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.

Advanced

block-scholes-x-bybit-report.jpeg

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

BBQCoin.png

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.

bbsol kamino finance tutorial.png

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.

1.png

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

Bybit Learn

Memes

Explainers

Altcoins

Sudeng (HIPPO) is a SUI-based meme coin inspired by Moo Deng, the internet-famous baby pygmy hippo.

EN_2409-T35020_Learn_Read_to_Earn_728x90.png

Skinny_Banner-1600x400.webp

When Moo Deng the pygmy hippopotamus was born in early July 2024 in Thailand, she captured the internet's attention with her sassy personality. In no time at all, she inspired the 

. This coin's value quickly shot up, and traders reported eye-popping gains such as 

. However, Solana's Moo Deng coin isn't the only token to capitalize on the latest baby hippo craze. The Sudeng (HIPPO) coin on the 

 blockchain has recently managed to surpass Solana's Moo Deng coin in market cap, albeit briefly, in its short history of just one month. If you're interested in investing in Sudeng, here's what you need to know.

 (HIPPO) is a crypto meme coin on the Sui blockchain. 

It's inspired by Moo Deng, the internet-famous baby pygmy hippo who was born on Jul 10, 2024, and lives with her family in Thailand’s Khao Kheow Open Zoo. 

 that houses Moo Deng, aiming to support wildlife conservation by donating profits to the zoo. 

Most of Sudeng's marketing revolves around the adorable personality of the zoo's baby hippo. Its Twitter/X site features charming memes of Moo Deng biting her handlers and waddling around. Of course, Moo Deng has been so popular online that she's inspired several other crypto tokens, such as MOODENG on Solana. However, Sudeng (HIPPO) hopes to differentiate itself by using 

 blockchain, which helps reduce the time it takes to execute 

 through its innovative use of its unique 

 consensus algorithm and parallel transaction execution.

HIPPO is currently trading on many major exchanges, including Bybit, and is also listed on some 

. The coin has a maximum and circulating supply of 10 billion tokens. 

Sudeng was launched in early October 2024, but it's already performing well in crypto markets. Not only is it one of the top 50 meme coins by market cap, but it's also one of the top Sui-based cryptos overall. Currently, HIPPO is the fifth-highest Sui-based token, with a market cap of $85.56 million and a 24-hour trading volume of $39.33 million (as of Oct 30, 2024).

The most significant factor contributing to Sudeng's meteoric rise in trading volume and popularity is the high demand for Sui-based tokens. Sui’s ecosystem is a little newer than other cryptocurrencies, and has done an excellent job of managing meme coins. Unlike some other networks, such as 

, Sui doesn't face slow transaction times or high fees during times of high trading volume.

To help generate even better price performance for its token, Sudeng's team has decided to hold several community airdrops, in order to encourage Sudeng (HIPPO) trading while also distributing free HIPPO tokens. The 

 runs through Nov 1, 2024, 7AM UTC and is open to anyone interested.

Unlike many airdrops, you don’t have to be a part of a specific community to obtain tokens. Instead, you simply need to buy Sudeng (HIPPO) tokens and deposit 3,500 HIPPO on Bybit. Then, complete these two tasks: 

Once you do so, you'll automatically join a prize pool. At the end of the airdrop, 6.6 million HIPPO will be divided among all the members of the prize pool.

Sudeng (HIPPO) has had an impressive price performance since its release in early October 2024. Its price quickly increased from an all-time low of $0.005 to an all-time high of $0.018. Since then, its price has stabilized a little. As of Oct 30, 2024, its price is in the $0.008 range.

Market sentiment for HIPPO is primarily bullish. There have even been rumors that this coin could be the next DOGE. According to token price predictions from AMBCrypto, Sudeng HIPPO’s price 

 $0.014 by 2025 and $0.03 by 2030. DigitalCoinPrice believes the token could go even higher, and suggests Sudeng HIPPO is 

 between $0.0185 and $0.0218 in 2025 and reach $0.0642 by 2030.

However, keep in mind that market volatility can always affect prices. Predictions aren't guaranteed, and you'll still 

 market conditions and current prices carefully before investing in Sudeng (HIPPO) or any other meme coin.

Sudeng (HIPPO) is an excellent example of how Sui's ecosystem can promote meme coins. In addition to its connection to a viral internet meme, Sudeng has also attracted fans with its focus on global wildlife causes. Of course, you still need to be cautious, due to the volatility inherent to meme coins, but Sudeng HIPPO is an appealing choice for the socially conscious investor.

Sudeng (HIPPO): A SUI-Based Baby Hippo Meme Coin

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards