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.

The U.S. presidential election is creating a volatility premium for options expiring after Nov 5, 2024. While longer-term volatility smiles have consistently favored out-of-the-money (OTM) calls, short-term options have recently mirrored this trend. This suggests that the decline in spot prices at the end of September hasn’t significantly dampened sentiment in the derivatives markets.

Please check out some of the report’s highlights.

Futures Activities Subdued After Month-End Expiration

Spot price volatility leading up to the Sep 27, 2024 futures expiration resulted in the highest trading volumes in futures contracts in over a month. This surge was primarily focused on BTC contracts, reflecting a trend we've seen throughout much of the market's recent history. The expiration of a substantial quarterly contract at the end of September caused a decline in open interest, as not all traders opted to roll their positions into later expirations. Consequently, futures activity is currently much lower compared to that in perpetual swap markets.

While the expiration of the September contract led to a significant drop in futures open interest, the effect on perpetual swap contract markets was comparatively mild. Although we observed a decline in perpetual open interest at the end of the month, this was likely due to the closure of long positions as spot prices retreated toward the lower end of their recent range. 

This shift halts an upward trend in open interest that had been approaching all-time highs, but it doesn’t indicate a major decline — especially considering the high trading volumes recorded over the last two days of the month.

BTC ATM Implied Volatility Falls Sharply Since Fed Rate Cut

Positioning in BTC options markets continues to be heavily influenced by the U.S. election narrative. This is most evident in the term structure, which indicates significantly higher volatility expectations following the election, while short-term options are trading at much lower levels. The rise in implied volatility for these shorter tenors contrasts with the recent decline in actual volatility, which has reached lows for the month as spot prices remain relatively stable. 

Over the past week, trade volumes have mirrored this shifting sentiment, showing similar activity in both puts and calls. However, neither trade volumes nor open interest levels have surpassed recent figures, reflecting the range-bound nature of BTC spot prices, which remain influenced by broader macroeconomic factors.

Advanced

BlockSholves X Bybit Tech Report

Bybit X Block Scholes Crypto Derivatives Analytics Report (Oct 2, 2024): Positive Sentiment Persists Following Recent Decline in Spot Prices

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks.

The SPX index was up by 0.01%, with energy, technology, and financial sectors performing well, while consumer discretionary, staples, and communication services lagging. Geopolitical tensions in the Middle East also remained in focus. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 1.56%, with Bitcoin and Ether dropping by 2.48% and by 2.65%, respectively in the past 24 hours.

Today's top performer is W, which surged 10.1% following the launch of Wormholescan v2, featuring enhanced multichain data and developer tools.

Wormhole (W), launched in 2020, is a cross-chain protocol that facilitates communication and token transfers across over 30 blockchain networks. Originally a crypto bridge between Solana and Ethereum, it has expanded to include features like the Portal token bridge and messaging protocols, serving as a comprehensive platform for cross-chain interactions. 

, providing enhanced real-time multichain data for the Wormhole ecosystem. New features include token, chain, and protocol analysis, a governor dashboard, a dedicated analytics page, and a developer section with a VAA parser. Users can explore these updates at 

Check Out the Latest Prices, Charts, and Data of 

Sui has made history as the first blockchain to adopt SCION, a secure alternative to the Border Gateway Protocol (BGP), which protects against Internet routing attacks. SCION addresses security flaws in BGP that have led to significant problems on other networks by preventing malicious traffic rerouting. With SCION, Sui enhances network resilience, safeguards validators from hijacking and DDoS attacks, and boosts performance with reduced latency. This integration solidifies Sui's position as a top blockchain for secure, critical infrastructure applications, maintaining 100% uptime since launching its mainnet.

Yesterday, the total flow for BTC spot ETFs was -$39.2 million, with no flow for GBTC and a negative flow of $39.2 million for non-GBTC ETFs.

, allowing users to earn test XTM and Gems. To participate, users need to download the app via the provided link, install it, and mine tXTM to earn 25 Gems per 1 tXTM mined. More Gems lead to a larger Tari airdrop.

Beginner

1.png

Sui Integrates SCION to Pioneer Blockchain Security Against Internet Routing Attacks

Eigenpie (EGP) is the ETH liquid restaking platform on EigenLayer enabling ETH and LST holders to earn rewards from multiple protocols while maintaining liquidity through liquid restaking tokens (LRTs).

, token holders are required to lock away their tokens for a long time through the 

 (PoS) consensus mechanism on the platform. While this structure helps keep the network liquid and secure, it’s a bit rigid regarding capital efficiency.

To counter this limitation, liquid staking protocols such as 

, which allows staked ETH to be used for other 

 (DeFi) activities, earning token holders extra rewards by issuing liquid staking tokens (LSTs).

However, liquid staking only allows assets to be staked in a single PoS blockchain. This limitation has led to the development of 

. It allows you to use staked assets to secure and earn rewards from multiple protocols through the use of 

One of the liquid restaking protocols operating on EigenLayer is Eigenpie, which lets you stake your staked assets to node operators in exchange for LRTs so you can earn rewards.

Let's examine Eigenpie more closely to see how it’s shaping the liquid restacking narrative in the DeFi ecosystem.

Eigenpie is a liquid restaking protocol within the EigenLayer ecosystem that allows you to earn passive income from both Ethereum staking and EigenLayer restaking while maintaining your assets’ liquidity through the use of LRTs. 

 ecosystem, Eigenpie aims to provide more utility for ETH holders in line with the broader vision of EigenLayer via liquid restaking.

As a native ETH holder or liquid staking participant, you can deposit your assets on Eigenpie, which then restakes them to node validators on EigenLayer. The node validators will then use these assets to power new 

 (AVS) on EigenLayer, allowing you as a token holder to earn extra rewards while maintaining liquid positions. Eigenpie has integrated with various DeFi platforms that let you use your LRTs to explore other yield-earning DeFi opportunities while accumulating Eigenpie points that qualify you for the EGP 

EigenLayer is an Ethereum restaking protocol designed to enhance the capital efficiency of your staked ETH by restaking it across different protocols. As a support layer for the Ethereum network, EigenLayer has a set of node validators who temporarily stake assets and verify transactions securely. Users who delegate their tokens to these node validators receive LRTs, which earn them rewards without unlocking their staked positions.

EigenLayer operates a system of AVS that allows projects such as sidechains, 

 to connect to its liquid restaking token protocols in order to secure their platforms without running full nodes.

As a novel isolated liquid restaking platform of EigenLayer, Eigenpie’s distinctive features include the following.

Eigenpie offers an innovative approach to liquid restaking by offering isolated liquid restaking tokens exclusive to a particular ETH LST. This isolates the risk to only the specific token staked on Eigenpie, and not any other ETH LST’s performance. This feature not only ensures that liquid restaking on Eigenpie is security-focused, but also offers an optimal restaking experience, especially to risk-averse LST holders. Below is a chart with the isolated liquid restaking tokens available on Eigenpie.

Eigenpie also offers isolated native restaking in collaboration with 

, an open-source ETH staking network that uses 

 (SSV) technology to create a decentralized and secure environment for ETH staking by splitting a validator key into several keyshares, which are distributed to multiple nodes. The isolated native restaking feature on Eigenpie allows ETH holders to connect their ETH to the website and restake it through a simple user interface. Once it’s restaked, ETH holders receive egETH tokens that earn them 2x Eigenpie points, resulting in better yields over time.

Eigenpie Enterprise, a restaking feature on Eigenpie designed for institutional grade investors, 

 that are designed to accommodate different enterprises, depending upon their needs.

The first version allows enterprises to participate in native restaking, liquid restaking and DeFi protocols only within the Eigenpie ecosystem in order to reduce their risk of bad debt. Meanwhile, the second version enables institutions to expand their positions from their existing EigenLayer holdings into the Eigenpie Institution Node Delegator, which opens them to more DeFi opportunities since they can deposit their LRTs in their preferred DeFi platform.

Eigenpie Token (EGP) is the governance and reward-earning 

 on Eigenpie. It's designed to ensure the sustainability and long-term success of Eigenpie as a restaking platform. As an EGP holder, you can lock your tokens to receive vlEGP tokens (at a 1:1 ratio) that can then be used to participate in Eigenpie's governance, and to earn rewards for active participation in the ecosystem. 

 EGP has a total supply of 10 million tokens, distributed as shown below:

Eigenpie's airdrop is reserved for holders who accumulate Eigenpie points through user engagement, and for 

 users from Binance and OKX. To accumulate Eigenpie points, users need to remain active on the platform by depositing LSTs. In short, 1 ETH worth of LST deposits on the platform earns you one point per hour. You can also earn points through referral, whereby your additional points are proportionate to the points earned by your referee.

You can buy EGP on Bybit's Spot trading platform. The token is listed as the 

 trading pair. Trading EGP on Bybit's user-friendly terminal is fast and efficient, and comes with 24-hour multilingual customer support.

The liquid restaking concept in cryptocurrency continues to proliferate, since it provides capital-efficient utility for ETH holders. Since Eigenpie is a top protocol on EigenLayer, ETH and LST holders can leverage its features, such as isolated liquid restaking and native restaking, to earn additional passive income from their staked assets.

Furthermore, institutional enterprises can leverage Eigenpie’s platform to access a wide range of DeFi opportunities by using their staked assets. The protocol offers liquid restaking services, and is thus timely as investors continue to explore DeFi opportunities in the crypto market.

Intermediate

Eigenpie.png

Eigenpie (EGP): ETH Liquid Restaking Powered by EigenLayer

Mumu the Bull is a meme coin built on the Solana blockchain. Learn more about how it works in this article.

 are two of the most iconic. Of the two imposing quadrupeds used to describe general market trends, almost everyone hopes for a bull market, in which prices soar. The crypto project known as Mumu the Bull has taken this classic concept and turned it into a 

. By combining internet trends from around the globe, Mumu the Bull hopes to create the next big thing. Is Mumu the Bull popular right now, and will its price increase in the future? Explore this guide to find out.

 blockchain. Its marketing ties together cartoon animal imagery, similarly to 

, with crypto memes about bull markets. This coin is also known for its competition with the Bobo the Bear meme coin.

According to Mumu the Bull’s creators, the coin’s primary goals are to unite the crypto world by including references to several beloved memes within the crypto universe, and to encourage countless users to trade its coin. In addition to references to bull and bear markets, Mumu the Bull endeavors to capitalize on familiarity with Pepe the Frog meme coins. It uses similar art and occasionally includes cartoon frogs in its memes. Eventually, 

 it will be able to use these playful references to become "the meme coin to rule them all." 

Some crypto investors also believe that Mumu the Bull can function as a market sentiment tracker. Its creators have set up Mumu the Bull to compete with Bobo the Bear. Therefore, some users hope that they’ll be able to predict a bull-vs.-bear crypto market by considering which of the two cryptos has a higher price and/or trading volume.

The Mumu the Bull meme coin project is built on the Solana blockchain. Thus, instead of running its own ledger, it uses the underlying security of Solana to validate and track each transaction. While Solana handles the back end, Mumu the Bull's team is focused on promoting the token. They’ve created multiple social media sites, and spend a lot of time generating memes and artwork surrounding the coin. This allows them to get their coin into the public consciousness, so more crypto enthusiasts will be interested in buying it.

 that automatically removes 0.25% of tokens from the liquidity pool for each sale that’s made. This has resulted in a current total supply of 2.324 trillion tokens. Of the total supply, 95% has been allocated toward liquidity. These tokens quickly ended up being bought and sold on the open market. The remaining 5% of tokens were distributed to the Mumu the Bull team to compensate them for their work.

Initially, the MUMU token struggled to gain attention after its release, trading at roughly $0.000005. However, several months after its launch, Mumu the Bull took the crypto world by storm. Prices suddenly doubled, and then doubled again. By Jul 29, 2024, MUMU had reached an all-time high (ATH) of $0.00012. 

Despite a drop in price from its ATH, Mumu the Bull has still managed to retain popularity. MUMU is currently within the 

 by market cap and among the top 500 cryptocurrencies overall. Furthermore, MUMU’s 24-hour trading volume is $9.87 million (as of Oct 2, 2024), and its price is still up, roughly 1,257% from its ATL. 

This pricing history reveals a lot about the popularity of Mumu the Bull. Instead of following the trend of many meme coins, with a brief spike in interest followed by obscurity, Mumu the Bull has experienced a slow yet steady rise in trading. This coin has gone from an underrated novelty to an iconic meme coin in the 2024 market. Particularly when the market is dealing with bull conditions, Mumu the Bull is trading very well.

MUMU tokens are primarily available through 

 (DEXs). The creators of Mumu the Bull suggest that people purchase MUMU by purchasing Solana tokens, and then swapping Solana for MUMU tokens on a DEX. 

However, if you prefer a more convenient way to invest in MUMU, consider purchasing Mumu the Bull tokens as a Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

If you're looking for a diverse portfolio filled with meme coins, the MUMU token is a promising option. Its price is currently low enough that it's not overinflated, yet it's still seeing a lot of trading activity. Thanks to its proximity to the Pepe the Frog universe, Mumu the Bull seems likely to keep its audience interested for some time.

However, this probably isn't a meme coin that's going to turn anyone into a millionaire overnight. While it's performing reasonably well, nothing about the coin indicates an imminent drastic increase in value. It's likely to undergo both small price increases and decreases in the future. Due to the inherent volatility of meme coins, investors need to exercise some caution when purchasing Mumu the Bull. Never overextend yourself financially, and make sure you 

Ultimately, Mumu the Bull is a promising addition to the world of meme coins. By focusing on classic memes about market conditions, it's managed to attract an audience and increase its prices. However, Mumu the Bull has a lot of competition, so only time will tell if this token can become a top meme coin.

mumu the bull.png

Mumu the Bull (MUMU): A Symbol of the Bull Run Moovement

Bybit Learn

DeFi

Explainers

Altcoins

QuickSwap (QUICK) is a multi-chain DEX that offers token swaps, liquidity mining, staking and perpetual swaps at low fees and fast speeds.

EN_2409-T35020_Learn_Read_to_Earn_728x90.png

quickswap_1.png

Skinny_Banner-1600x400.webp

 (DeFi) continues to unfold, new opportunities such as

 is one of the most innovative DEXs to hit the DeFi movement. However, since it’s built on the Ethereum blockchain, users often experience high gas fees and reduced transaction speed due to congestion on the network.

 of Uniswap, QuickSwap uses a similar liquidity pool model. However, it’s built on the Polygon network, which offers faster transaction speeds at lower fees.

So, how does QuickSwap work? Is it better than Uniswap? What makes it so popular?

QuickSwap is a comprehensive DEX that’s deployed on various top blockchains. Its users can swap tokens, provide liquidity, 

, and trade perpetual swaps quickly and at low transaction fees. 

Launched in October 2021, QuickSwap hosts the DragonFi ecosystem, built to solve the challenges of high costs and slow transaction speeds. QuickSwap aims to provide the crypto world with a suite of products beyond DeFi, including bonds, a perpetual DEX and a gaming hub.

Initially, QuickSwap was deployed on the Polygon blockchain, and is still the leading DEX in the Polygon network. However, QuickSwap has expanded to support six more blockchains: 

, Immutable zkEVM, Astar zkEVM and X Layer. Furthermore, in order to enhance usability and accessibility QuickSwap supports most of the top 

As a top DeFi player, QuickSwap features a liquidity hub on top of its 

 (AMM), enabling users to tap into external liquidity sources to facilitate seamless swaps. To further enhance its operations, QuickSwap integrated V3 active and concentrated liquidity management on the platform in 2023, ensuring improved capital efficiency for liquidity providers.

The native token for QuickSwap, QUICK, helps power the DragonFi ecosystem. However, in 2022, after the platform’s integration with Dogechain, the DD token was introduced to reward liquidity miners and to support fun activities related to QuickSwap on the blockchain.

QuickSwap is designed to offer a comprehensive suite of DeFi products to various ecosystem participants, including 

, traders and developers. It looks and feels similar to UniSwap, and operates an off-chain governance model. QuickSwap’s distinctive features include the following.

Liquidity provision is a critical component of the QuickSwap ecosystem, since it facilitates the seamless swapping of 

 in its vibrant liquidity hub. Liquidity providers can create liquidity pools and begin collecting transaction fees on QuickSwap, earning 0.25% of the fees generated on trades based on one's share in the pool.

In 2023, QuickSwap switched from its V2 liquidity provision model to V3. Unlike V2, V3 allows liquidity providers on QuickSwap to set a specific price range (narrow and wide) when depositing their LP tokens into a pool, ensuring greater depth and better capital efficiency.

 to provide all of its liquidity providers with V3 active liquidity management. With this feature, providers don't have to manually adjust their positions if they fall outside the set price range. Instead, Gamma's innovative technology automatically rebalances the range to ensure the liquidity provider earns the highest possible rewards. Additionally, Gamma auto-compounds the provider's rewards, offering a hassle-free, autopilot approach to liquidity provision.

Liquidity Provision and Yield Farming on QuickSwap

QuickSwap offers farms for V2 and V3 liquidity providers, who can deposit their assets to earn additional rewards on select tokens as part of its liquidity provision strategy. Currently, there are two farms on QuickSwap: Gamma Farms and Unipilot Farms.

With Gamma farms, those who have deposited their tokens in Gamma v3 pools powered by the Polygon mainnet and Polygon zkEVM can receive extra farming rewards, in addition to the trading fees they earn for acting as liquidity providers. Alternatively, providers can farm through Unipilot’s UI for additional rewards, which is only available for pools running on Dogechain.

Bonds are also a channel to deepen liquidity on QuickSwap while allowing liquidity providers in QuickSwap’s pools to earn returns on their positions creatively and effectively. Bonds enable projects to sell tokens to users at discounted rates by vesting NFTs. Users who have LP tokens can buy these bonds and receive the NFTs that represent the share of their position in the pool. Since they’re purchased on discount, these bonds can potentially give users a positive return on their investment. Please 

 that this feature is only available on the Polygon mainnet network.

One of the most popular features of QuickSwap is its single-staking product known as 

. Users who want to hold QUICK tokens and provide liquidity for a long period on QuickSwap can stake their tokens in the Dragon’s Lair.

This option provides a safe and easy way to earn rewards on QUICK tokens without the risk of

, which is common with providing liquidity.

By staking QUICK tokens in the Dragon’s Lair, you can earn dQUICK tokens as rewards, and further earn a share of 0.04% of all trading fees on QuickSwap indefinitely.

Users can also earn passive income by staking QUICK tokens in Dragon’s Syrup pools, which feature a finite number of rewards in participating tokens that expire once the limit is depleted. As most Dragon’s Syrup pools have run out of rewards for Old QUICK tokens, they currently accept only New QUICK tokens (more on New QUICK tokens later).

Although there’s a small transaction fee of 0.3%, QuickSwap can exchange ERC-20 tokens quickly and at near-zero gas fees. The swap-generated fees are paid out to the liquidity providers. Since 

 isn’t necessary, users need only to have MATIC in their wallets to perform the swap. Hence, QuickSwap leverages smart contracts to offer a permissionless way to exchange tokens with a simple and user-friendly layout, similar to Uniswap. 

 is also available on QuickSwap. QuickSwap offers two decentralized perpetual DEXs, 

Falkor is an orderbook model DEX built on 

 that offers zero gas fees and near-instant transactions. On Falkor, users can deposit funds into a “vault” from the Polygon 

 network to trade with up to 50x leverage and enjoy many other advanced features, such as simple 

. Bridging isn’t required when depositing from Polygon PoS to Orderly Network, allowing for seamless fund transfers, faster trading and a smoother user experience without the need for additional steps or delays.

Hydra is available on the Polygon zkEVM blockchain, where users can execute leveraged trading at extremely low fees. Launched in 2023, the perpetual trading product was initially known as QuickPerps, which allowed trading of 

 with leverage of up to 50x, and also provided liquidity into QLP pools to earn rewards.

In July 2024, QuickPerps rebranded to QuickPerps Hydra, an upgrade of the original V2 with more advanced features and negligible gas fees. Some of these features include:

There are two tokens associated with the QuickSwap ecosystem, QUICK and DD. Let’s take a deeper look at the two.

QUICK, the native token for QuickSwap, is critical for powering the DragonFi ecosystem. The QUICK token was launched in 2021, but its community approved a proposal for a 1:1,000 token split in March 2022. This led to the creation of the New QUICK token in April 2022. The Old QUICK token has no utility on the platform, but users can convert it into New QUICK using the 

QUICK has a maximum supply of 1 billion tokens and a current circulating supply of 728,512,543. It’s community-governed and was fair-launched without a pre-sale, seed round or private round. Of its total supply, 96.75% is set aside for the community.

QUICK is utility-enabled and has various uses on QuickSwap. The token is key in powering the protocol's liquidity mining program, and is used to incentivize liquidity providers to lock their assets in the trading pools to receive the token as rewards. QUICK token holders can also stake their tokens in the Dragon's Lair to receive QUICK tokens as rewards. In addition, QUICK functions as a 

, empowering QUICK token holders with the right to vote on major protocol decisions regarding the future of QuickSwap.

Doge Dragon (DD) is a new token created in 2022 following the integration of Dogechain on QuickSwap. It’s used as a reward for liquidity miners of QuickSwap on DogeChain and those who participate in other activities related to the platform. 

DD was designed as an experimental meme coin version of QUICK, and shares similar tokenomics. DD’s distribution is as follows:

You can buy QUICK on Bybit Derivatives, where it’s available as a 

 Perpetual contract with leverage of up to 12.5x. It can also be traded through 

, such as Futures Grid, Futures Martingale and Futures Combo. Trading QUICK on Bybit is transparent and secure, and features a user-friendly interface backed by 24/7 multilingual customer support.

As of Sep 19, 2024, QUICK's price was $0.049, a 78.9% drop from its all-time high (ATH) of $0.23 on May 5, 2022, and a 631.6% increase from its ATL of $0.0066 on Sep 4, 2022.

Price prediction experts are relatively bullish on QUICK’s future price. According to price forecasting experts at DigitalCoinPrice, QUICK 

 a maximum price of $0.13 in 2025 and gradually rise to $0.36 by 2030. Meanwhile, experts at CoinCodex 

 QUICK could reach $0.23 in 2025 and drop slightly to $0.20.

That said, these price forecasts aren’t financial advice and they don’t guarantee the future price of QUICK. We highly recommend you 

 before investing in QuickSwap or any other 

For many users, QuickSwap is stepping up as an alternative to Uniswap. It’s quick, affordable and compatible with Ethereum. QuickSwap users can perform faster and cheaper transactions on the Polygon network, and enjoy the secure audited code of Uniswap. They can also easily bridge between Polygon and Ethereum in order to swap ERC-20 tokens on QuickSwap without having to pay Ethereum’s high gas fees.

QuickSwap provides a comprehensive DeFi platform for crypto enthusiasts. With its vibrant liquidity hub and incentivized liquidity mining, traders and token holders can transact quickly and affordably. Furthermore, its expansion to include six more blockchains increases its accessibility.

QuickSwap’s suite of products — including token swaps, liquidity mining, decentralized perps trading and incentivized staking on Dragon's Lair — provides enhanced utility for the QUICK token, making it a cryptocurrency to watch in the DeFi niche.

What Is QuickSwap (QUICK): All-in-One DeFi Platform Across Multiple Chains

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards