Gate Research Institute: Gate.io officially adopts a new Chinese name "大门" (Big Door), over one trillion stablecoin transfers on the Ethereum network in 30 days, OM flash crash.

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Abstract

• Bitcoin price fell by 1.39% to 84,514 USDT, Ethereum price fell by 1.16% to 1,619 USDT.
• Ethereum processed $1.18 trillion in stablecoin transfers over the past 30 days, setting a new historical record.
• Last week's 7-day NFT trading volume decreased by 4.7% to $94.7 million, with both buyers and sellers down over 70%.
• Gate.io announced a comprehensive brand upgrade on the occasion of its 12th anniversary, officially adopting a new Chinese name "大门".
• Pump.fun daily trading volume dropped by 99%, the token "graduation rate" slowed down.
• The SEC's second cryptocurrency roundtable will introduce a "crypto regulatory sandbox."

Market Commentary

• BTC — The BTC price has fallen by 1.39% in the last 24 hours and is currently trading at 84,514 USDT, with the overall trend showing a narrow range. In the chart, it can be seen that the price has gained support near 83,000 USDT, and has not broken through multiple retracements, forming a strong downward force; The upper side is subject to the 86,000 USDT resistance level, and the short-term long and short game is fierce. The MACD indicator bearish momentum weakened, the moving average system tended to be glued, and the market wait-and-see sentiment dominated. If the volume can break through the upper resistance, it is expected to open up further upside; Conversely, if it breaks below support, it may continue to pull back. At this stage, it is advisable to remain cautious and pay close attention to the breakout of the key range. 【1】

ETH – ETH price has fallen by 1.16% over the past 24 hours and is currently quoted at 1,619 USDT. As can be seen in the chart, the price has formed a phased support near 1,600 USDT, and has not broken through several tests, and signs of short-term stabilization are emerging. The upper resistance is at 1,688 USDT, and if it breaks through in the future, it is expected to open up new upside. The MACD indicator double-line low tends to be glued, the green column is shortened, and there is momentum to repair the rebound in the short term. However, the overall situation is still in the shock range, and the direction is still unclear, so it is necessary to pay attention to whether it can successfully stand firm and support and increase the volume. Investors are advised to stay on the sidelines and wait for confirmation of direction after the breakout of key levels. 【2】

• ETF —— According to data from SoSoValue, on April 11, the total net outflow of Bitcoin spot ETFs in the United States was $1.03 million【3】; the net outflow of Ethereum spot ETFs on the same day was $29.2 million. Data is as of April 14, 12:00 PM (UTC+8).【4】
• Shanzhai Coins — Real World Assets (RWA), Mobile Mining, The Boy's Club and other sectors rose by +4.9%, +4.8%, +0.7%.【5】
• Major U.S. Indices —— On April 11, the S&P 500 Index rose by 1.81%, the Dow Jones Index increased by 1.56%, and the Nasdaq Index gained 2.06%.【6】
• Spot Gold —— The spot gold price is $3,231.85 / ounce, down 0.07% for the day. Data as of April 14, 12:00 PM (UTC+8).【7】
• Fear and Greed Index —— Fear and Greed Index 31, the market is in a state of panic. [8]

Popular Tokens

According to Gate.io market data【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:

RFC (Retard Finder Coin) — The daily increase is approximately 65.41%, with a circulating market value of 109 million dollars.

Retard Finder Coin (RFC) is directly issued on Pump.fun, a meme coin project based on the Solana network, focusing on political satire and celebrity effect. The platform emphasizes fair issuance and transparency, designed specifically for community-driven tokens. RFC is inspired by the I Find Retards community on X (formerly Twitter), aiming to promote the spirit of free speech, humor, and decentralized finance.

Elon Musk has been frequently interacting with the project's account this month, quoting the RFC account to respond to the views of his political opponents, which has brought significant exposure to the RFC token. Additionally, the listing on exchanges like Gate.io and the launch of the 25x leverage contracts on AsterDEX have enhanced the token's liquidity. With today's purchase from the market maker wintermute's wallet address, its market capitalization has successfully surpassed the one hundred million dollar mark. [10]

ALCH (Alchemist AI) — with a daily increase of approximately 21.71%, the circulating market value is 112 million USD. Alchemist AI is a no-code development platform that utilizes large language models, allowing users to quickly generate software applications simply by providing a description. Unlike traditional AI agents, Alchemist AI does not require users to create multiple AI agents; instead, it automates the generation of applications through the built-in AI capabilities of the platform. Whether you are a programming novice or an experienced developer, you can instantly create various customized applications with Alchemist AI. The platform ultimately empowers every user to become a developer, turning ideas directly into reality without the need for programming knowledge.

Alchemist AI is set to launch a series of powerful new features in the second quarter. These features include Smart Refine and Live Build, which enhance development efficiency, and API Builder, which strengthens platform integration capabilities. Notably, the introduction of the Freelance Market will bring new economic activities and potential token use cases to the platform. Additionally, the upgrade of Game Engine 1.2 signifies the platform's continued efforts in the game development sector. These significant updates indicate that the capabilities of the Alchemist AI platform will be significantly enhanced, likely attracting more users and developers, thereby increasing the demand for ALCH tokens and driving up their price.

AERGO (Aergo)—— Daily increase of about 25.76%, circulating market value is 141 million dollars.

Aergo (AERGO) is a hybrid blockchain platform designed for enterprises, combining the decentralized advantages of public chains with the performance and control capabilities of private chains. Developed by the South Korean blockchain company Blocko, AERGO offers a smart contract engine (supporting Lua and SQL), AERGO Hub development tools, and a resource trading market, aiming to help enterprises build efficient and secure blockchain applications.

The official announcement has launched on-chain AI inference, marking its official entry into the AI data infrastructure field. At the same time, the development of its core ecological project Booost has accelerated. After the AIP-21 proposal was approved, Booost officially became the core dApp of the HPP ecosystem, moving towards the AI trustable data engine, focusing on human proof and AI agents. This injects a new market narrative into Aergo and raises market expectations for its future development, driving the continuous rise of AERGO token prices.【12】

Highlight Data

Ethereum processed $1.18 trillion in stablecoin transfers over the past 30 days, setting a new record

Ethereum's stablecoin trading activity reached an unprecedented peak at the beginning of 2025. In the past 30 days, Ethereum processed $1.18 trillion in stablecoin transfers, setting a historical record for Ethereum's stablecoin trading volume.【13】

This surge is not only due to the rapid expansion of the DeFi ecosystem and the widespread use of stablecoins in cross-border payments, but also related to the high tariff policies announced by the Trump administration in the U.S. this month. In the face of global market uncertainties and asset price fluctuations, more and more investors are choosing to transfer their funds into stablecoins pegged to fiat currencies to achieve risk aversion and value preservation. As a value-pegged asset, stablecoins can efficiently participate in lending and liquidity provision in DeFi, and have also become a hedging tool against the instability factors of traditional finance.

Ethereum has a mature DeFi ecosystem, an active developer community, and unified technical standards (such as ERC-20). It is the primary launch platform and main circulation network for mainstream stablecoins such as USDT, USDC, and DAI, attracting a vast number of users and liquidity. Meanwhile, Layer 2 scaling solutions have significantly reduced transfer costs and improved transaction efficiency, creating conditions for the large-scale application of stablecoins. Against the backdrop of rising global risk aversion, funds are flowing into stablecoins on Ethereum, thereby increasing the overall transfer scale and setting a historical high.

Pump.fun daily trading volume decreased by 99%, token "graduation rate" slowed down

At the beginning of 2025, the daily trading volume of Pump.fun reached as high as $3 billion, but by mid-April, this figure had plummeted to about $11 million, a drop of 99%. This decline coincides with a slowdown in the platform token graduation rate, which has fallen from 1.23% at the beginning of the year to 0.6%. In the past 24 hours, only 4 tokens have a market value exceeding $1 million, indicating a decrease in platform activity and a significant reduction in market liquidity.

Previously, the Pump.fun platform attracted a large number of users and capital due to its low-threshold token issuance model, resulting in a surge of tokens in a short period. Some projects even saw their market values skyrocket in a short time, becoming targets for speculators. However, recently, the issuance and trading volume of these tokens have significantly decreased, and the frequency of high market cap tokens appearing on the platform has drastically reduced, leading to a decline in market activity.

The overall sentiment in the crypto market has been poor recently, with persistent pressure causing speculative funds to become more cautious. The scarcity of quality meme projects and the reduction in arbitrage opportunities in the short term have also led to a decline in speculation willingness, with some users turning to more stable projects or converting funds into stablecoins for hedging, exacerbating the trend of capital inflow and cooling enthusiasm. At the same time, the uncertainty of the regulatory environment this month has further intensified market unease, especially as various countries are gradually tightening crypto regulatory policies, resulting in a decrease in the activity of speculators.

Last week, the NFT trading volume decreased by 10.41% to $89.03 million, with both the number of buyers and sellers dropping by over 70%

Last week, the NFT market continued to be sluggish, with total trading volume dropping 4.7% to only $94.7 million, marking a recent low. Meanwhile, the number of active buyers and sellers decreased sharply by 73.65% and 70.56%, respectively, and the total number of transactions also fell by 10.41%. In this bleak environment, the Courtyard NFT series based on Polygon surpassed the long-time leader CryptoPunks with sales of $16.24 million, becoming the sales champion of the week. [16]

Despite the price decline, Ethereum remains dominant, with sales increasing by 55.5% from last week, reaching $37.78 million, but this has not offset the overall downward trend of other blockchain platforms. Polygon ranks second with sales of $17.62 million, closely followed. The success of Courtyard is attributed to its unique physical asset-backed mechanism and collectible value, attracting more investor attention during market downturns.

The main reasons for the overall weakness in the market include the decline of Bitcoin prices to $85,000, Ethereum depreciating by 13.5% within seven days, and the global cryptocurrency market capitalization dropping to $2.63 trillion. In addition, the rise in investor interest in meme coins and politically-themed tokens has also diverted attention from traditional NFTs, leading to a decrease in market participation and trading activity.

Hot Comments

Gate.io 12th Anniversary Comprehensive Brand Upgrade

Gate.io announced a comprehensive brand upgrade on the occasion of its 12th anniversary, officially adopting a new Chinese name "大门" (meaning "Gate"), symbolizing openness, fairness, and innovation, marking the platform's strategic transformation towards the Web3 era. This upgrade not only updates the visual identity system but also focuses on optimizing user experience and technological innovation, promoting the construction of a decentralized ecosystem, committed to providing global users with a smarter and safer trading experience, and actively expanding the decentralized ecosystem to allow more people to enter the Web3 world without barriers.

Since its establishment in 2013, Gate.io has grown to become a global leader in the cryptocurrency industry, with over 22 million users and offering trading services for more than 3,800 cryptocurrencies. Its platform token GT has played a core role since the launch of the GateChain mainnet in 2019, with the GT price reaching a high of $25.960 and a total circulating market cap exceeding $2.94 billion, propelling its market cap into the global Top 40. To celebrate the brand's renewal, the platform will hold a grand 12th anniversary celebration in Dubai from April 29 to 30, gathering global blockchain elites to discuss the future of cryptocurrency.

The brand upgrade of Gate.io is backed by profound insights and firm beliefs about the future development of the cryptocurrency industry. With the continuous maturity of blockchain technology and the arrival of the Web3 era, users have raised higher demands for the functionality, security, and educational resources of trading platforms. Through brand renewal, Gate.io demonstrates its determination and capability to lead the industry’s development, committed to building a more open, free, and innovative financial system. In the future, Gate.io will continue to be user-centric, constantly exploring and breaking through, opening the door to the crypto future for global users, and working together to create a prosperous development in the crypto world.

SEC's Second Crypto Roundtable to Launch "Crypto Regulatory Sandbox"

Mark Uyeda, a commissioner of the U.S. Securities and Exchange Commission (SEC), publicly criticized the current SEC approach to cryptocurrency regulation during the second roundtable meeting. He pointed out that the SEC primarily constrains the industry through enforcement actions rather than clear guidelines, resulting in cryptocurrency companies operating in an uncertain environment with a lack of clear compliance pathways. This situation not only hinders innovation but also fails to effectively protect investors. The SEC will build a unified federal regulatory framework in the future, replacing the current fragmented state system, thereby reducing the compliance burden on companies and establishing a 'safe harbor' mechanism to provide clear compliance pathways for startup crypto projects.

At the same time, SEC reformist commissioner Hester Peirce advocated for allowing cryptocurrency exchanges to freely experiment in new areas through a "regulatory sandbox," including possibly trialing tokenized securities trading. Currently, the SEC has initiated two rounds of roundtable discussions to listen to feedback from the crypto industry and promote the formation of a more reasonable and forward-looking regulatory system.

The implementation of a regulatory sandbox may improve the compliance environment, reduce trial and error costs and legal risks for crypto companies, and encourage the development of more projects. A unified federal regulatory framework and clearer policy expectations will help enhance market transparency, boost investor confidence, and attract traditional institutional investors in the future. However, if regulation is not strict enough, it may also lead to increased risks for investors.

Review of OM Price Flash Crash, Maximum Drop Exceeds 90%

Yesterday, the crypto project MANTRA (OM) in the RWA sector experienced significant price fluctuations. The price of OM plummeted from $6 to $0.5 in a short period, a drop of over 90%, with a market cap evaporating by more than $5.5 billion. Subsequently, the price of OM rebounded to $1.2.【20】

MANTRA SAID THAT THE OM CRASH WAS DUE TO THE RECKLESS LIQUIDATION OF THE CEX DURING THE PEAK LIQUIDITY PERIOD, THE NON-TEAM SELL-OFF, THE TOKEN WAS LOCKED, THE ECONOMIC MODEL REMAINED UNCHANGED, AND THE TOKEN WAS NOT SOLD BY THE TEAM, CORE ADVISORS OR ASSOCIATIONS. However, on-chain data shows that multiple whale addresses transferred large amounts of OM to exchanges before the crash, raising questions from investors about their market manipulation. At the same time, some community members pointed out that MANTRA's TVL is only about $13 million, but the fully diluted valuation is as high as $9.5 billion, which is a significant valuation skew.

The recent crash has not only severely impacted OM itself but has also affected the entire RWA sector. Market confidence has been severely damaged, and investors are beginning to reassess the sustainability and governance transparency of RWA projects. This incident has exposed the systemic risks associated with the project's reliance on centralized trading platforms, as well as the potential vulnerabilities under token control structures. In the future, similar projects will find it difficult to attract long-term funding if they cannot enhance transparency and distributed governance capabilities. RWA projects may need to strengthen their transparency and governance mechanisms to restore market confidence and promote healthy development in the sector.

Fusion Information

According to RootData, a total of 5 projects publicly announced financing in the past 72 hours, with a total financing amount of approximately $33.35 million, the highest single financing amount reaching $12 million, involving Web3 financial education, decentralized communication, and zk-rollup technology. Here are the details of the financing projects: 【21】

BugsCoin —— Completed a $12 million Series A funding round, co-invested by Becker Ventures, Castrum Capital, BullPerks, DuckDAO, Maxx Capital, and an Asian family office. BugsCoin is an innovative platform focused on Web3 financial education, helping users learn financial skills in a risk-free simulated trading environment under real market conditions, and incentivizing user participation through the $BGSC token as a learning reward.

The platform plans to use the funds from this financing for global expansion, developing localized education programs, upgrading its decentralized asset management protocol BugsFunded, developing AI-driven advisory tools, and optimizing the token economic model, while exploring new ecosystem application scenarios, aiming to promote the development of its EduFi (Education + Decentralized Finance) model. 【22】

Towns Protocol - Completed a $10 million Series B funding round, led by a16z crypto, with participation from Coinbase and VenturesBenchmark. Towns Protocol is a decentralized communication protocol that combines EVM-compatible L2, off-chain messaging networks, and smart contracts on Base, enabling users to freely create programmable "spaces" with on-chain membership, reputation systems, and end-to-end encryption features.

The funding did not specify its exact use, but inferred from the project's development, the funds will be used to build a decentralized social platform and enhance user experience. In the future, programmable community management tools may be launched to attract more users through marketing and collaboration, and strengthen community governance mechanisms to ensure the stability and security of platform operations, dedicated to creating a more open, fair, and secure digital social environment for users. [23]

OpenZK Network — Completed $6 million in early and strategic financing, co-participated by Animoca Brands, Coinstore, and Sovereign Trust. OpenZK Network is a layer two network based on zk-rollup, supporting efficient low-cost transactions, and providing continuous incentives through ETH, re-staking, and stablecoin staking.

This funding will be used to further optimize zk-rollup technology, improve network performance and scalability, strengthen cooperation with major platforms and projects in the industry, and promote the application of OpenZK Network in the Web3 ecosystem. At the same time, it will enhance user experience, increase community participation, and promote the widespread application of zero-knowledge proof technology in decentralized finance (DeFi) and other blockchain applications.

Airdrop Opportunity

Huddle01 is a decentralized video conferencing platform based on Web3, designed to provide secure, private, and open communication solutions for NFT communities, DAOs, developers, and Web3 enthusiasts. Users can log in through crypto wallets, create token-gated meetings, use NFTs as avatars, and store meeting content on IPFS or Filecoin for decentralized data storage.

Huddle01 has launched the testnet and confirmed the airdrop! Start earning points now, which will be exchanged for tokens in the future. A total of up to 10 million $HUDL tokens are allocated for this event.【25】

How to participate:

1. Go to the official website and connect your wallet.
2. Complete social tasks and the "Task Arena" tasks.
3. Interact with the applications in the "Application Arena" tab.
4. Open your profile and try to collect all the badges.
5. Invite friends to join and track your ranking on the leaderboard.

Tip: The airdrop plan and participation methods may be updated at any time. It is recommended that users pay attention to Huddle01's official channels for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the issuance of subsequent airdrop rewards.
Reference Material:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/Gate_io/status/1909879085024628931
11. X,https://x.com/alchemistAIapp/status/1910386562858443088
12. X,https://x.com/aergo_io/status/1911389653791301834
13. X,https://x.com/Cointelegraph/status/1910905940754264115
14. Dune,https://dune.com/jonsy/pumpfun-token-analytics
15. Duen,https://dune.com/jhackworth/pumpfun
16. Cryptoslam,https://www.cryptoslam.io/
17. Gate.io,https://www.gate.io/zh/announcements/article/44396
18. SEC.gov,https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-ctf-roundtable-crypto-trading-041125
19. Decrypt,https://decrypt.co/314552/sec-crypto-regulatory-sandbox
20. Mantrachain,https://www.mantrachain.io/resources/announcements/community-update-14-april
21. Rootdata,https://www.rootdata.com/Fundraising
22. X,https://x.com/bugscoin_bgsc/status/1910672268373745808
23. X,https://x.com/TownsProtocol/status/1910384877293494657 24.X,http://x.com/OpenZkNetwork/status/1910682267351212389
24. X,https://x.com/huddle01com/status/1910329685143126162

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