CoinW Research Institute Weekly Report (December 16, 2024 — December 22, 2024)
Key Points
● The total market value of global cryptocurrencies is $3.4 trillion, down 13.2% from last week’s $3.92 trillion. As of December 23, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $36.05 billion, with a net inflow of $450 million this week. while the US Ethereum Spot ETF has had a net inflow of $2.33 billion, with a net inflow of $62.73 million this week, maintaining net inflow for 4 consecutive weeks.
● The market value of stablecoins is $210 billion, representing 6.19% of the total market value of cryptocurrencies. Among them, the market value of USDT was $139.7 billion, accounting for 66.5% of the total market value of stablecoins; followed by USDC with a market value of $43 billion, accounting for 20.5% 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, the total issuance of USDC by the treasury increased by 200 million USDC, a decrease of 90% compared to the total issuance of stablecoins last week.
● The Total Value Locked (TVL) inDeFi this week is $118.9 billion, down 15.9% from last week. Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 55.7% share; Solana with an 7% share; and Tron with a 6% share. Ethereum chain remains the leader in the DeFi field.
● From on-chain data, the daily transaction volume of this week’s Layer1 public chains is generally on a downward trend, with BNB showing the most significant decrease, a 71% decrease from last week.
In terms of daily active addresses, TON occupies the first place this week, with SOL’s active addresses showing a significant decrease, a 6% decrease from last week. From TVL, ETH is still the leader among public chains; this week’s total TVL locked by Ethereum Layer 2 reached $45.9 billion, a overall decrease of 15.7%. Arbitrum One and Optimism account for 41.83% and 21.19% respectively, occupying the top positions, but both have experienced a slight decrease.
● Innovation Project Spotlight: Animix, the first pet fusion game powered by GenAI supported by Sophon. The TGE has not occurred yet, and the game is still in the early stage. Alita Exchange, a swap based on SOON, integrating the advantages of AMM and PMM. Alita is designed for high-frequency trading, with both trading speed and liquidity, and is an innovative case of DEX. Chiss Protocol, a permissionless on-chain foreign exchange mixer based on avax, can achieve seamless earnings, lending, and cost-effective global transactions.
Content
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
2. Fear & Greed Index and ETF inflows/outflows data
3. EFT inflows/outflows data
4. ETH/BTC and ETH/USD exchange rates
5. Decentralized Finance (DeFi)
6. On-chain data
7. Market Value and Additional Issuance of Stablecoins
II. Trend of Hot Money This Week
1. The top five VC coins and Meme coins with the largest increases in price this week
2. Insights into New Projects
III. New Trends in the Industry
1. Major Events in the Industry This Week
2. Major Events to Take Place Next Week
3. Important Investment and Financing Activities Last Week
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
The total market value of global cryptocurrencies is $3.4 trillion, down 13.2% from last week’s $3.92 trillion.
As of press time, the market value of Bitcoin (BTC) is $1.88 trillion, accounting for 55.26%. At the same time, the market value of stablecoins is $210 billion, representing 6.19% of the total market value of cryptocurrencies.
2. Fear & Greed Index and ETF inflows/outflows data
The Crypto Fear & Greed Index is 70, indicating greed.
3. EFT inflows/outflows data
As of December 23, 2024, the cumulative net inflow of U.S. Bitcoin spot ETFs is approximately $36.05 billion, with a net inflow of $450 million this week, with only three ETFs such as BlackRock IBIT achieving weekly net inflow; the cumulative net inflow of U.S. Ethereum spot ETFs is approximately $2.33 billion, with a net inflow of $62.73 million this week, maintaining net inflow for 4 consecutive weeks. Although the price of Bitcoin fell this week, the amount of BTC purchased by U.S. spot Bitcoin ETFs is nearly twice that of the same period’s mining output, reaching $423.6 million.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently $3,257, with an all-time high of $4,878
ETHBTC: Currently at 0.034513, with an all-time high of 0.1238, a decrease of approximately 72.1%
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the Total Value Locked (TVL) inDeFi this week is $118.9 billion, down 15.9% from last week.
Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 55.7% share; Solana with an 7% share; and Tron with a 6% share. Ethereum chain remains the leader in the DeFi field.
6. On-chain data
Layer 1 Related Data
Mainly analyzes the current main Layer1 including ETH, SOL, BNB, TON, SUI, and APT related data from daily transaction volume, daily active addresses, and transaction fees.
● 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 transaction volume, this week, influenced by the overall market decline, the daily transaction volume of other public chains is on a downward trend except for BNB and SUI. Among them, BNB shows the most significant decrease, a 71% decrease from last week. In terms of transaction fees, the fees on the ETH chain show a downward trend, a 72% decrease from last week.
● Daily active addresses and TVL: Daily active addresses reflect the participation in the public chain ecosystem and user stickiness, TVL reflects the trust of users in the platform. From the perspective of daily active addresses, TON occupies the first place this week, with a significant decrease in SOL’s active addresses, a 6% decrease from last week. From TVL, ETH is still the leader among public chains.
Layer 2 Related Data
● According to L2Beat data, the total TVL locked by Ethereum Layer 2 reached $45.9 billion, a overall decrease of 15.7% this week.
● Arbitrum One and Optimism account for 41.83% and 21.19% of the market share respectively, occupying the top positions, but both have experienced a slight decrease.
7. Market Value and Additional Issuance of Stablecoins
According to Coinglass data, the total market value of stablecoins is currently reported at $210 billion, continuing to set a new historical high, with a 0.9% increase over the past week. Among them, the market value of USDT was $139.7 billion, accounting for 66.5% of the total market value of stablecoins; followed by USDC with a market value of $43 billion, accounting for 20.5% 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.
According to Whale Alert data, this week, the total issuance of USDC by the treasury increased by 200 million USDC, a decrease of 90% compared to the total issuance of stablecoins last 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
● AnimixAnimix, the first pet fusion game powered by GenAI supported by Sophon. The TGE has not occurred yet, and the game is still in the early stage.Participating now can earn corresponding airdrop points.
● Alita ExchangeAlita Exchange, a swap based onSOONSOON, integrating the advantages of AMM and PMM. Alita is designed for high-frequency trading, with both trading speed and liquidity, and is an innovative case of DEX.
● Chiss ProtocolChiss Protocol, a permissionless on-chain foreign exchange mixer based on avax, can achieve seamless earnings, lending, and cost-effective global transactions.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● The Ethereum Foundation sold a total of 4,466 ETH in the past year, worth about $12.6 million. According to Lookonchain monitoring, the Ethereum Foundation sold 4,466 ETH in 32 transactions in the past year, with 15 transactions being sold at the highest point in the short term.
● Zerebro will collaborate with ai16z to advance the ZerePy open-source framework. AI Meme token Zerebro co-founder Tint stated that Zerebro will collaborate with ai16z to advance the open-source framework. The ai16z team will become one of the first external contributors to help develop the ZerePy framework, while the Zerebro team will contribute to the Eliza framework.
● GoPlus’s tweet seems to imply an upcoming TGE. Web3 cybersecurity company GoPlus posted three animal emojis, corresponding to the tiger, goat, and eagle, with the first letter of each word connected to TGE, possibly hinting at an upcoming TGE.
● The Trump family’s cryptocurrency project WLFI increased its holdings by 759 ETH, according to ARKM monitoring. The Trump family’s cryptocurrency project WLFI exchanged 2.5 million USDC for 759 ETH before December 20.
● Unichain announced its mainnet roadmap and will go live in early 2025. Unichain released its phased roadmap for the mainnet and announced that the mainnet will go live in early 2025. Since going live on the Sepolia testnet in October, the network has completed 50 million test transactions and more than 4 million test contract deployments. The mainnet will support permissionless fault proofs from the first day of going live, ensuring that on-chain activities can be verified, further enhancing security and decentralization.
2. Major Events to Take Place Next Week
● Solana’s first global online AI hackathon will be held from December 10th to 23rd, with a prize pool of $185,000, including 6 tracks on AI agents. The main track AI Agent product is supported by ai16z and the Solana Foundation, with other tracks including: building infrastructure or frameworks for AI agents, building DeFi agents that can interact with Solana DeFi protocols and manage positions, building tools for AI agents to launch and manage token liquidity, building AI agents for spot trading, building chat-based agents, and establishing agents for the public.
● Sui lending protocol Scallop launches a Christmas airdrop event. From December 14th to December 26th, users who meet the requirements of a loan value greater than $1,000 or holding more than 1,000 veSCA can participate in sharing 1 million SCA tokens.
● Sophon releases the mining migration timeline. On December 28th, mainnet mining will be open for the modular blockchain Sophon based on ZKsync. On December 27th, the L1 mining withdrawal window will be closed; on December 27th, all remaining assets will be automatically cross-chained to the Sophon mainnet, and the first phase of SP point accumulation will end; on December 28th, mainnet mining will be open.
● The Aligned Foundation will distribute a significant portion of the total ALIGN tokens to Mina, EigenLayer, and Ethereum zk L2 token holders, especially those who chose to continue holding during the market’s lowest point. Registration ends on December 23, 2024.
3. Important Investment and Financing Activities Last Week
● BVNK, Series B, raised $50 million, with investors including Haun Ventures, Coinbase Ventures, Tiger Global, etc. BVNK provides banking services and payments for crypto-native enterprises, allowing companies using BVNK to accept payments in both fiat and cryptocurrency, hold hundreds of different currencies and crypto assets, and send funds worldwide. (December 17)
● Prometheum raised $20 million, with undisclosed investors. Prometheum is a blockchain-focused company dedicated to building an end-to-end ecosystem for the trading, custody, and settlement of digital asset securities. (December 17)
● Plume Network raised $20 million, with investors including Haun Ventures, Superscrypt, Galaxy Digital, Faction, HashKey Capital, Brevan Howard Digital, SV Angel, Reciprocal Ventures, etc. Plume is a fully integrated modular chain focused on RWAfi. Plume is building a composable DeFi ecosystem around RWAfis, with an integrated end-to-end tokenization engine and a financial infrastructure partner network for builders to plug and play. (December 18)
● Lens Protocol raised $31 million, with investors including Faction, Fabric Ventures, Foresight Ventures, Wintermute, Borderless Capital, Avail, Digital Finance Group, Circle Ventures, ConsenSys Mesh, Alchemy Ventures, etc. Lens Protocol is a decentralized open social graph that any application can access to. It aims to enable creators to own their links with their communities, forming a fully composable, user-owned social graph. The protocol is built from scratch with modularity in mind, allowing for the addition of new features and fixes while ensuring that user-owned content and social relationships are immutable. (December 18)
