Research

Last week, XPL surged over 70.87% at launch, emerging as the week's top-performing token. MYX and ZEC also gained 63% and 26% respectively, bucking the short-term market trend. Arbitrum topped the public chain rankings with $3.8 billion in net inflows. World Chain, fueled by internal treasury transfers, saw $122 million in net inflows and reached a record high in application activity. Meanwhile, Plasma—the Tether-backed stablecoin chain—went live on the mainnet with the launch of its native token XPL. Leveraging aggressive "airdrop-style" marketing and oversubscription, it quickly captured market attention. Within just days of launch, its TVL exceeded $4.9 billion, making it one of the hottest projects of the week.

Gate Research Daily Report: On September 30, today’s BTC price action showed initial consolidation in a lower range, followed by a strong rally and subsequent consolidation at higher levels. According to Gate market data, XAN is currently priced at $0.192, up about 102.45% in 24 hours; gold prices hit a new all-time high with the tokenized gold market approaching $3 billion; Bitcoin’s market capitalization has surpassed Amazon to rank sixth globally, while the total cryptocurrency market cap reached a record high of $4.1 trillion; Ethereum spot ETFs recorded $547 million in net inflows yesterday, ending five consecutive days of net outflows.

Gate Research Daily Report: On September 29, BTC led the rebound by breaking above $112,000, while ETH surged all the way to $4,146. KAITO stood out, with over $170 million committed to the Kaito Launchpad. FORM and COW rose 23% and 14% respectively, benefiting from strong buying momentum and short squeezes. Plasma DeFi’s TVL climbed to $5 billion, ranking sixth among DeFi protocols by total value locked.

Gate Research Daily Report: On September 29, BTC led the rebound by breaking above $112,000, while ETH surged all the way to $4,146. KAITO stood out, with over $170 million committed to the Kaito Launchpad. FORM and COW rose 23% and 14% respectively, benefiting from strong buying momentum and short squeezes. Plasma DeFi’s TVL climbed to $5 billion, ranking sixth among DeFi protocols by total value locked.

Gate Research Daily Report: On Sep 26, BTC fell below $109K and ETH slipped under $3,900 as markets came under pressure; XPL surged 178% on Plasma mainnet launch; SQD and SKX gained 65% and 25% on tech integration and ecosystem growth; new tariffs and regulatory probes fueled risk-off sentiment, wiping over 4.5% from crypto market cap.

Gate Research Daily Report: On Sep 26, BTC fell below $109K and ETH slipped under $3,900 as markets came under pressure; XPL surged 178% on Plasma mainnet launch; SQD and SKX gained 65% and 25% on tech integration and ecosystem growth; new tariffs and regulatory probes fueled risk-off sentiment, wiping over 4.5% from crypto market cap.

This report provides a systematic review and analysis of the development of liquid staking (LSD) protocols. Since 2020, liquid staking protocols have risen rapidly, with total value locked (TVL) surpassing USD 85 billion, becoming an important bridge between PoS and DeFi. By comparing mainstream protocols such as Lido, Jito, and Rocket Pool, the report highlights the characteristics and competitive dynamics of different models: Lido, leveraging its first-mover advantage and economies of scale, remains the leader in Ethereum liquid staking; Jito has rapidly expanded within the Solana ecosystem by distributing MEV revenue; Rocket Pool, through decentralization and low entry thresholds, has encouraged participation from smaller node operators. With relatively low risk and stable yield characteristics, liquid staking has attracted massive user and capital inflows, and has further given rise to innovative products represented by Pendle, enhancing both capital efficiency and financial diversity.

From September 9 to September 22, 2025, both BTC and ETH remained in a high-level consolidation phase, with divergences emerging between price structure and volatility performance, indicating overall weak short-term momentum. On the derivatives side, BTC open interest retreated significantly from recent highs, while ETH held relatively steady, suggesting that leveraged positions have not yet fully exited the market. On September 22, long liquidation volume surged to over $1.6 billion, highlighting mounting pressure at market highs and intensifying bearish sentiment due to cascading stop-losses by long positions. In terms of quantitative strategies, a mean-reversion strategy based on Bollinger Bands delivered strong performance on ADA, achieving an annualized return of over 60%, showcasing solid potential for short-term trading.

Gate Research Daily Report: On September 25, BTC and ETH remained in a consolidation phase, while small- and mid-cap tokens saw notable moves. IN surged over 70% following the launch of its strategy automation product, attracting strong capital inflows. FLUID and SNX rose 28% and 25%, respectively, driven by TVL growth, token buyback plans, and perpetual incentive programs. Gate introduced its Layer 2 network, Gate Layer, marking a comprehensive upgrade to the GT ecosystem and its deflationary mechanism. Meanwhile, the crypto market experienced its largest liquidation event of the year, triggered by excessive leverage and cascading sell-offs. SUI Group revealed a heavy position in SUI and a stock buyback plan, signaling strong capital backing and market confidence.

Gate Research Weekly Report: This week, BTC declined by 1.99% and ETH dropped by 7.69%, while some DeFi sectors saw gains against the trend. The crypto market experienced its largest liquidation event of the year, with $1.8 billion wiped out. Gate launched its Gate Layer L2 network, marking a full-scale upgrade to the GT ecosystem and its deflationary mechanism. The Ethereum Fusaka upgrade focuses on data availability and security, with PeerDAS ushering in a new era of Layer 1 scalability. Meanwhile, SUI Group revealed a major SUI token holding and stock buyback, demonstrating strong capital reserves and market confidence.

On Sept 24, BTC traded at $112,462 with weak rebound momentum; ETH recovered to $4,192 under mid-term pressure; GT hovered at $16.27 in consolidation. The market stayed cautious. Hot tokens saw strong inflows: SVL surged 61.17%, BARD rose 47.33%, and HEMI gained 53.20%. On the macro side, Vitalik highlighted full-stack openness and verifiability, Tether reportedly seeks up to $20B funding at a $500B valuation, and Seedify suffered a hack, spotlighting cross-chain bridge risks.

Gate Research Daily Report: On Sept 24, BTC traded at $112,462 with weak rebound momentum; ETH fell to $4,326, remaining under short-term pressure; altcoins stayed stable. Hot tokens surged: SVL +61.17%, BARD +47.33%, and HEMI +53.20%. Macro highlights include Vitalik stressing full-stack openness and verifiability, Tether potentially raising up to $20B, and Seedify suffering a hack, prompting an emergency freeze of cross-chain operations to mitigate risk.

This report summarizes Web3 industry funding in August 2025. A total of 112 deals were completed, with total funding reaching $2.05 billion, marking a clear decline from previous periods. CeFi once again demonstrated strong capital absorption, infrastructure and mid-sized growth projects received steady support, while application-layer projects faced accelerated elimination. With the emerging trend of “on-chain reserve assetization” and institutional capital increasingly concentrated in Series B and strategic rounds, the Web3 industry is entering a more stable, diversified, and sustainable growth stage. The report also highlights major funding cases, including SuperGaming, Multipli, BOB, HoneyCoin, and Perle.

Last week, DEXE surged over 58.3%, delivering a standout performance. IP and IMX also posted strong gains of 41% and 13% respectively, bucking the short-term downtrend. Avalanche's RWA sector saw trading volume soar 130% over the past 30 days, with its market share climbing to 2.69%. The network further advanced in stablecoins, cross-chain assets, and ETFs, while the $1 billion reserve program reignited ecosystem momentum. Meanwhile, the Perp DEX sector continued its bullish run, accelerating into an explosive growth phase with trading volumes hitting repeated all-time highs.

Gate Research Daily Report: On September 23, BTC fell below $112,000 before consolidating, while ETH failed to hold above the $4,200 level. AIC surged over 70% in 24 hours driven by its buyback-and-burn program and AI+VR narrative, 0G jumped more than 50% on mainnet launch and strong financing support, and BLUE gained over 30% on short-term liquidity improvements. The market saw more than $1.7 billion in liquidations in the past 24 hours, while Metaplanet purchased $632 million worth of Bitcoin, becoming the fifth-largest publicly listed corporate holder. Meanwhile, gold hit a new record high of $3,721 as capital partially rotated from Bitcoin into precious metals.