CoinW Research Institute Weekly Report (2024.12.23-2024.12.29)

Key Takeaways

• The total market value of global cryptocurrencies is $3.42 trillion, up 0.5% from $3.4 trillion last week. As of December 30, 2024, the total net inflow of the US Bitcoin spot ETF was about $35.66 billion, with a net outflow of $388 million this week; the total net inflow of the US Ethereum spot ETF was about $2.68 billion, with a net inflow of $350 million this week.

• The total market value of stablecoins is $211 billion, accounting for 6.17% of the total market value of cryptocurrencies, and its increase in the past week is 0.47%. Among them, the market value of USDT is $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; DAI has a market value of $5.4 billion, accounting for 2.6% of the total market value of stablecoins.

• This week, the total TVL of DeFi is 121.5 billion US dollars, an increase of 2.2% from last week. According to the public chain, the three public chains with the highest TVL are Ethereum chain accounting for 56%; Solana chain accounting for 7.01%; Tron chain accounting for 6%. The overall share is relatively stable, and the Ethereum chain is still 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 the most, with an increase of more than 50% compared with last week. In terms of transaction fees, the overall fluctuation is not large, among which ETH fees have shown a downward trend, down 33.3% from last week. From the perspective of daily active addresses, SOL active addresses have rebounded, up 10.9% from last week; this week, the total TVL of Ethereum Layer 2 reached 46.99 billion US dollars, up 2.4% from last week. Among them, Arbitrum One and Optimism occupy the top position with 39.09% and 24.31% market share respectively, but both have declined slightly.

• Innovative projects to watch: DeTrading: DeTrading is a trustless cross-chain platform for atomic swaps between all chains; stMOVE: The first liquidity staking solution for the Movement network. Earn stMOVE protocol rewards through a secure, transparent, and worry-free non-custodial Liquid staking service; Resupply: A decentralized stablecoin protocol, Resupply allows users to borrow stablecoins through Curve Lend or Fraxlend and perform re-mortgage mining.

Table of contents

Key Takeaways

1. Market Overview

1. Total cryptocurrency market value/Bitcoin market value share

2. Fear Index

3. ETF inflow and outflow data

4. ETH/BTC and ETH/USD exchange ratio

5. Decentralized Finance (DeFi)

6. On-chain data

7. Stablecoin market value and issuance

2. Hot money trends this week

1. The top five VC coins and meme coins with the highest growth this week

2. New Project Insights

3. New trends in the industry

1. Major industry events this week

2. Big events coming up next week

3. Important investment and financing last week

1. Market Overview

1. Total cryptocurrency market value/Bitcoin market value share

The total market value of global cryptocurrencies is $3.42 trillion, up 0.5% from $3.4 trillion last week.

Data source: Cryptorank

As of press time, Bitcoin (BTC) has a market cap of $1.85 trillion, accounting for 54.14% of the total cryptocurrency market cap. Meanwhile, stablecoins have a market cap of $211 billion, accounting for 6.17% of the total cryptocurrency market cap.

Data source: coingeck

2. Fear Index

The cryptocurrency fear index is at 65, indicating greed.

Data source: coinglass

3. ETF inflow and outflow data

As of December 30, 2024, the U.S. Bitcoin spot ETF has accumulated a total net inflow of approximately US$35.66 billion, with a net outflow of US$388 million this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$2.68 billion, with a net inflow of US$350 million this week.

Data source: sosovalue

4. ETH/BTC and ETH/USD exchange ratio

ETHUSD: Current price is $3,422, the highest price in history is $4,878, and the decline is about 30.69% from the highest price.

ETHBTC: Currently 0.036536, the highest in history is 0.1238

Data source: ratiogang

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $121.5 billion, up 2.2% from last week.

Data source: defillama

According to the public chain, the three public chains with the highest TVL are Ethereum chain accounting for 56%, Solana chain accounting for 7.01% and Tron chain accounting for 6%. The overall share is relatively stable, and the Ethereum chain is still the leader in the DeFi field.

Data source: CoinW Research Institute, defillama

Data as of December 30, 2024

6. On-chain data

Layer 1 Data

The main data of Layer 1 including ETH, SOL, BNB, TON, SUI and APT are analyzed mainly from the perspective of daily transaction volume, daily active addresses and transaction fees.

Data source: CoinW Research Institute, defillama, Nansen

Data as of December 30, 2024

• Daily trading volume and transaction fees: Daily trading volume and transaction fees are the core indicators for measuring the activity of public chains and user experience. In terms of daily trading volume, BNB and SUI have experienced large fluctuations this week, with both increasing by more than 50% compared to last week. In terms of transaction fees, the overall fluctuation is not large, among which ETH fees have shown a downward trend, with a drop of 33.3% compared to last week.

• Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the users trust in the platform. From the perspective of daily active addresses, SOL active addresses have rebounded, with an increase of 10.9% over last week. From the perspective of TVL, ETH is still the leader among public chains.

Layer 2 Data

• According to L2 Beat data, the total TVL of Ethereum Layer 2 reached US$46.99 billion, with an overall increase of 2.4% this week compared to last week.

Data source: L2 Beat

Data as of December 30, 2024

• Arbitrum One and Optimism occupied the top positions with 39.09% and 24.31% market shares respectively, but both saw a slight decline.

Data source: footprint

Data as of December 30, 2024

7. Stablecoin market value and issuance

According to Coinglass data, the total market value of stablecoins is now $211 billion, a record high, with a weekly increase of 0.47%. Among them, the market value of USDT is $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 DAI with a market value of $5.4 billion, accounting for 2.6% of the total market value of stablecoins.

Data source: CoinW Research Institute, Coinglass

Data as of December 30, 2024

According to Whale Alert data, the USDC Treasury issued a total of 550 million USDC this week, an increase of 175% from the total amount of stablecoins issued last week.

Data source: Whale Alert

Data as of December 30, 2024

2. Hot money trends this week

1. The top five VC coins and meme coins with the highest growth this week

Top five VC coins with the highest growth in the past week

Data source: CoinW Research Institute, coinmarketcap

Data as of December 30, 2024

Top 5 Meme Coins That Gained in the Past Week

Data source: CoinW Research Institute, coinmarketcap

Data as of December 30, 2024

2. New Project Insights

• DeTrading: DeTrading is a trustless cross-chain platform for atomic swaps between all chains.

• stMOVE: The first liquidity staking solution for the Movement Network. Earn stMOVE protocol rewards through secure, transparent, and hassle-free non-custodial Liquid staking.

• Resupply: A decentralized stablecoin protocol, Resupply allows users to borrow stablecoins through Curve Lend or Fraxlend and perform re-mortgage mining.

3. New Industry Trends

1. Major industry events this week

• Network 3 has launched the Pre-TGE airdrop event. Early node users can obtain airdrop qualifications by binding their wallets. Currently, the wallet binding function has been enabled for the airdrop event. New users and early node users need to complete wallet binding before TGE to ensure that they are eligible to apply for airdrops later. The amount of this airdrop is 50 million N3 tokens. You can obtain airdrops by downloading the node binding wallet, running node mining, completing task activities, inviting new users to obtain invitation bonus rewards, etc. In addition, according to the Network 3 team, Network 3 plans to go online on the exchange in January next year.

• Eliza will announce a new token economics proposal around January 1st. According to Eliza team members at a community exchange meeting, the project plans to make two important announcements. First, the project will officially announce a list of all partners to increase project transparency and help the community more clearly understand the partnerships and their specific scope. Regarding token economics, the team will announce a new token economics proposal around January 1st. The proposal was designed by professionals from multiple teams and will include LP matching mechanisms, DeFi function integration, and more. In addition, the project also revealed that they have acquired a Launchpad company, which will be used for official agency releases in the future.

• REVOX announces the end of the S 1 airdrop and launches the Stake to AI token economy. AI Agent infrastructure REVOX announced the end of the S 1 airdrop, with a total of more than 9 million claiming wallets, of which more than 1.22 million users have passed Human Verification. According to the white paper, REVOX plans to launch the Stake to AI token economy. Users can obtain AI points by staking REX tokens for sREX tokens, and the points 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 obtain future airdrops of ecological projects based on their level of participation and token holdings.

• KULR, a listed company, bought 217.18 bitcoins at an average price of $96,556. KULR, a US-listed company, has launched its Bitcoin reserve strategy, purchasing 217.18 bitcoins for $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.

• Trumps coming to power has created ideal conditions for DeFi, and the new policy will allow more protocols to pay dividends to token holders. In an interview, John Paller, founder of ETHDenver, said that Trumps focus on deregulation and promoting economic growth may create ideal conditions for DeFi to flourish.

2. Big events coming up next week

• The snapshot date for the first airdrop season of Kelp DAO, the Ethereum liquidity re-staking platform (airdrops account for 10% of the total supply) is December 31, 2024.

• The deadline for claiming the Solana ecosystem real estate transaction protocol Parcl airdrop token PRCL is December 31st.

• Swellchain, launched by the re-staking protocol Swell Network, will distribute 1.25 million SWELL to users who cross chains and hold assets on Swellchain in the first two weeks. Users must complete the cross-chain before December 31 to obtain a share.

• The second airdrop season of Kelp DAO, the Ethereum liquidity re-staking platform (airdrops account for 5% of the total supply) will last from January 1, 2025 to April 30, 2025. Re-staking before January 15, 2025 will receive an additional 15% loyalty reward; the remaining 5% airdrop plan is to be determined.

• The deadline for claiming the second wave of ZK tokens from ZK Nation is January 3, 2025. Members of the Protocol Guild, contributors to external projects, or users nominated by ZKsync native ecosystem projects can check and claim.

3. Important investment and financing last week

• Usual, Series A, raised $10 million, with investors including Binance Labs, Kraken Ventures, Galaxy Digital, OKX Ventures, IOSG Ventures, Wintermute, Amber Group, GSR, etc. Usual is a stablecoin protocol that launched USD, 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 stablecoin market problems by redistributing profits to the community and rewarding token holders with actual earnings generated by RWA. (December 23)

• Avalon Labs, Series A, raised $10 million, with investors including Framework Ventures, Kenetic Capital, SNZ Holding, etc. Avalon Finance is a BTCFi protocol that allows users to use their Bitcoin holdings as collateral to obtain USDa, thereby unlocking the value of their holdings and increasing the use of Bitcoin within its platform. Avalon Labs also offers financial products such as Bitcoin-backed loans, interest-bearing savings accounts, and credit cards. (December 23)

• ChainOpera, seed round, financing amount of US$17 million, investment institutions Finality Capital Partners, IDG Capital, Road Capital, etc. ChainOpera AI is a truly decentralized and open AI platform, committed to achieving a simple, scalable, and trustworthy collaborative AI economy, as well as an accessible and democratized AI application ecosystem. (December 26)

This article is sourced from the internet: CoinW Research Institute Weekly Report (2024.12.23-2024.12.29)

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