Gate Research Institute: Linea is about to launch TGE and ETH yield features | Aave Labs launches new platform Horizon

Summary

1. This week, BTC fell by 1.77%, ETH rose by 5.57%, and the average increase of mainstream DeFi tokens exceeded 10%.
2. Circle partners with Paxos to pilot new technology, enhancing the transparency and security of stablecoin payments.
3. Linea will conduct its TGE in September and launch the native ETH yield feature in October.
4. Aave Labs has launched a new platform called Horizon, allowing institutions to borrow tokenized assets as stablecoins.
5. Institutions are entering the Ethereum ETF in a big way, with Goldman Sachs leading Wall Street with a position exceeding $720 million.
6. Scientific institutions hold over 20,000 bitcoins, and the trend of corporate participation continues to heat up.

Market Interpretation

Market Commentary

• BTC Market —— This week BTC has fallen by 1.77%. Recently, BTC entered a sustained pullback after encountering resistance at a high of $124,497, showing a clear downward channel structure. The current price is around $111,500, having maintained a low-level fluctuation for several days. Overall, BTC remains in a weak fluctuation pattern. If BTC can consistently hold the range of $111,000–$112,000, there may be a short-term opportunity for further upward correction, with a focus on the resistance level near $114,000.
• ETH Market —— This week ETH rose by 5.57%. After being blocked at a high of $4,956, ETH entered a correction and is currently trading around $4,518. The overall trend shows a pattern of high-level oscillation and decline, but recently it received significant support around the low of $4,063, accompanied by a volume increase rebound, indicating that bulls are actively defending in this area. Overall, ETH is in a range-bound oscillation with a slightly strong pattern, and the forces of bulls and bears are still in contention. Investors need to pay close attention to changes in trading volume and whether the key support level of $4,500 can hold firm.
• Altcoins - This week, mainstream altcoins have shown a slight upward trend overall, with the average increase of mainstream DeFi tokens exceeding 10%. In the past 7 days, among the top 100 cryptocurrencies by market capitalization, JTO increased by 17.28%, RAY increased by 13.54%, and AAVE increased by 8.93%, attracting widespread attention from the market.
• Macroeconomic Data - Federal Reserve Chairman Powell delivered an important speech at the Jackson Hole Global Central Bank Conference, signaling a dovish tone, emphasizing employment risks and suggesting that a rate cut may be necessary. The probability of a 25 basis point rate cut by the Federal Reserve in September has significantly increased. Following his speech, U.S. stocks and gold surged, while Chinese concept stocks rose across the board.
• Stablecoins —— The total market capitalization of stablecoins is currently $291.9 billion, with stablecoins such as USDC and USDE attracting strong market attention.
• Gas Fee —— This week, the Gas fee on the Ethereum network has decreased. As of August 28, the average Gas fee for the day was 0.299 Gwei.

Popular Concepts

This week, most mainstream altcoin sectors saw a slight increase. According to Coingecko data, NFT project airdrop tokens, cryptocurrency-backed stablecoins, and liquid staking sectors all showed a clear upward trend, with increases of 26.5%, 6.8%, and 5.7% over the past 7 days, respectively.

NFT project airdrop tokens

NFT project airdrop tokens refer to the tokens that NFT project teams distribute for free to incentivize community participation, promote the project, or reward early users. Unlike the NFTs themselves, these tokens are usually tradable on-chain, can be staked, or can participate in governance, becoming an important part of the project ecosystem. — In the past 7 days, this sector has risen by 26.5%, with Loaded Lions increasing by 60.8% and WANDER increasing by 2.9%.

Stablecoins supported by cryptocurrencies

Cryptocurrency-backed stablecoins are stablecoins that are minted using crypto assets (such as BTC, ETH, etc.) as collateral through smart contracts or custodial mechanisms. Their value is usually pegged to fiat currencies (such as USD) or other stable assets, aiming to achieve price stability while retaining decentralized characteristics. — Over the past 7 days, this sector has risen by 6.8%, with JUST Stablecoin increasing by 80%.

Liquidity Staking

Liquid staking refers to users staking their cryptocurrency assets (such as ETH, SOL) into a blockchain network to participate in validating nodes and earn staking rewards, while also being able to obtain freely tradable or transferable derivative tokens. This mechanism breaks the traditional locking restrictions of staking, enhancing fund liquidity. — Over the past 7 days, this sector has risen by 5.7%, with Veno Finance increasing by 103.5%.

This Week's Focus

Circle partners with Paxos to pilot new technology, enhancing the transparency and security of stablecoin payments.

Stablecoin issuer Circle Internet Group Inc. and Paxos Trust Co. are testing a new technology to ensure the security and verifiability of digital asset payments. The two companies are collaborating with Bluprynt, a fintech startup founded by Georgetown University Law School professor Chris Brummer, leveraging blockchain and cryptographic technology to provide issuer verification in the stablecoin issuance process. This technology can trace each token back to a verified issuer, preventing counterfeiting and impersonation from the source. Brummer stated that Bluprynt's solution can "provide proof of source in advance, reduce operational complexity, and provide the necessary transparency for regulators and investors," thereby reducing potential risks and financial losses.

This pilot marks a key step forward in the compliance and security aspects of stablecoin issuance and payment ecosystems. As stablecoins play an increasingly important role in global payments, DeFi, and cross-border settlement, issuer verification technology can not only enhance the confidence of investors and regulators but also help reduce fraud and counterfeiting risks in the market. This attempt reflects the industry's trend of seeking a balance between technological innovation and regulatory compliance, laying the institutional and technological foundation for the widespread application of stablecoins in the future.

Linea will conduct its TGE in September and launch the native ETH yield feature in October.

Linea announced that it will launch its Token Generation Event (TGE) in September 2025, with an initial valuation of approximately $2 billion, along with a series of liquidity incentive measures aimed at raising the ecosystem's TVL to over $1.8 billion. At the same time, Linea will kick off a 10-week "Linea Ignition" incentive program and officially launch the native ETH yield feature in October. Currently, Linea has become the top zkRollup in TVL rankings, having completed 283 million transactions with 7 million wallet addresses. Its architecture is deeply integrated with Ethereum, featuring an ETH staking vault, low-cost transactions, and a 20% fee burn mechanism. In terms of token distribution, 85% of the tokens will be used for community and developer incentives, highlighting a decentralized ecosystem orientation.

The Linea TGE not only established an initial valuation of approximately $2 billion, but also anchored the rapid expansion of ecosystem funding through supporting liquidity and yield incentives. Its TVL target (over $1.8 billion) and native ETH yield functionality both point towards strengthening user fund stickiness, which may enhance its leading advantage in the zkRollup track. Considering the fierce competition in Ethereum L2, Linea's large-scale token and incentive release could become an important driving force for attracting developers and capital migration in the short term, also bringing new variables to the L2 market landscape.

Aave Labs has launched a new platform called Horizon, allowing institutions to borrow tokenized assets as stablecoins.

Aave Labs has launched a new platform called Horizon, aimed at providing institutional investors with lending services to obtain stablecoins by using tokenized real-world assets (RWA) as collateral. In the initial phase, eligible institutions can use tokenized assets such as U.S. Treasury bonds and cryptocurrency holdings funds as collateral to borrow stablecoins like USDC, RLUSD, and GHO. The first batch of supported assets includes the Superstate short-term U.S. Treasury bond fund, Circle Yield Fund, and Centrifuge's tokenized Janus Henderson products.

The launch of Horizon signifies that Aave is accelerating its entry into the institutional-grade RWA financing market. By introducing traditional financial assets such as government bonds into the DeFi collateral system, Aave not only broadens the issuance and use scenarios of stablecoins but also provides institutional investors with short-term liquidity and yield management tools. This not only enhances the demand for stablecoins and the liquidity of RWAs but may also promote further integration between DeFi and TradFi. If the range of collateral coverage can be expanded within a compliance framework, Horizon is expected to become a key bridge for institutions entering DeFi and build a new growth curve for Aave.

Highlight Data

Institutions are heavily entering Ethereum ETFs, with Goldman Sachs leading Wall Street with a position exceeding $720 million.

According to the latest 13F filing, Goldman Sachs currently holds the largest exposure among global institutional investors with a $721 million Ethereum spot ETF position, indicating its high regard and clear layout for ETH assets. Following closely is the market maker Jane Street, with a position of $190 million, and the multi-strategy hedge fund Millennium, holding $186 million. These figures reflect that Wall Street's top-tier institutions have moved from the strategy exploration phase to the actual asset allocation phase regarding Ethereum.

During this reporting season, not only large banks and hedge funds, but also several asset management companies, quantitative traders, and pension institutions have gradually come to light. Unlike Bitcoin ETFs, Ethereum ETFs place more emphasis on their technological and ecological attributes, making them favored by institutions with a long-term growth orientation. If the regulatory environment continues to remain lenient and Ethereum achieves a deflationary structure or improves its on-chain yield return mechanism, Ethereum's positioning as a "super cash flow technology asset" may occupy a more important place in institutional asset allocation.

In August, the whale wallets continued to increase their holdings, with substantial net inflows of funds into Bitcoin and Ethereum.

According to Santiment data, since August, Bitcoin has added 13 addresses holding more than 1,000 coins, while Ethereum has added 48 addresses holding over 10,000 coins, indicating that despite price fluctuations in the market, large holders (whales) are still steadily accumulating. Bitcoin has currently rebounded above 111,000 USDT, and Ethereum has also risen above 4,600 USDT, growing in sync with whale wallets, suggesting that major funds are actively building positions behind the scenes.

From a behavioral structure perspective, these large wallets typically have longer investment cycles and strategic intentions. An increase in their number often indicates a positive market sentiment, with the main players being optimistic about the medium to long-term market trends. Especially during periods of high-level fluctuations, continuous accumulation may reflect their strong expectations for future price increases. Meanwhile, Ethereum's growth rate is significantly higher than that of Bitcoin, indicating that Ethereum is more favored by whales and capital allocation due to multiple favorable factors such as on-chain staking, increased ETF exposure, and ecological expectations.

Technology institutions hold over 20,000 bitcoins, and the trend of corporate entry continues to heat up.

According to data published by River, several global technology companies have collectively held more than 20,000 bitcoins, indicating that institutional interest in allocating to crypto assets is steadily increasing. This includes Tesla and SpaceX, which together hold 19,794 BTC, Figma holds 845, Mercado Libre holds 570, and the video platform Rumble also owns 211. The total market value has exceeded $2.2 billion, reflecting that bitcoin is gradually being incorporated into the strategic asset pools of mainstream enterprises.

This trend indicates that Bitcoin is no longer just an investment target for individual investors or native crypto institutions; more and more technology companies are viewing it as a value reserve asset that is resistant to inflation, censorship, and can circulate globally. Although holdings are currently concentrated among a few leading companies, with the maturation of market infrastructure and clearer compliance pathways, it is expected that more publicly listed companies, startup platforms, and large internet enterprises will gradually enter the market. Institutional Bitcoin allocation has become a mid- to long-term trend that cannot be ignored.

Financing Weekly Report

According to RootData, from August 22 to August 28, 2025, a total of 16 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering multiple tracks such as Bitcoin programmable layers and decentralized AI verification. The overall financing activity remains high, indicating that capital continues to invest in key areas such as foundational protocol layers, AI applications, and asset tokenization. Below is a brief introduction to the top three projects ranked by financing scale this week:

DeFi Development Corp

Announced on August 25 the completion of a $125 million equity financing, launching its treasury accumulation strategy centered around Solana.

DeFi Development Corp focuses on expanding its SOL treasury assets through a combination of spot purchases and discounted lock-ups, advancing its strategy to maximize the per-share Solana holdings (SPS). The raised funds will be entirely used to increase SOL assets, strengthening its asset growth path as a high-leverage Solana treasury company.

Hemi

Announced on August 26 the completion of a $15 million funding round to advance the development and ecosystem construction of its Bitcoin programmable layer.

Hemi focuses on building a smart contract execution layer compatible with the Bitcoin mainnet, aiming to expand the programmability on the BTC chain without compromising security. The funds raised will be used for protocol development, developer tool construction, and ecosystem incentive programs, advancing Bitcoin infrastructure towards a multifunctional application layer.

Swarm Network

Announced on August 27th the completion of a $13 million financing round to accelerate the core product development and ecosystem expansion of its decentralized AI verification protocol.

Swarm Network is committed to building an infrastructure for verifiable on-chain information, achieved through the integration of AI agents, human intelligence, and zero-knowledge proof technology, enabling the real-time conversion of raw off-chain data into true on-chain information. The funds raised will focus on advancing the functional upgrades and scaling of its flagship product, Rollup News.

Focus Next Week

Token Unlock

According to data from Tokenomist, the market will see significant unlocks of certain important tokens over the next 7 days (2025.8.29 - 2025.9.3). The top 3 unlocks are as follows:

• SUI will unlock tokens worth approximately $152 million over the next 7 days, accounting for 1.3% of the circulating supply.
• SVL will unlock approximately 39 million dollars in the next 7 days, accounting for 19% of the circulating supply.
• JUP will unlock approximately $26 million worth of tokens in the next 7 days, accounting for 1.8% of the circulating supply.
  Reference Source

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• jin10, https://rili.jin10.com/
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• bloomberg, https://www.bloomberg.com/news/articles/2025-08-27/circle-paxos-trial-know-your-issuer-tech-to-weed-out-copycats?srnd=phx-crypto
• X, https://x.com/sk_sahil24/status/1960674218053664941
• Coindesk, https://www.coindesk.com/business/2025/08/25/aave-labs-debuts-horizon-to-let-institutions-borrow-stablecoins-against-tokenized-assets
• X, https://x.com/Cointelegraph/status/1960885288583999981
• X, https://x.com/Cointelegraph/status/1960764504305770731
• X, https://x.com/Cointelegraph/status/1960779607818240059
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

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