Huobi Research Weekly (Vol.183) (2021.9.13–2021.9.19）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.15%, with 37 projects increased in value to varying degrees. According to coinmarketcap, as of September 19, 2021, the total market cap of cryptocurrencies was 2078.52 billion U.S.dollars, increased of 0.15%, and the total market cap of the top 100 cryptocurrencies was 2040.9 billion U.S. dollars, decreased by 0.96% from last week. 3 cryptocurrency projects entered the top 100 this week, namely KCS, PERP and AUDIO. As of September 19, 2021, Bitcoin was traded at 47260.22USD, 2.63% higher than its price last week. Ethereum was traded at 3329.45USD, 2.29% 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 decreased but the average block size of Bitcoin increased. 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 but Ethereum decreased. CARD was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 136.9EH/s, increased by 1.56% from the previous week. Average Hashrate for the entire Ethereum network was 703.13TH/s this week, increased by 1.77%. Average difficulty for mining Bitcoin this week was 18.41T, increased by 2.56% from last week. The average difficulty of mining Ethereum this week was 8958.44TH, increased by 1.86% from that of previous week.
In network activity, the average size of each block was 1.15MB, increased by 8.49% from last week; there were on average 1675 transactions recorded in each block, decreased by 1.64% from the previous week. The average number of transactions per block in Ethereum this week was 187.1, decreased by 0.95%. The average size of each block was 79227.00 bytes, increased by 8.44% compared to last week. Average transaction fees of Bitcoin this week was $2.457, increased by 9.10% from last week. Average transaction fees of Ethereum this week was $17.175, decresead by 3.83% from last week. The total number of Bitcoin addresses was 76649899, increased by 159083 (0.21%) Cardstack was the most active project on GitHub this week, with 76 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.
This week’s investment and financing increased significantly by 647% compared with that of last week, and the total amount of financing for 24 cases was USD 673 million. This week’s financing events focused on infrastructure, defi and private placement. The two largest financing amounts are the $350 million raised by jump trading, a high-frequency trading company, which plans to invest in the cryptocurrency field, and the $230 million private placement round of financing with avalanche foundation, which is planned to support the ecological development of avalanche public chain.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 0.15%, with 37 projects increased in value to varying degrees. According to coinmarketcap, as of September 19, 2021, the total market cap of cryptocurrencies was 2078.52 billion U.S.dollars, increased of 0.15%, and the total market cap of the top 100 cryptocurrencies was 2040.9 billion U.S. dollars, decreased by 0.96% from last week, among which, AUDIO had the largest increased of 34.22%, bringing its market cap ranking from №102 to №84, ONE had the largest decreased of -27.75%, bringing its market cap ranking from №58 to №70. In addition, there were 3 projects that entered TOP100, namely, KCS (KuCoin Token, decreased 0.77%, Now №100), PERP (Perpetual Protocol, increased 5.78%, Now №99), AUDIO (Audius, increased 34.22%, Now №84). As of September 19, 2021, Bitcoin was traded at 47260.22USD, 2.63% higher than its price last week. Ethereum was traded at 3329.45USD, 2.29% lower than its price last week.
The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 23.78% compared with the same period of last week. In this week, 21 of the top 100 projects increased in 24h trading volume, led by AUDIO with a weekly increased of 213.55%; there were 79 projects decreased in their 24h trading volume, there were 58 projects that saw over 20% decrease in their 24h trading volume, while 21 projects fell by more than 50%. The most decresed project led by EGLD, with a decreased of 80.97%.
The top 10 cryptocurrencies’ market value decreased, the market share distribution remained stable. On September 19, 2021, the overall market cap of the top 10 cryptocurrencies was 1678.7 billion USD, decreased by 0.62% from last week, accounting for 80.75% of the total market capitalization of cryptocurrencies, decreased by 0.63% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 42.79%, increased by 1.03% 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 19, 2021, the total market cap of coin projects reached 1210.9 billion USD, increased by 0.76%. The average market cap of coin projects reached 23.2 billion USD, increased by 0.76%. The total market cap of platform projects reached 578.9 billion USD, decreased by 3.64%. The average market cap of platform projects reached 25.1 billion USD, decreased by 3.64%. The total market cap of application class projects reached 180.3 billion USD, decreased by 3.73%. The average market cap of application class projects reached 8.19 billion USD, decreased by 3.73%. The total market cap of asset-backed token projects reached 70.6 billion USD, decreased by 0.06%. The average market cap of asset-backed token projects reached 23.5 billion USD, decreased by 0.06%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of September 19, 2021, among the top 100 projects, the number of coin class projects, asset-backed token class projects, platform class, and application class both remain the same. The largest overall market cap by segment was still coin projects, accounting for 59.33% 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 13, 2021- September 19, 2021, the average bitcoin Hashrate for the entire network reached 136.9EH/s, increased by 1.56% from the previous week.
Average Hashrate for the entire Ethereum network was 703.13TH/s this week, increased by 1.77%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of September 19, 2021, average difficulty for mining Bitcoin this week was 18.41T, increased by 2.56% from last week. The average difficulty of mining Ethereum this week was 8958.44TH, increased by 1.86% from that of previous week.
The number of blocks in Bitcoin increased by 1.73%,Top 4 rankings had changed. The overall distribution of the Ethereum mining pools rankings not changed, the number of blocks decreased by 1.06%. In the past week, Bitcoin mined 1057 blocks, increased by 1.73% from the previous week. Among the top four pools were AntPool、F2Pool、ViaBTC、Poolin, these 4 pools mined 188、182、140 and 139 blocks respectively, accounting for 17.79%、17.22%、13.25% and 13.15% of all Bitcoins mined this week. The Hashrate was 24.59EH/s、23.81EH/s、18.31EH/s and 18.18EH/s, respectively.
In the past week, Ethereum’s entire network mined 47724 blocks, decreased by 1.06% in the previous week. The top five pools were Ethermine, Spark Pool, F2pool Old, Hiveon Pool and BeePool, each mined 10226、9542、4784、2818 and 2818 blocks respectively, accounting for 21.4274%、19.9941%、10.0243%、5.9048% and 5.9048% 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 increased. The average number of transactions per block decreased but the average block size of Ethereum increased this week. According to blockchain.info, from September 13, 2021- September 19, 2021, the average size of each block was 1.15MB, increased by 8.49% from last week; there were on average 1675 transactions recorded in each block, decreased by 1.64% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 187.1, decreased by 0.95%. The average size of each block was 79227.00 bytes, increased by 8.44% compared to last week.
Number of unconfirmed transactions in Bitcoin decreased by 0.93%. Number of unconfirmed transactions in Ethereum decreased by 2.54% from the previous week. As of September 19, 2021, the number of 7-day average unconfirmed transactions in Bitcoin network was 4569, decreased by 0.93% from last week. There were 162747.37 unconfirmed transactions in the Ethereum network, decreased by 2.54% from last week, with the lowest amount of unconfirmed transactions in the week being 31242 and the highest amount being 182340.
Total transaction fees of Bitcoin increased but Ethereum decreased. As of September 19, 2021, average transaction fees of Bitcoin this week was $2.457, increased by 9.10% from last week. Average transaction fees of Ethereum this week was $17.175, decresead by 3.83% from last week.
The average number of distinct miners per day in Ethereum decreased. From September 13, 2021- September 19, 2021, the average number of distinct miners per day in Ethereum this week was 41.4, decreased by 1.66% from last week.
The number of nodes in Bitcoin increased by 5.73% ,The number of nodes in Ethereum decreased by 2.14% this week. As of September 19, 2021, there were 11280 Bitcoin nodes, increased by 5.73% compared to last week, of which 1871 nodes were in U.S, 1802 nodes were in Germany, and 142 nodes were in China(№10), each accounting for 16.59%, 15.98% and 1.26% of the total number of Bitcoin nodes, respectively.
As of September 19, 2021, there were 3571 Ethereum nodes, decreased by 2.14% from the previous week. Specifically, there were 1199 nodes in the U.S, 554 nodes in Germany, and 287 nodes in China, each accounting for 33.58%, 15.51%, 8.04% 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 19, 2021, the total number of Bitcoin addresses was 76649899, increased by 159083 (0.21%).
CARD was the most active project on GitHub this week. From September 13, 2021 — September 19, 2021, Cardstack was the active project repository on GitHub with a total of 76 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 3.2million , 2.0million, and 1.5million followers, respectively.
3. Weekly Blockchain Dynamics
3.1 Mainstream project dynamics
1. Uniswap online routing optimization scheme to reduce transaction costs. A single transaction can be divided into up to 7 paths
Uniswap online routing optimization scheme to reduce transaction costs. A single transaction can be divided into up to 7 paths. Uniswap has added up to seven levels of routing optimization to achieve lower cost transactions. The new routing scheme changes the previous single route transaction mode, and will automatically find a better transaction scheme in all liquidity pools of uniswap to minimize sliding points and gas costs (split into seven paths at most for transactions), so as to provide users with the best transaction price
2. Sushiswap MISO platform was attacked and more than $3 million ETH was stolen
Sushiswap MISO platform was attacked and more than $3 million ETH was stolen. The DONA token auction of Jay pegs auto Mart project on the sushiswap launchpad platform miso was attacked by the supply chain. The attacker injected malicious code into the front end of miso and changed the auction wallet address to his own wallet address, with a loss of 864.8 ETH (about US $3.08 million). Shortly after the incident, the attacker returned all 865 ETH stolen money to sushiswap.
3. Optimization will be upgraded to EVM full compatibility, and developers can deploy directly using the solid smart contract
Optimization will be upgraded to EVM full compatibility, and developers can deploy directly using the solid smart contract. Ethereum capacity expansion solution optimization announced that it will be upgraded to EVM full compatibility. Developers can deploy directly using the solid smart contract, and the one click deployment function will be launched in October. The team said that optimization will build on the existing Ethereum client (Geth) and introduce the improvements made to Ethereum. For example, it will be able to quickly introduce the main hard bifurcation, and the tools running on Ethereum, such as dapptools, Vyper, tenderly and hardhat, will be able to run on the layer 2 solution optimization.
3. The Loot community voted to approve the LIP-0 proposal and supported the destruction of the lot contract key
The Loot community voted to approve the LIP-0 proposal and supported the destruction of the lot contract key. The destruction of the secret key will be manually operated by the current contract owner and will occur after the community vote on the owner bags. The next step is to vote on the formalization of the LIP agreement. The purpose of destroying the Loot contract key is to eliminate the potential authoritarian power that any individual and organization (such as DAO and multi signature) may have and ensure the equal development of the community.
3.2 International industry dynamics
1. Legalization of cryptocurrency in Cuba
The cryptocurrency resolution issued by the Central Bank of Cuba took effect in Cuba on Wednesday. Cryptocurrency has become a legal way of Cuban commercial transactions. The resolution also provides for the licensing of cryptocurrency service providers to carry out financial related businesses inside and outside Cuba. In addition, the resolution pointed out that the management of cryptocurrency involves the risks of monetary policy and financial stability, as well as the risk of being used to finance criminal activities.
2. PayPal provides UK users with services to buy, sell and hold cryptocurrencies
Payment giant PayPal announced that all eligible users can now buy, sell and hold cryptocurrencies in the UK through their PayPal account. The supported cryptocurrencies include bitcoin, Ethereum, Wright coin and bitcoin cash. This is PayPal’s first expansion of encryption products outside the United States.
3. The Korean government will invest US $2.2 billion in technologies such as Metaverse and blockchain by the end of 2025
The Korean government will invest US $2.2 billion in technologies such as Metaverse and blockchain by the end of 2025. The Minister of science and technology of South Korea said at the network meeting that in 2022, the Ministry of science and technology will launch a support center to help small and medium-sized enterprises and venture capital companies develop new blockchain services; From 2022 to 2025, the government will support local companies to develop an open Metaverse platform.
4. The EU will invest US $177.4 billion recovery fund in blockchain services and data infrastructure
The EU will invest US $177.4 billion recovery fund in blockchain services and data infrastructure. European Commission President Ursula von der Leyen said that US $177.4 billion would be used to invest in digital technologies such as blockchain services, digital innovation, data infrastructure, high-performance computing, quantum communication, low-power processors and 5g communication.
3.3 Industry regulatory dynamics
1. SEC Chairman: most encrypted trading platforms need to register with the sec
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said at the hearing of the Senate Banking Committee that almost all encrypted trading platforms need to be registered with the sec. Although not every encrypted token meets the requirements of securities, the fact that the platform allows so many tokens to be traded means that the platform is likely to provide at least some securities. If there are securities on the trading platform, they must register with the SEC according to law unless they are eligible for exemption. It is suggested that the encryption platform and project should have a dialogue with the sec.
2. The US government will sanction the use of cryptocurrency for blackmail software attacks, which will be implemented as soon as next week
The US government will sanction the use of cryptocurrency for blackmail software attacks. The sanctions will be implemented as soon as next week, and new anti money laundering and terrorist financial regulations may be introduced later this year to limit the use of cryptocurrency as a means of payment in blackmail software attacks and other illegal activities. The sanctions will list specific targets separately, rather than blacklisting the infrastructure of the entire cryptocurrency industry.
3. The Laos government has authorized six enterprises to try out the trading and mining of bitcoin, Ethereum and Wright coin
The Laos government authorizes six enterprises to try out the trading and mining of bitcoin, Ethereum and Laite coin. At the same time, the Ministry of technology and the Ministry of transportation also plan to cooperate with other departments to jointly study and decide on the rules and regulations for the use of cryptocurrency in Laos.
4.Weekly Investment Activities
This week’s investment and financing increased significantly by 647% compared with that of last week, and the total amount of financing for 24 cases was USD 673 million. This week’s financing events focused on infrastructure, defi and private placement. The two largest financing amounts are the $350 million raised by jump trading, a high-frequency trading company, which plans to invest in the cryptocurrency field, and the $230 million private placement round of financing with avalanche foundation, which is planned to support the ecological development of avalanche public chain.
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