CoinW Research Institute Weekly Report (December 02, 2024 — December 08, 2024)
Key Points:
- The total market value of global cryptocurrencies is $3.84 trillion, up 5.2% from last week’s $3.63 billion. As of today, the market value of Bitcoin (BTC) is $1.98 trillion, accounting for 51.44%.
- At the same time, the market value of stablecoins is $204 billion, representing 5.32% of the total market value of cryptocurrencies. Among them, the market value of USDT was $138 billion, accounting for 67.6% of the total market value of stablecoins; followed by USDC with a market value of $41 billion, accounting for 20% of the total market value of stablecoins; and the market value of DAI was $5.37 billion, accounting for 2.6% of the total market value of stablecoins.
- The Total Value Locked (TVL) inDeFi this week is $137.4 billion, up 8.8% from last week. Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 57% share; Solana with an 7% share; and Tron with a 6% share.
- From on-chain data, the daily trading volumes of ETH and BNB show a downward trend, while the overall trading volume of SOL remains relatively stable. Additionally, the daily trading volume on the SUI chain has shown a significant upward trend, increasing by 75% from last week’s $120 million. Looking at the growth trend of daily active addresses, BNB’s daily active addresses have increased significantly this week, with a rise of 10.4%. ETH DeFi TVL stands at $78.9 billion, with a circulating market value of $447.2 billion, still far exceeding other public chains.
- Innovation Project Focus: Jade.Money: Jade is a decentralized stablecoin platform that allows users to mint $JSD. $JSD is a yield-seperated stablecoin that is exchangeable with $USDC on a 1:1 basis. Users can deposit USDC into Jade to earn returns while maintaining the stable value of their assets; Nerocity: Neurocity is a platform built on the Solana blockchain that enables the creation and deployment of autonomous AI agents. As a decentralized launchpad, it allows creators to quickly deploy AI agents capable of interacting with users on Telegram and X; Econyx AI: AI agents are used to optimize tokenomics, achieving a balanced supply, demand, and growth of tokens and providing a sustainable economic mechanism.
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
The total market value of global cryptocurrencies is $3.84 trillion, up 5.2% from last week’s $3.63 billion.
As of the time of publication, the market value of Bitcoin (BTC) is $1.98 trillion, accounting for 51.44%. At the same time, the market value of stablecoins is $204 billion, representing 5.32% of the total market value of cryptocurrencies.
2. Fear & Greed Index and ETF inflows/outflows data
The Crypto Fear & Greed Index is 78, indicating greed.
3. EFT inflows/outflows data
As of December 9, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $33.4 billion, while the US Ethereum Spot ETF has had a net inflow of $1.4 billion. On December 8, Nate Geraci, the president of The ETF Store, stated on social platforms that the Ethereum spot ETF had witnessed net inflows for ten consecutive days. On two of those days, the inflow volumes reached new highs since their launch in July, indicating that advisors and institutional investors are just beginning to pay attention to this sector.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently $3,954, with an all-time high of $4,878
ETHBTC: Currently at 0.039685, with an all-time high of 0.1238, a decrease of approximately 67.9%
5. Decentralized Finance (DeFi)
According to DeFiLlama data,the Total Value Locked (TVL) inDeFi this week is $137.4 billion, up 8.8% from last week.
Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 57% share; Solana with an 7% share; and Tron with a 6% share.
6. On-chain data
The current data of the main public chains ETH, SOL, BNB, TON, SUI, and APT are analyzed mainly from daily trading volume, daily active addresses, transaction fees, and total value locked (TVL).
- Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees are core indicators for measuring the activity level of public chains and user experience. In terms of daily trading volume, the trading volumes of ETH and BNB show a downward trend, while SOL has seen little overall change. In addition, the upward trend in trading volume on the SUI chain is evident. Compared with $120 million in the last week, the trading volume on the SUI chain has increased by 75% this week. This also reflects that as the SUI token has hit a new high, there have been significant changes in the trading volume on the chain.
- Daily Active Addresses: Daily active addresses reflect the level of ecosystem participation and user stickiness of public chains. In terms of daily active addresses, SOL continues to hold the top position. Looking at the growth trend of daily active addresses, BNB’s daily active addresses have increased significantly this week, with a rise of 10.4%.
- Total Value Locked (TVL) and circulation market value reflect the maturity of DeFi and the level of user trust in the platform. From the perspective of TVL,ETH remains the absolute leader in the DeFi field, with a DeFi TVL of $78.9 billion and a circulation market value of $447.2 billion, far exceeding other public chains.
7. Market Value and Additional Issuance of Stablecoins
According to Coinglass data, the total market value of stablecoins is reported at $204 billion, continuing to set a new historical high, with a 5.6% increase over the past week. Among them, the market value of USDT was $138 billion, accounting for 67.6% of the total market value of stablecoins; followed by USDC with a market value of $41 billion, accounting for 20% of the total market value of stablecoins; and the market value of DAI was $5.37 billion, accounting for 2.6% of the total market value of stablecoins.
According to Cointelegraph data, Tether has cumulatively minted 20 billion USDT since November 6.
II. Trend of Hot Money This Week
1. The top five VC coins and Meme coins with the largest increases in price this week
The top five VC coins with the largest price increases in the past week
The top five Meme coins with the largest price increases in the past week
2. Insights into New Projects
- Jade.Money : Jade is a decentralized stablecoin platform that allows users to mint $JSD. $JSD is a yield-seperated stablecoin that is exchangeable with $USDC on a 1:1 basis. Users can deposit USDC into Jade to earn returns while maintaining the stable value of their assets.
- Nerocity:Nerocity is a platform built on the Solana blockchain that enables the creation and deployment of autonomous AI agents. As a decentralized launchpad, it allows creators to quickly deploy AI agents capable of interacting with users on Telegram and X.
- Econyx AI:AI agents are used to optimize tokenomics, achieving a balanced supply, demand, and growth of tokens and providing a sustainable economic mechanism.
III. New Trends in the Industry
1. Major Events in the Industry This Week
- Gravity Announces Litepaper, Testnet Launch Scheduled for Q1 2025: Galxe team’s L1 blockchain Gravity has released its Litepaper, with plans to launch a testnet in the first quarter of 2025. The team stated that Gravity can achieve over 1 billion hash computations per second, millisecond-level finality time, and parallel EVM computing functions. It also provides enterprise-level security through a restaking protocol while taking into account seamless cross-chain interoperability.
- Wormhole Launches Staking Reward Program with an Initial Reward of 50 Million W Tokens: The cross-chain interoperability platform Wormhole announced on December 4 that it has launched the W Staking Reward Program (SRP), supporting Solana and all EVM chains. Users participating in governance staking can earn rewards, with the initial reward pool allocating no less than 50 million W tokens.
- The First Round of Rewards for Manta Gas Gain Is Open for Claiming, with an average yield per address exceeding $1,000: The first round of rewards for the Gas Gain event launched by the modular L2 project Manta Network is now open for claiming. The top 400 users can claim on the Gas Gain official website, and the real average yield per address exceeds $1,000.
- XION Announces Tokenomics Model, with Community and Launch Accounting for 15.19%: The Layer1 project XION has released a white paper on tokenomics, introducing its token model based on the Proof of Abstraction mechanism. The total supply of XION tokens is 200 million, and the initial circulating supply is 25,559,333, accounting for 12.78%. In the token allocation plan, ecological incentives and project incubation account for 23%, strategic investors account for 27%, the team accounts for 20%, protocol development and the foundation account for 15%, and the community and Launch account for 15.19%.
- Donald Trump Nominates Paul Atkins as SEC Chairman: Donald Trump, the president-elect of the United States, has chosen Paul Atkins to serve as the chairman of the Securities and Exchange Commission (SEC). If confirmed, this appointment will be a significant step in fulfilling Trump’s campaign promises, potentially leading to a more crypto-friendly regulatory environment for the cryptocurrency industry.
2. Major Events to Take Place Next Week
- Ethereum Layer2 project Superseed will launch its token sale on December 9.
- Magic Eden Foundation announces that the ME token will undergo a Token Generation Event (TGE) on December 10.
- Sui ecosystem lending protocol Suilend will introduce its token SEND on December 12.
- Optimism Governance Season 6 will run until December 11, 2024. The theme for Season 6 is “Optimizing to Support the Superchain”.
- Approximately 18.53 million Cardano (ADA) tokens will be unlocked on December 11th, representing 0.05% of the current circulating supply, valued at around $22 million.
- The Financial Accounting Standards Board (FASB)’s new rule requiring Bitcoin fair value accounting will officially be adopted by enterprises for fiscal years beginning after December 15th.
3. Important Investment and Financing Activities Last Week
- Public, Series A, raised $135 million, with Accel as the investing institution. Public announced the launch of cryptocurrency trading services in 2021. Previously, individual investors using this platform could only trade stocks and ETFs listed in the United States. Now, it has expanded to cover cryptocurrencies, treasury bonds, and artworks. (November 3)
- Brighty, Series A, Raised $10 million, with Futurecraft Ventures as the investing institution. Brighty is an all-in-one application that combines digital banking and crypto banking. Users can save, send, and spend stablecoins and earn an annual return of up to 10%, with daily payouts. Brighty is committed to enabling individuals to purchase cryptocurrencies and enter the crypto economy more securely. (November 3)
- Union, Series A, raised $12 million, with investors including gumi Cryptos Capital, LongHash Ventures, Borderless Capital, Blockchange Ventures, Foresight Ventures, Dispersion Capital, TRGC, Gate Ventures, and more. Union is an efficient interoperability protocol that connects all blockchains and rollups in any ecosystem. It is based on consensus verification and does not rely on trusted third parties, oracles, multi-signatures, or MPC. (November 4)
- Interlace, Series B, raised $10 million, with Bitrock leading the round. Interlace is a Singapore-based enterprise-grade global card issuance and digital asset management company. It was founded in 2019 and provides cross-border, cross-currency, and cross-system financial solutions for Web3, cross-border e-commerce, B2B trade, developers, etc. (November 4)
- Earos, Pre-Seed Round, Raised $10 million, with Lemon Ltd as the lead investor. Earos is a platform that utilizes digital twin technology to tap the potential of AI Agents. Currently, it is building a decentralized AI ecosystem that integrates the AI Agent model layer, allowing global nodes to collaborate in artificial intelligence model training, deployment, and verification. Developers can also create and deploy their own AI agents. It is reported that this project will use tokens to reward participants who provide computing power, verify AI agent workstations, and operate nodes. (November 4)
