Bitget Research Weekly Highlights: Grayscale GBTC selling pace continues to slow, Binance Web3 wallet launches inscription marketplace
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Bitget Research Weekly Highlights: Grayscale GBTC selling pace continues to slow, Binance Web3 wallet launches inscription marketplace
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (Jan 29 - Feb 2), several new trending cryptocurrencies and topics emerged in the market.
1. Market Focus
The most discussed topics in the market this week (Jan 29 - Feb 2) were:
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Oracle sector performed strongly; Binance Web3 Wallet launched an inscriptions marketplace
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Jupiter airdropped over $600 million worth of tokens; Fed cooled March rate cut expectations
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Solana's monthly on-chain transaction volume hit a one-year high; JUP has opened its airdrop claim portal
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Grayscale GBTC outflows continued to slow down; market sustained rebound
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Crypto market saw a modest rebound; BTC spot ETF total assets reached $26.7 billion
2. Popular Projects
The hottest projects this week (Jan 29 - Feb 2) include:
Ligo (BRC-20 Token): A BRC-20 token from a Bitcoin Layer 2 protocol. LIGO implements EVM compatibility on BTC L2, enhancing interoperability with Ethereum and its DeFi ecosystem while improving scalability and liquidity. Its market cap, estimated based on minting cost (GAS 70–120), ranges between $7 million and $10 million. Deployed on December 3, 2023, it currently has over 11k holders. The BRC-20 sector saw a slight逆势 uptick due to Binance Web3 Wallet supporting BRC inscriptions.
RNDR (Token): Render Network (RNDR) is a blockchain-based distributed GPU rendering network platform developed by OTOY. The project aims to provide an end-to-end platform for 3D content creation and trading using blockchain technology. RNDR serves as the payment currency within the network, allowing users to earn tokens by contributing idle GPU resources for rendering tasks.
JUP (Token): The Ethereum counterpart of Jupiter, a DEX on Solana. Fueled by airdrop and token launch hype, its market cap briefly reached $20 million but later dropped over 60% as profit-takers exited. Trading volume has significantly declined in the last 10 hours.
TIA (Token): Celestia. Coinbase International and Coinbase Advanced have fully launched perpetual contract markets for TIA and INJ. Use cases for Celestia continue expanding. Starknet officially announced on social media that it will collaborate with Celestia to build a high-throughput Layer 3 network.
SkyArk (NFT): The 3A gaming platform SkyArk Chronicles received over 50,000 ETH during its genesis NFT sale. However, Binance recently clarified it did not participate in the project’s latest funding round, sparking community debate. The official NFT, TENJIN, has now launched but is trading below its issue price, with a current floor price of 0.5 ETH.
Pudgy Penguins (NFT): The project recently launched the beta version of its IP licensing platform, OverpassIP. Chapter Two of Pudgy Toys, physical simulation toys based on the Pudgy Penguins IP, is now available for licensing. Users can submit licensing requests for Pudgy Penguin and Lil Pudgy IPs via OverpassIP. The beta version is exclusively available to Pudgy Penguin and Lil Pudgy holders. The full release will offer licensing opportunities to over 200 holders.
Magic Eden (NFT, Dapp): NFT marketplace Magic Eden officially launched its multi-chain self-custody wallet, supporting Solana, Bitcoin, Polygon, and Ethereum blockchains. The platform previously released a wallet beta in November 2023. To incentivize early adoption, Magic Eden will offer limited-time in-wallet mints for NFT projects such as Claynosaurz, Degenerate Ape Academy, and BoDoggos in February, along with airdrops and other benefits.
Wormhole (Dapp): Wormhole unveiled its ZK roadmap, announcing plans to integrate zero-knowledge proofs and launch lightweight clients supporting multiple blockchains. These lightweight clients will enable users and applications to quickly and efficiently verify blockchain states. In the coming months, ZK lightweight clients for blockchains including Ethereum, Sui, Aptos, Near, and Cosmos will be deployed and integrated with Wormhole.
Dmail Network (Dapp): Privacy email system Dmail Network released detailed eligibility criteria and allocation details for its $DMAIL Season 1 airdrop. The airdrop began on January 30, coinciding with the token’s listing and trading availability. Users are reminded not to trust or authorize any airdrop-related addresses before then and to beware of phishing websites. The official source of information is dmail.ai.
Arbitrum (Dapp): The Arbitrum community proposed implementing ArbOS 20 to support most upgrades in the Dencun hard fork, including leveraging EIP-4844 to post L2 transaction batches as blobs on L1 Ethereum at lower costs. This ArbOS upgrade can be viewed as a hard fork for Arbitrum.
Tether (Dapp): According to The Block, Tether, the issuer of USDT, increased its share of global stablecoin supply from 50% in 2023 to 71%. Recently, the circulating supply of USDT surpassed 95 billion tokens. As a key indicator of capital flows from traditional finance into crypto, the project significantly impacts secondary market performance.
3. Hot Searches
The hottest topics this week (Jan 29 - Feb 2) include:
TIA - Celestia (Token): Coinbase International and Coinbase Advanced have fully launched perpetual contract markets for TIA and INJ. Meanwhile, Celestia’s use cases continue to expand. Starknet officially announced on social media its collaboration with Celestia to build a high-throughput Layer 3 network.
JUP - Jupiter (Token, Dapp): Jupiter Exchange, a derivatives trading platform in the Solana ecosystem, has released detailed information about its JUP community airdrop. Of the total 10 billion JUP tokens, 40% will be distributed across four airdrop rounds to the community. This round allocates 10% (1 billion tokens), with future drops planned for new users. Recent surges in Solana’s on-chain transaction volume—surpassing even ETH—have boosted its popularity, making it a project to watch going forward.
API3 (Token): API3’s recent official tweets have focused on “Oracle Extractable Value (OEV),” hinting that this concept may bring new utility to its token.
Bitget Research focuses on “tracking on-chain data and uncovering valuable assets,” utilizing real-time monitoring of on-chain metrics and regional search trends to identify emerging investment opportunities. To date, it has provided Bitget’s global users with early access to high-potential assets in trending sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, creating superior wealth effects through data-driven research.
[Disclaimer] The market involves risks; investing requires caution. This article does not constitute investment advice. Readers should consider whether the opinions, views, or conclusions expressed herein are suitable for their individual circumstances. Investment decisions made based on this information are at the user’s own risk.
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