Finance

Gate Research Weekly Report: This week, ETH surged past $3,400 with strong momentum, while BTC underperformed compared to altcoins. USDT market cap surpassed $160 billion, hitting a new all-time high. Orca plans to launch its Launchpad by late July or early August. Aave’s TVL exceeded $30 billion, setting a new record. Pump.Fun reclaimed its position as the leading token launch platform on Solana, capturing 46.9% market share over the past 24 hours.

This report summarizes the Web3 fundraising landscape in June 2025. During the month, a total of 119 fundraising deals were completed, reaching $5.14 billion — the highest monthly total recorded in 2025 so far, reflecting a strong rebound in capital inflows. Fundraising activity this month was marked by high concentration and institutional dominance. The CeFi sector led the way with $3.3 billion — nearly three times the combined total of all other sectors — mainly driven by active large-scale mergers, acquisitions, and post-IPO fundraising, highlighting the accelerating integration of Web3 with traditional finance. The report also highlights major projects including Yupp, Momentum, HashPower, Avantis, and OpenTrade.

Last week, BONK surged over 52%, fueled by optimism around its ETF application. Its launchpad, Letsbonk, surpassed Pump.fun in token issuance, and the number of holders exceeded one million. FLOKI gained more than 12% following the launch of its flagship game, VALHALLA, on the opBNB mainnet. Starknet saw renewed momentum thanks to ecosystem expansion and resonance with the BTCFi narrative. Meanwhile, xStocks sparked strong demand for on-chain equities, driving on-chain financial innovation and deeper integration with traditional assets.

This report reviews the explosive logic behind DeFi Summer and systematically analyzes PayFi’s core concepts, protocol ecosystems, application scenarios, and potential catalysts, exploring whether it has the potential to trigger a new wave of on-chain financial enthusiasm—“PayFi Summer.” Unlike DeFi Summer, PayFi focuses more on addressing real-world payment pain points and delivering long-term sustainable value. It is driven by strategic capital, targets a mass user base, and originates within a stricter regulatory environment. Therefore, its “Summer” is more likely to be a moderate, enduring transformation that profoundly reshapes global payment infrastructure, rather than a short-term speculative frenzy.

As the crypto market shifts into a phase of stock-based competition and regulatory refinement, exchanges are transitioning from traffic-driven growth to user value–oriented strategies. Gate has launched a revamped VIP program that spans five key areas—trading, wealth management, fiat services, brand privileges, and customer support—to build a high-retention, multi-tiered user ecosystem. Compared to its peers, Gate offers a more flexible tier structure and comprehensive exclusive benefits, including 100% spot fee discounts, up to 400 sub-accounts, and fiat withdrawal privileges, precisely targeting high-net-worth and institutional users while reinforcing its resilience in market cycles.

This report systematically examines the mechanism design and user yield pathways of yield-bearing stablecoins. By analyzing representative projects such as USDe, USDS, and USDY, the report distills the core logic and strategic framework behind stablecoin Alpha in the current market environment, helping investors identify high-quality opportunities with risk-adjusted return potential. It emphasizes that stablecoin Alpha is not simply about high yields, but rather a structured, sustainable, and incentive-driven return system. Yield sources span on-chain arbitrage, off-chain assets, mechanism innovation, and ecosystem incentives. The report also underscores the importance of managing key risks—such as liquidation, liquidity constraints, and protocol security—while pursuing enhanced returns.

This report summarizes the Web3 industry’s fundraising landscape in May 2025. A total of 122 deals were completed, raising $1.92 billion. Among them, the CeFi sector dominated with over $1.2 billion in funding. Traditional financial instruments such as mergers & acquisitions and PIPE investments were frequently employed, indicating that institutional capital is accelerating its deployment into compliant, integrable centralized infrastructure. The report also highlights major projects including Antix, Turtle Club, T-Rex, VOYA Games, and KYD Labs.

This report summarizes Web3 on-chain data for May 2025. Solana remained dominant with over 3.1 billion transactions, while Base saw explosive growth, surpassing 300 million transactions in a single month. Injective led among emerging blockchains with $130 million in net inflows. Bitcoin’s Accumulation Trend Score stayed elevated, indicating continued accumulation by major players, as exchange interaction rose to 33%. LetsBonk.fun recorded over 105,000 tokens launched, with a graduation rate of around 1.25%. $VIRTUAL saw significant growth in both user activity and gas fees, reflecting strong real usage momentum.

This report provides an in-depth analysis of the ongoing transition in the blockchain landscape—from a “multi-chain free-for-all” to a “stock-based competitive game.” It focuses on the differentiated strategies of seven representative blockchains: Sonic, Berachain, Abstract, Sui, Hyperliquid, Unichain, and Sei Network. The report highlights that by 2025, Layer 1 blockchain competition has entered a new phase characterized by the triad of performance, application-specific scenarios, and incentive mechanisms. It emphasizes that technological innovation, enhanced user experience, and the sustainability of ecosystem incentives are key factors for project success. At the same time, the report also points out security challenges faced by projects such as Sui, especially in the aftermath of the Cetus exploit.

This report presents a systematic, data-driven "Meme Coin Lifecycle Research Toolkit" that integrates on-chain data, community activity, and market sentiment indicators. It is designed to help investors identify key signals across different stages of a meme coin's lifecycle, manage risk proactively, and capitalize on market rotations. The toolkit also offers valuable insights for policymakers seeking to understand the evolutionary logic and potential systemic risks of such assets. The report outlines a comprehensive signal map for assessing meme coins, details the data characteristics and thresholds at each stage, and provides a practical investment playbook to help investors develop and implement response strategies in advance across different stages.

Gate Research Weekly Report: This week, BTC broke the $110,000 mark, reaching a new high. The altcoin sector showed divergence, with segments like Meme coins, AI Agents, and the Solana ecosystem leading in gains. The stablecoin "GENIUS Act" has passed the motion for voting and is entering the revision process. Tether has issued an additional 2 billion USDT on the Tron network. Worldcoin has completed a $135 million WLD token financing led by a16z. Next week, there will be significant unlocks of tokens like SOL, TRUMP, and WLD, which may impact market sentiment.

Gate Research Weekly Report: This week, the market remained volatile overall, with BTC and ETH showing clear range-bound movements. The altcoin sector showed signs of divergence, with Frog-Themed, Launchpad, and Layer 2 tokens leading in gains. The total market cap of Believe platform tokens surpassed $450 million, and LAUNCHCOIN has surged over 200x since the end of April, highlighting the growing trend of "influence financialization." Open interest in XRP and DOGE futures has spiked despite sluggish price performance, indicating rising leverage risk. Pump.fun’s market share is being eroded by competitors LetsBonk.fun and Believe, intensifying ecosystem competition. Puffverse has launched a new token sale, drawing attention. Meanwhile, Openverse, Nirvana, and KYD have completed funding rounds. Next week, token unlocks—including PYTH—worth over $560 million are expected, which may impact market sentiment.