Gate Research Institute: Ondo Finance launches on-chain securities trading platform｜Uniswap V4 will launch an optimized community trading router

Crypto Market Overview

• **BTC ( **+1.23% | Current Price 111,326 USDT)

  • BTC is oscillating upwards, and after breaking through the 111,000 USD mark, it has triggered strong optimistic sentiment in the market. However, from a fundamental perspective, there is a lack of clear sustained upward momentum in the short term, and oscillation and consolidation may be the main direction in the short term.
  • On Thursday, the net inflow for BTC ETF was $57.6 million, with Fidelity's FBTC inflow at $48.7 million and ARK's ARKB inflow at $8.9 million.

• ETH (+2.44% | Current Price 2,730 USDT)

  • ETH followed the market trend and broke through the $2,600 mark. Recently, ETH has been oscillating around the $2,500 mark, but its performance is noticeably stronger than before. ETH's market share continues to rise, currently reported at 9.32%.
  • On Thursday, ETH ETF net inflows reached $110.5 million, setting a new high for recent inflow volumes, with Fidelity FETH net inflows of $42.2 million and Grayscale ETH net inflows of $18.9 million.

• Altcoins: Altcoins are flourishing with a widespread increase, and the Altcoin Season Index has risen to 25.

• Macroeconomics:

  • On Thursday, the U.S. stock market attempted to rebound several times, but after a plunge in the final minutes, it closed near flat. By the end of trading, the S&P 500 index fell by 0.04%, marking its third consecutive day of losses; the Nasdaq Composite Index rose by 0.28%; the Dow Jones Industrial Average dipped by 1.35 points.

• Louis Navellier, Chief Investment Officer of Navellier & Associates, stated that although the pressure in the treasury market has eased, the stock market may need a "substantial decline" in bond yields to receive the "green light" to return to recent highs.

  • As of May 23, 10:00 AM (UTC+8), the spot gold price is temporarily reported at 3,297.41 USD per ounce, with a drop of 0.01% in the last 24 hours.

Trending Tokens on Juejin

WLD Worldcoin (+ 26.74%, circulating market cap 2.41 billion USD)

According to Gate.io market data, the current price of the WLD token is 1.5720 USD, with a 24-hour increase of 26.74%.

Worldcoin is a blockchain-based global identity and finance network that aims to provide a unique digital identity for each person through biometrics (iris scanning), driving the widespread adoption of financial inclusion and decentralized authentication. Its core vision is to build a fair and inclusive global economic system that provides users with secure, verifiable identity and economic participation opportunities through World ID and WLD tokens. Worldcoin leverages zero-knowledge proofs (ZKPs) to protect privacy and is compatible with Ethereum through an efficient Layer 2 solution, solving the problems of centralization, privacy leakage, and high access barriers to entry of traditional identity systems, providing users, developers, and enterprises with secure, low-cost decentralized identity and financial services, which are widely used in DeFi, digital identity, payments, and social fields.

On the news front, the supporting organization behind Worldcoin (WLD), World Foundation, recently announced that it has raised $135 million through a token sale to promote its expansion in the United States.

HYPE Hyperliquid (+ 14.68%, circulating market cap 11.748 billion USD)

According to Gate.io market data, the current price of HYPE token is 35.221 dollars, with a 24-hour increase of 14.68%.

Hyperliquid is a high-performance Layer 1 public chain based on blockchain technology that provides efficient, secure, and scalable transaction infrastructure for decentralized finance (DeFi). Its core vision is to drive the widespread adoption of decentralized derivatives trading, providing users and developers with a low-latency, high-throughput trading environment through an innovative order book model and an efficient on-chain execution engine. Hyperliquid leverages its unique on-chain matching mechanism and optimized consensus protocol to solve the performance bottlenecks, high costs, and insufficient liquidity of traditional blockchains in high-frequency trading, providing users, traders, and institutions with fast and low-cost decentralized financial solutions, which are widely used in perpetual contracts, options trading, DeFi, and other financial derivatives fields.

From a morphological perspective, Hyperliquid's native token HYPE is experiencing a typical breakout scenario, supported by strong technicals and on-chain activity. With the increase in leverage and the breakout of whale short positions, the possibility of continuing to break out after regaining the $35 level is becoming increasingly clear.

Alpha Interpretation

Ondo Finance launches an on-chain securities trading platform, supporting public securities trading on Solana.

On May 23, according to SolanaFloor, Ondo Finance announced the launch of the "Ondo Global Markets" platform, which will support on-chain trading of public securities (including stocks) on the Solana blockchain. As competition intensifies for traditional financial markets to migrate to blockchain, the platform plans to integrate deeply with the Solana DeFi ecosystem.

Solana has become the preferred blockchain for RWA tokenization due to its high performance and low cost. In 2025, BlackRock's BUIDL fund migrated from Ethereum to Solana, highlighting the maturity of its institutional-grade infrastructure. Ondo GM's choice of Solana reflects the industry's preference for high-throughput blockchains, especially in securities markets where real-time transactions are required.

Supporting securities trading is a significant advancement for Ondo Finance in the field of RWA tokenization, providing investors with low-cost, high-transparency investment channels. The platform utilizes instruction tokenization to retain traditional market liquidity while enhancing on-chain composability through API and DeFi integration, which is expected to attract more attention and participation from developers, investors, and traditional financial institutions in the future.

Uniswap will launch v4 trading routes, promising to donate $35,000 to support development.

The Uniswap Foundation announced on May 23, 2025, plans to donate $35,000 to developer Ross for the development of a community trading router UniswapV4Router04 optimized for Uniswap v4, as an alternative to the existing universal router. This router is funded by Sauce and aims to reduce the learning curve for developers integrating Uniswap v4, acting as a "semantic converter" for the v4 architecture. Specifically, UniswapV4 helps developers build decentralized applications (dApps) or execute complex trades more efficiently by simplifying interactions with the v4 core contracts and hooks.

In the future, DeFi protocols will increasingly focus on lowering the barrier to entry for developers, especially after the launch of complex features. By supporting community-developed dedicated routers, Uniswap continues its open-source tradition, in line with the trend of protocols such as Aave and Compound to attract ecosystem growth by funding developer tools such as SDKs or APIs. The router's open-source and standardized interfaces not only enhance the developer experience, but also enhance security by reducing technical errors. In the future, the iteration of UniswapV4 and community feedback will be the focus of observation, which may further consolidate Uniswap's leading position in the DEX market.

Wormhole launches integration, enabling DOGE to be multi-chain and landing on Solana.

Wormhole announced the introduction of the $35 billion market cap DOGE into Solana as a native asset circulation through its Native Token Transfers (NTT) framework and zero-knowledge proof technology provided by Psy and RISC Zero. This integration aims to enhance DOGE's usability and multi-chain interoperability, addressing the growing demand for large market cap encryption assets and institutional-grade products. This initiative to improve its multi-chain interoperability and usability through NTT and zero-knowledge proof technology is also expected to attract institutional investors and drive growth in trading volume and adoption within the Solana ecosystem.

Gate HODLer Airdrop

New Listing Details

• Subscription Project: SOON
• Token Name: SOON
• New issuance time: May 23, 2025 15:00 (UTC+8)
• Participation method: GT
• Individual participation limit: 5,000 GT
• Total airdrop amount: 166,667 SOON

Project Introduction

SOON is a multi-product platform that includes the SOON Stack (SVM Rollup Stack), InterSOON (Cross-Chain Communication Protocol), and Simpfor.Fun (Copy Trading Platform). SOON's core positioning is the high-performance engine of Solana Layer 2, but its technical framework breaks through the limitations of traditional rollups. By decoupling the SVM's execution layer from Solana's consensus layer, SOON enables the flexibility of cross-chain deployment while retaining the parallel processing benefits of the SVM (10,000 TPS support). The total amount of SOON tokens is 1 billion and will be issued on both the Solana and BSC networks.
Reference Materials:

• Gate, https://www.gate.io/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Believe, https://www.believescreener.com/
• CoinMarketCap, https://coinmarketcap.com/cmclaunch/
• TheBlock, https://www.theblock.co/post/355127/sec-delays-decisions-on-xrp-and-dogecoin-etf-proposals-asks-for-public-input?utm_source=twitter&utm_medium=social
• TheBlock, https://www.theblock.co/post/355013/succinct-introduces-zkvm-sp1-hypercube-claims-real-time-ethereum-proving
• Cointelegraph, https://cointelegraph.com/news/is-xrp-price-rally-over-for-now
• X, https://x.com/SolanaFloor/status/1925653465960763564
• Uniswap, https://uniswapfoundation.mirror.xyz/mbmFs2lrKUrYyAmF7MPFFxPOl3sXBGdUNLQy7rm0LwM
• Strategy, https://www.strategy.com/strf-atm-launch-05-22-2025
• Gate, https://www.gate.io/zh/hodler-airdrop/2314?airdrop_name=TGT

Disclaimer Investing in the crypto market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate does not take responsibility for any losses or damages resulting from such investment decisions.