Bitget Research Institute: Solana Dex transaction volume surpasses Ethereum, Notcoin pre-market price continues to rise

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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.

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

  • Hot search tokens and topics among 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 4:00 UTC on May 10, the price of Bitcoin has rebounded to above $62,800.

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

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

2. Wealth-making sector

1) Sector changes: Ton ecosystem 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 the Ton ecosystem has short-term positive news.

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

Factors affecting the market outlook:

  • NOTs post-market price performance: With the positive news of NOTs listing on Binance, the pre-market trading price has risen sharply, up 68.77% in 24 hours. Bitget will also launch the notcoin pre-market today. Users can ambush in advance and wait for the opening.

  • Panteras support for the TON ecosystem in the future: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in Telegrams TON blockchain project in the funds history, which has increased the attention paid to 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)

The 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 revenue of VRTX has been greatly improved, the token price has received positive 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.

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

Factors affecting the market outlook:

  • 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 increase 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 volume of project business.

  • New projects are constantly emerging in the DeFi track, and the valuations of these new projects are relatively high, so the funds available in the market may be limited. Investors should keep an eye on the current competitive landscape and lock in leading projects. The enthusiasm of most other projects that have already issued tokens or stagnated in development will dissipate 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 by reaching a market value of 1 billion US dollars in three months after the coin was issued.

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 users 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 users influence can be directly priced by the market. The project has already issued tokens, 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 of which 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.

3. User Hot Searches

1) Popular Dapps

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 participation from institutions such as Binance Labs, JDI Ventures, NGC Ventures, Metalpha, GSR, etc. from Asia, North America and Europe. Currently, UXUYs total financing amount has exceeded $10 million. This round of financing will be used for the construction of 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

Bitget Research Institute: Solana Dex transaction volume surpasses Ethereum, Notcoin pre-market price continues to rise

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, a famous Hollywood producer and an Oscar-winning director. Space Nation Inc. has also received strong support from partners and venture capital institutions, with a total of up to $50 million 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, which is limited to 1,155 ships and has unique design elements from OKX, which has attracted high attention from the community.

3) Google Search Region

Bitget Research Institute: Solana Dex transaction volume surpasses Ethereum, Notcoin pre-market price continues to rise

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, and data shows that 640,000 users hold NOT pre-market tokens. It has been confirmed to be listed on Binance Launchpool and OKX.

From the hot searches in each region:

(1) Yesterday鈥檚 hot searches in Asia 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 long-term optimistic and able to hedge the current risk market asset type. In addition, HashKey Group recently joined the Hong Kong Monetary Authoritys Ensemble project architecture working group. HashKey Group will integrate practical experience in virtual asset custody, trading, digital payment, STO technology 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 hotspots in Africa, CIS and English-speaking regions:

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

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. To individuals, it will appear as a network extension that is downloaded, retained, and forgotten. It will do the work behind the scenes to help others obtain public network data in exchange for payment in the protocols native token. Grass focuses on transforming public network data into AI datasets, making it easier for open source AI 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. Wynds total financing amount 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

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.

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.

Recently, Movement Labs completed a US$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 method: 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 subsequent actions from the official website.

More information about Bitget Research Institute: https://www.bitget.fit/zh-CN/research

Bitget Research Institute focuses on focusing on on-chain data and mining valuable assets. It mines cutting-edge value investments through real-time monitoring of on-chain data and regional hot searches, and provides institutional-level insights for crypto enthusiasts. So far, it has provided Bitgets global users with early-stage valuable assets in multiple popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem]. Through in-depth data-driven research, it creates a better wealth effect for Bitgets global users.

銆怐isclaimer銆慣he market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.

This article is sourced from the internet: Bitget Research Institute: Solana Dex transaction volume surpasses Ethereum, Notcoin pre-market price continues to rise

Related: Is the Solana (SOL) Price Consolidating Before Pushing to New Highs?

In Brief The number of unique users on Solana peaked on March 17, but has been declining since then. Its daily number of Dex Trades is still at high levels, showing persistent activity on the chain. RSI is at healthy levels, but EMA lines could trigger a bearish signal soon. Solana (SOL) saw its user base peak on March 17, with numbers dwindling since then. Despite this, the SOL price remains in focus as trading activity stays high, indicating persistent interest. This suggests that while the user count has fallen, engagement remains strong. Technical indicators like the Relative Strength Index (RSI) show health, but there’s a cautionary note as EMA lines hint at a possible bearish trend. This mix of high trading activity and uncertain technical signals raises the question…

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