Huobi Research Weekly (Vol.115) 2020.5.18–2020.5.24)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 9.01%, with 63 projects decreased in value to varying degrees. According to coinmarketcap, as of May 24, 2020, the total market cap of cryptocurrencies was 245.3 billion U.S. dollars, decreased by 9.01%, and the total market cap of the top 100 cryptocurrencies was 244.8 billion U.S. dollars, decreased by 6.61% from last week. 2 cryptocurrency projects entered the top 100 this week, namely QQQ and TFUEL. As of May 24, 2020, Bitcoin was traded at 8790.37USD, 9.08% lower than its price last week. Ethereum was traded at 202.37USD, 2.23% lower than its price last week.

The hashrate of Bitcoin decreased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin decreased and the difficulty of mining Ethereum decreased. The average number of transactions per block decreased but the average block size of Bitcoin increased. The average number of transactions per block decreased but the average block size of Ethereum increased this week.The average transaction fees of Bitcoin increased but Ethereum decreased. ZSC was the most active project on GitHub this week.

Average difficulty for mining Bitcoin this week was 15.13T, decreased by 6.02 from last week. The average difficulty of mining Ethereum this week was 2272.68TH, decreased by 0.01% from that of previous week. Average difficulty for mining Bitcoin this week was 15.13T, decreased by 6.02 from last week. The average difficulty of mining Ethereum this week was 2272.68TH, decreased by 0.01% from that of previous week.

In network activity, the average size of each block was 1.28MB, increased 1.59% form last week; there were on average 2262 transactions recorded in each block, decreased by 3.91% from the previous week. The average number of transactions per block in Ethereum this week was 133.7, decreased by 0.96%. The average size of each block was 27206.85 bytes, increased by 1.69% compared to last week. As of May 24, 2020, average transaction fees of Bitcoin this week was $3.7, increased by 7.65% from last week. Average transaction fees of Ethereum this week was $0.295, decresead by 6.65%. The total number of Bitcoin addresses was 49338881 increased by 299894 (0.61%). ZSC was the most active project on GitHub this week, with 82 commits submitted in the past week.

In terms of community activity, Tron, Bitcoin and Ethereum are the most popular communities on Facebook. On Twitter, the most popular communities are Bitcoin, Ripple and Tron.

2 investments activities took place in the blockchain industry this week, FalconX got 17 million dollars in strategic investment from Lightspeed Venture Partners,Flybridge etc. Shu Qian Gou Wu got 10 million yuan in Pre-A investment from the founder of Muzixi Technology.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 9.01%, with 63 projects decreased in value to varying degrees. According to coinmarketcap, as of May 24, 2020, the total market cap of cryptocurrencies was 245.3 billion U.S. dollars, decreased by 9.01%, and the total market cap of the top 100 cryptocurrencies was 244.8 billion U.S. dollars, decreased by 6.61% from last week, among which, TFUEL had the largest increased of 609.11%, bringing its market cap ranking from №281 to №97, HIVE had the largest decreased of -24.55%, bringing its market cap ranking from №69 to №86. In addition, there were 2 projects that entered TOP100, namely, QQQ (Poseidon Network, increased 25.90%, Now №100), TFUEL (Theta Fuel, increased 609.11%, Now №97). As of May 24, 2020, Bitcoin was traded at 8790.37USD, 9.08% lower than its price last week. Ethereum was traded at 202.37USD, 2.23% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 17.84% compared with the same period of last week. In this week, 36 of the top 100 projects increased in 24h trading volume, led by TFUEL with a weekly increase of 53827.39%; there were 61 projects decreased in their 24h trading volume, there were 33 projects that saw over 20% decrease in their 24h trading volume, while 9 projects fell by more than 50%, led by ZB, with a decreased of 92.86%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On May 24,2020, the overall market cap of the top 10 cryptocurrencies was 218.5 billion USD, decreased by 7.41% from last week, accounting for 89.09% of the total market capitalization of cryptocurrencies, increased by 1.55% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.88%, decreased by 0.05% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest decrease. The average market cap of Application Project got the largest increase. As of May 24, 2020, the total market cap of coin projects reached 181.3 billion USD, decreased by 8.27%. The average market cap of coin projects reached 5.18 billion USD, decreased by 13.51%. The total market cap of platform projects reached 31.7 billion USD, decreased by 2.32%. The average market cap of platform projects reached 1.13 billion USD, decreased by 2.32%. The total market cap of application class projects reached 22.7 billion USD, decreased by 0.96%. The average market cap of application class projects reached 0.66 billion USD, increased by 4.87%. The total market cap of asset-backed token projects reached 9.07 billion USD, decreased by 0.05%. The average market cap of asset-backed token projects reached 3.02 billion USD, decreased by 0.05%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of May 24, 2020, among the top 100 projects, the number of coin class projects increased 2, application class projects decreased 2, platform class projects remain the same and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 74.06% of the total market cap of top 100 projects.

Note: According to the different attributes of cryptocurrencies, Huobi Academy of Blockchain Application will divide them into four categories: Coin, Application Class, Platform Class and Asset-backed Token.

Coin Project: Refers to a type of asset developed based on blockchain technology that does not correspond to a specific use scenario and whose main function is only the transaction target. Its asset value is mainly reflected by liquidity.

Platform Class Project: A type of asset that is associated with the development of the underlying technology of the blockchain and is supported by the right to use or participate in the platform.

Application Class Project: Refers to a type of asset that is associated with a specific application scenario and is supported by a certain right of use, participation, or dividend.

Asset-backed Project: Refers to a class of assets that is linked to actual assets such as gold and US dollars and supported by the value of physical assets.

2. Technical Statistics

2.1 Cryptocurrency Mining Statistics

The hashrate of Bitcoin decreased and Ethereum decreased by this week. From May 18, 2020 — May 24, 2020 ,the average bitcoin Hashrate for the entire network reached 89.55 EH/s, decreased by 11.25% from the previous week.

Average Hashrate for the entire Ethereum network was 181.02TH/s this week, decreased by 0.05%.

This week, the difficulty of mining Bitcoin decreased and Ethereum decreased. As of May 24, 2020, average difficulty for mining Bitcoin this week was 15.13T, decreased by 6.02 from last week. The average difficulty of mining Ethereum this week was 2272.68TH, decreased by 0.01% from that of previous week.

The number of blocks in Bitcoin decreased by 9.82%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks decreased 0.11%. In the past week, Bitcoin mined 836 blocks, decreased 9.82% from the previous week. Among the top five pools were F2Pool、AntPool、Poolin、BTC.com、OKExPool, these 5 pools mined 169、120、108、107 and 50 blocks respectively, accounting for 20.22%、14.35%、12.92%、12.80% and 5.98% of all Bitcoins mined this week. The Hashrate was 18.67 EH/s、13.26EH/s、11.93EH/s、11.82EH/s and 5.52EH/s, respectively.

In the past week, Ethereu’s entire network mined 47642 blocks, decreased 0.11% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15251、10389、4535、3141 and 2948 blocks respectively, accounting for 32.0117%、21.8064%、9.5189%、6.5929% and 6.1878% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block decreased and the average block size of Bitcoin increased. The average number of transactions per block decreased and the average block size of Ethereum increased this week. According to blockchain.info, from May 18, 2020-May 24, 2020, the average size of each block was 1.28MB, increased 1.59% form last week; there were on average 2262 transactions recorded in each block, decreased by 3.91% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 133.7, decreased by 0.96%. The average size of each block was 27206.85 bytes, increased by 1.69% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 54.50%. Number of unconfirmed transactions in Ethereum decreased by 2.34% from the previous week. As of May 17, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 14653, decreased by 54.50% from last week. There were 87612.58 unconfirmed transactions in the Ethereum network, decreased by 2.34% from last week, with the lowest amount of unconfirmed transactions in the week being 20639 and the highest amount being 112581.

Total transaction fees of Bitcoin increased but Ethereum decreased. As of May 24, 2020, average transaction fees of Bitcoin this week was $3.7, increased by 7.65% from last week. Average transaction fees of Ethereum this week was $0.295, decresead by 6.65%.

The average number of distinct miners per day in Ethereum decreased by 1.35% from last week. From May 18, 2020- May 24, 2020, the average number of distinct miners per day in Ethereum this week was 51.1, decreased by 1.35% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of May 24, 2020, there were 10380 Bitcoin nodes, increased by 25.59% compared to last week, of which 2008 nodes were in the U.S, 1799 nodes were Germany, and 210 nodes were in China(№10), each accounting for 19.34%, 17.33% and 2.02% of the total number of Bitcoin nodes, respectively.

As of May 24, 2020, there were 7182 Ethereum nodes, decreased by 2.34% from the previous week. Specifically, there were 2124 nodes in the U.S, 428 nodes in China, and 790 nodes in Germany, each accounting for 29.57%, 5.96%, 11.00% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of May 24, 2020, the total number of Bitcoin addresses was 49338881 increased by 299894 (0.61%).

ZSC was the most active project on GitHub this week. From May 18, 2020 — May 24, 2020, zeus-shield was the active project repository on GitHub with a total of 82 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 965k, 578k and 165k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 952k, and 508k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. California Giant Berry Farms Joins IBM Food Trust Blockchain Tracking System

U.S. berry producer California Giant Berry Farms joined the blockchain-based food tracking solution IBM Food Trust.Fruit and vegetable news outlet The Packer reported on May 17 that California Giant will use a blockchain to share data between all the points of its supply chain. The firm employs Glassbit’s Glasschain IBM Food Trust integration compliance as a service solution.According to California Giant’s senior director of operations Thomas Taggart, the integration with IBM’s blockchain network will allow the firm and its partners to find ways to improve the efficiency of product transportation. Senior director of global food safety at Walmart, Tejas Bhatt, also praised the integration:“This enables us to track food from farm to store and helps ensure it is fresh and safe when our customers buy it.”

2. Cyprus Hospital to Deploy DLT-Based Medical Data Management

Blockchain tracking platform, VeChain, announced that it co-developed a blockchain-based medical data management platform in partnership with digital healthcare solution firm I-Dante.The platform, dubbed “The E-NewHealthLife”, is set to see deployment at the Mediterranean Hospital of Cyprus — with the European island’s healthcare sector reportedly operating with numerous inefficiencies resulting from outdated technological infrastructure, VeChain announced on May 16. The first phase of the platform’s rollout will see it used in the emergency department of the Cyprus hospital, allowing patients to identify themselves, check waiting lists, and autonomously manage their medical records from their mobile phone. VeChain cites numerous challenges encountered by the hospital in seeking to modernize its technological infrastructure in recent decades, including “the administrative and technical difficulties of pooling data from different digital records systems,” a “lack of collaboration between local departments and agencies,” and “balanc[ing] health imperatives and privacy concerns.”The firm emphasizes the efficacy of blockchain-based solutions to the problems of modernizing the tech systems underpinning healthcare organizations, noting the enhanced patient privacy also afforded by distributed ledger technology, or DLT.

3. Lamborghini Launches Blockchain-Based Collectible Stamps

Lamborghini, a famous Italian manufacturer of luxury sports cars, continues to utilize the Blockchain in its corporate operations. Among the latest technology developments, the well-known brand is applying blockchain to digitize its collectible stamps.Lamborghini is launching its first collectible digital stamps, the “Automobili Lamborghini Collection.” Powered by blockchain technology, the new collection is a series of collectible digital stamps dedicated to the history of the world’s most iconic luxury brand cars.The first stamp from the Automobili Lamborghini Collection is devoted to the Huracán EVO RWD Spyder, a new model unveiled in May 2020, the firm officially announced on May 14. By using blockchain technology, the popular car brand intends to ensure history and uniqueness of each stamp, which represents a “single” digital object, Lamborghini said.

3.2 International Policies

1. Albania Approves Europe’s Most Comprehensive Crypto Law Yet

Albania’s Parliament signed a bill into law on May 21 plenary session a legal framework for cryptocurrencies.The law, “On Financial Markets Based on the Technology of Distributed Ledgers,” first appeared before the Committee of Economy in October 2019 and was approved today with 88 votes in favor, 16 against and 3 abstentions.Introduced by Albania’s Minister of Finance and Economy, the legislation looks to regulate the conditions for licensing all crypto activities in the country.Beyond digital tokens, the law looks to monitor all infrastructure where DLT technology operates. The bill serves to make “the best use of the benefits offered by technology,” but also to address a range of potential risks. These include the creation of fraudulent schemes or unauthorized schemes to provide virtual assets, or the risks of using them for money laundering, terrorism financing or market manipulation.This makes Albania the third European country (after Malta and France) to establish such a legal framework for cryptocurrencies.

2. Advances in Blockchain Drives Banks Toward Digital Currencies, Says Bank of Korea

Advances in payment settlements and decentralized ledger technology are driving central banks to consider digital currencies, according to a recent Bank of Korea report. South Korea’s central bank has conducted new research and analysis on the progress of central bank digital currencies — or CBDCs — around the world.The bank released its “Overseas CBDC Progress Report” on May 18, in which the institution analyzed the CBDC projects of 14 central banks. The bank found that recent advances in payment settlements, decentralized ledger technology and the sharp declines in cash use are the main factors driving central banks to research and develop CBDCs.Most central banks in the report are currently developing IT systems to examine the feasibility of the established CBDC model.According to the report, central banks in Sweden, Singapore, Canada, Japan, Thailand, Hong Kong have revealed the implementation of distributed ledger technology in their respective CBDC research. Bank of Korea explained: “Most central banks are focusing on research on whether new future-oriented technologies can be applied to CBDCs, away from the centralized ledger management and account-based transactions that are currently applied to payment and settlement systems.”

3. Italian Govt Commits €15M to Protect ‘Made in Italy’ With Blockchain

Counterfeit “Made in Italy” products are sold in marketplaces around the world. The Italian government is now fighting back against these knockoffs by investing €15 million ($16.2 million) towards the development of a blockchain-based solution.According to a new report by dGen, counterfeits of the “Made in Italy” label caused a loss of €12.4 billion ($13.4 billion) in 2016 alone. Such losses directly impact both the income and future survival of many Italian artisans. The Italian fashion industry, and the country’s association with artisan craftsmanship, both feed into the prestigious reputation of the “Made in Italy” label. Indeed, if it were registered as a brand, it would be the third-most valuable global property (after Coca Cola and Visa).The label’s high profile associations have led to an ever increasing problem with counterfeit goods. These fakes facilitate intellectual property theft, and tarnish the reputation of the label, the brands, and artisans who the label represents. They also cost the industry billions of dollars as a whole. The Italian government has acknowledged the threat of counterfeiting and identified blockchain technology as a potential solution. The government recently allocated €15 million to support the rapid implementation of digital technologies, including the financing of a joint project between IBM Italy and the artisan community.Aspects of the industry that are being considered for improvement include: authentication of goods and raw materials through the supply chain, a secure ledger of intellectual property rights, provable sustainability and ethical practices, and closer relationships between brands and their customers.It is hoped that such measures will curb the rise of counterfeit goods and secure the future of Italian artisans.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, FalconX got 17 million dollars in strategic investment from Lightspeed Venture Partners,Flybridge etc. Shu Qian Gou Wu got 10 million yuan in Pre-A investment from the founder of Muzixi Technology.

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Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in Blockchain to the public, ultimately promoting the development of the Blockchain industry.

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1. Huobi Research does not have any form of association with Blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

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