Bitget Research Institute: Solana Dex trading volume surpasses Ethereum

In the past 24 hours, there have been many new hot currencies and topics in the market, and it is likely that they are the next opportunity to make money.

The sectors with strong wealth-making effects are: Ton ecological tokens and DeFi sectors;
The hot search tokens for users are: UXUY, Space Nation;
Potential airdrop opportunities include: Grass, Movement;

Data statistics time: May 10, 2024 4:00 (UTC+ 0)

1. Market environment

As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday and then began to rebound on Friday.As of May 10 UTC 4:00, the price of Bitcoin has rebounded above $62,800.

In terms of trading market, according to DeFiLlama data, the transaction volume of Solana on-chain DEX reached US$1.314 billion yesterday, surpassing the transaction volume of Ethereum on-chain DEX.

ETFs continued the outflow trend, with Bitcoin spot ETFs net outflow of $11 million yesterday, of which BlackRock IBIT net inflow of $14 million yesterday, and Grayscale GBTC net outflow of $43 million. What is different from before is this week’s ex-weekOther spot ETFs outside grayscale maintain a net inflow state, and the impact of grayscale outflow also decreases with the continuous decline in their management scale.

2. Rich-making sector

1) Section changes: Ton Ecological Tokens (TON, FISH, GRAM, NOT)

Main reason: Binance New Coin Mining is launched in the Phase 54 project, using BNB and FDUSD to mining Notcoin (NOT), and Ton ecosystem has good news.

Rising situation: TON, FISH, and GRAM token prices rose by 8.62%, 22.1%, and 17.03% respectively in 24 hours

Factors affecting future market:

NOT’s future market price performance: With the positive news of NOT’s launch on Binance, the pre-market trading price rose sharply, up 68.77% in 24 hours. Bitget will also launch on the pre-market market today. Users can ambush in advance and wait for the opening.
Pantera’s implementation of Ton ecological support in the future: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in Telegram’s TON blockchain project in history, which increased the attention of Ton ecosystem.If support such as project financing and product launch can be implemented in a timely manner, the prosperity of the Ton ecosystem will come sooner.

2) Abnormal sector movements: DeFi sector (VRTX, LBR)

Main reason: Vertex Edge has implemented a new fee structure and will begin to increase the staking rewards of $VRTX to earn cross-chain fees. As VRTX’s income has been greatly increased, the token price has received good news and stimulated the rise.At the same time, after the LBR giant whale sold its tokens, the price of LBR began to recover and the on-chain price began to rise.

Rising situation: VRTX and LBR have increased by 65.51% and 30.61% in the past 24 hours;

Factors affecting future market:

Future market: Trading DeFi projects rely more on on-chain trading popularity.When the market rises or in a market with high volatility, the trader will rise at the same time together with the trading volume. If the market falls in a negative direction, the relative trading volume will shrink.The price of DeFi project tokens will also be affected by the decline in the total project business volume.
New projects are still emerging on the DeFi track, and all new projects are highly valued, so the funds for taking over in the market may be limited.Investors should keep their attention to the current competitive landscape and lock in leading projects. Most other projects that have issued coins or have stagnated development have dissipated rapidly.

3) The sector needs to be focused on in the future: SocialFi sector

Main reason: Base has been a huge success in the socialFi space, with several top cryptocurrency-based social applications built on Base.46% of SocialFi-related transactions occur on the Base chain.Meanwhile, socialfi projects such as Friend and Degen also brought a lot of wealth effects.DEGEN completed the wealth-making myth of reaching a market value of US$1 billion in three months.

Specific project list:

Friend: Friend.tech is a decentralized social platform. This product is built on the layer 2 network base chain launched by Coinbase. It obtains the user’s Web2 identity through strong binding with Twitter, and can make profits based on this identity.sex.Because in this product, every user can be tokenized, and the user’s influence can be directly priced by the market.The project has issued coins at present, with daily trading volume exceeding US$21 million.
Degen: After the launch of the Degen channel on Farcaster, this project issued coins, and its main purpose is to allow users to use Degen to reward high-quality content creators.The total revenue of the decentralized social protocol Farcaster has exceeded US$1.2 million and the number of users has exceeded 300,000. The two complement each other and are one of the most eye-catching projects on the Base chain.

3. Hot searches for users

1) Popular Dapps

UXUY:

UXUY, the next-generation decentralized multi-chain trading platform incubated by Binance Labs, completed a US$7 million Pre-A round of financing, with Binance Labs, JDI Ventures, NGC Ventures, Metalpha, GSR and other institutions from Asia, North America and Europe participating in the investment.At present, UXUY’s total financing amount has exceeded US$10 million.This round of financing will be used to build Bitcoin ecological infrastructure, and is committed to promoting efficient and low-cost transactions of assets such as Lightning Network Taproot Assets, Ordinals BRC-20, Runes, etc.

2) Twitter

Space Nation:

Space Nation is the developer of AAA’s space epic theme Web3 MMORPG.Created by veteran Blizzard game producer, experienced MMORPG developer, renowned Hollywood producer and Oscar-winning director Roland Emmerich.Space Nation Inc. has also received strong support from partners and venture capital firms, with a total of up to $50 million in funding that has been invested in the development of the game.Well-known investors such as Chain Hill Capital, Foresight Ventures, LighthouseCapital, and SevenX Ventures have invested in the project.Yesterday, OKX Web3 and Space nation launched a limited edition cooperative spacecraft NFT “Bering X-Trail Blazers Edition”, with a limited edition of 1,155 ships, with unique design elements from OKX, which attracted high attention from the community.

3) Google Search Region

From a global perspective:

Notcoin (NOT): Notcoin is a Telegram-based game where users can earn in-game tokens by clicking on coin images.Similar to the concept of “Tap to Earn”.Notcoin TGE uses “vouchers” to represent the Notcoin currency in the game, and can be converted to $NOT after TGE.The project party has its own pre-market trading market: https://getgems.io/notcoin. Data shows that 640,000 users have already held NOT pre-market tokens.Binance Launchpool and OKX have been confirmed to be launched.

From the hot searches in each region:

(1) The hot searches in various regions in Asia yesterday were mainly focused on RWA Crypto:

The RWA track currently mainly includes US bond products, etc. As the Federal Reserve continues to release signals to maintain high interest rates, RWA assets are also seen by the market as a long-term optimistic asset type and can hedge against the current risk market.In addition, HashKey Group has joined the Hong Kong Monetary Authority Ensemble Project Architecture Working Group. HashKey Group will integrate practical experience in virtual asset custody, transactions, digital payments, STO technology solutions, RWA asset tokenization and other aspects, including bank deposits.Tokenization of financial assets such as green bonds provides comprehensive Web3 new financial infrastructure support.It has a certain popularity in the Asia-Pacific region.

(2) There are no significant hot spots in Africa, CIS and English:

The regional popularity of this region is relatively scattered, among which BTC, ETH, and Solana are mainly frequently seen on hot searches. Some users will pay attention to narratives of topics such as AI and Meme, and the overall market has differentiated themes.

4. Potential airdrop opportunity

Grass

Grass is a flagship product launched by Wynd Network, which allows users to monetize their internet connection by selling unused network resources.For individuals, it will appear as a network extension that is downloaded, retained and forgotten.It will do the work behind the scenes, helping others get public network data in exchange for payments from the protocol native token.Grass focuses on converting public network data into artificial intelligence data sets, making it easier for open source artificial intelligence projects to access public network data.

Wynd Network completed a $3.5 million seed round of financing, led by Polychain Capital and Tribe Capital, with participants including Bitscale, Big Brain, Advisors Anonymous, Typhon V, Mozaik, etc.Wynd’s total financing amount reached $4.5 million.

Specific participation methods: After registering a user on Grass official website, install the web plug-in, wait to complete the link to the network, click opendashbord, enter your own control panel to see your link status, hang up and contribute broadband, you can see yourself every day on the control panel pageRevenue from hang up points, and network status.

Movement

The blockchain development team Movement Labs was established in 2022 and previously completed a seed round of $3.4 million in September 2023. In addition to the flagship product Movement L2, Movement Labs will also launch Move Stack, an execution layer framework that is compatible with Optimism.Rollup frameworks such as Polygon and Arbitrum.

Recently, Movement Labs completed a US$38 million Series A financing, led by Polychain Capital, and many well-known institutions such as Hack VC, Foresight Ventures, Placeholder and other well-known institutions participated.

Specific participation method: Enter the Movement zeroy task interface (note: social tasks have time and tasks that are constantly online), you can perform DEX interaction, interact a few randomly for a few tests, and wait for subsequent actions on the official website.