CoinW Research Institute Weekly Report (December 23, 2024 — December 29, 2024)
Key Points
● The total market value of global cryptocurrencies is $3.42 trillion, up 0.5% from last week’s $3.4 trillion. As of December 30, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $35.66 billion, with a net inflow of $388 million this week. while the US Ethereum Spot ETF has had a net inflow of $2.68 billion, with a net inflow of $350 million this week.
● At the same time, the market value of stablecoins is $211 billion, representing 6.17% of the total market value of cryptocurrencies, with a 0.47% increase in the past week. Among them, the market value of USDT was $138.7 billion, accounting for 65.7% of the total market value of stablecoins; followed by USDC with a market value of $43.6 billion, accounting for 20.7% of the total market value of stablecoins; and the market value of DAI was $5.4 billion, accounting for 2.6% of the total market value of stablecoins.
● The total TVL of DeFi this week is $121.5 billion, an increase of 2.2% 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 56% share; Solana with an 7.01% share; and Tron with a 6% share. The overall proportion is relatively stable, and the Ethereum chain remains the leader in the DeFi field.
● From the on-chain data, among the Layer 1 public chains this week, the daily trading volume of BNB and SUI has fluctuated significantly, with an increase of more than 50% compared to last week. In terms of transaction fees, the overall fluctuation is not large, and the ETH fee shows a downward trend, with a decrease of 33.3% compared to last week. Looking at daily active addresses, SOL’s active addresses have warmed up, with an increase of 10.9% compared to last week; this week, the total TVL of Ethereum Layer2 reached $46.99 billion, a 2.4% increase compared to last week. Among them, Arbitrum One and Optimism hold the front row with 39.09% and 24.31% market shares, respectively, but both have experienced a slight decline.
● Innovation Project Focus: DeTrading: DeTrading is a trustless cross-chain platform for atomic swaps between all chains; stMOVE: The first liquidity staking solution of the Movement network. Earn stMOVE protocol rewards through secure, transparent, and worry-free non-custodial Liquid staking services; Resupply: A decentralized stablecoin protocol that allows users to lend stablecoins through Curve Lend or Fraxlend and conduct collateralized mining again.
Content
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
4. ETH/BTC and ETH/USD exchange rates
5. Decentralized Finance (DeFi)
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
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 $3.42 trillion, up 0.5% from last week’s $3.4 trillion.
As of press time, the market value of Bitcoin (BTC) is $1.85 trillion, accounting for 54.14% of the total cryptocurrency market value. At the same time, the market value of stablecoins is $211 billion, representing 6.17% of the total market value of cryptocurrencies.
2. Fear & Greed Index
The Crypto Fear & Greed Index is 65, indicating greed.
3. EFT inflows/outflows data
As of December 30, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $35.66 billion, with a net inflow of $388 million this week. while the US Ethereum Spot ETF has had a net inflow of $2.68 billion, with a net inflow of $350 million this week.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently at $3,422, with an all-time high of $4,878, a decline of approximately 30.69% from the highest price
ETHBTC: Currently at 0.036536, with an all-time high of 0.1238
5. Decentralized Finance (DeFi)
According to DeFiLlama data, the Total Value Locked (TVL) in DeFi this week is $121.5 billion, up 2.2% from last week.
Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 56% share; Solana with an 7.01% share; and Tron with a 6% share. The overall proportion is relatively stable, and the 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 trading volume, BNB and SUI have fluctuated significantly this week, with an increase of more than 50% compared to last week. In terms of transaction fees, the overall fluctuation is not large, and the ETH fee shows a downward trend, with a decrease of 33.3% compared to 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. Looking at daily active addresses, SOL’s daily active addresses have increased, with a rise of 10.9% compared to last week. From TVL, ETH is still the leader among public chains.
Layer 2 Related Data
● According to L2Beat data, the total TVL of Ethereum Layer 2 reached $46.99 billion, an overall increase of 2.4% this week compared to last week.
● Arbitrum One and Optimism occupy the front row with market shares of 39.09% and 24.31% respectively,
but both have declined slightly.
7. Market Value and Additional Issuance of Stablecoins
According to Coinglass data, the total market value of stablecoins is currently reported at $211 billion, continuing to set a new historical high, with a 0.47% increase over the past week. Among them, the market value of USDT was $138.7 billion, accounting for 65.7% of the total market value of stablecoins; followed by USDC with a market value of $43.6 billion, accounting for 20.7% of the total market value of stablecoins; and the market value of DAI was $5.4 billion, accounting for 2.6% of the total market value of stablecoins.
According to Whale Alert data, this week, the USDC Treasury issued a total of 550 million USDC, a 175% increase in the total stablecoin issuance compared to 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
● DeTrading: DeTrading is a trustless cross-chain platform for atomic swaps between all chains.
● stMOVE: The first liquidity staking solution of the Movement network. Earn stMOVE protocol rewards through secure, transparent, and worry-free non-custodial Liquid staking services.
● Resupply: A decentralized stablecoin protocol that allows users to lend stablecoins through Curve Lend or Fraxlend and conduct collateralized mining again.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Network3 launched a Pre-TGE airdrop activity, and early node users can obtain airdrop qualifications by binding their wallets. Currently, the wallet binding function of the airdrop activity has been enabled. New users and early node users need to complete wallet binding before the TGE to ensure that they can obtain the qualification to claim the airdrop later. The amount of this airdrop is 50 million N3 tokens, which can be obtained by downloading the node binding wallet, running node mining, completing task activities, and inviting new users to obtain invitation bonus rewards, etc. In addition, according to the Network3 team, Network3 plans to go online on the exchange in January next year.
● Eliza will announce a new token economic proposal around January 1st. According to Eliza team members at a community meeting, the project plans to release two important announcements. First, the project party will officially announce the list of all partners to improve project transparency and help the community more clearly understand the cooperative relationships and the scope of cooperation between all parties. Regarding token economics, the team will announce a brand-new token economic proposal around January 1st. The proposal, designed by professionals from multiple teams, will include LP pairing mechanisms, DeFi function integration, etc. In addition, the project also revealed that they have acquired a Launchpad company, which will be used for official releases in the future.
● REVOX announced the end of the S1 airdrop and launched the Stake to AI token economy. The AI Agent infrastructure REVOX announced the end of the S1 airdrop, with a total of more than 9 million wallets claiming, of which more than 1.22 million users passed Human Verification. According to the white paper, REVOX plans to launch the Stake to AI token economy. Users can stake REX tokens into sREX tokens to obtain AI points, which can be used to pay for AI services in the REVOX ecosystem. At the same time, sREX holders can also participate in early projects in the REVOX ecosystem and will have the opportunity to receive future airdrops from ecosystem projects based on their level of participation and token holdings.
● The listed company KULR bought 217.18 bitcoins at an average price of $96,556. The US-listed company KULR has launched its bitcoin reserve strategy and purchased 217.18 bitcoins with $21 million, with an average price of $96,556 per bitcoin. Through the Coinbase Prime platform for custody and wallet management, KULR will allocate up to 90% of its surplus cash to bitcoin.
● Trump’s coming to power creates ideal conditions for DeFi, and new policies will allow more protocols to pay dividends to token holders. John Paller, the founder of ETHDenver, said in an interview that Trump’s focus on deregulation and promoting economic growth may create ideal conditions for the vigorous development of DeFi.
2. Major Events to Take Place Next Week
● The snapshot date for the first airdrop season (accounting for 10% of the total supply) of the Ethereum liquidity restaking platform Kelp DAO is December 31, 2024.
● The deadline for claiming airdrop tokens PRCL by Solana’s real estate transaction protocol Parcl is December 31.
● The re-staking protocol Swell Network’s Swellchain will allocate 1.25 million SWELL to users who cross-chain and hold assets on Swellchain within the first two weeks. Users need to complete cross-chain before December 31 to obtain a share.
● The second airdrop season (accounting for 5% of the total supply) of the Ethereum liquidity restaking platform Kelp DAO is from January 1, 2025, to April 30, 2025. Re-staking before January 15, 2025, can obtain an additional 15% loyalty bonus; the remaining 5% of the airdrop plan is pending.
● The deadline for the second wave of ZK token claims by ZK Nation is January 3, 2025. Members of Protocol Guild, contributors to external projects, or users nominated by ZKsync’s native ecosystem projects can check and claim.
3. Important Investment and Financing Activities Last Week
● Usual, Series A, raised $10 million, with investment institutions including Binance Labs, Kraken Ventures, Galaxy Digital, OKX Ventures, IOSG Ventures, Wintermute, Amber Group, GSR, etc. Usual is a stablecoin protocol, and its launched USD is a permissionless and fully compliant stablecoin backed 1:1 by real-world assets (RWA). USUAL is a governance token that allows the community to guide the future development of the network. Usual solves the current problems in the stablecoin market by redistributing profits to the community and rewarding token holders with the actual returns generated by RWA. (December 23)
● Avalon Labs, Series A, raised $10 million, with investment institutions including Framework Ventures, Kenetic Capital, SNZ Holding, etc. Avalon Finance is a BTCFi protocol that allows users to use their held bitcoins as collateral to obtain USDa, thereby unlocking the value of their holdings and increasing the use of bitcoins within their platform. Avalon Labs also provides financial products such as bitcoin-backed loans, interest-bearing savings accounts, and credit cards. (December 23)
● KOKODI, seed round, raised $17 million, with investment institutions including Finality Capital Partners、IDG Capital、Road Capital, etc. ChainOpera AI is a truly decentralized, open AI platform committed to achieving simple, scalable, and trustworthy collaborative AI economy, as well as accessible, democratized AI application ecosystem. (December 26)
