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.

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

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The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

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You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

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How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

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You can deposit cryptocurrencies by using the 

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

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 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

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Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

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

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

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Altcoins

An Ethereum killer is a blockchain that addresses the known challenges of Ethereum and attempts to eventually replace it in the crypto market. Read more here.

 has been disrupting the financial world for many years, and its applications extend to accounting, auditing, peer-to-peer transactions, 

 and more. These and other uses are supported through the secure and private transactions that blockchains process, but these blockchains vary in bold ways. One of the more notable and established blockchains is 

, but Ethereum’s reign is being challenged by others touted as “Ethereum killers.”

The Ethereum blockchain is the brainchild of Vitalik Buterin. It was launched in July 2015. It currently has more than 11,900 active nodes. Recently, Ethereum completed its 

. Among other things, the Merge has successfully reduced the blockchain’s energy consumption by 

There’s an unlimited max supply of Ethereum tokens (ETH). As of Apr 4, 2023, ETH is valued at $1,812.99, and its market cap is $218.60 billion. Some of Ethereum's shortcomings are slow transaction processing times and high 

The Ethereum development team is attempting to overcome Ethereum's shortcomings through a series of upgrades. However, these upgrades have been slow in coming, so ETH killers are taking advantage of the lengthy timeline and are jockeying for a top position in the crypto market. Most ETH killers offer improved transaction processing times and much lower fees.

However, ETH killers are unique in their features and functionality. While ETH killers often receive ample attention at the outset, none have yet been successful in their attempts to dethrone the Ethereum ecosystem.

) ecosystems that have generally been designed as Layer 1 platforms, although some 

 can be considered ETH killers as well. While they all share some similarities with the Ethereum ecosystem, they also have standout traits and features that give them strategic advantages over Ethereum. Many of the top ETH killers today have been active for years and are relatively popular, but it remains to be seen if any of them will one day supercede the Ethereum blockchain.

 launched as an alternative to Ethereum, it stood out with greater efficiency due to its 

 consensus mechanism. This is similar to the PoS protocol, but it uses time stamping to facilitate faster processing times. In fact, it’s capable of processing more than 4,000 transactions per second. According to Etherscan, Ethereum can only process 13.2 transactions per second (

). Solana also has substantially lower fees than Ethereum. 

Currently, Solana is predominantly used for NFTs and gaming. In fact, it takes second place to Ethereum with an NFT sales volume of $4.46 million, which is more than four times lower than that of Ethereum. As of Apr 4, 2023, the current market cap of SOL is $7.95 billion. Solana suffered considerably due to the recent 

, but it maintains fundamental strength. Looking forward, Solana will be focusing on launching a 

, which uses a PoS protocol. At a speed of 1,000 TPS, Polkadot isn’t faster than Solana. However, it surpasses Ethereum in actual speed. Polkadot functions with a heterogeneous, multi-chain architecture, which enables several chains to exist on one relay chain. This architecture bolsters the security of the blockchain and enhances scalability. In addition, developers can create parachains, which are their own blockchains. As of Apr 4, 2023, DOT’s market cap is $7.83 billion.

 launched in 2017 and is a Layer 2 solution that uses the Ethereum blockchain. However, its platform provides users with higher scalability and flexibility and lower transaction fees. It also gives users the ability to own their blockchains, while also offering the security and other benefits of Ethereum. In addition, Polygon facilitates communications between various blockchains, including Ethereum. As of Apr 4, 2023, MATIC’s market cap is $10 billion.

 is an ETH killer that uniquely uses the 

 mechanism, which allows it to process a greater number of transactions than the Ethereum blockchain can handle. In addition, Cardano supports smart contract functions as well as DeFi projects. 

Cardano’s blockchain launched in 2017, benefiting from its Alonzo upgrade in 2021 and subsequent 

 upgrade in 2022. The former upgrade allows for improved programming so that the Cardano blockchain is more suitable for NFTs and smart contract projects, while the latter upgrade allows Cardano to become more robust and scalable to improve the overall functionality of the blockchain. Cardano also uses a peer review system for quality control after upgrades are made. This blockchain can execute up to 250 TPS, and its market cap is $13.69 billion as of Apr 4, 2023.

 is another PoS Ethereum killer. It uniquely integrates three interoperable blockchains together, giving it greater scalability than the Ethereum blockchain and other ETH killers. Currently (as of Apr 4, 2023) its market cap is $5.6 billion. 

 launched in 2017, it was compatible with both smart contracts and decentralized apps (

). Uniquely, its user-friendly design enables developers to create and scale projects without an extensive amount of coding and technical expertise. Developers have free access to a wide range of tools. 

 has no transaction fees, and a half-second block time. This blockchain uses specialized software that makes it adaptable, scalable and fast. In addition to its software, 

 operates with a delegated proof of stake (

) mechanism. It features a rewards mechanism for validators that uses newly minted tokens, and it functions with decentralized governance. The market cap for the EOS token as of Apr 4, 2023 is $1.3 billion.

 utilizes both PoS and liquid proof of stake (

) mechanisms that differentiate it from the Ethereum blockchain. In addition, it’s self-governed, which places its users at the helm when deciding which upgrades to make going forward. Tezos also supports DeFi and NFT projects. 

Its utility has yielded notable projects in art, gaming, music and fashion in recent years. In addition, this blockchain is widely recognized by developers for its enhanced security. Tezos operates with community governance, so voting rights are granted to token holders. As of Apr 4, 2023, its market cap is $1.04 billion.

 is different from other ETH killers in its use of a directed acyclic graph (

) network. DAG is a superior variation of the PoS mechanism used by Ethereum in that it’s more efficient, has lower fees and offers enhanced scalability. Other DeFi projects can be built on this Layer 1 platform. FTM’s market cap as of Apr 4, 2023 is $1.24 billion.

 is an open-source network that’s specifically designed to store, create and send all types of money in their digital formats. It uses a digital ledger to support micropayments, global payments and asset exchanges. Its ledger is updated every five seconds or less. Stellar can process 200 TPS. The 

 (FBA) protocol used by Stellar supports cheaper, faster and more energy-efficient transactions as compared to Ethereum. As of Apr 4, 2023, XLM’s market cap is $2.83 billion.

 is a unique network that’s well-known for its 

 technology, which enables ETH token holders to operate on both the Ethereum and NEAR chains. NEAR Protocol is an open-source, PoS project that’s centered around smart contracts. Compared to Ethereum, NEAR’s fees are 10 times lower. This platform also stands out because of its commitment to its community, and to the creation of more developer applications. The market cap for NEAR is $1.7 billion as of Apr 4, 2023.

There are many ETH killers in existence today. Each one attempts to be a better alternative to Ethereum. While these other blockchains have collectively taken a sizable chunk of the crypto market share away from Ethereum, Ethereum continues to hold a substantial amount of the blockchain share compared to any other single platform. 

As is the case with Ethereum, ETH killers have planned upgrades that will raise their appeal further. These upgrades could draw more attention away from Ethereum, and other ETH killers will likely arrive on the scene to further fracture the market share. With this in mind, it may be increasingly challenging for any single blockchain to be as dominant as Ethereum once was. It’s reasonable to speculate that there may continue to be multiple DeFi and NFT blockchains, each with its standout traits and benefits.

While Ethereum has maintained its edge over other blockchains thus far, it has been negatively impacted by this competition in the crypto market. As of August 2020, Ethereum dominated the DeFi space with 94.9% of activity. By May 2021, this had declined dramatically to roughly 64%.

ETH killers currently have strategic advantages over Ethereum, such as greater scalability, faster transaction speeds and cheaper costs. Until these issues have been addressed through planned Ethereum upgrades, ETH killers will likely continue to gain a greater share of the market. Even if Ethereum’s upgrades put it on par with ETH killers in these key areas, it’s not clear if Ethereum will be able to build up its market share to its previous level.

However, Ethereum does have an edge over the ETH killers in a critical area: While ETH killers have achieved superior scalability and speed by prioritizing these factors over security and decentralization, the result has been impugned security and performance. Ultimately, the blockchain network that’s able to address all of these issues properly will likely rise to the top.

ETH killers have gained ample attention in recent years because of various advantages, creating the potential to dethrone Ethereum. At the same time, however, even the top Ethereum killers have their own downfalls. It’s unlikely that any specific blockchain will consume the vast majority of the market share that Ethereum once did. With this in mind, ETH killers simply offer more options for developers and users to choose from.

Top ETH Killers: What Are They & Where Are They Now?

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