CoinW Research Institute Weekly Report (November 25, 2024 — December 01, 2024)
Key Points:
● The total market value of global cryptocurrencies is $3.63 trillion, up 6.8% from last week’s $3.4 billion.
● The Total Value Locked (TVL) in DeFi this week is $126.2 billion, up 1.39% 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 total market value of stablecoins is currently reported at $193.1 billion, continuing to set a new historical high, with a 1.2% increase over the past week. Among them, the market value of USDT was $128.8 billion, accounting for 69.7% of the total market value of stablecoins; followed by USDC with a market value of $39.9 billion, accounting for 20.7% of the total market value of stablecoins.
● Looking at on-chain data, SOL still takes the lead in daily trading volume, although its overall daily trading volume has decreased by 37% this week compared to last week’s $4.497 billion. Regarding daily active addresses, SOL, BNB, and SUI chains all showed a downward trend compared to last week. The most significant decline is observed on the SUI chain, with an overall drop of nearly 70%. In terms of Total Value Locked (TVL) and circulation market value, ETH remains the absolute leader in the DeFi field, with a DeFi TVL of $72.1 billion and a circulation market value of $447 billion, far exceeding other public chains.
● Innovation Project Highlights: Agentstarter: Virtuals Protocol AI Agent Launchpad; Polytrader: AI-powered Polymarket companion, built on the Base and SOL chains. Through AI, it enables social media analysis, database analysis, Polymarket predictions, and search engine models; AgentLayer: Decentralized AI Agent public chain that supports Agent economy and AI asset trading on L2 blockchains. AgentLayer is about to launch a new market prediction product, Orbs, which will be available as a Telegram Bot. Users can participate directly in predictions via Telegram.
I. Market Overview
1. Total Market Value of Cryptocurrencies / Proportion of Bitcoin’s Market Value
The total market value of global cryptocurrencies is $3.63 trillion, up 6.8% from last week’s $3.4 billion.
As of today, the market value of Bitcoin (BTC) is $1.92 trillion, accounting for 53.03%. At the same time, the market value of stablecoins is $193.1 billion, representing 5.44% of the total market value of cryptocurrencies.
2. Fear & Greed Index and ETF inflows/outflows data
The Crypto Fear & Greed Index is 80, indicating greed.
3. EFT inflows/outflows data
As of December 2, 2024, the US Bitcoin Spot ETF has had a cumulative total net inflow of $30.7 billion, while the US Ethereum Spot ETF has had a net inflow of $573 million. On November 30, according to data from Farside Investors, the U.S. Ethereum Spot ETF had a net inflow of $332 million, marking the first time it surpassed the net inflow of the Bitcoin Spot ETF in history.
4. ETH/BTC and ETH/USD exchange rates
ETHUSD: Currently $3,703, with an all-time high of $4,878
ETHBTC: Currently at 0.037965, 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 $126.2 billion, up 1.39% 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, SOL still takes the lead, although its overall daily trading volume has decreased by 37% this week compared to last week’s $4.497 billion. This also reflects that the popularity of Meme coins has started to decline since the peak PVP period. With respect to transaction fees, SOL has a significant advantage over the ETH chain in terms of GAS.
● Daily Active Addresses: Daily active addresses reflect the level of ecosystem participation and user stickiness of public chains. Regarding daily active addresses, SOL, BNB, and SUI chains all showed a downward trend compared to last week. Among them, the decline on the SUI chain is the most significant, dropping nearly 70% from last week’s 1,579,833 active addresses. This also reflects the gradual exit of Meme coin players from the SUI chain, indicating the need for a new narrative to further drive growth.
● 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 $72.1 billion and a circulation market value of $447 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 currently reported at $193.1 billion, continuing to set a new historical high, with a 1.2% increase over the past week. Among them, the market value of USDT was $128.8 billion, accounting for 69.7% of the total market value of stablecoins; followed by USDC with a market value of $39.9 billion, accounting for 20.7% of the total market value of stablecoins; and the market value of DAI was $5.36 billion, accounting for 2.8% of the total market value of stablecoins.
According to Whale Alert monitoring this week, USDC Treasury issued a total of over 290 million USDC on Ethereum on November 28.
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
● Agentstarter：Virtuals Protocol AI Agent Launchpad。
● Polytrader: AI-powered Polymarket companion, built on the Base and SOL chains. Through AI, it enables social media analysis, database analysis, Polymarket predictions, and search engine models.
● AgentLayer: Decentralized AI Agent public chain that supports Agent economy and AI asset trading on Layer 2 blockchains. AgentLayer is about to launch a new market prediction product, Orbs, which will be available as a Telegram Bot. Users can participate directly in predictions via Telegram. The revenue from this product will be used to buy back the project’s token, $AGENT.
III. New Trends in the Industry
1. Major Events in the Industry This Week
● Integrated Public Chain Supra Launches Its Mainnet and Initiates TGE: The integrated public chain Supra announced the launch of its mainnet and the initiation of TGE for its SUPRA token on November 27, 2024. Supra is a vertically integrated L1 public chain offering MultiVM support, native oracles, on-chain random numbers, cross-chain communication, and automation capabilities. Supra has raised a total of $38 million in funding, with investors including Coinbase and Animoca. Since the launch of its testnet in August 2024, Supra has processed over 9 million transactions.
● Bitcoin Financial Public Chain SideProtocol Opens Airdrop Registration on November 26: The Bitcoin financial public chain SideProtocol has launched an airdrop, with registration starting on November 26. A total of 100 million SIDE tokens will be distributed. $SIDE tokens will initially be issued using the SPL standard on Solana, and the mainnet is expected to go live in January 2025, at which point $SIDE tokens will be convertible to mainnet tokens and can be used for staking and governance.
● Core Member of daos.fun Announces Launch of daos.fun x pump.fun Index: baoskee, a core member of the DAO launch platform daos.fun, tweeted that the daos.fun x pump.fun is about to be released.
● MetaMask Supports U.S. Users to Buy Crypto Using Venmo: The encrypted wallet MetaMask tweeted that its U.S. users (excluding those in Texas and New York) can use Venmo to purchase cryptocurrencies, supported by MoonPay. Users can initiate Venmo through the MetaMask extension and mobile devices.
● Base Founder Reveals No Plans to Launch Tokens: Jesse Pollak, founder of Base, wrote in a post that Base network has no plans to launch tokens, and the team is focused on creating a global product that people love and that solves practical problems. He also referenced Hyperliquid as an example, noting that avoiding price complexity before product launch is beneficial.
2. Major Events to Take Place Next Week
● Anzen Finance, the issuer of the RWA stablecoin USDz, will launch the public sale of ANZ on Fjord Foundry and Starship on December 2, along with Anzen’s first season community airdrop.
● The 2024 Taipei Blockchain Week (TBW 2024) Hackathon, sponsored by the Solana Foundation, has started online on November 11 and will run until December 4.
● The Web3 game distribution infrastructure MATR1X will release important news on December 5, related to veMax, or hinting at the opening of the MAX staking feature.
● 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 Chicago Board Options Exchange (Cboe) will launch the first cash-settled index options related to spot Bitcoin on December 2. These options will be based on the new Cboe Bitcoin U.S. ETF Index and will be regulated by the SEC. In addition to cash settlement, these index options will offer European-style exercise.
3. Important Investment and Financing Activities Last Week
● Schuman Financial completed $7.36 million in its seed round financing. Investors include RockawayX, Faction, Bankless Ventures, Kraken Ventures, Gnosis VC, Daedalus, Nexo Ventures, Delta Blockchain Fund, and Archblock. Schuman Financial is a stablecoin issuer that has launched EURØP, a euro-backed stablecoin aimed at simplifying global digital payments, on-chain forex trading, and tokenization of real-world assets. Schuman Financial has obtained a stablecoin issuer license in France and is building an ecosystem around EURØP, which includes SEPA integration, banking channels, and custodial partnerships with global tier-one banks such as Société Générale. (November 26)
● Balance raised $10 million. Investors include Animoca Brands, Amber Group, Mask Network, GSR, MARBLEX, Web3Port, Nonagon Capital, and MetaBlast Group. Balance, built by the Epal team, is a Web3 experience infrastructure designed for mass adoption. It combines AI and blockchain technology to provide a smooth Web3 transition experience for Web2 users. (November 26)
● Partior raised $20 million in its B1 round financing. Investors include Deutsche Bank, Temasek, J.P. Morgan, and Jump Trading. Partior is a blockchain platform for payments clearing and settlement that grew from the Project Ubin collaboration. It was created by JPMorgan, DBS, and Temasek with support from MAS to achieve end-to-end atomic settlements in multiple currencies and replace the sequential approach to payments settlement. (November 27)
● U2U Network raised $13.8 million. Investors include Kucoin Ventures, Cointelegraph, Chain Capital, IDG Blockchain, Maxx Capital, V3V Ventures, JDI Global, and IBG. U2U Network is a DAG-based and EVM-compatible blockchain focused on providing unlimited scalability and on-demand decentralization. (November 28)
● usdx.money raised $45 million. Investors include NGC, BAI Capital, Generative Ventures, and UOB Venture Management. USDX is usdx.money’s first stablecoin product, and the new funding will be used to drive the adoption of USDX and sUSDX across multiple sectors. (November 29)
