Huobi Research Weekly (Vol.132) 2020.9.14–2020.9.20)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.36%, with 41 projects increased in value to varying degrees. According to coinmarketcap, as of September 20, 2020, the total market cap of cryptocurrencies was 351.1 billion U.S. dollars, increased of 4.36%, and the total market cap of the top 100 cryptocurrencies was 341.3 billion U.S. dollars, increased by 3.43% from last week. 5 cryptocurrency projects entered the top 100 this week, namely ICH、HYN、RSR、ABBC and CEL. As of September 20, 2020, Bitcoin was traded at 10938.27USD, 5.99% higher than its price last week. Ethereum was traded at 371.05USD, 1.59% higher than its price last week.

The hashrate of Bitcoin increased and Ethereum increased by this week. This week, the difficulty of mining Bitcoin not changed and the difficulty of mining Ethereum increased. The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week.The average transaction fees of Bitcoin decreased and Ethereum increased. BCH was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 143.1EH/s, increased by 8.49% from the previous week. Average Hashrate for the entire Ethereum network was 246.21TH/s this week, increased by 2.44%. Average difficulty for mining Bitcoin this week was 17.34T, as same as last week. The average difficulty of mining Ethereum this week was 3110.35TH, increased by 2.72% from that of previous week.

In network activity, the average size of each block was 1.25MB, increased by 17.92% from last week; there were on average 1989 transactions recorded in each block, increased by 12.63% from the previous week. The average number of transactions per block in Ethereum this week was 175.2, increased by 8.35%. The average size of each block was 42114.00 bytes, increased by 14.53% compared to last week. Average transaction fees of Bitcoin this week was $1.769, decreased by 12.03% from last week. Average transaction fees of Ethereum this week was $4.762, incresead by 60.50%. The total number of Bitcoin addresses was 53838268 increased by 250635 (0.47%). Bitcoin cash was the most active project on GitHub this week, with 34 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, Hanlin business college got bought by Asian blockchain finance business college, DeFiner got strategic investment from Signum Capital.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 4.36%, with 41 projects decreased in value to varying degrees. According to coinmarketcap, as of September 20, 2020, the total market cap of cryptocurrencies was 351.1 billion U.S. dollars, increased of 4.36%, and the total market cap of the top 100 cryptocurrencies was 341.3 billion U.S. dollars, increased by 3.43% from last week, among which, HYN had the largest increased of 266.75%, bringing its market cap ranking from №155 to №67, FXC had the largest decreased of -58.21%, bringing its market cap ranking from №47 to №86. In addition, there were 5 projects that entered TOP100, namely, RSR (Reserve Rights, increased 12.81%, Now №97), CEL (Celsius, increased 49.57%, Now №74), ABBC (ABBC Coin, increased 72.10%, Now №83), ICH (Idea Chain Coin, increased 77.02%, Now №85),HYN (Hyperion, increased 266.75%, Now №67). As of September 20, 2020, Bitcoin was traded at 10938.27USD, 5.99% higher than its price last week. Ethereum was traded at 371.05USD, 1.59% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 44.51% compared with the same period of last week. In this week, 32 of the top 100 projects increased in 24h trading volume, led by CELO with a weekly increase of 2076.54%; there were 65 projects decreased in their 24h trading volume, there were 43 projects that saw over 20% decrease in their 24h trading volume, while 16 projects fell by more than 50%, led by XMR, with a decreased of -98.30%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On September 20, 2020, the overall market cap of the top 10 cryptocurrencies was 292.1 billion USD, increased by 3.88% from last week, accounting for 83.21% of the total market capitalization of cryptocurrencies, decreased by 0.38% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 57.62%, increased by 0.89% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Coin Project got the largest increase. The average market cap of Coin Project got the largest increase. As of September 20, 2020, the total market cap of coin projects reached 231.9 billion USD, increased by 4.40%. The average market cap of coin projects reached 5.94 billion USD, increased by 12.43%. The total market cap of platform projects reached 60.9 billion USD, increased by 3.30%. The average market cap of platform projects reached 1.96 billion USD, decreased by 0.03%. The total market cap of application class projects reached 32.4 billion USD, increased by 1.96%. The average market cap of application class projects reached 1.20 billion USD, decreased by 10.15%. The total market cap of asset-backed token projects reached 15.8 billion USD, increased by 3.73%. The average market cap of asset-backed token projects reached 5.29 billion USD, increased by 3.73%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of September 20,2020 among the top 100 projects, the number of coin class projects decrease 3, application class projects increase 2, platform class projects increase 1,and asset-backed token class reamin the same.The largest overall market cap by segment was still coin projects, accounting for 67.97% 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 September 14, 2020- September 20, 2020 ,the average bitcoin Hashrate for the entire network reached 143.1EH/s, increased by 8.49% from the previous week.

Average Hashrate for the entire Ethereum network was 246.21TH/s this week, increased by 2.44%.

This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of September 20, 2020, average difficulty for mining Bitcoin this week was 17.34T, as same as last week. The average difficulty of mining Ethereum this week was 3110.35TH, increased by 2.72% from that of previous week.

The number of blocks in Bitcoin increased by 1.36%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings had changed, the number of blocks increased 0.69%. In the past week, Bitcoin mined 1121 blocks, increased by 1.36% from the previous week. Among the top five pools were BTC.com、F2Pool、Poolin、AntPool、 Huobi.pool, these 5 pools mined 201、166、154、103 and 103 blocks respectively, accounting for 17.93%、14.81%、13.74%、9.19% and 9.19% of all Bitcoins mined this week. The Hashrate was 24.93EH/s、20.59EH/s、19.10EH/s、12.78EH/s and 12.78EH/s, respectively.

In the past week, Ethereum’s entire network mined 49213 blocks, increased 0.69% from the previous week. The top five pools were SparkPool, Ethermine, ,F2pool, Zhizhu.top, and Nanopool, each mined 11605、10974、4607、3903 and 2862 blocks respectively, accounting for 23.5812%、22.2990%、9.3613%、7.9308% and 5.8155% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from September 14, 2020- September 20, 2020, the average size of each block was 1.25MB, increased by 17.92% from last week; there were on average 1989 transactions recorded in each block, increased by 12.63% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 175.2, increased by 8.35%. The average size of each block was 42114.00 bytes, increased by 14.53% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 14.39%. Number of unconfirmed transactions in Ethereum increased by 0.91% from the previous week. As of September 20, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 3513, increased by 14.39% from last week. There were 154687.13 unconfirmed transactions in the Ethereum network, increased by 0.91% from last week, with the lowest amount of unconfirmed transactions in the week being 105188 and the highest amount being 213850.

Total transaction fees of Bitcoin decreased but Ethereum increased. As of September 20, 2020, average transaction fees of Bitcoin this week was $1.769, decreased by 12.03% from last week. Average transaction fees of Ethereum this week was $4.762, incresead by 60.50%.

The average number of distinct miners per day in Ethereum decreased by 0.54% from last week. From September 14, 2020- September 20, 2020, the average number of distinct miners per day in Ethereum this week was 55.2, decreased by 0.54% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of September 20, 2020, there were 10344 Bitcoin nodes, increased by 1.65% compared to last week, of which 1798 nodes were in the Germany, 1726 nodes were U.S, and 192 nodes were in China(№11), each accounting for 17.38% and 16.69% of the total number of Bitcoin nodes, respectively.

As of September 20, 2020, there were 8255 Ethereum nodes, increased by 1.45% from the previous week. Specifically, there were 2191 nodes in the U.S, 1239 nodes in China, and 871 nodes in Germany, each accounting for 26.54%, 15.01%, 10.55% 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 September 20, 2020, the total number of Bitcoin addresses was 53838268 increased by 250635 (0.47%).

BCH was the most active project on GitHub this week. From September 14, 2020 — September 20, 2020, Bitcoin cash was the active project repository on GitHub with a total of 34 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 955k, 624k and 178k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1.1million , 968k, and 533k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Major Asian bank issues credit on SCB-backed blockchain

The Asian Development Bank (ADB), headquartered in the Philippines, has settled its first letter of credit (LC) transaction using the Standard Chartered-backed Contour blockchain network.The trade was a part of ADB’s trade and supply chain program and involved Standard Chartered and the Bank for Investment and Development of Vietnam.ADB’s trade settlement also marked the first blockchain-based cross-border LC transaction between Vietnam and Thailand. Although ADB did not specifically mention how blockchain added to the efficiency of the trade settlement, Steven Beck, the bank’s head of trade and supply chain finance, said that the use of blockchain has made trade more efficient while reducing risk and lowering the barriers to entry for small and medium-sized businesses in developing parts of Asia.Social distancing measures implemented worldwide due to the ongoing pandemic has proven the importance of trade digitization, driving many major entities involved in international trade and supply chain to implement blockchain in a bid to digitize operations, set aside paperwork and resume business.

2. A Malaysian company is developing a blockchain-based app for charities

Malaysia-based company IBF Net said it is seeking to implement blockchain technology in Islamic charities.According to a press release on its blog, blockchain technology will enhance the confidence of existing donors. It will also encourage new donors to give their zakat, a payment made under Islamic law for charitable giving, and sadaqah, or voluntary charity. The product, called RecurPay, will be on the Tezos platform and facilitate recurring and automatic small payments. IBF Net said blockchain technology would create a framework that will allow the donor to ensure that their payments, whether it is zakat, sadaqah, or cash endowments, reach the beneficiaries. If they have donations for a large project that is being implemented in stages, the donor can see the effect of their contribution on specific steps. According to IBF Net CEO Mohammed Alim, the implementation of blockchain technology will bring many advantages to Islamic charity, for example, enhanced transparency, reduced cost of intermediation, and an enhanced donor base like crypto-donors.

3. Renault tests blockchain platform for parts compliance

Luxury carmaker Groupe Renault tested its blockchain project aimed to ease compliance certification of vehicle components. The project, Extended Compliance End-to-End Distributed, or better known as XCEED, grew out of Renault’s partnership with other companies to develop a blockchain supply-chain solution by sharing data. It’s built on the Hyperledger Fabric network and deployed in collaboration with IBM. XCEED tracks and certifies regulatory compliance of vehicle components. Renault tested XCEED in its Douai plant and processed over a million documents with 500 transactions processed per second. XCEED shares compliance Information between parts manufacturers and those who make the cars. Renault said the platform speeds up information sharing, bringing it to real-time delivery. XCEED, the carmaker explained, creates a trusted network to share data with confidentiality.

3.2 International Policies

1. South Korean gov pledges to bring blockchain voting into people’s homes

The Blockchain frenzy in South Korea has now reached the housing sector, with the national government pledging $1.27 million in funding for a blockchain-based platform that targets apartment residents across the country.According to ZDNet Korea, the South Korean Ministry of Science, or ICT, chose a local firm, Ksign, to develop a contact-free platform which will let residents engage with electronic voting, parking space management, and other housing-based governance measures.The platform will also aid with social distancing, said the announcement. The project’s creators further noted that they expect it will “strengthen public health in the apartment spaces.”Homeowners, residents, and management will be able to use the platform, which will also provide video conferencing and electronic payment solutions.Keo Ja-in, vice president of Ksign, commented on the upcoming platform:”We are developing a DID that can be applied to the token ecosystem by controlling personal information and verifying the identity by controlling personal information. The goal is to also create a token ecosystem that can be used in any store.”

2. Russia’s largest bank joins blockchain trade finance platform

A subsidiary of Sberbank, Russia’s largest bank, has joined a blockchain-based platform for commodity trade finance.Sberbank Switzerland AG has signed an agreement with Swiss trade finance platform Komgo to apply its blockchain-powered trade finance service. Evgeny Kravchenko, head of trade finance at Sberbank, outlined that commodity trade finance is a strategic business of Sberbank Switzerland. According to the executive, Russia and the Commonwealth of Independent States countries are the company’s key markets, while Sberbank Switzerland also supports trade flows globally.“In recent years, trade finance digitalization has accelerated dramatically, following the needs of market players,” Kravchenko said, adding that Komgo’s trade finance will further expand the efficiency of Sberbank’s operations.

3. Gibraltar Updates Distributed Ledger Guidance to Match FATF Crypto Rules

The Gibraltar Financial Services Commission (GFSC) has updated its guidance notes for distributed ledger technology (DLT) providers, the regulator announced Thursday. The amended guidance now includes clarity on token issuances and recommendations for risk management. The GFSC has made considerable updates to seven out of the nine guiding principles on which the regulatory framework, launched in 2018, was set up.According to the announcement, the changes reflect the “natural evolution of the defined regulatory principles” to include new developments in the space.The updates include a risk framework to distinguish between virtual assets and virtual asset denominated instruments that are arguably higher risk, the announcement said.The guidance on tokens specifies that following a public token offering, DLT providers will not be allowed to use reserves of internally generated tokens as part of its regulatory capital requirement, and includes a section detailing risks associated with stablecoins.The new updates are part of an ongoing effort to adapt its regulatory framework to include the latest Financial Action Task Force (FATF) recommendations for virtual asset service providers.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Hanlin business college got bought by Asian blockchain finance business college, DeFiner got strategic investment from Signum Capital.

Huobi Research

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