CoinGecko 4D Report: 2021 Global Bankruptcy Research Report

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2021 Spot Market Snapshot

Performance of the top 5 results in 2021

Market Chart of Top 3 Coins in 2021 and Strong Performance Data of 5 Stable Coins in 2021

Bitcoin Analysis

Bitcoin price and volume

bitcoin matters

Bitcoin hashrate country/region divisions

Bitcoin Price Comparison: Versus Larger Products

Market Cap Comparison: Bitcoin, Gold, and Top S&P 500 Stocks

A number of Bitcoins are held by public companies

Ethereum Analytique

Ethereum cost and volume

ETH 2.0 roadmap

EIP-1559 Damage After Repair

Average Daily Gas Charges in Ethereum

The promises of ETH 2.0

Other L1 and L2 analysis

Stand out from other L1 & L2

Channel model data and operating costs of other channels

The star project of the other channels

Best airdrops in 2021, "airdrop gossip" in 2022

DeFi Analysis

Preview DeFi in 2021

Q32021DeFi public chain market share2021DeFi Ecology

DeFi Project Price 2021 Back

Solana Ecology

avalanche ecology

Jetons fongibles (NFT)

NFT trading platform trading volume

NFT Multi-Chain NFT Platform Trading Volume NFTLeaderboards

Highlights in 2021

cash

Top 10 exchanges in 2021

Best Centralized Exchanges (CEX) in 2021

Top 10 Decentralized Exchanges (DEX) in 2021

Q42021 Derivatives Exchange - Bitcoin Perpetual Bond Volume

Derivatives Exchange Q42021 - Bitcoin Perpetual Open Interest

Q42021 Derivatives Exchange - Bitcoin Perpetual Earnings Agreement Between GBTC and BITO

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In 2021, the cryptocurrency industry continues to hit new highs, building on the momentum of 2020. A year-long pullback may affect sentiment for some, but market capitalization more than doubled in 2021 to close at around $2.4 trillion. , with the stock market hitting $3 trillion in the meantime. ~

Bitcoin closed the year around $48,000, falling off its highs but doubling since the start of the year. However, its market share has declined, falling below 40% by the end of 2021. Much of the market color has shifted to Ethereum, its competitors, and Layer 2. All Ethereum Alternative Applications claim to solve scalability problems like Solana and Terra. The same goes for the MEME tokens, which seem to have found a way to hold the store. ~

The DeFi project will continue to be updated in 2021, with all new features updated with new features and a completely new financial model. DeFi has also been extended from Ethereum to other chains, quickly becoming "better" for any network. Overall, the TVL to DeFi protocol has grown rapidly to $234 billion. ~

But the killer app for cryptocurrency in 2021 will undoubtedly be NFT. New users continue to hit the scene with incredible value, engagement with famous actors, and activities like Axie Infinity pushing GameFi into the mainstream. 2021 will be the year of this new asset, with total NFT production reaching $23.9 billion. CoinGecko recently published a book called How-To NFTs, which provides starter information for the region. If you are looking for a way to enter this field, this book is an excellent choice. NFTs and DeFi are starting to clash with GameFi, SocialFi and other growing apps, and require more fireworks. ~

When we talk about NFT, we can't help but talk about change. Facebook's rebranding of Meta by Facebook grabbed headlines and brought countless complex changes to Web 3.0, the next internet revolution, and attracted more talent and investment than ever before. With the popularity of this transition and Web3.0, the two concepts of NFT and blockchain will inevitably continue as the human experience expands. ~

In addition to the blockchain industry, the development of the related external market is also important. Gary Gensler was named SEC Chairman over concerns about regulatory implications for the cryptocurrency market, and the US SEC has approved a Bitcoin Futures ETF application. Coinbase topped the Nasdaq listing, MicroStrategy continued to invest in Bitcoin, and Tesla (only) reversed cryptocurrencies. El Salvador officially recognizes Bitcoin as the legal national currency. In China, the government continues to expand its CBDC research experience, with more expansions to come, and the integration of cryptocurrencies and cryptocurrency mining has also encouraged large-scale migration. ~

Cryptocurrencies are unbreakable and 2021 is guaranteed! We now track over 12,000 tokens and over 500 exchanges, have also started researching NFTs, developed a new app, hosted our first GeckoCon, and introduced further updates and updates to our website. As the cryptocurrency industry expands into other areas, we will continue to expand our teams and products to help our communities and have a greater impact on everyone's future. Looking forward to success in 2022!

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2021 Spot Market Snapshot

The entire cryptocurrency market capitalization closes at $2 trillion in 2021, indicating strong growth even at the end of the year

Source: CoinGecko

Top 3 Cryptocurrencies Will Grow 176% in 2021

The total market capitalization of the top three cryptocurrencies peaked at $2.53 trillion in November, before dropping off late in the year.

Ethereum's popular public domain, Set 2 and MEME tokens, have seen the fastest growth, and the market value of Bitcoin has steadily declined. At the same time, Ethereum continues to rise and oil prices continue to rise. ~

Stablecoins continue to grow and UST saw steady growth in the first half of the year and entered the top three.

Spot volume rose at the start of the year with the rise in market capitalization, but fell after falling in May. ~

Growth in the second half was mainly driven by NFTs. Liquidity is also transmitted through medium to high volume exchanges and exchange rates.

Top 5 results in 2021

Solana successfully entered the top 5 via the cap market

Source: CoinGecko

The top five cryptocurrencies received an average of 2,913%.

Compared to 2020, the return of the top 5 cryptocurrencies in 2021 will be the best in the future (242%), and SOL is winning everyone over! ~

SOL entered the top 5 in the fourth quarter of 2021 alone, beating XRP, DOGE and DOT to become the top 5 cryptocurrencies by content of the year. ~

XRP (281%), DOGE (3545%) and DOT (194%) continued to be profitable for investors until last year.

With the exception of SOL, LUNA, SHIB, MATIC, AXS, and FTM, which are in the top 30, they all return more than five percentage points in 2021.

Market value of Top 3 coins in 2021

Ethereum Concurrent Tier 1, Ethereum Tier 2 et Sidechains, MEME Coins, Stablecoins, Obtenez Bitcoin Trading Fast

Source: CoinGecko

An L1 and Ethereum L2 chain update and side chain to address Ethereum scalability issues entered our mainstream names as market specs emerged. ~

Memecoin has also discovered a challenge as Elon Musk breathes new life into Dogecoin and spawns many new memecoins. ~

Are your old jobs still strong? Although they don't have enough trading voices (or sometimes bad news), oldies like ADA, XRP, LTC, and BCH are still in the top 30.

BNB, CRO and OKB also hold the basis for medium-term exchange rates. ~

Popular game Axie Infinity placed AXS in the top 30.

In addition to the top 30, there are long tail assets comprising up to 90 positions with a turnover of over $1 billion.

Top 5 Stablecoins in 2021

The fixed currency market value continues to rise and USDT retains its key position.

Source: CoinGecko

The top five stablecoins increased their retail sales by $127 billion.

The market capitalization of the top 5 stablecoins increased by 469% and the top 5 in total entered the top 3 of the overall market rankings. ~

Although USDT did not mention all of its regulatory issues, it still holds the number one position in the market with more than four fixed volumes combined. ~

The growth of the UST reduces the DAI and the rapid growth driven by the overall growth of the Terra ecosystem. ~

Excluding the top five, MIM and FRAX will grow rapidly in 2021 with sales of over $100 million. This also reflects the growing acceptance of algorithmic stability coins in the market.

Big events to watch in 2021

A major event that changed the year

Source: CoinGecko

Security procedures reviewed in 2021

Data source: RektHQ

2021 is a year of continuous security, costing an estimated $14 billion in crimes and hacks throughout the year. ~

The biggest hack of 2021 happened in August, stealing $611 million from the Poly network. This is one of the biggest cryptocurrency security events to date. ~

Compound bugs were the biggest virus this year, costing COMP $147 million before these bugs were fixed. ~

On December 3, Polygon discovered the significant skepticism that puts 9B MATIC at risk in its PoS development contract. The automatic network upgrade was completed within 24 hours, but the hackers stole around 800,000 MATICs ($1.6 million).

Common protest procedures:

Financial CrimeaIn 2021, our flight cost $185 million.

you sawIt was attacked twice in July, causing a total of $13 million in damage. ~

Bitcoin Analysis

Bitcoin price and volume

It's been a frustrating year for Bitcoin, but price volatility is relatively low compared to what's happening around Bitcoin.

Bitcoin annual rate of return 62.6%

Compared to 2020, the rate of BTC in 2021 will be very slow. However, Bitcoin ended the year on a high, hitting $47,191, up 62.6% from a year earlier.

Bitcoin also hit an all-time high of $69,045 on November 10.

Other important events:

Public companies are adding bitcoins to their balance sheets.

El Salvador Pom Bitcoin li Fiat

Chinese governmentThe announcement of the Bitcoin ban, led to a massive migration of workers to China.

Improving Taproot has been put to work, giving bitcoin more privacy and making some smart promises to keep.

Bitcoin Computing Power Analysis

After the Chinese ban, the hashrate returned and reached ATH.

File Source: https://www.blockchain.com/charts/hash-rate

Bitcoin computing power up 18% in 2021

After the Chinese government announced a mining ban on May 21, 2021, the total number of Bitcoin hashes plummeted, bringing the Bitcoin hash price down to a multi-year low of 85M TH/s. ~

However, by the end of 2021, the total hashrate had returned to 168 million TH/s and reached 182 million TH/s of ATH as of December 10. This testifies to the resilience of the network.

Some bitcoin miners reported profits in the second quarter as hash rates fell as competition from Chinese miners decreased.

The strong rally in the hashrate is mainly due to large-scale trade from China to other countries, such as the United States and Kazakhstan.

Regional Breakdown of Bitcoin Computing Power

The United States and Kazakhstan are the main sources of half of China's electricity bills.

There is little evidence of a large mining industry in Germany or Ireland to prove these costs. It is likely that their share is very high due to the transfer of IP addresses using VPN or proxy services. Source: Cambridge Center for Alternative Finance

Following China's cryptocurrency ban in September 2021, BTC miners flocked to other countries such as the United States and Kazakhstan to get better rates and avoid regulatory restrictions.

As of August 21, the United States had taken the lead with around 35% of the total hashrate share, and Kazakhstan, famous for its cheap and rich coal-fired power generation, took around 18%.

However, according to a recent report, Bitcoin mining farms have experienced numerous power outages since October with no power in Kazakhstan. As a result, its entire global hashrate has dropped sharply from its August figure.

This drop will be temporary, as miners may move to other countries as the global hashrate steadily increases until the end of 2021.

Comparison of bitcoin prices and major products

Bitcoin is one of the strongest cryptocurrencies.

Prices for large stocks Source: https://finance.yahoo.com/

Bitcoin outperformed all major assets in 2021, up 62%.

The market is generally in an uptrend leaving gold and financials behind as the trend shifts towards commodities and commodities.

Bitcoin indicates declining relationships with major cryptocurrencies in 2021. This is not always the case with digital assets. In 2020, there will be links to assets such as gold and commodities.

Market Cap Comparison: Bitcoin, Gold, and Top S&P 500 Stocks

Bitcoin market cap is close to meta (Facebook)

Snapshot data was taken on January 1, 2022; Asset value (excluding Bitcoin) Source: https://finance.yahoo.com/

Bitcoin held by public companies

Public companies now hold around 1.14% of Bitcoin assets.

Data Source: https://bitcointreasuries.net/

Ethereum Analytique

Ethereum cost and volume

ETH doubled and closed 2021 at $3,715 on earnings of 403%.

Source: CoinGecko

Ethereum will increase by 403% in 2021

Even in a full year of Series 1 competition and “Ethereum killers,” ETH ended the year at $3,715, up 403% from the prior year.

In 2021, ETH hit two all-time highs. It first hit around $4,000 on May 11 and closed at $4,183. After the decline, it rose again to reach $4,815 on November 9, creating a new ATH.

This year saw several major changes to the network in preparation for the announcement of ETH 2.0 in 2022.

upgrade in london- Ethereum's high-level network upgrade, with EIP-1559 revising all industry standards, including five major upgrades.

Altair- First beacon chain upgrade since December 2020 released

Eth 2.0 roadmap

Ethereum will eventually become the "Data Proof" (PoS) chain by early 2022.

Eth2.0 is an update that turns the Ethereum network into a PoS trust algorithm and provides chain links. This increases network speed, efficiency, scalability, and sustainability, which leads to increased flexibility, reducing bottlenecks.

Data Source: Ethereum Organization

EIP-1559 Ethereum burns after London upgrade

EIP-1559 allows for deflationary pressures, but new ETH incentives still work better than conventional pressures.

Data Source: Etherchain by TheBlock, Dune Analytics (@k06a)

The average ETH consumption per minute since EIP-1559 is 6.16 ETH.

The hot ETH exchange introduction EIP-1559 is a precursor to Eth 2.0, which will reduce ETH emissions and further impact ETH.

The exposure to ETH is even greater after the EIP-1559 burn. This means that ETH is still an asset most of the time. The earliest deflation date is September 3, one month after EIP-1559.

In the “Summer of NFTs” wave, OpenSea is the cause of ETH burning in 2021 ahead of Uniswap V2/V3 and stablecoins (e.g. USDC and USDT).

Ethereum's average daily oil price

Affected by NFT activity, the average daily oil price is still above 100 Gwei on most days.

Source : Etherscan via Ycharts

The average oil price in 2021 is 105.2 gwei

The average price of oil in 2021 is around 105 gwei, increasing several times to 200 gwei, reaching a record high of 373.8 gwei per day on February 23.

Historically, peak oil has occurred during cryptocurrency market downturns as users rush to save leveraged jobs or “buy deep.”

Many consumers expect oil prices to drop due to EIP-1559, but fuel prices continue to rise due to the extension during the “Summer of NFT” period.

As oil prices rose as consumers rushed to mint their new NFT assets, July mint prices rose to >5,000 gwei per unit, with exchange rates alone hitting ~1 ETH .

Eth 2.0 Sib

4x Eth2.0 Staking in 2021, Leading Eth2.0 Staking Service Provider for Lido and Kraken

Data source: Dune Analytics (@hagaetc)

305% increase in total Eth2.0 product market in 2021

As of November 2020, Eth 2.0 staking has steadily increased since its inception, but entered at a rapid pace throughout 2021, with total revenue growing over 305% in 2021.

At the start of the year, total ETH revenue comprised 1.91% of ETH revenue, which increased to 7.49% by year-end. ETH mortgages will be attached to “The Merge”, which is not expected to be delivered until Q2 2022.

Eth 2.0 Lido staking protocol has attracted a lot of attention as interest in Eth 2.0 continues to grow.

By the end of 2021, Lido held around 18% of ETH supply and had joined Kraken as the second largest consumer goods provider.

Other Public Channel Analysis

Introducing the Smart Contracts Platform

We have been connected for a long time.

Source Info: DeFiLlama

Rise and Success of Smart Contract Platforms

Other public chains are also working to improve the performance of the blockchain market in terms of performance, security and distribution.

Source double : CoinGecko

Blockchain Structure

Blockchain has several layers.

Performance of the Top 6 Non-Ethereum Public Chains in 2021

Fantom drives the performance of many Ethereum competitors.

Source: CoinGecko

As users access other public chains, the need for Ethereum/Bitcoin alternatives has become apparent.

Four characters with a value increase of more than 10,000% per year are Fantom, Terra, Solana and Polygon. Phantom saw the biggest year-to-date increase of 14,279%.

Other public channels also have good recovery rates, but all the best ones are below 1000%.

The star project of the other channels

Each chain has its own Star DeFi or NFT project.

Big Airdrops en 2021 et Airdrops en 2022

gifts 2021

Throughout 2021, the cryptocurrency market was hit with multiple airdrops, ranging from hundreds of dollars to $100,000. While "Holy Gifts from Heaven" was well received by the community, most airdrops were really meant to reward early and loyal supporters. However, these airdrop targets have diminished since the late 2021 airdrop. There is also an event where divergent investment organizations “lay out” the RBN airdrop, and that is the investment companies for this project. Some significant airdrop events in 2021 are:

Airdrop infected in 2022

nyuj exchange

hop the change

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masque

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zkSync

DeFi Analysis

Preview DeFi in 2021

DeFi welcomes the new year at the end of the year.

File source: https://www.coingecko.com/en/defi

The total market value of the DeFi market will increase by 650% in 2021.

In 2021, DeFi's market capitalization increased 7.5 times, from $20 billion to $150 billion, and its stake more than doubled, from 2.8% to 6.5%.

The return of DeFi in the last quarter of 2021 can be attributed to the upcoming DeFi product called "DeFi 2.0". This product tries to improve the design of the original DeFi protocol. Additionally, the increased support for new EVM alternatives such as Cronos, Aurora, and Boba has increased the demand for DeFi tokens on these blockchains.

DeFi retail sales reached the end of the year, but hit a high of $174 billion in November.

DeFi multi-chain market partnership in 2021

2021 will be the first year for DeFi to cross multiple lines.

Data source: DéfiLlama. Monthly TVL is calculated by taking the daily average TVL for each month.

In the first quarter of 2021, Ethereum and Binance smartchain took over most of the market and captured most of TVL. But that has changed drastically over the years.

EVM-based social networks such as Polygon and Fantom will be honestly launched by the second quarter of this year. This chain is another option as it is similar to Ethereum, but with faster conversions and lower costs.

Non-EVM channels such as Terra and Solana also saw significant growth, accounting for 7% and 5% of total TVL in Q4 2021. Compared to January 2021, TVL grew nearly eightfold, up 234 billion dollars at the end of the year. . Ethereum maintained its leadership position, but gradually lost control as TVL continued to grow across all platforms.

Introducing the DeFi ecosystem

Although there are changes in most cases, the DeFi industry cap remains unchanged.

Snapshot of data taken from January 1, 2022 *Category market capitalization includes management and utility costs only (excluding fixed coins and wrapped tokens).

There was a slight change in the overall market capitalization of the DeFi ecosystem during the last months of 2021. However, the ingredients market share changed significantly compared to our quarter of 2021. Major markets such as exchanges , oracles and lending platforms fell 9%. Together, these three segments wiped out around $1.5 billion from DeFi retailers.

Most of the DeFi market lost retail market share, but product consolidation and insurance were the biggest gainers in Q4 2021.

The total market capitalization of the yield aggregator itself increased by around $2 billion, mainly thanks to Convex Finance and inSure. Convex retail sales increased almost tenfold from the previous quarter.

A small segment of the DeFi ecosystem has seen a lot of skepticism. Asset management and prices have consistently declined by nearly 37% in market value, but had little impact on the overall picture.

DeFi Project Price Change 2021

Terra and Solana are the two brightest stars at night.

Source: CoinGecko

DeFi tokens performed poorly throughout the year, with the exception of LUNA, which posted a 123% return and a nice YTD growth of 12,894% in the fourth quarter. This is largely due to the growth of the Terra ecosystem, with the Columbus-5 upgrade of the Terra blockchain and new technologies such as Astroport and ApolloDAO bringing more applications to LUNA.

Solana has the best of 2021 and established itself as one of the top 10 cryptocurrencies of the year. From less than $2 in January 2021 to early 2022, SOL is more than 112 times profitable.

Although the CEX and DEX tokens produced remarkable results at the end of the year, the end result was achieved. PancakeSwap is one of the leading DEXs on Binance Smart Chain, achieving 1846% growth this year.

Jetons fongibles (NFT)

NFT Platform Trading Volume

NFTs started to see a surge in the packaging industry over the summer, primarily led by OpenSea.

Source: DappRadar

$23.9 billion in NFT packaging in 2021

Compared to December 2021 and January 2021, industry volume increased by 5.438%.

88% of the annual packaging industry is supported by our market share: OpenSea (61%), AxieInfinity (17%) and CryptoPunks (10%). All other major platforms have a 1-3% market share. ~

"Summer of NFTs" has started with a new increase in the NFT packaging industry for July-August.

As the market slowly declined, AxieInfinity lost most of the volume and smaller companies Mobox and MagicEden began to gain traction.

Other Chains NFT Transaction Volume

Ethereum and Ronin are undisputed leaders in the NFT industry.

Data Source: CryptoSlam * Different data files were used for this slide compared to previous slides.

Ethereum and Ronin are the NFT market leaders with 88% market share, mainly thanks to the OpenSea and AxieInfinity markets.

Summer NFT started primarily on Ethereum, but other L1 chains and sidechains (such as Ronin, Solana, Polygon) quickly captured and created their own NFT community. ~

Like DeFi, other parts of the NFT chain enjoy faster and lower conversion rates than GasFee. Recently, OpenSea also started supporting Polygon.

“Other” includes Panini ($21 million), Tezos ($16 million), ThetaNetwork ($15 million), and BSC ($5 million).

NFT Ranking

CryptoPunks has become one of the top products, and First5000Days is still the biggest.

Data sources: CoinGecko, NFTGO, NiftyPrice, CryptoSlam, @maxbrand99 * All sales on ETH

At the end of 2021, CryptoPunks was keeping its records up to date with the highest rates, albeit briefly by BAYC a few days ago. AxieInfinity has a very low cost to the ground but a very high volume.

Data sources: CoinGecko, NFTGO, NiftyPrice, CryptoSlam, @maxbrand99 * All sales on ETH

Beeple and XCOPY tied for fourth place for the artists with the most artwork in Ten-Eye NFTs. Two other projects, StayFree (Edward Snowden, 2021) and Ross.

UlbrichtGenesisCollection often gives money to the concept of "Freedom".

NFT Milestone in 2021

2021 NFT will be in the news more often.

In addition to Jack Dorsey's first tweet, iconic online resources such as World Wide Web Source Code, Doge, NyanCat, Disaster Girl and OverlyAttachedGirlfriend were also auctioned off with NFTs. ~

This year, NFTs have entered the mainstream. Regular stores have Crest and Sotheby's receive NFT and hold annual sales.

Rise of DAOs (PleasrDAO, FlamingoDAO, JennyDAO, etc.), write important roles in leadership and fundraising for members.

Major sportswear, fashion, technology and restaurant markets have joined the NFT bandwagon. NFT stores include Nike, Adidas, Dolce & Gabbana, Phillips, Budweiser and Its Pringle Cake.

In 2021, there will be no shortage of well-known representatives in the NFT. Big name brands like SnoopDogg, Grimes, Deadmau5 and PostMalone all have extra power for the NFT hype box.

2021 is also a year of decline for several big companies such as Loot, PudgyPenguins, CoolCats, Fidenzas, Meebits, and of course BAYC.

cash

The 10 best digital products in 2021

Total packaging industry volume steady at an average of $1.9 trillion per month

39% increase in total trading volume of the top 10 (DEX CEX) from Q3 to Q4 2021

Overall, the top ten CEX and DEX increased their space volume in the fourth quarter from $4.38 trillion to $6.1 trillion (38.57%).

Excluding a further increase in November, the fourth quarter monthly volume is still in September.

Fourth-quarter monthly sales were the highest since second-quarter gains and second-quarter declines.

It should be noted that the DEX:CEX ratio has steadily increased, from 6% at the start of the year to 10%.

Top 10 Centralized Exchanges (CEX) in 2021

The packaging industry continued until December

Dans 출처: CoinGecko Top-10CEXasof1 July 2021 - Binance, Huobi, Coinbase, Crypto.com, FTX, OKEx, Kraken, Bitfinex, Bitmart, Gemini Top-10CEXasof1January2022 - Binance, Huobi, Fto.KE, C.

The total market volume of the top 10 CEX will increase by 36% in the fourth quarter compared to the third quarter of 2021.

The total market volume of TOP10CEX in the fourth quarter of 2021 was $5.55 trillion. The fourth quarter rose to $2.7 trillion in November and fell to $1.64 trillion (-21%) in December.

Binance's stock fell 42.7% at the end of the fourth quarter as the exchange's global regulatory review continued.

The Huobi industry lost nearly 50% in the fourth quarter, ending the quarter with a 7% share of the top 10 CEX by volume.

Specifically, Crypto.com increased its market share from a monthly average of 0.5% in the first half of 2021 to 7.8% in December, becoming the largest quarterly quarter.

Decentralized exchange in 2021

The volume of 10 decentralized exchanges is expected to reach the end of 2021

Source: CoinGecko

ReferoCoinGecko January Q22021 Chart and Q32021 Quarterly Report of Top 10 Rebalancing Partnerships from January to September

Top-10DEXen novembre 12021 - Uniswap (v3), Uniswap (v2), PancakeSwap (v2), SushiSwap, TraderJoe, Raydium, Curve, Spooky Swap, Orca, Compound Finance

Top-10DEXau 1er décembre 2021 – Uniswap (v3), Uniswap (v2), PancakeSwap (v2), SushiSwap, TraderJoe, Raydium, Touch, SpookySwap, CompoundFinance, QuickSwap

The total market volume of the top 10 DEXs increased by 67% from the third to the fourth quarter of 2021.

In Q4 2021, the top 10 space market DEXs will total $522 billion. ~

DEX trading volume increased in November and December, from $123 billion in September to $196 billion in September and $196 billion in September.

$187 billion.

In the fourth quarter of 2021, Uniswap maintained its position as the top DEX (V2 and V3) with a market share of 44.1%.

TraderJoe has been rapidly gaining trades since its inception when Sushiswap's stock plummeted.

2021Q4 Derivatives Exchange - Bitcoin Perpetual Bond Volume

BTC Perpetual Contract Indicates Market Has Been Down For A Few Months By 2021

Source: CoinGecko

Top 9 Derivatives for Bitcoin Perpetual Swps as of July 1, 2021 - Binance, FTX, Bybit, OKEx, Gate.io, Kucoin, Deribit, BitMEX, Huobi

Top 9 Derivatives for Bitcoin Perpetual Swps as of January 1, 2022 - Binance, FTX, Bybit, OKEx, Bitfinex, Kucoin, Deribit, BitMEX, Huobi

Bitcoin Perpetual Contract Volumes from 9 Major Exchanges Will Fall 26% in 2021

In the fourth quarter of 2021, the Bitcoin perpetual coin volume of the nine major derivatives exchanges fell by another $300 billion.

Binance slowly gained market share throughout the year, and Huobi gained significant market share in the first quarter, after which it began to lose a significant share of its trade, accounting for 4% of market share. total market over the past year. This may be because order exchange does not work for consumers in Greater China.

Although market volume on most exchanges was lower than at the start of the year, Kucoin and FTX were up 207% and 42%, respectively.

2021Q4 Bitcoin Perpetual Swap Open Interest Data

FTX has grown rapidly and its business has tripled.

Source: CoinGecko

Top 9 Derivatives for Bitcoin Perpetual Swps as of July 1, 2021 - Binance, FTX, Bybit, OKEx, Gate.io, Kucoin, Deribit, BitMEX, Huobi

Top 9 Derivatives for Bitcoin Perpetual Swps as of January 1, 2022 - Binance, FTX, Bybit, OKEx, Bitfinex, Kucoin, Deribit, BitMEX, Huobi

Bitcoin Perpetual Contract from 9 Derivative Exchanges in 2021 Increases Liquidation Volume by 131%

The total open interest (OI) of the nine major exchanges in the fourth quarter of 2021 was $1.22 trillion. Throughout the year, the four major exchanges accounted for around 75% of open interest rates.

Binance manages this industry.

Along with the volume, Huobi's interest rate opened almost halfway and its market share fell nearly 90%. One of the top 3 exchanges currently has the lowest open interest rate of the top 9 exchanges.

Bitcoin Perpetual Bond Money Comparison Ratio 2021Q4

Is the higher revenue from the distributed exchange another meaningful indicator of value?

Data Source: coinglass.com.Composite on Binance, Huobi, OKEx, and Bybit 8-hour earnings from July 1 to October 1, 2021

As of January 1, 2022, the average yield is 0.008% (1.2 bps)

For most CEXs in Q4 2021, BTC perpetual bond finance rates will be much more conservative than DEXs like dYdX. When Bitcoin hit its second high of $69,000 in October, dYdX's earnings rose an average of 0.12%.

With more leverage options, the Bybit ratio from October to November is still at its highest level.

The exchange rate was stable until December 4 when Bitcoin fell to $47,000. The 16% loss leads to a negative financial example of -0.15% at dYdX.

Performance in GBTC and $BITO

The two assets were trading around different values ​​of BTC, with GBTC making more of a NAV bias.

Source : Ycharts

The assets under management of GBTC and BITO generally affected the price differential of BTC, both ending the year with positive growth of 59% and 5,650% respectively.

BITO, the first BTCETF, opened on October 19 and received a lot of attention from investors, and he said that there is a possibility that all assets under management will exceed $100 million in 4 days of publicity, over $100 million in an instant. . Limitations on Future Contracts.

Soon after, other Bitcoin ETFs such as Valkyrie Bitcoin Strategy ETF and VanEck Bitcoin Strategy ETF were also launched.

One of the biggest criticisms of GBTC is that it continues to deviate from the real value of Bitcoin. In early 2021, GBTC was trading higher than Bitcoin, once peaking at 33%. For the rest period after March, it traded at a discount which had a significant impact on returns. The difference for BITO is lower, up to 0.25% per year. Following BITO, GBTC has also submitted a conversion request to the ETF, which will help bridge the gap.