Our weekly crypto derivatives analytics report dives into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

As the U.S. election nears, short-term implied volatility has risen to multi-month highs, significantly outpacing the longer end of the term structure and causing a notable inversion. This shift indicates heightened positioning activity ahead of the election early next week, similar to the pattern seen before the Bitcoin Spot ETF launch in January 2024. 

Meanwhile, ETH derivatives suggest that the second-largest cryptocurrency is likely to maintain its trend of underperformance amid event risk, lagging behind BTC across all metrics and carrying a 10-point volatility premium over it.

Please check out the report’s highlights.

The recent surge in futures open interest has accelerated significantly over the past few days as BTC’s spot price approaches all-time highs, suggesting that traders are positioning themselves for additional price movements across all tenors. However, this increase has been almost exclusively in BTC contracts, with ETH experiencing only a slight uptick in active contracts. Coupled with the less bullish sentiment in ETH options markets, this indicates that traders are much more inclined to take bullish positions for BTC in anticipation of the election than for ETH, despite ETH's recent rally.

Open interest in perpetual swap markets saw a brief decline before sharply recovering alongside spot price rallies, reaching the highest levels this month (October 2024). When combined with the positive funding rates for BTC and ETH, these fluctuations indicate strong bullish demand for leveraged long positions as traders prepare for upcoming event risks. Moreover, while trading volumes remain high, they haven't shown any exceptional activity over the past week, suggesting consistent engagement with perpetuals without significant volatility.

Surging 7-Day Volatility as U.S. Election Looms

BTC’s implied volatility term structure has experienced a significant inversion, with short-term implied volatility rising sharply to trade at a 10-point premium over longer tenors. This shift indicates heightened expectations in the options markets as the U.S. election approaches, reflecting similar trends seen in futures and perpetuals. This rush to position mirrors market behavior observed in January 2024 ahead of the release of Bitcoin Spot ETFs, when there was a surge in demand for short-term exposure to anticipated volatility. Notably, despite bullish market indicators, open interest has shown a rapid increase in put options, which have reached levels comparable to those for call options.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 30, 2024): Derivatives See Patterns Reminiscent of BTC Spot ETF Launch in January 2024

BBQCoin (BBQ) is a tap-to-earn game on TON blockchain with a growing GameFi ecosystem  incorporating AI and VR technologies.

 (TON), whose ecosystem has seen a buzz of successful projects attracting millions of users. The Telegram-backed blockchain leverages the social media's vast user base to create viral narratives revolving around social interactions and apps.

One such narrative is tap-to-earn games, such as 

, which have experienced phenomenal success as users have embraced them in pursuit of riches.

 is the latest entrant into the tap-to-earn craze on TON, and the project is already creating a buzz as users rush in to make a fortune through tapping.

Let’s explore this click-to-earn game further.

BBQCoin is a Telegram-based clicker project whose initial game is powered by TON’s blockchain. It’s designed as a social learning platform on which users earn simply by tapping on a screen

. The BBQCoin app on TON is modeled on the 

, in which users earn from participating in fun activities.

BBQCoin launched on TON to leverage Telegram's extensive user base of around 900 million users, and has a vibrant community that can easily scale the project.

The broader vision for the project is to provide a vibrant GameFi and 

 (DeFi) ecosystem, incorporating AI and VR technologies, that will include token issuance, lightweight games, OTC escrow trading and on-chain trading. Players are envisioned to have the capability to own 

 (NFTs) in the form of “BBQ rooms,” which can be customized according to their preferences. However, in the project's first phase, BBQCoin focuses on its tap-to-earn game in which participants mine or earn in-game BBQcoins as they climb up the leagues by mastering the game.

The circulating currency for the BBQCoin project is BBQ, which users earn as they engage with the platform.

 game app on your device by heading to the BBQCoin Telegram channel and clicking on 

. Once you've entered the game, you simply need to tap on the screen to mine or earn coins. The more tapping you do, the more coins you accumulate.

The game has various features designed to enhance your experience, as follows.

There are several ways to mine/earn BBQcoins.

In Q2, 2024, BBQCoin launched its click-to-earn model and also introduced BBQ token staking. Then, in Q3 2024, the project introduced multiplier card NFTs for token holders, and conducted an airdrop to distribute BBQ tokens to its early adopters.

By Q4 2024, BBQCoin intends to launch its NFT gaming guild system, in which users can mint NFTs. The project also anticipates launching the BBQ marketplace and token issuance and launchpad products.

In Q1 2025, BBQCoin plans to introduce its on-chain trustless trading system and off-chain OTC trading platform. Then, in Q2 2025, the project intends to launch its social gaming platform and open gaming guild APIs. By Q3 2025, BBQCoin hopes to integrate AI/AR technology to enhance user-generated gaming guilds.

BBQ is the native token for BBQCoin ecosystem. Players can earn BBQ by carrying out various activities in the ecosystem. Its total supply of 500 million tokens is distributed as follows:

As indicated above, 45% of BBQ’s total supply will go to in-game mining rewards, at a rate of 0.3% per year, which will be halved every year. Rewards will be split 60/40 between the game ecosystem mining pool and the launchpad ecological mining pool.

You can get your BBQ tokens by subscribing to the 

 from Oct 28, 2024, 10AM UTC to Nov 3, 2024, 10AM UTC. Thereafter, a lottery will be conducted on Nov 3, 2024 for 15 minutes, from 10–10:15AM UTC. You can then redeem your BBQ tokens from Nov 3, 2024, 10:15AM UTC through Nov 4, 2024, 10AM UTC. The IDO will fundraise with USDT on BNB Chain, then distribute the BBQ tokens to TON wallet addresses.

 allows you to buy tokens before they launch (at presale prices). It uses a system of smart contracts to help you fairly and equitably access presale tokens at the presale stage. By getting into presale, you’re almost assured of the initial allocation of a token before it goes mainstream.

The tap-to-earn phenomenon on TON has attracted millions of players. The latest tap-to-earn game in this popular space, created by BBQCoin, could go on to perform as well as its counterparts did earlier this year. The simplicity and non-technical nature of this game make it attractive to a wide range of players, including beginners. 

As TON continues to onboard new users into web3, BBQCoin finds itself in a ripe market with a game that could be an exciting opportunity for people to make a fortune.

Beginner

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BBQCoin (BBQ): Grill Your Way to Rewards on TON

In this article, we'll go through how you can use bbSOL on Kamino.

 has emerged as a pivotal platform for those looking to optimize their digital asset management, especially with 

 (bbSOL). This article will explore how bbSOL holders can leverage Kamino’s sophisticated suite of DeFi tools to enhance liquidity provision, maximize yields and strategically employ their assets in novel ways.

 was initially conceived to streamline the process of providing liquidity and generating yield on the 

 blockchain. It quickly distinguished itself with innovative one-click auto-compounding concentrated liquidity strategies that have set new standards in the industry.

Today, Kamino has evolved into a comprehensive DeFi platform that unifies lending, liquidity provision and leverage opportunities into a single integrated product suite, making it the first and largest of its kind on Solana.

Kamino's platform offers users a range of options to engage with the DeFi space more actively:

Additionally, Kamino’s user interface is designed to be highly intuitive, offering transparent analytics, detailed performance data and extensive information about positions, which demystifies the often complex dynamics of DeFi for everyday users.

Scroll down and expand LST List, select bbSOL.

, input bbSOL amount.              

Read, understand and check the points before selecting 

Once deposit is done, monitor your position.

Kamino offers a robust platform for users looking to enhance their DeFi engagement using bbSOL. From simple lending and borrowing to more complex leveraged investments and automated strategies, Kamino provides a comprehensive, secure and efficient environment for your digital assets. Whether you’re a seasoned investor or new to the blockchain space, Kamino’s user-friendly interface and powerful features make it an excellent choice for expanding your investment portfolio on Solana.

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How to Use bbSOL on Kamino

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base, an Ethereum Layer-2 network, allowing users to trade the fund on Base.

Daily Top Performer — Grass Network (GRASS)

The S&P 500 dropped 1.86% on Thursday, led by disappointing guidance from Microsoft and Meta. Investors now await the October jobs report for further market cues. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 4.71%, with Bitcoin and Ether dropping by 2.61% and 5.93%, respectively in the past 24 hours.

Today's top performer is GRASS, which surged 13.4% following the launch of Stage 2 of the Grass Network, aimed at building a user-owned internet map and introducing new rewards.

Grass Network (GRASS), founded in 2023, is a decentralized network on the Solana blockchain that converts unused internet bandwidth into a resource for collecting and structuring public web data for AI development. 

, aiming to create a user-owned map of the internet by routing web searches through its platform. This phase will introduce rewards and new products, including Live Context Retrieval (LCR) and a mobile app. Reflecting on Stage 1, Grass has achieved 2.8 million users across 190 countries, conducted the largest airdrop on Solana, and scraped 100TB of web data daily.

Check Out the Latest Prices, Charts, and Data of 

 its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base, an Ethereum Layer-2 network, allowing users to trade the fund on Base. Known for providing access to U.S. government securities, FOBXX can now be held in digital wallets via the Benji Investments app. Base joins other networks like Avalanche and Arbitrum in supporting FOBXX, furthering Franklin Templeton's involvement in digital assets, which began in 2019.

Yesterday, BTC Spot ETF data showed an outflow of $286.5 million, including $31.1 million from GBTC and $255.4 million from non-GBTC sources.

Zircuit airdropped its ZRC tokens to 190,000 EigenLayer (EIGEN) holders on October 31, granting equal amounts per recipient to support equity in token distribution. This "

" is part of Zircuit’s strategy to recognize contributions regardless of stake size and foster decentralization. Zircuit's platform, launched in early 2024, amassed a $3.7 billion TVL at its peak, currently holding $1.58 billion. Zircuit’s ZRC token, now trading at $0.17, has declined 22.7% since its September unlock. EigenLayer, a major player in the liquid restaking space, has a TVL of $11.2 billion.

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Franklin Templeton Brings OnChain Money Market Fund to Coinbase’s Base Network

Crypto

BEP-20 tokens can be found on the Binance Smart Chain. Read all about them here.

Token standardization in crypto has helped to build a foundation for an entire blockchain ecosystem as we know it. 

Smart contract platforms like Ethereum and Binance Smart Chain (BSC) allow you to build and launch your 

(DApps). Each DApp comes with a unit of value, and a tradable asset called a “token,” used to provide a utility or perform certain economic and governance-related activities.

These tokens follow a specific framework called a 

, a set of rules and guidelines that must be incorporated into the smart contracts. If a token doesn’t follow and comply with the desired token standard, it won’t be compatible and interact with the rest of the ecosystem applications, such as wallets and exchanges. 

Every blockchain platform has its own set of token standards that smart contracts have to follow. You might be familiar with 

-based tokens that follow the ERC-20 token standard. Similarly, Binance Smart Chain (BSC) comes with a token standard called 

, which has to be followed by every BEP-20 token launched on the Binance Smart Chain platform.

This guide will discuss and demystify the BEP-20 token standard and explore some of the most promising BEP-20 tokens on the Binance Smart Chain platform. 

Binance Smart Chain (BSC) is a blockchain platform with the ability to run smart contracts. It works in tandem with Binance Chain, a separate 

platform optimized for ultra-fast trading with much higher transaction throughput.

Binance, one of the largest centralized cryptocurrency exchanges, launched Binance Chain back in 2019 to support its decentralized version of the exchange, Binance 

. Binance Chain was explicitly designed for fast and non-custodial (decentralized) trading. It came with a native utility token called 

, with a fixed supply of 200 million BNB tokens. 

However, Binance Chain doesn’t provide enough flexibility, due to a lack of support for smart contracts. This lack of flexibility was an intentional system design approach to prevent network congestion. 

If a platform is optimized for fast, non-custodial trading, the ability to host and run smart contracts can bring a lot of congestion to the network. A famous example which validates this statement 

 the blockchain game CryptoKitties, which chocked the entire Ethereum network at the height of its popularity. 

 was launched, a programmable smart contract blockchain platform that runs parallel to the Binance Chain. BSC is fully compatible 

 Ethereum Virtual Machine (EVM), so the developers can migrate their existing EVM-based applications directly to the BSC platform. 

Even though BSC runs parallel to the Binance Chain platform, it shouldn’t be categorized as a 

 scalability solution. BSC is an independent and stand-alone blockchain that can keep running even if the Binance Chain goes offline. 

Since BSC is EVM-compatible, developers can not only port their DApps in a frictionless way, but the users can use their favorite tools like 

 to interact with BSC. This native compatibility will help BSC to take advantage of the rich Ethereum ecosystem that exists today. 

(PoS) consensus algorithm, and achieves ~3-second average block time that makes it much faster than Ethereum. With PoSA, validators secure the network by staking their BNB coins. Validators also receive transaction fees accumulated from every block they validate. 

It’s worth noting that there are no block rewards for validators. They can only stake BNB tokens and accumulate transaction fees of the blocks they validate on the network. BNB is a deflationary token, as it comes with a fixed supply, and the Binance team regularly carries out coin burns.

 with cross-chain compatibility. These platforms complement each other. Users can seamlessly and quickly transfer assets across both chains using a supported wallet, like Binance Chain Wallet or Trust Wallet. 

Another important aspect of major assets such as BTC, ETH and others is that they are already on Binance Chain as 

(BNB tokens pegged to external assets). You can seamlessly transfer these pegged coins to BSC and use them in various DApps on the BSC platform.

BEP-20 is a Binance Smart Chain token standard that extends Ethereum’s ERC-20 standard. BEP-20 defines a framework and a set of rules that BSC-based tokens have to follow. BEP-20 is fully compatible with both ERC-20 and Binance Chain BEP-2 token standards. 

The BEP-20 token standard applies to all kinds of tokens that will launch on the BSC platform, such as tokenized securities and stablecoins. Peggy Coins, which are BEP-20 tokens pegged to other crypto assets such as BTC and LINK, also follow the BEP-20 token standard. 

The transaction fees for all the BEP-20 tokens are paid with BNB, the native token of the Binance Chain. This mechanism is part of the PoSA consensus rules and provides an incentive to the validators, as they accumulate transaction fees for the blocks they validate on the BSC network. 

Since Binance Chain and BSC complement each other and run in tandem, BEP-20 tokens can be used on the Binance Chain for fast trading on the Binance DEX platform. However, BEP-20 versions of the pegged tokens outside the Binance ecosystem need to be swapped for their native asset because the cross-chain interoperability is only between Binance Chain and BSC. 

Creating your BEP-20 token is relatively simple and straightforward, even if you don’t have any prior programming experience. 

 provides an intuitive user interface for creating your BEP-20 tokens. You only need to provide the name of your token, a symbol, and a few other parameters to successfully create your BEP-20 token. 

Let’s briefly discuss these parameters for a better understanding of the BEP-20 token standard.

 — This parameter specifies whether the BEP-20 tokens can be burned to decrease the supply over time, making it deflationary. 

 — This parameter is opposite to Can Burn, and it specifies whether new BEP-20 tokens can be minted to increase the supply over time, making it inflationary. 

 — This parameter is crucial in case of a malicious attack or software vulnerability. It specifies whether all the operations associated with your tokens can be paused when needed. Only the creator of a token or an address with necessary permission can pause all the operations. 

This parameter is similar to Can Pause. It gives you the ability to blacklist specific addresses that are acting maliciously. Both of these parameters give a lot of control to the central authority (the creator), so they won’t be suitable for many use cases. 

Once all the parameters are specified and the token is generated, you will have complete ownership of the token, and it will be disbursed to your specified address. The smart contract for the token will be automatically published to BSC, and you only need to pay the required transaction fees. 

There are many programmable blockchain platforms with the ability to run smart contracts, and each one has a different token standard. This section will compare BEP-20 with two of the most prominent and leading token standards available today: ERC-20 and BEP-2. 

BEP-20 and ERC-20 token standards have many similarities. BEP-20 is an extended version of the ERC-20 standard and has the same functions for providing foundational elements, such as token issuance, token transfer and ownership. 

Binance has recently introduced a cross-chain bridging service called the 

 which provides interoperability between different blockchains. The project currently supports cross-chain transfers for ERC-20 and TRC-20 tokens. 

With Binance Bridge, you can convert your native crypto assets to BEP-2 or BEP-20 tokens. Let’s explain this with the following example: If you’re transferring ERC-20 stablecoin to BSC, Binance Bridge will do the cross-chain conversion, from ERC-20 to BEP-2/BEP-20 tokens, which can be used on either Binance Chain or DApps running on BSC. 

Binance Bridge charges no conversion fees, and you only have to pay the network fees of the associated blockchain for the transaction. You have to be a little patient while waiting for conversion because it takes a few minutes.

This process of conversion from the native blockchain (ERC-20) to BEP-20 is called 

. This conversion also works in the opposite direction (called 

), i.e., converting back from BEP-20 to the native blockchain (ERC-20). A compatible wallet such as Binance Chain wallet or MetaMask is needed to complete the Peg-in and Peg-out process.

BEP-2 is the token standard on Binance Chain. The BEP-20 and BEP-2 standards work in parallel, and they are fully compatible with each other. BNB, the native token of both Binance Chain and BSC, fuels the BEP-20 and BEP-2 across the network.

Binance Smart Chain can be thought of as an extension of the Binance Chain. They both follow the dual-chain architecture and are fully interoperable with each other. Users can easily swap BEP-20 tokens from the BSC with BEP-2 tokens on the Binance Chain right from their supported wallet (Binance Chain Wallet, Trust Wallet). 

Even though Binance Chain and BSC work in parallel, you have to use their native tokens. If you’re on Binance Chain or Binance DEX, you can only use BEP-2, and if you’re interacting with a DApp on BSC, you can only use BEP-20 or a wrapped implementation (pegged assets). 

The Binance Bridge Project also provides cross-chain liquidity on Binance Chain and Binance Smart Chain. Users can easily Peg-in and Peg-out their BEP-20/BEP-2 wrapped assets. The swapping between BEP-20 and BEP-2 happens seamlessly right from the supported wallet. 

The Binance Smart Chain ecosystem is flourishing, and the platform is getting enormous amounts of traction. This section will discuss some of the most prominent and popular BEP-20 tokens launched on the BSC platform. 

Peggy Coins are a class of BEP-20 tokens on the BSC platform which are pegged and fully backed 1:1 crypto assets. As of this writing, there are a total of 34 most-popular pegged BEP-20 tokens available on the BSC platform, including ETH, BTC, USDT, LTC and ADA. 

Users can either purchase these pegged tokens or swap them with their existing tokens to use on the BSC platform. Additionally, users can redeem these pegged tokens to the native crypto assets. Many 

 DApps are launching on the BSC platform, and these pegged tokens allow users to interact with them and benefit from their offerings. 

 is by far the single most popular DApp on the BSC platform, with a market cap surpassing $5.17 billion as of writing. Think of PancakeSwap as a BSC counterpart of Ethereum’s 

 (DEX) that allows users to swap BEP-20 tokens. Unlike centralized exchanges like Binance, PancakeSwap doesn’t use the traditional order-book mechanism to execute trades. Instead, it uses liquidity pools and the Automated Market Maker (AMM) model to execute trades in a decentralized manner. 

Liquidity Providers (LPs) provide funds to the liquidity pool and earn LP tokens as a reward. Using LP reward tokens, liquidity providers can farm 

, a BEP-20 governance token of PancakeSwap. They can further stake their CAKE tokens into PancakeSwap 

 is another decentralized exchange on the BSC platform, with total 

 surpassing $3.5 billion as of writing. It might sound similar to PancakeSwap, but it comes with more enhanced features, such as an 

Supermarket, BakerySwap Launchpad, and NFT Combo pool.

Like PancakeSwap, BakerySwap is a decentralized exchange that uses Automated Market Maker (AMM) and liquidity pools instead of a traditional order-book mechanism. Liquidity providers earn LP tokens as rewards, according to their share of the pool. By using their LP tokens, liquidity providers can farm BAKE, a BEP-20 governance token of BakerySwap.

BakerySwap also comes with an NFT Supermarket where you can buy and trade different non-fungible tokens. BakerySwap also has a dedicated launchpad where you can get early access to newly launched NFT projects on the BSC platform. 

Getting BEP-20 tokens is as simple as obtaining any other token. Here are four different ways you can get hold of some BEP-20 tokens: 

 — Binance is one of the biggest centralized crypto exchanges. You can create an account there, search for your desired BEP-20 token and purchase it either with fiat or crypto. 

 — Binance DEX is the decentralized version of the Binance crypto exchange. You can use Binance DEX to discover and buy promising BEP-20 tokens in a non-custodial environment. 

 most popular multicurrency wallet available on the market today. You can discover and purchase BEP-20 tokens right from your Trust Wallet interface, which is super convenient. 

 — You can also use an AMM-based decentralized exchange to accumulate BEP-20 tokens by swapping your existing crypto assets supported on PancakeSwap. 

Storing your BEP-20 tokens is as easy as it can get. All you need is a wallet that supports BEP-20 tokens. Here are three different ways you can store your BEP-20 tokens: 

 — Even though Metamask is a popular Ethereum wallet, you can connect Metamask with BSC and store your BEP-20 tokens. 

 is a decentralized multicurrency wallet. With Trust Wallet you can send, receive, store, swap and purchase BEP-20 tokens without even leaving the app’s interface. 

 — Binance Chain Wallet comes as a browser extension available on 

. It is super easy to use and helps you store BEP-20 tokens and interact with DApps on the BSC platform. 

Binance Smart Chain was launched back in May 2020. Since then, it has gained significant momentum, and we can see a lot of promising DApps with BEP-20 tokens on the platform already. 

With low fees and high transaction throughput, BEP-20 tokens provide a much better alternative to Ethereum’s ERC-20 counterpart. Seamless swapping between BEP-20 and BEP-2, along with BEP-20 versions of the pegged assets, can be game changers for the entire ecosystem. 

What Are BEP-20 Tokens and BEP-20 Standard?

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