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.

December's end-of-year options expiration brought an unexpected drop as realized volatility fell to the lowest levels of the month. Perpetual swap open interest remained stable, indicating these markets weren't heavily used for hedging against expired options, likely contributing to the muted volatility. 

While most expired open interest in Bitcoin (BTC) and Ethereum (ETH) hasn't been reinvested, the balance of calls and puts remains consistent. Notably, ETH options are pricing in higher implied volatility as compared to BTC, particularly for shorter expirations, leading to a flat term structure for ETH, while BTC is offering cheaper options exposure.

In the perpetual markets, low volatility and minimal spot movements have led funding rates for nearly all tokens to mirror broader market sentiment throughout the holiday season. On the options side, BTC's term structure is noticeably lower and steeper than ETH's, with realized volatility now dipping below implied volatility levels, highlighting an intriguing shift in market dynamics.

Please check out the report’s highlights.

Open Interest Solid Amid Year-End Options Expiration

Although open interest for both BTC and ETH perpetual swaps hasn’t returned to early December 2024 highs, it remained robust throughout the significant end-of-year options expiration event. This suggests that these markets weren’t heavily utilized to 

 of the expiring options contracts, likely contributing to the lack of volatility observed during this period. Instead, trading volumes have dipped noticeably during the winter holiday season, coinciding with a collapse in realized volatility back to December 2024’s lowest levels.

BTC Option Curve Remains Steep During Call-Put Parity

The expiration of December's end-of-year options didn’t trigger the anticipated surge in volatility; instead, realized volatility has plummeted to the lower end of its recent range. The implied volatility term structure remains steep compared to both its recent behavior and ETH's, with longer-dated implied volatility around 57%, and 1-week at-the-money options trading about five points lower. Much of the expired open interest hasn’t yet been rolled into new positions, maintaining a neutral balance between puts and calls. Consequently, BTC's options market positioning is relatively neutral, lacking the leverage it had at the start of December 2024.

Huge ETH Option Expiring Doesn’t Cause Volatility

A late December spike in realized volatility didn’t carry into the new year, with ETH’s spot price currently exhibiting volatility below that of short-tenor implied volatility. Interestingly, the implied volatility term structure has undergone a steepening and re-flattening over the past week, contrasting with BTC’s slightly steeper profile. This suggests that ETH’s options market is anticipating higher short-term volatility in spot price movements. 

Despite the significant expiration of options open interest at the end of December 2024, which didn’t lead to a rollover into later expirations, call options continue to dominate the market and have increased at the start of 2025.

Advanced

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Jan 2, 2025): BTC Options Continue to See Call-Put Parity, With Lower Short-Term Volatility Expected

Dive into FLock, a decentralized platform that revolutionizes the way AI models are developed, trained and deployed.

Artificial intelligence (AI) is poised to transform countless industries, but its development often raises questions about privacy, control and inclusivity. 

 is a unique decentralized platform that democratizes AI training, fine-tuning and inferencing. With its blockchain-powered infrastructure, FLock ensures transparency, security and community-driven decision-making, paving the way for AI models that align with established societal values. 

In this article, we’ll explore how FLock decentralizes AI training, its key features and its potential impact on developers, communities and users.

 platform that revolutionizes the way AI models are developed, trained and deployed. By leveraging blockchain technology and a novel approach called 

, FLock addresses critical issues in AI development, such as centralized control, lack of transparency and privacy concerns.

At its core, FLock’s mission is to democratize AI by enabling communities to participate directly in the creation and refinement of AI models. Through federated learning, FLock trains AI models across multiple decentralized devices or servers. This method ensures that data remains local, eliminating the need for raw data exchange while still enabling robust model training. By decentralizing the training process, FLock not only protects individual privacy, but also fosters a more inclusive ecosystem in which diverse contributors can collaborate.

What sets FLock apart is its integration of 

. This ensures that all contributions — whether data, compute power or feedback — are transparently recorded and fairly rewarded. Blockchain tech’s immutable ledger enhances trust among participants and safeguards the process against manipulation. Additionally, the platform’s on-chain incentive mechanisms encourage participation from a wide range of contributors, ensuring that rewards are distributed equitably.

Ultimately, FLock empowers communities to develop bespoke AI models tailored to their specific needs. By decentralizing the process and prioritizing transparency and collaboration, FLock breaks the monopoly of large corporations, creating an AI ecosystem that aligns with public ethics and societal values.

, an Oxford alumnus with a robust background in AI and blockchain technology. Sun, who serves as FLock's CEO, has an impressive career trajectory, having worked as the Director of AI for the Royal Bank of Canada and as an AI Research Fellow at Imperial College London. His vision for FLock stems from a deep understanding of both the technical and ethical challenges of AI development.

The founding team also includes other Oxford alumni, boasting over a decade of combined experience in AI research and the cryptocurrency industry. This team brings a collective blend of academic excellence and practical expertise that positions FLock to lead the decentralized AI movement.

FLock has successfully raised $11 million in funding across two rounds, reflecting strong investor confidence in its vision. In May 2024, FLock secured a $6 million seed round co-led by Lightspeed Faction and Tagus Capital, with additional backing from Digital Currency Group (DCG), Volt Capital, OKX Ventures and Inception Capital.

Later, in December 2024, FLock announced a $3 million successful funding round led by DCG and joined by prominent names like Animoca Brands, Fenbushi Capital, GnosisVC and GSR. These investments are being channelled into enhancing the platform’s testnet and federated learning client, accelerating FLock’s mission of enabling secure, collaborative AI development.

With this funding and over 1,500 nodes contributing from platforms like Numerai and Kaggle, FLock is rapidly scaling its impact on decentralized AI training.

FLock AI revolutionizes AI development through its decentralized training framework. This approach allows participants to contribute to AI model training without ever sharing their personal data. Instead, models are trained locally across devices using federated learning, which ensures that data remains with its owners while still enhancing the accuracy of the model overall. 

FLock’s reward system is designed to incentivize active participation. Contributors who provide data, computational power and/or feedback are compensated with FLOCK tokens, ensuring a fair distribution of rewards. 

FLock empowers its community through a robust governance framework. Decisions regarding AI model development, deployment and ethical considerations are driven by the community, ensuring alignment with established societal values. Through blockchain-based voting mechanisms, contributors can influence the direction of AI projects, fostering transparency and public accountability. 

FLock’s modular architecture allows contributors to participate in specific aspects of AI model development. Whether providing raw data or computational power or even refining algorithms, the platform enables a collaborative and scalable development process. 

At the core of FLock’s philosophy is its commitment to privacy and security. By leveraging blockchain technology, the platform ensures that no single entity controls the AI development process. Data remains local and protected by cryptographic measures, while the immutability of blockchain guarantees transparency in every transaction and model update. 

 begins with a blockchain and an AI layer.

The blockchain layer underpins FLock’s incentivization and security mechanisms.

The AI layer facilitates model training, refinement and deployment, leveraging both centralized and federated approaches.

Let’s have a look at the supply and demand for the FLOCK token.

FLock adopts a 1:2 ratio model between team/investors (33.3%) and community (66.7%), prioritizing community-driven growth and ecosystem expansion. The majority of tokens are allocated to incentivize user participation and long-term ecosystem success.

FLock aims to improve the future of AI development by decentralizing the training process and ensuring transparency, privacy and inclusivity. By leveraging blockchain and federated learning, FLock empowers communities to contribute to AI creation without compromising on privacy. Its innovative reward system and community-driven governance foster a fair and collaborative ecosystem. 

With significant backing and a growing network of contributors, FLock is positioning itself as a leader in decentralized AI, offering a more ethical and secure alternative to traditional AI development models. As it continues to scale, FLock is set to transform the way AI models are built and deployed.

 — and earn a share of a 10 million FLOCK prize pool. For more details, visit 

Intermediate

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FLock AI: Decentralized AI Training

In this tutorial, we’ll explore how you can complete a series of tasks in Network3 for Bybit Web3 Airdrop Arcade.

Task 1: Register for a Network3 Account and Connect Your Bybit Wallet 

: Navigate to the campaign page and click on the 

task. Click on the task, and Galxe will ask to redirect you to the Network3 register page.

: Register for a Network3 account using your email address. You may indicate a 

Task 2: Download the Network3 App and Run a Node for One Hour

 and choose your operating system to download the Network3 app.

 or powerbutton, depending upon which operating system you’re using. For ease of reference, we’ve used macOS and iOS as examples below.

: Keep running the node until the timer reaches 

Beginner

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How to Complete Network3 Tasks for Bybit Web3 Airdrop Arcade

Bybit launched the Bybit Merch Creative Challenge for university students worldwide, offering a $50,000 USDT prize pool.

The S&P 500 dropped 0.22% on Thursday, its fifth straight decline, with investors eyeing Friday’s economic updates. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.03%, with Bitcoin and Ether rising by 2.79% and 2.70%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 1.9% following a rise in price driven by increased open interest and positive market sentiment.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. XRP price surged due to increased open interest, a major XRP transfer, and market sentiment linked to Trump's inauguration. Bullish momentum is supported by high short liquidations, with key resistance levels to watch for further price movement.

Check Out the Latest Prices, Charts, and Data of 

 for university students worldwide, offering a $50,000 USDT prize pool. Participants can design exclusive Bybit merchandise, with submissions open until Jan. 15, 2025. Winners will be announced on Feb. 1, 2025, across four prize categories.

Yesterday, Bitcoin Spot ETFs recorded a total inflow of $84.8M, driven by $107.9M from non-GBTC funds, partially offset by a $23.1M outflow from GBTC.

, offering an airdrop for participants who complete tasks like swapping and bridging using the Mango wallet. Points earned through tasks determine airdrop rewards. Join via the Mango wallet and follow steps on the testnet dashboard.

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Bybit Launches $50,000 Merch Design Challenge for University Students Worldwide

Bybit Learn

web3

TomoChain is a secure, scalable public blockchain that supports a full range of well-designed products for web3 app and game development. Learn more here.

For those who want to build high-performance projects, finding a scalable public blockchain with the features, low transaction fees and security that you require is essential. At the same, the user-friendliness of the interface and functionality of 

 applications are equally important for developers of applications and games. While there are many public blockchains available, TomoChain stands apart as a community-driven network with well-designed features.

The TomoChain network is a community-driven platform that’s been evolving to promote greater adoption of web3 technologies and products since its launch in 2018. Developers are invited to build applications and games directly on this public blockchain. The platform is Ethereum virtual machine (

) consensus is optimized for speed and scalability. TomoChain offers 

, bridging to other blockchains, rewards mechanics and additional well-designed features to enhance its utility. Additionally, users don’t need to pay transaction fees to take advantage of its features. 

TomoChain launched in 2018 with extensive development by TomoChain Labs. The parent company, TomoChain Pte Ltd. was established in 2017 by Tung Hoang, Son Nguyen, Le Ho and Long Vuong. At the time of TomoChain’s 

 in early 2018, $8.5 million was raised, and the project’s mainnet launched before the end of 2018. 

TomoChain continues developing today, but many of its features are already online for others to use, including staking, developer tools, TomoWallet, TomoMasterDAO and TomoBridge. 

When TomoChain launched, its purpose was to hasten the adoption of web3 applications via its core features, enhanced security and low transaction fees, all of which reduce friction associated with other blockchains and encourage more users to participate. 

For example, its platform maintains decentralization while operating with no transaction fees and an ultra-fast processing time. Developers don’t pay transaction fees, and can build with an extensive range of advanced developer tools and smart contracts. TomoChain strives to be a public blockchain that’s compatible with the EVM. It stands out as a superior alternative to Bitcoin, Ethereum and other major networks, with advantages in fork generation, efficient throughput and fast confirmation times.

TomoChain has an easy-to-use interface and offers the utility today’s users need. The developer interface supports simplified product creation, while also focusing on security, low transaction fees and speed. Via the TomoWallet, users can secure the network with staking. 

Proof of stake voting also supports the continued development of the network. Specifically, token holders 

 a Masternode by staking at least 100 TOMO tokens to a smart contract associated with that candidate. Additionally, tokens stored in a TomoWallet can be used on other blockchains via the network’s TomoBridge, enabling users to easily take advantage of the features of other blockchains.

Each of the key features of TomoChain has been specifically designed to enhance the user experience and to encourage the wider adoption of web3 applications. 

, and yields TOMO tokens as rewards. Users who stake their TOMO tokens can participate in community governance through PoS voting. Staking takes place on 150 Masternodes. In order to be a Masternode candidate, token holders must first deposit 50,000 TOMO. Token holders vote for candidates, and successful candidates can receive incentives for creating and finalizing blocks. Voting for new candidates takes place 

. It’s used primarily to store a user’s TOMO tokens, and also supports the voting function. Users can interact with linked DApps, vote for 

 and track related rewards through their individual TomoWallet. New users can easily create a TomoWallet and take advantage of the functionality it offers, or import an established wallet. TomoWallet’s two unique features are the 

 platform. Specifically, it features an open forum that enables users to learn about and discuss proposals. Through this platform, users can solicit funding for a project and vote on proposals. 

The voting system utilizes the platform’s 

. A rewards system encourages voting by users, who can even monitor the projects they favor on the platform’s dashboard. The DAO’s PoS voting mechanism, or PoSV, supports efficient checkpoints, fast processing times, enhanced security and double validation.

TomoChain connects to other blockchains via the 

, which allows users to migrate their TOMO tokens to other blockchains, as well as allowing tokens on other blockchains to migrate to TomoChain. This way, TomoChain users can easily take advantage of features and functions available on other blockchains. 

Shortly after TomoChain Pte Ltd. was established in 2017, the blockchain’s development got underway. The ICO in March 2018 produced $8.5 million in funds for the project’s development. In August 2018, the TomoChain mainnet launched on the Ethereum blockchain. TOMO has been listed on various crypto exchanges over the years, and the developers at TomoChain are actively working on improvements for the project. 

 of TomoChain. It’s used to support the growth and security of the network through a voting mechanism. Specifically, when users vote for Masternode candidates, the winners through voting receive building rights. 

In addition, TOMO is used to reward voters and Masternode Candidates. Through TomoBridge, users can also take advantage of cross-chain transfers. 

There’s a maximum supply of 100 million TOMO tokens, with almost 97 million in circulation. The tokens were initially distributed according to the following allocation:

TOMO launched on Mar 21, 2018 at the price of $0.55. It fell to a low of $0.34 by Apr 2, 2018, before climbing to a high of $2.09 on May 4, 2018. TOMO’s price then declined, remaining within a range of $0.15–$0.50 for the rest of 2018. In 2019, TOMO experienced multiple fluctuations throughout the year, but remained between $0.40 and $0.80. 

In a breakthrough in the second half of 2020, TOMO’s price increased from $0.51 to $1.42, a high that it hasn’t seen in the past two years since its last peak. This was likely due to both the 

TOMO’s next breakthrough came in late 2020/early 2021, as its price increased from $0.48 to $3.47. This has been attributed to the various announcements of TomoChain’s partnerships with established entities — such as 

Despite its decline in June 2021, TOMO’s price rose once again, this time achieving its highest price paid per token of $3.88 on Sep 6, 2021 in line with the crypto bull market at the time. It quickly dropped to $2 within the next few weeks and rose again to another peak of $3.48 before declining once more. This time, TOMO’s price didn’t recover and continued to plummet due to the crypto market crash, which was further exacerbated in May 2022 by the Terra-LUNA crash. TOMO’s price dropped even further due to the FTX debacle in November 2022.

TOMO’s price showed some recovery at the beginning of 2023, growing from $0.25 to a peak of $1.64 on May 29, 2023. Its price fluctuated over the next two months, and its current price is $1.39 as of Aug 3, 2023, which represents an increase of 2.5% over the 24-hour low price. The current market capitalization is close to $135 million. 

The 24-hour trading volume to support the TomoChain market cap is more than $11 million, and the trading volume is down 12.7% over the last day.

 incredible TomoChain price growth over the next several years: in 2023 its price may reach $1.87, and increase to $4.29 in 2025. TomoChain’s price is then predicted to reach $8.88 in 2027 and $30.11 in 2030. 

This positive growth is also substantiated by 

, who believe that the price of TomoChain will reach $3.05 in 2030, $5.04 in 2025, $6.38 in 2027 and $14.55 in 2030.

TomoChain’s lofty goal of speeding up the mass adoption of web3 usage, as well as its many innovative features and mechanisms to support this goal, are likely to drive its price and market cap higher in the future. There are two ways to participate in the growth of the TomoChain network, both using TOMO tokens. With TOMO, you can sign up to be considered as a Masternode Candidate. You can also participate in the selection of these Masternode Candidates by using your tokens to vote. 

TomoChain tokens are available as Perpetual Contracts on Bybit. To get started with trading on Bybit, you’ll need to first 

 and fund it with cryptocurrency, before navigating to the 

TomoChain strives to help developers build high-performance applications, while also supporting the broader goal of mainstream web3 application adoption. The TOMO token can be purchased on Bybit, and can also be rewarded through staking, voting and building nodes. While TOMO can be used for voting and to become a Masternode candidate, it can also be used on different blockchains through the featured bridging function. 

However, it may be wise financially to build a supply of TOMO as well. Some expert analysts are predicting that TomoChain’s price will skyrocket in the years to come. Nonetheless, it’s important to understand the risks associated with cryptocurrency purchases. The crypto market is extremely volatile and is subject to fluctuation caused by various factors. It’s always advisable to complete your own independent 

TomoChain is a scalable public blockchain that has no transaction fees. It offers fast processing times, interchain bridging, enhanced security and other benefits, and its design and functionality actively promote TomoChain’s stated goal of speeding up the adoption of web3 applications.

TomoChain (TOMO): Encouraging Adoption of Web3 Applications

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards