Weekly Blockchain Industry Report—11th Issue: New Wave of Exchange Platform Tokens?
(June 23–29, 2018)
This week we saw the rise of a new form of cryptocurrency mining known as Exchange Platform Mining. Their transaction volumes blew past that of several top-tier exchanges’ volumes.
We hope this report provides you with insights into your investments and knowledge of cryptocurrencies. We have also attached a list of upcoming ICOs at the end of this article if you’re interested in any of the new projects.
Market Overview
The past week’s daily average global market capitalization of cryptocurrency was $249.7 billion and the daily average transaction volume was $14.04 billion, indicating a decline of 11.83% and 14.73% respectively. The daily average market capitalization of the top five cryptocurrencies decreased by 10.63% from the previous week. Among the top five, BCH has experienced the greatest price decrease in the past week with a low of $651.21, a decrease of 16.18%.
Analysis of Top 200 Market Cap Projects
The market capitalization of top 200 projects decreased by 16.38% compared with that of last week. Based on the main categories of cryptocurrency and payment, public chain and protocol, vertical chain and protocol, and vertical industrial application, the vertical chain and protocol sector decreased the most, decreasing by 21.81%.
Through further classification of the vertical chain and protocol, it was found that this week’s cloud service and A.I. verticals were on obvious increases at a rate of 19.24% and 7.19% while other verticals were on decreasing rates.
Analysis of Newly Listed Projects
Analysis of Closed Public Sales Projects
There have been 23 closed public sales projects this week, totaling nearly 143 million USD. Among these projects, projects of the finance vertical received most funding.
Important News on Global Governmental Policies this Past Week
Keeping Up with the Blockchain Giants
Hot topic of the week: Exchange Platform Mining
The former Huobi CTO Zhang Jian started Fcoin, a new exchange platform, and started a new wave of Exchange Platform Mining. The daily transaction amount of Fcoin 10 billion U.S. dollars, which is the sum of the trading volume of nine large exchanges. Its token FT was listed on May 24th, rising from $0.15 to a peak of $1.24. At the highest point, the price increased by 70 times.
Transaction means mining. The exchange platform will return the transaction fee generated by the user on the platform in the form of an exchange platform currency, and the platform revenue will be distributed according to the proportion of the platform currency held by users. Specific return method: The exchange regularly converts the transaction fee incurred by the user on the exchange into platform currency. The price is calculated based on the average price of the platform currency during the period. 80% of Fcoin’s income will be allocated to FT holders on a regular basis in proportion to the holding of platform currency.
The upsurge of transaction rebates led to changes in exchange policies, and caused the larger exchanges to take action. On June 19th, OKEx announced the partnership of 100 exchanges to support the platform currency issued by each exchange and reward the trading users through the “transaction-mining” model. Eighty percent of each exchange’s revenue will be distributed to the platform currency holders as incentives, and 20% will be used for the operation of the exchange.
On June 21, Binance launched the “Open Plan for Digital Asset Exchange” and will open 1,000 spot in the first phase.
Appendix: Upcoming Crowdfunding Projects（6.30–7.6)
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*Credits go to Zhe Su for her superb research!
