10.14-10.18 Popular Projects

Overview

The latest summary of popular projects released by Gate Research Institute shows a significant rise trend in the encryption market this week, especially in the field of Decentralized Finance and stablecoins. Raydium’s average daily volume in October exceeded $1 billion, mainly benefiting from the development of the Solana MEME ecosystem; Tether is exploring expansion into the commodity trading sector, seeking to participate in commodity trade financing through USDT; Puffer is driving TVL rise to $1.4 billion through its permissionless Node operation, demonstrating strong performance; Ripple announced global distribution partners for the RLUSD stablecoin, marking further progress in cross-border payments; Celestia has launched an upgrade for Shwap, improving data availability and network performance; Praxis raised $525 million, committed to building a frontier technology city; Polymarket and Base Network set new highs in monthly volume and transfer volume respectively, further boosting market activity.

Project

Raydium average daily trading volume exceeded $1 billion in October As of October 14th, Raydium’s average daily trading volume in October exceeded $1.017 billion, a rise of 99.89% compared to September, and TVL (total locked-in value) also exceeded $1.5 billion, reaching a new high this year. This rise is mainly due to the rapid development of the Solana MEME ecosystem. As a leading AMM (AMM) and Liquidity provider on Solana, Raydium has become the primary beneficiary of pump.fun, as the Liquidity in the TokenMarket Cap’s bonding curve will automatically transfer to Raydium after reaching a specific threshold.【1】

From the chart below, it can also be seen that there is a certain correlation between Raydium’s daily trading volume and pump.fun. In September, affected by the fierce competition of MEME Token in the TRX ecosystem, the activity of pump.fun decreased, and the daily token issuance dropped to about 5,000. Raydium’s daily trading volume also experienced a significant reduction; however, by October, the activity rebounded significantly, with pump.fun’s daily issuance recovering to about 15,000 tokens, and Raydium’s daily trading volume also showing some rebound. At the same time, the Liquidity correlation between Raydium and pump.fun reflects the synergistic effect between projects within the Solana ecosystem.

Gate Ventures, Boon Ventures will partner with Movement Labs to establish a $20 million encryption fund Venture capital firms Gate Ventures and Boon Ventures have announced a partnership with Movement Labs to establish a new $20 million fund aimed at driving the development of the Move ecosystem. The fund will invest in projects centered around the Move programming language, covering hot areas such as Decentralized Finance, GameFi, and particularly solutions for data and asset transfer interoperability between the Move and EVM ecosystems.

As part of this initiative, supported startups will not only receive funding, but also have the opportunity to participate in exclusive entrepreneurship coaching programs and hackathon events to accelerate innovation and market deployment. This collaboration will accelerate the growth of the Move ecosystem, and promote developers and entrepreneurs to better leverage the potential of blockchain, achieving more efficient interoperability and innovative applications of Decentralization.【2】

Tether is in talks with commodity traders to borrow up to $1 billion Tether Holdings Ltd is exploring a new strategy of providing loans to commodity trading companies, which could signify a significant shift in the financing method for traditional commodity trading. As the issuer of the USDT stablecoin, Tether has already used its token to circumvent US dollar sanctions, particularly in countries such as Russia and Venezuela. By further introducing USDT into the commodity trading market, Tether may have a profound impact on the global trading system.

The appeal of USDT lies not only in its stability as a stablecoin, but also in its ability to bypass the cumbersome procedures of traditional banks, speeding up payments and transactions. Traditional commodity trade financing relies heavily on credit provided by banks, but is subject to strict regulatory restrictions. However, this trend also faces some challenges. First, as a cryptocurrency company, Tether does not provide audited financial reports, which may raise doubts about its source of funds and stability for some large commodity trading companies. In addition, commodity trading is inherently high-risk, and in recent years, the industry has experienced several high-profile bankruptcies, frauds, and scandals, all of which have shaken investor confidence in trade financing.

Tether’s exploration into the commodity trading field highlights the strong application potential of USDT. In the future, as the Cryptocurrency market matures, stablecoins may gradually replace some traditional trade financing tools and become a new engine for international trade.【3】【4】

Puffer TVL rise to 14 billion dollars Puffer is a leading innovator in the Ethereum infrastructure, introducing a Permissionless design that allows anyone to participate in Node operations without relying on traditional centralized services. With its unique hardware support, Puffer provides innovative anti-forfeiture technology and simplifies the process for users to stake and re-stake on the Ethereum network. It allows anyone to participate in Ethereum Node operations with a minimum threshold of 1 ETH, greatly improving capital efficiency.【5】

$PUFFER Token economic model: The total amount of $PUFFER is 1 billion, with 40% allocated to the ecosystem and community, 1% to the Protocol Guild, 7.5% as an airdrop reward for the Crunchy Carrot Quest Season 1, 5.5% as the Season 2 airdrop reward, 20% for early contributors and advisors, which will be gradually released over 3 years, with the first batch unlocked after 1 year to ensure the team’s long-term commitment and vision for the ecosystem. Investors hold 26%, which will be gradually released over 3 years, with the first batch unlocked after 1 year, followed by linear release over the next 2 years. $PUFFER Token will be used for governance decisions in the Puffer ecosystem, and holders will participate in voting and guiding the future development of the protocol through the vePUFFER mechanism.

Puffer has opened Airdrop distribution on October 14, and gate will start trading at 12:00 (UTC+0) on October 14, 2024.【7】As of 6:00 (UTC+0) on October 15, Puffer’s 24-hour rise is 95%, with a circulating market cap of $61.46 million.【8】TVL continues to rise to $1.4 billion.【9】This significant increase not only reflects the market’s confidence in the Puffer ecosystem but also signifies its increasingly strong competitiveness in the Decentralized Finance field. With more users participating and continuous project innovation, Puffer is continuously expanding its influence in the encryption industry, and its future development potential is promising.

Ripple announced its global distribution partners for Ripple USD Ripple has announced the first batch of trading platforms and platform partners for its upcoming RLUSD stablecoin, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Market makers B2C2 and Keyrock will provide Liquidity support for RLUSD. Ripple has also assembled an advisory committee for RLUSD, with members including former FDIC Chair Sheila Bair, former Morgan Stanley executive David Puth, and Ripple co-founder and executive chairman Chris Larsen. Partnerships with top-tier trading and payment platforms enable rapid expansion of stablecoin use cases, which helps RLUSD achieve global distribution and adoption. From the perspective of the advisory team, the United States may be an essential target market for RLUSD. As a project that has previously focused on cross-border payments, Ripple’s move is also an upgrade to its strategic level. The integration of RLUSD into the cross-border Payment Network will also have a positive impact on the industry in terms of compliance and regulatory processes, promoting progress towards compliance.【10】

Celestia: DA Network Shwap upgrade has been activated on the testnet and is expected to enter the Mainnet Beta stage in November. Celestia has recently completed the first upgrade of the Mainnet Beta, launching a new feature called Shwap, which significantly improves the performance of the Data Availability (DA) network. This upgrade was successfully activated on the Arabica and Mocha testnets, achieving a 12-fold increase in DA sampling speed and reducing storage requirements by 16.5 times. These improvements make it possible to implement larger Blocks and smaller Nodes, marking a crucial step for the Celestia community towards achieving the goal of implementing 1GB Blocks. The core changes of Shwap upgrade include a brand new data block storage subsystem and an efficient network framework, greatly optimizing the efficiency of data availability sampling. The synchronization time of the light node has been reduced from the original 24 hours to 2 hours, and the storage occupancy has been reduced by 2.66 times. In addition, the significant improvement in data retrieval speed provides the DA network with more efficient communication capabilities. These series of improvements not only lay a solid foundation for the network’s expansion but also allow the core development team to focus on continuously optimizing the system’s security and performance.

Praxis Praxis claims to be the world’s first ‘network country’ project, and recently announced a $525 million financing. Praxis plans to build a cutting-edge tech city to support the development of Cryptocurrency, artificial intelligence, biotechnology, and energy. The main investors in this financing include GEM Digital and Arch Lending. Praxis adopts a financing method based on tokenization of physical assets, allowing gradual extraction of funds to drive the project forward. [12]

The project aims to accelerate technological development by establishing an ‘Acceleration Zone’ to reduce regulatory restrictions. It has attracted over 14,000 global members, called ‘Praxians’, who are committed to promoting technological progress by applying for membership. However, Praxis faces political and regulatory barriers and requires the support of governments worldwide. In addition, the successful implementation of real estate tokenization is crucial for obtaining funding. If Praxis can overcome these challenges, it will provide a new model for the construction of future cities, but its success will depend on its ability to effectively navigate a complex environment.

Polymarket hits all-time high, with volume nearing 10 billion US dollars this month According to Dune data, Polymarket’s monthly volume reached a new high in October 2024, surpassing $1 billion. This rise reflects an increase in the number of active traders on the platform, from 80,514 last month to over 90,000 currently.[13]

In addition, the betting amount for the 2024 US presidential election has also risen significantly, exceeding $2 billion. Against this backdrop, Republican candidate Trump’s betting amount on Polymarket is close to $608 million, with a winning percentage of 62.3%; while Democratic candidate Harris’ betting amount is $405 million, with a winning percentage of 37.5%.【14】

Base Network USDC transfer volume hits an all-time high, processing over $17.5 billion in a single day According to on-chain data, the USDC transfer volume on the Base network hit a record high yesterday, with more than $17.5 billion processed in a single day. Base has performed well this year, surpassing Arbitrum for the first time with a TVL of $2.5 billion, rising by 562%. With an average of 6.1 million daily volumes, the Decentralizationexchange (DEX) volume rose 15 times, mainly driven by AerodromeFi, and TVL exceeded $1.4 billion. In addition, Base’s daily active Addressrise is 13 times, and the user base is rapidly expanding. In terms of revenue, Base’s sequencer revenue has reached $51.4 million and is expected to reach $60 million by the end of the year. This not only drives the growth of Base, but also strengthens the expansion of the Optimism ecosystem. 【15】

1. Dune, https://dune.com/ilemi/solana-dex-metrics
2. Cointelegraph, https://cointelegraph.com/news/gate-ventures-movement-labs-boon-ventures-launch-crypto-fund
3. Finance yahoo, https://finance.yahoo.com/news/crypto-company-tether-talking-commodity-153511103.html
4. Blomberg, https://news.bloomberglaw.com/banking-law/tether-in-talks-with-commodity-traders-over-lending-its-billions
5. Gate.io, https://www.gate.io/zh/learn/articles/puffer-overview/4361
6. Puffer, https://www.puffer.fi/
7. Gate.io, https://www.gate.io/announcements/article/39792
8. Gate.io, https://www.gate.io/price/puffer-puffer
9. Dune, https://dune.com/puffer_finance/puffer
10. The block, https://www.theblock.co/post/321054/ripple-bitstamp-bitso-bullish-stablecoin
11. Celestia, https://x.com/CelestiaOrg/status/1846215427560821087
12. The Block, https://www.theblock.co/post/321268/network-state-project-praxis-secures-525-million-to-build-crypto-friendly-city
13. Polymarket, https://dune.com/rchen8/polymarket
14. Polymarket, https://polymarket.com/
15. Artemis, https://app.artemisanalytics.com/project/base?from=chains&tab=stablecoins