Bitget Research: Solana DEX trading volume surpasses Ethereum, Notcoin pre-market price continues to rise
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Bitget Research: Solana DEX trading volume surpasses Ethereum, Notcoin pre-market price continues to rise
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
As the cryptocurrency market continued its downward trend throughout the week, Bitcoin dropped below $61,000 on Thursday before beginning to rebound on Friday. ETF outflows persisted, with Grayscale's impact diminishing as its AUM continues to decline. Fueled by the positive news of NOT listing on Binance, pre-market trading prices surged significantly, rising 68.77% within 24 hours. Bitget will launch the notcoin pre-market today, allowing users to consider early positioning ahead of the official launch.
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Wealth-generating sectors include: Ton ecosystem tokens, DeFi sector;
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User’s most-searched tokens & topics: UXUY, Space Nation;
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Potential airdrop opportunities: Grass, Movement;
Data collection time: May 10, 2024, 4:00 (UTC+0)
1. Market Environment
As the cryptocurrency market maintained its weekly downtrend, Bitcoin fell below $61,000 on Thursday and began recovering on Friday. As of May 10 at 4:00 UTC, Bitcoin had rebounded above $62,800.
In trading markets, according to DeFiLlama data, Solana’s DEX trading volume reached $1.314 billion yesterday, surpassing Ethereum’s DEX volume of $1.297 billion.
ETFs continued their outflow trend, with spot Bitcoin ETFs recording a net outflow of $11 million yesterday. Among them, BlackRock’s IBIT saw a net inflow of $14 million, while Grayscale’s GBTC experienced a net outflow of $43 million. Notably, this week all other spot ETFs except Grayscale remained in net inflow territory, and Grayscale’s outflow impact has diminished as its asset base shrinks.
2. Wealth-Generating Sectors
1) Sector Movement: Ton Ecosystem Tokens (TON, FISH, GRAM, NOT)
Main reason: Binance Launchpool announced its 54th project, allowing BNB and FDUSD staking to mine Notcoin (NOT), bringing short-term positive catalysts to the Ton ecosystem.
Price performance: TON, FISH, and GRAM rose 8.62%, 22.1%, and 17.03% respectively over the past 24 hours.
Factors influencing future outlook:
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Future price performance of NOT: Driven by the news of NOT’s Binance listing, pre-market prices surged, increasing 68.77% within 24 hours. Bitget will also launch notcoin pre-market trading today, enabling users to position early ahead of the official opening.
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Upcoming support from Pantera for the Ton ecosystem: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made its largest-ever investment into Telegram’s TON blockchain project, increasing attention toward the Ton ecosystem. If funding and product rollouts materialize promptly, the ecosystem’s growth could accelerate.
2) Sector Movement: DeFi Sector (VRTX, LBR)
Main reason: Vertex Edge implemented a new fee structure and increased $VRTX staking rewards, enabling users to earn cross-chain fees. The improved yield boosted VRTX’s price. Meanwhile, after a whale dumped LBR tokens, the price started to recover, driving upward momentum on-chain.
Price performance: VRTX and LBR surged 65.51% and 30.61% respectively over the past 24 hours;
Factors influencing future outlook:
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Market outlook: Trading-focused DeFi projects heavily depend on on-chain trading activity. During bullish or high-volatility periods, both trader participation and trading volume rise together. However, during prolonged bearish trends, trading volumes typically contract, negatively impacting DeFi token prices due to declining protocol revenues.
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The DeFi space continues to see new projects emerge, many with high valuations. However, available capital for adoption may be limited. Investors should monitor the competitive landscape, focus on leading projects, and remain cautious, as most already-launched or stagnant projects lose momentum quickly.
3) Sector to Watch: SocialFi
Main reason: Base has achieved significant success in the SocialFi space, hosting multiple top-tier crypto-native social applications. 46% of all SocialFi-related trading occurs on the Base chain. Projects like Friend and Degen have generated substantial wealth effects. DEGEN achieved a $1 billion market cap within three months of launch, creating a wealth-generation phenomenon.
Notable projects:
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Friend: Friend.tech is a decentralized social platform built on Coinbase’s Layer-2 network, Base. It leverages strong integration with Twitter to capture users’ Web2 identities and monetize their influence. Each user can be tokenized, with their influence directly priced by the market. The project has launched its token and currently reports daily trading volumes exceeding $21 million.
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Degen: After launching the Degen channel on Farcaster, the project issued its token, primarily enabling users to tip high-quality content creators. The decentralized social protocol Farcaster has surpassed $1.2 million in total revenue and 300,000 users, making it one of the most prominent projects on the Base chain.
3. User Search Trends
1) Popular Dapp
UXUY:
UXUY, a next-generation decentralized multi-chain trading platform incubated by Binance Labs, has completed a $7 million Pre-A round. Investors include Binance Labs, JDI Ventures, NGC Ventures, Metalpha, GSR, and other institutions from Asia, North America, and Europe. UXUY’s total funding now exceeds $10 million. The funds will support infrastructure development within the Bitcoin ecosystem, aiming to enable efficient and low-cost trading of assets such as Lightning Network Taproot Assets, Ordinals BRC-20, and Runes.
2) Twitter
Space Nation:
Space Nation is the developer of an AAA sci-fi themed Web3 MMORPG, co-created by veteran Blizzard game producers, experienced MMORPG developers, renowned Hollywood producer, and Oscar-winning director Roland Emmerich. Space Nation Inc. has received strong backing from partners and venture capital firms, with up to $50 million invested in game development. Notable investors include Chain Hill Capital, Foresight Ventures, Lighthouse Capital, and SevenX Ventures. Yesterday, OKX Web3 and Space Nation launched a limited-edition collaborative spaceship NFT, “Bering X-Pioneer Edition,” limited to 1,155 units, featuring unique design elements from OKX, sparking high community interest.
3) Google Search & Regional Trends
Globally:
Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by tapping on coin images—similar to the "Tap to Earn" concept. Before its TGE, Notcoin uses vouchers representing future $NOT tokens, redeemable post-launch. The project operates its own pre-market at https://getgems.io/notcoin. Data shows 640,000 users currently hold pre-TGE NOT tokens. It has been confirmed for listings on Binance Launchpool and OKX.
By regional search trends:
(1) In Asia, yesterday’s search interest focused primarily on RWA Crypto:
The RWA sector mainly includes U.S. bond products. With the Federal Reserve signaling sustained high interest rates, RWA assets are increasingly seen as long-term holdings capable of hedging against current market risks. Recently, HashKey Group joined the Hong Kong Monetary Authority’s Ensemble project framework working group, contributing its expertise in virtual asset custody, trading, digital payments, STO technology solutions, and RWA tokenization to support Web3 financial infrastructure for tokenizing financial assets such as bank deposits and green bonds. This has driven notable interest across the Asia-Pacific region.
(2) Africa, CIS, and English-speaking regions showed no clear hotspots:
Search interest in these regions remains fragmented, with BTC, ETH, and Solana frequently appearing in trending searches. Some users follow narratives around AI and meme coins, reflecting a diversified thematic landscape overall.
4. Potential Airdrop Opportunities
Grass
Grass is the flagship product from Wynd Network, enabling users to monetize unused internet bandwidth. For individuals, it functions as a browser extension—downloaded, installed, and forgotten. It operates in the background, helping others access public web data in exchange for payments in the protocol’s native token. Grass specializes in converting public web data into AI training datasets, improving accessibility for open-source AI initiatives.
Wynd Network raised $3.5 million in seed funding led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. Wynd’s total funding now stands at $4.5 million.
How to participate: Register on the Grass website, install the browser extension, connect your network, click “opendashboard,” check your connection status on the control panel, and start earning points by running the service passively. Daily earnings and network status are visible on the dashboard.
Movement
Blockchain development team Movement Labs was founded in 2022 and previously raised $3.4 million in seed funding in September 2023. Beyond its flagship product, Movement L2, the team is developing Move Stack—an execution layer framework compatible with rollup platforms like Optimism, Polygon, and Arbitrum.
Recently, Movement Labs secured $38 million in Series A funding led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and other prominent firms.
How to participate: Access the Movement Zealy task page (note: social tasks are time-bound and continuously updated). Engage in DEX interactions—complete a few test transactions—and await further instructions from the official team.
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