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. 

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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

Staking

Explainers

Altcoins

cmETH, mETH Protocol's composable liquid restaking token, boosts ETH yield and maximizes capital efficiency via restaking on platforms like EigenLayer and Symbiotic.

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 (PoS) block validation model in September 2022, ETH 

 and liquid staking solutions have been taking the market by storm. The 

 had also decided to leverage the popularity of ETH liquid staking by launching the mETH Protocol, then known as Mantle LSP, in late 2023. In a matter of months, mETH had grown to become Mantle's leading 

 (DeFi) protocol and one of the largest liquid staking platforms in the industry.

Another development in this sphere that’s taken shape between the second half of 2023 and throughout 2024 has been the arrival and explosive growth of ETH 

 protocol, liquid restaking is notably different from liquid staking as it supports a wider range of yield generation opportunities. Having replaced liquid staking as the industry's new in-vogue “thing,” liquid restaking is gaining popularity at lightning speed. Observing the development, the mETH Protocol has decided to add liquid restaking to its arsenal with the introduction of the cmETH liquid restaking token.

 (mETH) is an Ethereum liquid staking and liquid restaking solution launched in late 2023 on the 

The protocol was launched under the name Mantle LSP and rebranded to mETH in August 2024. Originally, the protocol was purely dedicated to liquid staking, with the mETH liquid staking token (LST) as the backbone of its operations. Users can stake ETH via mETH Protocol and earn yields generated from the block validation process on the Ethereum (ETH) chain. mETH is an LST issued as confirmation of staking deposits that also accrues rewards generated from ETH staking.

 is a classic liquid staking solution that provides more flexible and affordable staking opportunities as compared to direct staking on Ethereum, where direct staking requires running a validator 

 and committing 32 ETH (slightly over $100,000) as collateral. mETH-based liquid staking, however, is possible with no hardware resources committed to the network and only a 0.02 ETH (less than $70) minimum investment.

In May 2024, the protocol's governance community passed a proposal to add liquid restaking (covered in the section below) to the platform's product line. The protocol subsequently launched the cmETH liquid restaking token (LRT) to support this new functionality. Introduced in late October 2024, cmETH acts as a deposit confirmation token that accrues rewards from ETH liquid restaking.

Along with the introduction of the cmETH LRT, the mETH Protocol also introduced its governance token, 

Liquid restaking represents an evolution of liquid staking, which became popular after Ethereum's move to PoS block validation in September 2022. 

 protocols let users stake ETH funds and earn yield without the need to meet Ethereum's quite nontrivial financial and technical minimum requirements for running a validator node. 

When users stake funds with liquid restaking protocols, they’re issued LSTs as confirmation of their deposits. These LST assets can be further used within the DeFi ecosystem on various protocols to earn additional yield. For instance, 

 (LDO) — the most popular liquid staking protocol deployed on Ethereum — provides users with the stETH LST, which represents the underlying principal-staked ETH. While your original ETH earns staking yield through Lido, you’re free to use stETH on various DeFi lending and borrowing protocols or swap pools to generate additional yield.

In June 2023, the EigenLayer protocol first introduced the concept of 

. With liquid restaking, you’re issued an LRT asset as a receipt for your original staked ETH funds. The LRT can then be reused for staking and other yield-generating DeFi activities on other platforms to secure their operations. At first glance, liquid staking using LSTs and liquid restaking using LRTs look similar, as both allow you to use an asset issued as your ETH deposit receipt on other platforms for additional yield.

However, there are significant underlying differences between the two concepts. LSTs cannot be reused on additional platforms beyond Ethereum for staking to secure their 

. Instead, these assets can only be utilized in liquidity pools, lending solutions and other DeFi apps that are detached from the underlying validation/staking process on a given chain or protocol.

In contrast, LRTs are assets that can be reused beyond Ethereum’s 

 to secure through staking the operations of Layer 2 chains, 

, data availability (DA) layers and other solutions servicing the broader Ethereum ecosystem. Additionally, similar to LSTs, LRTs can typically be reused in liquidity pools, lending protocols and other DeFi solutions not responsible for the underlying security of a blockchain platform or service. In other words, liquid restaking/LRTs offer a significantly wider choice of platforms and reuse modes than liquid staking/LSTs.

What Is mETH Protocol’s Liquid Restaking Token (cmETH)?

cmETH is mETH Protocol's value-accumulating receipt token for liquid restaking. It's a composable liquid restaking token designed to support the new restaking function on the platform. Thanks to its use of the 

 OFT (Omnichain Fungible Token) standard, it has native-level multi-chain functionality. By committing your ETH funds to restaking via mETH Protocol, you can be issued the cmETH LRT. Similar to mETH, which is used for liquid staking, cmETH roughly tracks the price of ETH, and typically trades at a slightly higher rate than Ether, due to accumulating yields.

The protocol uses several liquid restaking providers 

 as well as associated Actively Validated Services (AVS) to put your ETH funds to use, secure a variety of chains and protocols, and deliver you competitive APY rates from liquid restaking. As solutions and services on blockchain platforms that are being actively monitored and adjusted to ensure their efficiency and security, AVSs contrast with fully automated blockchain services, which are based more on a "set and forget" premise.

 limitation. As a typical LRT asset, its total supply in circulation will fluctuate based on the amount of ETH committed to liquid restaking via the protocol. As of Nov 25, 2024, the token's total circulating supply stands at 

cmETH and mETH represent mETH Protocol's liquid restaking and liquid staking tokens, respectively. To enjoy liquid restaking opportunities, you can convert your mETH to cmETH at a ratio of 1:1. An advantage of cmETH over mETH is the wider choice of yield-bearing options. mETH is typically used to access staking yields from supporting Ethereum's block validation mechanism. It can also be used on a variety of liquidity pools on Mantle Network, decentralized money markets and the Mantle Network 

cmETH creates opportunities to secure a variety of chains, protocols and solutions within the Ethereum ecosystem via EigenLayer, Symbiotic, Karak and various AVSs, something that’s not possible with mETH and liquid staking. As such, cmETH provides a wider array of options and potentially better yields than with mETH, due to the variety of available choices.

 as a swap pair with USDT. Until Nov 29, 2024, you can also take advantage of Bybit's 

 campaign to grab a share of the 10 million COOK prize pool. To be eligible for the rewards, new users who sign up on Bybit and complete identity verification need to accumulate a deposit volume of at least 0.1 cmETH, or deposit 100 USDT and trade 100 USDT worth of cmETH via their first trade with their Bybit account. Existing users can also qualify for COOK rewards by trading at least 500 USDT worth of cmETH, with the chance to earn more by higher trading volume.

By introducing the cmETH token, mETH Protocol has entered the game of liquid restaking. Using this new service, mETH users can now generate yield rates and achieve capital efficiency that the standard liquid staking service may not be able to match. If you’re a DeFi user interested in new liquid restaking options, the cmETH token from mETH Protocol may deserve your serious consideration.

mETH Protocol (cmETH): Effortless Cross-Chain ETH Restaking

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards