Huobi Research Weekly (Vol.173) (2021.7.5–2021.7.11)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.38%, with 67 projects decreased in value to varying degrees. According to coinmarketcap, as of July 11, 2021, the total market cap of cryptocurrencies was 1424.7 billion U.S.dollars, decreased of 0.38%, and the total market cap of the top 100 cryptocurrencies was 1378.7 billion U.S. dollars, decreased by 3.76% from last week. 3 cryptocurrency projects entered the top 100 this week, namely AXS, ICX and FLOW. As of July 11, 2021, Bitcoin was traded at 34240.19USD, 2.94% lower than its price last week. Ethereum was traded at 2139.66USD, 7.77% lower 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 decreased and the average block size of Bitcoin decreased. The average number of transactions per block increased but the average block size of Ethereum decreased this week. The average transaction fees of Bitcoin decreased but Ethereum increased. LINK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 93.24EH/s, increased by 9.97% from the previous week. Average Hashrate for the entire Ethereum network was 510.52TH/s this week, increased by 4.01%. Average difficulty for mining Bitcoin this week was 15.34T, decreased by 23.03% from last week. The average difficulty of mining Ethereum this week was 6538.54TH, increased by 3.79% from that of previous week.

In network activity, the average size of each block was 1.27 MB, decreased by 9.29% from last week; there were on average 1746 transactions recorded in each block, decreased by 23.22% from the previous week. The average number of transactions per block in Ethereum this week was 189.4, increased by 0.26%. The average size of each block was 53874.71bytes, decreased by 0.46% compared to last week. Average transaction fees of Bitcoin this week was $3.458, decreased by 59.62% from last week. Average transaction fees of Ethereum this week was $3.024, incresead by 1.82% from last week. The total number of Bitcoin addresses was 74650740, increased by 149803 (0.20%). Chainlink was the most active project on GitHub this week, with 27 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, Single.Earth got 7.9 million dollars in seed round investment from EQTVentures leading,Chintai got 7.5 million dollars in seed round investment from Block.one and Cryptology Asset Group leading.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 0.38%, with 67 projects decreased in value to varying degrees. According to coinmarketcap, as of July 11, 2021, the total market cap of cryptocurrencies was 1424.7 billion U.S.dollars, decreased of 0.38%, and the total market cap of the top 100 cryptocurrencies was 1378.7 billion U.S. dollars, decreased by 3.76% from last week, among which, AXS had the largest increased of 115.54%, bringing its market cap ranking from №220 to №70, TEL had the largest decreased of -29.10%, bringing its market cap ranking from №64 to №76. In addition, there were 3 projects that entered TOP100, namely, ICON (ICX, increased 12.22%, Now №96), FLOW (Flow, increased 76.04%, Now №84), AXS (Axie Infinity, increased 115.54%, Now №70). As of July 11, 2021, Bitcoin was traded at 34240.19USD, 2.94% lower than its price last week. Ethereum was traded at 2139.66USD, 7.77% lower than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 19.82% compared with the same period of last week. In this week, 26 of the top 100 projects increased in 24h trading volume, led by STX with a weekly increased of 1033.04%; there were 74 projects decreased in their 24h trading volume, there were 54 projects that saw over 20% decrease in their 24h trading volume, while 6 projects fell by more than 50%, led by XDC, with a decreased of -64.59%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On July 11, 2021, the overall market cap of the top 10 cryptocurrencies was 1378.7 billion USD, decreased by 3.76% from last week, accounting for 81.21% of the total market capitalization of cryptocurrencies, decreased by 3.08% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 45.07%, decreased by 1.19% 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 Platform project got the largest decrease. As of Junly 11, 2021, the total market cap of coin projects reached 820.1 billion USD, decreased by 3.03%. The average market cap of coin projects reached 16.7 billion USD, decreased by 5.01%. The total market cap of platform projects reached 369.3 billion USD, decreased by 6.90%. The average market cap of platform projects reached 16.7 billion USD, decreased by 6.90%. The total market cap of application class projects reached 125.4 billion USD, decreased by 0.08%. The average market cap of application class projects reached 4.64 billion USD, decreased by 0.08%. The total market cap of asset-backed token projects reached 63.7 billion USD, decreased by 1.11%. The average market cap of asset-backed token projects reached 31.8 billion USD, increased by 48.33%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of July 11, 2021, among the top 100 projects, the number of coin class projects increase 1, application class projects remain the same, asset-backed token class projects decrease 1 and platform class remain the same.The largest overall market cap by segment was still coin projects, accounting for 59.49% 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 5, 2021- July 11, 2021, the average bitcoin Hashrate for the entire network reached 93.24EH/s, increased by 9.97% from the previous week.

Average Hashrate for the entire Ethereum network was 510.52TH/s this week, increased by 4.01%.

This week, the difficulty of mining Bitcoin decreased and Ethereum decreased. As of July 11, 2021, average difficulty for mining Bitcoin this week was 15.34T, decreased by 23.03% from last week. The average difficulty of mining Ethereum this week was 6538.54TH, increased by 3.79% from that of previous week.

The number of blocks in Bitcoin increased by 42.36%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.46%. In the past week, Bitcoin mined 941 blocks, increased by 42.36% from the previous week. Among the top five pools were F2Pool、AntPool、ViaBTC、BTC.com、Binance Pool, these 5 pools mined 166、135、133、113 and 97 blocks respectively, accounting for 17.64%、14.35%、14.13%、12.01% and 10.31% of all Bitcoins mined this week. The Hashrate was 16.95EH/s、13.79EH/s、13.58EH/s、11.54EH/s and 9.91EH/s, respectively.

In the past week, Ethereum’s entire network mined 47907 blocks, increased by 0.46% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 12086、9304、4132、3125 and 2780 blocks respectively, accounting for 25.2280%、19.4210%、8.6250%、6.5231% and 5.8029% 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 decreased. The average number of transactions per block increased but the average block size of Ethereum decreased this week. According to blockchain.info, from July 5, 2021- July 11, 2021, the average size of each block was 1.27 MB, decreased by 9.29% from last week; there were on average 1746 transactions recorded in each block, decreased by 23.22% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 189.4, increased by 0.26%. The average size of each block was 53874.71bytes, decreased by 0.46% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 86.02%. Number of unconfirmed transactions in Ethereum increased by 3.24% from the previous week. As of July 11, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 6057, decreased by 86.02% from last week. There were 144950.45 unconfirmed transactions in the Ethereum network, increased by 3.24% from last week, with the lowest amount of unconfirmed transactions in the week being 33355 and the highest amount being 163215.

Total transaction fees of Bitcoin decreased but Ethereum increased. As of July 11, 2021, average transaction fees of Bitcoin this week was $3.458, decreased by 59.62% from last week. Average transaction fees of Ethereum this week was $3.024, incresead by 1.82% from last week.

The average number of distinct miners per day in Ethereum decreased. From July 5, 2021- July 11, 2021, the average number of distinct miners per day in Ethereum this week was 47.8, decreased by 3.82% from last week.

The number of nodes in Bitcoin decreased by 11.14% ,The number of nodes in Ethereum increased by 2.32% this week. As of July 11, 2021, there were 11633 Bitcoin nodes, decreased by 11.14% compared to last week, of which 1846 nodes were in U.S, 1683 nodes were in Germany, and 147 nodes were in China(№11), each accounting for 15.87%, 14.47% and 1.26% of the total number of Bitcoin nodes, respectively.

As of July 11, 2021, there were 3965 Ethereum nodes, increased by 2.32% from the previous week. Specifically, there were 1487 nodes in the U.S, 679 nodes in Germany, and 273 nodes in China, each accounting for 37.50%, 17.12%, 6.89% 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 July 11, 2021, the total number of Bitcoin addresses was 74650740, increased by 149803 (0.20%).

LINK was the most active project on GitHub this week. From July 5, 2021 — July 11, 2021, Chainlink was the active project repository on GitHub with a total of 27 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 948k, 625k and 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 2.8million , 1.9million, and 1.4million followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Oscar-winner Anthony Hopkins’ new film to be sold as NFT on new platform Vuele

Oscar-winner Anthony Hopkins’ new film will be tokenized and sold on an up-and-coming NFT marketplace for movies dubbed “Vuele.”The 83-year-old Hopkins has had a celebrated career and won two Oscars and two Emmys, starring in notable films including Silence of the Lambs, The Elephant Man, the Thor franchise and The Father. The Vuele Marketplace is centered on movie distribution and film viewing, and users of the platform can purchase content in crypto or fiat currency. Zero Contact appears to be the only project announced at this stage, and the firm hasn’t specified which blockchain the marketplace is built on. Vuele’s website states:“Members will have the opportunity to purchase and watch feature-length films and highly sought-after content, including behind-the-scenes and never-before-seen footage, bonus features, exclusive Q&As, #filmobilia, and so much more.”

2. HK production company plans to launch crypto-themed drama series on NFTs

A production and investment firm is launching a drama series on nonfungible tokens featuring a competition between Hong Kongers and Americans to create a digital currency.In a report from entertainment publication Variety, the AMM Global production company will be creating a 12-episode series called Crypto Keepers to premiere sometime next year. The drama, which will reportedly be released using nonfungible tokens, or NFTs, will feature major figures in the crypto space as well fictional plots surrounding the personal and professional lives of people involved in creating “the next Bitcoin-like digital currency.” AMM’s executive director Bizhan Tong said: the NFT series would incorporate interactive features from video games, allowing viewers to collect scenes, characters and props within the story after its run time.

3. San Marino approves VeChain eNFT vaccination certificate that’s verifiable worldwide

The Republic of San Marino has approved VeChain’s NFT-based vaccination passport, which is reportedly verifiable worldwide.The small European nation with a population of just over 33,000 announced the approval of the ‘Decree-Law №109 of 16 June’ earlier today, which enables the rollout of a vaccination passport dubbed the “San Marino Digital Covid Certificate.”The partnership includes collaboration with DNV — which will provide digital assurance over the project.The vaccination passport contains a record of past infections, negative test results, and also provides a digital vaccination certificate.The digital vaccination certificate is issued upon request from approved facilities by San Marino health authorities. It is recorded on the VeChainThor public blockchain, by linking an enterprise nonfungible token (eNFT) to an individual’s Covid-related medical history.

3.2 International Policies

1. Argentine lawmaker introduces bill for workers to be paid in crypto

A member of the lower house of the Argentine National Congress has introduced legislation that would allow certain workers in the country to receive some or all of their salary in crypto.Argentine Chamber of Deputies member José Luis Ramón said his proposed crypto bill would apply to anyone working as an “exporter of services” and those who depend on an employer for income. Should the legislation pass, it would allow such workers the choice of receiving a full or partial salary in crypto or Argentine pesos.“The idea is that [workers] can strengthen their autonomy and retain the purchasing power of their remuneration,” said Ramón. “This initiative stems from the need to promote greater autonomy and governance of wages, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship.”

2. Bank of Jamaica to begin digital currency pilot in August

amaica’s central bank will reportedly commence the initial roll-out of its central bank digital currency (CBDC) project in August.According to a report by the Jamaica Observer, Bank of Jamaica (BOJ) Governor Richard Byles made this known during a Rotary Club event earlier in July.Detailing plans to begin the pilot phase in August, Byles revealed that the BOJ was currently working on the technical aspects of the CBDC within a sandbox environment. “As we work through the technical minting of the currency, we have to test it rigorously as a pilot that we’ll do in August,” Byles stated, adding:“In September to December we’ll be recruiting more of the banks to come on board and then we’ll gradually expand the pilot out into a full-fledged launch of the CBDC.” With the CBDC designed to complement Jamaica’s banknotes, financial institutions will be able to issue the digital currency to individual and business account holders at a rate of one CBDC “coin” to one Jamaican dollar.

3. Wyoming legally recognizes first DAO in the United States

The crypto-friendly state of Wyoming has approved the first legally recognized decentralized autonomous organization (DAO) in the United States.The American CryptoFed DAO received notice from the Wyoming Secretary of State’s office on Tuesday recognizing it as a legal entity, according to a announcement.Marian Orr, CEO of the American CryptoFed DAO, stated:“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.” Orr emphasized that the DAO’s native algorithmic stable token, the Ducat, facilitates fee-free transactions. The Ducat is based on EOS, which uses a delegated-proof-of-stake (DPoS) consensus to achieve high-speed transactions at the expense of decentralization.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Single.Earth got 7.9 million dollars in seed round investment from EQTVentures leading,Chintai got 7.5 million dollars in seed round investment from Block.one and Cryptology Asset Group 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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