Blockchain

In August, the total cryptocurrency market capitalization remained relatively stable in the first half of the month before moving higher, while BTC continued to lead ETH in trading volume and market activity strengthened significantly toward month-end. On-chain capital continued to migrate toward highly active networks and emerging application ecosystems. Ethereum still accounted for 56.2% of total DeFi TVL, while Lido and Aave led individual protocols with approximately $24.26 billion and $18.40 billion in TVL, respectively, with most leading protocols recording month-over-month growth. Monthly on-chain transfer volume for tokenized stocks surpassed $34 billion in August, with growth concentrated in a handful of popular assets such as QQQ, SPY, NVIDIA, and SpaceX. Genuine x402 transaction activity returned to growth in August, with daily transactions briefly exceeding 2 million.

In July, total crypto market capitalization repeatedly climbed above the $2.3 trillion level in the middle and latter part of the month, indicating a clear recovery in risk appetite compared with June. The eight largest crypto assets by market capitalization broadly rebounded, with ETH and ADA leading the gains, rising 18.48% and 16.59%, respectively. DeFi and DEX activity continued to expand, although market concentration remained pronounced. Ethereum still accounted for 54.9% of total DeFi TVL. Tokenized stock transfer volume reached $9.019 billion in July, with bStocks emerging rapidly. Prediction market taker volume surpassed $18 billion, while Kalshi’s market share rose to 66.2%. RWA perpetual trading volume approached $150 billion and continued to set new highs. Gate bucked the broader trend, with volume rising 4.8% to $5.65 billion, lifting its global ranking to third.

In June, the total cryptocurrency market capitalization declined month over month, while BTC and ETH trading volumes trended lower amid volatile market conditions. On-chain activity and capital flows continued to concentrate in leading ecosystems, with Hyperliquid recording the largest net capital inflows. Tokenized stock DEX trading volume reached $3.1 billion, with SPYx leading at approximately $967 million. Driven by the FIFA Club World Cup, prediction market trading volume exceeded $50 billion, while open interest surpassed $2 billion, both reaching all-time highs. The Web3 industry completed 42 funding rounds, raising approximately $898 million, while disclosed losses from Web3 security incidents totaled around $74.48 million, down roughly 9% from May.

In May, the total cryptocurrency market capitalization experienced a period of range-bound trading at elevated levels followed by weakness toward month-end, retreating from a local peak of $2.8 trillion to approximately $2.5 trillion. On-chain activity remained resilient overall, with Base and Avalanche recording growth despite broader market softness. Base, Arbitrum, and OP Mainnet attracted significant net capital inflows, while yield-generating protocols such as Lido, Aave, and Morpho drove TVL expansion. Meanwhile, Hyperliquid continued to dominate the on-chain derivatives market. Crypto payment card transaction volume reached $752 million, up 12.5% month-over-month, while prediction market trading volume remained above $10 billion for the fifth consecutive month. Exchanges such as Gate and wallets such as MetaMask are increasingly becoming key distribution channels for prediction markets.

The cryptocurrency market maintained a volatile upward trend throughout April, with total market capitalization rebounding notably from March levels. Trading volumes for BTC and ETH ETFs also recovered in tandem. Solana continued to lead the market in average daily transaction volume, while Hyperliquid and Arbitrum recorded significant net capital inflows. Lido remained the largest DeFi protocol by TVL, exceeding $20 billion. Pokemon TCG RWA emerged as one of the fastest-growing RWA segments, with major platforms surpassing $220 million in monthly trading volume. Meanwhile, Aave experienced a severe liquidity shock in April, seeing tens of billions of dollars in TVL outflows within just a few days. The Web3 industry completed 51 funding rounds in April, raising approximately $834 million in total. Web3 security incidents resulted in roughly $306 million in losses during the month, up approximately 858% from March, primarily driven by the Kelp DAO exploit.

The crypto market capitalization in March showed a clear pattern of oscillating upward before pulling back, with capital inflows into BTC and ETH exhibiting notable volatility. In terms of transaction count, Solana maintained a dominant lead, consistently exceeding 100 million transactions. At the protocol level, Aave and Lido remained the top two in TVL rankings. On-chain transfer volume of tokenized stocks reached a new high in March, approaching $3 billion, up more than 80% compared to February. The Web3 industry completed 67 funding rounds during the month, totaling approximately $5.847 billion. Losses from Web3 security incidents reached about $31.94 million, up roughly 165% month-over-month, with smart contract vulnerabilities remaining the primary cause.

In February, the overall crypto market showed a weak trend, with notable outflows from BTC ETFs. Major blockchains remained stable throughout the month, with Solana leading by a wide margin at over 100 million daily transactions. Ethereum recorded 13.34 million unique active addresses, maintaining its second-highest level in history. TradFi trading volume on Perp DEXs surged to $47.3 billion, largely driven by Hyperliquid’s HIP-3. The Web3 sector completed 46 funding rounds totaling $986 million, with the top 10 projects accounting for $793 million—three major deals were led by Tether. Meanwhile, Web3 security incidents declined significantly month-over-month, though smart contract vulnerabilities remained the primary risk source.

In January, BTC and ETH trading volumes generally fluctuated at elevated levels. Market sentiment shifted from a recovery phase toward caution, with limited trend persistence. Stablecoin market capitalization across major blockchains remained highly concentrated, with Ethereum accounting for more than half of the total. Gold and silver prices reached record highs, while the market cap of tokenized commodities surpassed $5 billion. Prediction markets recorded a new monthly high of $12 billion in trading volume, with both activity and fees expanding in tandem. The Web3 industry completed 53 funding rounds in January, with capital primarily flowing into blockchain services and the CeFi sector. Smart contract vulnerabilities continued to be the leading source of Web3 security risks.

In January 2026, the public chain landscape showed structural reallocation rather than an overall cooldown, with on-chain activity concentrating in high-frequency and high-efficiency networks. Solana maintained strong activity levels, Ethereum reinforced its role as a settlement layer, and Base expanded on the back of narrative-driven momentum, while some traditional L2s and sidechains weakened. Market capital allocation logic is increasingly shifting toward real usage efficiency. On Bitcoin, price action continues to oscillate around the short-term holder cost basis, with profit-taking cooling and selling pressure easing. Stress remains concentrated among short-term holders, while long-term holder structure stays intact, suggesting a mid-cycle consolidation rather than a trend reversal. At the project level, the rebound in Solana meme activity has reignited launchpad ecosystems. Pump.fun remains dominant, while Bags App has scaled rapidly through its novel “donation-driven” mechanism,

This report highlights that x402 is redefining internet semantics by shifting from the traditional “Request → Response” model to a new financial primitive of “Request → On-chain Atomic Settlement → Revenue Distribution.” This transformation enables native payment settlement and automated revenue splitting, positioning x402 as the execution layer for PayFi and machine-to-machine (M2M) payments. Over the past month, x402 processed more than 47 million transactions with an average value of under one dollar, signaling rapid demand growth yet still far from penetrating high-value commercial use cases. The ecosystem shows strong early concentration: Base chain consistently captures over 60% of market share, while major players such as Coinbase, Cloudflare, and Gate are accelerating infrastructure-level adoption. Short-term value continues to be driven by leading facilitators, whereas long-term potential hinges on whether x402 can establish a cross-chain revenue settlement network capable of

In October 2025, the total cryptocurrency market capitalization exhibited a “rise-then-fall” pattern, reflecting weak market confidence and a stabilizing trend. Driven by the “BTCFi” narrative, Starknet saw new highs in both capital inflows and on-chain activity, with TVL rising from $170 million at the end of September to $245 million. Prediction markets heated up, with Polymarket and Kalshi recording a combined monthly trading volume exceeding $7 billion. Privacy coins made a strong comeback, with ZEC surging more than 440% for the month and leading the rally. On the funding side, the Web3 sector completed 130 deals totaling $5.12 billion, up 28.43% month-over-month, with total capital raised jumping 104.8% — the second-highest level in nearly a year — with funds primarily flowing into DeFi ($2.15 billion) and core infrastructure.

In September, the cryptocurrency market remained volatile, with total market capitalization fluctuating between $3.8 trillion and $4.3 trillion. Early-month capital inflows pushed valuations to a peak of $4.25 trillion, before macroeconomic factors drove a pullback to around $4 trillion. Liquidity stayed stable, though the market lacked fresh momentum. On-chain activity was steady, led by Solana, while Arbitrum and Base saw mid-month surges. Base and Polygon also experienced brief spikes in gas fees. ArbitrumDAO’s DRIP incentive program attracted significant inflows, with $33.1 million in stablecoins entering the ecosystem within two days. Meanwhile, Plasma launched its mainnet and native token XPL, which peaked at $1.67, bringing its fully diluted valuation (FDV) to over $14 billion.