Huobi Research Weekly (Vol.169) (2021.6.7–2021.6.13)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 1.98%, with 81 projects decreased in value to varying degrees. According to coinmarketcap, as of June 13, 2021, the total market cap of cryptocurrencies was 1629.1 billion U.S.dollars, decreased of 1.98%, and the total market cap of the top 100 cryptocurrencies was 1590.3 billion U.S. dollars, decreased by 0.21% from last week. 3 cryptocurrency projects entered the top 100 this week, namely QNT, AMP and KCS. As of June 13, 2021, Bitcoin was traded at 39097.86USD, 9.05% higher than its price last week. Ethereum was traded at 2508.39USD, 7.54% lower than its price last week.

The hashrate of Bitcoin decreased but 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 decreased and the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin increased but Ethereum decreased. LINK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 136.3EH/s, decreased by 9.74% from the previous week. Average Hashrate for the entire Ethereum network was 604.36TH/s this week, increased by 0.56%. Average difficulty for mining Bitcoin this week was 21.04T, as same as last week. The average difficulty of mining Ethereum this week was 7729.31TH, increased by 0.70% from that of previous week.

In network activity, the average size of each block was 1.49 MB, increased by 37.96% from last week; there were on average 1688 transactions recorded in each block, increased by 13.67% from the previous week. The average number of transactions per block in Ethereum this week was 183.0, decreased by 7.95%. The average size of each block was 51355.14 bytes, decreased by 0.24% compared to last week. Average transaction fees of Bitcoin this week was $5.695, increased by 2.06% from last week. Average transaction fees of Ethereum this week was $3.992, decresead by 4.95% from last week. The total number of Bitcoin addresses was 73978203, increased by 259039 (0.35%). Chainlink was the most active project on GitHub this week, with 32 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 Ethereum.

2 investments activities took place in the blockchain industry this week, Luxor got 5 million dollars in A round investment from NYDIG leading,Unchained Capital got 25 million dollars in strategic investment from NYDIG leading.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 1.98%, with 81 projects decreased in value to varying degrees. According to coinmarketcap, as of June 13, 2021, the total market cap of cryptocurrencies was 1629.1 billion U.S.dollars, decreased of 1.98%, and the total market cap of the top 100 cryptocurrencies was 1590.3 billion U.S. dollars, decreased by 0.21% from last week, among which, XTZ had the largest increased of 37.13%, bringing its market cap ranking from №49 to №40, ICP had the largest decreased of -35.84%, bringing its market cap ranking from №11 to №18. In addition, there were 3 projects that entered TOP100, namely, KCS (KuCoin Token, increased 1.03%, Now №97), QNT (Quant, increased 30.30%, Now №98), AMP (Amp, increased 32.01%, Now №44). As of June 13, 2021, Bitcoin was traded at 39097.86USD, 9.05% higher than its price last week. Ethereum was traded at 2508.39USD, 7.54% lower than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 17.46% compared with the same period of last week. In this week, 59 of the top 100 projects increased in 24h trading volume, led by CHZ with a weekly increased of 286.26%; there were 41 projects decreased in their 24h trading volume, there were 20 projects that saw over 20% decrease in their 24h trading volume, while 3 projects fell by more than 50%, led by WAVES, with a decreased of -70.64%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On June 13, 2021, the overall market cap of the top 10 cryptocurrencies was 1333.7 billion USD, increased by 1.36% from last week, accounting for 81.87% of the total market capitalization of cryptocurrencies, increased by 2.70% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 44.96%, increased by 4.55% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Application project got the largest decrease. The average market cap of Application project got the largest decrease. As of June 13, 2021, the total market cap of coin projects reached 944.5 billion USD, increased by 5.13%. The average market cap of coin projects reached 19.2 billion USD, increased by 5.13%. The total market cap of platform projects reached 432.3 billion USD, decreased by 7.82%. The average market cap of platform projects reached 18.7 billion USD, decreased by 7.82%. The total market cap of application class projects reached 148.8 billion USD, decreased by 8.02%. The average market cap of application class projects reached 5.95 billion USD, decreased by 8.02%. The total market cap of asset-backed token projects reached 64.7 billion USD, increased by 0.44%. The average market cap of asset-backed token projects reached 21.5 billion USD, increased by 0.44%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of June 13, 2021, among the top 100 projects, the number of coin class projects, application class projects, asset-backed token class projects and platform class both remain the same.The largest overall market cap by segment was still coin projects, accounting for 59.39% 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 June 7, 2021- June 13, 2021, the average bitcoin Hashrate for the entire network reached 136.3EH/s, decreased by 9.74% from the previous week.

Average Hashrate for the entire Ethereum network was 604.36TH/s this week, increased by 0.56%.

This week, the difficulty of mining Bitcoin not changed and Ethereum increased. As of June 13, 2021, average difficulty for mining Bitcoin this week was 21.04T, as same as last week. The average difficulty of mining Ethereum this week was 7729.31TH, increased by 0.70% from that of previous week.

The number of blocks in Bitcoin decreased by 10.63%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 2.40%. In the past week, Bitcoin mined 900 blocks, decreased by 10.63% from the previous week. Among the top five pools were AntPool、F2Pool、Poolin、ViaBTC、 BTC.com, these 5 pools mined 121、120、118、109 and 95 blocks respectively, accounting for 13.44%、13.33%、13.11%、12.11% and 10.56% of all Bitcoins mined this week. The Hashrate was 18.09EH/s、17.94EH/s、17.64EH/s、16.30EH/s and 14.20EH/s, respectively.

In the past week, Ethereum’s entire network mined 47511 blocks, increased by 2.40% in the previous week. The top five pools were SparkPool, Ethermine, F2pool Old, Hiveon Pool and BeePool, each mined 11739、9897、4685、2573 and 2396 blocks respectively, accounting for 24.7080%、20.8310%、9.8609%、5.4156% and 5.0430% 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 decreased and the average block size of Ethereum decreased this week. According to blockchain.info, from June 7, 2021- June 13, 2021, the average size of each block was 1.49 MB, increased by 37.96% from last week; there were on average 1688 transactions recorded in each block, increased by 13.67% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 183.0, decreased by 7.95%. The average size of each block was 51355.14 bytes, decreased by 0.24% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 49.39%. Number of unconfirmed transactions in Ethereum decreased by 6.33% from the previous week. As of June 13, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 1201, decreased by 49.39% from last week. There were 145308.13 unconfirmed transactions in the Ethereum network, decreased by 6.33% from last week, with the lowest amount of unconfirmed transactions in the week being 15186 and the highest amount being 169317 `.

Total transaction fees of Bitcoin increased but Ethereum decreased. As of June 13, 2021, average transaction fees of Bitcoin this week was $5.695, increased by 2.06% from last week. Average transaction fees of Ethereum this week was $3.992, decresead by 4.95% from last week.

The average number of distinct miners per day in Ethereum increased. From June 7, 2021- June 13, 2021, the average number of distinct miners per day in Ethereum this week was 49.7, increased by 0.40% from last week.

The number of nodes in Bitcoin decreased by 1.19% ,The number of nodes in Ethereum increased by 3.37% this week. As of June 13, 2021, there were 9552 Bitcoin nodes, decreased by 1.19% compared to last week, of which 1668 nodes were in Germany, 1640 nodes were in U.S, and 167 nodes were in China(№10), each accounting for 17.46%, 17.17% and 1.75% of the total number of Bitcoin nodes, respectively.

As of June 13, 2021, there were 4106 Ethereum nodes, increased by 3.37% from the previous week. Specifically, there were 1447 nodes in the U.S, 791 nodes in Germany, and 317 nodes in China, each accounting for 35.97%, 19.26%, 7.72% 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 June 13, 2021, the total number of Bitcoin addresses was 73978203, increased by 259039 (0.35%).

LINK was the most active project on GitHub this week. From June 7, 2021 — June 13, 2021, Chainlink was the active project repository on GitHub with a total of 32 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 950k, 625k and 230k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.7million , 1.8million, and 1.3million followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Spanish seafood firm partners with IBM for supply chain tracking

Spanish-based seafood firm, Nueva Pescanova Group, has announced its working with IBM to utilize its Food Trust platform — a distributed ledger technology platform designed for supply chain traceability.According to a June 8 announcement from IBM, the partnership is already underway, with Nueva Pescanova utilizing blockchain technology to track shrimp fishing in Argentina and prawn cultivation in Ecuador.In the announcement, Ignacio González, the CEO of the Nueva Pescanova Group, stated the tracability platform will help the firm in meeting the United Nation’s Global Dialogue on Seafood Traceability (DGST) standards. IBM’s Food Trust traceability platform was designed for the food industry, enabling members of the network to view comprehensive supply chain data from products in “near real-time” — offering significant efficiency savings to producers, minimizing fraud across the global market, and ensuring safety and sustainability obligations are met.

2. Tracking IVF progress on the blockchain

Enterprise blockchain VeChain, in partnership with Shanghai’s Renji Hospital, has announced the launch of a smart medical care project dubbed “MyBaby” — a blockchain-based In-Vitro fertilization (IVF) service application.The project also includes collaboration with Vechain partner DNV — with the latter working with VeChain to provide supply chain governance along with product and digital assurance for the project. The MyBaby project aims to improve the IVF process by enabling families to transparently see all of the data associated with the development of eggs into embryos traced on blockchain. VeChain believes the MyBaby app has the ability to ease anxiety, depression and stress associated with the IVF cycle.As part of the MyBaby service, all information and data trails from the IVF process, including “imagery produced by medical tools to the delivery of the zygote itself” will be uploaded on the VeChainThor blockchain — with the information only accessible to authorized users of the MyBaby Application.

3. Austrian Blockchain Company Builds Platform to Tokenize Solar Energy

A Vienna-based blockchain interface company, has built a platform for consumers to invest in energy produced by solar power through tokenization. The platform tokenizes output of solar-panel assets and allows customers to pay bills according to the power produced. Riddle&Code Energy Solutions teamed up with Austrian energy provider Wien Energie to build MyPower, an announcement Monday said.MyPower tokenizes solar-panel assets, allowing customers to purchase shares in Austria’s solar-energy industry.In the early stages of the project, a limited number of customers bought shares in a small solar-panel plant, for which they received tokens based on the energy produced by the plant.The users were able to use the tokens to pay their electricity bills.

3.2 International Policies

1. Iranian president calls for legal framework for crypto trading

Iran is looking for ways to introduce a legal framework for cryptocurrencies, while Bitcoin (BTC) mining remains under embargo in the country. During the cabinet’s Economic Coordination Board meeting, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.Rouhani said the country must pay attention to the legal and technical requirements regarding crypto and digital currencies.Noting the risks of cryptocurrency trading, Rouhani stressed that people’s awareness in this field is necessary to avoid unprofessional entries:“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”Rouhani called for a joint study between different parties to establish a legal framework for cryptocurrencies. “The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws,” he said.

2. World Economic Forum releases policy toolkit for DeFi regulations

With regulated decentralized finance (reg-DeFi) becoming a topic of discussion within and outside the crypto space, the World Economic Forum (WEF) has published a policy toolkit on DeFi. The WEF’s policy toolkit for decentralized finance seeks to promote, fair, efficient, enforceable regulations for the emerging digital-asset marketplace. The WEF reportedly partnered with the Blockchain and Digital Asset Project at the Wharton School of the University of Pennsylvania. DeFi entrepreneurs, legal experts and financial regulators also collaborated with the WEF to develop the toolkit. WEF stated that its toolkit offers a foundational basis for examining critical factors concerning DeFi regulations. With national and intergovernmental bodies seeking to craft and enforce DeFi regulations, some stakeholders say smaller startups in the emerging industry might become disenfranchised.

3. Ghana gearing for central bank digital currency pilot

The Bank of Ghana (BoG) is reportedly moving towards the introduction of a central bank digital currency (CBDC) experiment.Speaking during a news conference in Ghana’s capital, Accra, Ernest Addison, governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC. According to the BoG governor, the final stage will involve a pilot study to finalize issues concerning feasibility before the CBDC goes into national circulation.Detailing the process made so far, Addison said that the design phase is already nearing completion with the implementation team on standby for phase two. The pilot study will reportedly involve a limited rollout of the planned e-cedi for mobile payments.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Luxor got 5 million dollars in A round investment from NYDIG leading,Unchained Capital got 25 million dollars in strategic investment from NYDIG leading.

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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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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