On January 4th, SuperVerse (SUPER) made its debut on HotsCoin, aiming to establish an open NFT marketplace for creators, collectors, and traders in the NFT space. The project provides a variety of tools, including NFT Launchpad, NFT Farming, NFT Generation, NFT Marketplace, and NFT Trading, with the goal of fostering broader participation in the NFT ecosystem. Currently, SUPER is actively trading on HotsCoin.

**I. Token Information:**
   Circulating Supply: 487,776,093.417 SUPER
   Total Supply: 999,998,077.417 SUPER
   Circulating Market Cap: $304,931,860.587
   Fully Diluted Market Cap: $625,147,203.2

**II. Overview of the SuperFarm Platform:**
SuperFarm is a next-generation decentralized finance (DeFi) platform, providing developers and enterprises with the capability to create and launch NFTs on multiple blockchains. The platform encompasses rich tools and features such as NFT Launchpad, NFT Farming, NFT Generation, with cross-chain compatibility.

**III. Features of SuperFarm:**
1. **Cross-Chain Compatibility:**
   SuperFarm introduces cross-chain compatibility, enabling users to create and trade NFTs across multiple blockchains. This feature provides users with the opportunity to reach a wider audience and access new markets on different blockchains. Additionally, cross-chain compatibility allows users to benefit from unique advantages of each blockchain, such as low transaction fees and fast transaction times.

2. **NFT Launchpad:**
   SuperFarm's NFT Launchpad offers an integrated solution for developers and enterprises to create and launch their NFT projects. The Launchpad provides design templates, tools, and marketing support, streamlining the process of creating and promoting NFT projects, offering users broader exposure and opportunities.

3. **Gamification:**
   SuperFarm emphasizes gamification, making NFTs more attractive to users by introducing features like tasks, achievements, and reward systems. This gamified approach changes the way users interact with NFTs, providing a more engaging and interactive experience for NFT projects.

4. **Monetization Options:**
   SuperFarm provides innovative monetization options, including liquidity mining, staking, and liquidity pools, allowing users to earn passive income from their held NFTs. Moreover, the platform supports creators in easily monetizing their NFT projects through auctions, sales, and royalties.

**IV. Advantages of Cross-Chain Compatibility:**
SuperFarm's cross-chain compatibility offers users the opportunity to participate in the NFT market across multiple blockchains. This not only expands the user's operational scope but also enables users to take full advantage of the unique features of each blockchain. For example, low transaction fees and fast transaction times provide users with a more efficient NFT trading experience.




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**V. Innovation of NFT Launchpad:**
NFT Launchpad is one of the innovations of the SuperFarm platform, offering creators an all-in-one service that simplifies the creation and promotion of NFT projects. This helps drive more creators into the NFT space, bringing diversity and innovation to the entire ecosystem.

**VI. Appeal of Gamification:**
SuperFarm's gamification features add fun and attractiveness to NFTs. Through tasks, achievements, and reward systems, users are incentivized to engage with NFTs in a more interesting way, providing more exposure and user interaction for NFT projects.

**VII. Monetization Avenues for Creators:**
SuperFarm offers various innovative monetization avenues, from liquidity mining to auction sales, providing flexible choices for creators and collectors. This diversity of monetization methods helps creators better realize the economic potential of NFT projects.

**VIII. Risk Factors:**
   - **Market Competition:** The NFT market is highly competitive, and SuperFarm needs continuous innovation to stay competitive.
   - **Technical Risks:** As a blockchain-based platform, SuperFarm needs to address potential technical challenges and security threats.

**IX. Conclusion:**
In conclusion, SuperFarm, as a powerful and versatile NFT platform, is transforming the NFT space through its cross-chain compatibility, NFT Launchpad, gamification features, and innovative monetization options. This makes it an ideal choice for creators and businesses looking to participate in the NFT market. The continuous innovation and diverse features of SuperFarm inject new vitality into the NFT space, providing users with broader opportunities and richer experiences. If you are interested in more information about SuperFarm, it is recommended to visit their official website for detailed information.

Title: PENDLE Research Report: Pioneering a New Era of Fixed Income, Listed on HotsCoin, an Innovative Force in the DeFi Space Not to be Overlooked!

On January 3rd, PENDLE was listed on HotsCoin. Pendle Finance, a yield trading protocol, tokenizes and trades future yields by integrating top yield-generating protocols such as Aave, Compound, and Wonderland. Similar to traditional finance's bond securitization, Pendle divides income assets into tokenized ownership (zero-coupon bonds) and income components (interest tickets), providing users with innovative income trading opportunities. Currently, PENDLE is actively traded on HotsCoin.

I. Basic Information

Token Information:
- Circulating Supply: 235,885,588.245 PENDLE
- Total Supply: 258,446,028.245 PENDLE
- Circulating Market Cap: $301,167,448.352
- Fully Diluted Market Cap: $329,971,541.16

II. Key Events
- June 17, 2021: Pendle mainnet launch.
- April 16, 2021: Pendle completes a $3.7 million private funding round.

III. Product Highlights
Pendle offers various tools, including discounted asset purchases, yield speculation using YT, and participation in liquidity pools for additional earnings. It simplifies the user interface, optimizes the user experience, and facilitates user engagement in various yield strategies. The project has gained support from several prominent projects such as Lido, Frax, and Rocketpool.

IV. SY, PT, and YT
Pendle separates and tokenizes yields by marking them as YT and PT, representing income and principal, respectively, for interest-bearing assets (e.g., GLP, stETH, aUSDC). YT holders earn income, while users can buy PT at a discounted price based on market demand. SY serves as a token standard, providing a standardized API to package interest-bearing assets in smart contracts.

V. Unique AMM Design
A key innovation in Pendle v2 is the AMM trading platform designed for yield trading. Highly correlated assets reduce impermanent loss, and there is zero impermanent loss at maturity. The introduction of flash swaps enhances capital efficiency, enabling users to easily purchase YT and reduce slippage. vePENDLE allows token holders to stake $Pendle and receive a portion of protocol revenue.

VI. Recent Growth Drivers
With the Shapella upgrade, users will be able to extract Ethereum, raising the anchor price of liquidity collateral derivatives and increasing the utilization of DeFi protocols. Pendle has attracted support from well-known projects such as Lido, Frax, and Rocketpool.

VII. Gap in Fixed Income Products in the Market
Fixed income products are relatively scarce in the cryptocurrency field. Pendle fills this gap, providing investors with more effective and worry-free fixed income strategies.

VIII. Conclusion
Pendle offers users various tools to manage different yield strategies. Its standardized form makes it easier to integrate other interest-bearing assets, enhancing composability. Over time, Pendle is expected to attract more institutional capital, becoming a leader in fixed income products in the DeFi space.

HotsCoin will continue to monitor the project's ecosystem. Please note: Investment involves risks; the above report is for reference only and does not constitute investment advice. (Report Date: January 2024)

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On January 3rd, BRC App (BRCT) made its debut on HotsCoin, serving as the mobile gateway for the BRC-20 ecosystem, committed to providing users with a seamless cryptocurrency experience. Currently, BRCT is available for trading on HotsCoin.

I. Introduction
BRC App (BRCT), functioning as the mobile gateway for the BRC-20 ecosystem, is dedicated to offering users a straightforward cryptocurrency experience. This report delves into the features, token economics, technical architecture, and token circulation of BRC App, aiming to provide investors with a comprehensive understanding and analysis.

II. Project Features
Comprehensive Ecosystem Coverage: BRC App enables retail users to easily participate in key areas of BRC-20, including Web3, gaming, trading, and business, through a simple application.

One-Stop Service: Users can effortlessly access tokens and products on the App Store and Play Store, obtaining information on all BRC tokens, market data, and token issuance.

Multi-Functional Support: BRC App not only supports the trading of BRC-20 tokens but also provides features such as identity infrastructure, a creative publishing platform, gaming, SocialFi, and NFTs.

Market Intelligence Tools: Users can utilize BRC App to track and understand market intelligence within the BTC ecosystem, enabling comprehensive digital asset management.

III. Token Economics
$BRCT Token: $BRCT serves as the native utility and governance token within the BRC App ecosystem.

Functions: The primary functions of $BRCT include treasury, governance, and loyalty.

Treasury: $BRCT holders control the ecosystem's treasury, collecting fees from various value propositions of the BRC App, including BTC obtained from application fees.

Governance: $BRCT holders can vote to decide whether to use the treasury for repurchasing and burning the native $BRCT tokens.

Loyalty: $BRCT token holders can receive discounts on various value propositions within the BRC App.

IV. Technical Overview
Platform Support: BRC App is accessible on both mobile and desktop platforms, including the App Store, Google Play Store, and desktop application (app.brcapp.com).

Asset Recording: Ecosystem assets, such as .btc domains, are recorded natively in Bitcoin through the BRC-20 standard.

Market Intelligence Tools: Market intelligence tools are provided using commonly used APIs.

V. Token Circulation
Sales: 15%
TGE unlocks 10%, with a 3-month lockup, and the remaining unlocks within 18 months.

Marketing: 10%
TGE 0%, with a 2-month lockup, and the remaining unlocks within 20 months.

Growth: 15%
TGE 0%, with a 2-month lockup, and the remaining unlocks within 20 months.

User Incentives: 25%
TGE unlocks 5%, with a 2-month lockup, and the remaining unlocks within 19 months.

Liquidity, MM, and Exchanges: 20%
TGE unlocks 34%, with the remaining unlocking within 2 months.

Advisors: 5%
TGE unlocks 0%, with an 11-month lockup, initially unlocking 10%, and the remaining unlocks within 18 months.

Team: 10%
TGE unlocks 0%, with an 11-month lockup, initially unlocking 10%, and the remaining unlocks within 18 months.

VI. Conclusion
BRC App, serving as a key entry point into the BRC-20 ecosystem, provides retail users with a convenient way to participate in the cryptocurrency market through its robust features and user-friendly interface. The reasonable design of token economics and widespread token use cases offer multiple benefits to $BRCT holders. Additionally, the project's lockup mechanisms and gradual unlocking design demonstrate a commitment to the sustainable development of the ecosystem. Overall, BRC App exhibits potential market attractiveness in promoting the widespread adoption and development of the BRC-20 ecosystem.

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Company Overview:
HotsCoin is a company committed to providing secure, efficient, and innovative cryptocurrency trading services. HotsCoin has assembled a team of passionate and knowledgeable professionals dedicated to advancing the development of the digital asset field.

Vision of HotsCoin:
Under the transformative blockchain technology, HotsCoin envisions becoming a globally leading digital asset trading platform, offering users an exceptional trading experience and a wide range of digital asset choices.

Core Values of HotsCoin:
Professionalism: The HotsCoin team comprises experienced individuals from the finance and blockchain industries, committed to providing users with the highest quality service.
Innovation: HotsCoin embraces an innovative spirit, continually driving the development of trading technology to ensure users stay at the forefront of the digital asset market.
Security: The security of user assets is a top priority for HotsCoin. The platform employs state-of-the-art security technology and rigorous 24-hour risk management measures to safeguard user assets.

HotsCoin Team Members:
The HotsCoin team consists of outstanding talents from different fields, including traditional finance professionals, blockchain technology experts, and marketing elites. Each team member at HotsCoin has achieved remarkable success in their respective fields, collectively dedicated to building an excellent digital asset trading platform.

Founder Introduction - Simon:
Founder: Simon
Simon is one of the founders of HotsCoin and brings extensive experience in finance and the blockchain industry. He leads the HotsCoin team, dedicated to driving innovation and development in the digital asset trading field.

With 6 years of experience in the financial sector, Simon previously served as a professional manager at a well-known international fund, achieving significant results in that position. Simon's expertise covers traditional stock and bond financial markets, and he was an early participant in the cryptocurrency market, engaging in quantitative arbitrage and mining operations. He collaborated with major mining companies like Bitmain, managing funds exceeding $200 million. The experienced team led by Simon has incubated multiple cryptocurrency projects, and Simon officially incubated the prototype of the HotsCoin exchange in 2019. Continuously evolving and improving, HotsCoin has been thriving under Simon's leadership.

Simon is passionate about blockchain technology and firmly believes that this technology will bring epic changes to the financial industry. He actively supports quantitative arbitrage and POW mining and has firsthand experience with the transformation of the crypto industry. Simon's future plans involve establishing HotsCoin as a distinctive exchange compatible with POW mining and quantitative arbitrage in the cryptocurrency market.

On December 11th, UniLend (UFT) officially debuted on HotsCoin. UniLend is a decentralized protocol that combines spot trading services and currency markets with lending services through smart contracts. Currently, UFT is available for trading on HotsCoin.

Token Information:
- Circulating Supply: 31,052,564.348 UFT
- Total Supply: 100,000,000 UFT
- Circulating Market Cap: $9,915,689.123
- Fully Diluted Market Cap: $31,931,949.36

Key Events:
- September 29, 2021: UniLend completed a $3.1 million seed funding round
- March 31, 2021: UniLend launched on the mainnet

Market Overview:
Existing DeFi solutions have been successful in showcasing the time value of digital assets. However, they have excluded the majority of digital assets outside the DeFi ecosystem. The current number of supported assets is limited, with existing platforms supporting less than 30 compared to the 6000+ tokens listed on coinmarketcap.

Current DeFi platforms act as gatekeepers, restricting the participation of most assets, leading to ineffective control over risks associated with multi-asset pools. To address this fragmentation and functionality issue, UniLend is dedicated to building a decentralized protocol that accommodates a broader range of tokens.

Untapped Market Potential:
UniLend aims to break the current fragmentation in the DeFi industry by providing comprehensive functionality through supporting a wide array of digital assets. The protocol, in a decentralized and permissionless manner, allows any ERC20 token to engage in lending and trading on its platform.

UniLend Features:
Permissionless Listings: UniLend enables any ERC20 token to be listed without the involvement of centralized entities or DAO-controlled processes and plans to add cross-chain support in the future.

Lending and Trading: Users can engage in interest-bearing lending and interest-paying borrowing through UniLend, simultaneously facilitating decentralized spot trading.

Liquidity and Governance: Users can earn fees proportionate to their liquidity pool ownership and participate in governance through proposals made by token holders.

Native Utility Token UFT: UniLend's native token UFT serves various functions, including governance and value-related aspects.

Unlocking the Potential of Decentralized Finance:
UniLend aims to unleash the true potential of decentralized finance by providing support for more digital assets, including high-market-value assets not incorporated by current DeFi solutions.

Conclusion:
The UniLend protocol represents an innovative effort to address the fragmentation and functionality challenges in the DeFi industry. By supporting a broader range of digital assets, UniLend strives to create a fair and competitive market environment, allowing each token to become part of the DeFi ecosystem. We look forward to seeing UniLend play a crucial role in future developments.

The above content is for reference only and does not constitute investment advice. Investors should thoroughly understand project information before making investment decisions and, if necessary, consult with professionals. HotsCoin will continue to monitor the project's ecosystem. (Report writing date: December 2023)

On December 11th, Juggernaut (JGN) officially launched on HotsCoin. JuggerWORLD is an NFT exchange dedicated to creating, buying, selling, and trading unique NFT collectibles. Currently, JGN is available for trading on HotsCoin.

Token Information:
- Circulating Supply: 100,210,415.863 JGN
- Total Supply: 150,000,000 JGN
- Circulating Market Cap: $6,016,936.653
- Fully Diluted Market Cap: $9,006,453.97

Metaverse and NFT:
In the crypto world, the Metaverse and NFTs are inseparable. The advent of NFTs has made it possible to construct a fully authentic Metaverse. JGN founder Nacho emphasizes that NFTs represent not only money but also meaningful and valuable entities existing in the form of cryptocurrency. JGN's vision is to involve people in the innovation of the DeFi revolution in a simple and fun way.

JGN Ecosystem:
JGN has not only established the NFT exchange JuggerWORLD based on the Binance Smart Chain but has also upgraded to version 2, offering services such as NFT purchase, sale, minting, auctions, staking, and royalties. Through the JGN ecosystem, users can freely trade NFTs and effortlessly mint exclusive NFTs for free. The royalty feature allows creators to earn a percentage of revenue with each NFT transaction, significantly boosting creators' enthusiasm and earnings.

GameFi Sector:
JGN officially launched the Metaverse GameFi sector, forming a complete ecosystem that covers NFT exchange, Swap, games, DAO governance, combining NFTs, DeFi, and the Metaverse. Games and GameFi mark JGN's initial entry into the Metaverse, serving as a crucial milestone in the comprehensive upgrade of the ecosystem. GameFi provides incentives for different groups in the gaming community, benefiting players, developers, and ecosystem supporters.

IP Collaborations and Top-tier IP Entry:
As the official strategic partner and NFT provider for ATV, JGN has entered into deep collaborations with the Asia Miss Beauty Pageant brand and global top 100 DJ music star Steve Aoki. JGN emphasizes IP collaborations, injecting unparalleled value and vitality into the NFT Metaverse ecosystem through the high creative standards and fan economy brought by star IPs.

Market Position and Accolades:
As an early participant, JGN has secured strategic investments from institutions such as Goldman Sachs (Canada), the Australian SFIP Fund, Binance's "Seed Fund," and SoftBank Group (UK). Recognized by ROI as one of the top 3 projects in the 2021 BSC ecosystem rankings, JGN has also been acknowledged by Binance as the "Best Place" for creating NFTs, becoming an official strategic partner for Binance's NFT marketplace.

Conclusion:
JGN's development aligns seamlessly with industry trends. From DeFi to NFTs and now the Metaverse, JGN continues to evolve, establishing a robust foundation. Through GameFi innovation, JGN enters the Metaverse domain, elevating the entire ecosystem to a new developmental stage. JGN's comprehensive layout and innovation set it apart in the market. Standing at a new starting point, JGN looks forward to meeting market expectations and driving a new phase.

The above content is for reference only and does not constitute investment advice. Investors should thoroughly understand project information before making investment decisions and, if necessary, seek professional opinions. HotsCoin will continue to monitor the project ecosystem. (Report writing date: November 2023)

On November 29th, SHRAPNEL (SHRAP) officially debuted on HotsCoin. SHRAPNEL is an AAA-grade FPS game that leverages blockchain technology, integrating skill-based competition, creative modeling tools, and genuine digital ownership. As a competitive multiplayer first-person shooter, SHRAPNEL has built a rich set of player creation tools on the blockchain platform, blending combat, creation, management, and connectivity, empowering players to own the platform and shape its future community. Currently, SHRAP is open for trading on HotsCoin.

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Token Information
Total Supply: 3,000,000,000 SHRAP
Fully Diluted Market Cap: $527,932,081.68

Key Events
2023-10-25: SHRAPNEL completes $20 million Series A financing
2022-04-11: SHRAPNEL completes $7 million private placement financing
2021-11-12: SHRAPNEL completes $10.5 million financing

Economic Model
The core of the Shrapnel economy is the SHRAP token, an ERC-20 token created on the Avalanche C chain and introduced for use within the SHRAPNEL subnet. On April 29, 2023, 3 billion SHRAP tokens were generated.

Publishing
All Player-Created Content (PCC) on the platform will use SHRAP tokens as non-fungible digital items published on the blockchain. Through blockchain technology, players can assert ownership of their creations, covering callsigns, badges, skins, maps, and vanity items. Players can choose to sell, auction, or retain ownership of their creations.

Governance and Promotion
All SHRAP holders have the right to promote maps and certain fashion items, influencing their discoverability through a voting mechanism. Based on the popularity of the content, promoters will receive partial performance rewards in SHRAP.

Gas Tokens and Transactions
The Shrapnel platform is designed to facilitate system payments to validators in the subnet, providing a gas-free experience for players and creators. Additionally, SHRAP tokens serve as the exchange medium in the Shrapnel marketplace.

Conclusion: SHRAPNEL, through innovative blockchain application in the FPS gaming sector, provides players with a new experience of digital ownership, decentralized governance, and content creation. The designed economic model positions SHRAP as a core element for transactions and incentives within the platform, supporting the sustainable development of the gaming community. However, investors should closely monitor the competitive landscape of the gaming industry and the user adoption of the SHRAPNEL platform.

HotsCoin will continue to observe the ecosystem of this project. (Report writing date: November 2023) The information in this report is for reference only and does not constitute investment advice. Before investing, it is essential to fully understand the relevant project and risks, and seek professional advice when necessary.

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On November 29, Nakamoto Games (NAKA) officially debuted on HotsCoin, presenting a Play-to-Earn (P2E) gaming platform. Nakamoto Games aims to involve global gamers in blockchain-based gaming, creating sustainable and lucrative income opportunities. Currently, NAKA is available for trading on HotsCoin.

Key Information
- Circulating Supply: 72,360,517 NAKA
- Total Supply: 180,000,000 NAKA
- Circulating Market Cap: $142,469,981.099
- Fully Diluted Market Cap: $354,400,405.93

Unique Gaming Platform
Nakamoto Games offers a gaming paradise with over 200 diverse games, ranging from AAA titles to hyper-casual games. The distinctive Play2Earn model transforms the rules of gaming, providing players with the chance to earn while playing. This economic model, powered by a zero-sum token system, ensures continuous and scalable rewards for players.

For Players: HotsCoin recognizes Nakamoto Games as a pioneer in the Web3 gaming sector, providing immersive experiences. The $NAKA token serves as the core of its ecosystem, acting as Nakamoto Games' lifeblood. Players can access all games within the ecosystem by holding $NAKA, which also acts as a reward system.

For Developers: HotsCoin acknowledges Nakamoto Games' SDK as a bridge for developers transitioning from Web2 to Web3 gaming, integrating the use of the $NAKA token. This broadens the range of gaming products, increases demand for $NAKA, and enhances the gaming ecosystem.

Functions of the NAKA Token
- Play: NAKA token is the core of all games within the Nakamoto Games ecosystem, providing the necessary fuel for players.
- Earn: NAKA tokens used in games are collected in a weekly pool and partially burned. Top-ranking players receive rewards from the pool.
- Governance: NAKA token holders participate in platform governance, voting on proposals related to burning NAKA tokens and the structure of the weekly pool.
The NAKA token follows a deflationary dynamic, with a portion of the weekly pool being burned, promoting a favorable supply-demand dynamic.

Play-to-Earn Ecosystem
Nakamoto Games is a robust Web3 gaming ecosystem, emphasizing skill, strategy, and in-depth gaming knowledge. All Play-to-Earn games require strategic thinking and proficiency, enabling users to earn rewards based on skills and gaming knowledge.

Game Features
- Hyper-casual, fun, and easy to understand.
- Provides familiar gameplay without the need for prior learning or detailed guidance.
- Emphasizes skill over luck, without any form of gambling.

Ecosystem Expansion
HotsCoin observes Nakamoto Games' focus on attracting gamers and developers. Developers can launch their game titles and profit from them. The platform is not limited to a single game but constitutes a complete ecosystem. Nakamoto Games continually introduces new games and encourages third-party developers to integrate their games onto the platform through the SDK.

Development Status
Nakamoto Games has successfully launched its mainnet, with over 200,000 registered players. The game types are diverse, including short mini HTML5 games.

Conclusion: Nakamoto Games' comprehensive gaming ecosystem and innovative Play2Earn model offer unique opportunities for players and developers. However, due to intense competition, investors should closely monitor platform user adoption and market feedback.

HotsCoin will continue to monitor the project's ecosystem. (Report Writing Date: November 2023) The information in this report is for reference only and does not constitute investment advice. Investors should thoroughly understand the relevant projects and risks and, if necessary, seek professional advice.

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On November 20th, Kaspa (KAS) officially debuted on HotsCoin. Kaspa is a decentralized and fully scalable Layer-1 blockchain based on the GHOSTDAG protocol. Currently, KAS is available for trading on the HotsCoin platform.

1. Project Overview
Kaspa is a decentralized and fully scalable Layer-1 blockchain utilizing the GHOSTDAG protocol. HotsCoin recognizes that, in contrast to traditional blockchains, the GHOSTDAG protocol allows blocks to coexist and be sorted in a consensus-driven manner. The project, launched in November 2021, adopts the GHOSTDAG protocol to enhance network performance and theoretically supports smart contract development.

2. Token Information
- Circulating Supply: 21,594,836,850.377 KAS
- Total Supply: 21,594,836,694.814 KAS
- Circulating Market Cap: $3,112,559,170.991
- Fully Diluted Market Cap: $4,136,657,703.25

3. Technological Innovation and Team
HotsCoin notes that Kaspa employs the GHOSTDAG protocol to ensure network security while boosting performance. The project showcases technical innovation, led by core developers whose expertise is acknowledged, with published papers referenced in the Ethereum whitepaper. Kaspa operates entirely as a community-driven initiative, with no involvement from investment institutions, and its tokens are generated through Proof-of-Work (POW) mining.

4. Future Development and Risks
In a risk-neutral scenario, the Fully Diluted Valuation (FDV) is expected to reach $15-40 billion within two years, presenting a growth potential of 1-4 times. Potential risks include unforeseen delays in technical development, smart contract delays or failures, and stagnation in ecosystem development.

Development Roadmap
1. RUST Rewrite
HotsCoin observes that Kaspa, initially developed in GoLang, is currently undergoing a rewrite in the RUST language. This aims to enhance overall performance, allowing the processing of over 10 blocks per second. The completion is planned for mid-2022.

2. Upgrade to DAGKNIGHT Protocol
Yonatan and Michael Sutton propose the DAGKNIGHT protocol to further enhance performance and security. The development is planned to follow the RUST rewrite.

3. Mobile Wallet Development
Kaspa already has web, desktop, and command-line interface wallets, with a current focus on developing wallets for mobile devices.

4. Smart Contracts
Smart contract development is planned following the DAGKNIGHT upgrade.

Funding
HotsCoin notes that project founder Yonatan established DAG Labs in 2018, securing $8 million in funding, which was dissolved due to technological immaturity. Kaspa, on the other hand, did not secure external funding and obtained KAS tokens through fair mining.

Conclusion
Kaspa, with its adoption of decentralization, scalability, and the GHOSTDAG protocol, has garnered attention in the blockchain space. The team exhibits strong technical capabilities, with clear development plans, particularly in performance enhancement and protocol upgrades. However, the project should remain vigilant against technical risks and market competition, ensuring that development progresses as planned and actively expanding its ecosystem.

HotsCoin will continue monitoring the project ecosystem. (Report Writing Date: November 2023) The information in this report is for reference only and does not constitute investment advice. Investors are advised to thoroughly understand the relevant project and risks and seek professional opinions if necessary.

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On November 20th, Bittensor (TAO) officially debuted on HotsCoin. Bittensor is an open-source protocol designed to support blockchain-based machine learning networks. Currently, TAO is available for trading on HotsCoin.

1. Project Overview
Bittensor is an open-source protocol aiming to facilitate blockchain-based machine learning networks. HotsCoin recognizes that the protocol, by collaboratively training machine learning models and rewarding them based on their collective information value, establishes a decentralized and trustless peer-to-peer network. This network not only allows users to extract information from it but also adjusts its activities based on user demands, creating an artificial intelligence marketplace in an environment that is trustless, open, and transparent.

2. Development History
Background: The development of machine intelligence is limited by the narrow problem of supervision. In response, Bittensor proposes a new mechanism through decentralized networks and mutual ranking of machine intelligence.
Key Events: Since 2012, the development of neural networks has accelerated, and Bittensor has introduced the concept of effectively generating machine intelligence through a ranking system in this trend.

3. Network Architecture
AI Layer: Responsible for abstracting the Bittensor kernel to ensure compatibility of the node's neural network with the input/output of other nodes. Each node contains a neural network, also known as a neuron, measured and trained in a peer-to-peer manner.
Blockchain Layer: Based on Polkadot Substrate, responsible for executing consensus mechanisms, ensuring node identity, and incentivizing network nodes. Utilizes a staking-weighted trust mechanism for fair reward distribution.

4. Mechanisms and Algorithms
Ranking and Incentives: Bittensor calculates rankings using Shapley values, and rewards are allocated based on peers' contributions to the collective information. Peers with higher rankings receive more incentives.
Consensus Mechanism: A trust-based incentive mechanism prevents collusion issues, ensuring network security and correctness through consensus equations and a trust matrix.
Sparse Monte Carlo Estimation: Used to calculate Shapley scores for thousands of peers, balancing between computational efficiency and accuracy.

5. Current Status and Outlook
Current Status: The Bittensor network officially launched in November 2021, including 4096 nodes. The team has made multiple algorithm, consensus, and infrastructure changes to ensure the protocol's correctness and scalability.
Future Outlook: The team is actively working on training more complex models directly on the Bittensor protocol, aiming to achieve performance comparable to the current state-of-the-art models.

6. Risks and Challenges
Market Competition: The field of machine learning is highly competitive, facing competition from other projects, necessitating continuous innovation to maintain competitiveness.
Technical Implementation: Successful implementation of the various technologies and algorithms mentioned in the protocol is crucial to ensure network security and performance.

7. Investment Advice
Potential Growth: Bittensor's unique mechanism brings new possibilities to the field of machine learning, potentially gaining a larger market share in the future.
Risk Warning: Intense competition, technical implementation, and market acceptance are primary risks for investment.

8. Conclusion
Bittensor, as a decentralized machine learning network, constructs a trustless intelligence marketplace through peer-to-peer collaborative training and information ranking mechanisms. In a fiercely competitive market, Bittensor is poised for success through its unique mechanisms. Investors should closely monitor its technical progress and market performance.

HotsCoin will continue to monitor the project ecosystem. (Report writing date: November 2023) The information in this report is for reference only and does not constitute investment advice. Investors should thoroughly understand relevant projects and risks and seek professional advice when necessary.

On November 15th, Storj (STORJ) officially launched on HotsCoin. Storj (STORJ) is an open-source, decentralized cloud storage layer designed to empower developers to build applications with optimal data protection and privacy features. Through the STORJ token, the Storj network coordinates interactions among different parties, enabling large-scale value transfer while aligning with the network's overall goals, such as immutability, security, and third-party verifiability. Currently, STORJ is available for trading on HotsCoin.

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Token Information
Circulating Supply: 379,674,179.673 STORJ
Total Supply: 424,999,998 STORJ
Circulating Market Cap: $295,874,041.443
Fully Diluted Market Cap: $331,195,729.8
Key Events
2017-05-25: Storj completes $30 million fundraising through ICO
2017-02-23: Storj completes $3 million seed round financing
2014-08-22: Storj completes $460,000 fundraising
Introduction to Storj
Stroj is a decentralized content storage and distribution network committed to providing fast, secure, and cost-effective P2P cloud storage services, mainly targeting enterprise-level customers and benchmarking against Amazon Web Services (AWS) S3. Founded in 2014 and launched in 2017, Storj is currently operating under the name Storj Next, started in February 2023, introducing permanent storage capabilities and token storage rewards.

Business Overview
Storj provides a decentralized storage service allowing users to upload files to the network, where files are stored in a dispersed manner on computers worldwide that are willing to contribute storage space. Unlike other decentralized storage networks, Storj introduces three participants: users, satellites, and storage nodes, building a mutually interdependent independent operational relationship. Users use the Uplink client for content transmission, satellites connect users with storage nodes, and storage nodes provide users with storage space and network bandwidth.

Storj's technical architecture primarily involves data storage, data retrieval, data repair, data auditing, and reputation management. Data storage uses erasure coding technology, breaking down files into segments and using redundant data coding to ensure data reliability. Data retrieval is managed and tracked by satellites, while data repair addresses data loss caused by node loss. Reputation management involves a proof-of-work identity system, auditing processes, filtering systems, and preference systems.

Pricing and Payments
Users pay fees to satellites through Uplink, and satellites pay storage and bandwidth fees to storage nodes. The pricing standards for storage nodes are set by Storj and paid in the form of STORJ tokens. The user's cost and the storage node's income are not equal, and storage nodes can choose to leave or stay. To incentivize nodes to remain active, Storj has implemented a gradual reduction in pre-deductions.

Business Features
Compatible with AWS S3, designed to be compatible with S3's seven core APIs, reducing user migration costs.
Uses erasure coding technology, employing Reed-Solomon erasure coding to increase data durability and reduce bandwidth usage.
Targets Web2 companies, although the Storj Next version is more geared towards the Web3 community, its main customers are still Web2 companies, aiming to be a bridge between the two.
Business Status
Storage Node Data (as of early March 2023):

6 satellites
22,600 active nodes
34,000+ registered accounts
Storage Volume (as of March 2023):

Cumulative available storage space: 30.3 PB
Cumulative used storage space: 18.4 PB
Cumulative storage utilization: 61%
Network fees: Storj ranks first in direct network fees in the Web3 infrastructure layer for 30 days, surpassing Arweave, demonstrating its business landing capabilities.

Token Economics
Token Distribution:
Total supply: 425 million STORJ
Public circulation: 261.7 million STORJ
Storj Labs custody: 163.3 million STORJ
Token Locking Plan: Storj Labs encourages ecosystem participants to hold STORJ tokens for the long term through a locking plan.

Token Value Capture: STORJ is mainly used to pay for storage and bandwidth fees, and some employee salaries are paid in STORJ. Recently, Storj announced that network participants can earn rewards by depositing STORJ, enhancing users' willingness to hold tokens.

Conclusion
Storj is a decentralized storage service that emphasizes SLA-level services and stands out in a competitive market through business landing capabilities. Its use of erasure coding technology, compatibility with AWS S3, and flexibility in business models have won it a certain market share. Although there are some adjustments in the Web3 direction, its main customers are still Web2 companies, making its influence in the Web3 community relatively limited.

However, in the highly competitive field of decentralized storage, as more projects emerge, Storj needs to maintain technological innovation and business agility to adapt to rapidly changing market demands. Additionally, as an emerging field, decentralized storage also faces a series of issues such as regulation and security, which require joint efforts from Storj and other ecosystem participants.

Note: The above content is for reference only and does not constitute investment advice. Investors should fully understand project information before making investment decisions and seek professional opinions when necessary. HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023.)

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On November 10th, Bancor (BNT) made its official debut on HotsCoin. Bancor (BNT) is a decentralized on-chain automated market maker (AMM) network designed to support instant, low-cost transactions and provide one-sided liquidity provision and 100% impermanent loss protection for any tokens listed on exchanges. As a pioneer in using AMM to facilitate token trading on the Ethereum-based DEX, Bancor has created a permissionless token exchange market committed to supporting the thriving token economy. Currently, BNT is available for trading on HotsCoin.

HotsCoin provides key information about BNT:
- Circulating Supply: 141,538,650.276 BNT
- Total Supply: 161,196,921.341 BNT
- Circulating Market Cap: $117,365,468.884
- Fully Diluted Market Cap: $133,666,332.26

Key Events related to BNT as noted by HotsCoin:
- June 13, 2017: Bancor completes a $153 million fundraising through an ICO.
- June 12, 2017: Bancor goes live on the mainnet.

Overview of the Bancor Project:
HotsCoin recognizes Bancor as a decentralized exchange (DEX) with a focus on addressing impermanent loss issues. The core mechanism in its v2.1 version is the BNT elastic supply, designed to compensate liquidity providers for impermanent loss, essentially achieving 100% coverage while maintaining long-term sustainability of the economic model. In the v3 version, Bancor plans to make improvements and feature upgrades to further enhance user experience and yields.

HotsCoin highlights Bancor's investment summary:
Bancor was an early mover in AMM DEX but saw its market share decline with the emergence of AMM DEX like Uniswap and Sushiswap. Subsequently, Bancor chose to focus on addressing impermanent loss and achieved minimal impermanent loss for liquidity providers through its v2.1 version. Investors should keep an eye on the protocol's development, especially with the release of v3, which promises optimizations for impermanent loss solutions and improvements in other protocol performance.

HotsCoin notes BNT's economic model:
Supply
BNT's initial ICO total supply was 79,323,978, which later transitioned from dynamic supply to fixed supply over two years, reducing the total supply to 69,148,642. Following the deployment of the v2 version and liquidity mining, BNT became an inflationary token. As of November 24, 2021, the maximum supply of BNT is 234,106,568, with approximately 83.11% staked in the protocol, resulting in a circulating token supply of around 40 million BNT.

HotsCoin observes BNT's liquidity mining:
The team initiated liquidity mining in November 2020, spanning 72 weeks, providing BNT rewards to liquidity providers in the whitelist pool every week.
Large pools receive 100,000 to 200,000 BNT per week, while medium-sized pools get 10,000 to 20,000 BNT per week.
Every two weeks, two new tokens can be added to the liquidity mining program.
Demand
In the v2.1 version, whitelist pools for liquidity protection have an upper limit setting, requiring users to increase the BNT token amount they deposit when depositing other tokens. Users depositing BNT receive vBNT, which can be used for governance and protocol transaction fees. In the v3 version, user actions of depositing BNT within the protocol will seek the most optimal BNT yield automatically, potentially increasing the demand for BNT.

Analysis:
BNT's inflation is mainly driven by liquidity mining, and the protocol mints BNT to compensate for impermanent loss. As unlimited liquidity has almost no impact on the actual circulating token supply, the total BNT supply is largely affected by BNT minting through liquidity mining and impermanent loss compensation (when fees cannot cover impermanent losses).

In the v3 version, the protocol's minting of BNT tokens may increase, leading to potential further growth in the token supply. The implementation of instantaneous liquidity protection may create arbitrage opportunities, increasing the pressure on BNT token minting for compensation.

In summary:
In the v2.1 version, BNT's total supply inflation is primarily due to liquidity mining and protocol minting of BNT, and the elastic BNT economic model appears viable.
Unrestricted liquidity results in increased protocol liquidity and, therefore, a growth in BNT total supply. However, BNT tokens minted within the protocol reduce when liquidity is removed, with almost no impact on the actual circulating token supply.
Instantaneous liquidity protection may introduce arbitrage opportunities, potentially increasing the issuance of BNT tokens for compensation.

This report aims to provide an overview of the Bancor project. Investors are encouraged to conduct thorough research and due diligence before investing, staying informed about the project's latest developments and risks. HotsCoin will continue to monitor the project's ecosystem. (Report written as of November 2023)

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On November 10th, Illuvium (ILV) officially debuted on HotsCoin. Illuvium (ILV) is an open-world RPG adventure game based on the Ethereum blockchain. The game allows players to collect, trade, and battle NFT assets. In Illuvium, players encounter creatures known as Illuvials, which can be defeated and captured. Successful captures result in the creation of new NFT assets representing the Illuvial, which are then stored in wallets. These NFTs can be used in battles or traded. Illuvium also leverages the Layer-2 solution Immutable X, offering these features with zero gas fees. Currently, ILV is available for trading on HotsCoin.

HotsCoin provides key information about ILV:
- Circulating Supply: 3,725,537.197 ILV
- Total Supply: 7,872,395.766 ILV
- Circulating Market Cap: $341,787,799.786
- Fully Diluted Market Cap: $883,929,378.51

Key Events related to ILV as noted by HotsCoin:
- May 30, 2023: Illuvium completes a $10 million fundraising round.
- April 2, 2021: Illuvium raises $38 million through an Initial DEX Offering (IDO).
- March 12, 2021: Illuvium secures $5 million in seed funding.

HotsCoin offers an overview of the Illuvium project:
Welcome to Illuvium, an engaging series of fully decentralized role-playing and collectible games. The game unfolds in a beautifully fractured world filled with wonders. Players can explore vast lands, hunt dangerous creatures, and capture them for battles or trade on exchanges. Illuvium provides interconnected gaming experiences, allowing players to utilize their assets in various ways.

HotsCoin also acknowledges Illuvium as a fully decentralized protocol, providing players with a AAA-level blockchain gaming experience.

The Fusion of DeFi and Gaming:
HotsCoin recognizes that the Illuvium project merges decentralized finance (DeFi) with gaming, aiming to develop a series of fully decentralized, self-sustaining games. As the DeFi industry rapidly grows, Illuvium capitalizes on this trend, attracting cryptocurrency enthusiasts, gamers, and tech experts.

The integration of DeFi technology into the gaming industry creates innovative gaming experiences and contributes to the continued growth and adoption of DeFi.

HotsCoin highlights ILV tokenomics:
The $ILV token serves a dual purpose within the Illuvium ecosystem. As a governance token, it allows holders to participate in Illuvium's decentralized governance and influence the project's direction. Additionally, $ILV is a tradable token, which can be bought, held, or exchanged, providing value and utility to its holders.

Seed presales and token sales have played a crucial role in funding the growth of Illuvium's core contributors. Early investors purchased $ILV at discounted prices, providing essential financial support for the project's success.

HotsCoin provides a roadmap for ILV:
Please note that development is subject to change, and any significant delays will be communicated to the community as soon as possible. This roadmap assumes smooth development progress.

- Q4 2020: Pre-seed, initial prototype, transition to Unreal Engine
- Q1 2021: Seed sale, Balancer liquidity bootstrapping sale, token smart contracts, first teaser trailer, staking V1
- Q2 2021: Land sale 1, staking V2, Illuvium Arena private Beta 1
- Q2 2022: Illuvium Arena private Beta 2, Illuvium Main World Testnet
- Q4 2022: Illuvium Zero Alpha
- Q1 2023: Illuvium Beyond Wave 1
- Q2 2023: Illuvium Zero Season 1, Illuvium Store, Illuvium Overworld private Beta 2
- Q3 2023: Illuvium Main World and Arena private Beta 3, Illuvium Beyond Wave 2
- Q4 2023: Illuvium Final Private Testnet, Illuvium Public Testnet Release, Illuvium Beyond Wave 3
- Q1 2024: Illuvium Beyond Wave 4
- Q2 2024: Illuvium Arena Mobile

This report aims to provide an overview of the Illuvium project. Please be aware that investing involves risks, so conducting thorough research and due diligence before investing is essential. HotsCoin will continue to monitor the project's ecosystem. (Report written as of November 2023)

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On November 9th, MOBOX (MBOX) was officially launched on HotsCoin. MOBOX is a game metaverse that has created a GameFi metaverse named "MOMOverse," combining automated DeFi yield farming with gaming NFTs. Currently, MBOX is available for trading on HotsCoin.

Basic Information about MBOX Token:
- Circulating Supply: 207,046,394 MBOX
- Total Supply: 369,987,868 MBOX
- Circulating Market Cap: $56,777,560.997
- Fully Diluted Market Cap: $274,226,273.15

HotsCoin has observed key events for MOBOX:
- April 7, 2022: MOBOX completed a strategic financing round with an undisclosed amount.
- November 18, 2021: MOBOX completed a strategic financing round with an undisclosed amount.

1. What is MOBOX?
MOBOX is a blockchain gaming platform designed to enhance user engagement and entertainment through token rewards. HotsCoin notes that it combines the advantages of DeFi and NFTs, creating a free gaming and play-to-earn ecosystem. MOBOX has built a decentralized toolkit and smart contract ecosystem to ensure that users can genuinely participate and be rewarded for their contributions to the community. Users can earn rewards by providing liquidity, designing and creating unique NFTs, engaging in game development, or simply using the tools provided by the MOBOX platform.

HotsCoin observes that MOBOX has already launched a series of features, including liquidity mining, NFT blind boxes, simulated matches, and the Gold Coin Master. Users can earn MBOX rewards by providing liquidity or by opening NFT blind boxes to acquire MOMO for additional MBOX rewards. HotsCoin also notes that MBOX and MOMO are core elements of the MOBOX platform, with MBOX being the native utility token used for platform governance, staking rewards, and blind box subscriptions. MOMO, on the other hand, is the NFT of the MOBOX platform, and users can earn MBOX rewards by staking MOMO or using them in game battles.

MOBOX also plans to support third-party game developers in releasing games on the platform.

2. MBOX Economic Model
HotsCoin observes that MOBOX is a fair launch project with no pre-sales, investors, or pre-mining. All MBOX tokens are distributed based on user platform activities. Currently, MBOX tokens are minted on the Binance Smart Chain (BSC), with 20% allocated to the team, 8% to strategic partners, and 21% for marketing. The remaining 51% of MBOX tokens are mined by users through the GameFi mechanism of all games released on the platform.

HotsCoin also notes that the DAO (Decentralized Autonomous Organization) votes annually to determine how tokens are allocated to various games, strategic partners, and marketing. Any tokens not released into circulation by the end of the year will be permanently burned.

The specific use cases of MBOX tokens, as observed by HotsCoin, include:

- Governance Voting: MBOX token holders can submit and vote on proposals that impact the platform's development and direction. As of now, MOBOX has not yet activated governance features.
- Mining Rewards: Users can stake MBOX to earn additional mining rewards, increasing their yield.
- In-Game Utility: Users can use MBOX in games to enhance combat capabilities, unlock skills, and more.
- Blind Box Subscriptions: Users can use MBOX tokens to subscribe to blind boxes, obtaining higher rarity MOMO.
- NFT Auctions: Users can use MBOX tokens to participate in auctions for limited quantities of legendary MOMO NFTs.

Additionally, HotsCoin notes that MOBOX directs 80% of platform profits and a 5% transaction fee from the NFT market into the MBOX buyback and burn fund to maintain token stability. When the current MBOX price is below the 72-hour average price, the smart contract triggers the purchase of MBOX for automatic burning. Currently, the MBOX buyback pool has $4.43 million, and it has repurchased 6.63 million MBOX tokens.

The maximum token supply of MBOX is 1 billion, with a circulating supply of 48.37 million as of the report's writing. At that time, the price of MBOX was $4.5, resulting in a market cap of $270 million.

3. Play-to-Earn Mechanics
HotsCoin notes that the MOBOX team has introduced various play-to-earn mechanisms, including MOMO mining, simulated matches, and the Gold Coin Master:

- MOMO Mining: Players can obtain MOMO by opening NFT blind boxes or purchasing MOMO on the NFT market. Holding MOMO automatically mines MBOX rewards. MOMO comes in five quality levels, each with different computing power. Users can use lower-quality MOMO to upgrade higher-quality MOMO for increased computing power.
- Simulated Matches: Players can participate in zero-cost simulated trading games such as Millionaire, Bull Bear Battle, and Crazy Leverage to earn MBOX rewards.
- Gold Coin Master: Players can use three MOMO to battle other players, with the top three hundred rankings receiving weekly MBOX rewards. Additionally, players can use MOMO daily for adventures to earn MBOX rewards.

In the RPG game "Block War" planned by the MOBOX team, players can choose different hero professions, collect equipment sets, and use skills and talents to defeat other heroes or bosses, earning MBOX rewards.

This report is for reference only, and investing involves risks. Please conduct thorough research and due diligence before investing. HotsCoin will continue to monitor the project's ecosystem. (Report writing date: November 2023)

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On November 9th, Hifi Finance (HIFI) was officially launched on HotsCoin. Hifi Finance (HIFI) is a lending protocol that allows users to use their cryptocurrencies as collateral and borrow other digital assets. The protocol utilizes tools similar to bonds, representing on-chain obligations settled on a specific future date, enabling fixed-rate lending. Currently, HIFI is available for trading on HotsCoin.

HIFI Token Information:
- Circulating Supply: 95,012,805.11 HIFI
- Total Supply: 117,929,473.11 HIFI
- Circulating Market Cap: $70,080,171.969
- Fully Diluted Market Cap: $86,983,199.22

Core Concepts of HIFI:
HotsCoin observes that the Hifi protocol issues a synthetic asset known as "hToken," which can track any underlying asset. For instance, "hUSDC" is an hToken that synthetically tracks the assets of the USDC stablecoin. Borrowers create hUSDC by depositing collateral (e.g., ETH), and they can then sell USDC to obtain hUSDC. Upon maturity, any hUSDC holder can redeem synthetic assets for USDC.

In contrast to most decentralized finance protocols, Hifi's interest rates are not controlled by protocol developers but are determined by the open market, thus achieving fixed-rate lending.

Collateral and Overcollateralization:
HotsCoin notes that borrowers must provide overcollateralization to mint hToken. The collateralization margin requirements depend on various factors, including the quality of collateral assets, the reliability of the Oracle feed, and market conditions. If the value of the collateral falls below the collateralization ratio, the account may face liquidation.

Smart Contracts and Code:
HotsCoin observes that the smart contract code of Hifi Finance is publicly verified on GitHub, managed through version control, and released to npm. The contract source code is also verified on Etherscan.

Governance of Hifi:
HotsCoin recognizes that the governance and ERC-20 token implementation of Hifi derive from Compound's GovernorBravo smart contract. This infrastructure allows MFT holders to participate in governance, deciding on protocol parameters, collateral types, target assets, token swaps, and more.

Hifi's Roadmap:
HotsCoin takes note of Hifi Protocol's development roadmap, including:

1. MFT Governance: MFT holders can join the discussion and vote on protocol parameters, collateral types, target assets, token swaps, new economic models, and DAO resource allocation.

2. Protocol Updates: Updating protocol architecture to enhance user experience, changing licenses to protect Hifi DAO from unauthorized forks, and fixing low severity errors.

3. NFT Collections: Launching the first NFT collateral collection, providing functionality for future NFT lending protocols.

4. Hifi Improvement Proposal 1 (HIP 1): Including license updates, improving user experience, and deploying on Polygon with new markets.

5. Liquidation Bot Updates: Updating the liquidation bot to handle edge cases such as network downtime.

6. On-chain Governance: Implementing on-chain governance to further decentralize the protocol.

7. Token Swap + Tokenomics (HIP 2): Launching Hifi on the Ethereum mainnet according to governance-set requirements and scope.

8. Release of Hifi v1 Lending Protocol on the Ethereum mainnet.

9. Liquid NFT Prototype: Launching the Liquid NFT prototype, providing liquidity and price support for NFT liquidity protocols.

10. NFTs as Collateral: Implementing large-scale NFT collateral lending, allowing users to borrow against any blue-chip NFT collection.

11. Liquid NFT v1: Applying lessons learned from the prototype to NFT liquidity protocol v1.

Please note that these plans and objectives may change over time, and investors should stay updated on the latest developments of the protocol.

This report aims to provide an overview of the Hifi Finance protocol. Investing involves risks, and thorough research and due diligence should be conducted before making investment decisions. HotsCoin will continue to monitor the project's ecosystem. (Report writing date: November 2023)

On November 8th, Venus (XVS) was officially listed on HotsCoin. Venus Protocol is a decentralized lending platform based on the BNB chain. The core of Venus is a money market protocol that allows lenders to provide loans to generate income from their tokens, while borrowers can use $XVS and various other currencies as collateral to obtain loans. XVS is now available for trading on HotsCoin.

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Key Events:
- November 25, 2020: Venus mainnet launch

Overview:
Venus Protocol was launched in 2020 and is a decentralized financial platform on the BNB chain.

Venus combines the solutions of Maker and Compound, simplifying the user experience and providing core functionality for decentralized finance to thrive within a single application.

Through improvements in the V4 version, Venus has further pushed the boundaries of possibilities in the decentralized finance sector. Enhancements include risk management, decentralization, and user experience.

The Venus reward distributor allows rewards for lenders and borrowers to be configured and managed based on users' activities in related markets, providing additional incentives and revenue opportunities.

The automatic income allocation system distributes income to different pools in near real-time, enhancing efficiency, transparency, and flexibility in allocation.

Token economics have been reassessed and optimized for income distribution to meet the current and future needs of the protocol, ensuring robust financial management.

The governance model of Venus Protocol relies on participants locking XVS tokens in a collateral vault to gain governance power, ensuring transparency and security for the decentralized financial platform.

Governance:
HotsCoin notes that Venus Protocol's governance depends on participants locking XVS tokens in a collateral vault to drive protocol improvements.

Venus V4 introduces an upgraded governance structure, including a fast track VIP, role-based access control, and fine-tuned pause mechanisms.

The fast track and critical VIPs (Venus Improvement Proposals) are used to handle different proposal categories to address regular updates and risk parameter adjustments, among other cases.

Role-based access control allows specific operations to bypass voting to address fast track or critical changes or be executed directly by administrators through multi-signature.

The fine-tuned pause mechanism allows for the suspension of any operation in any market to respond to market fluctuations.

Summary:
Venus Protocol is a decentralized lending platform on the BNB chain. Through its diverse features, governance model, and income distribution mechanisms, it offers users additional incentives and revenue opportunities, driving the development of decentralized finance. The improvements in the V4 version further enhance risk management, user experience, and governance efficiency, making it a highly anticipated project in the cryptocurrency space.

HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023) The information in this report is for reference only and does not constitute investment advice. Before investing, it is essential to thoroughly understand the project and its risks and seek professional advice when necessary.

On November 8, Flow (FLOW) was officially listed on HotsCoin. Flow is a fast, decentralized, and developer-friendly blockchain aimed at providing the foundation for the next generation of games, applications, and digital assets. Flow's unique multi-role architecture allows for scalability without the need for sharding while maintaining developer-friendliness and adhering to an ACID-compliant environment. Flow is currently available for trading on HotsCoin.

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HotsCoin takes note of the following token information for Flow:
- Circulating Supply: 1,036,200,000 FLOW
- Total Supply: 1,463,365,667.942 FLOW
- Circulating Market Cap: $631,231,053.654
- Fully Diluted Market Cap: $891,451,314.86

Key Events for Flow on HotsCoin:
- May 10, 2022: Flow launched a $725 million ecosystem fund.
- October 10, 2020: Flow completed an $18 million public funding round.

Product Technology:

HotsCoin highlights two notable features of Flow's technical architecture:
1. Multi-Node Architecture: Flow's multi-node architecture divides various execution steps of the blockchain into different roles, including compute nodes, consensus nodes, verification nodes, and collection nodes. This division of labor enhances decentralization, allowing more nodes to participate in consensus, but it still faces some centralization concerns.
2. Resource-Oriented Programming: Flow uses its in-house programming language, Cadence, which supports resource-oriented programming, making asset control more secure and better meeting the requirements of on-chain assets.

Operational Ecosystem for Flow:

The Flow ecosystem encompasses a variety of projects, including NFTs, DeFi, and gaming. However, NFT projects tied to sports IPs like NBA Top Shot dominate the ecosystem, accounting for a significant portion of Flow's transaction volume. While gaming and DeFi projects exist within the Flow ecosystem, their transaction volumes are relatively smaller and require further expansion.

Token Economy for Flow:

Flow's token, FLOW, is used to pay for on-chain transaction fees, incentivize nodes, and can be staked for storage space. The token was issued at the end of 2020 with an initial supply of 1.25 billion, using a low inflation model. Currently, approximately 72% of FLOW is in circulation.

Flow's Team and Funding:

Dapper Labs, the company behind Flow, was founded in 2018 and gained recognition with the CryptoKitties project before launching the Flow blockchain. The company has completed multiple funding rounds, raising a total of $6 billion. Investors include a16z, Union Square Ventures, Venrock, and Coatue.

Strengths and Challenges for Flow:

Flow's strengths lie in its technical innovation, a track record of successful NFT projects, and a solid foundation. However, it still faces challenges related to ecosystem diversity and heavy reliance on a few NFT projects for revenue.

In Summary:

Flow is a blockchain with scalability and innovation, aiming to support the next generation of applications and digital assets. While it has achieved significant success in the NFT space, it needs to expand its ecosystem and reduce its revenue dependence for broader success. The company's technical innovation and continuous experience with NFT projects will be a strong support for Flow's success.

HotsCoin will continue to monitor the project's ecosystem. (Report written on November 2023) Please note that the information in this report is for reference only and does not constitute investment advice. Before investing, it is essential to thoroughly understand the project and its associated risks and, if necessary, seek professional advice.

On November 7, 2023, the tokens The Graph (GRT) and Trust Wallet (TWT) officially launched on HotsCoin. Recharge and trading functions are now open. In addition, today's HotsCoin's list of top gainers, as of 17:30 (UTC+8), includes ORDI, up 36.54%; BLUR, up 23.69%; and YGG, up 8.83%.

With the start of the Federal Reserve's pause on interest rate hikes, the macro U.S. stock market experienced a minor rebound. However, signs of subsequent lack of follow-through and horizontal trading have become apparent. Conversely, the cryptocurrency market has been relatively strong lately. After stabilizing above $34,000, Bitcoin has made multiple attempts to stabilize above $35,000. It may be the market testing sentiment or it may be a profit-taking and unwinding zone above $35,000. As a result, the candlestick chart has crossed $35,000 more than 20 times in the past week without being able to effectively stabilize for 24 hours. Thus, $35,000 has become an important focal point for sentiment and long-short positioning battles. Market participants are almost evenly divided in their outlook, and the market is eagerly awaiting a new round of news, with the next important news expected on November 11 (this Saturday). The most likely outcome? In personal expectation: a 10% probability of approval, a 30% probability of rejection, and a 60% probability of delay. The reasons for this are various departments' coordination, the need to rework laws and regulations (which are entirely different from futures), and other factors like the transition of leadership, making the approval of spot ETFs difficult in the short term. Despite the pressure exerted by politicians in recent times, it is evident that the current SEC chairman and members still do not fully appreciate the cryptocurrency market. This is a major reason for the continued delay in the approval of spot ETFs. Now, let's take a look at the dynamics of on-chain data and changes in investor sentiment.


First, let's take a look at the net flow of tokens on exchanges. Since Bitcoin's price stabilized above $31,000 after rising from $26,000, it has mainly seen net inflows. This indicates that the market is gradually digesting the selling pressure from profit-taking. With ongoing digestion, the current net flow has started to balance. As long as Bitcoin can stay above $34,000 and digest profit-taking, it should be possible to maintain this trend in the short term. The subsequent trend will depend on news developments. Based on the data, the market appears relatively strong.

Next, let's look at open interest data. In the early stages of a slight increase in Bitcoin's price, open interest data did not increase; in fact, it decreased. Many users were liquidated due to market manipulation and sharp price movements, which had a significant impact on sentiment. However, as Bitcoin's price continued to rise, open interest data started to rise significantly and has already returned to levels near $100 billion before the drop in August. The degree of speculation in the market has increased significantly, and investor confidence in the outcome of the $35,000 battle and the future is generally optimistic. Regardless of sentiment, how can exchanges and market makers maximize their profits? (1) Through continued substantial increases in spot ETFs, (2) by capitalizing on the emotions of a volatile market and short-term market sentiment shifts (fluctuations between $31,000 and $34,000). The long-short battle is almost evenly matched, and to maximize profits, you must be vigilant about the possibility of a subsequent decline in the market. Make sure to set stop-loss orders. Because there is the potential for significant price fluctuations, don't stubbornly hold your positions or use high-leverage contracts, as it will lead to significant discomfort. We recommend maintaining a 40% spot position and waiting for news developments. Place your stop-loss at $30,800. If the news is delayed or rejected this time, there is a high probability of a pullback. It is more likely to see approval after the first quarter of 2024.

In conclusion, based on on-chain data and market sentiment, the market still appears to be bullish. Bitcoin's price, which has been oscillating between $34,000 and $35,000, has gradually started to narrow the range and is approaching $35,000. If sentiment weakens and market participants are more concerned about the rejection of spot ETFs, then the range may move closer to $34,000. Of course, such judgments are overly subjective. Just like when Bitcoin has risen a lot, many people tend to believe that it will fall. Or when there is positive news ahead, people still believe that the price will rise further, even though it has already increased significantly. These are all irrational judgments. We should assess the current market environment and the impact of this news objectively. In simple terms, it's about how many people are willing to buy it. Cryptocurrency is an area that Fidelity and BlackRock are entering. They have applied for spot ETFs because the trillion-dollar market is attractive, with even greater potential in the future. This is the main reason why most investors and even institutions are willing to enter. However, since the good news has not landed yet, and there is a higher probability of delay, we need to be more vigilant as we approach the timing of the game. News has a significant impact, and market volatility will be substantial. So, avoid holding positions or using high-leverage contracts; otherwise, you may be in for a tough time. We recommend maintaining a 40% spot position and setting a stop-loss at $30,800. If the news is delayed or rejected, there is a high probability of a decline, likely after the first quarter of 2024.

On November 7th, Trust Wallet (TWT) officially launched on HotsCoin. Trust Wallet is a well-loved cryptocurrency hot wallet that offers users complete control over their funds. One of the standout features of Trust Wallet is its built-in DApp browser, providing access to a curated selection of decentralized applications. Furthermore, Trust Wallet also supports staking and token trading directly within the application. TWT is now available for trading on HotsCoin.

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Key Token Details Noticed by HotsCoin:
- Circulating Supply: 416,649,900 TWT
- Total Supply: 999,668,148 TWT
- Market Capitalization: $651,323,921.68
- Fully Diluted Market Cap: $1,563,240,316.82

Key Events Noticed by HotsCoin:
- July 31, 2018: Trust Wallet was acquired by Binance.

Project Background Noticed by HotsCoin:
Trust Wallet started as a community-driven open-source project with contributions from developers in the community. Founder Viktor Radchenko was known for his strong technical background but remained relatively low-profile, focusing on product development and coding. In 2018, Trust Wallet was acquired by Binance, and Viktor Radchenko became part of the Binance team as the project lead.

In the same year, Eowyn Chen joined Binance as the CEO and became a key figure in the project. Eowyn is a Harvard graduate who had worked in the financial management consulting field in New York. However, she gradually realized the limitations of the traditional financial system in terms of innovation, which led her to leave Wall Street. She had been involved in the expansion of the ofo bike-sharing project, which honed her business and management skills.

After leaving ofo, Eowyn spent time developing her own set of values and delved deep into the roles of artificial intelligence and blockchain technology in society. She highly values decentralization and the redistribution of power, believing that while the internet has transformed information dissemination, it has not resolved the issue of value transfer. In 2018, Eowyn connected with Binance co-founder He Yi, who showed her how blockchain technology could serve as the foundation for transferring value over the internet.

With her understanding of the crypto industry, Eowyn Chen joined Binance and became the CEO of Trust Wallet. Trust Wallet's user base has steadily grown, with over 60 million client downloads, primarily in regions like Europe, the Americas, South Asia, and the Middle East.

Conclusion:
Trust Wallet, as a widely popular cryptocurrency hot wallet, not only provides users with full control over their funds but also features a built-in DApp browser for accessing decentralized applications. Its team boasts significant technical expertise in the blockchain and cryptocurrency space, and with the support from Binance following the acquisition, Trust Wallet has shown substantial growth potential in the past year. Investors should keep a close eye on its future performance and development direction.

HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023) The information in this report is for reference purposes only and does not constitute investment advice. Prior to investing, it is essential to fully understand the project and associated risks and, if necessary, seek professional advice.

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On November 7th, The Graph (GRT) officially launched on HotsCoin. The Graph is a decentralized protocol designed for indexing and querying blockchain data. It allows anyone to create and publish open APIs called subgraphs, making it easy to query on-chain data. The Graph analyzes and collects data from the blockchain, storing it in various indexes, enabling applications to query the data in real-time. To ensure the integrity and security of data within the network, The Graph utilizes its native token, GRT. All users, whether they are indexers, curators, or delegators, must hold GRT tokens to fulfill their roles and earn fees from the network. Currently, GRT is tradable on HotsCoin.

HotsCoin Highlights GRT Token Information
- Circulating Supply: 9,281,599,940.052 GRT
- Total Supply: 10,778,136,702.948 GRT
- Market Capitalization: $1,332,404,040.317
- Fully Diluted Market Value: $1,547,236,789.22

HotsCoin Takes Note of Key Events in The Graph's Journey
- February 18, 2022: The Graph introduced a $250 million Web3 Ecosystem Fund.
- January 21, 2022: The Graph successfully raised $50 million.
- December 18, 2020: The Graph went live on the mainnet.
- October 28, 2020: The Graph concluded a $120 million public sale round with a valuation of $3 billion.
- June 30, 2020: The Graph completed a $5 million Series A funding round with a valuation of $29.4 million.
- January 28, 2019: The Graph successfully raised $2.5 million in seed funding with a valuation of $14.7 million.

HotsCoin Recognizes The Graph's Blockchain Data Market and Its Value
To comprehend The Graph, one must first understand the API data indexing market it targets. Data has always played a crucial role in the blockchain world. Different domains require data from the blockchain, such as investors needing on-chain data to support secondary market decisions, public blockchains needing data for their operations, and data providers helping reduce the costs of setting up nodes. Additionally, DApp data represents an emerging field where developers need to track user preferences, monitor market trends, and gather competitor data in real-time.

Historically, smart contract states and blockchain data generated by DApps often lacked easily accessible data interfaces, being stored in forms such as event triggers or logs. Developers and projects needed a way to query, retrieve, and transform data to make it more analyzable and applicable. However, the market long suffered from a lack of such products and services.

HotsCoin observes that The Graph aims to address this issue by making data queryable and easily accessible. By providing open APIs, The Graph enables developers to easily access data from Ethereum, IPFS, and other Web3 data sources. This presents an opportunity for data providers and a convenient way for data consumers.

HotsCoin Recognizes The Graph's Operational Mechanism
The operational mechanism of The Graph involves several key concepts:
1. Subgraphs: Subgraphs represent the concept of specific datasets to be queried. They define what data needs to be extracted from the blockchain and how to transform it into a queryable format. Subgraphs are created and published by developers.

2. Indexers: Indexers are users running nodes, responsible for collecting, processing, and indexing data from subgraphs. Indexers must stake a certain amount of GRT to participate in the network and provide data indexing services.

3. Curators: Curators hold GRT and use them to signal which subgraphs are worth indexing. They predict which subgraphs will be valuable to the network and earn rewards when their predictions are correct.

4. Delegators: Delegators stake GRT with indexers to earn returns.

HotsCoin acknowledges that the GRT token plays a significant role within the protocol. Indexers need to stake GRT to ensure the network's security and data integrity. Curators use GRT to support subgraphs in the curation market and earn rewards. When users pay query fees, the final settlement is done using GRT to maintain a unified unit of account throughout the protocol. The mechanism ensures that token holders are responsible for the services they provide.

Conclusion:
The Graph addresses a substantial market demand by solving the issue of accessing and making blockchain data available through its decentralized data indexing protocol. While it has already established itself as a leader in the data analytics and indexing space, The Graph needs to prove its value in practical operation. Investors should keep an eye on its future performance, especially in the face of potential competition, to assess whether the project can...

HotsCoin will continue to monitor the project's ecosystem. (Report written in November 2023) The information in this report is for reference purposes only and does not constitute investment advice. Before investing, one should thoroughly understand the relevant project and associated risks and seek professional advice when necessary.