Huobi Research Weekly (Vol.178) (2021.8.9–2021.8.15)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 15.65%, with 97 projects increased in value to varying degrees. According to coinmarketcap, as of August 15, 2021, the total market cap of cryptocurrencies was 2033.0 billion U.S.dollars, increased of 15.65%, and the total market cap of the top 100 cryptocurrencies was 1966.5 billion U.S. dollars, increased by 13.57% from last week. 3 cryptocurrency projects entered the top 100 this week, namely REV, CRV and NANO. As of August 15, 2021, Bitcoin was traded at 47047.00USD, 7.46% higher than its price last week. Ethereum was traded at 3310.50USD, 9.94% higher than its price last week.

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

The average bitcoin Hashrate for the entire network reached 114.1EH/s, increased by 2.89% from the previous week. Average Hashrate for the entire Ethereum network was 606.34TH/s this week, increased by 4.32%. Average difficulty for mining Bitcoin this week was 14.49T, increased by 0.14% from last week. The average difficulty of mining Ethereum this week was 7720.77TH, increased by 2.71% from that of previous week.

In network activity, the average size of each block was 974.5KB, decreased by 2.34% from last week; there were on average 1527 transactions recorded in each block, increased by 0.99% from the previous week. The average number of transactions per block in Ethereum this week was 185.1, decreased by 2.27%. The average size of each block was 75249.00 bytes, increased by 9.75% compared to last week. Average transaction fees of Bitcoin this week was $2.456, increased by 15.20% from last week. Average transaction fees of Ethereum this week was $17.126, incresead by 25.96% from last week. The total number of Bitcoin addresses was 75345672, increased by 179145 (0.24%). PIVX was the most active project on GitHub this week, with 28 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, DeFi Hub NearPad got 2 billion dollars in seed round from NGC、NEAR Foundation、LD Capital etc,CYBAVO got 4 million dollars in Pre-A round investment from 500 Startups etc.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 15.65%, with 97 projects increased in value to varying degrees. According to coinmarketcap, as of August 15, 2021, the total market cap of cryptocurrencies was 2033.0 billion U.S.dollars, increased of 15.65%, and the total market cap of the top 100 cryptocurrencies was 1966.5 billion U.S. dollars, increased by 13.57% from last week, among which, REV had the largest increased of 78.76%, bringing its market cap ranking from №107 to №87, BUSD had the largest decreased of -1.64%, bringing its market cap ranking from №11 to №15. In addition, there were 3 projects that entered TOP100, namely, NANO (Nano, increased 30.10%, Now №98), CRV (Curve DAO Token, increased 30.15%, Now №93), REV (Revain, increased 78.76%, Now №87). As of August 15, 2021, Bitcoin was traded at 47047.00USD, 7.46% higher than its price last week. Ethereum was traded at 3310.50USD, 9.94% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 5.52% compared with the same period of last week. In this week, 58 of the top 100 projects increased in 24h trading volume, led by SOL with a weekly increased of 304.01%; there were 42 projects decreased in their 24h trading volume, there were 21 projects that saw over 20% decrease in their 24h trading volume, while 2 projects fell by more than 50%. The most decresed project led by ZRX, with a decreased of -55.40%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On August 15, 2021, the overall market cap of the top 10 cryptocurrencies was 1647.1 billion USD, increased by 11.97% from last week, accounting for 81.02% of the total market capitalization of cryptocurrencies, decreased by 2.67% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 43.48%, decreased by 3.32% 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 15, 2021, the total market cap of coin projects reached 1140.4 billion USD, increased by 10.67%. The average market cap of coin projects reached 22.3 billion USD, increased by 10.67%. The total market cap of platform projects reached 566.4 billion USD, increased by 15.63%. The average market cap of platform projects reached 24.6 billion USD, increased by 10.60%. The total market cap of application class projects reached 195.0 billion USD, increased by 32.03%. The average market cap of application class projects reached 8.12 billion USD, increased by 37.53%. The total market cap of asset-backed token projects reached 64.6 billion USD, increased by 1.90%. The average market cap of asset-backed token projects reached 32.3 billion USD, increased by 1.90%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of August 15, 2021, among the top 100 projects, the number of coin class projects remain the same, application class projects decrease 1, asset-backed token class projects remain the same, and platform class increase 1.The largest overall market cap by segment was still coin projects, accounting for 57.99% 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 August 9, 2021- August 15, 2021, the average bitcoin Hashrate for the entire network reached 114.1EH/s, increased by 2.89% from the previous week.

Average Hashrate for the entire Ethereum network was 606.34TH/s this week, increased by 4.32%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of August 15, 2021, average difficulty for mining Bitcoin this week was 14.49T, increased by 0.14% from last week. The average difficulty of mining Ethereum this week was 7720.77TH, increased by 2.71% from that of previous week.

The number of blocks in Bitcoin increased by 1.21%,Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks increased by 0.62%. In the past week, Bitcoin mined 1087 blocks, increased by 1.21% from the previous week. Among the top five pools were AntPool、Poolin、ViaBTC、F2Pool、Foundry USA, these 5 pools mined 173、137、130、123 and 101 blocks respectively, accounting for 15.92%、12.60%、11.96%、11.32% and 9.29% of all Bitcoins mined this week. The Hashrate was 18.22EH/s、14.43EH/s、13.69EH/s、12.95EH/s and 10.64EH/s, respectively.

In the past week, Ethereum’s entire network mined 47720 blocks, increased by 0.62% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 10650、9947、4857、2899 and 2864 blocks respectively, accounting for 22.3177%、20.8445%、10.1781%、6.0750% and 6.0017% 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 decreased but the average block size of Ethereum increased this week. According to blockchain.info, from August 9, 2021- August 15, 2021, the average size of each block was 974.5KB, decreased by 2.34% from last week; there were on average 1527 transactions recorded in each block, increased by 0.99% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 185.1, decreased by 2.27%. The average size of each block was 75249.00 bytes, increased by 9.75% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 6.55%. Number of unconfirmed transactions in Ethereum increased by 1.12% from the previous week. As of August 15, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 2767, increased by 6.55% from last week. There were 160010.22 unconfirmed transactions in the Ethereum network, increased by 1.12% from last week, with the lowest amount of unconfirmed transactions in the week being 37080 and the highest amount being 175802.

Total transaction fees of Bitcoin increased and Ethereum increased. As of August 15, 2021, average transaction fees of Bitcoin this week was $2.456, increased by 15.20% from last week. Average transaction fees of Ethereum this week was $17.126, incresead by 25.96% from last week.

The average number of distinct miners per day in Ethereum increased. From August 9, 2021- August 15, 2021, the average number of distinct miners per day in Ethereum this week was 48.1, increased by 2.78% from last week.

The number of nodes in Bitcoin decreased by 4.08% ,The number of nodes in Ethereum decreased by 18.54% this week. As of August 15, 2021, there were 12200 Bitcoin nodes, decreased by 4.08% compared to last week, of which 1765 nodes were in U.S, 1742 nodes were in Germany, and 129 nodes were in China(№12), each accounting for 14.47%, 14.28% and 1.05% of the total number of Bitcoin nodes, respectively.

As of August 15, 2021, there were 4527 Ethereum nodes, decreased by 18.54% from the previous week. Specifically, there were 1441 nodes in the U.S, 742 nodes in Germany, and 423 nodes in China, each accounting for 31.83%, 16.39%, 9.34% 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 15, 2021, the total number of Bitcoin addresses was 75345672, increased by 179145 (0.24%).

PIVX was the most active project on GitHub this week. From August 9, 2021 — August 15, 2021, Chainlink was the active project repository on GitHub with a total of 28 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 946k, 625k and 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 3million , 1.9million, and 1.4million followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. New Brazilian Bitcoin ETF pledges carbon neutrality

ITH11, a new exchange-traded fund (ETF) launched in Brazil by crypto-focused alternative investment firm Hashdex Asset Management, claims to be the country’s first “green” Bitcoin ETF.The fund plans to neutralize its associated carbon emissions through purchasing carbon credits. To meet the ETF’s objectives, Hashdex has partnered with Germany’s Crypto Carbon Ratings Institute, which will produce annual reports estimating the energy consumption and carbon emissions underpinning the creation of Bitcoin (BTC) acquired by the fund.The ETF is currently aiming to invest 0.15% of its liquid assets into carbon credits and eco-friendly technologies every year. The fund was launched on the B3 Brazilian Stock Exchange under the ticker BITH11. Rogério Santana, head of client relationship at the São Paulo-based B3 exchange, stated:“The new ETF offers investors exposure to variations in the world’s main digital asset, with all its growth potential and value reserve, in a regulated, secure manner and under sustainability goals.”

2. Blockchain-based digital art installation to launch on Vancouver bridge

Canadian public art exhibition organization Vancouver Biennale is preparing to unveil an art installation that combines physical and digital realities with blockchain technology.Located on the south side of the Cambie Street Bridge in Vancouver, the new Voxel Bridge installation is a blockchain-based augmented reality (AR) experience that can be viewed with iOS or Android devices. The art object is a 1,800 square meter installation by New York-based artist Jessica Angel that explores how public spaces can be constructed and utilized in both digital and physical realities. Shaped in the real world in the form of a massive two-dimensional vinyl mural, the piece also simultaneously exists in augmented reality through the app and resides on a blockchain network.

3. New York City to Explore Blockchain for Preventing Deed Fraud in Land Sales

The New York City Department of Finance (DOF) is planning to explore how blockchain can be used as a means of preventing deed fraud in land records.The department will work with Medici Land Governance (MLG) to develop a proof-of-concept for applying blockchain technology to the city’s land records.The department has property records starting in 1996 on its automated system. MLG will simulate 500,000 records on the blockchain and then display them in a DOF interface to test for accuracy.The project is designed to increase transparency and reduce the chances of fraud. If successful, it will be followed by a pilot incorporating user testing and operational efficiency improvements.The project may demonstrate the potential for broader blockchain-based interventions around other aspects of public administration in New York City and elsewhere.

3.2 International Policies

1. Bank of Jamaica mints the first batch of national digital currency

Jamaica is aggressively progressing with the country’s central bank digital currency (CBDC) as the Bank of Jamaica, or BOJ, has minted the country’s first batch of CBDC. The issuing process for a digital version of the Jamaican dollar (JMD) was carried out with participation from Jamaica’s finance minister Nigel Clarke, BOJ governor Richard Byles and a group of senior BOJ executives, as well as a management team from Irish technology firm eCurrency Mint. Minister Clarke noted that the Jamaican government has seen rapid progress in the development of the country’s digital currency project, highlighting its crucial role in the creation of a digital economy in the island country. The official also said that local lawmakers are working on a legislative amendment to provide a legal basis for the Jamaican CBDC by the end of 2021.

2. Cambodia explores cross-border transactions of CBDC-like Bakong

The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency- (CBDC)-like initiative known as Bakong, disclosing several project milestones.NBC’s director general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Based on blockchain technology, the Bakong payment and money transfer service was originally launched by the NBC in October 2020.The digital money project has amassed nearly six million users in the first half of 2021, including those reached indirectly through member bank mobile apps, recording a total of 1.4 million transactions worth nearly $500 million, Serey noted.The official disclosed that the NBC is currently exploring cross-border transactions through Bakong, closely working with Thailand’s central bank and Malaysia’s largest bank, Maybank.

3. French Asset Manager Wins Approval to Launch Bitcoin ETF in EU

French asset manager Melanion Capital won regulatory approval to launch an exchange-traded fund (ETF) tracking the price of bitcoin for investors across the European Union (EU).The Paris-based firm received approval from the French regulators to launch a fund that will track a basket of up to 30 stocks with a 90% correlation to bitcoin’s price, according to an emailed statement Wednesday.The Melanion BTC Equities Universe Ucits ETF has been determined by regulators to meet EU standards, known as “undertakings for the collective investment in transferable securities” (UCITS), meaning it will be available to investors across the bloc, an EU first for a bitcoin-correlated fund. The fund will track stocks such as mining firms Argo Blockchain, Riot Blockchain and Hive Blockchain as well as crypto investment firm Arcane Crypto.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, DeFi Hub NearPad got 2 billion dollars in seed round from NGC、NEAR Foundation、LD Capital etc,CYBAVO got 4 million dollars in Pre-A round investment from 500 Startups etc.

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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