Bitget Research: Grayscale GBTC's Negative Premium Rate Narrows to 8.07%, 10 Year U.S. Treasury Rate Rises Back to 4.5%

Announcement posted by Bitget 28 Nov 2023

Bitget Research, 2023/11/27

In the past 24 hours, there have been many new popular tokens and topics emerging in the crypto market, and perhaps they could be the next market spotlight. In today's Bitget Research we cover:

1.Popular Tokens
2.Popular NFTs
3.Popular DApps
4.Twitter Hot Topics
5.Regional Trending Searches

In Summary:

1. Popular Tokens:

SATS (Token) - Currently one of the most actively traded BRC-20 tokens, SATS has a 24-hour total trading volume of approximately US$10 million, with the price experiencing a decline of over 20% in the past 7 days. It has been listed on multiple centralised exchanges.

Q* (Token) - Reuters reported that some OpenAI researchers warned the board before their dismissal about an artificial intelligence breakthrough. Q* (QSTAR) is an artificial intelligence technology that is reportedly more advanced than OpenAI. The token's current market cap is US$7.3 million, with a 24-hour trading volume of US$7.65 million, and liquidity of US$350,000. The contract has been renounced.

GROK (Token) - GROK is a memecoin named after the artificial intelligence model GROK, developed by Elon Musk's company XAI. It currently enjoys significant hype on-chain. Despite recent instances of FUD, the project confidently burned tokens worth nearly US$3 million. Its market cap has surpassed US$100 million again. Over the past two days, its price experienced a significant rebound, at one point surging by 60%. This uptrend is associated with the recent hype surrounding the AI sector.

CZ (Token) - Following CZ's admission of guilt in anti-money laundering and violating U.S. sanctions, and Binance's comprehensive settlement agreement with the U.S., a memecoin named CZ emerged in the market. It became one of the most popular tokens on the chain, with its market cap skyrocketing from tens of thousands of dollars to over ten million dollars at one point. Currently, the token's popularity has significantly declined, with a 24-hour trading volume of just under US$1 million.

BABYGROK (Token) - BABYGROK is a replica of Grok on the BSC without any special narrative. Memecoins on BSC currently have a generally short hype cycle. It has 2000 Twitter followers and is not followed by any influencers, with daily tweet views averaging 1500. The project asked several influencers to promote the token. BABYGROK has a 24-hour trading volume of US$1.73 million, with 8116 transactions.

LINK (Token) - LINK's trading activity has recently increased. As per recent Coinglass data, a number of Grayscale's cryptocurrency trust products have exhibited significant premiums. The premium rate for the LINK (Chainlink) Trust reached 200%. LINK token has maintained a long-standing position at the forefront of the Nansen Smart Money Inflow List.

Magic (Token) - TreasureDAO is a decentralised NFT ecosystem project based on Ethereum's Layer 2 network, Arbitrum. It originated as a derivative of the Loot project and launched its first batch of 10,000 project items in August 2021. TreasureDAO highlights the acquisition of valuable items in its games without the need for purchases, setting it apart from numerous other NFT or gaming projects. TreasureDAO is about to launch a new game chain, and Magic is being designed to serve as the gas token. The Magic token has increased by over 30% in the past week.

2. Popular NFTs:

Azuki Elementals (NFT) - Blend, an NFT lending protocol under Blur, will add support for the Azuki Elementals and Elemental Beans NFT series. The project, which recently secured funding based on the release of the BEAN token by Azuki Dao, plans to utilise these funds for development within the Blast ecosystem. The Azuki community has high engagement, and there may be upcoming announcements regarding project financing and a future roadmap. It is advisable to keep an eye on these developments.

3. Popular DApps:

Starknet (DApp) - StarkNet will distribute 50 million STRK tokens to early ecosystem contributors. This initiative, termed the "Early Community Member Program" (ECMP), aims to reward individual contributors who encourage technical discussions, organise StarkNet-related events, and regularly release StarkNet branded content. Individuals and projects must apply for the rewards and provide detailed information about their contributions. Starknet's token launch is scheduled for 22 January 2024. Interacting with the platform in the near future may lead to opportunities for an airdrop.

Blur (DApp) - BLUR, in collaboration with Blast, has developed Blur Season 3. 50% of the rewards from Season 3 will be distributed to $BLUR holders. Depositing $BLUR earns holder points, which are awarded hourly based on the amount of $BLUR deposited.

Seg Finance (DApp) - A Play2Earn project on the BSC, where users can stake their shoe NFTs or provide liquidity to earn passive BNB profits. The project is now open source, and its contract on the BSC is transparent. It has over 1500 followers on Twitter and is an essential project to stay updated on.

PlaybuxQuest (DApp) - Playbux is a project that combines e-commerce with a metaverse platform. It offers a store and profit system that allows users to shop from global merchants and earn cashback rewards. The platform aims to integrate existing exchanges, lending platforms, and NFTs so customers can access all services in one place. By leveraging mobile accessibility, Playbux positions itself as the most accessible metaverse where users can earn Playbux tokens by receiving cashback on any purchase.

Galxe (DApp) - Galxe supports a variety of data sources, including both on-chain and off-chain. For on-chain credentials, curators can contribute through subgraph queries or static snapshots. For off-chain credentials, Project Galaxe has integrated with platforms like Snapshot.org, Twitter, and Github. This support for diverse data sources enables the Galaxe Protocol to more broadly collect and utilise data.

Graph (DApp) - At the end of August, The Graph community decided to expand through Arbitrum, aiming to enhance The Graph's accessibility within the Web3 ecosystem and reduce Gas costs. With the release of new L2 transfer tools, The Graph's core development team has entered the third phase of the Arbitrum expansion. The project team recently attended an offline blockchain event in India. The project is infrastructure-focused, and it continues to develop despite the ongoing bear market. The project's token, GRT, has been listed on Bitget.

Vertex (DApp) - Vertex is a decentralised exchange (DEX) protocol based on Arbitrum, offering cross-margin trading services. It integrates spot, perpetual contracts, and money markets into one application. It has recently completed its TGE, and the VRTX token was initially listed on Bitget, Bybit, and KuCoin exchanges. Recently, the token has experienced commendable trading activity, registering a 40% increase within a single day.

Friend.Tech (DApp) - Recently, a significant number of genuine accounts on Friend.tech were mistakenly identified as bots, resulting in these accounts not receiving their weekly points allocation. The community has observed that accounts using default usernames from Twitter, or those combining letters and numbers, are more likely to be flagged as bots by Friend.tech. The founder of Friend.tech deactivated their Twitter account over the weekend, leading to speculation that they may have rugged.

Odos (DApp) - The Odos Protocol stands out as the first DEX aggregator that allows users to swap multiple tokens for a single asset in one atomic transaction. This system facilitates the exchange of a basket of input tokens for the desired output in one go, saving on gas fees and mitigating market volatility.

Sweat Economy (DApp) - A traditional Web2 project that has transitioned to a Web3 wallet and a "Move to Earn" project, with currently 5 million downloads on Google Play. Users can earn SWEAT tokens through its Sweat Wallet application by engaging in daily physical activities.

Blast (DApp) - The Layer 2 network Blast, launched by Blur's founder Pacman, currently holds a total asset value of over US$560 million in its contract address. The two largest assets are ETH and stETH, valued at US$349 million and US$139 million, respectively. The network has attracted funds from 61,790 addresses.

TinyTap (DApp) - TinyTap is a vast library of games created by educators. Now under the umbrella of Animoca Brands, the project is dedicated to forging an open, blockchain-driven educational ecosystem. TinyTap offers a no-code platform, enabling educators to create and share interactive educational content and earn a share of the revenue when learners utilise their content. Creators can craft TinyTap content and activities via TinyTap's iPad application or its website. TinyTap is accessible on iOS, Android, and web platforms.

ParaSwap (DApp) - ParaSwap is a multi-chain decentralised exchange (DEX) aggregator operating on the Ethereum blockchain, dedicated to enhancing user experience when navigating various decentralised finance (DeFi) protocols. Its ultimate goal is to facilitate liquidity flow in the decentralised market. ParaSwap's mission is to elevate DeFi participation to new heights by offering secure, intelligent, and optimised trading solutions for both individual and institutional traders, enabling them to seamlessly tap into decentralised liquidity pools.

Raydium (DApp) - Raydium is a decentralised exchange (DEX) based on the Solana blockchain, utilising the Automated Market Maker (AMM) model. It is characterised by its high speed and low cost, and its integration with the Serum DEX enhances trading depth and liquidity. Raydium supports token trading and also offers liquidity pools, OTC trading, and new project launches. Users are incentivised to participate in the network with the RAY token, which allows them to engage in governance, earn a share of transaction fees, and more through staking.

Rhino (DApp) - Rhino.fi is a multi-chain decentralised finance (DeFi) aggregator that offers a frictionless cross-chain experience, enabling users to access the best DeFi opportunities in one secure and reliable place. As a Layer 2 solution, Rhino.fi aims to provide users with easy multi-chain token transfer capabilities, delivering an ultimate cross-chain operation experience. It allows users to seamlessly switch between different blockchains without the need for complex bridging or network switching.

BLCR (DApp) - This card battle game consists mainly of 53 playing cards. It combines blockchain, artificial intelligence, and card battle games. Periodic battle rankings and rewards are featured in the game.

4. Twitter Hot Topics:

SIDUS (Token) - SIDUS token is the platform token for the metaverse platform SIDUS HEROES. Driven by the general resurgence in the GameFi sector, the SIDUS token has seen a 129.3% increase over the past 7 days. It is advisable to keep this token on your radar.

USTC (Token) - The Mint Cash project within the USTC ecosystem has sparked considerable discussion in the community. Mint Cash is a stablecoin system fully backed by #Bitcoin collateral. Mint Cash requires Bitcoin as collateral to mint new Cash stablecoins. Participating in new projects requires locking and destroying USTC, which has increased its demand, resulting in a substantial 173% surge in USTC's price over the past 24 hours.

5. Regional Trending Searches:

LUNA (Token) - A recent proposal in the LUNA community aims to re-enable the market module and gradually re-peg USTC to 1 USD. The proposal also includes setting a hard cap on the maximum supply of LUNC and USTC. Influenced by this news, the LUNA token has increased by 13.7% in the past 24 hours.

BTC Profile - BRC-20 BRC-20 Monitoring Module

Blockchain Profiles: ETH Chain, BSC Chain, Polygon Chain, Arbitrum Chain, Base Chain

DApp Ecosystem: All Chains, ETH Chain, BSC Chain, Polygon Chain, WAX Chain, Solana Chain, Arbitrum Chain, Base Chain, GameFi Sector Across All Chains

Gas Fee Consumption: ETH Chain, BSC Chain, Polygon Chain, Arbitrum Chain

Crypto News Google Trends - Global, East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan, Europe, CIS Region, Middle East, Latin America & Africa

Written by: Bitget Research

Data collection time: November 27, 10:30 UTC

Data sources: Dune, DApps, Twitter, Google

Note:

1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain.

2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours.

3) DApp daily activity (UAW: unique active wallets)

4) TGE (Token Generation Event)

5) In this report, the term "Entity" refers to both Contract Account (CA) and Ethereum Original Account (EOA), and is not a result of the aggregation of actual entity addresses.

Disclaimer: Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Bitget Wallet, the web3 arm of Bitget, is a decentralised multi-chain digital wallet supporting 250,000+ cryptocurrencies across 90+ chains, enabling exploration of DEX, DeFi, NFT, and metaverse. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organiser PGL.