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Beginner’s Guide to Web3 Security: Guide to Avoiding Fake Wallets and Private Key/Mnemonic Phrase Compromises

Background Wallets play a crucial role in the Web3 world. They are not only tools for storing digital assets but also essential for users to conduct transactions and access DApps. As cryptocurrency and Blockchain technology become more widespread, cybercriminals are increasingly targeting Web3 users’ funds. According to reports received by the SlowMist security team, many users have fallen victim to theft by downloading or purchasing fake wallets. Therefore, in this edition, we will explore why users download or purchase fake wallets, the risks of private key/mnemonic phrase leaks, and provide a series of security recommendations to help users protect their funds. Downloading Fake Wallets Many users download wallets from alternative sources because their mobile devices do not support Google Play Store or due to network issues. Third-Party Download Sites Some users download wallets from third-party sites like apkcombo and apkpure. These sites often claim that their apps are mirrored from Google Play Store, but how reliable are they? The SlowMist security team conducted an investigation into fake Web3 wallets from third-party sources and found that the wallet version provided by apkcombo did not actually exist. Once users create a wallet or import a mnemonic phrase in the fake wallet’s interface, the fake wallet sends the mnemonic phrase and other information to a phishing website’s server. Search Engines Rankings on Search engines can be purchased, leading to fake official websites ranking higher than the legitimate ones. Therefore, users should avoid searching for wallets directly through search engines and clicking on the top-ranked links. This practice could lead to a fake website where they might download a fraudulent wallet. When users are unsure of the official website’s URL, it is difficult to discern a fake site from the genuine one based solely on the website’s appearance. Fraudsters design fake websites to closely resemble official ones, making them almost indistinguishable. Similarly, users should not click on links shared by others on Twitter or other platforms, as these are often phishing links. QR Codes from Friends/Scams In the “dark forest” of Blockchain, it’s essential to maintain zero trust. Your friends or relatives may not intend to harm you, but the wallet they downloaded could be fake, and just hasn’t been compromised yet. When downloading a wallet using a QR code or link they shared, users could also end up with a fake wallet. The SlowMist security team has received numerous reports of scams where scammers first gain the victim’s trust, then lead them to invest in cryptocurrency and share fake wallet download links. Ultimately, the victims suffer both emotional and financial losses. Therefore, users should be wary of online interactions, especially when someone encourages you to invest or sends you an unfamiliar link. Telegram On Telegram, searching for well-known wallets reveals several fake official groups. Scammers often claim that these groups are the official channels of certain wallets, even advising users to recognize the official website link, which turns out to be fake. App Stores It is important to note that apps in official app stores are not always safe. Some malicious individuals buy keyword rankings and use other tactics to lure users into downloading fraudulent apps. Readers should be vigilant and discerning when downloading apps. So How Can Users Avoid Downloading Fake Wallets? Official Website The ability to find the official website is crucial, not just for downloading wallets but also for participating in other Web3 projects. Here’s how to locate the correct official website: Twitter Verification Users might search for the project on Twitter and judge its authenticity by follower count, registration time, and verification badges. However, these can be faked. We’ve discussed the sale of fake high-profile accounts in our article on phishing schemes. It’s advisable for beginners to follow security companies, industry experts, and reputable media on Twitter to see if they follow the account you’ve found. Cross-Verification After finding the official Twitter account, further verification is needed since official accounts can be hacked. Compare the website link on the Twitter profile with links found on other reputable sources such as DefiLlama, CoinGecko, or CoinMarketCap: Bookmarking: Once you have confirmed the official website, save the link to your bookmarks. This way, you can directly access the correct link next time, reducing the risk of visiting a fake website. App Stores Users can download wallets from official app stores like the Apple Store and Google Play Store. Before downloading, check the developer information to ensure it matches the official developer’s identity. Also, consider the app’s ratings and download counts. Official Version Verification To verify if the downloaded wallet is genuine, users can perform a file integrity check by comparing the file’s hash value. Drag the downloaded APK file into a file hash verification tool, which uses hash functions (e.g., MD5, SHA-256) to generate the hash value. If it matches the official hash value, it’s a genuine wallet. If not, it’s fake. Here’s what to do if you’ve downloaded a fake wallet: Determine the Extent of the Leak: If you have downloaded a fake wallet but have not entered your private key or mnemonic phrase, simply delete the app and download the official version from the official website. Private Key/Mnemonic Phrase Compromised: If you have entered your private key or mnemonic phrase into the fake wallet, it means your key/phrase has been compromised. Download the official wallet from the official website, import your private key/mnemonic phrase, and create a new address to quickly transfer your assets. Stolen Cryptocurrency: If your cryptocurrency has been stolen, we offer free community assistance for case evaluation. You need to submit a form according to the incident type (funds stolen/scam/ransom). The hacker address you provide will also be shared with the InMist Threat Intelligence Network for risk control. Purchasing Fake Hardware Wallets We’ve discussed the risks of downloading fake wallets and their solutions. Now, let’s talk about why some users end up purchasing fake hardware wallets. Some users choose to buy hardware wallets from online marketplaces, but these non-officially authorized stores pose significant security risks. It’s uncertain how many hands the wallet has passed through or if its internal components have been tampered with before reaching the user. Any tampering with the internal components is difficult to detect from the exterior or the wallet’s functionality. How to Avoid Hardware Wallet Supply Chain Attacks: 1. Purchase from Official Channels: This is the most effective way to avoid supply chain attacks. Do not buy hardware wallets from unofficial channels such as online marketplaces, resellers, or through individuals. 2. Inspect the Packaging: Check for any signs of tampering on the packaging. Although it’s unlikely for hackers to expose themselves at this stage, it’s a basic precaution. 3. Official Device Verification: Some hardware wallets offer official device verification services. During the initialization, the device prompts users to verify it on the official website. If the device has been tampered with during transport, it won’t pass this verification. 4. Tamper-evident Mechanisms: Consider purchasing hardware wallets with tamper-evident mechanisms. These wallets trigger a self-destruct mechanism if someone tries to open and tamper with the internal components. All sensitive information in the secure chip will be automatically erased, rendering the device unusable. Prevent Private Key/Mnemonic Phrase Leak Risks Having learned how to download or purchase genuine wallets, the next challenge is securely storing private keys/mnemonic phrases. These are the sole credentials for recovering your wallet and controlling your assets. A private key is a 64-character hexadecimal string, while a mnemonic phrase typically consists of 12 words. The SlowMist security team warns that if your private key/mnemonic phrase is compromised, your wallet assets are highly likely to be stolen. Here are common causes of leaks: 1. Improper Confidentiality: Users might share their private keys/mnemonic phrases with friends or family for safekeeping, resulting in theft by those individuals. 2. Storing or Transmitting Keys Online: Despite knowing better, some users store their private keys/mnemonic phrases via methods like WeChat favorites, photos, screenshots, cloud storage, or memos. If these platforms are hacked, the keys can be easily stolen. 3. Copying and Pasting Keys: Many clipboard tools and input methods upload clipboard records to the cloud, exposing private keys/mnemonic phrases to insecure environments. Malware can also steal clipboard information when keys are copied. Therefore, copying and pasting keys is risky. How to Avoid Private Key/Mnemonic Phrase Leaks: ● Do Not Share: Never share your private key/mnemonic phrase with anyone, including friends and family. ● Physical Storage: Store private keys/mnemonic phrases on physical media to avoid network attacks. Write them on high-quality paper (and possibly laminate it) or use a metal mnemonic storage device. ● Multi-Signature and Distributed Storage: Implement multi-signature setups and distribute storage locations to enhance security. Conclusion This article covered the risks associated with downloading or purchasing wallets, methods to find and verify genuine websites, and the risks of private key/mnemonic phrase leaks. We hope this information helps you take the first step securely into the dark forest of blockchain. (Note: Brands and images mentioned are for illustrative purposes only and do not constitute recommendations or endorsements.) Guest post by SlowMist Disclaimer: The views, information, or opinions expressed in the report are intended for informational and educational purposes only. It is not intended or offered to be used as legal, tax, investment, financial, or other advice. Under no circumstances are Bitget, our employees, agents, partners, and/or co-operations responsible for any decision made, action taken, or result obtained from or in reliance on the use of the information herein. Any investment or trading ideas, strategies, or actions should never be taken without first taking into consideration each individual's personal and financial situation and/or without consulting financial professionals.

On-chain Games: A New Frontier

From knucklebones and dice to balls and frisbees, from chess and Go to Minecraft and Fortnite, we humans have always been entertaining ourselves with various forms of games over the past thousands of years. With modern-day inventions such as computers and the Internet, video games have flourished into a multi-billion dollar industry with hundreds of genres and sub-genres. But in this era where blockchain is seeking to shift the paradigm of almost every industry, the land video games seem relatively and unusually quiet. Why bringing games on-chain? In theory, blockchain has the potential to become the ultimate online game platform offering fair gameplay, unrivaled interoperability, and the potential to build a groundbreaking economy. Transparency and fairness As a public, distributed, and immutable ledger, blockchain records every operation and stores them permanently. Cheaters and scammers will have no place to hide. Rules will also be coded into smart contracts and millions of security enthusiasts will have the chance to scrutinize every line of code to improve its security. Cross-game interoperability The battle for one dominant game platform has been on for over a decade. Although Steam is the clear leader on computers for the time being, other giants like Epic Games, Ubisoft, and Rockstar are all trying to take a piece of the pie with their dedicated platforms, while Sony, Microsoft, and Nintendo are dueling it out in the console market. Needless to say, your PlayStation account details and assets can not be seen or interacted with on a Switch. But it doesn’t have to be like this on blockchains. With cross-chain bridges, you can easily migrate your account from one chain to another. And since many Layer-1 and Layer-2 blockchains are all EVM-compatible, games (and other applications, of course) can be easily migrated across different blockchains with minimal changes. Opportunities for blockchain-based economies Even without the help of blockchains, online video games such as Fortnite, Counter-Strike: Global Offensive, and EVE have fostered their own in-game economy featuring items with jaw-dropping price tags. Owner of this knife turned down a US$1.5 million offer and is asking for over US$2 million at the moment Source: https://steamcommunity.com/id/LegendOfBlue/With blockchain - the financial infrastructure with disruptive potentials - in-game economies will continue to flourish into even more complex, organic entities, with tokenized assets and complete financialized ecosystems. Why not moving games on-chain? At the time of writing, almost all the best-selling video games come with at least one of the following elements: ultra-realistic graphics and intense competitive gameplay. Moving graphics processing off-chain can easily solve the former but the latter may be somewhat difficult for on-chain games, given the state of blockchain technology. Online video games like Call of Duty or FIFA often have to host hundreds of thousands - millions at their peak - of players and provide them with millisecond-level delay in their input. Most blockchains we see today are designed for asset transfers and smart contract interactions - none of which require extremely high throughput and low latency. Even the state-of-the-art Sei blockchain, capable of finalizing thousands of transactions in as low as 300ms, falls far behind this threshold. That said, Sei is optimized for trading and order-matching engines and there’s nothing stopping blockchain developers from coming up with a blockchain dedicated for competitive gaming or even video games in general. With enough and capable infrastructures in place, on-chain games will surely thrive into a sizable industry like its Web2 counterpart. The state of on-chain games Like the blockchain industry as a whole, on-chain games are scattered on a spectrum with different levels of blockchain involvement. Over the past few years, many established game developers and publishers have been trying to dip their toes in the NFT or metaverse market by tokenizing in-game items. You don’t need to own a crypto address because, technically, the ownership of these items is established through centralized servers. This is the easiest way to move (at least a part of) your games on-chain but also the least decentralized. Most of these attempts have also proved to be a hot mess - like Ubisoft’s disastrous Quartz platform. On the other end of the spectrum lies dozens of games that are trying to bring the entire experience onto blockchains - Dark Forest, 0xMonaco, and Curio, to name a few. These games often feature simple graphics and turn-based gameplay due to some of the limitations mentioned in the previous section. As blockchain technology continues to grow and evolve, there will surely be infrastructures optimized for video games with fast-pace combat and stunning graphics. At the time of writing, the most prevalent form of on-chain games is those with on-chain identities and assets but off-chain game processing. Popular on-chain games such as Gods Unchained, Axie Infinity, and Illuvium are all built in this fashion. Many of these games also have their own marketplaces for asset trading and even DAOs for governance. These assets are not merely cosmetic add-ons but financialized as assets with market value and yield earning potential. Serving over 20 million users worldwide, Bitget has always been scouting quality assets and providing the best trading experience. Dive into our GameFi zone now, trade hand-picked GameFi tokens, and stay at the forefront of on-chain games!

Bitget Research: BTC Pulls Back Short-Term After Breaking New High, Market Awaits US March CPI Release on April 12

the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight. In Summary: 1.Popular Tokens: SUIBG (Token) — The Sui development team Mysten Labs’ founder Adeniyi Abiodun, replied to a tweet about an alleged SUI airdrop, stating “Stop spreading nonsense. There is NO Sui Airdrop. Not planned or ever will be.” Currently, the only way to obtain early SUI token rights is through BitKeep’s SUIBG token, and users are recommended to participate in relevant BitKeep campaigns to obtain SUIBG and exchange it for $SUI after SUI goes live. X (Token) — X is positioned as an NFT marketplace based on the Ape ecosystem, and each sale will burn APE tokens. About 20 hours ago, Musk tweeted the letter “X,” causing significant fluctuations in the token’s value. The goplus contract analysis shows no issues. It is essential to observe this token. TETRA (Token) — A newly launched token, TETRA has a 24-hour trading volume of US$227,000, with a total liquidity of only US$12,000. The token has dropped by 75% in the past 24 hours. The contract analysis shows no issues despite significant fluctuations. It is essential to observe this token. OIL (Token) — Positioned as a financial product, OIL allows traders to hedge blockchain inherent risks in a trustless and decentralized manner. The project’s Twitter account has not been updated since July 2022, and the token has fallen by 9% in the past 24 hours, essentially experiencing a downward trend with low trading volume. However, there is still a liquidity of $650,000 on the chain, so it is essential to observe this token. RPL (Token) — One of the leading projects in the LSD sector. Blockchain Capital sold approximately 1.53 million LDO and 60,000 RPL tokens, earning US$2.23 million, according to on-chain data. The RPL token has fallen by 12% in the past 24 hours, with a trading volume of US$5.91 million. As the Shanghai Upgrade approaches, the relevant tokens in this sector that were previously hyped have weakened. DXN (Token) — DXN is a community-built cryptocurrency protocol that helps with XEN deflation. Since its launch on March 27, it has seen tremendous growth, with an increase of nearly 100x from its bottom to its peak. The trading volume in the past 24 hours was US$1.11 million, and on-chain liquidity was US$526,000, indicating high popularity. The contract analysis indicates a potential risk of further issuance, but overall, it has a high level of popularity, and is important to keep a close watch on the token. Seg Finance (Token) — No further information was found on Twitter. The token has an on-chain liquidity pool of US$2.75 million, and the trading volume in the past 24 hours was US$587,000. The token was launched on November 22, 2022, and has seen a 14x increase in value at its peak, while the contract appears to be without significant risk. It is important to keep a close watch on this token. HMT (Token) — This is a newly launched token with on-chain liquidity of US$178,000. Currently, there are 717 holders, and the trading volume in the past 24 hours was US$156,000. The token has increased by 120% within the first two days. The contract analysis shows a 6% buy and sell tax and potential risks such as blacklisting. Overall, it is essential to stay updated on this token. FLOKICEO (Token) — This is a memecoin with on-chain liquidity of US$1.11 million, and the trading volume in the past 24 hours was US$1.92 million. The token has seen significant recent growth and impressive performance. Contract analysis shows a 10% buy and sell tax. It is essential to stay updated on this token. ODOGE (Token) — This is a newly launched memecoin with on-chain liquidity of US$96,000. The trading volume in the past 24 hours was US$668,000, indicating a good level of trading activity. Currently, this is all the related information available. It is essential to observe this token. DIMO (Token) — This project is positioned as a drive-to-earn software that allows users to connect DIMO hardware to their cars, monitor their vehicle’s health status, and perform maintenance to receive weekly rewards. The token has on-chain liquidity of US$277,000, and the trading volume in the past 24 hours was US$13,900. The token has seen a 45% increase in value in a single day recently, attracting some user attention. AGI (Token) — Auragi Finance is a one-stop DeFi protocol built on Arbitrum, utilizing a 3, 3+ve mode. The token has on-chain liquidity of US$357,000, and the trading volume in the past 24 hours was US$573,000, indicating good performance. The contract detection shows potential issuance functionality. It is essential to stay updated on this token. VELA (Token) — Today, official reports discovered some vulnerabilities and the test network version has been closed. The official announcement stated that VLP will be refunded to wallets in USDC, and all positions will be liquidated, with the principal refunded within 48 hours. Due to this news, VELA has decreased by 22% in the past 24 hours. Users should be aware of the risks. 2.Popular NFTs: Blocky Doge 3 (NFT) — Blocky Doge 3 is a free mint NFT with a total supply of 10,000. It claims to be created by the creator of Dogecoin and has no roadmap or utility plans. It is currently available on OpenSea with a total trading volume of 671 ETH and 4174 holders, indicating a good level of popularity. https://opensea.io/collection/blockydoge3 Garbage University Student IDs (NFT) — The Garbage Friends soul-binding NFT allows users to access Garbage University, and it is currently listed on Opensea with no trading volume. The number of holders has reached 14,298. https://opensea.io/collection/garbage-university-student-ids Magna (NFT) — Magna is an NFT project launched on April 11 with a total supply of 5000. It was launched on Magic Eden Launchpad and sold out in 1 hour. It currently has a total trading volume of 56 ETH on OpenSea and 2573 holders, indicating moderate popularity. https://opensea.io/collection/magna-1 Mythical Animals (NFT) — Mythical Animals is an NFT project minted in April, with a current decent minting activity. However, there is not much information available. There are only 21 holders of this NFT, and the total supply is 8257. It is currently available on OpenSea with no trading volume. It is essential to stay updated on this NFT. https://opensea.io/collection/mythical-animals-4 HOVR (NFT): HOVR is a game on the Realm game creation platform, and HOVR hoverboarding is its freemint NFT. It sold out within 30 seconds after being opened for free mint. It currently has 624 holders and a floor price of 2.45 MATIC. 3.Popular DApps: zkSync (DApp) — Recently, zkSync’s interaction activity has consistently been at the top on Ethereum in terms of new users. According to the latest data from Dune, the independent wallet addresses on the zkSync Era mainnet have reached 378,000, with 115,000 ETH cross-chained to zkSync and a total of 456,000 transfers, indicating continuous growth in user activity. Blur (DApp) — On April 11, the Blur platform traded 13,700 ETH, while OpenSea traded 3825 ETH and OpenSea Pro 1187 ETH. NFT market trading volume has continued to remain low lately. BLUR has recently performed poorly compared to BTC, with a current price of 0.56 USDT. The short-term price trend of BLUR is volatile and trending downward. On March 29, Blur announced that it would extend the Season 2 bidding pool and double points for listing until May 1, causing dissatisfaction within the community. The release of new products, originally scheduled for April 1, will also be delayed. The future trend of BLUR depends largely on product innovation and community confidence. It is essential to stay updated on the development of its products. TinyTap Game (DApp) — A decentralized education platform supported by Animoca Brands. The platform currently has over 200,000 educational mini-games centered around early childhood learning and development. It allows teachers to earn income through blockchain technology. Link3 (DApp) — A Web3 social task network incubated by CyberConnect, where users can establish their own decentralized social network by completing their on-chain and off-chain information. Sunflowerland (DApp) — Sunflowerland is a pixel-style casual farming game, a blockchain version of QQ Farm, with a focus on gold farming. NFT land trading is not very active. The project has 40,000 followers on Twitter, with 65+ KOLs following. SimilarWeb shows a monthly visit of 1.9 million, with the main traffic coming from Brazil, Russia, and Turkey. The project is of good quality. WOOFi (DApp) — WOOFi is a DEX supported by WOO and has been integrated with Stargate, enabling WOOFi to become a cross-chain DEX. A limited edition NFT minting activity was held on the Web3 task platform Layer3 yesterday. Users who completed exchange tasks were eligible to mint the NFT. Currently, there are 3890 addresses participating in the activity. Solana (DApp): Solana Mobile officially announced that it will hold an official Saga release event on April 13, triggering an increase in the core assets of the Solana system. 4.Twitter Hot Topics: OPUL (Token) — Opulous has announced that it will launch its next groundbreaking product on April 29. The official tweet posted an intriguing picture saying “7PM UTC” with the caption “It’s about to get interesting”. SILO (Token) — Silo Finance is a non-custodial lending protocol that allows users to create a permissionless and risk-isolated market. SILO liquidity and incentives are now available on Camelot, with SILO/ETH LP having an APR of 500%. 5.Regional Trending Searches: SOL (Token) — SOL, SRM, RAY, and FTT from the Solana ecosystem experienced significant price increases. Solana Labs’ subsidiary, Solana Mobile, announced the launch of the Saga smartphone, which supports Web3 functionality, on April 13th. CFX (Token), Conflux — CFX’s PPI and GOL tokens experienced a surge in price. PPI is a DEX, and GOL is a lending platform. Binance announced support for direct withdrawal to the CFX mainnet, and Uniswap will be introduced to the CFX ecosystem. Main Body Written by: Bitget Research Data collection time: April 12, 10:30 Data sources: Dune, DApps, Twitter, Google Note: 1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain. 2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours. 3) DApp daily activity (UAW: unique active wallets) 4) TGE (Token Generation Event) 1.Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 470,996 New active users of ETH: 83,655, with a daily increase of 10.61% Existing active users of ETH: 387,341, with a daily increase of 4.94% 1.1.2 New User Profile Core data: There were a total of 83,655 new active users on ETH yesterday, with a daily increase of 10.61% Popular Sectors Popular Projects Key Projects: zkSync (DApp) — Recently, zkSync’s interaction activity has consistently been at the top on Ethereum in terms of new users. According to the latest data from Dune, the independent wallet addresses on the zkSync Era mainnet have reached 378,000, with 115,000 ETH cross-chained to zkSync and a total of 456,000 transfers, indicating continuous growth in user activity. Blocky Doge 3 (NFT) — Blocky Doge 3 is a free mint NFT with a total supply of 10,000. It claims to be created by the creator of Dogecoin and has no roadmap or utility plans. It is currently available on OpenSea with a total trading volume of 671 ETH and 4174 holders, indicating a good level of popularity. https://opensea.io/collection/blockydoge3 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 387,341, with a daily increase of 4.94% Popular Sectors Popular Projects Key Projects: Garbage University Student IDs (NFT) — The Garbage Friends soul-binding NFT allows users to access Garbage University, and it is currently listed on Opensea with no trading volume. The number of holders has reached 14,298. https://opensea.io/collection/garbage-university-student-ids Magna (NFT) — Magna is an NFT project launched on April 11 with a total supply of 5000. It was launched on Magic Eden Launchpad and sold out in 1 hour. It currently has a total trading volume of 56 ETH on OpenSea and 2573 holders, indicating moderate popularity. https://opensea.io/collection/magna-1 Blur (DApp) — On April 11, the Blur platform traded 13,700 ETH, while OpenSea traded 3825 ETH and OpenSea Pro 1187 ETH. NFT market trading volume has continued to remain low lately. BLUR has recently performed poorly compared to BTC, with a current price of 0.56 USDT. The short-term price trend of BLUR is volatile and trending downward. On March 29, Blur announced that it would extend the Season 2 bidding pool and double points for listing until May 1, causing dissatisfaction within the community. The release of new products, originally scheduled for April 1, will also be delayed. The future trend of BLUR depends largely on product innovation and community confidence. It is essential to stay updated on the development of its products. 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 X (Token) — X is positioned as an NFT marketplace based on the Ape ecosystem, and each sale will burn APE tokens. About 20 hours ago, Musk tweeted the letter “X,” causing significant fluctuations in the token’s value. The goplus contract analysis shows no issues. It is essential to observe this token. https://www.dextools.io/app/en/ether/pair-explorer/0xc2ce29af8930fc32ca24ccb76c2866fb2bf692fe TETRA (Token) — A newly launched token, TETRA has a 24-hour trading volume of US$227,000, with a total liquidity of only US$12,000. The token has dropped by 75% in the past 24 hours. The contract analysis shows no issues despite significant fluctuations. It is essential to observe this token. https://www.dextools.io/app/en/ether/pair-explorer/0x55579d35b1df847d52189d089aef666756904152 OIL (Token) — Positioned as a financial product, OIL allows traders to hedge blockchain inherent risks in a trustless and decentralized manner. The project’s Twitter account has not been updated since July 2022, and the token has fallen by 9% in the past 24 hours, essentially experiencing a downward trend with low trading volume. However, there is still a liquidity of $650,000 on the chain, so it is essential to observe this token. https://www.dextools.io/app/en/ether/pair-explorer/0x0e9c8107682ab88604b4fbf847eeeceacf38e9e6 1.2.2 Uniswap V3 RPL (Token) — One of the leading projects in the LSD sector. Blockchain Capital sold approximately 1.53 million LDO and 60,000 RPL tokens, earning US$2.23 million, according to on-chain data. The RPL token has fallen by 12% in the past 24 hours, with a trading volume of US$5.91 million. As the Shanghai Upgrade approaches, the relevant tokens in this sector that were previously hyped have weakened. https://www.dextools.io/app/en/ether/pair-explorer/0xe42318ea3b998e8355a3da364eb9d48ec725eb45 DXN (Token) — DXN is a community-built cryptocurrency protocol that helps with XEN deflation. Since its launch on March 27, it has seen tremendous growth, with an increase of nearly 100x from its bottom to its peak. The trading volume in the past 24 hours was US$1.11 million, and on-chain liquidity was US$526,000, indicating high popularity. The contract analysis indicates a potential risk of further issuance, but overall, it has a high level of popularity, and is important to keep a close watch on the token. https://www.dextools.io/app/en/ether/pair-explorer/0x7f808fd904ffa3eb6a6f259e6965fb1466a05372 2.Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 1,376,087 New active users on BSC: 169,869, with a daily increase of 18.83% Existing active users on BSC: 1,206,218, with a daily increase of 5.90% 2.1.2 New User Profile Core data: There were a total of 169,869 new active users on BSC yesterday, with a daily increase of 18.83% Popular Sectors Popular Projects Key Projects: TinyTap Game (DApp) — A decentralized education platform supported by Animoca Brands. The platform currently has over 200,000 educational mini-games centered around early childhood learning and development. It allows teachers to earn income through blockchain technology. Link3 (DApp) — A Web3 social task network incubated by CyberConnect, where users can establish their own decentralized social network by completing their on-chain and off-chain information. 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 1,206,218, with a daily increase of 5.90% Popular Sectors Popular Projects Business Opportunity Secondlive (DApp) — SecondLive is a Web3 Metaverse project based on the BSC that focuses on building a virtual social network and supporting creator economy activities. It is expected to have an airdrop in the future, making it an essential project to engage with. Seg Finance (Token) — No further information was found on Twitter. The token has an on-chain liquidity pool of US$2.75 million, and the trading volume in the past 24 hours was US$587,000. The token was launched on November 22, 2022, and has seen a 14x increase in value at its peak, while the contract appears to be without significant risk. It is important to keep a close watch on this token. https://www.dextools.io/app/en/bnb/pair-explorer/0x37658fb2bf07d8f9ee4a5ad04f65e9b50ff52750 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 HMT (Token) — This is a newly launched token with on-chain liquidity of US$178,000. Currently, there are 717 holders, and the trading volume in the past 24 hours was US$156,000. The token has increased by 120% within the first two days. The contract analysis shows a 6% buy and sell tax and potential risks such as blacklisting. Overall, it is essential to stay updated on this token. https://www.dextools.io/app/en/bnb/pair-explorer/0xd61659c493712f0b308b8d208c134a5586788a80 FLOKICEO (Token) — This is a memecoin with on-chain liquidity of US$1.11 million, and the trading volume in the past 24 hours was US$1.92 million. The token has seen significant recent growth and impressive performance. Contract analysis shows a 10% buy and sell tax. It is essential to stay updated on this token. https://www.dextools.io/app/en/bnb/pair-explorer/0x7c03a98ffbe219dd4113a47a47601a0c26aebad3 ODOGE (Token) — This is a newly launched memecoin with on-chain liquidity of US$96,000. The trading volume in the past 24 hours was US$668,000, indicating a good level of trading activity. Currently, this is all the related information available. It is essential to observe this token. https://www.dextools.io/app/en/bnb/pair-explorer/0x1a77efda00c92122696c304ec111e8ec0ea8ebe2 3.Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 425,668 New active users on Polygon: 81,636, with a daily increase of 0.52% Existing active users on Polygon: 344,032, with a daily increase of 3.90% 3.1.2 New User Profile Core data: There were a total of 81,636 new active users on Polygon yesterday, with a daily increase of 0.52% Popular Sectors Popular Projects Key Projects: Meta Force (DApp) — The project is suspected to be a Ponzi financial game similar to Forsage 2.0. According to data from SimilarWeb, the traffic has been increasing rapidly recently, with 31,600 visits in March. The main visiting countries are Pakistan (52.96%) and the United States (18.64%). Benji Bananas (DApp) — This is a free-to-play mobile blockchain game that was invested in by Animoca Brands. The project has frequent promotions, with 1–3 tweets daily on their official Twitter account to update on project progress. Recently, they launched the fourth Jungle Party adventure event, which has gained some popularity. It is essential to stay updated on this project. 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 344,032, with a daily increase of 3.90% Popular Sectors Popular Projects Key Projects: Project Galaxy (DApp) — On-chain task platform, a top-tier application of the DID, has recently launched a new identity verification method that allows users to log in with their Ethereum address with just one click. On April 5th, the platform announced the launch of a new feature called Galxe Mintlist, which can achieve the following: 1. Build brand awareness when the product is released; 2. Increase social followers and early supporters on Twitter, Discord, and Telegram; 3. Distribute whitelists based on participation; 4. Gamify the pre and post-minting experience. The launch of the new feature further optimizes the project’s experience on Galxe. Sunflowerland (DApp) — Sunflowerland is a pixel-style casual farming game, a blockchain version of QQ Farm, with a focus on gold farming. NFT land trading is not very active. The project has 40,000 followers on Twitter, with 65+ KOLs following. SimilarWeb shows a monthly visit of 1.9 million, with the main traffic coming from Brazil, Russia, and Turkey. The project is of good quality. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 DIMO (Token) — This project is positioned as a drive-to-earn software that allows users to connect DIMO hardware to their cars, monitor their vehicle’s health status, and perform maintenance to receive weekly rewards. The token has on-chain liquidity of US$277,000, and the trading volume in the past 24 hours was US$13,900. The token has seen a 45% increase in value in a single day recently, attracting some user attention. https://www.dextools.io/app/en/polygon/pair-explorer/0x17615b3f69134d549d750320112dd5265bcb81b0 SUIBG (Token) — The Sui development team Mysten Labs’ founder Adeniyi Abiodun, replied to a tweet about an alleged SUI airdrop, stating “Stop spreading nonsense. There is NO Sui Airdrop. Not planned or ever will be.” Currently, the only way to obtain early SUI token rights is through BitKeep’s SUIBG token, and users are recommended to participate in relevant BitKeep campaigns to obtain SUIBG and exchange it for $SUI after SUI goes live. 4.Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 198,931 Arbitrum New Active Users: 43,840, with a daily increase of 3.30% Arbitrum Existing Active Users: 155,091, with a daily increase of 3.14% 4.1.2 New User Profile Core data: There were a total of 43,840 new active users on Arbitrum yesterday, with a daily increase of 3.30% Popular Sectors Popular Projects Key Projects: Stargate (DApp) — Stargate, a cross-chain bridge built on LayerZero, has benefited from the financing boost and rising data of LayerZero. With high enthusiasm for airdrop, its popularity has significantly increased and maintained a high level of interaction Mythical Animals (NFT) — Mythical Animals is an NFT project minted in April, with a current decent minting activity. However, there is not much information available. There are only 21 holders of this NFT, and the total supply is 8257. It is currently available on OpenSea with no trading volume. It is essential to stay updated on this NFT. https://opensea.io/collection/mythical-animals-4 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 155,091, with a daily increase of 3.14% Popular Sectors Popular Projects Key Projects: Maker Order Manager, (Gridex) (DApp) — Since Gridex changed the mining rules, it has limited the lowest-risk acquisition plan. Maker buy is sold immediately after the transaction is completed. If a swap sell action is made, the entire X score will become zero. The rule change has caused some users to withdraw their orders, leading to a decrease in trading volume. 4.2 Popular Trading Pairs 4.2.1 Uniswap V3 AGI (Token) — Auragi Finance is a one-stop DeFi protocol built on Arbitrum, utilizing a 3, 3+ve mode. The token has on-chain liquidity of US$357,000, and the trading volume in the past 24 hours was US$573,000, indicating good performance. The contract detection shows potential issuance functionality. It is essential to stay updated on this token. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x730f057f76ec04426a816015c2e1960230f2fc48 VELA (Token) — Today, official reports discovered some vulnerabilities and the test network version has been closed. The official announcement stated that VLP will be refunded to wallets in USDC, and all positions will be liquidated, with the principal refunded within 48 hours. Due to this news, VELA has decreased by 22% in the past 24 hours. Users should be aware of the risks. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x4c0a68dd92449fc06c1a651e9eb1dffb61d64e18 5.DApp Ecosystem — All Chains Iskra (DApp) — Iskra is a blockchain gaming platform primarily built on Klaytn, bringing together gamers and game studios. The platform allows gamers to explore and enjoy high-quality blockchain games and create their own communities. Users can access new game projects through the Launchpad on the platform. Currently, there are activities for Web3 Cooking Games and 3KM Multiverse on Twitter, and a task activity for 5000USDT+5500ISK is being conducted on zealy_io. The project frequently organizes activities. WOOFi (DApp) — WOOFi is a DEX supported by WOO and has been integrated with Stargate, enabling WOOFi to become a cross-chain DEX. A limited edition NFT minting activity was held on the Web3 task platform Layer3 yesterday. Users who completed exchange tasks were eligible to mint the NFT. Currently, there are 3890 addresses participating in the activity. 6.DApp Ecosystem — ETH Chain Uniswap (DApp) — Multiple trading contracts of Uniswap’s UAW have seen a 15% or more increase, and its trading volume has surpassed Coinbase for the second consecutive month, reaching US$71.6 billion in March, 45% higher than Coinbase’s trading volume. Recently, it has integrated with Moonpay to support fiat currency trading, solidifying its leading position. DEX (DApp) — In addition to Uniswap, the UAW of DEX projects such as Metamask Swap, 1inch, and 0x have also seen significant increases, mainly benefiting from the upward trend led by BTC. After BTC broke through $30,000, cryptocurrencies in the market followed with a general increase, but most altcoins gave back their gains today, resulting in active trading sentiment. 7.DApp Ecosystem — BSC Chain Tap Fantasy (DApp) — Tap Fantasy is an MMORPG game with female cartoon characters as the main theme. The final week of the Tap Fantasy S4 season is set to begin on April 17th, and there is still a chance to win weekly rewards. The rankings for S4 clubs, individual players, and multi-player boss battles will be based on the rankings as of April 19th 00:00 UTC time. Playbux (DApp) — Playbux is a metaverse project on the Binance Smart Chain that integrates real-world shops (shop-to-earn), DeFi, NFT, and virtual community activities. Users can explore the blockchain world (such as PancakeSwap, 1inch, NFT marketplace, mini-games, etc.) within Playbux’s metaverse while also experiencing real-world shopping and getting cashback on the platform. The project is incubated and invested in by Binance Labs and is currently conducting airdrop activities. Participants have the opportunity to receive PBUX tokens by completing simple tasks and holding Playbux NFTs distributed during previous events and the current pre-alpha period. 8.DApp Ecosystem — Polygon Chain Benji Bananas (DApp) — Benji Bananas is a Web2 game owned by Animoca that rewards players with Apecoin and the game token, Primate. The latest Easter surprise event ended today, and the project team announced the winning users. The project recently launched the fourth Jungle Party adventure event, and UAW has increased significantly. Hunters On-Chain by BoomLand (DApp) — This is a free, action role-playing game developed by Boomland, a seasoned game developer that has released over 200 games with over 1.5 billion downloads. Hunters On-Chain is the Web3 version of the mobile game Hunt Royale, which has already been downloaded over 7 million times. The game is currently in its Testnet phase and players who open the in-game store before April 13th have a chance to win 1,000,000 BGEM tokens and Genesis boxes. 9.DApp Ecosystem — WAX Chain AtomicAssets (DApp): It is an NFT asset standard built on WAX\EOS, and AtomicHub is the NFT marketplace in the ecosystem. The project team is currently exhibiting at NFTNYC2023, but there are no special activities at this time. 10.DApp Ecosystem — Solana Chain Solana Mobile officially announced that it will hold an official Saga release event on April 13, which caused an increase in the core assets of the Solana system. GameTrade Market (DApp) — This project is a multi-chain NFT marketplace that focuses on trading in-game assets. It offers a full range of game categories and game asset trading functions. Yesterday, Citizen Conflict, Forest Knight, and Worldwide updated their NFT asset trading. 11.DApp Ecosystem — Arbitrum Chain Radiant (DApp) — The cross-chain lending platform supported by Layerzero has a total TVL of US$200 million and has been maintaining an upward trend since its token was listed on Binance. The 7-day active users on Arbitrum have reached 115,000, second only to Stargate among Arbitrum Dapps. WOOFi (DApp) — As mentioned previously in the report, a limited edition NFT minting activity was held on the Web3 task platform Layer3 yesterday. Users who completed exchange tasks were eligible to mint the NFT. Currently, there are 3890 addresses participating in the activity. 12.DApp Ecosystem — GameFi Sector Across All Chains Benji Bananas (DApp) — Benji Bananas is a Web2 game owned by Animoca that rewards players with Apecoin and the game token, Primate. The latest Easter surprise event ended today, and the project team announced the winning users. The project recently launched the fourth Jungle Party adventure event, and UAW has increased significantly. Tap Fantasy (DApp) — Tap Fantasy is an MMORPG game with female cartoon characters as the main theme. The final week of the Tap Fantasy S4 season is set to begin on April 17th, and there is still a chance to win weekly rewards. The rankings for S4 clubs, individual players, and multi-player boss battles will be based on the rankings as of April 19th 00:00 UTC time. There is no significant change in the overall gamefi sector, and the activity level is fluctuating within the normal range. There are no new games introduced. 13.Gas Fee Consumption — ETH Chain Blocky Doge 3 (NFT) — Blocky Doge 3 is a free mint NFT with a total supply of 10,000. It claims to be created by the creator of Dogecoin and has no roadmap or utility plans. It is currently available on OpenSea with a total trading volume of 671 ETH and 4174 holders, indicating a good level of popularity. https://opensea.io/collection/blockydoge3 Magna (NFT) — Magna is a community-driven NFT project that recently completed a free mint event. It has 2558 holders, with active trading. It also has 44,000 followers on Twitter and high engagement on social media. https://opensea.io/collection/magna-1 14.Gas Fee Consumption — BSC Chain Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, they have been involved in joint promotional activities with Zetachain, Xterio, and DODO, which have generated a lot of community engagement. It is essential to stay updated on this project. 15.Gas Fee Consumption — Polygon Chain HOVR (NFT): HOVR is a game on the Realm game creation platform, and HOVR hoverboarding is its freemint NFT. It sold out within 30 seconds after being opened for free mint. It currently has 624 holders and a floor price of 2.45 MATIC. 16.Gas Fee Consumption — Arbitrum Chain Stargate (DApp) — Stargate, a cross-chain bridge built on LayerZero, has benefited from the financing boost and rising data of LayerZero. With high enthusiasm for airdrop, its popularity has significantly increased and maintained a high level of interaction Woo Cross Chain Router (DApp) — WooFi has been explained previously in the report. 17.Twitter Trends Token Top 20 From the perspective of token popularity on Twitter trends: Tokens with significant increases in popularity: None Newly listed tokens: OPUL, SILO, SURE, ZZ, WIT, CSIX OPUL (Token) — Opulous has announced that it will launch its next groundbreaking product on April 29. The official tweet posted an intriguing picture saying “7PM UTC” with the caption “It’s about to get interesting”. SILO (Token) — Silo Finance is a non-custodial lending protocol that allows users to create a permissionless and risk-isolated market. SILO liquidity and incentives are now available on Camelot, with SILO/ETH LP having an APR of 500%. 18.Token Mentioned Frequency by KOLs on Twitter The top 5 tokens mentioned by Twitter Super KOLs in terms of frequency: BTC, ETH, ARB, DOGE, XRP 19.Token Mentioned Frequency by VCs on Twitter Based on the frequency of mentions by VC firms on Twitter: USDC, BNB, SIDUS, NOM, THOR，No significant changes 20.Google Trends — Global SOL (Token) — SOL, SRM, RAY, and FTT from the Solana ecosystem experienced significant price increases. Solana Labs’ subsidiary, Solana Mobile, announced the launch of the Saga smartphone, which supports Web3 functionality, on April 13th. CFX (Token), Conflux — CFX’s PPI and GOL tokens experienced a surge in price. PPI is a DEX, and GOL is a lending platform. Binance announced support for direct withdrawal to the CFX mainnet, and Uniswap will be introduced to the CFX ecosystem. 21.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: DOGE, BTC; Trending Keywords: what is staking in crypto Pakistan Trending Tokens: SOL, DOGE, BTC; Trending Keywords: crypto temp number, crypto profit calculator b) Southeast Asia Region Philippines Trending Tokens: BTC, GALA, CFX, XRP, SOL Indonesia Trending Keywords: Crypto trading laws in Islam, halal or haram crypto Malaysia Trending Tokens: BTC, LUNA, SOL; Trending Keywords: gigamax (Artificial intelligence robot for cryptocurrency arbitrage on exchanges such as Kucoin, Huobi, Binance, and Gate.io.) Singapore Trending Tokens: BTC, CEL; Trending Keywords: coinhako, crypto expo asia c) East Asia and Hong Kong, Macau, and Taiwan Japan Trending Tokens: QNT, WTK 22.Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region No remarkable trending keywords. b) English-speaking Countries USA Trending Tokens: SOL, XRP, ETC Canada Trending Keywords: airdrop crypto Australia Trending Tokens: BTC, XRP, CFX, VRA UK Trending Tokens: VEX, AGI, KSM, SAITAMA c) Europe Poland Trending Tokens: GPT, XRP; Italy Trending Tokens: XRP, ICP, LUNA, MANA Spain Trending Tokens: GALA, AGIX, JOE, HNT, REN; France Trending Tokens: WING, QLC, WLKN, FTM, ALPINE; Germany Trending Tokens: EOS, BTC 23.Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Keywords: altcointrader, dca, fear and greed index b) Middle East Trending Tokens: BTC, GPT c) Latin America Brazil Trending Tokens: XLM, MATIC, AAVE, CEL, LUNA, SOL

Why This Crypto Bear Market is Different

The 2022 bear market has been exceptionally challenging for digital asset investors, with Bitcoin and Ethereum down 75% to 85% from the ATHs, as this article from Glassnode explains very well. The excellent Benjamin Cowen had fun comparing the different Bear Markets. Today we are going to compare the different Bear Markets cryptos and talk mostly about Bitcoin. Let's get started! Introduction Before speaking about where we theoretically are in this bear market compared to the bear markets before this one. We will try to have some kind of perspective on the whole situation and not miss the forest for the threes. On one hand, history does not have to repeat itself. For instance, if you would use the first bear market to say that it is how the second has to go, clearly that would not have been a great strategy. However, we want to give an overview for people who would have liked to know what the crypto market looked like in 2018 and the following months during a bear market. On the other hand, it is important to understand what a bear market would have been like because at the same time after the peak in the previous bear market we were about down by the same percentage. Now, a big difference between the bear market we are experiencing right now and the one before is that we had another leg down. If you measure it from April, you can consider that this bear market has been longer than the previous ones. But we prefer to have a conservative approach and take the data from the actual peak in November. 6 indicators to help you compare bear markets 1 - BTC ATH Drawdown Below, you are looking at the drawdown, which is a graphical representation of the percentage drop of Bitcoin from its historical high. Thus, on the y-axis it is a percentage figure: Source: TradingView In 2011, the market bottomed out after losing 93 percent of its all-time high price. In 2011, the market bottomed out after losing 93 percent of its all-time high price. In 2015, -82 percent so the market made its low point. We are currently down in this bear market to -73%. The wick that the market made on $17,800 is actually -75% but it was not a closing candle. So the question is whether or not that is enough. The first thing you may notice is that after the same amount of time from the cycle peak for Bitcoin during those bear markets, we were also around the same ROI. A lot of people say: this time is very different, the macro is bad and of course it is. The macro is worse than it has been during the previous bear markets mainly because inflation is so high. But the thing is that, at the end of the day, if you just look at the ROI as measured from the peak as a function of time, we are always where we always have been during these bear market phases. 2 - The ratio between gold and BTC Here is a chart that represents a fraction composed in the numerator of gold (XAUUSD) and in the denominator the Bitcoin (BTCUSD), the all-time history index. For the past 10 years, in weekly, the W for weekly, well, the market has joined a superb chartist resistance: Source: TradingView So that means that the ratio has a good probability of pulling back. If the ratio pulls back that means that the numerator is underperforming and the denominator (in this case Bitcoin) is outperforming. All the declines in the XAUUSD/BTCUSD ratio corresponded to a long-term low point in Bitcoin. In 2015, on a logarithmic basis, we see that the ratio was much higher. However, in 2018, the ratio is about the same level as today. Will this time be an exception? 3 - BTC Dominance Bitcoin has outperformed altcoins since the beginning of the year. Its dominance, i.e. its weight in the total capitalization has increased from 39% to 49% which is normal because in a bear market BTC has this defensive characteristic within the crypto market: Source: TradingView We notice that in 2018 the Dominance of BTC has fallen more than it has so far in this bear market. 4 - Crypto Total Market Capitalization The ATH of 2018 is here (black line). Source: TradingView We can see that the amounts are not quite the same. This makes sense and is due to the presence of many more institutional players in the crypto market now. 5 - Crypto Fear Greed Index The contrarian analysis of the financial markets is based on the sentiment of individuals: Source: coinglass.com History has shown us that in order to find a major low point, this indicator must be on an extreme. 6 - BTC Futures Open Interest Here is the positioning of institutional investors on futures contracts and in particular on the Chicago Stock Exchange, the CME: We note that the long-term supports are to be watched (13,000-14,000$). Conclusion The main point we want to emphasize is that a lot of the gains people have made during 2020 and 2021 came from stacking in 2018 and 2019. The prior bear markets and accumulation phases show that we should theoretically have plenty of time. We know that the next halving is in 2024, which is usually a popular narrative for the Bitcoin bull market but also we need access to cheap liquidity and we are not simply to get that when the FED is raising interest rates and we are going into a period of quantitative tightening rather than quantitative easing. Make no mistake about that, the FED will pivot one day but we do not think they are going to start cutting rates this year. As usual, this article is just a thought process and it is up to you to make your own opinion. Disclaimer: This article is for educational purposes only and is not intended as investment advice. Qualified professionals should be consulted prior to making financial decisions. Follow Bitget Academy for more insights: Twitter | Telegram | LinkedIn | Facebook | Instagram