DeFi

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.

With the similar backgrounds of Sui and Aptos, the debate over which will emerge as the leader in the Move-based blockchain space continues to heat up. This report takes a data-driven approach to explore the overall performance of the Sui and Aptos ecosystems in 2024. It covers key aspects such as network performance, user growth, capital inflows, ecosystem development, and token performance, providing a comprehensive analysis of their progress.

This report thoroughly examines the stablecoin market, providing a detailed analysis of its current state, use cases, competitive dynamics, and regulatory landscape. It covers the strengths, challenges, and future prospects of established stablecoins and emerging projects, offering valuable insights for investment decisions. The report explores how stablecoins are crucial in crypto trading, cross-border payments, and the DeFi ecosystem, and delves into their technological innovations and market potential.

DeFi is becoming a cornerstone of the maturing crypto market. While established players like Aave, MakerDAO, and Compound continue to lead, many other protocols are exploring ways to break new ground through modular lending, real-world asset (RWA) tokenization, interest-free and unsecured loans, and AI integration. This article takes an in-depth look at the competitive landscape of the DeFi sector and highlights emerging innovation trends. By examining how DeFi lending platforms operate, key technological advancements, regulatory developments, and market opportunities, the report uncovers the significant potential of this field to enhance financial service efficiency and drive capital flow. Amid challenges like market fluctuations, technological hurdles, and compliance pressures, the DeFi lending market is pushing boundaries to achieve safer, more efficient, and sustainable growth. Combining insights from technological advancements and business data, this article presents a forward-loo