure designed to enhance liquidity and composability in the Arbitrum ecosystem. Besides being a DEX, Camelot also includes a Launchpad to assist projects in the Arbitrum ecosystem with token sales and fundraising.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

PENDLE (Token) - On January 11, PENDLE announced the launch of its liquid staking token (LST) eETH on Ether.fi, entering the re-staking/LRTfi field. Pendle LPs depositing eETH will continue to receive all native rewards for eETH, including EigenLayer points, Ether.fi loyalty points, ETH staking yield, and re-staking yield. Pendle's TVL has soared, with the price continuously reaching new highs.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 78,773

New Active Users on Base: 11,297, with a daily increase of 3.14%

Existing Active Users on Base: 67,476, with a daily increase of 3.82%

6.1.2 New User Profile

Core data: There were a total of 11,297 new active users on Base yesterday, with a daily increase of 3.14%

Popular Sectors

Popular Projects

Popcorn Royale (NFT, DApp) - An interactive on-chain event NFT where the winner receives $7500. This interactive game/event takes place on Cymbal.xyz, a human-readable blockchain explorer that allows users to view the Ethereum blockchain and search for events and activities stored on-chain. Investors include First Round Capital, Solana Ventures, CAA Connect, and Coinbase Ventures. https://opensea.io/collection/popcorn-royale

Orbiter Finance (DApp) - The Layer 2 cross-chain protocol Orbiter Finance has announced its rebranding as ZK-based Orbiter Rollup. The Orbiter Rollup will serve as an infrastructure layer for Ethereum, focusing on ultimate interoperability and improving capital efficiency. The Orbiter team plans to announce its partners and will release a beta version in the future.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 67,476, with a daily increase of 3.82%

Popular Sectors

Popular Projects

Dmail (DApp) - The privacy email system Dmail network has released detailed eligibility and distribution information for the $DMAIL Season1 Airdrop. The DMAIL airdrop is set to begin on January 30, coinciding with its listing for trading. Users are reminded not to trust or authorize any airdrop addresses before this date and to beware of fraudulent websites. The only official source of information is dmail.ai.

7. DApp Ecosystem - All Chains

Pixels (DApp) - Pixels is a free-to-play Web3 farming game that allows players to engage in agricultural activities such as resource cultivation, food preparation, and commodity trading. Players also have the unique opportunity to own and develop individual farm plots. Airdrops are planned for active participants in the future. Pixels recently migrated from Polygon to the Ronin network, owned by Sky Mavis. Recent frequent RON transactions by Binance's wallet have led to market expectations of RON being listed on Binance, which in turn has increased the anticipation for Pixels' TGE.

8.DApp Ecosystem - ETH Chain

No new popular projects Ethereum chain.

9.DApp Ecosystem - BSC

QnA3 was described earlier in the report.

10.DApp Ecosystem - Polygon Chain

Yuliverse (DApp) - Yuliverse has established a new investment partnership with DWF Labs. Yuliverse is a free-to-play blockchain metaverse game that combines GameFi and SocialFi elements, utilizing NFTs and the cryptocurrencies ARG and ART. It enhances social interaction and engagement and allows players to explore the real world and build connections. Yuliverse's game mechanics include elements of earning potential, providing a unique gaming experience for players.

11.DApp Ecosystem - Solana Chain

Jupiter (DApp) - Jupiter Exchange, a derivatives exchange in the Solana ecosystem, has announced the details of the JUP community airdrop. Out of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). There will also be subsequent airdrops targeting new users. The recent significant increase in on-chain transaction volume on the Solana blockchain, even surpassing Ethereum in daily volume, has led to increased interest. It is advisable to keep this project on your radar.

12.DApp Ecosystem - Arbitrum Chain

RabbitHole (DApp) - RabbitHole has recently aggregated all tasks offered through the Quest Protocol, enabling users to earn tokens by engaging with crypto applications. The project is experiencing high levels of interaction, which may be related to a potential token launch, making it an attractive option for engagement.

13.DApp Ecosystem - Base Chain

Friend.tech (DApp) - At the beginning of January, the TVL of Friend.tech decreased by 50% compared to its peak. According to a trailer released by the project team in mid-December on platform X, Friend.tech is set to release its V2 version in the spring of 2024.

14.DApp Ecosystem - GameFi Sector Across All Chains

Pixels was described earlier in the report.

15.Gas Fee Consumption - ETH Chain

BananaGun (DApp) - The Telegram Bot project, Banana Gun, has announced that its bot service has been launched on the Solana network, with new features to be continually added following testing. Banana Gun has also established a collaboration with Jito. The project is currently in the testing phase for sniping and in-house limit order features.

16.Gas Fee Consumption - BSC

QnA3 (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

Vertex (DApp) - Vertex is a decentralized exchange (DEX) protocol based on Arbitrum, offering cross-margin trading services. It integrates spot, perpetual contracts, and money markets into one application. It is currently the most active derivatives platform on Arbitrum.

19.Gas Fee Consumption - Base Chain

No new popular projects.

20.Top Trending Tokens on Twitter

No data for this segment today due to anomalies in the data source.

21.Google Trends - Global

Celestia (Token) - Coinbase International Exchange and Coinbase Advanced have fully opened TIA perpetual contract and INJ perpetual contract markets for trading. Meanwhile, the use cases for Celestia are continually expanding. Starknet officially announced on social media its collaboration with Celestia to develop a high-throughput Layer 3 network.

Jupiter (Token) Jupiter (DApp) - Jupiter Exchange, a derivatives exchange in the Solana ecosystem, has announced the details of the JUP community airdrop. Out of 10 billion JUP tokens, 40% will be distributed to the community over four rounds of airdrops, with the first round distributing 10% (1 billion tokens). There will also be subsequent airdrops targeting new users. The recent significant increase in on-chain transaction volume on the Solana blockchain, even surpassing Ethereum, has led to increased interest. It is advisable to keep this project on your radar.

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

a) South Asia Region

India Trends: ada, defi, xai

Pakistan Trends: btc, coinpayu, crypto screener

b) Southeast Asia Region

Malaysia Trends: okx, bybit, coingecko

Philippines Trends: bitcoin price, bomb, intel stock

Singapore Trends: jupiter, bitcoin

Indonesia Trends: tia, bscscan, daomaker

c) East Asia

No trends

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

a) CIS Region

Trends: arkham crypto

b) English-speaking Countries

Australia Trends: xai, myro, solana, fantom, monad, ada

UK Trends: honk, retik, tesla, arkham, storj, jupiter

USA Trends: bozo, algorand, paypal, kspa, hex

Canada Trends: ada, pendle, btc, gala, doge

c) Europe

France Trends: dymension, dydx, creo, synapse

Poland Trends: solana, ondo, bonk, solana, xen, luna

Switzerland Trends: eth, polygon

Türkiye Trends: selcoin twitter

Germany Trends: pi, tron, jupiter, ripple

Italy Trends: metis, ada, pi, tia, sui

Spain Trends: xrp, sui, etc, shib

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

a) Africa

South Africa Trends: luno, ada

b) Middle East

Trends: shib, bitcoin

c) Latin America

Brazil Trends: bomb, sdao, mubi, vet, sei

Argentina Trends: solana, dolar, alt, inj, sand

Mexico Trends: shib

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