Author: Bing Ventures

Meme coins did not completely dominate the bull market in 2021, but they are now thriving. This reflects the increasing competition in the crypto market on how to attract and retain user interest. For example, concepts like NFT and GameFi/SocialFi, although more appealing than meme coins in their early stages, ultimately became popular narratives largely due to the ability of related projects to address specific market needs and engage in "off-market user acquisition." Projects like Axie Infinity and StepN successfully attracted a large number of non-traditional crypto users into the market through unique monetization mechanisms and novel user interactions. However, the popularity of meme coins in this bull market is even more "direct."

This shift in market dynamics is also affecting the fields of signal trading and on-chain data analysis. Signal trading and on-chain data analysis are crucial tools for cryptocurrency investors, providing insights into market dynamics and investor behavior that allow for a competitive edge. By leveraging these technologies, investors can gain advantages and make more informed decisions based on real-time data and actionable signals. They not only enhance investors' abilities to discover trends and manage risks but also facilitate the exploration of hidden opportunities in the fast-paced cryptocurrency market.

This article from Bing Ventures will introduce various analytical tools, covering information platforms for the primary market, sentiment analysis and trading opportunity tools for the secondary market, and summarize the developmental evolution trends they embody. Overall, we believe that innovations at the tool level must closely align with user interfaces and market access strategies. In the long run, new protocols that can create real user value and promote widespread adoption through unique social dynamics and financial incentive mechanisms are likely to dominate the market. For instance, integrating AI elements and new user interaction models may be key directions for future innovation, which can enhance user experience and attract new market participants by creating unprecedented value.

Primary Market Tools

RootData

Funding Situation

Rootdata collects information on all market financing activities and ensures real-time updates. Users can also choose to observe the financing performance of specific sectors based on different categories.

Upon entering the project interface, users can view detailed financing performance, including which venture capital firms have invested.

The interface provides various filtering options, allowing users to select projects based on their criteria, such as progress, funding size, region, etc.

Signal Trading

Users can assess or predict where future market focus may be by viewing the investment intentions and trends of venture capital firms currently in the market.

Users can further understand the investment situations of various venture capitals, including their investment distribution and past project participation.

Institutional Wallet Transfer Situation

Rootdata also records the wallet transaction records of various entities (including venture capitals, exchanges, market makers, etc.), allowing users to understand the capital flow of institutions through this information.

Signal Trading

The outflow/inflow behavior of institutional funds often hides specific meanings or information. For example, DWF Lab, which is both a venture capital and a market maker, often collaborates with projects that experience violent price surges. If a project is observed to transfer funds to DWF Lab's address, it is likely a strategic investment by DWF Lab; conversely, if DWF Lab's address transfers funds to an exchange, it may indicate profit-taking after a price surge. Analyzing these capital flows can reveal underlying market strategies and intentions.

ICODrops

ICO Situation

ICODrops essentially covers the ICO situations of future, current, and past projects.

By clicking into the project page, users can view the token sale situation, including sale timing, some basic tokenomics information, and the allocation of presale shares, etc.

Signal Trading

Essentially, ICO Drops allows users to view various first-tier market projects and gives them the opportunity to participate in whitelist lotteries, gaining access to first-tier market opportunities similar to venture capitals.

PinkSale

PinkSale is a protocol that connects projects and users, aiming to provide users with the ability to launch their own tokens and create their own initial token presales, helping projects complete the early-stage IDO. Project teams do not need any coding knowledge; they can simply operate on the PinkSale page and design their tokens and token launches with just a few clicks.

PinkSale will include multiple additional features to assist projects in completing the entire token release process. These features include: helping tokens list on PinkSwap and PancakeSwap, locking LP, and adding a vesting period to your token to increase investor trust.

Secondary Market Tools

Santiment

The information on Santiment mainly revolves around where the hotspots for cryptocurrencies are on the web. The project's goal is to eliminate information inequality within the Web3 circle.

Web3 Network Keywords

Santiment can integrate the most searched keywords on the web through AI technology, accurately reflecting the public's focus.

It narrates the current market's Alpha narrative using a heatmap display.

Signal Trading

The platform mainly provides a macro concept, allowing users to understand current market hotspots and explaining where the current investment narrative lies.

IntoTheBlock

IntoTheBlock mainly aggregates various DeFi information, including project data and token trading situations.

Project Data

The platform integrates data performance from various currently focused market sectors, enabling users to access the latest project information.

Information also includes the current level of network gas fees, the trading pair performance of various DeFi projects, etc.

Signal Trading

The advantage of IntoTheBlock lies in its comprehensive information, allowing users to view all project data across sectors at a glance and make corresponding strategic deployments based on project information.

Arkham

Arkham is an on-chain data tracking platform that focuses on displaying on-chain data, specifically for systematically analyzing blockchain transactions and de-anonymizing them.

Visualizer

Arkham Visualizer allows users to visually track cross-chain capital flows. Through this feature, users can utilize filtering options to select the desired capital flows based on blockchain, time, currency, amount, etc., thereby clearly identifying the inflow and outflow of funds.

The above shows the capital flow of the DWF Lab wallet, clearly illustrating its interactions with other addresses and providing insights into how the institution utilizes its funds.

Signal Trading

Similar to RootData's philosophy, Arkham presents wallet interaction records through further visualization, enabling users to formulate trading strategies based on the inflow/outflow records of Smart Money wallets.

Dashboard

Arkham also provides a Dashboard feature that allows users to monitor all on-chain transaction records of individual addresses. This information includes their holding performance, recent transaction records, and even their usage records in DeFi.

Signal Trading

Similarly, users can observe large transfer records of Smart Money wallets to determine trading strategies.

Eigenphi

EigenPhi is a research platform focused on MEV (Miner Extractable Value) data in DeFi. Its unique feature is the ability to identify and track on-chain MEV capture behaviors, such as arbitrage, sandwich attacks, liquidations, etc. While showcasing the MEV market, EigenPhi also provides detailed information on each MEV transaction.

MEV Performance

The platform can provide information on the actual trading volume and actual profits (gross profit after deducting miner fees) of various MEV activities, including their proportions and growth situations. This allows users to gain a very clear and comprehensive overview of the current MEV market. Users can see in real-time the types of MEV involved in transactions, the contract addresses initiating MEV trades, actual earnings, and expenses.

Signal Trading

The platform provides researchers with data for MEV studies and offers insights and references for MEV traders to know which projects or blockchains yield the highest income for MEV trading.

MetaDock

MetaDock aggregates various EVM blockchain explorers, eliminating the step of searching for blockchain explorers, allowing users to query directly within the plugin.

Users can click on the Fund Flow tab to visualize the associated accounts of the queried account and the capital flow chart. By using the filter in the upper right corner, users can choose to display specific transfer addresses/entities or currencies.

Signal Trading

This tool also facilitates users in tracking the flow of funds and serves as a primary source of trading information.

Ave.ai

Ave.ai is a one-stop Web3 interaction terminal that aggregates on-chain Dex, DeFi, Token, and NFT protocols, aiming to provide a safer funding environment, more professional data, and a more convenient Web3 interaction platform.

Search Projects: After logging into your account, use the search bar at the top of the page to search for the crypto projects you want to analyze.

View Project Overview: The project overview page provides an overview of the project, including market capitalization, trading volume, and price performance, among other key indicators. This page also includes charts showing the project's price trends.

The interface also displays the audit of the smart contract to ensure security, as well as the proportion and addresses of the top holders, allowing users to more easily track the flow of smart money and understand whether the token is overly concentrated or dispersed.

Birdeye

Birdeye is essentially an extended version of CoinMarketCap, covering information on various meme coins. Users can view project prices, trading volumes, candlestick charts, and more.

Find Gems: This feature primarily helps traders find and filter some potentially promising tokens. The user interface provides various filters, such as "Most Traded," "Most Viewed," etc. Additionally, users can select "Most Profitable," allowing traders to find tokens suitable for their trading strategies.

Find Trades: This interface also records all on-chain trading records. One of the most practical features is the ability to select trading amounts represented by "Shrimp," "Dolphin," and "Whale." Tracking the capital flow of "Whale" wallets is a method to monitor market intelligence.

Birdeye Bot: Provides instant access to price, trading volume, liquidity, and holder count information, meeting the demand for real-time data from crypto traders. The new pairing bot feature will also notify users of newly listed trading pairs on exchanges supported by Birdeye, providing traders with early information that offers a competitive advantage in identifying potential investment opportunities.

Dextool

Dextool is essentially an aggregator of trading platforms and a primary information platform for meme coin trading.

Pair Browser

Users can search for any token and its available pairs on any supported DEX. For example, when searching for paired tokens on Solana, DEXTools will display a list of Solana pools. Users can click on any pool to show detailed charts and analysis pages for that specific pool. This includes diving into pool trading history, viewing reliability ratings assigned by other DEXTools users, and checking the user's own position and interactions with the pool.

Newly Listed Tokens

The interface displays newly created tokens on social media, allowing traders to receive trading information promptly.

Multichart

Multichart allows you to set up to ten charts for any given token pair on a blockchain and trading venue. Use filters to search for your chosen assets to narrow down by blockchain and trading venue. DEXTools charts allow you to change time parameters and chart types and provide a range of tools and indicators to support technical analysis.

Leaderboard

The interface displays the most profitable or popular token pairs for traders' reference.

GeckoTerminal

GeckoTerminal is a DeFi and DEX aggregator. It covers market data and prices for any tokens traded on over 900 DEXs and more than 110 blockchains, created by the same team behind CoinGecko.

Wide Coverage

A significant advantage of GeckoTerminal is its broader range of supported blockchains and DEXs, providing more comprehensive and in-depth information for some niche projects compared to other platforms. Its other functionalities are similar to those of Birdeye, Dextool, etc.

Ave.ai, Birdeye, Dextool, GeckoTerminal Signal Trading

These three tools are very similar in nature and are also key tools in the recent meme coin craze, providing the fastest solutions for trading these speed-focused meme coins.

GMGN.ai

Gmgn.ai is a platform specifically designed to track smart money and Degen KOL trading records, clearly displaying the trading records of profitable smart money.

Profitable Smart Money Wallets

The platform automatically tracks the most profitable smart money wallets and displays their holding records, token trading history, and other information, aiming to enable other traders to engage in mimic trading.

Real-time Trading Records

Real-time records of smart wallet trading performance ensure that other traders receive timely information.

Degen Bot

Connects to Telegram Bot, with notification features to inform users about the latest token trading status.

Sniper Bot Product

Sniper Bot is an automated program set up to execute specific tasks at predetermined times. Such products are often used for participating in online sales, cryptocurrency launches, and trading, aiming to accurately capture market opportunities. The main products and related performances in this section can be referenced on this dashboard from Dune Analytics.

Unibot

Users can easily issue on-chain token trading instructions through conversational interactions with Unibot to complete various trading activities on Uniswap. This includes token swaps, follow trading, limit orders, and privacy trading, among other functions. Additionally, Unibot provides real-time Ethereum new token alert services, allowing users to conveniently add new tokens and quickly execute sniper trades.

Currently, Unibot generates revenue mainly through two methods: trading fees from bot transactions and transaction taxes on the native token UNIBOT.

For the former, Unibot charges a 1% fee on each transaction, of which 40% is allocated to token holders; for the latter, all UNIBOT token transactions incur a 5% tax, with 1% of the trading volume distributed to token holders, and token holders must have a balance greater than 50 UNIBOT to qualify for revenue-sharing rewards.

Unibot on Solana

Recently, Unibot has also launched a similar Telegram Bot on the Solana platform. Leveraging its advantages as an established project, it has the following prominent features:

Built-in ETH and SOL cross-chain bridge: Essentially merges the original Unibot on Ethereum with Solana, becoming the first bot project to support dual chains simultaneously.

Collaboration with trading data aggregator platform Birdeye: Seamlessly supports all project trades displayed on Birdeye, which I believe is an ultimate feature to enhance user experience and is a significant turning point for UniBot's success in the Solana market.

Unibot on Base

Given the significant reduction in transaction fees on the Base public chain after the Cancun upgrade, it has become another public chain platform for dog coins following Solana. As an experienced Sniper Bot, Unibot's trading volume on the Base platform has also increased.

Protocol Performance

It can be seen that Base has replaced Ethereum as the preferred public chain for trading meme coins. Its trading volume peaked at $3.88 million on March 30, accounting for more than 60% of project revenue.

Banana Gun

Banana Gun offers two main services: trading and sniping. Through the trading function, users can safely purchase tokens that have been listed on the blockchain. The sniping function allows users to be the first to purchase new tokens upon release. Banana Gun supports Ethereum, Solana, Blast, and Base. Below are some detailed interpretations of its features:

First Bundle or Fail (FoF): Aiming for the first purchase (0 block) at the start of trading, requiring at least 10 wallets to participate to be effective. Not applicable for MEV or Deadblock releases.

FoF Backup: If the FoF function does not trigger during MEV or Deadblock releases, the backup function will execute purchases in the next available block using backup miner tips.

Slippage: Allows prices to fluctuate within a range of 0-99% in releases without a maximum trading limit. Setting it to 100 is equivalent to "unlimited" slippage.

Degen Mode: Once this feature is activated, users can purchase trades that act as "honeypots" to block zombie users. If this setting is enabled, the bot will ignore safety tax settings, allowing purchases even if the token cannot be sold.

MaxTx or Revert: Limits purchases to a maximum expenditure. If the token's maximum transaction amount exceeds this amount, the transaction will be reverted.

MinToken: Sets a minimum token quantity or percentage for purchases. If the maximum expenditure does not meet this minimum, the transaction will fail.

Anti-Rug Mechanism: Attempts to sell tokens before potential scams when taxes exceed safety settings or signs of fraud are detected.

Transfer on Blacklist: If a user's wallet is blacklisted, this function will transfer tokens to a designated "transfer wallet."

Pre-Approve: Automatically approves tokens after a pre-purchase for faster sales.

Snipe Settings: Allows adjustments to current sniping settings without affecting other pending or future snipes.

Bot Trading Fees: Using the bot service provided by Banana Gun will incur fees: (1) Manual purchase transactions incur a 0.5% fee; (2) Automatic sniping transactions incur a 1% fee. 50% of all collected bot trading fees are allocated to token holders, providing them with a passive income stream and incentivizing the use of the bot for trading.

Additional Cash Back: Users engaging in bot trading are entitled to additional cash back. The cash back amount is calculated using the following formula: fees paid * multiplier, where the multiplier ranges from 0.05 to 1. This means the cash back amount can reach up to 100% of the fees paid, depending on the random multiplier value.

Protocol Performance

Similarly, trading volume on the Base chain has surpassed that of Solana and Ethereum, peaking at $35 million on March 29.

BonkBot

BONKbot is a Telegram trading bot based on the Solana network that allows users to trade in the simplest and fastest way. The token used in the project is (BONK), which was initially released as a free airdrop to the Solana community during Christmas 2022. Since then, the adoption of (BONK) has grown exponentially, with its uses spanning DeFi, gaming, payments, and more. As the official partner of the $BONK community, BONKbot offers users a range of features:

Minimum Holding Value: Users can set a minimum holding value displayed in their portfolio. Tokens below this threshold will be hidden. This feature is particularly useful when you do not wish to sell certain tokens, even in the case of investment failure (commonly known as "being stuck"). Click to edit.

Automatic Buy: When users paste the token address, the system will immediately execute the buy operation, eliminating the confirmation step.

Button Configuration: Users can customize the buy and sell buttons on the dashboard. When buying or selling tokens, simply click each button to edit.

Slippage Configuration: Users can customize slippage settings for buying and selling. Slippage is the difference between the trading price and the execution price, and appropriate configuration can help better control trading costs. Click to edit.

MEV Protection Feature: BONKbot collaborates with Jito Labs to provide advanced MEV protection features that can accelerate transactions by default and defend against front-running attacks. MEV protection offers two modes for users to choose from:

• Turbo Mode: In this mode, transactions are sent through Jito to ensure front-running protection at the fastest speed. If normal transmission speed is faster, the transaction will not initiate MEV protection.

• Secure Mode: This mode guarantees transaction protection under any circumstances, even if it means the transaction speed may slow down. Users can speed up transaction speed by increasing the bribe amount.

When users enable the MEV protection feature, they can choose between the above modes and decide the priority level for transactions: medium, high, or very high. For advanced users requiring more detailed control, BONKBot also offers options for customizing transaction priorities.

SolTrading Bot

SolTradingBot is another similar bot to BONKBot. It generally adopts the Telegram Bot approach but has some unique features, such as:

DEX Integration:

• Integration with Major DEXs: SolTradingBot has integrated with Jupiter, Orca, and Raydium, which are the leading decentralized exchanges on Solana.

• Enhanced Liquidity Access: Users can access a wide range of liquidity pools from these DEXs to execute trades efficiently at optimal prices.

• Diverse Token Opportunities: Offers a wide range of trading options from established cryptocurrencies to emerging projects.

• Multi-DEX Strategy: Enables users to leverage the unique advantages of each DEX platform to optimize trading.

BTCBot.pro

Solana and ETH use account models, while BTC uses the UTXO model. This difference in underlying data structures leads to significant differences in their related assets and ecosystems. In this section, we discuss the functional innovations of BTCBot.pro and their potential impact on users and the industry.

BTCBot.pro is a Telegram Sniper Bot product for the BTC ecosystem, launched on December 23, 2023, currently focusing on minting and trading BRC-20 tokens, and has introduced some practical features to address current issues in the BTC field.

Due to the significant differences between the BTC ecosystem and the ETH EVM and Solana ecosystems, their overall design logic also varies greatly. The BRC20 field is currently divided into primary and secondary markets, where the primary market refers to the issuance of BRC20 tokens, and the secondary market refers to the trading of BRC20.

BRC20 Sell Order Function

BRC20 tokens need to undergo a minting process before being listed on trading platforms like OKX or Unisat for sale. For example, if you want to sell 2000 (abcd) (a certain BRC20 token), you need to first convert 2000 (abcd) into an inscription, then set a price for that inscription, and list it on the trading platform to wait for the order to be filled. Placing a limit sell order incurs no fee; users only need to pay the minting gas fee.

On BTCBot.pro, when users use the "Limit Sell" function, they can list on both Unisat and OKX simultaneously without incurring any additional costs, increasing the probability of order fulfillment for the same inscription.

BRC20 Limit Buy Order Function

This is the first time a limit buy order function has been proposed in the BRC20 field. Its buy order function has the following four characteristics:

Zero Cost

After setting the price and purchase amount, users can modify or cancel limit buy orders at any time without incurring any gas fees. Similar to the sell order function, the buy order function is also applicable to trading markets like Unisat and OKX, with the Unisat buy order function already launched.

Slippage Control

When the price of a certain token falls within the user's set buy order range, it will trigger a transaction. However, the BTC gas fee at the time of order fulfillment will affect the overall price of the token. For example, if a token order quantity is 100 at a price of $1, but the current transaction requires $9 in gas fees, BTCBot.pro will automatically calculate the total cost as: (100+9) ÷ 100 = $1.09 USD, resulting in a slippage of 9%. If the user's slippage setting is 10%, this sell order will be triggered for automatic fulfillment; if the user sets it to 5%, it will not trigger, thus avoiding an increase in the overall cost of purchasing the token. The larger the amount of a given order, the smaller the trading slippage.

The "slippage setting" mentioned here is unique to the BTC ecosystem, differing from the slippage used by users on Uniswap, which employs an AMM mechanism. In the AMM mechanism, slippage is influenced by the size of the liquidity pool, while in the current BRC20 field, slippage is affected by BTC transaction gas fees. By setting slippage, users can filter out the orders they truly need, effectively controlling overall costs.

Market Management

Most trading platforms for BRC20 currently cannot use limit buy order functions, so market makers or project teams cannot effectively manage the market and can only manage it through market orders. This significantly affects trading activity and depth. The limit buy order function can solve this problem, allowing project teams or market makers to manage the market on BTCBot.

Automatic Matching

On BTCBot.pro, users can see how much money and how many limit buy orders are currently available. Holders (sellers) can observe the order thickness and choose at what price to sell, while buyers can obtain lower-cost tokens through bidding (similar to Bid). On BTCBot.pro, buyers and sellers can automatically match trades.

The Evolution of Cryptocurrency Trading Tools: Technology Innovations Driven by Market Demand and User Experience Optimization

In terms of product characteristics and trends in signal trading and on-chain data analysis, we have noted the following key points:

• Increased Demand for Timeliness and In-Depth Information: As market dynamics change, investors' demand for timely and comprehensive market information has significantly increased. For example, RootData and ICODrops provide real-time updates on financing and ICO situations, helping investors grasp the latest developments in the primary market.

• Diverse Analytical Tools: There are various analytical tools in the market, covering everything from financing information in the primary market to sentiment analysis and trading opportunities in the secondary market. For instance, Arkham provides visual tracking of on-chain data, while Santiment integrates the most searched keywords on the web through AI technology to reflect market hotspots.

• User-Friendly Interfaces and Ease of Use: Product designs tend to require no deep technical background for operation, such as PinkSale's token launch platform, where users can design and launch their tokens with just a few clicks. This design trend allows a broader range of users to easily access and utilize these tools.

• Integration and Interoperability: Many tools are moving towards broader integration and platform interoperability. For example, MetaDock aggregates multiple blockchain explorers, simplifying users' query steps; while Unibot's cross-chain bridge feature supports interoperability between Ethereum and Solana.

• Insights into Trading Strategies and Opportunities: Tools not only provide data but also offer insights that can guide investment decisions. For example, by analyzing the capital flows of institutional wallets, RootData and Arkham help users gain insights into market strategies and trading opportunities.

• Enhanced Security and Transparency: As investors' demands for security and transparency increase, more platforms are beginning to emphasize these characteristics. For instance, Ave.ai displays audits of smart contracts in project overviews to ensure security.

• Automation and Robotization Features: Market trends show that automated and robotized trading features are becoming increasingly popular. These features not only improve trading efficiency but also allow for rapid responses to market changes, as seen in the sniper and trading functions provided by Sniper Bot and Banana Gun.

In summary, these product characteristics indicate a growing demand in the market for efficient, real-time, user-friendly, and highly integrated trading and analysis tools. Additionally, we have summarized several deep-seated trend changes in the cryptocurrency field based on this.

Accelerated Demand for Market Information Flow and Transparency

The dynamics and complexity of the market require investors to quickly receive and process information. The popularity of real-time update features reflects the extremely high demand from market participants for speed and timeliness. For example, the real-time data update functions of tools like RootData and ICODrops indicate that the market's demand for transparency and timely information continues to grow.

Behind this demand is the pursuit of market participants to avoid information asymmetry and improve the efficiency of trading decisions. The instability and high volatility of the crypto market make timely access to information crucial.

Parallel Advancement of Decentralization and Integration

With the development of multi-chain and cross-chain technologies, the market's demand for tool integration has increased, and users expect to manage multi-chain assets and trades through a single platform. For instance, the cross-chain operation features provided by Unibot and MetaDock reflect the high demand for operational convenience and resource integration in the market.

This trend indicates that while decentralization is a core feature of blockchain, user experience and functional integration remain key factors in promoting technology adoption.

Simplification of User Interfaces and Operations

The diversity of investor and user groups drives the demand for simplified operational interfaces. Platforms like PinkSale allow users without deep technical backgrounds to participate in token creation and presales, indicating that the market is moving towards greater accessibility and democratization.

This change is driven by the proliferation of technology and improvements in education levels, enabling non-technical users to engage in previously complex crypto economic activities.

Building Security and Trust

As the cryptocurrency market expands, security issues have become increasingly prominent. More platforms are beginning to emphasize security audits of smart contracts and transparency, such as the security displays on Ave.ai. This indicates that the market is trending towards building higher levels of trust and security assurance.

The driving force behind this trend is the numerous security incidents and financial losses in the market, prompting industry participants and users to place greater emphasis on security measures.

Widespread Application of Intelligence and Automation

The popularity of automated tools like Sniper Bot and robotized trading features demonstrates the market's demand for high efficiency and responsiveness. Automated tools can quickly respond to rapidly changing markets, which is crucial for capitalizing on market opportunities.

This trend is driven by technological advancements, particularly the application of artificial intelligence and machine learning in trading strategies, which have improved trading success rates and efficiency.

In conclusion, these underlying trend changes reflect the maturation of the cryptocurrency market while also highlighting the dynamic balance between technological development, market demand, and user experience.