CoinW Research Institute Weekly Report(November 18, 2024 — November 24, 2024)

Key Points:

• The total market value of global cryptocurrencies is $3.4 trillion, up 9.7% from last week’s $3.1 billion.
• Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 55% share; Solana with an 8% share; and Tron with a 7% share.
• Looking at on-chain data, daily transaction volumes are primarily concentrated on the SOL and ETH chains, while daily active addresses are mainly focused on the SOL and SUI chains, followed by APT, BNB, and ETH. ETH remains the absolute leader in the DeFi sector, with a total locked value of $48 billion, far exceeding other public chains. USDT continues to dominate the stablecoin market, with a market value of $128.8 billion, accounting for 69.1% of the total market value of stablecoins.
• Innovation Project Highlights: Hadron by Tether: Hadron by Tether is an asset tokenization platform that enables users to easily tokenize stocks, bonds, commodities, funds, and reward points, opening up new opportunities for individuals, enterprises, etc. to raise funds using tokenized collateral; FlowerAI : On FlowerAI, a user’s position size will be represented as a flower on the platform. Each flower is randomly generated based on its hash value, and no two flowers are the same; curved.wtf: NFTs can be minted on the curve launchpad without the need for a whitelist or private placement allocation, simplifying the NFT gameplay.​​

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, up 9.7% from last week’s $3.1 billion.

Data source: cryptorank

As of today, the market value of Bitcoin (BTC) is $1.93 trillion, accounting for 55.87%. At the same time, the market value of stablecoins is $186.3 billion, representing 5.62% of the total market value of cryptocurrencies.

Data source: coingeck

2. Fear & Greed Index

The Crypto Fear & Greed Index is 82, indicating extreme greed.

Data source: coinglass

3. EFT data

According to Sosovalue data, since the launch of the US Bitcoin Spot ETF, the cumulative total inflow has been $30.84 billion; since the launch of the US Ethereum Spot ETF, the cumulative total inflow has been $106 million. This week, the US Bitcoin Spot ETF has had a cumulative total inflow of $3.38 billion; this week, the US Ethereum Spot ETF has had a cumulative total outflow of $71.6 million.

Data Source: CoinW Research Institute, Sosovalue

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Currently $3,342, with an all-time high of $4,878

ETHBTC: Currently at 0.034237, with an all-time high of 0.1238, a decrease of approximately 72%

Data source: ratiogang

5. Decentralized Finance (DeFi)

According to data from DeFiLlama, since the beginning of this year, the total value locked (TVL) in all DeFi projects has been within the range of $60 billion to $100 billion, with relatively little fluctuation.

Data source: defillama

Breaking down by public chains, the top three public chains in terms of Total Value Locked (TVL) are Ethereum with a 55% share; Solana with an 8% share; and Tron with a 7% share.

Data Source: CoinW Research Institute, defillama(Data as of November 25, 2024)

6. On-chain data

Analyze the current data of the main public chains ETH, SOL, BNB, TON, SUI, and APT, mainly from daily trading volume, daily active addresses, transaction fees, and total value locked (TVL).

Data Source: CoinW Research Institute, defillama, Nansen (Data as of November 25, 2024)

• Daily Trading Volume and Transaction Fees: Daily trading volume and transaction fees reflect the frequency and cost of network usage, and are core indicators for measuring the activity level of public chains and user experience. In terms of daily trading volume, SOL stands out the most, which may be influenced by low GAS fees and the current concentration of Meme coins on the SOL chain for PVP. Solana has become the top choice for meme players due to its low fees and high trading volume.
• Daily Active Addresses — Daily active addresses are an important indicator for measuring the activity level of network users, reflecting the level of ecosystem participation and user stickiness of public chains. Looking at the daily trading volume, SOL tops the list with over 5 million active addresses; followed by SUI, with over 1.57 million active addresses. This is related to the current market’s new favorite Meme trend, with active players mainly concentrated on the SOL and SUI chains, followed by APT, BNB, and ETH.
• Total Value Locked (TVL): Reflects the situation of fund liquidity and is commonly used to measure 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 total locked value of $48 billion, far exceeding other public chains.

7. Market Value and Additional Issuance of Stablecoins

In terms of the market value share, USDT has been generally stable. Coinglass data shows that as of November 25, the total market value of stablecoins is $186.3 billion. Among them, the market value of USDT was $128.8 billion, accounting for 69.1% of the total market value of stablecoins; followed by USDC with a market value of $38.7 billion, accounting for 30% of the total market value of stablecoins; and the market value of DAI was $5.3 billion, accounting for 2.8% of the total market value of stablecoins.

Data source: CoinW Research Institute, Coinglass （Data as of November 25, 2024）

Bitcoin has repeatedly set new highs, and as of the time of writing, Bitcoin has already broken through $98,000. According to Lookonchain monitoring, on November 21, Tether issued an additional 2 billion USDT, and since November 8, Tether has issued an additional 9 billion USDT. The continuous issuance of USDT may also be one of the conditions for the start of a bull market.

Data source: Lookonchain, ARKHAM

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

Data source: CoinW Research Institute, Coingeck（Data as of November 25, 2024）

The top five Meme coins with the largest price increases in the past week

Data source: CoinW Research Institute, coinmarketcap（Data as of November 25, 2024）

2. Insights into New Projects

• Hadron by Tether: Tether announces the launch of the asset tokenization platform Hadron by Tether, an innovative project in the RWA (Real World Assets) track. Hadron by Tether is an asset tokenization platform that allows users to easily tokenize stocks, bonds, commodities, funds, and reward points, opening up new opportunities for individuals and businesses to raise funds using tokenized collateral.
• FlowerAI: FlowerAI represents the size of a user’s position on the platform as a flower, each flower is randomly generated based on a hash value, and no two flowers are the same.In addition, @FloweyQuant will look for data on abnormal movements on the smart money chain and let the AI conduct transactions on its own. It is an interesting project of the automatic trading AI Agent type.

curved.wtf: NFTs can be minted on the curve launchpad without the need for a whitelist or private placement allocation, simplifying the NFT gameplay.

III. New Trends in the Industry

1. Major Events in the Industry This Week

• Magic Eden released the ME token economic model on November 18.
• The E4C token of the game E4C, Final Salvation, by the Sui ecosystem game studio Ambrus Studio, conducted an IDO on November 19.
• The Telegram gaming ecosystem MemeFi token was launched on November 22.
• Fuel pre-depositors must migrate their assets to Fuel Ignition by November 23; assets not migrated in the first phase will be confiscated.
• The expected restructuring plan of FTX is set to take effect in early January 2025.
• The Magic Eden token ME will undergo a TGE (Token Generation Event) on December 10.

2. Major Events to Take Place Next Week

• WalletConnect’s WCT claim and staking will go live on November 26;
• Starknet’s STRK staking will launch on the mainnet on November 26;
• Floki’s PlayToEarn MMORPG game Valhalla will launch on the mainnet on November 28, and Valhalla has partnered with KICK F1 Sim Racing Team to become the official game partner for the 2025 F1 Sim Racing season;
• Sources in Washington are speculating that Gary is likely to announce his resignation in early January (before Trump’s inauguration ceremony) after Thanksgiving (November 28).

3. Important Investment and Financing Activities Last Week

• Noble, Series A, raised $15M in funding. The lead investors include Paradigm and Polychain, and other participating investors are Wintermute, CMCC Global, Circle Ventures, etc. Noble is an application-specific chain built for the issuance of native assets in the Cosmos and IBC ecosystems, which can help issuers manage their tokens: burning, minting, blacklisting, and other functions. (November 19)
• KOKODI, seed round, raised $1.1M in funding, with investment firms including Avalanche, Tenzor Capital, Merit Circle, Kangaroo Capital, DCI Capital, etc. KOKODI is a cross-chain, multi-platform MMO game. (November 18)
• Luluchain, raised $5M in funding, led by DG Capital, with Smo Capital, LD Block, Unionblock vc, Blockin.venture participating. Luluchain belongs to the EWA track, using AI to transform human emotions into quantifiable, tradable digital assets, aiming to create a new value chain in the decentralized world.(November 19)
• Shinami, raised $564M in funding, with investment firms including Race Capital, Aptos, 6th Man Ventures, Sui, Circle, Coinbase, etc. Shinami is building an infrastructure developer platform for Sui, whose products aim to help teams build applications faster with better user experience and lower costs, including node services, in-app wallets, etc. (November 21)

IV. Research Reports of the Research Institute This Week

(Note: Replace the original link with the corresponding link based on the publishing platform)

1. In-depth Research Report on Magic Eden

Magic Eden is a multi-chain NFT trading market founded by a team with Chinese background, established on the Solana chain in 2021, and quickly expanded to support ecosystems such as Ethereum (ETH), Polygon, BASE, and Bitcoin (BTC). Despite the recession in the NFT market, Magic Eden has successfully captured the main market share on the Solana chain through rapid product iteration and rich feature design. The platform’s core functions include an NFT trading market, multi-chain support, project incubator (Launchpad), staking and reward, aggregated market, data analysis and rankings, wallet integration, community governance (DAO), and API integration, etc. In addition, Magic Eden also offers special features such as limited-time user discounts, rarity scoring systems, on-chain identity authentication, membership passes, batch trading, and custom portfolio packages. Through these value-added services and detailed data support, Magic Eden has reduced the entry threshold for new users, optimized the trading experience and enhanced the user stickiness of the platform.

Magic Eden’s main sources of revenue include transaction fees and service fees for Launchpad projects. Although no token has been issued, the platform has launched a points system, allowing users to accumulate points through platform activities for future airdrops. By the end of 2024, the platform also launched a test token $TestME, aiming to test the process for the future official token $ME issuance. In the context of the overall downturn of the NFT market, Magic Eden still remains competitive, and its growth potential mainly comes from the support for the BTC ecosystem, which is still a blue ocean market. If NFTs on the BTC chain become popular, Magic Eden is expected to have a broader development space in the future, further consolidating its leading position in the multi-chain NFT trading market.

Original link: https://www.odaily.news/post/5199912

2. Going Viral: Can Desci Revolutionize Traditional Scientific Research?

• The DeSci concept was not born recently. Binance Labs announced its first investment in BIO Protocol, and the joint attendance of CZ and Vitalik at Binance’s DeSci Day event have once again drawn market attention to DeSci.
• The DeSci track currently has a relatively low market value and is one of the key tracks being watched by top-tier venture capital firms. In addition to Binance labs beginning to layout the healthcare field, a16z has also begun to layout the DeSci field.
• Projects on the DeSci track are still in the very early stage of exploration. Areas worthy of attention include the BIO ecosystem and related Memes.

Original link: https://www.odaily.news/post/5199955</g>