CoinW Research Institute Weekly Report (December 09, 2024 — December 15, 2024)
Key Points
● The total market value of global cryptocurrencies is $3.92 trillion, up 2% from last week’s $3.84 billion. As of December 16, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $35.6 billion, while the US Ethereum Spot ETF has had a net inflow of $2.26 billion.
● At the same time, the market value of stablecoins is $208 billion, representing 5.3% of the total market value of cryptocurrencies. Among them, the market value of USDT was $140.1 billion, accounting for 67.4% of the total market value of stablecoins; followed by USDC with a market value of $42.1 billion, accounting for 20% of the total market value of stablecoins; and the market value of DAI was $5.3 billion, accounting for 2.5% of the total market value of stablecoins. This week, Tether issued an additional 1 billion USDT on the Tron chain and 1 billion USDT on Ethereum the Ethereum chain, with a total additional issuance of 2 billion USDT. As of December 16, Tether a total of $5 billion worth of USDT USDT has been minted this month, with a 40% increase this week.
● The total TVL of DeFi this week is $141.3 billion, an increase of 2.7% compared to 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. ETH remains the absolute leader in the DeFi field, with its DeFi TVL reaching $78.7 billion and its circulating market value reaching $482.3 billion. The TVL of the Hyperliquid chain has increased significantly this week. As of December 16, the TVL of the Hyperliquid chain is $2.52 billion, accounting for 3% of the total TVL of DeFi, with a monthly increase of 75%.
● From the on-chain data, in terms of daily trading volume, BNB and SUI have seen significant increases this week. BNB has increased by 52% compared to last week, and SUI has increased by 45% compared to last week. In terms of daily active addresses, except for the ETH chain and APT chain, which have seen a decrease in data this week, other chains have shown an increasing trend. The number of active addresses on the SOL chain has increased significantly, with a 12% increase compared to last week.
● Innovative Project Spotlight:Katōshi：Katoshi is the automated trading layer of Hyperliquid, supporting one-click integration with TradingView. Meritt: Meritt is a social network supported by Worldcoin, with over 30,000 users and over 6 million views in one
month since its launch. 246 Club:246 Club proposes the concept of integrating the lending market into a unified layer, and its official website is not yet online.
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
The total market value of global cryptocurrencies is $3.92 trillion, up 2% from last week’s $3.84 trillion.
As of press time, the market value of Bitcoin (BTC) is $2.09 trillion, accounting for 53.18%. At the same time, the market value of stablecoins is $208 billion, representing 5.3% of the total market value of cryptocurrencies.
2. Fear & Greed Index and ETF inflows/outflows data
The Crypto Fear & Greed Index is 83, indicating extreme greed.
3. EFT inflows/outflows data
As of December 16, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $35.6 billion, while the US Ethereum Spot ETF has had a net inflow of $2.26 billion, hitting a new historical high. From December 10 to 14, the US spot BTC ETF had a net inflow for four consecutive trading days, reaching $1.688 billion. During this period, the largest inflow was into IBIT, with a total of $1.12 billion, followed by FBTC, with a total of $423 million.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently $3,997, with an all-time high of $4,878
ETHBTC: Currently at 0.038006, with an all-time high of 0.1238, a decrease of approximately 69.3%
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the Total Value Locked (TVL) in DeFi this week is $141.3 billion, up 2.7% 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. The TVL of the Hyperliquid chain has increased significantly this week. As of December 16, the TVL of the Hyperliquid chain is $2.52 billion, accounting for 3% of the total TVL of DeFi, with a monthly increase of 75%.
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, BNB and SUI have seen significant increases this week. BNB has increased by 52% compared to last week, and SUI has increased by 45% compared to last week. In terms of transaction fees, the fees on the ETH chain have increased significantly, with a 28% increase compared to last week.
● 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 still holds the first position. Except for the ETH chain and APT chain, which have seen a decrease in data this week, other chains have shown an increasing trend. The number of active addresses on the SOL chain has increased significantly, with a 12% increase compared to last week.
● Total Value Locked (TVL) and circulation market value reflect the maturity of DeFi and the level of user trust in the platform. In terms of TVL, ETH remains the absolute leader in the DeFi field, with its DeFi TVL reaching $78.7 billion and its circulating market value reaching $482.3 billion, still being the top public chain.
7. Market Value and Additional Issuance of Stablecoins
According to Coinglass data, the total market value of stablecoins is currently reported at $208.0 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 $140.1 billion, accounting for 67.4% of the total market value of stablecoins; followed by USDC with a market value of $42.1 billion, accounting for 20% of the total market value of stablecoins; and the market value of DAI was $5.3 billion, accounting for 2.5% of the total market value of stablecoins.
This week, Tether issued an additional 1 billion USDT on the Tron chain and 1 billion USDT on the Ethereum Ethereum chain, with a total additional issuance of 2 billion USDT.As of December 16, Tether a total of $5 billion worth of USDT has been minted this monthUSDT, with a 40% increase this week.
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
● Katōshi: Katoshi is the automated trading layer of Hyperliquid, supporting one-click integration with TradingView.
● Meritt: Meritt is a social network supported by Worldcoin, with over 30,000 users and over 6 million views in one month since its launch.
● 246 Club:246 Club proposes the concept of integrating the lending market into a unified layer, and its official website is not yet online.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Morph released a three-tier growth strategy: DeFi, application scenarios, and payment layout. Cecilia Hsueh, the co-founder of the consumer-grade public chain Morph, said that Morph proposes a three-tier growth strategy, committed to promoting the large-scale application of Web3 in a consumer-friendly manner. The first tier: transforming DeFi projects (Morph makes traditional DeFi projects more accessible to ordinary users); the second tier: on-chain application scenarios focus on how to bring daily users onto the chain. For example, the Impakt project in its early stage helps users exercise through an AI physical coach and rewards them with tokens as incentives; the third tier: payment solutions, Morph will launch Morph Pay, supporting fiat and cryptocurrency payments, simplifying the transaction process, and helping users use blockchain services more easily.
● The Arweave computing network AO mainnet will be launched on February 8, 2025.
● The French financial group Oddo is developing a euro stablecoin, which is expected to be launched next year. The Paris-based financial group Oddo BHF SCA is collaborating with the cryptocurrency technology company Fireblocks to develop a euro-denominated stablecoin. Oddo expects to launch the token next year, subject to regulatory approval.
● According to the official Google blog, Google released a new generation of artificial intelligence model Gemini 2.0. Gemini 2.0 supports multi-modal inputs such as text, images, videos, and audio, and has multi-modal output functions such as native image generation and multi-language text-to-speech (TTS). Compared with Gemini 1.5 Pro, the model speed has doubled, and the multi-modal reasoning, complex instruction execution, and tool usage capabilities have been optimized. It supports the invocation of Google search, code execution, and third-party functionalities. The experimental version, Gemini 2.0 Flash, is now open to developers, and in January 2025, the multi-modal function will be fully promoted, along with the launch of a multi-modal real-time API, offering developers more application support.
● Donald Trump was named Time Magazine’s Person of the Year 2024. According to Time Magazine, the elected President of the United States, Donald Trump, was named Person of the Year 2024 and photographed for the cover. This is his first major photo shoot after winning the election, photographed by the famous photographer Platon. Platon has previously photographed many global leaders, including Obama and Putin, and this time the shooting was completed at Trump’s private club Mar-a-Lago.
2. Major Events to Take Place Next Week
● The token creation and distribution infrastructure Streamflow will launch STREAM TGE on December 17, 2024.
● Swan Chain will launch the SWAN token TGE on December 16. The total supply of SWAN tokens is 1 billion, of which 20% of the tokens will be allocated for early users and future community reward airdrops, 20% of the tokens will be allocated to investors, 20% of the tokens will be allocated to the DAO treasury, 25% of the tokens will be allocated to the ecological fund, and 15% of the tokens will be allocated to important developers and team members.
● Ethereum L2 Taiko Season 2 lasts from September 17 to December 16, 2024 and will provide 6 million TAIKO token rewards, with 5 million allocated to participants and 1 million to DApps.
● The Telegram ecosystem application Tomarket has announced that its token, TOMA, will be listed on December 20. Prior to the token’s listing, a token airdrop event will be conducted to distribute 30% of the total TOMA tokens as rewards to users who actively participate in platform activities before the token goes live. The minimum threshold for this airdrop is the Silver I level, and all users who reach this level and above can participate. The airdrop amount will be allocated based on the user’s level, considering the participation in activities such as blind boxes and check-ins. The snapshot will be taken on December 19, 2024.
● The TON Global Ecological Winter Competition Hackers League is held from September 12 to December 20, with a total prize pool of $2 million, including five tracks: DeFi, social network and utility tools, GameFi & Onboarding, and on-chain data analysis interoperability.
3. Important Investment and Financing Activities Last Week
● Klickl Group, Series A, raised $25 million, with investment institutions including Aptos, Web3Port, etc. Klickl is a global virtual asset service provider, offering services such as spot and futures trading, fiat OTC, B2B institutional solutions, payment, wallet, custody, and wealth management. Klickl received in-principle approval (IPA) of the Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer and to provide custody in the digital asset place. (December 10)
● Relai, Series A, raised $12 million, with investment institutions including Ego Death Capital, Timechain, Plan B Bitcoin Fund, etc. The Relai platform allows retail investors to buy and sell Bitcoin without additional registration, verification, or deposit limits. The platform also supports investors to fully control their funds through non-custodial Bitcoin wallets. (December 10)
● Exabits, Seed, raised $15 million, with investment institution Hack VC, etc. Exabits is a decentralized infrastructure for artificial intelligence and computationally intensive applications. Exabits enables users to provide distributed GPU services, data storage, or expertise to the AI community without the need for a central authority or intermediary. Participants can use their web3 identities, such as blockchain wallet addresses or decentralized identities (DID), to participate in the market and provide services to the AI ecosystem. (December 11)
