Bitget Research Weekly Highlights: SocialFi Sector Sees Ongoing Innovation, Mt. Gox Repayment Deadline Extended by One Year
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Bitget Research Weekly Highlights: SocialFi Sector Sees Ongoing Innovation, Mt. Gox Repayment Deadline Extended by One Year
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (09.18–09.22), several new trending cryptocurrencies and topics emerged in the market.
1. Market Focus: Market Trends
The most discussed topics in the market this week (09.18–09.22) were:
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Hawkish FOMC comments drove up the U.S. dollar index, leading to a broad decline in crypto assets.
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Mt. Gox extended its repayment timeline by one year; the Federal Reserve held rates steady in September.
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Innovation continues in the SocialFi sector; the SEC’s crypto chief hints at more industry enforcement actions ahead.
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Markets showed weak performance with an initial rise followed by a drop; TIP continued rising after listing on secondary markets.
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Ethereum gas fees dropped to single digits; protocol fees for friend.tech exceeded $20 million.
2. Popular Projects
The hottest projects this week (09.18–09.22) included:
SATS (Token): A BRC-20 token representing the smallest unit of Bitcoin—the satoshi—with a total supply of 21 million. Minting progress has reached 96%, so it hasn’t yet made major rankings. The minting cost per unit ranges from 0.3 to 1.6 USDT, resulting in over $15 million already spent on gas fees alone. Unisat announced today that it will launch its BRC-20 swap for early public testing on September 26 (next Tuesday), which is positive news for the BRC-20 ecosystem.
TIP (Token): A popular SocialFi project, Tip Coin, launched its token TIP. 40% of the total supply was allocated for airdrops: 15% each for liquidity provision and airdrops during Epoch 1, 20% for airdrops in Epoch 2, and 5% for airdrops in Epoch 3. After being delayed due to data issues until September 19, TIP saw selling pressure from early airdrop recipients dissipate, leading to a fourfold increase in price on secondary markets. Its market cap peaked at $10 million, with a 24-hour on-chain trading volume of $1.2 million.
APX (Token): Created by well-known influencer CroissantEth, who used ChatGPT to generate a script enabling ChatGPT itself to mint and deploy tokens directly on Ethereum. Everything—from token name to specifications—was auto-generated by ChatGPT. Within just four hours of launch, the project recorded 7,189 daily interactions, grew its holder count from zero to 1,581, achieved $7.51 million in trading volume, and surged over 50x in value, generating significant buzz.
ARC-20 (Token): A newly launched and highly discussed protocol on Bitcoin, designed as a solution to the long-standing “colored coins” challenge. It introduces a decentralized token standard on Bitcoin that operates exactly like native Satoshi UTXOs, allowing tokens to be split and merged just like BTC. Each token unit is backed by a specific number of satoshis, using satoshis themselves as the accounting unit—similar to how Bitcoin works. Its first token, ATOM, with a total supply of 21,000, has been fully mined via CPU.
Maximals (NFT): A project that conducted a free mint yesterday, which sold out immediately upon release, indicating strong community demand. The NFT floor price has risen to 0.011 ETH, with nearly 5,000 transactions and a total trading volume of 53 ETH. Currently, there are 3,414 unique on-chain holder addresses, reflecting solid trading activity.
Circle (Dapp): USDC issuer Circle announced the official launch of USDC on the Polkadot mainnet. Polkadot USDC is natively issued on Asset Hub and can be considered the official form of USDC within the Polkadot network.
Maestro (Dapp): A Telegram bot offering DeFi trading functionality across Ethereum, BSC, and Arbitrum chains. The project generated $100,000 in fees within 24 hours, ranking 13th among on-chain projects by revenue and first within the Telegram bot category.
Post Tech (Dapp): A Web3 social network on Arbitrum where user profiles become assets and engagement translates into profit. Epoch #1 offers a total reward pool of $100,000, to be distributed to early contributors upon official launch. Anticipation of an airdrop has driven high social media and interaction热度.
Friend.Tech (Dapp): Friend.tech has now launched its web version, allowing users to access the platform through browsers. Recent updates focus on improving trading convenience. The platform charges a 10% transaction fee, with cumulative fees surpassing $25 million. However, utility enhancements for Key Holders remain limited.
3. Hot Searches
The most searched topics this week (09.18–09.22) were:
FOMC (Event): The Federal Reserve's September FOMC meeting decided to pause rate hikes, keeping the federal funds rate target range at 5.25%–5.5%. This pause was in line with market expectations. However, Chair Powell maintained a hawkish tone during the press conference, stating that the hiking cycle is not over and hinting at a potential additional hike before year-end (the September dot plot suggests a terminal rate of 5.6% by year-end). Macro analysts expect the first rate cut to occur around September next year. Following the announcement, crypto markets experienced a slight pullback.
OP (Token): Optimism officially announced several developments regarding the OP token: 1. Launch of the third round of OP airdrops, distributing approximately 19 million OP tokens to over 31,000 addresses; 2. Opening applications for the third round of retroactive public goods funding, allocating 30 million OP tokens; 3. Selling approximately 116 million OP tokens to seven accredited buyers. Ahead of Ethereum’s upcoming Cancun upgrade, OP presents strong trading opportunities, with even greater upside expected post-upgrade, likely to be priced in by the market in advance.
APE (Token): Over 70% of ApeCoin DAO members currently support AIP-297, a proposal to establish a sister DAO and an NFT community treasury. Co-authored by Animoca Brands co-founder Yat Siu in July, the proposal aims to “position ApeCoin as a cultural token powering the broader Web3 ecosystem.” It requests a budget of 750,000 APE from the ApeCoin DAO treasury—500,000 APE to purchase NFTs aligned with ApeCoin’s vision and values across various markets, and 250,000 APE reserved for future NFT acquisitions and initial treasury operations.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets,” leveraging real-time monitoring of on-chain activity and regional search trends to identify cutting-edge investment opportunities. To date, it has provided Bitget’s global users with early access to high-potential assets across trending sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, delivering institutional-grade insights and superior wealth-building opportunities through data-driven research.
[Disclaimer] The market involves risks; investments should be made with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions expressed herein are suitable for their individual circumstances. Investment decisions based on this information are made at the reader’s own risk.
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