Gate Institute: Solana active Address count hits a one-year low | Ethereum daily active validators continue to decline

Summary

1. Bitcoin has been fluctuating between $100,300 and $107,500 over the past week, and its consolidation phase is expected to extend.
2. Visa launches a stablecoin payment pilot, supporting platforms to directly pay content creators and freelancers in USDC.
3. VCI Global plans to invest 100 million dollars to purchase Oobit tokens OOB, a cryptocurrency payment company supported by Tether.
4. The number of Ethereum validators has fallen back to the levels of April 2024, and the waiting time for validators to exit the queue has reached a new high.
5. The number of active addresses on Solana has dropped to 3.3 million, setting a new low for the year.
6. The x402 network facilitator has processed over 18.82 million transactions, growing 35 times compared to May.

Market Interpretation

Market Commentary

• BTC Market —— Bitcoin is currently trading around $102,000, attempting to rebound after recent fluctuations. The price found support in the major demand zone near $100,000, but faced significant resistance in the $105,000 area, falling back to around $101,000. Although there are signs of a recovery in buying interest, the overall market structure indicates that if trading volume does not significantly increase, this rebound may only be a temporary correction. Technically, the $106,000 to $110,000 range has become a key supply zone; if buyers can break through and hold above $110,000, the upper target will point to $114,000. Conversely, if stability cannot be maintained, this rebound may come to an end, and the price could retest the $100,000 level. From a macro perspective, interbank funding prices remain stable, and the risk of government shutdown has been alleviated, which is expected to boost market risk appetite and support Bitcoin and major crypto assets.
• ETH Market - After failing to maintain upward momentum above $3,600, Ethereum has once again fallen back to test key support levels. The current market structure indicates that the recent rebound may only be a short-term correction within a larger consolidation phase, and caution is required until the structure stabilizes. From the daily chart perspective, ETH prices continue to operate within a descending Bollinger Band channel, repeatedly constrained by the upper and middle bands, reflecting the dominant downtrend structure. Prices have not solidified above the resistance zone of $3,600–$3,700, and as they retest the lower band of the channel and the 200-day moving average (around $3,300), selling pressure has re-emerged. Currently, this range has become the core battleground for bulls and bears, and if Ethereum's closing price falls below the 200-day moving average, it could trigger further pullbacks, targeting the main demand zone of $3,000–$3,100, which has strong buying support. Conversely, if the price successfully returns to and stabilizes above $3,600, it may confirm a bullish recovery structure, opening up upward potential to the $3,900–$4,000 range.
• Altcoins —— This week, mainstream altcoins are showing a structural rotation trend, with the altcoin seasonal index at 28. Since late October, altcoins have continued to experience a volatile consolidation market, so caution should be maintained in operations.
• Stablecoins - The current total market capitalization of stablecoins is $305.6 billion, with a short-term decline of $22.86 million due to market adjustments over the past week. In the long term, the overall scale remains in a stable upward trend.
• Gas Fee —— The gas fee on the Ethereum network has retreated from a peak average of 2.73 Gwei on November 4, and as of November 13, the average gas fee for that day was 0.145 Gwei.

Popular Tokens

In the past 24 hours, the overall performance of the crypto market has been mixed. Bitcoin fell by 0.83%, dragging down market sentiment, while Ethereum rose against the trend by 0.56%, showing relatively strong performance. Some mainstream altcoins such as XRP (+1.27%) and DOGE (+0.07%) strengthened slightly, but SOL and others still recorded declines, indicating a structural rotation of market funds. With most assets entering a short-term adjustment phase, BEAT, SUBHUB, and PARTI tokens performed well. Below, we will analyze the reasons for the rise of each token one by one.

BEAT Audiera (+139.25%, Circulating Market Cap 52.3266 Million USD)

According to Gate.io market data, the current price of the BEAT token is $0.36314, up 139.25% in the last 24 hours. Audiera is the Web3 version of the globally popular music dance game IP Audition, with over 600 million users worldwide. The project combines artificial intelligence and blockchain technology to create an immersive, creativity-driven interactive experience. Users can interact with AI idols, create music, and mint it as NFTs, while also participating in fully immersive games through smart fitness mats. Its ecosystem includes mobile games, mini-apps, and AI-driven creative studios.

Recently, the price of BEAT has rebounded strongly, mainly driven by positive news from exchanges. On November 12, a major CEX launched BEAT perpetual contracts, supporting up to 50x leverage and copy trading. On the same day as the official announcement, BEAT's 24-hour trading volume exceeded $1.1 billion. Against the backdrop of a roughly 7% decline in global cryptocurrency trading volume over 24 hours, the launch of this derivative attracted a large amount of short-term speculative funds, bringing significant liquidity and price volatility. Although market enthusiasm has clearly increased, high leverage also magnifies the risk of volatility, and investors should remain cautious.

SUBHUB SubHub (+76.04%, Circulating Market Cap 618,200 USD)

According to Gate.io market data, the SUBHUB token is currently priced at $0.007429, having increased by approximately 76.04% in the last 24 hours. SubHub is a blockchain-based Web3 subscription platform that enables creators to achieve decentralized content subscriptions and revenue distribution through cryptocurrency payments and smart contracts.

The rise in SUBHUB's price is mainly driven by product updates: the SubHub team recently announced the integration of an RSS subscription feature, enabling direct distribution of Web3 content, and emphasized its “decentralized influence” platform on November 7. These updates make SUBHUB a tool for creators to bypass centralized platforms. Empowering creators and promoting the concept of Web3 decentralization aligns with the core spirit of the crypto industry, attracting speculative funds.

PARTI Particle Network (+46.14%, circulating market cap 23.5679 million USD)

According to Gate.io market data, the current price of the PARTI token is 0.10119 USD, having increased by approximately 46.14% in the last 24 hours. Particle Network is a leading chain abstraction infrastructure in Web3. Its core technology, Universal Accounts, addresses the fragmentation issues of users, data, and liquidity across multiple chains, providing users with a universal account and balance across all chains.

The main factor for the rise of PARTI is the momentum from the technical aspect. The current price has broken through the 23.6% Fibonacci retracement level (0.2475 USD), with trading volume surging by 307%. The 7-day RSI reached 80.79, indicating an overbought condition, while the MACD histogram has turned positive for the first time since May 2025. If the price can hold above the 20-day MA (0.20 USD support area), the upward momentum may continue.

Highlight Data

Visa launches stablecoin payment pilot, supporting direct receipt in USDC.

Global payment giant Visa announced a pilot project to be launched at the Web Summit in Europe in November 2025: allowing businesses to directly issue USD-pegged stablecoins (such as USD Coin, USDC) to content creators, freelancers, and gig economy workers through its Visa Direct platform, while the businesses still fund it with fiat currency. Recipients only need to have a compatible wallet and pass KYC/AML to receive the funds. It is reported that this pilot is a further expansion of Visa's stablecoin program. In September this year, Visa launched a “stablecoin pre-load” pilot, allowing businesses to fund Visa Direct accounts with stablecoins, and this time it is the first to support end users receiving payments directly in stablecoins. Visa plans to expand promotion in the second half of 2026.

Visa, as a traditional payment giant, incorporating stablecoins as a payment method into its network is a significant signal of the integration between traditional finance and blockchain value flow. It may drive rapid adoption of on-chain settlement models in content creator platforms, the gig economy, and cross-border labor payments. Chris Newkirk, President of Visa's Business and Funds Flow Solutions, stated: “The introduction of stablecoin payments means achieving real 'funds available in minutes', allowing users worldwide to quickly and securely receive their income.” In regions with weak banking systems or significant currency fluctuations, USDC payments provide users with a faster and more stable way to access funds, potentially changing the wage settlement structure in these markets. Furthermore, while stablecoins were previously used more in trading or DeFi spaces, their direct use in mainstream payment platforms for labor/creator settlements marks a shift towards becoming a “mainstream payment infrastructure.”

VCI Global plans to invest 100 million USD to acquire the Oobit token supported by Tether, a cryptocurrency payment company.

VCI Global Limited, a technology consulting company in Malaysia, announced that it is partnering with Oobit (a Tether-supported crypto payment platform) to invest a total of $100 million in acquiring its native token OOB. Once the transaction is completed, Tether, as one of the largest shareholders of Oobit, is expected to become the largest shareholder of VCI Global. The OOB token will be used in Oobit's crypto payment ecosystem, which includes scenarios such as “peer-to-peer payments + merchant POS settlement + cross-chain and low-cost remittances + rewards incentives.” Meanwhile, the OOB token will migrate from Ethereum to Solana to improve transaction speed and scalability.

From an industry perspective, this transaction highlights the deep integration occurring between payment infrastructure and the cryptocurrency token ecosystem. Tether, as a leading stablecoin issuer, is further expanding from stablecoin issuance into cryptocurrency payments, token economics, and digital asset ecosystem construction through its layout in Oobit. This could bring new growth points for cryptocurrency payments in traditional finance expansion, cross-border remittances, and merchant settlements. Secondly, for the token market and investors, VCI Global has included OOB in its “digital asset treasury” and serves as the financial manager of the OOB Foundation, which not only provides strong capital backing for OOB but also signifies that the token may undertake broader ecological applications and value-bearing in the future.

The number of Ethereum validators has fallen back to levels seen in April 2024, and the waiting time for validators to exit the queue has reached a new high.

The number of Ethereum validators has fallen back to levels seen in April 2024, with a continuous decline in daily active validators, down about 10% since July, marking the first significant drop since Ethereum transitioned to Proof-of-Stake. On the other hand, the waiting time for validators to exit the queue has reached a new high.

This phenomenon indicates that the Ethereum network may currently be undergoing a transition from the “expansion” phase to the “consolidation” phase. From a network security perspective, although the exit mechanism is designed to prevent a large number of validators from exiting simultaneously and affecting consensus, the decrease in the number of active validators and the extended waiting time for exit may also weaken the network's participation and decentralization. In the long term, this could negatively impact Ethereum's stability and ecological confidence. Furthermore, the increase in validator exits may reflect that some node operators choose to withdraw due to declining returns, rising costs, or the need for protocol optimization, which suggests that the staking ecosystem may face challenges related to yield compression and changes in participant structure.

This Week's Focus

The number of active Solana addresses has dropped to 3.3 million, marking a new low for the year.

According to on-chain data, the number of monthly active addresses on the Solana network has fallen to approximately 3.3 million, marking a new low in the past 12 months. This figure represents a decline of over 60% from the peak of more than 9 million in January of this year, reflecting a significant cooling of overall market enthusiasm. From late 2024 to early 2025, Solana experienced unprecedented user growth as it became the primary platform for the issuance and trading of meme coins. However, as the meme craze has gradually subsided since mid-year, on-chain speculation activity has noticeably declined, and some user funds and attention have begun to shift towards other narrative areas, such as RWA and AI assets.

Although the decline in active addresses on Solana has raised concerns in the short term, structurally, it represents a natural phase in the ecosystem's transition from speculation-driven to function and application-driven. The meme coin craze has led to explosive user growth, but has struggled to create long-term retention; the current cooling process may actually help eliminate short-term bubbles, freeing up resources and attention for more practical applications such as DeFi, RWA, and AI Agents. Nevertheless, there are still highlights within the ecosystem. pump.fun, as the most representative token issuance platform in the Solana ecosystem, maintains high activity, with daily trading volume stable at over $1 million, accounting for about 90% of the market share among similar platforms, becoming the main bearer of the remaining on-chain enthusiasm.

The open interest in Bitcoin has decreased by over 30% from the October peak, reaching its lowest level in seven months.

According to CryptoQuant data, the current open interest of Bitcoin on major exchanges has dropped to approximately $32.7 billion, marking the lowest level in the past seven months. Compared to the October peak of $47.5 billion, the overall decline exceeds 30%, indicating that the market is undergoing a significant reduction in leverage and a cooling of risks. This decline coincides with a retreat in the enthusiasm for spot Bitcoin ETFs—after several weeks of continuous net inflow of funds, some funds have even experienced slight outflows, suggesting that investors are reassessing their short-term risk exposure and market pricing. Meanwhile, the trading activity in the derivatives market has generally slowed down, with institutional funds taking a wait-and-see approach, awaiting clearer macro policy signals and progress in crypto regulation. This trend aligns with the characteristics of the overall market entering a low volatility phase at the end of the year.

The contraction of open contract volume in Bitcoin indeed indicates a cooling of speculative enthusiasm and a stabilization of price fluctuations in the short term. However, from a medium to long-term structural perspective, this round of deleveraging may actually accumulate new momentum for the market. Over the past few months, leveraged funds have concentrated on driving prices upward, causing a short-term overheating in the market; the current proactive cooling helps to cleanse floating capital and reduce systemic risks, creating space for a more robust upward cycle. In addition, the cooling of ETF inflows reflects more of an adjustment in short-term capital rhythms rather than a structural capital withdrawal. Institutional investors' long-term interest in Bitcoin allocation continues to grow, and with marginal improvements in macro liquidity and the halving cycle approaching, the “cooling” of the derivatives market is more likely to be a signal of healthy consolidation rather than a precursor to a trend reversal.

x402 Network facilitators have processed over 18.82 million transactions, representing a 35-fold increase compared to May.

Since the official launch of the x402 protocol, its network facilitators have processed over 18.82 million transactions, a 35-fold increase compared to May, indicating that the adoption rate of this protocol in multi-application and multi-platform scenarios is rapidly rising. Data shows that currently about 82% of transaction activity is completed by the two major facilitators, Coinbase and Daydreams, with ecological transactions still highly concentrated in core nodes. Notably, the growth of Daydreams is particularly significant—its cumulative transaction volume has surpassed 1.4 million, increasing 16-fold in just the past two weeks.

The exponential growth in the processing capacity of facilitators indicates that more and more developers and applications are choosing to incorporate them into the workflow of agents, thus driving the accumulation of “real transaction demand” within the ecosystem. Most of these transactions originate from actual inter-agent calls and application layer payments, including use cases such as computing fees, API calls, and data access, reflecting that the x402 ecosystem is gradually forming a network effect driven by real economic activities. However, the data also reveals another aspect: transactions are concentrated among a few core facilitators, indicating that the ecosystem is still in a transitional phase of “centralized dependence.”

Financing Weekly Report

According to data from RootData, during the period from November 7 to November 13, 2025, a total of 10 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering multiple sectors including DEX, infrastructure, social gaming, stablecoins, and AI. Below is a brief introduction to the projects with the largest financing scale this week:

Lighter

Announced the completion of a $68 million financing led by Founders Fund on November 11.

Lighter is a perpetual contract trading protocol designed to provide scalable, secure, transparent, non-custodial, and verifiable order book trading infrastructure for the Ethereum ecosystem.

Commonware

Announced the completion of a $25 million financing on November 7, led by Tempo.

Commonware is developing an open blockchain framework based on Rust, aiming to achieve high throughput, modular scalability, and embedded interoperability. Similar to the Cosmos SDK, this framework will allow developers to easily build and deploy custom blockchains, thus achieving a balance between performance and flexibility.

Kyuzo’s Friends

Announced on November 12 that it has completed a $11 million financing, which will accelerate the launch of the first authorized IP game on the Key Origin platform.

Kyuzo's Friends is a social game that integrates artificial intelligence and Web3 elements, bringing the DNAxCAT IP into an immersive experience full of interactivity and reward mechanisms. The core of the game focuses on social interaction and player collaboration, allowing players to freely explore the map, build and upgrade structures, while cooperating or competing with friends to create a more community-driven game ecosystem.

Focus Next Week

Token Unlock

According to Tokenomist's data, the market will see significant unlocks of some important tokens in the next 7 days (2025.11.14 - 2025.11.20). Here are the top 3 unlocks:

• CONX will unlock approximately $31.7 million worth of tokens in the next 7 days, accounting for 2.92% of the circulating supply.
• ARB will unlock approximately $24.52 million in value over the next 7 days, accounting for 1.94% of the circulating supply.
• STRK will unlock tokens worth approximately $17.86 million in the next 7 days, accounting for 5.34% of the circulating supply. <br> Reference Source

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