Huobi Research Weekly (Vol.184) (2021.9.20–2021.9.26)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 7.90%, with 83 projects decreased in value to varying degrees. According to coinmarketcap, as of September 26, 2021, the total market cap of cryptocurrencies was 1914.6 billion U.S.dollars, decreased of 7.90%, and the total market cap of the top 100 cryptocurrencies was 1867.3 billion U.S. dollars, decreased by 8.51% from last week. 3 cryptocurrency projects entered the top 100 this week, namely CELR, REN and SRM. As of September 26, 2021, Bitcoin was traded at 43208.54USD, 8.54% lower than its price last week. Ethereum was traded at 3062.27USD, 7.95% lower 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. CARD was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 138.5EH/s, increased by 1.17% from the previous week. Average Hashrate for the entire Ethereum network was 711.36TH/s this week, increased by 1.17%. Average difficulty for mining Bitcoin this week was 18.61T, increased by 1.09% from last week. The average difficulty of mining Ethereum this week was 9077.48TH, increased by 1.33% from that of previous week.

In network activity, the average size of each block was 1.09MB, decreased by 5.22% from last week; there were on average 1698 transactions recorded in each block, increased by 1.37% from the previous week. The average number of transactions per block in Ethereum this week was 180.5, decreased by 3.53%. The average size of each block was 83608.71 bytes, increased by 5.53% compared to last week. Average transaction fees of Bitcoin this week was $2.509, increased by 2.12% from last week. Average transaction fees of Ethereum this week was $19.693, incresead by 14.66% from last week. The total number of Bitcoin addresses was 76772555, increased by 122656 (0.16%). Cardstack was the most active project on GitHub this week, with 51 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.

According to public information statistics, there were 18 investment and financing cases this week, with a total amount of US $2.06 billion, up sharply from last week. From the perspective of the track, investment and financing are mainly concentrated in NFT, infrastructure and mining.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies decreased of 7.90%, with 83 projects decreased in value to varying degrees. According to coinmarketcap, as of September 26, 2021, the total market cap of cryptocurrencies was 1914.6 billion U.S.dollars, decreased of 7.90%, and the total market cap of the top 100 cryptocurrencies was 1867.3 billion U.S. dollars, decreased by 8.51% from last week, among which, SRM had the largest increased of 106.10%, bringing its market cap ranking from №126 to №88, HT had the largest decreased of -50.08%, bringing its market cap ranking from №57 to №80. In addition, there were 3 projects that entered TOP100, namely, REN (Ren, increased 30.05%, Now №81), CELR (Celer Network, increased 68.02%, Now №90), SRM (Serum, increased 106.10%, Now №88). As of September 26, 2021, Bitcoin was traded at 43208.54USD, 8.54% lower than its price last week. Ethereum was traded at 3062.27USD, 7.95% lower than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 36.18% compared with the same period of last week. In this week, 82 of the top 100 projects increased in 24h trading volume, led by HT with a weekly increased of 862.59%; there were 19 projects decreased in their 24h trading volume, there were 8 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 AUDIO, with a decreased of 67.84%.

The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On September 26, 2021, the overall market cap of the top 10 cryptocurrencies was 1542.0 billion USD, decreased by 8.14% from last week, accounting for 80.54% of the total market capitalization of cryptocurrencies, decreased by 0.21% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 42.49%, decreased by 0.30% 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 September 26, 2021, the total market cap of coin projects reached 1105.4 billion USD, decreased by 8.71%. The average market cap of coin projects reached 20.4 billion USD, decreased by 12.10%. The total market cap of platform projects reached 534.5 billion USD, decreased by 7.68%. The average market cap of platform projects reached 24.2 billion USD, decreased by 3.49%. The total market cap of application class projects reached 156.4 billion USD, decreased by 13.27%. The average market cap of application class projects reached 7.10 billion USD, decreased by 13.27%. The total market cap of asset-backed token projects reached 70.9 billion USD, increased by 0.46%. The average market cap of asset-backed token projects reached 23.6 billion USD, decreased by 0.46%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of September 26, 2021, among the top 100 projects, the number of coin class projects increase 2, asset-backed token class projects and application class both remain the same, and platform class decrease 1. The largest overall market cap by segment was still coin projects, accounting for 59.20% 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 20, 2021- September 26, 2021, the average bitcoin Hashrate for the entire network reached 138.5EH/s, increased by 1.17% from the previous week.

Average Hashrate for the entire Ethereum network was 711.36TH/s this week, increased by 1.17%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of September 26, 2021, average difficulty for mining Bitcoin this week was 18.61T, increased by 1.09% from last week. The average difficulty of mining Ethereum this week was 9077.48TH, increased by 1.33% from that of previous week.

The number of blocks in Bitcoin decreased by 0.85%,Top 4 rankings had changed. The overall distribution of the Ethereum mining pools rankings had changed, the number of blocks decreased by 4.46%. In the past week, Bitcoin mined 1048 blocks, decreased by 0.85% from the previous week. Among the top four pools were AntPool、F2Pool、Poolin、ViaBTC, these 4 pools mined 185、184、142 and 135 blocks respectively, accounting for 17.65%、17.56%、13.55% and 12.88% of all Bitcoins mined this week. The Hashrate was 24.58EH/s、24.45EH/s、18.87EH/s and 17.94EH/s, respectively.

In the past week, Ethereum’s entire network mined 45594 blocks, decreased by 4.46% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, BeePool and Hiveon Pool, each mined 9798、9200、4428、2738 and 2647 blocks respectively, accounting for 21.4897%、20.1781%、9.7118%、6.0052% and 5.8056% 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 decreased. The average number of transactions per block decreased but the average block size of Ethereum increased this week. According to blockchain.info, from September 20, 2021- September 26, 2021, the average size of each block was 1.09MB, decreased by 5.22% from last week; there were on average 1698 transactions recorded in each block, increased by 1.37% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 180.5, decreased by 3.53%. The average size of each block was 83608.71 bytes, increased by 5.53% compared to last week.

Number of unconfirmed transactions in Bitcoin decreased by 17.79%. Number of unconfirmed transactions in Ethereum increased by 1.08% from the previous week. As of September 26, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 3756, decreased by 17.79% from last week. There were 164497.09 unconfirmed transactions in the Ethereum network, increased by 1.08% from last week, with the lowest amount of unconfirmed transactions in the week being 149764 and the highest amount being 183014.

Total transaction fees of Bitcoin increased and Ethereum increased. As of September 26, 2021, average transaction fees of Bitcoin this week was $2.509, increased by 2.12% from last week. Average transaction fees of Ethereum this week was $19.693, incresead by 14.66% from last week.

The average number of distinct miners per day in Ethereum increased. From September 20, 2021- September 26, 2021, the average number of distinct miners per day in Ethereum this week was 42.4, increased by 2.42% from last week.

The number of nodes in Bitcoin decreased by 2.62% ,The number of nodes in Ethereum increased by 2.74% this week. As of September 26, 2021, there were 10984 Bitcoin nodes, decreased by 2.62% compared to last week, of which 1832 nodes were in U.S, 1796 nodes were in Germany, and 145 nodes were in China(№10), each accounting for 16.68%, 16.35% and 1.32% of the total number of Bitcoin nodes, respectively.

As of September 26, 2021, there were 3669 Ethereum nodes, increased by 2.74% from the previous week. Specifically, there were 1199 nodes in the U.S, 585 nodes in Germany, and 310 nodes in China, each accounting for 32.68%, 15.94%, 8.45% 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 26, 2021, the total number of Bitcoin addresses was 76772555, increased by 122656 (0.16%).

CARD was the most active project on GitHub this week. From September 20, 2021 — September 26, 2021, Cardstack was the active project repository on GitHub with a total of 51 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 944k, 625k and 234k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and Ethereum, with 3.2million , 2.0million, and 1.5million followers, respectively.

3. Weekly Blockchain Dynamics

3.1 Mainstream project dynamics

1. NEAR will release the simplified version of the night shadow protocol in November and enter the segment phase 0

NEAR will release the simplified version of the night shadow protocol in November and enter the segment phase 0. The number of main network accounts exceeded 1 million. The simplified version of the night shadow protocol is the 0-th stage that near has gone through when it completely becomes a block chain divided into areas. It belongs to the initial stage. Near will slice the state, but will not slice the calculation processing. Near will divide the current state into 4 slices, and still let all verification nodes track all slices. Near said it would upgrade many times in the coming year.

2. Pnetwork lost $13.08 million due to code vulnerabilities

The cross chain protocol pnetwork was attacked due to code vulnerabilities and lost about US $13.08 million. The team tweeted that the attacker used its code vulnerability to attack the PBTC on the BSC, and the attacker stole 277 BTCs (about US $13.08 million). The cross chain bridge is currently being repaired and further reviewed for other vulnerabilities, and a compensation scheme is being developed.

3. Makerdao official DAI token bridge has been launched on arbitrum one

Makerdao’s official DAI token bridge has been launched on arbitrum one. Users can make transactions, loans, provide liquidity and mine. In the next week, the corresponding deployment address will also be removed, and the key will be controlled through the governance module to become the only organization that can upgrade the official DAI token bridge.

3. The Polka ecological storage protocol Crust will be deployed to polygon to provide storage services

The Boca ecological storage protocol Crust will be deployed to polygon to provide storage services. Files for file storage, pins for NFT metadata, and hosts for DAPP deployment will be included.

3.2 International industry dynamics

1. The Central Bank of Chile has set up a team to study the issuance of CBDC and plans to issue a CBDC white paper in the first quarter of 2022

Led by Alberto Naudon, a member of the board of directors of the central bank, the team will analyze topics such as private digital payment methods and encrypted assets, retail payment and payment infrastructure, including studying the objectives, requirements and regulations of the central bank’s issuance of digital currency. The issuance method of CBDC is similar to paper currency and coins and can be used for commercial transactions or transactions between individuals, Or for point-to-point payment by financial institutions.

2. US Federal Reserve Chairman Powell said he did not think the United States was lagging behind in the field of CBDC

At present, the Federal Reserve is evaluating whether to issue CBDC or in what form. Powell said that the Fed will soon issue a CBDC consultation document. In addition, when evaluating CBCD and other digital innovations, the Fed considers whether the actual benefits of these innovations exceed any costs and risks.

3. Time magazine launched NFT series “TIMEPieces”, which was sold in the form of blind box on the 24th

In the future, the owner of “TIMEPieces” will be able to connect his encrypted wallet to the website of time magazine, obtain unlimited access to TIME.com through “time 100th anniversary celebration in 2023”, and will also receive some future activities and exclusive invitations to various exclusive digital experiences.

4. PayPal launches new app

The new app will aggregate various functions, including direct deposit, payment, digital wallet, point-to-point payment, shopping tools and functions related to cryptocurrency. Users can buy, hold or sell cryptocurrency. Functions such as savings account will be gradually launched to U.S. users in the next few months.

3.3 Industry regulatory dynamics

1. Us: SEC issues subpoena to speaker during cryptocurrency conference mainnet 2021

The SEC issued subpoenas to speakers during the cryptocurrency conference mainnet 2021. According to the companies participating in the main 2021 speech and the time, the companies that may receive the summons include Akash network, United Frontier, Quantstamp, Polymath, Hashflow, Teller, Maple Finance, Terrain Labs and Parity Technologies.

2. The two Canadian regulators jointly issued guidance documents on the use of advertising and social media marketing on the encryption platform

This guidance document provides guidance to cryptocurrency trading platforms on the requirements of securities law and how iiroc rules apply to them. The guidance document specifically talks about “gambling promotion” and believes that this will improperly encourage investors to participate in excessive risk transactions and take the risks they can usually avoid.

3. The Russian central bank listed several encryption companies on the list of signs of illegal activities in financial markets

The Russian central bank listed several encryption companies on the list of signs of illegal activities in financial markets. These include encryption companies Bitflows, Bitkoresh, Bittrex Global, etc. in order to combat illegal financial activities, the Russian central bank, law enforcement departments and other authorized institutions take measures to block the websites of such companies

4.Weekly Investment Activities

According to public information statistics, there were 18 investment and financing cases this week, with a total amount of US $2.06 billion, up sharply from last week. From the perspective of the track, investment and financing are mainly concentrated in NFT, infrastructure and mining. In the field of attention economy, more than 100 million transactions include sorare’s completion of round B financing of US $680 million; Social blockchain DeSO completed a financing of US $200 million; Dapper labs completed $250 million financing. In the field of infrastructure, blockdaemon completed round B financing of US $155 million. In terms of mining, genesis digital assets, a bitcoin mining enterprise, completed a financing of US $431 million. In the CeFi sector, the open bank truelayer completed a financing of US $130 million.

Huobi Research

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The Huobi Blockchain Application Research Institute (referred to as ‘Huobi Research’) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding research and exploration in various fields of blockchain. The research institute takes the pan-blockchain field as the research object, aimed to accelerate the research and development of blockchain technology, promote the application of the blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content of the institute includes industry trends, technology paths, application innovation, and model exploration in the field of blockchain. In line with the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with government, enterprises, universities and other institutions through various forms. We are building a research platform covering the complete industrial chain of the blockchain, providing a solid theoretical basis and trend judgment for the blockchain industry professionals, and promoting the healthy and sustainable development of the entire blockchain industry.

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