Abstract

• BTC declined 1.54% to $83,782, while ETH fell 1.97% to $1,603.
• TRON posted a record $760 million in Q1 revenue.
• On-chain DeFi lending surged, while CeFi lending has plunged 68% from its 2022 peak.
• PumpSwap saw explosive growth in both trading volume and user activity, hitting a new daily high.
• Polygon’s new product AggLayer aims to build a cross-chain “Value Layer of the Internet.”
• Solana increased its block compute limit, further boosting network performance.

Market Analysis

• BTC – Bitcoin slid 1.54% over the past 24 hours to $83,782, currently hovering at the lower bound of its range with slight signs of a rebound. Short-term moving averages are sloping downward, indicating continued selling pressure. Volume remains low, with no breakout signals. MACD lines sit below the zero line, and although red bars are shrinking, no bullish crossover has formed—suggesting bears haven’t fully exited. Holding above $82,500 with a volume uptick could pave the way for a retest of the upper range. A breakdown could lead toward $80,000. Short-term trend remains weak and range-bound.[1]

• ETH – Ethereum declined 1.97% to $1,603, still consolidating between $1,550 and $1,650. It’s now back above a key support level with mild rebound signs, but volume is still weak. MACD remains bearish, though red bars are narrowing. Without a bullish crossover, the trend remains uncertain. A sustained move above $1,600 with rising volume could test $1,650. Failure to hold $1,550 may trigger a retest of $1,500. Like BTC, ETH remains in a fragile consolidation phase.[2]

• ETFs – According to SoSoValue, U.S. spot Bitcoin ETFs saw a net inflow of $76.42 million on April 15[3], while spot Ethereum ETFs recorded a net outflow of $14.18 million. (Data as of April 16, 12:00 PM UTC+8)[4]
• Altcoins – Wallet projects, payment solutions, and Consensys-backed tokens held up well — up 1.7%, 1.3%, and flat at 0.0%, respectively.[5]
• U.S. Markets – On April 15, the S&P 500 fell 0.17%, the Dow Jones dropped 0.38%, and the Nasdaq slipped 0.05%.[6]
• Gold – Spot gold jumped 1.63% to $3,280.36 per ounce. (As of April 16, 12:00 PM UTC+8)[7]
• Fear & Greed Index – Currently at 29, signaling that the market is in a state of fear.[8]

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

GFI (Goldfinch) — Up approximately 57.49% in 24 hours, with a market cap of $74.36 million.

Goldfinch is a decentralized credit protocol built on Ethereum, designed to provide on-chain capital to small and medium-sized businesses (SMEs) in emerging markets. Unlike typical DeFi platforms that cater primarily to crypto-native borrowers, Goldfinch targets real-world enterprises, bridging crypto capital with the traditional economy. Loans are backed by off-chain collateral and assessed using a “trust through consensus” mechanism, reducing reliance on centralized credit evaluators.

Its newly launched “Prime” product allows non-U.S. investors to allocate USDC into top-tier global private credit funds such as Apollo, Ares, and Golub, targeting annual returns between 9% and 12%. As macroeconomic uncertainties rise and traditional markets experience increased volatility, Goldfinch’s positioning as a decentralized private credit solution is gaining traction. It offers DeFi users attractive, high-yield opportunities with low correlation to traditional finance, leading to increased demand for GFI and upward price momentum. [10]

GAS (Gas) — Up approximately 40.63% in 24 hours, with a market cap of $230 million.

GAS is part of the Neo Smart Economy ecosystem, which leverages blockchain technology to digitize assets, validate digital identities, and enable smart contract-driven asset management. The platform features a dual-token model: NEO serves as the governance token, giving holders voting rights, while GAS functions as the utility token for paying transaction fees and powering smart contracts.

Neo recently rolled out the ELLIPAL X Card, a hardware wallet now compatible with the Neo X network. With its air-gapped security design, the card offers a secure and user-friendly solution for managing digital assets. Meanwhile, Neo community members have locked up around $5 million worth of NEO in a 30-day bond contract, significantly reducing the token’s circulating supply. Since GAS generation is tied to NEO holdings, the reduced liquidity of NEO directly limits the supply of claimable GAS (which is only released when NEO is moved), resulting in a short-term supply crunch and driving up GAS prices. [11][12]

OM (MANTRA) — Up approximately 26.45% in 24 hours, with a market cap of $750 million.

MANTRA is a Layer 1 blockchain focused on tokenizing real-world assets (RWA). It powers the OMniverse—a vertically integrated ecosystem designed to bring traditional financial instruments on-chain. The ecosystem includes four key components: node infrastructure, the MANTRA Chain, a financial platform, and a DAO-based governance framework, creating a comprehensive end-to-end solution for asset issuance, trading, and management.

Following a sudden crash in the price of OM, the MANTRA team announced an emergent buyback and burn initiative, aiming to stabilize the market by reducing circulating supply. In a show of commitment, CEO John also proposed burning his personal OM holdings to help restore investor confidence. While the token’s market cap has since recovered to $742 million, it’s still down about 95% from its previous peak. Whether the current rebound can hold will depend largely on the scale of the buyback and insights from the team’s detailed post-mortem report, expected within the next 24 hours. [13]

Data Highlights

TRON Posts Record-High $760 Million in Q1 Revenue

In the first quarter of 2025, TRON continued its upward momentum across several core metrics. The network’s market capitalization grew 3.5% quarter-over-quarter to $22.7 billion, and platform revenue reached an all-time high of $760 million. Despite a modest 6.1% dip in TRX’s price, total revenue in USD still increased—highlighting the strong activity and engagement on-chain.

Stablecoins remain the cornerstone of TRON’s growth. By the end of Q1, the total stablecoin market cap on TRON had reached $66.2 billion, up 12.8% from the previous quarter. Tether (USDT) dominated with $65.7 billion in circulation—accounting for 99.3% of the total—and daily transfer volume climbed to $19 billion. Notably, TRON now hosts 45.9% of the global USDT supply.

During the quarter, TRON also rolled out USDD 2.0, an upgraded version of its native algorithmic stablecoin, and established strategic partnerships with leading players like Wintermute, Nansen, Kiln, Tap Protocol, and Eternal AI. These collaborations aim to boost the network’s capabilities in liquidity, security, AI, and cross-chain communication.

Looking ahead, TRON’s 2025 roadmap emphasizes ecosystem expansion and deeper decentralization. Key initiatives include advancing the USDD 2.0 framework, introducing gasless transactions and smart wallets for a smoother user experience, strengthening institutional partnerships, and improving decentralization and security through its global node and Super Representative systems. By upgrading its infrastructure and developer tools, TRON is also positioning itself as a prime hub for DeFi and Web3 projects—reinforcing its leadership in stablecoin issuance and cross-chain interoperability.[14]

On-Chain DeFi Lending Surges, While CeFi Lending Drops 68% from 2022 Peak

The overall crypto lending market is currently 43% smaller than its 2021 peak. However, decentralized finance (DeFi) lending has grown significantly, with total borrowings reaching $19.1 billion—an impressive 959% increase from the 2022 bear market low. Outstanding loans in DeFi have now surpassed those in centralized finance (CeFi), making DeFi the dominant force in crypto lending.[15]

In contrast, the total market size of centralized crypto loans dropped to $11.2 billion, down 68% from the 2022 peak of $34.8 billion. Among current CeFi lenders, Tether, Galaxy, and Ledn dominate, collectively accounting for about 88.6% of the market share, with Tether alone holding around 73%.

The CeFi sector suffered major setbacks in 2022 with the collapses of major lenders like Celsius, BlockFi, and Genesis, which significantly eroded user trust and damaged the reputation of the centralized crypto lending industry. In comparison, DeFi has shown greater resilience amid market volatility. Its transparent operations and reliance on smart contract execution reduce risks associated with human intervention. Furthermore, DeFi platforms continue to innovate with products like interest rate derivatives and custodial vaults, greatly improving user experience and capital efficiency. As some traditional financial institutions begin engaging with the DeFi ecosystem, the sector is expected to further grow its market share and reinforce its core role in crypto lending.

PumpSwap Trading Volume and User Activity Soar, Sets New Daily Record

PumpSwap, the decentralized exchange (DEX) created by memecoin launchpad Pump.Fun, has seen explosive growth over the past week. The platform processed roughly $2.5 billion in trading volume—up nearly 40% week-over-week—and hit a new all-time high with $417.8 million in daily trading volume.[16][17][18]

User engagement is rising just as rapidly. Daily active wallets have climbed to nearly 264,500, reflecting growing community participation. On April 14 alone, PumpSwap generated over $1.05 million in transaction fees—$840,000 of which went to liquidity providers, and $210,000 to the protocol itself. According to data from Dune, over 506 wallets have profited more than $1 million on the platform, with over 9,000 wallets exceeding $100,000 in earnings. This underscores PumpSwap’s strong appeal for profit-driven traders.

What’s fueling this meteoric rise? PumpSwap has created a seamless, low-barrier trading experience tailored for memecoin creation and swaps—perfectly aligning with the speculative nature of these tokens. Built on the high-speed, low-cost Solana network, the platform is ideal for high-frequency trading and rapid market participation. Its highly active, community-led user base has further accelerated growth in both trading volume and revenue.

While it’s true that less than 1% of memecoins launched on the platform survive long term, PumpSwap has nonetheless emerged as one of the hottest DEXs in the Solana ecosystem—driven by the viral energy of speculative capital and real-time user hype.

Spotlight Analysis

Polygon’s AggLayer Aims to Build the “Value Layer of the Internet” Across Blockchains

Polygon Labs CEO Marc Boiron has announced the launch of AggLayer—a bold new initiative designed to tackle the blockchain industry’s growing fragmentation. The vision: a unified settlement layer that seamlessly connects Layer 1 and Layer 2 blockchains, turning the dream of a true “value internet” into reality. Polygon is positioning itself as the backbone of Web3, enhancing cross-chain interoperability, speeding up transactions, and delivering a more intuitive user experience.[19]

At the heart of AggLayer are technologies like zero-knowledge (ZK) proofs and pessimistic proofs, which offer a more secure and efficient alternative to conventional cross-chain bridges. These technologies enable cross-chain transactions to be bundled and executed with lower fees and faster speeds—all while maintaining decentralization. Currently, AggLayer supports Polygon CDK-based chains, with plans to expand to all EVM-compatible networks.

Polygon is also into the real-world asset (RWA) space. Through partnerships with major fintech players like Stripe and Grab, the network is bridging traditional finance and DeFi, especially in areas like payments and asset tokenization.

If successful, AggLayer could become a game-changing piece of infrastructure—breaking down the silos between blockchains and enabling fluid movement of assets and applications. This would not only boost developer and institutional confidence but also accelerate the integration of decentralized finance into the real-world economy. With AggLayer, Polygon is evolving from an Ethereum scaling solution into a critical infrastructure provider for the multi-chain era, strengthening its position at the forefront of the blockchain ecosystem.

Only 11% of Registered Bitcoin Businesses in El Salvador Remain Operational

Out of 181 Bitcoin service providers registered in El Salvador, only 20—around 11%—are currently active. The vast majority have failed to meet the operational standards outlined in the country’s Bitcoin Law, including the government-backed Chivo Wallet, which will be dissolved under a new agreement with the International Monetary Fund (IMF).[20]

Under the Bitcoin Law, registered providers are required to maintain anti-money laundering (AML) protocols, keep accurate records of their financials, and implement customized cybersecurity plans based on the nature of their services. However, data shows that 89% of these businesses have not met these obligations and have been classified as inactive. Among the few that remain compliant and operational are Chivo Wallet (still functioning pending its dissolution), Crypto Trading & Investment, and Fintech Américas.

El Salvador made headlines in 2021 by becoming the first country in the world to adopt Bitcoin as legal tender, aiming to drive economic growth and attract crypto investment. However, the fact that so few Bitcoin service providers are currently active could undermine confidence in the country’s crypto ecosystem and dampen enthusiasm among potential investors and businesses.

In March, El Salvador signed a $1.4 billion loan deal with the IMF, which includes measures to scale back certain Bitcoin-related initiatives. These include limiting the use of Bitcoin by public institutions and requiring taxes to be paid in U.S. dollars. These policy shifts may further impact Bitcoin adoption and overall sentiment within the country’s crypto markets.

Solana Boosts Network Capacity with Block Compute Upgrade

Solana has rolled out a major network upgrade under proposal SIMD-0207, raising the compute unit cap per block to 50 million—a 4% increase. This enhancement is designed to improve transaction throughput, allowing the network to handle more activity without sacrificing performance. Originally proposed by Anza engineer Andrew Fitzgerald in December 2024, the upgrade officially went live in April 2025.

While some community members have voiced concerns that larger block sizes could increase hardware requirements for validators—potentially threatening decentralization—others argue that expanding these limits is necessary to push the boundaries of Solana’s performance. Looking ahead, Solana is preparing to implement another proposal, SIMD-0256, which aims to increase the block cap further to 60 million compute units. This would be complemented by the upcoming Firedancer validator client, developed by Jump Crypto, which is expected to significantly enhance network throughput and security.

These upgrades are part of Solana’s ongoing scalability roadmap as it solidifies its reputation as a high-performance Layer 1 blockchain. Greater transaction capacity is likely to attract more decentralized applications (dApps) and users, driving ecosystem growth. Still, as Solana evolves, maintaining a balance between performance, decentralization, and security will remain a critical challenge.[21]

Funding Highlights

According to RootData, four projects publicly announced new funding rounds in the past 24 hours, raising over $15.5 million in total. The rounds span sectors such as blockchain infrastructure and artificial intelligence. Below are the two largest disclosed deals:[22]

Optimum – Raises $11 Million in Seed Round

Web3 infrastructure startup Optimum has raised $11 million in a seed funding round led by 1kx, with participation from Robot Ventures, MH Ventures, GSR, and other notable investors. Incubated at MIT and led by Professor Muriel Médard, Optimum focuses on solving blockchain’s bottlenecks in data propagation and storage.

The project leverages Médard’s invention—Random Linear Network Coding (RLNC)—to build a high-performance decentralized memory layer for blockchain systems. This funding will help transition RLNC from academic theory to commercial application, laying the foundation for a scalable and efficient “memory layer” in Web3.

By integrating RLNC, Optimum aims to significantly enhance the efficiency of data storage and retrieval on blockchain networks—addressing key scalability and performance issues that limit current decentralized architectures. The goal is to improve the overall user experience and support the growth of decentralized applications (dApps) across the Web3 ecosystem.[23]

Rekord AG – Raises $4.5 Million in Seed Round

Swiss-based construction technology startup Rekord AG has secured $4.5 million in seed funding, alongside strategic partnership agreements to expand into the German and Austrian markets. The company specializes in digital transformation solutions for the construction industry, offering a platform designed to improve project efficiency and sustainability.

The new capital will be used to accelerate product development, scale operations, and deepen integrations with industry partners. Rekord AG’s mission is to drive digital innovation in construction, streamline workflows, and promote more sustainable building practices. The funding will also support team expansion and fuel growth into new regional markets.

Airdrop Opportunity

Gradient Network

Gradient Network is a decentralized edge computing platform built on the Solana blockchain. It aims to make computational services more inclusive, accessible, and cost-efficient by leveraging shared distributed computing resources. Season 1 of Gradient has officially launched. If you participated in Season 0, there’s no action needed—just keep farming as usual. New users can start earning points by following the onboarding guide.[24]

How to Participate:

1. Visit the official website to register.
2. Click “Get Boosted” and complete the sign-up process.
3. Complete tasks and install the browser extension to start earning points.
4. Invite friends to earn bonus points.
5. Unlock achievements to collect additional points.

Note:
The airdrop structure and participation requirements may change, so it’s best to follow Gradient Network’s official channels for the latest updates. As always, do your own research and proceed with caution. Please note that platforms like Gate.io do not guarantee the future distribution of airdrop rewards.

References:

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/goldfinch_fi
11. X,https://x.com/Neo_Blockchain/status/1912075824100262225
12. X,https://x.com/Neo_Blockchain/status/1910187124563005505
13. X,https://x.com/jp_mullin888/status/1912089500567871675
14. Messari,https://messari.io/report/state-of-tron-q1-2025?utm_source=twitter&utm_medium=organic_social&utm_campaign=q1_quarterlies&destination=protocol_services_research#closing-summary
15. X,https://x.com/intangiblecoins/status/1911839609371414976
16. Dune,https://dune.com/adam_tehc/pumpswap
17. Dune,https://dune.com/adam_tehc/pump-fun-alpha-wallets
18. Defillama,https://defillama.com/protocol/pumpswap?volume=true&groupBy=daily
19. Coindesk,https://www.coindesk.com/consensus-toronto-2025-coverage/2025/04/15/polygon-labs-marc-boiron-on-unifying-blockchains
20. Diario,https://diario.elmundo.sv/economia/el-89-de-proveedores-de-servicios-bitcoin-en-el-salvador-no-operan-segun-banco-central
21. Rootdata,https://www.rootdata.com/Fundraising
22. X,https://x.com/get_optimum/status/1912141886929932445
23. Startupticker,https://www.startupticker.ch/en/news/following-a-chf-4-million-seed-round-rekord-ag-closes-two-strategic-deals
24. X,https://x.com/Gradient_HQ/status/1910322000335343790

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