Bitget Research: Jupiter Airdrops Over $600 Million in Tokens, Federal Reserve Dampens March Rate Cut Expectations

In the past 24 hours, many new popular tokens and topics have emerged in the market, and perhaps they will be the next focus of the market.

In Summary:

1.Popular Tokens:

ligo (BRC-20 Token) - LIGO, a BRC-20 token of a Bitcoin Layer 2 protocol, implements EVM on Bitcoin L2, enhancing compatibility with Ethereum and its DeFi ecosystem while offering increased scalability and liquidity. The market cap, based on the mint cost (GAS 70-120), ranges between $7 million and $10 million. Deployed on December 3, 2023, it now has over 11k holders. Influenced by the Binance Web3 Wallet's support for BRC inscriptions, the BRC-20 sector has bucked the market trend with a slight rise.

JUP (Token) - An Ethereum-based project that shares the same name with the Solana-based DEX, Jupiter. Influenced by the Solana-based Jupiter’s airdrop and token issuance frenzy, JUP reached a market cap of $20 million at one point. However, as the hype faded and profit-taking occurred, it plummeted by over 60%, with trading volume significantly decreasing over the past 10 hours.

PORK (Token) - A forked version of PEPE released by influencer PAULY, PORK saw its price continuously rise for 3 days, surpassing a market cap of $200 million, with a 24-hour on-chain trading volume of $60 million. Today, influenced by new artwork and comments from PEPE's creator Matt Furie, its popularity continues to grow, with a 133% price increase in the past 24 hours alone, and the price remains at a high level. It is important to note that the project's founders bought a high proportion of tokens before its launch and have not yet sold any.

MAGIC (Token) - TreasureDAO co-founder Karel Vuong stated that TreasureDAO is building a gaming chain, planning to use MAGIC as the gas token, potentially based on the Arbitrum or Cosmos network. The release of the Treasure Chain Litepaper will be delayed by a week, expected on February 5. Previously, an Optimism co-founder proposed that Treasure join the Optimism Superchain and build Treasure Chain on the OP Stack.

2.Popular NFTs:

Skyark (NFT) - The AAA gaming platform SkyArk Chronicles received over 50,000 ETH in its genesis NFT sale. However, Binance recently stated it did not participate in the latest funding round of the project, sparking official community discussions. The NFT TENJIN has officially launched and has fallen below its launch price, with a current floor price of 0.5 ETH.

3.Popular DApps:

Wormhole (DApp) - Wormhole has announced its ZK roadmap, which includes the launch of a light client that enables users and applications to quickly and efficiently verify the status of blockchain networks. In the coming months, ZK light clients will be deployed for various blockchains, including Ethereum, Sui, Aptos, Near, and Cosmos, and integrated with Wormhole.

Arbitrum (DApp) - The Arbitrum community has launched a proposal to implement ArbOS20, which supports most of the improvements in the Dencun upgrade. This includes the ability to publish Layer 2 transaction batches on Layer 1 Ethereum as blobs at a lower cost, utilizing EIP 4844. The ArbOS upgrade can be considered a hard fork of Arbitrum.

LayerZero (DApp) - The cross-chain interoperability protocol LayerZero has announced the launch of its V2, with new features including universal message passing, modular security, permissionless execution, unified semantics, and V1 compatibility. It currently supports more than 20 chains, offering permissionless, censorship-resistant, and immutable interoperability.

Pixels (DApp) - Pixels is a blockchain-based, immersive, open-world MMO game. It leverages the power of Web3 to realize digital ownership for players and has created an engaging world where players can explore, complete tasks, and collaborate. Initially launched with core mechanics focused on farming, cooking, and questing, Pixels has gradually incorporated social features like trading, achievements, and leaderboards to foster interaction among players.

Eigenlayer (DApp) - Ethereum liquidity staking protocol Puffer Finance, invested by Binance Labs, opened up stETH and wstETH staking to users. Participants can earn Puffer and EigenLayer points. The first phase has concluded, with a cumulative deposit of 7301 stETH and wstETH, valued at $16.53 million.

Jupiter (DApp) - A core DEX aggregator on Solana, Jupiter accounts for over 75% of the trading volume. Yesterday, Jupiter launched its airdrop and listing events, distributing a total of 1 billion tokens to the community. Valued at $0.6 per token, the airdrop amounts to a market cap of $600 million. It was listed on nearly all leading exchanges, with over 50% of the airdropped tokens already claimed.

Bloxroute (DApp) - bloXroute Labs, one of the largest censorship-resistant block producers on Ethereum, has made a complete u-turn. It announced that it will start censoring OFAC-sanctioned blocks across all of its MEV relays in compliance with local laws. It is reported that bloXroute Labs has produced at least 400,000 Ethereum blocks from its two leading MEV relays.

4.Twitter Hot Topics:

No data for this segment today due to anomalies in the data source.

5.Regional Trending Searches:

JUP (Token) - Yesterday, Jupiter launched its airdrop and listing events, distributing a total of 1 billion tokens to the community. With the current price at $0.6, the airdrop amounts to a market cap of $600 million. Within the Solana ecosystem, numerous projects have not yet issued their tokens, presenting opportunities for early interaction to secure potential airdrop benefits.

BTC (Token) - After the Federal Reserve's interest rate meeting yesterday, the decision was made to maintain the current interest rate range. Post-meeting remarks by the Federal Reserve Chair, suggesting no rush to raise rates, led the market to believe the start of the rate-cutting cycle might be delayed. The yield on U.S.10-year Treasury notes fell, while the U.S. dollar index saw a slight increase.

Main Body

Written by: Bitget Research

Data collection time: February 1, 10:30 AM

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.

1.BTC Profile - BRC-20

ligo (BRC-20 Token) - LIGO, a BRC-20 token of a Bitcoin Layer 2 protocol, implements EVM on Bitcoin L2, enhancing compatibility with Ethereum and its DeFi ecosystem while offering increased scalability and liquidity. The market cap, based on the mint cost (GAS 70-120), ranges between $7 million and $10 million. Deployed on December 3, 2023, it now has over 11k holders. Influenced by the Binance Web3 Wallet's support for BRC inscriptions, the BRC-20 sector has bucked the market trend with a slight rise.

2.Blockchain Profile - ETH Chain

2.1 User Profile

2.1.1 Core Data

Total active users on ETH: 456,081

New active users on ETH: 92,896, with a daily increase of 0.03%

Existing active users on ETH: 363,185, with a daily decrease of 8.53%

2.1.2 New User Profile

Core data: There were a total of 92,896 new active users on ETH yesterday, with a daily increase of 0.03%

Popular Sectors

Popular Projects

Key Projects:

Orbiter (DApp) - The Layer 2 cross-chain protocol Orbiter Finance has announced its rebranding as ZK-based Orbiter Rollup. The Orbiter Rollup will serve as an infrastructure layer for Ethereum, focusing on ultimate interoperability and improving capital efficiency. The Orbiter team plans to announce its partners and will release a beta version in the future.

2.1.3 Existing User Profile

Core data: The number of ETH active existing users is 363,185, with a daily decrease of 8.53%

Popular Sectors

Popular Projects

Key Projects:

Skyark (NFT) - The AAA gaming platform SkyArk Chronicles received over 50,000 ETH in its genesis NFT sale. However, Binance recently stated it did not participate in the latest funding round of the project, sparking official community discussions. The NFT TENJIN has officially launched and has fallen below its launch price, with a current floor price of 0.5 ETH.

2.2 Popular Trading Pairs

2.2.1 Uniswap V2

JUP (Token) - An Ethereum-based project that shares the same name with the Solana-based DEX, Jupiter. Influenced by the Solana-based Jupiter’s airdrop and token issuance frenzy, JUP reached a market cap of $20 million at one point. However, as the hype faded and profit-taking occurred, it plummeted by over 60%, with trading volume significantly decreasing over the past 10 hours.

2.2.2 Uniswap V3

PORK (Token) - A forked version of PEPE released by influencer PAULY, PORK saw its price continuously rise for 3 days, surpassing a market cap of $200 million, with a 24-hour on-chain trading volume of $60 million. Today, influenced by new artwork and comments from PEPE's creator Matt Furie, its popularity continues to grow, with a 133% price increase in the past 24 hours alone, and the price remains at a high level. It is important to note that the project's founders bought a high proportion of tokens before its launch and have not yet sold any.

2.3 Popular NFTs

2.3.1 Top NFT Collections

Pudgy Penguins (NFT) - The project has recently launched the beta version of its IP licensing platform, OverpassIP. The platform now features the authorized release of Chapter 2 of Pudgy Toys, which are real-life simulation toys based on the Pudgy Penguin IP. Users can submit their Pudgy Penguin and Lil Pudgy IP licenses on OverpassIP. The beta version of OverpassIP is currently only available to Pudgy Penguin and Lil Pudgy holders, with the future main version set to offer licensing opportunities for over 200 Pudgy Penguin and Lil Pudgy characters.

3.Blockchain Profile - BSC

3.1 User Profile

3.1.1 Core Data

Total active users on BSC: 1,262,744

New active users on BSC: 174,459, with a daily decrease of 12.96%

Existing active users on BSC: 1,088,285, with a daily decrease of 5.40%

3.1.2 New User Profile

Core data: There were a total of 174,459 new active users on BSC yesterday, with a daily decrease of 12.96%

Popular Sectors

Popular Projects

Key Projects:

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. Animoca Brands has announced plans to purchase additional EDU tokens from the open market. Binance Labs invested $3.15 million in the Web3 education protocol Open Campus, bringing significant traffic to the Web3 education sector.

3.1.3 Existing User Profile

Core data: The number of BSC active existing users is 1,088,285, with a daily decrease of 5.40%

Popular Sectors

Popular Projects

Key Projects:

QnA3.ai (DApp) - A Web3 knowledge-sharing platform based on AI, QnA3.AI has garnered widespread attention on the BNB Chain. The project has initiated a data mining mode, where users can join and use idle computing resources on their devices for tasks like data cleaning and scraping. Contributors of computing power are rewarded with points.

3.2 Popular Trading Pairs

3.2.1 PancakeSwap V2

Most of the tokens with high activity and trading volume on the BSC are replicas of recently popular projects. Users should exercise caution in distinguishing them.

4.Blockchain Profile - Polygon Chain

4.1 User Profile

4.1.1 Core Data

Total active users on Polygon: 706,236

New active users on Polygon: 157,212, with a daily increase of 8.65%

Existing active users on Polygon: 549,024, with a daily decrease of 3.21%

4.1.2 New User Profile

Core data: There were a total of 157,212 new active users on Polygon yesterday, with a daily increase of 8.65%

Popular Sectors

Popular Projects

Key Projects:

Smartcat (DApp) - An NFT project launched by Smart Layer, which has very high on-chain popularity. Users can interact with Smart Cats NFTs by feeding and cleaning them, and the level of interaction is notably high.

4.1.3 Existing User Profile

Core Data: The number of Polygon active existing users is 549,024, with a daily decrease of 3.21%

Popular Sectors

Popular Projects

Key Projects:

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 Galaxy has integrated with platforms like Snapshot.org, Twitter, and Github. This support for diverse data sources enables Project Galaxy to more broadly collect and utilize data.

4.2 Popular Trading Pairs

4.2.1 Uniswap V3

No new popular tokens on the Polygon Chain.

5.Blockchain Profile - Arbitrum Chain

5.1 User Profile

5.1.1 Core Data

Total Active Users on Arbitrum: 180,574

New Active Users on Arbitrum: 29,788, with a daily decrease of 19.91%

Existing Active Users on Arbitrum: 150,786, with a daily decrease of 2.31%

5.1.2 New User Profile

Core data: There were a total of 29,788 new active users on Arbitrum yesterday, with a daily decrease of 19.91%

Popular Sectors

Popular Projects

Key Projects:

Wormhole (DApp) - Wormhole has announced its ZK roadmap, which includes the launch of a light client that enables users and applications to quickly and efficiently verify the status of blockchain networks. In the coming months, ZK light clients will be deployed for various blockchains, including Ethereum, Sui, Aptos, Near, and Cosmos, and integrated with Wormhole.

5.1.3 Existing User Profile

Core data: The number of Arbitrum active existing users is 150,786, with a daily decrease of 2.31%

Popular Sectors

Popular Projects

Key Projects:

Arbitrum (DApp) - The Arbitrum community has launched a proposal to implement ArbOS20, which supports most of the improvements in the Dencun upgrade. This includes the ability to publish Layer 2 transaction batches on Layer 1 Ethereum as blobs at a lower cost, utilizing EIP 4844. The ArbOS upgrade can be considered a hard fork of Arbitrum.

5.2 Popular Trading Pairs

5.2.1 Uniswap V3

MAGIC (Token) - TreasureDAO co-founder Karel Vuong stated that TreasureDAO is building a gaming chain, planning to use MAGIC as the gas token, potentially based on the Arbitrum or Cosmos network. The release of the Treasure Chain Litepaper will be delayed by a week, expected on February 5. Previously, an Optimism co-founder proposed that Treasure join the Optimism Superchain and build Treasure Chain on the OP Stack.

6.Blockchain Profile - Base Chain

6.1 User Profile

6.1.1 Core Data

Total Active Users on Base: 75,830

New Active Users on Base: 14,224, with a daily decrease of 6.72%

Existing Active Users on Base: 61,606, with a daily increase of 6.35%

6.1.2 New User Profile

Core data: There were a total of 14,224 new active users on Base yesterday, with a daily decrease of 6.72%

Popular Sectors

Popular Projects

Key Projects:

Popcorn Royale (NFT, DApp) - An interactive on-chain event NFT where the winner receives $7500. This interactive game/event takes place on Cymbal.xyz, a human-readable blockchain explorer that allows users to view the Ethereum blockchain and search for events and activities stored on-chain. Investors include First Round Capital, Solana Ventures, CAA Connect, and Coinbase Ventures.

6.1.3 Existing User Profile

Core data: The number of Base active existing users is 61,606, with a daily increase of 6.35%

Popular Sectors

Popular Projects

Key Projects:

LayerZero (DApp) - The cross-chain interoperability protocol LayerZero has announced the launch of its V2, with new features including universal message passing, modular security, permissionless execution, unified semantics, and V1 compatibility. It currently supports more than 20 chains, offering permissionless, censorship-resistant, and immutable interoperability.

7. DApp Ecosystem - All Chains

Pixels (DApp) - Pixels is a blockchain-based, immersive, open-world MMO game. It leverages the power of Web3 to realize digital ownership for players and has created an engaging world where players can explore, complete tasks, and collaborate. Initially launched with core mechanics focused on farming, cooking, and questing, Pixels has gradually incorporated social features like trading, achievements, and leaderboards to foster interaction among players.

8.DApp Ecosystem - ETH Chain

Eigenlayer (DApp) - Ethereum liquidity staking protocol Puffer Finance, invested by Binance Labs, opened up stETH and wstETH staking to users. Participants can earn Puffer and EigenLayer points. The first phase has concluded, with a cumulative deposit of 7301 stETH and wstETH, valued at $16.53 million.

9.DApp Ecosystem - BSC

NFPrompt (DApp) - NFPrompt (NFP) is an AI-driven platform for user-generated content, focusing on Web3 creators. It is one of the projects incubated in the sixth season of Binance Labs and was launched in June this year. The platform enables users to generate various types of content using AI tools (AI-generated content, AIGC). It also provides a marketplace for trading AIGC works and their associated command words (Prompt).

10.DApp Ecosystem - Polygon Chain

Kratos Studios (DApp) - Kratos Studios, based in India, is a Web3 gaming startup and the intellectual property owner of the world's largest gaming DAO, IndiGG. Established in 2022, the company focuses on developing various types of games, operating as a Web3 gaming company. In addition to holding the intellectual property of IndiGG, Kratos Studios is also an active investor in the global Web3 gaming space.

11.DApp Ecosystem - Solana Chain

Jupiter (DApp) - A core DEX aggregator on Solana, Jupiter accounts for over 75% of the trading volume. Yesterday, Jupiter launched its airdrop and listing events, distributing a total of 1 billion tokens to the community. Valued at $0.6 per token, the airdrop amounts to a market cap of $600 million. It was listed on nearly all leading exchanges, with over 50% of the airdropped tokens already claimed.

12.DApp Ecosystem - Arbitrum Chain

WooFi (DApp) - The cryptocurrency trading platform WOO X completed a $9 million financing round to improve liquidity. Investors include Wintermute, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge. Only market makers, rather than traditional venture capital funds, participated in this round, to boost WOO X's liquidity.

13.DApp Ecosystem - Base Chain

Aerodrome (DApp) - Aerodrome is an emerging automated market maker (AMM) protocol aimed to become the central liquidity hub for Coinbase's Layer 2 chain, Base. The Velodrome V2 model inspires the aerodrome's design to incentivize liquidity on the protocol, with some team members coming from Velodrome. AERO, Aerodrome's utility and governance token, allows holders to lock their tokens and receive veAERO NFTs and voting power based on the lock-up period.

14.DApp Ecosystem - GameFi Sector Across All Chains

Yuliverse (DApp) - Yuliverse has established a new investment partnership with DWF Labs. Yuliverse is a free-to-play blockchain metaverse game that combines GameFi and SocialFi elements, utilizing NFTs and the cryptocurrencies ARG and ART. It enhances social interaction and engagement and allows players to explore the real world and build connections. Yuliverse's game mechanics include elements of earning potential, providing a unique gaming experience for players.

15.Gas Fee Consumption - ETH Chain

The primary gas consumers on the Ethereum mainnet currently include: 1. Uniswap, 2. Stablecoin USDT, 3. MEV, 4. Various Layer 2 sorters, and 5. Telegram trading bots.

16.Gas Fee Consumption - BSC

Bloxroute (DApp) - bloXroute Labs, one of the largest censorship-resistant block producers on Ethereum, has made a complete u-turn. It announced that it will start censoring OFAC-sanctioned blocks across all of its MEV relays in compliance with local laws. It is reported that bloXroute Labs has produced at least 400,000 Ethereum blocks from its two leading MEV relays.

17.Gas Fee Consumption - Polygon Chain

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 Galaxy has integrated with platforms like Snapshot.org, Twitter, and Github. This support for diverse data sources enables Project Galaxy to more broadly collect and utilize data.

18.Gas Fee Consumption - Arbitrum Chain

RabbitHole (DApp) - RabbitHole has recently aggregated all tasks offered through the Quest Protocol, enabling users to earn tokens by engaging with crypto applications. The project is experiencing high levels of interaction, which may be related to a potential token launch, making it an attractive option for engagement.

19.Gas Fee Consumption - Base Chain

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. The project has not yet launched its token, offering an opportunity to interact early for a potential airdrop.

20.Top Trending Tokens on Twitter

No data for this segment today due to anomalies in the data source.

21.Google Trends - Global

JUP (Token) - Yesterday, Jupiter launched its airdrop and listing events, distributing a total of 1 billion tokens to the community. With the current price at $0.6, the airdrop amounts to a market cap of $600 million. Within the Solana ecosystem, numerous projects have not yet issued their tokens, presenting opportunities for early interaction to secure potential airdrop benefits.

BTC (Token) - After the Federal Reserve's interest rate meeting yesterday, the decision was made to maintain the current interest rate range. Post-meeting remarks by the Federal Reserve Chair, suggesting no rush to raise rates, led the market to believe the start of the rate-cutting cycle might be delayed. The yield on U.S.10-year Treasury notes fell, while the U.S. dollar index saw a slight increase.

22.Google Trends Surge - East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan

a) South Asia Region

India Trends: Jup, MAV, FOMC

Pakistan Trends: BTC, FOMC, Pancakeswap

b) Southeast Asia Region

Vietnam Trends: Airdrop, Gaming, Fundraising

Philippines Trends: Jupiter, APR, BTC, Crypto Bubbles

c) East Asia

Trends: Jupiter, Crypto

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

a) CIS Region

Trends: Crypto Search, Crypto bubble

b) English-speaking Countries

USA Trends: FOMC, JUP, Meteora

Canada Trends: Jupiter Airdrop, ETH, Solana, Manta, Tia

c) Europe

France Trends: Axelar, MDR, JUP, Dai

Poland Trends: CMC, DAO, DEFI, JUP, SHIB, SOL

Switzerland Trends: JUP, ETH, TAO, SHIB, MANTA, BTC

Italy Trends: BTC, JUP, WEN, POT

Belgium Trends: DEFI, MANTA, UNISWAP, JUPITER

24.Google Trends Surge - Middle East, Latin America, Africa

a) Africa

South Africa Trends: LUNA, CMC, BTC, JUPTER, XRP

Nigeria Trends: DCA, ETF, JUP

b) Middle East

Trends: JUPITER, COINDESK, CRYPTO BUBBLES

c) Latin America

Brazil Trends: ETH, DAI, JUP, SOL

Argentina Trends: PEPE, DAI, DOLAR, JUP

Mexico Trends: JUP

Reference Links

Dune On-Chain Data Dashboard - Blockchain Profile: https://dune.com/bitgetresearch/bitgetreseach-chains-overview

Dune On-Chain Data Dashboard - Gas Consumption: https://dune.com/bitgetresearch/gas-overview