The second week of November, Coinlive invites readers to watch some interesting on-chain events regarding the flow of money in the market, the profits earned by the top MEV robots, whether NFTs are really making a comeback, and Blur’s market share compared to others. markets.
Outstanding on-chain events last week (November 6 – November 11)
1. Which chain does the money flow into?
This week, the market continues to witness strong growth in BTC and many other tokens. Spot trading volume from The Block data also shows a gradually increasing trend, emerging from the gloomy zone from May to the second half of October.
Spot trading volume. Source: The Bloc
So is cash flow distributed equally across all chains? Let’s take a look at some basic indicators of DefiLlama.
– Total Value Locked (TVL): In the top 15 chains on DefiLlama, if you look at the change in 7 days, you can see that investors are locking their assets in the top 3 chains: Cronos (+18.6%), Solana (+14.9%) and Arbitrum (+11%).
TVL according to each chain. Source: DefiLlama
– Circulating stablecoins: This is also an indicator to keep in mind to know which chains stablecoins are flocking to the most. Likewise, if we consider the change in 7 days we can see Arbitrum, Solana and optimism There are 3 chains that have a higher growth rate than the remaining chains.
Stablecoins circulating according to each chain. Source: DefiLlama
Therefore, Cronos, Arbitrum, Solana and Optimism are four chains that investors need to pay attention to when the market shows signs of recovery.
When the market is “green”, good news continually comes out, in particular information about BlackRock confirming the creation of a spot ETF on Ethereum. This information pushed ETH spot trading volume to nearly $8 billion in a single day and ETH price increased more than 12% and reached a 6-month high.
Spot trading volume for ETH has increased significantly. Source: Kaiko
The increase in the price of many tokens in general and the increase in ETH in particular have pushed Gas costs to increase significantly, especially on November 9th when the price of Gas reached 155,507 Gwei, it is estimated that a transaction in that time could cost more than $100 in commissions. .
Average gas costs according to Gwei. Source: Etherscan
2. Exceptional information about MEV BOT
MEV Bot is a term that is no longer unknown to those interested in the Ethereum network. The explosion of cryptocurrency trading robots has become a fierce battle between the parties. Each team will have its own “army” of Bots, competing with each other in each block of the exchange pools on Uniswap and especially in the pool of newly launched tokens.
According to statistics from Arkham Intelligence, the top 3 MEV robots with ETH volume obtained in the last week include:
- Maestro: $65 million
- Bananagun: 54 million dollars
- Unibot: 13 million dollars
Maestro is the most popular bot. On October 25, the Maestro team refunded 610 ETH from revenue to compensate for all losses of users affected by the Maestro Router 2 smart contract attack, causing 280 ETH in damage.
Last week, the Maestro contract processed up to USD 65 million of ETH, of which the most popular token GROKis inspired by Grok, an AI chatbot service from the social networking app
Related Transactions GROK. Source: Arkham Intelligence
Although Unibot was attacked on October 31st, causing over USD 600,000 in damage, and the price of the token dropped by over 30%, UNIBOT traders still preferred this token when the token volume reached 1.1 million dollars in total 13 million dollars of Unibot in the UNIBOT/WETH pool on Uniswap.
Among them, the main investor is the address 0x26Ewho achieved more than $400,000 in volume through Unibot with more than 100 transactions.
Wallet transaction 0x26E. Source: Arkham Intelligence
Banana Gun is also the best choice for hunters of newly released tokens, when processed by the router 53.7 million dollars in this week. Banana Gun’s notable trading pool is AMO-WETH. A total of 66 Banana Gun users follow this pool and the collector waits to get the highest profit 158.8 ETH.
The transaction yielded 158.88 ETH. Source: Arkham Intelligence
Furthermore, the moment the market peaks is also an opportunity for MEV Bots to make profits. On November 10, according to PeckShield, a large wallet made a transaction larger than 1 inch and experienced high slippage rates for its transaction. An MEV robot 0x832 he saw the opportunity and reaped the rewards 58.3 ETH (approximately $123,000).
Profit from the transaction 58.3 ETH. Source: Etherscan
Additionally, Cyvers also announced a MEV Bot 0x46d Others earn more 2 million dollars In swap transactions there are price differences. It is known that the smart contract used to attack MEV Bot was created 43 minutes before the transaction attack.
Transaction profit of $2 million. Source: Etherscan
3. NFT Market
Last week, the keyword NFT was mentioned quite a bit, notably by Elon Musk, Joe Rogan, Mark Cuban and the animated film Even The Simpsons has scenes mention this phrase. So is this a sign that the NFT market is making a comeback? Let’s look at some facts below:
NFT trading volume is on the rise, November is on the rise, becoming the second month this year to see the value of NFTs rise.
November NFT Trading Volume Source: CryptoSlam!
According to data from DappRadar, October NFT trading volume increased 99 million dollars compared to the previous month, recording the first monthly increase of 2023. Specifically, the volume in September was 306 million dollars, and that in October was 405 million dollars, increased by 32%.
Volume and number of NFT transactions per month. Source: DappRadar
The Forkast 500 NFT Index measures the performance of the global NFT market and includes assets on any chain. Overall, the chart shows that new capital is pouring into the NFT market.
If the collector sells the NFT, the index will decrease. Meanwhile, the chart shows an increasing number of dots, which shows that money is flowing into NFTs.
ForKast 500 NFT Index. Source: ForkastLabs
Even as we see money flowing back into NFTs, not all chains are showing signs of growth. According to CryptoRank statistics, Mythos and Solana are the two blockchains with growth in NFT transaction volume this month. Meanwhile, Ethereum trading volume has decreased by 20% compared to September, but still remains the “king” in the NFT segment.
NFT transaction volume by chain. Source: Cryptorank
Digging deeper into the volume of each market, it can be seen that Blur is taking up the majority of the market pie. When NFT trading volume returns, the most visible sign is shown through trading volume on Blur.
Daily trading volume by market. Source: Hildobby on Dune Analytics
Talking more deeply about the market, we have all seen the dominance of OpenSea in the NFT trading market. However, since Blur appeared, OpenSea has been inferior.
Indeed, OpenSea has seen a sudden drop in valuation since then 13.3 billion dollars by 2022 until 1.4 billion dollars when Coatue Management, a technology-focused investment management firm, slashed the value of its stake in OpenSea, by nearly 90%. Not only that, in the second quarter of 2023, Coatue reduced his stake from $120 million to $13 million.
Trading volumes on OpenSea have declined significantly since the second half of 2022 and have not shown any improvement so far.
Weekly trading volume by market. Source: Hildobby on Dune Analytics
Currently, OpenSea’s competitor, Blur, has become the leading NFT marketplace, with market share and transaction volumes far exceeding OpenSea.
Market share volume, trading volume and traders. Source: Hildobby on Dune Analytics
Blur’s dominance in the market through the positive impact of token issuance and airdrops for users instead of relying solely on volume could lead to washtrading cases like LooksRare and X2Y2 in 2022, while OpenSea has no token.
Furthermore, liquidity on Blur is always guaranteed and Blur provides an additional Bidding Pool tool to help whales easily withdraw liquidity without price slippage. In contrast, OpenSea does not favor creators as it did before when it changed creator fees from mandatory to optional.
The market trend is expected to continue for at least the next 13 days until the season 2 airdrop event takes place on November 20.
4. Update FTX settlement transactions
As of November 10, FTX and Alameda Research had submitted approx 414 million dollars value of 42 tokens at exchanges.
Currently in the Cold Storage 2 cold wallet, only FTX applies 253,386 SOL (11.6 million dollars) available for negotiation. According to CoinGecko, FTX is still valid 42.2 million SOL (1.81 billion dollars) door lock. This amount of SOL will begin to be unlocked next year and will likely remain frozen until 2027 or 2028.
Statistics on tokens liquidated by FTX. Source: SpotOnChain
Two crypto attacks also occurred last week, including Poloniex (~$125 million in damages) and Raft (~$3.3 million), with a lot of information about the chain worth noting.
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