Outstanding on-chain events last week (February 12 - February 17)

In the on-chain summary article for week 7, Coin68 invites readers to briefly view the Starknet growth picture, highlighting weekly on-chain data from The Block, BlackRock moving BTC for the first time since the Bitcoin Spot ETF was approved. .

Outstanding on-chain events last week (February 12 - February 17)

1. Overview of Starknet ecosystem growth

Recently on February 14,Starknetannounced STRK token airdrop andwill let users claim on February 20, when this information was previously revealed, interest in the StarkWare ecosystem was estimated to be worth 8 billion USD .

STRK token allocation. Source: Starknet

Since the time the airdrop news was mentioned, Starknet has seen a sudden increase in value and transactions at the top Dapps of the system. However, because Starknet is not compatible with EVM, it leads to more obstacles for users. However, the trend of making airdrop profits will help new ecosystems attract more TVL for Dapps and Starknet is no exception as the TVL of the top Dapps has tended to increase gradually until now.

TVL follows the top Dapps on Starknet. Source: The Block Pro

When looking at the trading volume on Starknet, it can be seen that the last 4 months of 2023 saw a significant increase in volume, especially at the end of November and early December when a series of projects announced token airdrops, creating a confidence for investors in the possibility of good news from Starknet.

Volume on Starknet. Source: DefiLlama (February 16, 2024)

However, after the airdrop announcement, Starknet could not avoid itargumentativewhen there are many opinions that the project is not transparent about the TGE of this token. 

2. On-chain emphasis

2.1. Market capitalization

After Bitcoin ETF Approved, many investors believe that this is a form of buying rumors and selling news that when the ETF launches, the market will adjust. However, according to The Block, the total cryptocurrency market capitalization still reached 1.89 trillion USD , surpassing the figure of 1.86 trillion USD at the time of Bitcoin ETF approval. The time when market capitalization was in decline was on January 23 to 1.61 trillion USD . The figure of 1.89 trillion USD is said to be the highest level since April 2022.

Market capitalization over time. Source: The Block Pro

2.2. Amount of ETH staking

Since ETH switched to POS mechanism and upgraded Shapellahas allowed investors to withdraw ETH and increase confidence in staking activities. With 25% of the ETH supply now staked, concerns about validators leaving the network no longer exist. Then we also witnessed the LSD trend that attracted many validators to participate in the process of authenticating and protecting the network.

Amount of ETH staked over time. Source: The Block Pro

2.3. Gas fees on Ethereum skyrocketed because of the ERC-404 trend

New trends in the market keep appearing around February 2ERC-404 standard, which combines ERC-20 and ERC-721, was launched with the Pandora project . Trading volume for Pandora tokens and NFT Replicants has skyrocketed to $490 million and prices have peaked at $32,000 from $1,500 . However, the issuance/burning mechanism of this standard has caused Ethereum fees to increase, about 7,000 ETH were burned on February 9 (an increase of 323%), pushing gas to 65 gwei .

ETH is burned over time. Source: The Block Pro

The Pandora project continues to attract attention when this week from around February 12, whales have continuously purchased PANDORA, typically 2 wallets:

• 0xcdba spent 3.09 million USD C to buy 136.08 PANDORA for 22,707 USD , becoming the top 2 holders of PANDORA.
• 
  
• 0x6fCa spent 1.87 million USDC to buy 109.5 PANDORA for 17,087 USD , becoming the top 4 holders.

Area to buy PANDORA wallet 0xcdba. Source: Lookonchain

Not only PANDORA tokens, many tokens were also created for fomo according to ERC-404 including MINER . Trading this token has brought huge profits to early investors. Typically a trader spent 1 ETH (2,507 USD) to buy MINER. However, this transaction is very special as this investor agreed to pay very high gas fees.

First the wallet withdrew 1 ETH (2,507 USD) from Binance and spent only 0.065 ETH (163 USD) to buy 1,073 MINER at a very low price by paying 0.802 ETH (2,010 USD) in gas .

Trade high gas payments to buy cheap tokens. Source: DeBank

The wallet then sold 722 MINER for 19.11 ETH and paid for 0.5 ETH (1,244 USD) of gas .

Currently this trader is holding 350 MINER (15,000 USD) , total profit is about 59,000 USD .

MINER trading. Source: Lookonchain

2.4. The market share of stablecoin FDUSD on Binance is increasing

After much FUD related to Binance, causing investors to massively withdraw money, the exchange's market share has recovered from  37.5% in November 2023 and reached 42% in February 2024 through theremoveBUSD trading pairs and focus on TUSD and FDUSD. FDUSD is said to be aiming to reach 38% of the trading market share, close to BUSD's peak andas Coin68 reported, the volume of FDUSD trading pairs also set a record. This boom happened afterBinance reached an agreement with the US Department of Justiceand growth in Bitcoin trading.

FDUSD trading market share on Binance. Source: The Block Pro

3. Update cash flow from BTC ETF Spot funds

Currently, Grayscale holds 459,047 BTC (23.86 billion USD) .

Around February 15, BlackRock (IBIT) transferred 2,539 BTC to a new wallet. Although this amount is not too large compared to the amount of fund assets held, this is the first time BlackRock has transferred tokens since the ETF was approved.

BlackRock's first BTC transfer. Source: Arkham Intelligence

In terms of BTC outflows of approved ETFs, according to statistics from BitMEX Research and Lookonchain , the outflow from GBTC is showing signs of increasing again afterGenesis is approved by the courtselling 35 million GBTC shares . Other funds such as BlackRock, Fidelity and Bitwise continue to buy BTC. With such trading behavior from large funds, price manipulation will be easier.

Trade BTC funds. Source: Lookonchain (February 16, 2024)

Although Grayscale sold a large amount of GBTC, the netflow Spot ETF still maintained a positive number.

BTC ETF cash flow by day. Source: BitMEX Research (February 16, 2024)

4. Update FTX

By the morning of February 10, FTX and Alameda Research had deposited about 735.11 million USD of 116 types of tokens into the exchange. Currently this week there are no token sales from FTX and Alamenda Research.

FTX liquidated token statistics. Source: SpotOnChain (February 10, 2024)