GateResearch

Overview
This report focuses on the blockchain industry dynamics from April 18 to April 24, 2025. Solana surpassed Ethereum with over $16.2 billion in trading volume to take the top spot on the DEX rankings; Circle launched a revolutionary stablecoin cross-border payment network, reshaping the new standard for global payment clearing; the Ethereum Foundation adjusted its strategy to accelerate core protocol upgrades through the separation of research and management to address user experience and gas fee bottleneck challenges. In addition, the Base chain saw the number of tokens created in a single day exceed Solana for the first time, with developer enthusiasm rapidly climbing; Eliza Labs launched a no-code AI agent platform Auto-Fun, attempting to address the pain point of incentive imbalance in AI projects; Hyperliquid updated its mainnet verification mechanism to accelerate the decentralization process of the network; Floki and.

By hiding the differences in the underlying Blockchains, Chain Abstraction allows users to perform cross-chain operations without needing to understand the technical details, resulting in a simpler and more intuitive Web3 interaction experience. This article delves into the background of Chain Abstraction's emergence, its core logic, and its three-layer architecture, guiding you to understand how it reshapes user interfaces and development models, propelling Blockchain towards broader application adoption.

Abstract
The price of Bitcoin has risen by 0.31% to 93,176 USDT; Ethereum has fallen by 1.24% to 1,752.39 USDT.
The Federal Reserve has revoked its regulatory guidance on banks' cryptocurrency activities, signaling a relaxation of regulations.
Sui launches a digital Mastercard, supporting European users in making crypto payments.
Securitize partners with Mantle to launch an institutional crypto fund, targeting the "crypto version of the S&P 500."
SUI's market value surpasses LINK, with ETF hotspots and meme coins driving the price upwards.
Solana stablecoin market cap hits a new high of 12.885 billion USD.
Market Commentary
BTC —— The BTC price has slightly increased by 0.31% in the past 24 hours, currently reported at 93,176.6 USDT. The chart shows

Gate Research Institute Report: From April 10 to April 24, in the past two weeks, both Bitcoin and Ether prices broke through key resistance levels, with volatility and market sentiment undergoing dramatic changes. BTC strongly broke through 90,000 USDT, and Ether stabilized at 1,600 USDT, with frequent market long-short confrontations. This article will deeply analyze the market performance of the two major coins through multi-dimensional indicators such as open interest, Long-Short Ratio, and funding rate, and will focus on how the TSI (True Strength Index) indicator can quickly and accurately capture trend reversals and momentum strength. Through comprehensive quantitative backtesting, the best parameter combinations are selected to effectively improve the stability and winning rate of trading.

Foreword
This week, the Web3 industry has witnessed many significant events at both the policy and macroeconomic levels. In terms of economic data, the U.S. April Markit PMI preliminary reading showed a mixed situation: the manufacturing PMI unexpectedly rose to 50.7, entering the expansion zone, significantly better than the market expectation of contraction levels. The Eurozone's April consumer confidence index preliminary reading was -16.7, lower than the market expectation of -15.6, decreasing by 2.2% from March's -14.5. This is the lowest level since November 2023. In terms of economic policy, U.S. President Trump publicly stated that he would "substantially lower" the current tariffs on China, which are as high as 145%, a statement that significantly alleviated market concerns. Treasury Secretary Bessent also emphasized in a closed-door meeting that the current trade deadlock is "unsustainable" and that a "relief will come in the near future."
Global Cryptocurrency

Foreword
This week, Bitcoin's price broke through $94,000, reaching a new high since March of this year, and the total market capitalization of cryptocurrencies has returned to $3 trillion. This increase is attributed to positive developments in US-China trade relations: President Trump stated he would "significantly reduce" high tariffs on China, and Treasury Secretary Mnuchin emphasized that the trade stalemate is "unsustainable," significantly boosting market confidence in the global economic outlook, leading to a comprehensive rebound in US stocks and the cryptocurrency market.
At the same time, the on-chain ecosystem continues to evolve, with various infrastructures and applications constantly iterating and upgrading. Eliza Labs launched the AI agent platform Auto-Fun to accelerate the integration of AI and blockchain applications; Circle introduced the Refund Protocol and stablecoin payment network, providing greater flexibility and user experience for on-chain payments, facilitating the integration of real-world assets with the crypto world. Ether

On April 23, BTC prices rose 5.38% to 92,877.5 USDT, and ETH prices rose 13.19% to 1,783.45 USDT, driven by multiple tailwinds such as the easing of trade tensions between China and the United States and SEC personnel adjustments. However, the continued sluggish inflow of Ethereum spot ETF funds and the continued pressure on holders of locked tokens highlight the structural differentiation of the market. At the same time, there have also been new developments in the on-chain ecology and policy environment: Hyperliquid has launched a new validator mechanism, and JD stablecoin has entered the "sandbox" testing stage in Hong Kong, indicating that infrastructure construction and compliance exploration are still progressing steadily.

Solana experienced a price surge and pullback in the first quarter, ultimately breaking its historical high of $295; the contract market showed significant fluctuations and a trend of deleveraging; the on-chain coin distribution leans towards large investors; active addresses reached 5.2 million, with a volume of 95.3 million; staking yields remained stable, and the stablecoin market capitalization grew by more than 1.4 times; DEX trading volume saw significant growth; DePIN project weekly revenue steadily increased; NFT transactions continued to decline; the improvement proposal put forward by the Solana community was not approved.

Gate Research Institute's latest release, "2025 Q1 ETH Network Review," comprehensively summarizes and analyzes the market performance, coin holder distribution, network activity, on-chain applications, and future outlook of the Ethereum network in the first quarter of 2025, providing in-depth insights into the overall performance and key trends of the ETH network.

After reaching an all-time high in Q1, BTC entered a period of fluctuation, with market capitalization declining to $1.6 trillion and a quarterly fall of about 12%, underperforming compared to gold. Holdings concentration is high, with Large Investors controlling nearly half of the supply. On-chain transactions are active, with transaction amounts rising by 26% and fees decreasing by 42.5%. Mining Difficulty has risen, and the core team is dedicated to enhancing network performance and privacy, with a focus in Q2 on support for Layer2 protocols.

Abstract
The price of Bitcoin rose by 0.90% to 88,056 USDT; Ethereum fell by 3.79% to 1,575.05 USDT.
The daily token creation volume on Base chain has surpassed Solana for the first time.
Spot gold breaks through $3,480, Bitcoin's market share reaches a four-year high.
Pump.fun graduation rate has rebounded, and the Solana Meme market may welcome a rebound signal.
The Central Bank of South Korea will promote regulatory legislation for stablecoins and establish a comprehensive compliance system.
Ethereum Foundation strategic adjustment, accelerating core protocol upgrades.
Market Commentary
BTC ——The BTC price has increased by 0.90% in the past 24 hours, currently reported at 88,056 USDT. From the chart, BTC has recently broken through the short-term resistance of 88,500 USDT.

Abstract
Bitcoin rose 2.4% to 87,400 USDT; Ethereum rose 0.49% to 1,631 USDT.
Vitalik Buterin proposed to replace EVM with RISC-V, promoting a significant expansion of the Ethereum execution layer.
Canary Capital has applied to the U.S. SEC to launch a TRX staking ETF.
Global retail giant SPAR is testing cryptocurrency payments in Switzerland.
Hyperliquid occupies about 70% of the on-chain perpetual contract market.
Tether has over 450 million users, with more than 30 million new users each quarter.
Market Commentary
BTC —— The BTC price has increased by 2.4% in the past 24 hours, currently quoted at 87,400 US

AI × Crypto has always been a narrative with tremendous potential, where the decentralized properties of Blockchain technology complement the efficiency improvements of artificial intelligence, prompting numerous developers to continuously invest resources into this narrative. AIGC tools represented by DeepSeek are driving the automated production process of Web3 cultural content through humanized content generation technology. The field of Web3 cultural content creation will welcome a broader space for value release.

Gate Research Daily Report: On April 18, Bitcoin was at 84,927 USDT, and Ether slightly rose to 1,587.17 USDT. Solana DEX volume surpassed Ethereum to top the entire chain; Circle Research released the Refund Protocol. Ethereum transaction fees fell to a five-year low, with DeFi market capitalization evaporating by nearly 49 billion USD in the first quarter. Slovenia plans to impose a 25% encryption tax.

Overview
This report focuses on the blockchain industry dynamics from April 11 to April 17, 2025. The Ethereum network saw a dramatic drop in on-chain activity and Layer 2 diversion, leading to an 80% decrease in average Gas fees for March, hitting a historic low; in its 12th anniversary report for the first quarter of 2025, Gate.io not only experienced a 31% month-on-month increase in contract trading volume with a reserve ratio of 28.58%, but also became the official sponsor of the F1 Red Bull Racing team and significantly enhanced its brand influence through various public welfare activities; the RWA project MANTRA (OM) faced a liquidity liquidation resulting in a single-day drop of over 90%.

Gate Research Institute: This week, Huddle01, Mint Blockchain, Gradient Network, and ByteNova have all provided users with opportunities to participate in the Web3 ecosystem. Huddle01 is a Web3-based decentralized video conferencing platform where users can earn points by completing social tasks, application interactions, collecting badges, and inviting friends; Mint Blockchain, a Layer 2 blockchain focused on the NFT ecosystem, will distribute airdrops in phases to MintID stakers, GreenID users, and Mint Expedition participants; Gradient Network is a decentralized edge computing platform on Solana, where users can earn points by signing up, completing tasks, installing extensions, and inviting friends; ByteNova is a decentralized edge AI ecosystem where users can earn points by connecting wallets and social accounts, inviting friends, completing tasks, and checking in daily, with future rewards based on points earned. These projects are all in the early stages of development, providing users with opportunities to participate in ecosystem building and potentially earn returns.

Abstract
BTC weak rebound, dropped below 60,000 USD on Thursday, probing below 58,000 USD, testing the monthly low; altcoins also fell, resulting in a widespread decline.
The inflow of ETF funds has decreased, and small outflows have begun. The total amount of stablecoins has declined, and the trading volume of many altcoins has hit recent lows, leading to a decrease in market liquidity.
Ethereum mainnet Gas dropped to a low of 1 gwei this week, with multiple on-chain indicators showing that a large amount of capital in the market is taking a wait-and-see approach, placing the market at a "relatively low level";
Next week, multiple Top 100 tokens including ENA, XAI, DYDX, and Aptos will experience significant unlocks, with XAI unlocking over 70% of its circulating supply.
This week, Polkadot has important ecological progress. The highly anticipated EthCC[7] will be held next week, along with the focus on the United States in June.