Bitget Research: Crypto Market Lacks Catalyst, DeFi Sector Shows Relative Strength

the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight.

In Summary:

1.Popular Tokens:

1INCH (Token, DApp) — The market volatility around 1INCH has been very intense recently, with multiple overlapping news events. Celsius has started selling altcoins, which include 4.45 million 1INCH (equivalent to US$2.26 million). Also, 1INCH investors have transferred 7 million 1INCH to Binance (approximately US$3.88 million). According to data from Coinglass, as of today, the open interest in 1INCH contracts on mainstream trading platforms has increased to around US$149 million, a record high since January 2022.

RLB (Token) — Rollbit Token (RLB) has been introduced as part of the online casino Rollbit’s lottery. On July 17, the founder of Three Arrows Capital, Zhu Su, shared on social media a list of altcoins worth paying attention to in this cycle, along with his reasons for recommending them. These tokens span the DeFi, DeFi/CeFi, and memecoin sectors, with RLB being one of his top picks. Currently, the tweet has received over 490,000 views, indicating high popularity.

HOPPY (Token) — A meme with the “The frog before $PEPE” concept. Its image was created by the major influencer @Matt_Furie, but it is highly probable that it wasn’t deployed by him. The token has over 3000 holders, indicating a high level of trading activity. The on-chain transaction tax is 1%. The speculative cycle of the token lasted only one day, with TGE experiencing a significant increase on the first day followed by a substantial drop on the second day.

RATTY (Token) — Ratty is a rat-image meme presented as “$RATTY is $HOPPY’s first friend.” It has 1175 holders and a 24-hour on-chain transaction volume of 6352. The contract owner has relinquished control, and the on-chain transaction tax is 1%. RATTY had a short hype cycle like HOPPY, with a short surge and plunge within a single day.

PSYOP (Token) — A memecoin launched by Ben.eth. In the past, it saw a surge in interest following a tweet by Elon Musk, resulting in a 20x price increase within a day. However, the token continued to decline after the hype cooled down. It has experienced a significant surge in the past two days, with a more than 5x increase in a single day. It has 9778 holders, but nearly 98% of the tokens are in Ben.eth’s EOA address, leading to an inflated total market cap of US$1 billion.

TRAC (BRC-20 Token) — $TRAC was deployed by Benny, a developer from @Raritygarden, on May 3, and the mint phase was completed on May 5. It aims to build a decentralized index of BRC-20 and serve as a governance token. Its Bitstamp product, a Bitcoin on-chain map, is currently under development. According to a Twitter announcement, there will be some progress regarding the product shortly, but the details have not been disclosed.

2.Popular NFTs:

0xTama (NFT) — 0xTama is a pixelated pass NFT series under Janshi Club Collections of Mahjong Meta. In the Mahjong Meta game, 0xTama acts as an on-chain pass for special in-game benefits. Each season, various perks, additional rewards, and future exclusive privileges will be provided to players who bind this NFT and actively participate in Mahjong Meta competitions. This NFT has just completed its Mint Event and currently has 3195 holders.

XTMT (NFT) — Xterio MegaGiveaway Ticket. A free mint NFT released by the AI and Web3 project Xterio. The project also launched a “Free Mint to Win” promotion with rewards. Currently, this NFT already has over 40,000 holders.

Pandra: CodeConqueror (NFT) — Pandra is a series of fully on-chain NFTs built on LayerZero using zk Light Client technology. Pandra can cross different chains. The Polyhedra Network currently holds a promotion on Galxe, offering participants the opportunity to claim CodeConqueror NFT on the BNB chain. Due to anticipation of the airdrop, the promotion is experiencing high participation. Currently, this NFT has 48,000 holders on the BSC.

3.Popular DApps:

Uniswap (DApp) — Uniswap has launched its cross-AMM protocol, UniswapX, which will feature gas-free transactions, MEV protection, and no fees for failed transactions.

Lens (DApp) — The Web3 social network protocol Lens Protocol has officially released its V2 version. In addition, the Lens waitlist was reopened. Users can apply to join by binding their wallets, Twitter, GitHub, and email.

Merkly (DApp, NFT) — Merkly is a multi-chain NFT cross-chain bridge that connects NFTs to various networks using LayerZero and zkSync. With the anticipation of airdrops on LayerZero and zkSync, Merkly has become a key component in the interaction between zk and Layer0, leading to high interaction data and a significant increase in minting activity for multi-chain NFTs.

Starknet (DApp) — Starknet v0.12.0 version has been deployed on the mainnet. This version is focused on enhancing network throughput to improve scalability and transaction latency. With the successful launch of v0.12.0 on the mainnet, the team will test the deployment of v0.12.1 in the coming weeks, a version that will continue to strive to increase network efficiency.

zkSync (DApp) — zkSync has launched an experimental NFT project, LIBERTAS OMNIBUS. The first 10,000 out of 179,365 eligible community members received this airdrop, while the remaining 169,365 community members will be eligible to receive the LIBERTAS OMNIBUS NFT in a multi-stage process after EthCC. Eligibility is based on whether the address has interacted with at least one of the top 100 or more zkSync NFT collections.

Vertex (DApp) — Vertex, a hybrid order book-AMM DEX built on Arbitrum, offers unified collateral across spot, perpetual, and money markets. Vertex has received a strategic investment from Wintermute Ventures.

Maestro (DApp) — An on-chain sniping solution, Maestro aims to provide a set of tools related to cryptocurrencies for Telegram users. This is achieved through the multi-chain (BSC + ETH) sniper bot, smooth wallet tracking tool, and whale tracking bot.

4.Twitter Hot Topics:

RVF (Token) — RocketX is a CEX and DEX hybrid aggregator that can compare prices across more than 250 exchanges, helping traders get the best price with each trade. The token has recently performed well, with a price increase of over 230%. Currently, it has a liquidity pool of US$1.17 million, a 24-hour trading volume of US$1.79 million, and 3372 holders. However, the project owner has the authority to modify balances, making it essential to observe its performance.

RLB (Token) — Rollbit token (RLB) is part of the Rollbit online casino and lottery platform. On July 17th, Zhu Su, the founder of Three Arrows Capital, shared his recommendations for promising altcoins in the DeFi, DeFi/CeFi, and Memecoins sectors in a social media post. RLB was among the coins he expressed optimism towards. The post has already garnered over 490,000 reads, indicating significant interest in the token.

5.Regional Trending Searches:

ARKM (Token) — Arkham has officially announced that the ARKM airdrop was snapshot on July 8th and will be launched on July 18th. Users can claim the airdrop by entering their Ethereum address through the Arkham platform’s invitation dashboard. As a Binance Launchpad project, the Arkham investment channel closed today, with a total of 10,182,900 BNBs committed, making it the largest Launchpad project in terms of committed BNB amount this year.

Main Body

Written by: Bitget Research

Data collection time: July 18, 10:30

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)

1.BTC Profile — BRC-20

FRAM (Token) — Recently, the FRAM token consistently ranks first in on- XCNUSDT">chain trading volume. One distinctive aspect of this BRC20 token project is that 98% of the tokens are controlled by the top 9 addresses, with two of them exhibiting obvious wash trading behavior. The current number of holders is 1067, showing a significant increase compared to the previous days.

TRAC (BRC-20 Token) — $TRAC was deployed by Benny, a developer from @Raritygarden, on May 3, and the mint phase was completed on May 5. It aims to build a decentralized index of BRC-20 and serve as a governance token. Its Bitstamp product, a Bitcoin on-chain map, is currently under development. According to a Twitter announcement, there will be some progress regarding the product shortly, but the details have not been disclosed.

2.Blockchain Profile — ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users of ETH: 360,826

New active users of ETH: 73,359, with a daily decrease of 0.12%

Existing active users of ETH: 287,467, with a daily increase of 6.45%

2.1.2 New User Profile

Core data: There were a total of 73,359 new active users on ETH yesterday, with a daily decrease of 0.12%

Popular Sectors

Popular Projects

Uniswap (DApp) — Uniswap has launched its cross-AMM protocol, UniswapX, which will feature gas-free transactions, MEV protection, and no fees for failed transactions.

Starknet (DApp) — Starknet officially announced that version v0.12.0 has been deployed on the mainnet. This version is focused on enhancing network throughput to improve scalability and transaction latency. With the successful launch of v0.12.0 on the mainnet, the team will test the deployment of v0.12.1 in the coming weeks, a version that will continue to strive to increase network efficiency.

0xTama (NFT) — 0xTama is a pixelated pass NFT series under Janshi Club Collections of Mahjong Meta. In the Mahjong Meta game, 0xTama acts as an on-chain pass for special in-game benefits. Each season, various perks, additional rewards, and future exclusive privileges will be provided to players who bind this NFT and actively participate in Mahjong Meta competitions. This NFT has just completed its Mint Event and currently has 3195 holders. https://opensea.io/collection/0xtama-original

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 287,467, with a daily increase of 6.45%

Popular Sectors

Popular Projects

zkSync (DApp) — zkSync has launched an experimental NFT project, LIBERTAS OMNIBUS. The first 10,000 out of 179,365 eligible community members received this airdrop, while the remaining 169,365 community members will be eligible to receive the LIBERTAS OMNIBUS NFT in a multi-stage process after EthCC. Eligibility is based on whether the address has interacted with at least one of the top 100 or more zkSync NFT collections.

Maestro (DApp) — An on-chain sniping solution, Maestro aims to provide a set of tools related to cryptocurrencies for Telegram users. This is achieved through the multi-chain (BSC + ETH) sniper bot, smooth wallet tracking tool, and whale tracking bot.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

HOPPY (Token) — A meme with the “The frog before $PEPE” concept. Its image was created by the major influencer @Matt_Furie, but it is highly probable that it wasn’t deployed by him. The token has over 3000 holders, indicating a high level of trading activity. The on-chain transaction tax is 1%. The speculative cycle of the token lasted only one day, with TGE experiencing a significant increase on the first day followed by a substantial drop on the second day. https://www.dextools.io/app/en/ether/pair-explorer/0x25942771b17f3790bf32cae7af7d539ce42cdc79

RATTY (Token) — Ratty is a rat-image meme presented as “$RATTY is $HOPPY’s first friend.” It has 1175 holders and a 24-hour on-chain transaction volume of 6352. The contract owner has relinquished control, and the on-chain transaction tax is 1%. RATTY had a short hype cycle like HOPPY, with a short surge and plunge within a single day. https://www.dextools.io/app/en/ether/pair-explorer/0xd9d0bba57699a174442da0cb813833a18303a693

2.2.2 Uniswap V3

PSYOP (Token) — A memecoin launched by Ben.eth. In the past, it saw a surge in interest following a tweet by Elon Musk, resulting in a 20x price increase within a day. However, the token continued to decline after the hype cooled down. It has experienced a significant surge in the past two days, with a more than 5x increase in a single day. It has 9778 holders, but nearly 98% of the tokens are in Ben.eth’s EOA address, leading to an inflated total market cap of US$1 billion. https://www.dextools.io/app/en/ether/pair-explorer/0x42d403ab9b0603442ac991c0cfe124105dde0811

3.Blockchain Profile — BSC Chain

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,390,089

New active users on BSC: 188,847, with a daily increase of 29.21%

Existing active users on BSC: 1,201,242, with a daily increase of 4.70%

3.1.2 New User Profile

Core data: There were a total of 188,847 new active users on BSC yesterday, with a daily increase of 29.21%

Popular Sectors

Popular Projects

XTMT (NFT) — Xterio MegaGiveaway Ticket. A free mint NFT released by the AI and Web3 project Xterio. The project also launched a “Free Mint to Win” promotion with rewards. Currently, this NFT already has over 40,000 holders. https://opensea.io/collection/xtmt

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 1,201,242, with a daily increase of 4.70%

Popular Sectors

Popular Projects

Pandra: CodeConqueror (NFT) — Pandra is a series of fully on-chain NFTs built on LayerZero using zk Light Client technology. Pandra can cross different chains. The Polyhedra Network currently holds a promotion on Galxe, offering participants the opportunity to claim CodeConqueror NFT on the BNB chain. Due to anticipation of the airdrop, the promotion is experiencing high participation. Currently, this NFT has 48,000 holders on the BSC. https://galxe.com/polyhedra/campaign/GCN55UezHH

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

RWT (Token) — Rumored to be a pyramid scheme token locally promoted by hopingclub. The token has skyrocketed, with a current market cap reaching up to US$120 billion and the number of holders exceeding 430,000. The tokens are overly concentrated, with the top 6 addresses holding 45%, 15%, 15%, 10%, 10%, and 4.3% of the tokens, accounting for more than 99%. The token price is strongly controlled by the pyramid scheme party. Participation is not recommended.

4.Blockchain Profile — Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 479,985

New active users on Polygon: 99,861, with a daily increase of 23.74%

Existing active users on Polygon: 380,124, with a daily increase of 14.31%

4.1.2 New User Profile

Core data: There were a total of 99,861 new active users on Polygon yesterday, with a daily increase of 23.74%

Popular Sectors

Popular Projects

Merkly (NFT, DApp) — Merkly is a multi-chain NFT cross-chain bridge that connects NFTs to various networks using LayerZero and zkSync. With the anticipation of airdrops on LayerZero and zkSync, Merkly has become a key component in the interaction between zk and Layer0, leading to high interaction data and a significant increase in minting activity for multi-chain NFTs.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 380,124, with a daily increase of 14.31%

Popular Sectors

Popular Projects

Lens (DApp) — The Web3 social network protocol Lens Protocol has officially released its V2 version. In addition, the Lens waitlist was reopened. Users can apply to join by binding their wallets, Twitter, GitHub, and email.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

agEUR (Token) — Behind agEUR is the Angle Protocol, a capital-efficient, decentralized, over-collateralized stablecoin protocol. (Previously, on June 4, the Stargate vote passed the proposal to “add support for Circle’s Euro stablecoin EUROC”).

5.Blockchain Profile — Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Arbitrum Active Users: 175,713

Arbitrum New Active Users: 33,117, with a daily increase of 8.14%

Arbitrum Existing Active Users: 142,596, with a daily increase of 9.18%

5.1.2 New User Profile

Core data: There were a total of 33,117 new active users on Arbitrum yesterday, with a daily increase of 8.14%

Popular Sectors

Popular Projects

AFFI (Token) — AFFI claim contract. This project claims to enable transparent and efficient digital advertising through AI algorithms and Web3 products. It recently launched an airdrop promotion, with a total distribution of 40,000,000 tokens, and each address can receive 150 tokens.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 142,596, with a daily increase of 9.18%

Popular Sectors

Popular Projects

As mentioned earlier in the report, Merkly is a multi-chain NFT cross-chain bridge.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

ARB (Token) — Radiant Capital (RDNT), a leading project on Arbitrum and a multi-chain lending protocol, has completed its second snapshot. 1.3 million ARB tokens will be distributed to qualified dLP lockers.

6.DApp Ecosystem — All Chains

Stargate (DApp) — Stargate’s LP staking contract enables users to receive STG rewards once they have made an LP staking on Stargate. Over the past month, the price of $STG has increased significantly, resulting in higher returns for LP staking.

7.DApp Ecosystem — ETH Chain

Uniswap’s new product UniswapX was described earlier in the report.

8.DApp Ecosystem — BSC Chain

Xterio (Dapp) — As mentioned earlier in the report, a free mint NFT released by the AI and Web3 project Xterio. The project also launched a “Free Mint to Win” promotion with rewards. Currently, this NFT already has over 40,000 holders.

9.DApp Ecosystem — Polygon Chain

Jump.trade (Dapp) — Claiming to be the largest NFT marketplace in Asia, Jump.trade’s main focus is on operating and establishing a community around cricket NFT. The app has been downloaded over 100,000 times on Google Play. https://www.jump.trade/

10.DApp Ecosystem — WAX Chain

The UAW fluctuations on the WAX chain remain within the normal range, with no significant changes.

11.DApp Ecosystem — Solana Chain

Chingari (DApp) — Chingari, and GARI Network are short video applications and Web3 social networks. The smart currency incentives earned by content creators and consumers exist in the form of cryptocurrency, namely GARI tokens. Similar to other social networks, Chingari app users contribute by posting or participating in content, such as liking, sharing comments, following, being followed, and rewarding their favorite creators, among others.

12.DApp Ecosystem — Arbitrum Chain

Radiant (DApp) — Radiant Capital (RDNT), a leading project on Arbitrum and a multi-chain lending protocol, has completed its second snapshot. 1.3 million ARB tokens will be distributed to qualified dLP lockers. To be eligible for the airdrop and share 1.3 million ARB, the dLP must be locked on Arbitrum and BNB Chain for 6–12 months between the first snapshot (May 18th, 2:00) and the second snapshot.

13.DApp Ecosystem — GameFi Sector Across All Chains

Sweat Economy (DApp) — A traditional Web2 project that has transitioned to a Web3 wallet and a “Move to Earn” project. It is currently the most active project in the Near ecosystem.

14.Gas Fee Consumption — ETH Chain

1INCH (Token, DApp) — The market volatility around 1INCH has been very intense recently, with multiple overlapping news events. Celsius has started selling altcoins, which include 4.45 million 1INCH (equivalent to US$2.26 million). Also, 1INCH investors have transferred 7 million 1INCH to Binance (approximately US$3.88 million). According to data from Coinglass, as of today, the open interest in 1INCH contracts on mainstream trading platforms has increased to around US$149 million, a record high since January 2022.

15.Gas Fee Consumption — BSC Chain

Drip Faucet (DApp) — A project on the BSC chain for “depositing, mining, withdrawing, and selling”. The four pools in the project have a compounding robot that constantly performs compounding strategies, leading to an overvaluation of UAW on the BSC chain. Currently, the project’s token, $DRIP, has a daily trading volume of US$37,900 in the secondary market, indicating relatively low popularity.

16.Gas Fee Consumption — Polygon Chain

L2BEAT (DApp) — 2BEAT is an analytical and research website dedicated to Ethereum Layer 2 (L2) scaling. It offers a comparison of various Ethereum L2 systems available at present. A key distinction of L2BEAT from similar websites is that it is committed to educating users and only lists projects that meet the strict definition of L2. The project team defines Layer 2 as a chain that derives its security entirely or partially from Ethereum’s Layer 1. This way, users do not have to rely on the honesty of the L2 validators to ensure the security of their funds. The activity level of the project has recently increased.

17.Gas Fee Consumption — Arbitrum Chain

Vertex (DApp) — Vertex, a hybrid order book-AMM DEX built on Arbitrum, offers unified collateral across spot, perpetual, and money markets. Vertex has received a strategic investment from Wintermute Ventures.

18.Twitter Trends Token Top 20

RVF (Token) — RocketX is a CEX and DEX hybrid aggregator that can compare prices across more than 250 exchanges, helping traders get the bes t price with each trade. The token has recently performed well, with a price increase of over 230%. Currently, it has a liquidity pool of US$1.17 million, a 24-hour trading volume of US$1.79 million, and 3372 holders. However, the project owner has the authority to modify balances, making it essential to observe its performance.

RLB (Token) — Rollbit token (RLB) is part of the Rollbit online casino and lottery platform. On July 17th, Zhu Su, the founder of Three Arrows Capital, shared his recommendations for promising altcoins in the DeFi, DeFi/CeFi, and Memecoins sectors in a social media post. RLB was among the coins he expressed optimism towards. The post has already garnered over 490,000 reads, indicating significant interest in the token.

19.Google Trends — Global

ARKM (Token) — Arkham has officially announced that the ARKM airdrop was snapshot on July 8th and will be launched on July 18th. Users can claim the airdrop by entering their Ethereum address through the Arkham platform’s invitation dashboard. As a Binance Launchpad project, the Arkham investment channel closed today, with a total of 10,182,900 BNBs committed, making it the largest Launchpad project in terms of committed BNB amount this year.

20.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan

a) South Asia Region

India Trending Tokens: None

Pakistan Trending Keywords: binance login, crypto ropa, coinbase, cryptoflare

b) Southeast Asia Region

Malaysia Trending Tokens: xrp

Thailand Trending Keywords: ran crypto, bomb crypto

Philippines Trending Tokens: 1inch

c) East Asia and Hong Kong, Macau, and Taiwan

Trending Tokens: None

21.Google Trends Surge — English-speaking Countries, Europe, CIS Region

a) CIS Region

Trending Keywords: esep crypto extension, crypto only, mantle, neon

b) English-speaking Countries

Canada Trending Tokens: celo, cbc

USA Trending Tokens: day, igate

Australia Trending Tokens: nab, ngs, sushi, btc, day

UK Trending Tokens: grt, xrp, gmt, fca

c) Europe

Spain Trending Tokens: icp, arkham, alu

Germany Trending Tokens: uni, arkham

France Trending Tokens: ckb, agld, stx, aave, xdc, wrx

Switzerland Trending Tokens: bitcoin

Turkey Trending Tokens and Keywords: crypto fund trader, arkham crypto;

22.Google Trends Surge — Middle East, Latin America, Africa

a) Africa

Nigeria Trending Keywords: crypto marketcap, gala crypto

South Africa Trending Tokens: avax

b) Middle East

Trending Tokens: btc

c) Latin America

Brazil Trending Tokens: sand, gala, arkham, matic

Mexico Trending Tokens: dolar

References

1. Dune Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview

2. Dune Dashboard - Gas Fee Consumption: https://dune.com/bitgetresearch/gas-overview