Bitget Research Institute Weekly News: ORDI fluctuated after the Luke incident, dropping first and then rising; LayerZero may issue tokens in the first half of next year

Author: Bitget Research Institute

In the past week (12.4-12.8), the market saw several new popular tokens and topics.

1. Market Trends

The most focused topics in the market this week (12.04-12.08) are:

• Solana ecosystem tokens surged, LayerZero may issue tokens in the first half of next year

• Bitcoin broke through $44,000, ORDI fluctuated due to the Luke incident

• BTC surpassed $43,000, the Bitcoin ecosystem continues to rise

• The MEME sector saw a general price increase, CME Bitcoin futures trading volume hit a two-year high

• BTC broke through $40,000, ORDI's price doubled in two days

2. Popular Projects

The hottest projects this week (12.04-12.08) include:

ORDI (Token): ORDI experienced extreme volatility in the past 24 hours, with the price dropping almost straight from $63.26 to $43.59, then rising to an all-time high of $68.37, currently retreating around $55. The main reason stems from Bitcoin Core developer Luke's statement on social media that Bitcoin inscriptions are exploiting a vulnerability in the Bitcoin Core client to send spam to the blockchain. If the vulnerability is fixed, it means Ordinals and BRC-20 will cease to exist; the community expressed significant opposition and criticism, leading Luke to soften his stance, stating that it is not necessary to eliminate all inscriptions to provide value to Bitcoin.

MUBI (Token): MUBI is the native protocol token of the BRC 20-ERC 20 cross-chain bridge project Multibit. With the booming BRC 20 ecosystem, the corresponding speculative enthusiasm has also expanded to Ethereum. Multibit allows users to cross-chain BRC 20 from the Bitcoin network to the Ethereum network to enjoy the corresponding DeFi ecosystem, which has attracted market funds and speculation due to this unique feature. With the BRC 20 sector's market performance, MUBI's market capitalization has repeatedly hit new highs, currently reaching $87.7 million.

JTO (Token): The Solana ecosystem liquid staking protocol Jito launched its governance token JTO, with 10% of the tokens allocated for airdrops, of which 15% is distributed to Jito-Solana validators, 5% to Jito MEV seekers, and 80% to JitoSOL users (holding over 100 points). In this airdrop, core contributors did not participate, meaning community users benefit the most. After the JTO airdrop, it was listed on multiple exchanges, with a current trading volume of $900 million and a market cap of $320 million.

LINK (Token): Oracle service Chainlink announced that after the launch of "Early Access" for Chainlink Staking v0.2, the staking volume exceeded 19 million LINK in just 7 hours. The current community pool has been filled, with community users (including V0.1 migration users and new staking users) having contributed a total of 40,875,000 LINK to help secure the Chainlink network and validate the network. According to previously disclosed data from Chainlink, the staking pool limit for v0.2 will be expanded to 45 million LINK, accounting for 8% of the current circulating supply.

Pudgy Penguins (NFT): Rumors circulated on social media about Pudgy Penguins launching a token, leading to a surge in the NFT floor price. Subsequently, the project's community safety officer Beau clarified the rumors about "the project is about to launch a token," stating that there will be no tokens in the short term.

GasHeroBadge (NFT): Gas Hero is a Web3 social and strategy game developed by the former StepN team. Unlike traditional games, Gas Hero places a strong emphasis on game theory, providing players with richer strategies and maximizing the transparency of on-chain data through decentralized trading platforms. The game has just launched, and NFT trading within the game is quite active.

Smart Cats (NFT): Related to SmartLayer, the Smart Cats NFT currently has over 800,000 holders. Users can perform actions like Feed and Clean to upgrade the NFT. Due to user expectations of future airdrops from SmartLayer, the trading volume of this NFT is very high.

LayerZero (Dapp): LayerZero Labs tweeted that LayerZero has always had the capability to use native tokens within the protocol. After hearing community discussions on this matter over the past few months, it has now been clearly stated that LayerZero tokens will be launched, expected to be realized in the first half of 2024.

xPet (Dapp): A socialfi project on the Arbitrum chain, xPet has gameplay similar to Fren Pet, requiring players to feed, accompany pets, and ensure their survival to help players earn token rewards. Unlike Fren Pet, xPET uses a browser plugin for gameplay instead of a "main screen" game, which means xPET has more potential for strong interaction with Twitter.

Port 3 aggregator (Dapp): Port 3 is a social data oracle project incubated by Binance Labs. Its main features include creating a decentralized social data oracle based on data aggregation, providing an open data layer service for various Web3 identities and asset applications, and introducing an incentive layer to empower contributors, ultimately achieving user data ownership. Port 3's social data oracle aims to address three core issues: organizing and connecting data, data rights belonging to users, and protecting user privacy.

3. Hot Searches

The hottest topics this week (12.04-12.08) include:

SOL (Token): The TVL of the Solana network rose to $772 million, with significant growth in the TVL of multiple protocols in the Solana ecosystem. Ecosystem tokens saw a general price increase, including the newly launched JTO, which surged nearly 90% in a day, and SOL, which rose 19% in the past 24 hours. As core projects in the ecosystem, such as PYTH, JTO, and JUP, gradually conduct airdrops, the Solana ecosystem has been reactivated, generating high market enthusiasm.

ETH (Token): Ethereum core developer timbeiko.eth summarized the 176th ACDE meeting on social media, with the goal of activating Dencun in January and setting the Goerli fork date early next year. Stimulated by this news, the ETH/BTC exchange rate rebounded strongly, rising 8%, reversing its previous weakness compared to BTC.

Helium (Token): The market has warmed up, with increased trading volume and a positive wealth effect. Helium announced yesterday that it has developed a $20/month mobile plan, which may improve the project's future revenue. In the secondary market, the open interest of contracts surged fourfold yesterday, attracting funds and causing the token price to rise rapidly. According to Bitget's market data, HNT rose 62% in 24 hours, attracting significant market attention.

The Bitget Research Institute focuses on "focusing on on-chain data and uncovering valuable assets," providing institutional-level insights for crypto enthusiasts by monitoring on-chain data and regional hot searches in real-time. To date, it has provided Bitget global users with early valuable assets in several popular sectors, including the [Arbitrum ecosystem], [AI ecosystem], and [SHIB ecosystem], creating a better wealth effect for Bitget global users through data-driven in-depth research.

[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk.