Bitget Research Institute: Solana Dex transaction volume exceeds Ethereum

In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.

• The sectors with strong wealth-creating effects are: Ton ecological tokens and DeFi sectors;

• The hot search tokens and topics by users are: UXUY and Space Nation;

• The potential airdrop opportunities are: Grass and Movement;

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

I. Market environment

In the trading market, according to DeFiLlama data, the transaction volume of Solana's on-chain DEX reached $1.314 billion yesterday, surpassing the $1.297 billion transaction volume of Ethereum's on-chain DEX.

ETFs continued to outflow, with a net outflow of $11 million from Bitcoin spot ETFs yesterday, of which BlackRock IBIT had a net inflow of $14 million and Grayscale GBTC had a net outflow of $43 million. What is different from the past is that this week, except for Grayscale, other spot ETFs maintained a net inflow, and the impact of Grayscale's outflows also decreased as its management scale continued to decline.

2. Wealth-making sector

1) Sector movement: Ton ecological tokens (TON, FISH, GRAM, NOT)

Main reason: Binance launched the 54th project of new coin mining, using BNB and FDUSD to mine Notcoin (NOT), and Ton ecology has short-term good news.

Increase: The prices of TON, FISH and GRAM tokens increased by 8.62%, 22.1% and 17.03% respectively in 24 hours.

Factors affecting the future market:

• NOT future price performance: With the stimulation of the good news of NOT's listing on Binance, the pre-market trading price rose sharply, up 68.77% in 24 hours. Bitget will also launch the notcoin pre-market market today. Users can ambush in advance and wait for the opening.

• Future Pantera's support for the TON ecosystem: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in Telegram's TON blockchain project in the history of the fund, which has increased the attention of the 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 faster.

2) Sector changes: 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 the income of VRTX has been greatly improved, the token price has received good news to stimulate the rise. At the same time, after the LBR whale sold the token, the price of LBR began to recover and the price on the chain began to rise.

Rise: VRTX and LBR rose 65.51% and 30.61% in the past 24 hours;

Factors affecting the future market:

• Future market: Trading DeFi projects are more dependent on the popularity of on-chain transactions. When the market is rising or in a market with high volatility, the number of traders and trading volume will rise at the same time. If the market falls, the relative trading volume will shrink. The price of DeFi project tokens will also be affected by the decline in the total business volume of the project.

• New projects are constantly emerging in the DeFi track, and the new projects are all highly valued, and the funds to take over in the market may be limited. Investors should keep an eye on the current competitive landscape and lock in leading projects. Most other projects that have already issued tokens or have stagnated in development will lose popularity quickly.

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

Main reason: Base has achieved great success in the field of SocialFi, and many top cryptocurrency-based social applications are built on Base. 46% of SocialFi-related transactions occur on the Base chain. At the same time, socialfi projects such as Friend and Degen have also brought a lot of wealth effects. DEGEN has completed the myth of wealth creation with a market value of US$1 billion within three months of issuing tokens.

Specific project list:

• Friend: Friend.tech is a decentralized social platform. The product is built on the second-layer network Base chain launched by Coinbase. It obtains the user's Web2 identity through a strong binding with Twitter, and achieves the possibility of profit based on this identity. Because in this product, each user can be tokenized, the user's influence can be directly priced by the market. The project has issued coins and the daily trading volume exceeds 21 million US dollars.

• Degen: After the launch of the Degen channel on Farcaster, this project issued coins. The main function is to allow users to use Degen to reward high-quality content creators. The total revenue of the decentralized social protocol Farcaster has exceeded 1.2 million US dollars, 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.

Three, user hot searches

1) Popular Dapp

UXUY:

UXUY, the next-generation decentralized multi-chain trading platform incubated by Binance Labs, has completed a $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, the total financing amount of UXUY has exceeded 10 million US dollars. 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, and Runes.

2) Twitter

Space Nation:

Space Nation is the developer of the AAA space epic-themed Web3 MMORPG. It was created by Roland Emmerich, a senior Blizzard game producer, an experienced MMORPG developer, and a famous Hollywood producer and Oscar-winning director. Space Nation Inc. has also received strong support from partners and venture capital institutions, and a total of up to $50 million has been invested in the development of the game. Chain Hill Capital, Foresight Ventures, LighthouseCapital, SevenX Ventures and other well-known investors have invested in the project. Yesterday, OKX Web3 and Space nation launched a limited edition cooperative spaceship NFT "Bering X- Pioneer Edition", limited to 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 game based on Telegram, where users can earn in-game tokens by clicking on coin images. Similar to the concept of "Tap to Earn". Before the Notcoin TGE, "vouchers" were used to represent the Notcoin currency in the game, which could be exchanged for $NOT after the TGE. The project has its own pre-market trading market: https://getgems.io/notcoin. Data shows that 640,000 users already hold NOT pre-market tokens. Currently, Binance Launchpool and OKX have been confirmed to be listed.

From the perspective of hot searches in various regions:

(1) Yesterday's hot searches in various regions in Asia focused mainly 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 long-term optimistic and able to hedge against the current risk market asset type. In addition, HashKey Group recently joined the Ensemble project architecture working group of the Hong Kong Monetary Authority. HashKey Group will integrate its practical experience in virtual asset custody, trading, digital payment, STO technical solutions, RWA asset tokenization, etc., to provide comprehensive Web3 new financial infrastructure support for the tokenization of financial assets including bank deposits and green bonds. It has a certain popularity in the Asia-Pacific region.

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

The regional popularity in this region shows a relatively scattered performance, among which BTC, ETH, and Solana frequently appear on hot searches. Some users will pay attention to narratives such as AI and Meme, and the overall market has a theme differentiation.

Fourth, potential airdrop opportunities

Grass

Grass is the flagship product launched by Wynd Network, which allows users to profit from Internet connections by selling unused network resources. For individuals, it will appear as a network extension, downloaded, retained and forgotten. It will do the work behind the scenes, helping others obtain public network data in exchange for payment in the protocol's native token. Grass focuses on converting public network data into artificial intelligence datasets, making it easier for open source artificial intelligence projects to access public network data.

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

Specific participation method: After registering as a user on the Grass official website, install the web plug-in, wait for the network connection to be completed, click opendashbord, enter your own control panel to see your connection status, and hang up to contribute broadband. On the control panel page, you can see your daily idle points income and network status.

Movement

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

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

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

Specific participation methods: Enter the Movement zealy task interface (Note: social tasks have time periods and tasks that are continuously online), you can interact with DEX, interact with a few tests at will, and wait for follow-up actions from the official website.