Bored Ape Yacht Club (BAYC) explodes, BNB Chain thrives
Welcome back to "On The Road", a series to summarize the week through Infographic images to provide market insights in the most intuitive way for you.
Market overview for week 26/2022
Tokens that received the most attention in week 26
Last week, USTC and LUNA were the most searched tokens on Coingecko. LUNA is now supported by numerous wallets such as XDEFI Wallet, SafePal, Atomic Wallet, and others. It is known that the Terra 2.0 community raised millions of dollars for its developers in June.
On June 27th, the hacker group Anonymous released a video titled "Message from Anonymous to Do Kwon" stating that they would look into Do Kwon’s entire history since he entered the crypto space to see what they could learn and bring to light.
Interestingly, the prices of LUNA and UST increased significantly after the video was released. LUNA increased 1.5 times from $1.92 to $2.76, while UST increased 8 times from $0.011 to $0.089.
The EVMOS token remained in third place. Evmos's block time on the public testnet on June 30th was incredibly fast at 1.7 seconds. The mainnet version of Evmos is expected to be released soon. Besides, the Evmos Hackathon will be hosted by Web3 Scholarship on July 18th, with the participation of the Nomad and Cosmos Space teams.
The Celsius Network project's CEL token took fourth place. The price of CEL has been declining steadily for the past 7 days as Celsius is experiencing liquidity issues and is on the edge of going bankrupt.
We have 4 new tokens on the list: BOA, UMEE, MBD, AMA.
Notable events in week 26
Here are the notable events that took place in the past week:
- Launch and partnerships events: Polkadot announced a new governance model, ConsenSys partnered with StarkWare, NEAR Protocol introduced its first DEX Aggregator - Magellan, QiDao V2 introduced new features, Metis roadmap released, announced GuildFi's Marketplace project Morroc beta test, NEAR's stablecoin $USN v2.0 released.
- Mainnet events: RiFi NFT Marketplace's launched its first phase, Lithium Finance public testnet is live.
- Other events: Three Arrows Capital filed for Chapter 15 bankruptcy in NYC.
Highlights in DeFi Categories from week 26
Top 10 blockchain games by social signal in the last 7 days
Play-to-earn has long been a popular trend among the community. Here is a list of the top 10 games that the community was most interested in in the past week.
Last week, Bunicorn, the Pokemon-inspired NFT role-playing game developed on Binance Smart Chain, surprisingly became the blockchain game with the highest social signal. According to the project, the mobile version of Bunicorn would be released on July 4th, and players would receive gold and BUR testnet tokens to test the game.
Following the list were well-known games such as Decentraland, LoserChick, and Axie Infinity...
Blockchains with the highest wallet addresses
The table below compared the number of wallets created in different chains from Jan 2022 to July 2022. In this regard, Ethereum was the blockchain with the highest wallets created, followed by BNB Chain and Polygon.
In particular, BNB Chain had an impressive new wallet creation growth rate at 36%. With the current growth rate, BNB Chain will soon surpass Ethereum to become the blockchain with the most wallet addresses.
Near and Optimism were the two blockchains with the highest percentage of new wallet creation at 610% and 686%, respectively. This demonstrated the expansion and widespread usage of these two blockchains.
Top 10 Cryptocurrencies in the last 10 years
Let's look at the cryptocurrency market's evolution during the last ten years, from July 2013 to July 2022.
- The number one position was securely held by none other than the crypto king Bitcoin. For the past ten years, no token has been able to replace Bitcoin. It gradually became a common asset that everyone wanted to own. Bitcoin was also the biggest market influencer.
- The second place had a slight shift from LTC to XRP and ETH. In particular, ETH had consistently placed second only a year after launching. This was because Ethereum enabled developers to create dApps easily using Solidity.
- The third place shifted slightly from NMC, NXT, LTC, and XRP to a stablecoin called USDT. The fourth place was also a stablecoin called USDC. This demonstrated that stablecoins had a significant influence on the market. Despite the fact that USDT had many rumors, this stablecoin maintained its place.
- The Binance exchange's BNB token was ranked sixth. There is no reason not to believe that the BNB token will eventually overtake USDT and USDC for the third place.
Despite numerous challenges, XRP had held firmly in the top ten since 2014. Considering two years in a row, over 70% of tokens were able to hold on to the next season. However, only BTC survived from 2013 until 2022.
Top 10 most mentioned NFT projects on Twitter
NFT is a completely unique digital asset that cannot be replaced by another token. It can be used for demonstrating ownership or tokenizing works of art by artists and game developers, and so on, due to their characteristics.
Last week, Bored Ape Yacht Club was the most mentioned NFT project on Twitter with 9,231 mentions. This project hosted the ApeFest 2022 concert in New York for BAYC & MAYC NFT holders aged over 18 with the participant of Lil Baby, Lil Wayne, The Roots, Snoop, Emimem, Timbaland, and many other musicians.
The following were all familiar projects such as Tezos, StepN, PancakeSwap...
Highlights from ecosystems in week 26
Solana Ecosystem
Solana is a third-gen blockchain platform specifically designed for decentralized applications (Dapps) such as DeFi or NFT projects. The Solana blockchain is an open-source project that uses Proof-of-History (PoH) consensus mechanism.
Recently, the Solana ecosystem has welcomed many new projects in various fields such as Gaming, DeFi, NFT, and Infrastructure. NFT has the strongest growth with 5 projects.
Learn more: Solana Ecosystem Overview
Aside from NFT, holding NFT collectibles tokens also provides holders with a wide range of benefits. The following are the NFT project with the highest number of token holders in the Solana ecosystem.
- DUST token from DeGods project was on the top, with 30.3 thousand holders. This project was created to distribute works, items from creators, celebrities, and unique IRL experiences at major NFT conferences. DeGods NFTs on Magic Eden are expensive, starting at 296 SOL/NFT.
- The GenesysGo project came in second with 29.7 thousand holders. This project provides RPC* and validator services to help developers develop their Solana projects.
- Aurory came in third place with 14.5 thousand holders. This project is a Play-to-Earn gaming platform that lets users earn money while learning about blockchain technology.
NEAR Protocol Ecosystem
Bridges on NEAR Protocol Ecosystem
Near Protocol is a blockchain platform allowing developers and entrepreneurs to build applications and secure high-value assets such as money or identity, etc. while making them friendly and usable enough for consumers to access.
Let's take a look at the bridges developed on the NEAR Protocol ecosystem. Rainbow Bridge is considered one of the Near ecosystem's core products. The bridge enables users to transfer assets between Ethereum, NEAR Protocol, and Aurora.
Multichain is a bridge designed to be the ultimate web3 router. Allbridge is a decentralized bridge that allows assets to move across EVM, non-EVM, and Layer 2 blockchains.
Learn more: Near Ecosystem Overview
Market overview for week 26
After the hacker group Anonymous released the video “Anonymous message to Do Kwon”, UST and LUNA experienced phenomenal growth, while CEL price continued to drop due to the liquidity problems Celsius Network has.
Bitcoin has ranked first in the cryptocurrency market continuously for the past decade, followed by Ethereum. Binance Smart Chain continued to expand its position with its increased wallet creation growth rate; Near and Optimism also had a very high wallet creation growth rate.
The NFT Project Bored Ape Yacht Club created a lot of excitement in the market and showed its users the practical application of its NFT by hosting a music concert with the participation of many famous artists.
Next week's events
- July 4th: The SEOR token will launch an IDO on TrustPad. SEOR is a project that provides infrastructure for Web3.0 developers.
- From July 7 to July 12: The OGV project will hold an airdrop for OGN holders (Spapshot time on Binance).
- July 8th: The IP3 token will launch an IEO on FTX Exchange. Cripco is a project that develops the NFT Marketplace platform and builds the NFT ecosystem.
Conclusion
Despite a bear market, numerous projects have seen extraordinary development in the last week, with new features being released on a regular basis. This indicates that the builders are still actively working on their projects in order to prepare for the future.