Bitget Research Weekly Highlights: ORDI dips then rebounds following Luke incident, LayerZero likely to launch token in first half of next year
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Bitget Research Weekly Highlights: ORDI dips then rebounds following Luke incident, LayerZero likely to launch token in first half of next year
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (Dec 4-8), several new trending cryptocurrencies and topics emerged in the market.
1. Market Trends
The most discussed topics in the market this week (Dec 4–8) were:
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Solana ecosystem tokens surged; LayerZero may launch its token in the first half of next year
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Bitcoin broke above $44,000; ORDI initially dropped then rebounded due to the Luke incident
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BTC surpassed $43,000 as the Bitcoin ecosystem continued its upward momentum
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Meme sector prices broadly rose; CME Bitcoin futures trading volume hit a two-year high
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BTC broke $40,000; ORDI doubled in price within two days
2. Popular Projects
The hottest projects during the week (Dec 4–8) included:
ORDI (Token): ORDI experienced extreme volatility in the past 24 hours, plunging nearly vertically from $63.26 to $43.59 before surging to a record high of $68.37, and is now hovering around $55. The price swing followed a social media post by Bitcoin Core developer Luke, who claimed that Bitcoin inscriptions are exploiting a vulnerability in the Bitcoin Core client to flood the blockchain with spam. He suggested fixing the bug could effectively eliminate Ordinals and BRC-20 tokens. This statement triggered strong backlash from the community. Subsequently, Luke softened his stance, clarifying that eliminating all inscriptions isn't necessarily required to preserve Bitcoin’s value.
MUBI (Token): MUBI is the native protocol token of Multibit, a cross-chain bridge connecting BRC-20 and ERC-20 ecosystems. As the BRC-20 ecosystem gained popularity, speculative interest spilled over to Ethereum. Multibit enables users to transfer BRC-20 tokens from the Bitcoin network to Ethereum to access DeFi applications, a unique feature that attracted significant capital inflows. Riding the BRC-20 wave, MUBI's market cap has repeatedly reached new highs, currently standing at $87.7 million.
JTO (Token): Jito, a liquid staking protocol on the Solana ecosystem, launched its governance token JTO. 10% of the total supply was allocated for airdrops: 15% to Jito-Solana validators, 5% to Jito MEV searchers, and 80% to JitoSOL holders (users with over 100 points). Notably, core contributors did not participate in the airdrop, maximizing benefits for community users. Following the airdrop, JTO listed on multiple exchanges, achieving a trading volume of $900 million and a market cap of $320 million.
LINK (Token): Chainlink announced that within seven hours of opening early access to Chainlink Staking v0.2, more than 19 million LINK were staked. The community pool is now full, with a total of 40,875,000 LINK committed by community members (including those migrating from v0.1 and new stakers) to secure and validate the Chainlink network. According to prior disclosures, the v0.2 staking pool will expand to accommodate up to 45 million LINK—approximately 8% of the current circulating supply.
Pudgy Penguins (NFT): Rumors circulated on social media that Pudgy Penguins would soon launch a token, causing the NFT floor price to surge. However, Beau, the project’s community security lead, later clarified that no token would be released in the near term.
GasHeroBadge (NFT): Gas Hero is a Web3 social and strategy game developed by the former StepN team. Unlike traditional games, Gas Hero emphasizes game theory, offering richer strategic gameplay, and leverages decentralized exchanges to maximize transparency of on-chain data. The game has just launched, and its in-game NFTs are seeing active trading.
Smart Cats (NFT): An NFT linked to SmartLayer, currently held by over 800,000 wallets. Owners can upgrade their NFTs through actions like Feed and Clean. Strong anticipation of a future SmartLayer airdrop has driven high trading volumes for this NFT.
LayerZero (Dapp): LayerZero Labs tweeted that the protocol has always had the capability to incorporate a native token. After months of community discussion on the topic, they have now officially confirmed plans to launch a LayerZero token, expected in the first half of 2024.
xPet (Dapp): A socialfi project on Arbitrum, similar in concept to Fren Pet, where players earn token rewards by feeding and caring for virtual pets to ensure their survival. Unlike Fren Pet, which operates as a "home screen" app, xPET uses a browser extension, enabling deeper integration and interaction with platforms like Twitter.
Port 3 Aggregator (Dapp): Port 3 is a social data oracle project incubated by Binance Labs. Its key features include building a decentralized social data oracle based on data aggregation, providing an open data layer for various Web3 identity and asset applications, introducing an incentive layer to reward contributors, and ultimately empowering user ownership of data. The project aims to solve three core challenges: organizing and connecting data, ensuring data rights belong to users, and protecting user privacy.
3. Hot Searches
The most popular topics this week (Dec 4–8) were:
SOL (Token): Solana’s TVL rose to $772 million, with multiple protocols in the Solana ecosystem seeing significant increases in TVL. Ecosystem tokens broadly rallied—newly launched JTO surged nearly 90% intraday, while SOL itself rose 19% over the past 24 hours. With major ecosystem projects like PYTH, JTO, and JUP preparing for airdrops, Solana’s ecosystem has been reactivated, drawing heightened market attention.
ETH (Token): Ethereum core developer timbeiko.eth summarized the 176th ACDE meeting on social media, confirming the Dencun upgrade is targeted for activation in January, with the Goerli fork date expected to be set early next year. This news triggered a strong rebound in the ETH/BTC exchange rate, rising 8%, reversing its previous underperformance against BTC.
Helium (Token): Amid broader market recovery and increased trading activity, Helium announced the launch of a $20/month mobile phone plan, potentially improving the project’s future revenue streams. In the secondary market, open interest in Helium futures surged fourfold yesterday, signaling institutional or large investor participation and driving rapid price appreciation. According to Bitget data, HNT rose 62% in 24 hours, attracting significant market attention.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets,” leveraging real-time monitoring of on-chain metrics and regional search trends to identify emerging investment opportunities. To date, it has provided institutional-grade insights to Bitget’s global user base on early-stage value assets across popular sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth effects through data-driven research.
[Disclaimer] The market involves risks, and investments should be made with caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their specific circumstances. Investment decisions based on this information are made at the reader’s own risk.
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