Huobi Research Weekly (Vol.125) 2020.7.27–2020.8.2)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 11.35%, with 62 projects increased in value to varying degrees. According to coinmarketcap, as of August 2, 2020, the total market cap of cryptocurrencies was 333.8 billion U.S. dollars, increased of 11.35%, and the total market cap of the top 100 cryptocurrencies was 330.3 billion U.S. dollars, increased by 11.60% from last week 5 cryptocurrency projects entered the top 100 this week, namely ATT、ICH、YFI、BNT and SOLO. As of August 2, 2020, Bitcoin was traded at 11053.61USD, 11.63% higher than its price last week. Ethereum was traded at 370.67USD, 19.81% higher than its price last week

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin decreased but the difficulty of mining Ethereum increased. The average number of transactions per block increased but the average block size of Bitcoin decreased. The average number of transactions per block increased and 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.

The average bitcoin Hashrate for the entire network reached 124.8 EH/s, increased by 4.70% from the previous week. Average Hashrate for the entire Ethereum network was 196.28TH/s this week, increased by 4.44%. Average difficulty for mining Bitcoin this week was 16.84T, decreased by 2.88% from last week. The average difficulty of mining Ethereum this week was 2465.21TH, increased by 4.19% from that of previous week.

In network activity, the average size of each block was 1.29MB, decreased by 5.84% from last week; there were on average 2166 transactions recorded in each block, increased by 4.64% from the previous week. The average number of transactions per block in Ethereum this week was 184.1, increased by 4.42%. The average size of each block was 40352.28 bytes, increased by 1.61% compared to last week. As of August 2, 2020, average transaction fees of Bitcoin this week was $5.014, increased by 71.83% from last week. Average transaction fees of Ethereum this week was $1.478, incresead by 2.12%. The total number of Bitcoin addresses was 52083351 increased by 320986 (0.62%). Zeusshield was the most active project on GitHub this week, with 84 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, HashQuark got tens of million dollars in A round investment from Qi Ming VC,Fen Bushi Capital etc., Circle Internet Financial got 25 million dollars in strategic investment from Digital Currency Group.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 11.35%, with 62 projects increased in value to varying degrees. According to coinmarketcap, as of August 2, 2020, the total market cap of cryptocurrencies was 333.8 billion U.S. dollars, increased of 11.35%, and the total market cap of the top 100 cryptocurrencies was 330.3 billion U.S. dollars, increased by 11.60% from last week, among which, ATT had the largest increased of 111.53%, bringing its market cap ranking from №142 to №83, AMPL had the largest decreased of -42.20%, bringing its market cap ranking from №28 to №40. In addition, there were 5 projects that entered TOP100, namely, ICH (Idea Chain Coin, increased 14.73%, Now №100), SOLO (Sologenic, increased 24.55%, Now №91), BNT (Bancor, increased 28.81%, Now №95), YFI (yearn.finance, increased 30.68%, Now №94), ATT (Attila, increased 111.53%, Now №83). As of August 2, 2020, Bitcoin was traded at 11053.61USD, 11.63% higher than its price last week. Ethereum was traded at 370.67USD, 19.81% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume increased by 51.99% compared with the same period of last week. In this week, 76 of the top 100 projects increased in 24h trading volume, led by ATT with a weekly increase of 1566.69%; there were 24 projects decreased in their 24h trading volume, there were 10 projects that saw over 20% decrease in their 24h trading volume, while 4 projects fell by more than 50%, led by ICH, with a decreased of 65.42%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On August 2, 2020, the overall market cap of the top 10 cryptocurrencies was 290.8 billion USD, increased by 12.87% from last week, accounting for 87.10% of the total market capitalization of cryptocurrencies, increased by 1.17% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 61.08%, increased by 0.16% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Application Project got the largest increase. The average market cap of Application Project got the largest increase. As of August 2, 2020, the total market cap of coin projects reached 231.0 billion USD, increased by 11.14%. The average market cap of coin projects reached 5.77 billion USD, increased by 11.14%. The total market cap of platform projects reached 56.9 billion USD, increased by 14.10%. The average market cap of platform projects reached 1.89 billion USD, increased by 14.10%. The total market cap of application class projects reached 32.0 billion USD, increased by 14.94%. The average market cap of application class projects reached 1.18 billion USD, increased by 14.94%. The total market cap of asset-backed token projects reached 10.3 billion USD, decreased by 0.21%. The average market cap of asset-backed token projects reached 3.44 billion USD, decreased by 0.21%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of August 2, 2020 among the top 100 projects, the number of coin class projects not changed, application class projects remain the same, platform class projects and asset-backed token class both remain the same. The largest overall market cap by segment was still coin projects, accounting for 69.95% 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 increased and Ethereum increased by this week. From July 27, 2020- August 2 , 2020 ,the average bitcoin Hashrate for the entire network reached 124.8 EH/s, increased by 4.70% from the previous week.

Average Hashrate for the entire Ethereum network was 196.28TH/s this week, increased by 4.44%.

This week, the difficulty of mining Bitcoin decreased but Ethereum increased. As of August 2, 2020, average difficulty for mining Bitcoin this week was 16.84T, decreased by 2.88% from last week. The average difficulty of mining Ethereum this week was 2465.21TH, increased by 4.19% from that of previous week.

The number of blocks in Bitcoin increased by 0.50%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased 0.91%. In the past week, Bitcoin mined 1001 blocks, increased by 0.50% from the previous week. Among the top five pools were Poolin、 F2Pool、BTC.com、AntPool、Huobi.Pool, these 5 pools mined 150、126、119、114 and 97 blocks respectively, accounting for 14.91%、12.52%、11.83%、11.33% and 9.64% of all Bitcoins mined this week. The Hashrate was 18.07EH/s、15.18EH/s、14.33EH/s、13.73 EH/s and 11.68EH/s, respectively.

In the past week, Ethereum’s entire network mined 48525 blocks, increased 0.91% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Zhizhu.top and Nanopool, each mined 13981、10001、4393、4020 and 2645 blocks respectively, accounting for 28.8120%、20.6100%、9.0531%、8.2844% and 5.4508% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block increased but the average block size of Bitcoin decreased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from July 27, 2020- August 2, 2020, the average size of each block was 1.29MB, decreased by 5.84% from last week; there were on average 2166 transactions recorded in each block, increased by 4.64% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 184.1, increased by 4.42%. The average size of each block was 40352.28 bytes, increased by 1.61% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 129.85%. Number of unconfirmed transactions in Ethereum decreased by 2.57% from the previous week. As of August 2, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 20358, increased by 129.85% from last week. There were 147346.75 unconfirmed transactions in the Ethereum network, decreased by 2.57% from last week, with the lowest amount of unconfirmed transactions in the week being 90643 and the highest amount being 166196.

Total transaction fees of Bitcoin increased but Ethereum decreased. As of August 2, 2020, average transaction fees of Bitcoin this week was $5.014, increased by 71.83% from last week. Average transaction fees of Ethereum this week was $1.478, decresead by 2.12%.

The average number of distinct miners per day in Ethereum decreased by 4.23% from last week. From July 27, 2020- August 2, 2020, the average number of distinct miners per day in Ethereum this week was 52.1, decreased by 4.23% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of August 2, 2020, there were 10279 Bitcoin nodes, decreased by 0.23% compared to last week, of which 1907 nodes were in the U.S, 1782 nodes were Germany, and 178 nodes were in China(№10), each accounting for 18.55%, 17.34% and 1.73% of the total number of Bitcoin nodes, respectively.

As of August 2, 2020, there were 5602 Ethereum nodes, decreased by 33.97% from the previous week. Specifically, there were 1459 nodes in the U.S, 770 nodes in China, and 570 nodes in Singapore, each accounting for 26.04%, 13.6675%, 10.17% 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 August 2,2020, the total number of Bitcoin addresses was 52083351 increased by 320986 (0.62%).

ZSC was the most active project on GitHub this week. From July 27, 2020 — August 2, 2020, Zeusshield was the active project repository on GitHub with a total of 84 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 957k, 614k and 174k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 954.6k, and 514k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Cambodia has tested the central bank’s digital currency and is expected to be put into operation this quarter

It is reported that at the beginning of this year, the Central Bank of Cambodia announced that it would launch a national blockchain based digital currency in the first quarter of 2020. The central bank’s digital currency, known as “Bakong,” was not fully operational by the first month of the third quarter. On July 27, CheA serey, President of the National Bank of Cambodia, said in an interview with reporters that Bakong had started its trial operation this month and is now expected to be put into operation this quarter. The project has been supported by 11 Cambodian domestic banks. “Bakong will enable all participants in the Cambodian payment sector to play a central role under the same platform, so that end users can easily make payments to each other, regardless of the bank they are in,” serey explained. In the end, we hope to allow cross-border payments through the Bakong system as well. “

2. Internet of things distributed ledger white paper released by US industrial Internet Alliance

IIC officially released the “Internet of things distributed ledger” white paper, the white paper for the first time released the standards and infrastructure of Internet of things distributed technology, focusing on the enterprise scale deployment and enterprise cases in the field of Internet of things. The white paper was published by IIC distributed ledger working group, initiated and drafted by the co chair of iotex, Huawei and Amazon, and jointly written by experts from PwC, ignpower, iexec and other enterprises. The enterprise scenarios under application include Amazon blockchain and quantum ledger database, Ali food traceability, Wal Mart farm to store solution, Bosch transportation, Deloitte automobile supply chain, etc Musk & IBM Global trade platform, etc.

3. NEAR Integrates Chainlink Data Oracles

NEAR blockchain protocol integrates Chainlink’s data oracles and considers using its verifiable randomness function for better gaming and DeFi applications. NEAR, a blockchain protocol similar to what Ethereum 2.0 aspires to be, has become the latest project to integrate Chainlink (LINK) decentralized data oracles. NEAR blockchain is built around a new consensus algorithm called Doomslug. Notably, it employs sharding to achieve scalability. According to co-founder Illia Polosukhin, what makes NEAR different from a lot of other blockchains is user-friendliness; development environment and end-user interface are often challenging and cumbersome. He said:“So if you think of gaming applications, many of them have not managed to get to the market because users cannot figure out how to even start playing right now. They need to install stuff and to buy stuff, etc. So we are really focused on building a full stack of tools, but also making sure the developer can really easily onboard users into the platform.”

3.2 International Policies

1. Dubai Debuts Nationwide Data Platform Powered by Blockchain

The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform. This platform is set to become a nationwide system for exchanging verified customer data. First revealed in February 2020, the new blockchain platform is designed to unlock digital customer onboarding, instant bank account functions, and verified KYC data sharing between licensing authorities and financial institutions. Announcing the news on July 28, the DED and Emirates NBD said that the platform has over 120 companies already on-boarded by the bank with active bank accounts.According to the announcement, Emirates NBD is the first bank to go live on the platform at launch. The bank will primarily work with small and medium-sized enterprises, enabling them to on-board digitally. They will also be able to instantly open bank accounts through Emirates NBD’s E20 Digital Business Bank.During the first stage of the project, Dubai Economy moved all active trade licenses onto the blockchain platform, amounting to more than 40% of all active trade licences in the UAE.

2. Dutch Regulator Approves Tokenized Real Estate Crowdfunding Platform

The Netherlands’ financial regulator has approved the blockchain-powered real estate crowdfunding platform Max Crowfund. Max Crowdfund, a blockchain-powered real estate crowdfunding platform connecting property developers and investors, has received approval from the Financial Markets Authority in the Netherlands.With approval from the AFM, Max Property Group — the platform’s parent company — will commence the platform’s roll-out in partnership with distributed ledger technology provider Jelurida.Investors pay a one-time fee equal to 0.1% of their investment, in addition to monthly administration fees of 0.1%. The fees will be used to purchase and burn MPG’s utility tokens. The platform seeks to democratize real estate investment, with investors able to gain exposure from as little as 100 euro ($117.50). Developers and investors are able to raise money from the public using the platform, and can pitch to an international audience.The platform is the first of its kind to be greenlit by the Dutch financial regulator, and will be available as an app on both iOS and Android.

3. Indian PM Backs Blockchain as ‘Frontier Technology’

The Prime Minister of India, Narendra Modi, has endorsed blockchain as an ‘opportunity in frontier technology’, renewing hopes that the country is warming to cryptocurrencies.In a keynote address at the India Ideas Summit, hosted by the US-India Business Council on Wednesday, India’s Prime Minister Narendra Modi pitched the country as a haven for multinational investors. Part of the speech included an endorsement for blockchain as an investment opportunity among these ‘frontier technologies’.“Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Blockchain and Internet of things,”Modi added that half a billion people in India have already been connected to the internet and another half a billion are awaiting connection. This presents a major opportunity for companies to expand into a large market, he said.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, HashQuark got tens of million dollars in A round investment from Qi Ming VC,Fen Bushi Capital etc., Circle Internet Financial got 25 million dollars in strategic investment from Digital Currency Group.

Huobi Research

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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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