DeFi

The market repriced expectations for further Fed rate hikes, keeping pressure on crypto assets. BTC declined approximately 4.3% over the week, while ETH fell around 4.8%. Global crypto ETPs recorded net outflows for a second consecutive week, totaling $2.54 billion. Gate officially launched stock trading, providing access to more than 10,000 U.S. stocks and ETFs. PancakeSwap surpassed Uniswap in trading volume, while activity in the LST sector cooled, with the Solana ecosystem remaining relatively resilient. Risk appetite across DeFi remained cautious, as Aave's lending volume continued to decline, although borrowing rates for its three core assets largely stabilized. In the derivatives market, BTC exhibited a combination of falling prices, persistently positive funding rates, and continued volatility compression.

Over the past week, markets continued to swing around developments in U.S.-Iran negotiations and expectations for Fed policy. Easing geopolitical tensions briefly pushed oil prices lower, while the U.S. 10 year Treasury yield climbed toward 4.56%. U.S. equities extended their divergent rally, whereas the crypto market remained broadly weak. BTC ETFs recorded roughly $1.256 billion in net outflows for the week, while ETH ETFs saw approximately $216 million in net outflows, reflecting continued cautious institutional positioning. Onchain liquidity continued to concentrate in leading DEXs such as Uniswap, PancakeSwap, and Aerodrome, while the stablecoin market increasingly shifted toward a repricing framework centered on settlement efficiency and regulatory compatibility. The Aave lending market gradually moved back toward normalization, while emerging chains such as MegaETH and Plasma continued absorbing incremental liquidity flows. In derivatives, the market maintained a low leverage, w

Last week, BTC ETFs recorded net outflows of approximately $996 million, while ETH ETFs saw net outflows of around $255 million. On-chain TradFi activity and CEX derivatives trading continued to be dominated by safe-haven assets such as gold. On-chain liquidity remained concentrated in leading DEXs including PancakeSwap and Raydium. Lending activity and LST sectors on the Aave mainnet declined, with leverage demand across both Ethereum and Solana ecosystems cooling simultaneously. Meanwhile, emerging chains such as MegaETH and Plasma continued to absorb structural capital rotation. BTC open interest (OI) continued to trend lower, while the share of put option trading volume and negative 25D Skew both expanded further, accompanied by a gradual rise in the DVOL baseline. Gate’s institutional spot market share increased against the broader trend, rising 10% week-over-week, while cross-margin lending volume also grew 10% WoW.

Last week, BTC broke above $82,000, driven by continued ETF inflows, with BTC ETFs recording net inflows of $632 million for the week. CEX-listed TradFi equity-related assets continued to expand steadily. On-chain capital rotated back into leading DEXs and mature liquidity venues, with Uniswap and PancakeSwap serving as the primary liquidity hubs. Meanwhile, Aave continued to absorb the impact of the rsETH incident, leaving the lending market relatively weak. Emerging ecosystems such as MegaETH and Plasma began attracting incremental capital inflows, while Solana LSTs were among the first to benefit from improving market risk appetite. The derivatives market maintained a “negative funding rate + high-level consolidation” structure, with BTC’s short squeeze rally being partially released in stages. In May, Gate Institutional spot trading volume increased by 14.54% month-over-month, while futures trading volume rose 18.10% MoM. CrossEx also recorded record highs in both trading volume an

Last week, the crypto market overall maintained a “cautiously optimistic” tone, with BTC rising from around $68K to above $77K. TradFi trading activity cooled somewhat, though gold remained the core trading asset. On-chain capital continued concentrating in highly liquid and high-turnover venues, with PancakeSwap recording nearly $36 billion in weekly trading volume. Stablecoin capital clearly rotated back into settlement-focused dollar assets, while USDT supply climbed to nearly $200 billion. Following the rsETH incident, Aave’s total lending balance plunged 26.7% within a single week. Meanwhile, the derivatives market showed a typical divergence structure of “deeply negative funding rates alongside high-level price consolidation,” with BTC perpetual short positioning remaining crowded as implied volatility and options trading volume both increased.

Over the past week, markets saw heightened volatility driven by recurring geopolitical tensions and stronger than expected economic data. Shifting signals from the United States and Iran pushed oil prices higher, with WTI rising more than 7% on the week. Solid retail sales, ISM readings, and nonfarm payrolls supported a rebound in equities, while precious metals reached new highs. Crypto assets moved in line with improving risk appetite, with Bitcoin approaching the $70k resistance level. On the flow side, BTC ETFs recorded modest weekly net inflows of about $22.3 million, an improvement from the prior week but still limited, while ETH ETFs continued to see net outflows. Quarter end rebalancing and holiday effects led to quick reversals after initial inflows. On chain and trading activity concentrated in oil and precious metals, DEX structure reshuffled, and Meteora volumes increased significantly. Stablecoin supply remained elevated, with USDC edging lower while DAI and USDS absorbed

Over the past week, global markets shifted into a risk-off mode, driven by the Fed’s hawkish stance and escalating geopolitical tensions. Rising US Treasury yields have weighed on risk asset valuations. Gold and silver, after previous rallies, corrected by more than 10%. The crypto market also weakened, with BTC dropping below $70,000. At the same time, crude oil prices remained resilient amid expectations of potential supply disruptions, and energy factors continue to influence the inflation outlook. On the capital front, both BTC and ETH ETFs saw net outflows, and short-term capital inflows slowed. Nevertheless, total assets under management remain high, indicating that long-term allocation capital has not exited the market. On-chain, DEX liquidity has become increasingly concentrated in leading and high-efficiency protocols, with Meteora’s rapid rise reshaping the trading landscape. Marginal increases in stablecoins are now primarily driven by protocol-based assets, while DeFi cred

Over the past week, global markets have been primarily driven by energy shocks and geopolitical risks. WTI crude rose more than 4%, with higher oil prices reinforcing inflation expectations and further constraining the scope for rate cuts. The Dollar Index moved back above 100, while Treasury yields climbed in tandem. Risk assets broadly came under pressure, yet the crypto market showed notable resilience. Consecutive net inflows into BTC ETFs indicate continued institutional accumulation during the pullback. On-chain, stablecoin supply continued to expand, with liquidity increasingly concentrated in leading protocols. Lending and LST sectors also rebounded, reflecting a marginal recovery in risk appetite. In derivatives markets, funding rates remained largely negative while implied volatility declined, suggesting market sentiment is gradually recovering from extreme caution. Looking ahead, markets will focus on the upcoming Fed rate decision and policy signals from major central banks

Global markets faced pronounced impacts from energy price shocks and heightened geopolitical risks over the past week. Escalating tensions in the Middle East sent oil prices surging, with WTI climbing more than 25% in just one week. This drove a risk-off environment, resulting in simultaneous declines across BTC, ETH, and US equities. From a macro perspective, while higher oil prices are unlikely to trigger an immediate recession, they may fuel inflation and slow the pace of rate cuts in the coming months. On-chain metrics show DEX trading volumes remained robust, with liquidity further consolidating around leading protocols. The total stablecoin market cap climbed to approximately $330 billion, with USDC accounting for the majority of new inflows. In derivatives, funding rates stayed negative and option volatility increased, reflecting continued caution toward tail risks. Overall, markets are now undergoing a phase of macro risk repricing and liquidity reallocation. In the week ahea

Gate Research: Over the past week, macro uncertainty has continued to dominate market pricing. Escalating tensions in the Middle East, tariff expectations, and the ongoing AI narrative have reinforced risk-off sentiment, with capital rotating into defensive assets such as oil, gold, and the Japanese yen, putting pressure on risk assets. BTC declined sharply over the weekend amid thin liquidity conditions, while ETH underperformed BTC overall, leaving the market in a fragile post-deleveraging equilibrium. On-chain data shows event-driven spikes in DEX trading volume, while stablecoin supply has remained elevated but flat, suggesting capital is largely in a wait-and-see mode. In derivatives markets, open interest continues to decline and funding rates remain negative but stable, indicating that overall leverage in the system has been significantly reduced. Meanwhile, mid-tier protocols such as Hyperliquid and Jupiter recorded revenue growth, pointing to a modest rebound in on-chain tradi

This report provides a systematic review and analysis of the development of liquid staking (LSD) protocols. Since 2020, liquid staking protocols have risen rapidly, with total value locked (TVL) surpassing USD 85 billion, becoming an important bridge between PoS and DeFi. By comparing mainstream protocols such as Lido, Jito, and Rocket Pool, the report highlights the characteristics and competitive dynamics of different models: Lido, leveraging its first-mover advantage and economies of scale, remains the leader in Ethereum liquid staking; Jito has rapidly expanded within the Solana ecosystem by distributing MEV revenue; Rocket Pool, through decentralization and low entry thresholds, has encouraged participation from smaller node operators. With relatively low risk and stable yield characteristics, liquid staking has attracted massive user and capital inflows, and has further given rise to innovative products represented by Pendle, enhancing both capital efficiency and financial divers

This report presents an in-depth analysis of emerging Layer 1 blockchain Berachain, centered on its innovative Proof of Liquidity (PoL) consensus mechanism. It explores the project’s architecture, tokenomics, ecosystem protocols, TVL dynamics, and governance model. The report also highlights structural risks such as inflation pressure, TVL concentration, and a potential innovation slowdown, while assessing whether Berachain can evolve into a sustainable, liquidity-driven public chain paradigm through continued DeFi and dApp ecosystem development.