Daily Report ｜US cryptocurrency exchanges currently account for about 45% of the global BTC market depth; Bybit spot trading platform has launched MBOX

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. U.S. Crypto Exchanges Currently Account for About 45% of Global BTC Market Depth
According to ChainCatcher, Kaiko data shows that U.S. cryptocurrency exchanges may play a significant role in the spot ETF space, as these exchanges currently account for about 45% of global BTC market depth. Throughout 2023, Kraken has had the deepest average BTC order book, with a total buy and sell amount of $32.9 million. Coinbase ranks second, with an average depth of $24.3 million. (Source Link)

2. Celestia Inscription Project CIAS: Indexing the Blockchain, Please Do Not Transfer Inscriptions
According to ChainCatcher, the Celestia inscription project CIAS posted on platform X, stating that the team is still indexing the blockchain and asking users not to transfer their inscriptions to avoid loss. (Source Link)

3. Bybit Spot Trading Platform Has Launched MBOX
According to ChainCatcher, Bybit's spot trading platform has officially launched Mobox (MBOX), supporting the MBOX/USDT trading pair and offering a special event with a total prize pool of 100,000 USDT. (Source Link)

4. INJS: Abnormal Inscription Activity Detected, Memo Field in Mint Rules Updated
According to ChainCatcher, the Injective inscription project INJS stated on social media that some abnormal inscription activities have been detected. Users are advised that the inscription process has not yet started. Additionally, the Memo field in the Mint rules has been updated. Users can refer to the official documentation. (Source Link)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. “Besides the Soaring AUCTION, What Other 'Golden Shovels' Are Worth Attention in the Market?”

The prosperity of a bull market largely depends on two main factors: the influx of external capital and the enhancement of internal capital leverage. Influential financial entities like BlackRock play a key role in driving external capital, especially as expectations around Bitcoin spot ETFs may change the game for the crypto market.

In 2020, benefiting from innovations driven by DeFi Summer, several CEXs launched the "new coin mining" feature, a new approach that combines IEO with DeFi liquidity mining. When a new project is launched on a CEX, users no longer need to "spend money" to grab allocations; they can obtain new assets by staking assets specified by the trading platform. Compared to spot trading, the cycle for new coin listings is shorter, and the return on investment is more astonishing, which is why platform tokens were once hailed as the "golden shovel" for acquiring new assets.

Subsequently, there has been a surge in DeFi innovations such as LSD and Restaking on Ethereum, but the Bitcoin ecosystem has yet to see large-scale similar financial applications. Currently, inscriptions have successfully transitioned from the primary market to the secondary market, and the next step is to consider how to leverage the market heat of inscriptions to continuously empower the financial facilities of the Bitcoin ecosystem.

2. “Surf Protocol Approaches the Derivatives Market's 'Uniswap Moment'”

The potential of decentralized derivatives has yet to be fully realized. According to Coinmarketcap data, as of December 2023, there are over 2 million cryptocurrencies issued, with the largest crypto exchange Binance offering 1,477 trading pairs for 394 tokens, while the largest decentralized exchange Uniswap provides at least 2,198 active trading pairs (v2+v3).

However, in the derivatives space, there remains a significant gap between the richness of underlying assets in decentralized markets compared to centralized markets. Currently, Binance offers 301 derivatives trading pairs, while dYdX and GMX offer only 37 and 7 trading pairs, respectively.

3. “DePIN Leader MOBILE Hits New Highs, What Other Concept Projects Are Worth Attention?”

The popularity of the DePIN sector continues to rise. The popular concept token in the DePIN sector, MOBILE, once reached $0.0077, setting a new historical high, with a nearly 800% increase over the past week.

In addition to MOBILE, other DePIN concept tokens such as DIMO, NODL, WiFi, HOPR, STORJ, IOTX, and HNT have all seen increases of over 60% in the past week. Over the past week, DePIN can be said to be the only narrative that can rival inscriptions in terms of popularity.