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

ETH has outperformed, bolstered by SEC Chair Gary Gensler's announcement of his Jan 20, 2025 departure, and suggested by growing open interest in ETH perpetual. This positive momentum extends to several large-cap altcoins previously scrutinized by the SEC, as indicated by bullish funding rates for long positions.

Please check out the report’s highlights.

ETH Open Interest Grows While BTC’s Declines

ETH is outperforming BTC following the announcement of SEC Chair Gary Gensler’s departure, as evidenced in perpetual swap markets. BTC open interest has decreased from last week's highs, while ETH contracts have increased. Additionally, ETH trade volumes constitute a larger share of daily trading as compared to much of the past six months, despite an overall dip in trade volumes this week. The gradual decline in BTC open interest, without a surge in trading activity, indicates a strategic repositioning, rather than a wave of liquidations.

BTC Option Curve Inversion Deepens as Price Retreats

The pullback in the spot BTC price from the $100K target has led to a flat ATM volatility term structure, with short-tenor options dropping below 60%. 

This trend continues the correlation between term structure inversion and BTC spot price returns observed since the U.S. election on November 5, 2024

. The decline in front-end volatility aligns with lower realized volatility levels. While demand for short-tenor options has moderated, there hasn't been a notable change in open interest for calls or puts. Instead, their growth has stalled at the week's start.

Sentiment in ETH options markets seems moderately more bullish than in BTC's during the recent decline in momentum from the post-election rally. Call options lead in both trading volumes and open interest. 

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2024): Signal on ETH Outperformance Against BTC Surfaces on Long-Term Contracts

NULS’s highly customizable blockchain infrastructure appeals to developers by offering features such as modular architecture and cross-chain technologies.

 project launches, one of the first questions it has to ask itself is, “Which chain should we build on?” The specific underlying blockchain technology that supports a 

 design makes a huge difference in the system's speed, reliability and flexibility. While Ethereum’s blockchain is a popular choice for developers, there are also some smaller chains that provide an even more developer-friendly environment. NULS has created a convenient and infinitely customizable blockchain that’s designed with developers in mind. Here's what you need to know about NULS and the NULS token.

 is a highly customizable blockchain infrastructure. It appeals to developers by offering features such as modular architecture, cross-chain technologies and high speeds. To make development on NULS as easy as possible, the blockchain offers a useful interface and a variety of tools.

The concept of NULS was first created by 

, who previously worked with the Chongqing TV & Science Educational Channel. To turn her dream into reality, Wang partnered with Jason Zhang, a software developer with a background in banking software, and Reaper Ran, a blockchain development enthusiast. 

This team officially founded their company in 2017. After creating the technology behind the system, the NULS team decided to hire Liesa Huang as their CEO. With Huang handling the business side of things, the NULS mainnet and token were launched in 2018. 

The NULS mission is to create a blockchain both by and for developers. As the web3 industry took off, the NULS team noticed that many blockchains were designed targeting investment instead of development. They wanted to create a system that was first and foremost for running other projects. Ultimately, NULS aims to be the blockchain ecosystem that businesses turn to when they want to create web3 projects, such as blockchain-backed rewards systems or blockchain-based games. To achieve this goal, NULS focuses on providing many developer-friendly features not found on other chains, including the following:

 a specific amount per verification, PoC consensus uses a large lump sum. Validators are required to stake a large pool of NULS tokens, which they receive back at the end of their validation period as long as they run the system correctly. However, validators receive yellow cards and/or red cards if they make mistakes or run out of computing power. Those who receive too many cards will have their assets frozen.

NULS then uses this underlying system to design a complex set of modules. The ecosystem runs as multiple chains, each one handling its own service. NULS includes a virtual machine for smart contracts, a cross-chain connection chain, a consensus module and more. This modular design allows developers to use and pay for only services that they actually need. 

The NULS platform is packed with features to help developers design exciting projects. Following are some of the key tools you'll encounter when you work with NULS. 

NULS ChainBox is the main development interface for the ecosystem. It includes six separate modules for a ledger, accounts, transactions, blocks, consensus and network. Since the easy interface guides users through each step and provides pre-made scripts for running programs, developers don't need any blockchain experience to work with ChainBox.

The SCO platform makes it easy for NULS community members to support NULS-based projects. Anyone who develops on the NULS chain can set up their system for staking. Stakers earn rewards in the form of the project's token, while the development team also earns NULS for helping to run their NULS project.

-compatible parallel chain. It runs as a 

 Ethereum chain that scales the network with better performance and lower gas fees. From ENULS, NULS developers can connect to multiple blockchain networks and transfer digital assets between Ethereum, BNB Chain, Optimism and other blockchains.

 styles for their users' convenience. They offer both a desktop wallet that connects straight to NULS, and a multichain wallet. The platform is also compatible with many third-party wallets, and has even ensured that people can stake NULS through them.

If you want to support the NULS blockchain and help it become an essential part of the blockchain space, staking is a great idea. Temporarily locking your tokens helps to run the NULS consensus mechanism, and also allows you to earn staking rewards. This is an easy way to obtain passive income from your NULS tokens.

NULS has spent the past seven years improving and refining its technology to meet market trends. The company started with a simple blockchain, but has slowly added more features like 

 development. NULS plans for 2024 primarily focus on optimization. For instance, the company hopes to fine-tune and improve its public service API, its automated market maker protocol and its documentation process. 

 also includes plans for more NULS community development. Each quarter, the company hopes to support the development of 10 new projects that can run on NULS. By 2025, NULS hopes to include a variety of 

 (DeFi) and GameFi apps that rely on the NULS blockchain.

NULS is the native token of the entire NULS ecosystem. In addition to its use in managing the chain’s consensus mechanism, NULS is also used for community governance and transaction fees. Each NULS token can be broken into 100 million smaller token pieces, called NA. NULS’s initial token supply of 100 million tokens was distributed to four separate groups as follows:

Like many other crypto startups, the NULS token experienced a huge price jump shortly after its airdrop. The coin reached an all-time high of $8.53 in 2018, and since then has gradually fallen below $1. In Mar 2024, NULS price went from $0.20 to $0.89 before decreasing back to $0.30. Its current price is $0.38 (as of Nov 28, 2024). Most people believe that moderate, positive growth is possible for the NULS token in late 2024.

 for NULS, but pricing data also supports this outlook. Analysis from CoinCodex suggests the price of NULS will rise to 

 by the end of 2025. NULS token prices are often closely linked to news from the NULS ecosystem, so every new project that launches on NULS and each new feature released on the NULS blockchain can contribute to price spikes.

Looking to trade NULS tokens? Bybit now offers NULSUSDT Perpetual contracts. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

NULS provides many unique opportunities for investors. The token is a good choice if you're a patient investor who likes holding onto coins for years, and selling when market conditions suddenly improve. In addition to its long-term growth, this coin is also experiencing some short-term fluctuations that might provide profit if NULS holders can time the market correctly.

Just keep in mind that NULS features more volatility than 

 like Bitcoin or Ethereum. It's probably not a reliable enough choice to become the main token in your portfolio, and market conditions will make a big difference in your potential profits. With this sort of token, it's essential to do a lot of 

 and follow standard risk-management best practices before making your final decision.

The NULS blockchain is a great example of how a specialized chain can improve the web3 space. By focusing on blockchain solutions for developers, NULS supports the development of new DApps and other web3 projects. Over the years, this blockchain has also done a great job of following market trends and providing continual maintenance for its users. If you're looking for a reliable crypto company to back, the 

Intermediate

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NULS (NULS): Efficient Blockchain Solutions for Developers

SOS Ltd. has announced plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments.

Daily Top Performer — Ethereum Name Service (ENS)

The S&P 500 dropped 0.4% as investors took profits. Tech stocks led declines, and inflation data showed limited progress toward the Fed’s target. Markets now see a 34% chance of no Fed rate hike in December. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 5.46%, with Bitcoin and Ether rising by 6.20% and 9.42%, respectively in the past 24 hours.

Today's top performer is ENS, which surged 45.0% following the announcement of Namechain's vision for simplified, gas-free registration with faster transactions.

Ethereum Name Service (ENS), launched in May 2017,is a blockchain-based domain system on Ethereum, turning complex addresses into simple names, similar to DNS. It is secure, decentralized, and governed by its token holders. 

 on simplifying the registration process with key goals: enabling name registration from any L2 without connecting to Namechain, gas-free ETH payments, completing registration in a single transaction, and reducing wait times from 60 seconds to 10 seconds.

Check Out the Latest Prices, Charts, and Data of 

 plans to invest up to $50 million in Bitcoin (BTC), underscoring its commitment to expanding its blockchain and cryptocurrency investments. The decision comes as Bitcoin's price reaches historic highs, and SOS aims to leverage favorable market conditions, including improved U.S. regulations and growing institutional interest. The company will employ various quantitative trading strategies to manage this investment and optimize returns. SOS believes Bitcoin will play a significant role as a global strategic reserve asset, enhancing its long-term competitiveness and profitability in the digital asset sector.

Yesterday, BTC Spot ETF data showed a total inflow of $103 million, with $0 from GBTC and $103 million from non-GBTC sources.

 2000 points for verifying your uniqueness by scanning your face and minting it on the testnet. Use code 6de1553d if needed. Completing this task confirms you're non-sybil. New users can follow a detailed guide with screenshots 

Beginner

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SOS Ltd. Announces $50 Million Bitcoin Investment to Expand Digital Asset Strategy

Explore this article to find out how you can participate in Bybit Web3 Staking.

 can be both exciting and rewarding. If you’re wondering where to start so that you can 

, consider Bybit Web3 Staking. This relatively new addition to Bybit Web3 offers a seamless and user-friendly platform for those eager to embark on this journey. 

In this article, we'll guide you through the process of participating in Bybit Web3 Staking, ensuring you're well-equipped to maximize your crypto investments.

 is a platform that offers a convenient way to stake your tokens and generate earnings without the need to hop across different protocols or execute numerous transactions. 

Bybit Web3 Staking isn't just another staking platform — it's a holistic ecosystem tailored to enhance your crypto staking experience. Here's why it stands out.

In essence, Bybit Web3 Staking offers a blend of user-centric features, top-tier security and convenience, making it a compelling choice for anyone keen on maximizing their crypto returns.

How to Get Started With Bybit Web3 Staking

Now that you know more about Bybit Web3 Staking and why you should try it, here's a step-by-step guide to get you started. 

 before you can proceed with Bybit Web3 Staking. If you require any assistance in creating an account, please refer to our detailed 

tab in the navigation bar at the top left corner of the Bybit homepage. 

: After you’ve entered the Bybit Web3 Portal, hover your cursor over the 

tab in the navigation bar at the top of the page and click on 

: A pop-up window will appear. You can choose the wallet you wish to connect to (

button next to your preferred wallet. In this article, we’ll use the 

as an example. To connect to it, click on the 

button next to it, and enter your account details.

: After connecting your wallet, you can deposit funds by hovering your cursor over the 

page, you can view all available staking pools. Click on the 

 icon to adjust the display. You may arrange the pools according to 

: Click on your preferred staking pool to find our more information, such as:

: Input the amount you would like to stake, and click on 

: In the pop-up window, verify the details of your staking order. Please take note of the slippage and estimated cost, and click on 

: A pop-up window will appear to indicate that the transaction is being processed. Once the transaction is complete, you can view your transaction by clicking on 

Once you’ve successfully staked, the transaction details will be shown in

Your investment details, including the total yield accumulated, can also be found on the respective staking pool’s page.

On top of the base yield, some projects issue additional incentives. You may check your additional yields below.

The total value of your investments from all staking pools will also be displayed on the dashboard on the 

: If you’d like to unstake your holdings and claim your rewards, navigate to the 

: Select the pool you wish to redeem, and click on 

once you’ve confirmed that your details are correct.

: Confirm the redemption details, and click on 

 that the redemption process may take some time, and transaction details will be available under 

Bybit Web3 Staking offers a comprehensive and intuitive platform for crypto staking. Its user-friendly interface helps even those new to the world of staking to participate confidently and grow their investments. Whether you're a seasoned investor or just starting out, Bybit Web3 Staking is a reliable and efficient choice for your staking endeavors.

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How to Participate in Bybit Web3 Staking (Step-by-Step)

Bybit Learn

DeFi

Altcoins

Explainers

Scallop is a dynamic money market that offers people both high-interest lending and low-fee borrowing. Learn more about how it works in this article.

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In the past few years, decentralized finance (

 industry. By simplifying the lending and borrowing process, services like Scallop make it much easier for people to get the funds they need. Scallop's 

 (P2P) services aim to provide low-fee borrowing, while still maintaining accessibility and security. If you're interested in learning how this next-generation system works, this article features what you need to know.

 is a dynamic money market that offers people both high-interest lending and low-fee borrowing. It runs on the 

 blockchain, and includes a comprehensive tool kit for traders and software developers.

. Also known by his internet handle of Kriss, the Scallop founder is a long-time crypto enthusiast. After initially working as a full-stack developer and network security engineer, Kriss began working to provide 

 users with better lending solutions. Initially, Scallop was a small lending system called Scallop Pools.

However, Kriss's unique design gained the attention of the Sui Foundation. The Scallop team won first place at the Sui Buildhouse Seoul Demo Day, and in 2022, Scallop became the first DeFi protocol to get funding from the Sui Foundation. Kriss was able to expand his project and launch the Scallop protocol on the Sui ecosystem.

Like most other blockchain lenders, Scallop's main goal is to provide people with a convenient way to obtain a loan. The platform’s team hopes to help it stand out by fixing a few specific problems that plague many other DeFi lenders:

Scallop runs on the Sui blockchain. To use Scallop, you first need to link a Sui wallet to your Scallop account and then add SUI tokens to your wallet. Scallop also offers a multichain bridge for taking assets from chains like 

, and placing them in the Scallop system.

Once users have their assets in Scallop, they can access a variety of lending pools. These lending pools exchange digital assets for 

, which are Scallop’s version of the initial asset. For example, a person borrowing SUI would exchange their SUI for sSUI. This system allows Scallop to handle interest while keeping the underlying asset(s) safe.

The Scallop protocol functions as a P2P lending program. This means that users borrow digital assets from each other and lend directly to each other without needing to go through an intermediary. Peer-to-peer lending offers many advantages for DeFi lenders, including reduced fees and more accessible loans.

As a unified platform for borrowing and lending, Scallop contains a variety of helpful features.

If you have extra cryptocurrency on which you wish to 

, you can join one of the Scallop asset pools, which lets you participate in high-interest lending. While you're participating, your cryptocurrencies are exchanged for sCoins that gradually accrue interest. The sCoins provide high-interest lending because the exchange rate for sCoin is constantly increasing. When you turn in your sCoins for your original asset, you get back more tokens than you started with.

This DeFi protocol also offers a lot of benefits for borrowers. By emphasizing institutional-grade quality loans, Scallop ensures people can get extra crypto quickly and easily. After depositing your collateral coins, you can then borrow money worth a certain percentage of your collateral. Interest rates shift, depending upon supply and demand, and your risk level shifts as well, depending upon the price of your underlying collateral. Before each loan, you'll see clear terms for how much interest you'll pay and when your loan might be liquidated.

To market their robust security and great loans, Scallop has hosted a few 

. People become eligible, for instance, by borrowing money on Scallop or participating in the Scallop Discord channel. Those who do so may redeem 

, which can later be exchanged for Scallop tokens.

 feature is powered by Aftermath Finance, and allows for swaps between all of the chains currently supported on Scallop.

Wormhole Connect is the service that Scallop uses to bridge tokens. Through this bridge, people can transfer assets between all of the chains that Scallop supports. This service is entirely free (other than gas fees on Sui), and often results in almost instantaneous transfers.

In its three years of existence, Scallop has gone from a small-scale lending pool to a comprehensive platform with a variety of assets and lending options. Its 2024 

 is focused primarily on ease of use, with plans to launch a new user interface and add more tools to its platform. 

The Scallop team also hopes to integrate Telegram and Discord Bots into the service. Its long-term plan is to incorporate both cross-chain and leveraged lending. This will allow users to borrow with ease from multiple chains, and to transform their loans into investments on spot trading platforms.

SCA is a utility token for the Scallop system. It doesn't assist with managing interest, since that’s left up to the sCoins, but it does help the program manage user incentives and interpersonal exchanges. SCA’s total supply is 250 million tokens, with a current circulating supply of 35.5 million tokens. The tokens are allocated in the following manner:

The SCA token went live at a price of around $0.94, quickly reaching its all-time high of $1.47. Since then, its prices have been fluctuating between $1.10 and $1.40 for the most part. If the coin continues on this path, experts from DigitalCoinPrice 

 may reach $2.35 by the end of 2024 and increase to $8.01 by 2030. In addition, the coin's price may also rise because Bitcoin price surges are currently driving up crypto prices.

Looking to trade Scallop tokens? Bybit now offers the SCA/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the 

To celebrate this listing, Bybit is holding 

 where you can earn a share of the 833,333 SCA and 80,000 USDT prize pools!

, will award 40 SCA each to the first 4,000 new users who complete the following two steps between Mar 7, 2024, 10AM UTC and Mar 22, 2024, 9AM UTC:

If you’re already a Bybit user (prior to Mar 7, 2024, 10AM UTC), no worries — because you can still earn 20 SCA! Simply accumulate a deposit volume of at least 100 USDT worth of SCA during the event period, or deposit 200 USDT and buy at least 200 USDT worth of SCA using your Bybit account. Please 

 that rewards will be distributed on a first-come, first-served basis to the first 7,000 existing users.

, is being held from Mar 8, 2024, 10AM UTC through Mar 22, 2024, 11:59PM UTC. Simply trade at least 200 USDT worth of SCA on Spot during the event period to grab a share of the 80,000 USDT prize pool. The more you trade, the larger your share of the prize pool.

Please note that rewards will be capped at 1,000 USDT per user.

, is being held from Mar 8, 2024, 10AM UTC through Mar 18, 2024, 11:59PM UTC. Simply stake 200 to 1,000 SCA with Bybit Flexible Savings to start earning up to 999% APY.

, takes place from Mar 7, 2024, 10AM UTC through Mar 22, 2024, 11:59PM UTC and gives you the opportunity to grab a share of the 233,333 SCA prize pool.

The SCA token is likely to experience some price increases in the upcoming months. Scallop’s DeFi protocol has gotten some attention for its award-winning design and its prestigious investors. It's certainly a valid choice for investors looking for short-term growth from a startup. If Scallop can attract a lot of users, it might also be a promising option for anyone seeking a long-term investment in the DeFi finance world.

However, that doesn't mean Scallop is a foolproof option for professional investors. Some users on social media have been spreading rumors that Scallop 

 because it doesn't have an extensive road map, and has been promising leveraged lending (for a while now) without actually releasing it. If enough negative press emerges, SCA’s price could end up falling quite a bit. Before purchasing SCA or any cryptocurrency, make sure to 

 current market conditions and avoid overextending yourself financially.

Scallop's peer-to-peer lending services are sure to appeal to Sui ecosystem fans. This dynamic money market offers high-interest lending, institutional-grade quality-enhanced composability and fantastic security in one unified platform. All of these perks have created intrigue among investors, helping Scallop to become the first DeFi protocol to get a grant from the Sui Foundation. Though it still needs some more work to distinguish itself from other DeFi lenders, Scallop and its SCA token are worth checking out.

Scallop (SCA): A Next-Generation P2P Money Market for Sui

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards