Huobi Research Weekly (Vol.133) 2020.9.21–2020.9.27)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.40%, with 56 projects decreased in value to varying degrees. According to coinmarketcap, as of September 27, 2020, the total market cap of cryptocurrencies was 349.7 billion U.S. dollars, decreased of 0.40%, and the total market cap of the top 100 cryptocurrencies was 337.5 billion U.S. dollars, decreased by 1.10% from last week. 5 cryptocurrency projects entered the top 100 this week, namely BTRS、SOL、CVT、TMTG and SXP. As of September 27, 2020, Bitcoin was traded at 10774.43USD, 1.46% lower than its price last week. Ethereum was traded at 357.32USD, 3.62% lower than its price last week.

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

The average bitcoin Hashrate for the entire network reached 136.7EH/s, decreased by 4.47% from the previous week.Average Hashrate for the entire Ethereum network was 251.91TH/s this week, increased by 2.31%. Average difficulty for mining Bitcoin this week was 19.31T, increased by 11.36% from last week. The average difficulty of mining Ethereum this week was 3183.51TH, increased by 2.35% from that of previous week.

In network activity, the average size of each block was 1.31MB, increased by 4.80% from last week; there were on average 1841 transactions recorded in each block, decreased by 7.44% from the previous week. The average number of transactions per block in Ethereum this week was 164.7, decreased by 5.99%. The average size of each block was 38084.85 bytes, decreased by 9.57% compared to last week. Average transaction fees of Bitcoin this week was $1.615, decreased by 8.71% from last week. Average transaction fees of Ethereum this week was $2.248, decresead by 52.79%. The total number of Bitcoin addresses was 54103040 increased by 264772 (0.49%). Bitcoin cash was the most active project on GitHub this week, with 36 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, KGN got 20 million dollars in strategic investment from Texas Pacific Group and Duo fang capital, PureStake got 1.4 million dollars in seed round investment from Hypersphere Ventures lead.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.40%, with 56 projects decreased in value to varying degrees. According to coinmarketcap, as of September 27, 2020, the total market cap of cryptocurrencies was 349.7 billion U.S. dollars, decreased of 0.40%, and the total market cap of the top 100 cryptocurrencies was 337.5 billion U.S. dollars, decreased by 1.10% from last week, among which, BTRS had the largest increased of 267.24%, bringing its market cap ranking from №200 to №82, CELO had the largest decreased of -32.91%, bringing its market cap ranking from №40 to №58. In addition, there were 5 projects that entered TOP100, namely, SXP (Swipe, increased 12.81%, Now №98), SOL (Solana, increased 15.17%, Now №97), CVT (CyberVein, increased 22.29%, Now №91), TMTG (The Midas Touch Gold, increased 43.72%, Now №96),BTRS (Bitball Treasure, increased 267.24%, Now №82). As of September 27, 2020, Bitcoin was traded at 10774.43USD, 1.46% lower than its price last week. Ethereum was traded at 357.32USD, 3.62% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 23.31% compared with the same period of last week. In this week, 29 of the top 100 projects increased in 24h trading volume, led by ENJ with a weekly increase of 669.42%; there were 69 projects decreased in their 24h trading volume, there were 38 projects that saw over 20% decrease in their 24h trading volume, while 13 projects fell by more than 50%, led by CELO, with a decreased of -95.84%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On September 27, 2020, the overall market cap of the top 10 cryptocurrencies was 287.7 billion USD, decreased by 1.52% from last week, accounting for 82.27% of the total market capitalization of cryptocurrencies, decreased by 0.94% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 57.00%, decreased by 0.62% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform Project got the largest decrease. The average market cap of Asset-backed Project got the largest decrease. As of September 27, 2020, the total market cap of coin projects reached 229.8 billion USD, decreased by 0.91%. The average market cap of coin projects reached 5.43 billion USD, decreased by 7.99%. The total market cap of platform projects reached 59.3 billion USD, decreased by 2.75%. The average market cap of platform projects reached 2.04 billion USD, increased by 3.95%. The total market cap of application class projects reached 32.2 billion USD, decreased by 0.55%. The average market cap of application class projects reached 1.29 billion USD, increased by 7.41%. The total market cap of asset-backed token projects reached 16.1 billion USD, increased by 1.43%. The average market cap of asset-backed token projects reached 4.03 billion USD, decreased by 23.93%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of September 27,2020 among the top 100 projects, the number of coin class projects increase 3, application class projects decrease 2, platform class projects decrease 2,and asset-backed token class increase 1.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 decreased but Ethereum increased by this week. From September 21, 2020- September 27, 2020 ,the average bitcoin Hashrate for the entire network reached 136.7EH/s, decreased by 4.47% from the previous week.

Average Hashrate for the entire Ethereum network was 251.91TH/s this week, increased by 2.31%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of September 27, 2020, average difficulty for mining Bitcoin this week was 19.31T, increased by 11.36% from last week. The average difficulty of mining Ethereum this week was 3183.51TH, increased by 2.35% from that of previous week.

The number of blocks in Bitcoin decreased by 9.81%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks decreased 5.90%. In the past week, Bitcoin mined 1011 blocks, decreased by 9.81% from the previous week. Among the top five pools were F2Pool、BTC.com、Poolin、AntPool、 Huobi.pool, these 5 pools mined 171、157、133、113 and 106 blocks respectively, accounting for 16.91%、15.53%、13.16%、11.18% and 10.48% of all Bitcoins mined this week. The Hashrate was 23.43 EH/s、21.51EH/s、18.22EH/s、15.48EH/s and 14.52EH/s, respectively.

In the past week, Ethereum’s entire network mined 46308 blocks, decreased 5.90% from the previous week. The top five pools were SparkPool, Ethermine, ,F2pool, Zhizhu.top, and Nanopool, each mined 10941、10022、4381、3846 and 2726 blocks respectively, accounting for 23.6266%、21.6420%、9.4606%、8.3053% and 5.8867% of all Ethereum mined this week, respectively.

2.2 Activity Statistics

The average number of transactions per block decreased but the average block size of Bitcoin increased. The average number of transactions per block decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from September 21, 2020- September 27, 2020, the average size of each block was 1.31MB, increased by 4.80% from last week; there were on average 1841 transactions recorded in each block, decreased by 7.44% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 164.7, decreased by 5.99%. The average size of each block was 38084.85 bytes, decreased by 9.57% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 60.49%. Number of unconfirmed transactions in Ethereum increased by 1.34% from the previous week. As of September 27, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 5638, increased by 60.49% from last week. There were 156765.55 unconfirmed transactions in the Ethereum network, increased by 1.34% from last week, with the lowest amount of unconfirmed transactions in the week being 144317 and the highest amount being 175131.

Total transaction fees of Bitcoin decreased and Ethereum decreased. As of September 27, 2020, average transaction fees of Bitcoin this week was $1.615, decreased by 8.71% from last week. Average transaction fees of Ethereum this week was $2.248, decresead by 52.79%.

The average number of distinct miners per day in Ethereum increased by 1.81% from last week. From September 21, 2020- September 27, 2020, the average number of distinct miners per day in Ethereum this week was 56.2, increased by 1.81% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum increased this week. As of September 27, 2020, there were 10470 Bitcoin nodes, increased by 1.22% compared to last week, of which 1829 nodes were in the Germany, 1825 nodes were U.S, and 184 nodes were in China(№11), each accounting for 17.47% and 17.43% of the total number of Bitcoin nodes, respectively.

As of September 27, 2020, there were 8909 Ethereum nodes, increased by 7.92% from the previous week. Specifically, there were 2284 nodes in the U.S, 1373 nodes in China, and 945 nodes in Germany, each accounting for 25.64%, 15.41%, 10.61% 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 27, 2020, the total number of Bitcoin addresses was 54103040 increased by 264772 (0.49%).

BCH was the most active project on GitHub this week. From September 21, 2020 — September 27, 2020, Bitcoin cash was the active project repository on GitHub with a total of 36 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 , 969k, and 535k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Brazil plans to track COVID-19 vaccinations using blockchain tech

In the midst of a country-wide COVID-19 vaccination effort, Brazil looks to add blockchain-based tracking to the equation. Brazil now plans to use a blockchain-based system called the National Health Data Network, or RNDS. Constructed using the Hyperledger Fabric blockchain framework, the system keeps tabs on anyone who has received a COVID-19 vaccination, said the Ministry of Health’s coordinator of systems development, Elmo Raposo Oliveira. Following each injection, the system receives data regarding which folks got the vaccine, and uploads that data to the blockchain. The system reportedly allows for greater case and vaccine tracking, data efficiency and clarity. RNDS also includes other patient information, such as treatments and medications received.

2. Blockchain tech is helping to reduce the impact of deforestation in Brazil

Major meat processing company JBS S.A., has repeatedly come under fire for allegedly contributing to the illegal deforestation of the Amazon rainforest. They are now using blockchain technology to create a unique solution to the problem.According to a Sept. 23 report from Reuters, JBS said it plans to launch a blockchain-based traceability system for its meat supply chain to ensure it does not buy livestock from farms that are known to have illegally felled trees.The company has previously only monitored the final link in the meat supply chain, meaning any of the reportedly 50,000 ranches in Brazil doing business with JBS could have received cattle from indirect suppliers responsible for illegal deforestation. A July report by U.K. news outlet The Guardian alleges that the company had been in contact with at least one indirect supplier who had already been sanctioned for cutting down sections of the Amazon to increase the size of its pastures. Following these reports, JBS CEO Gilberto Tomazoni said the company plans to monitor all of its indirect cattle suppliers by 2025 using its blockchain tracing system.

3. Austrian gin makers to use blockchain to guarantee bottles’ rarity

The Stin, an Austrian-based gin distiller, is set to use ICON (ICX), South Korea’s largest public blockchain project, to transparently track its supply chain.An Austrian blockchain firm, block42, will be combining near-field communication (NFC) technology with the ICON blockchain to maximize the security of the tracking system.NFC chips and devices function as electronic identity documents and keycards and are currently used in contactless payment systems and mobile payments services that replace credit cards.For The Stin’s supply chain, block42 will be fitting 999 bottles of the distiller’s limited-edition gin with crypto-enabled NFC chips. These enable consumers to scan the bottles in order to check their authenticity and track the total number of bottles still available in the limited edition series. In an official statement, ICON’s founder Min Kim said that he was strongly supportive of the use of the ICON blockchain for scarcity tracking. Kin said that the technology can offer a key way to preserve “the high value of limited editions and other rare goods” through more reliable tracking systems.

3.2 International Policies

1. Crypto mining activities are now regulated by the Venezuelan gov

Venezuela’s National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, has issued the first decree to officially regulate all crypto mining activities. In order to qualify, miners will need to meet specific requirements.An official announcement was first published in the Gaceta Oficial and signed by the head of the SUNACRIP, Joselit Ramirez. It stated that residents in Venezuela who are interested in mining Bitcoin (BTC) and other cryptocurrencies must request a license and join the so-called “national pool.” The legal framework asks people to disclose what kind of activities they would like to do in crypto mining, such as trading, importing, or using mining equipment. The government will also issue a special license for those who want to manufacture ASIC mining hardware or build mining farms.The decree also states that the SUNACRIP “may” offer benefits, incentives, and even “tax exemptions to encourage miners to join the national pool.” However, if Venezuelan crypto miners don’t join the national pool, they’ll be subject to the Comprehensive Crypto Assets System’s sanctions.

2. European Commission to launch blockchain regulatory sandbox by 2022

The European Commission in collaboration with the 30-country alliance called the European Blockchain Partnership (EBP) plans to launch a pan-European blockchain regulatory sandbox by 2022.Per an update to the official webpage for the commission’s Digital Innovation and Blockchain team on Sep. 23, the European Commission will work with EBP on the sandbox to test use cases of blockchain and digital assets in the European Blockchain Services Infrastructure, or EBSI. The EBSI is a joint initiative of the European commission and the EBP that aims to deliver cross-border digital public services across the EU using blockchain technology.Outside of the EBSI, the sandbox would also test use cases such as data portability, smart contracts and digital identity in sectors including health, environment, mobility and energy.The Digital Innovation and Blockchain team also mentioned that the commission was paying special attention to developing a regulatory framework that will support the digitization of assets through tokenization and also smart contracts.

3. Indian state of Tamil Nadu announces blockchain infrastructure plan

The Indian state of Tamil Nadu unveils new technology projects, including a blockchain infrastructure, to create easier government processes. The project will be implemented by establishing and leveraging the State Family Database (SFDB) and Blockchain Backbone infrastructure. The blockchain infrastructure functions as a single source of truth for all government data and processes. It may also be used to reimagine governance and encourage blockchain use in the state. By launching the Blockchain Backbone infrastructure, the state also acknowledges the need to create a forum to promote collaboration between industry, start-ups, and academia to build an ecosystem. The state of Tamil Nadu has also reportedly adopted an ethical artificial intelligence policy that aims to take advantage of the advantages of AI while keeping it safe and ethically compatible with human values. It also adopted a policy similar to cybersecurity to protect information and combat cybercrimes.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, KGN got 20 million dollars in strategic investment from Texas Pacific Group and Duo fang capital, PureStake got 1.4 million dollars in seed round investment from Hypersphere Ventures lead.

Huobi Research

About Us:

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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Disclaimer:

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.

2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Huobi Research have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.

3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

4. This report only reflects the opinions from Huobi Research on the day it was finalized. Future market condition changes may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.

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Blockchain industry top think tank, affiliated to Huobi Group.

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Blockchain industry top think tank, affiliated to Huobi Group.

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