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Gate Research Institute: SUI market capitalization surpasses LINK, gate launches a new Airdrop platform CandyDrop.
Summary
Market Commentary
BTC – The BTC price has risen slightly by 0.31% over the past 24 hours and is currently trading at 93,176.6 USDT. The chart shows that BTC fluctuated in the range of 91,778 to 94,301 USDT, and the price tested the upper pressure several times but failed to effectively break through, and the short-term trend fluctuated back and forth around the 5-day and 10-day moving averages, and was in the middle of the range as a whole. In terms of trading volume, the current trading volume remains at a relative average level, and there is no obvious sign of volume increase. On the MACD indicator, the fast and slow lines are still glued below the zero axis, and the histogram alternates between red and green but the amplitude is limited, indicating that the market momentum is still relatively weak, and it may continue to fluctuate in the short term. 【1】
ETH – ETH price has fallen by 1.24% over the past 24 hours and is currently trading at 1,752.39 USDT. Judging from the chart, ETH has maintained a range of 1,731 to 1,816 USDT, and the price has fluctuated repeatedly around the 5-day, 10-day and 30-day moving averages, and has not formed an effective breakthrough in the short term. In terms of trading volume, trading activity is low and the volume is insufficient, indicating that the wait-and-see sentiment of funds is still continuing. In terms of MACD indicators, the fast and slow lines are glued below the zero axis, the histogram alternates red and green, the volatility is weakened, the short-term momentum slows down, and the overall shock pattern is maintained. 【2】
Popular Tokens
According to Gate.io market data【9】, combined with the trading volume and price performance over the last 24 hours, the popular altcoins are as follows:
CETUS (Cetus Protocol) - Up about 35.36% in a single day, with a market capitalization of $139 million.
Cetus Protocol is a decentralized exchange (DEX) and centralized liquidity protocol built on the Sui and Aptos blockchains. The platform uses a Centralized Liquidity Market Maker (CLMM) model, which allows liquidity providers to allocate assets across specific price bands to achieve greater capital efficiency. With a focus on improving the trading experience and liquidity efficiency, Cetus is one of the core infrastructures in the Sui and Aptos ecosystems. Its token economy includes CETUS, a governance and utility token, and xCETUS, which is used for staking and governance voting.
The main reason for the recent rise of CETUS is driven by protocol integration and ecological linkage. Recently, Cetus completed Vault LP integration with Nemo Protocol, unlocking more on-chain revenue scenarios, including LST rewards and yield trading features. At the same time, Cetus continues to strengthen its ecological linkage with Sui Network, leveraging Sui's strong performance in user growth and capital inflow to further enhance platform exposure and token market attention. The market generally holds a positive outlook on its long-term value within the Sui ecosystem, driving this round of price increase.
EGLD (Multiversx) – a one-day increase of approximately 27.75% and a market capitalization of $529 million.
MultiversX is a blockchain platform that utilizes sharding technology, focusing on high scalability and low transaction costs. The platform supports up to 100,000 transactions per second and is positioned to provide underlying infrastructure for decentralized finance (DeFi), real-world assets (RWA), and metaverse applications. Its native token EGLD is used for transaction payments, network staking, and governance mechanisms, serving as the core asset of the ecosystem.
The recent rise of EGLD is mainly driven by multiple positive factors related to technological upgrades and ecosystem integration. Recently, the Andromeda upgrade has entered a critical stage, promising to reduce block finalization time to 600 milliseconds, attracting investors focused on blockchain performance. At the same time, PulsarMoneyApp announced its integration into the MultiversX ecosystem, providing new entry points for payments and user growth. These positive developments have collectively driven the price of the coin up.
UDS (Undeads Games) – a one-day gain of approximately 26.7% and a market capitalization of $58.68 million.
Undeads Games is a multiplayer online role-playing game launched in 2022 and set in a post-apocalyptic metaverse that supports the mechanics of earning cryptocurrency through play. The project uses a dual-token model: UDS is the governance and trading main coin, and UGOLD is the in-game dynamic token. The game is available on web, desktop, and mobile platforms, and the base game is available on Steam in Q2 2024.
UDS's rally was driven by both its playtesting progress and community sentiment. According to the progress of the official release of the third round of beta, the game has made a number of major optimizations in the matchmaking system, map performance, and visual effects, especially in the smoothness of the combat experience and the visual performance of the interface, which has aroused great attention from players and the community. At the same time, the development team frequently interacted with the community and responded to feedback, which further enhanced the market's confidence in the quality and long-term development of the game. Combined with the recovery of the overall popularity of the Web3 gaming sector and the continuous improvement of the UDS token economic model by the superimposed platform, the market's expectation of the future value of the project has been continuously enhanced, driving UDS to achieve a significant increase in a short period of time. 【12】
Highlight Data
Solana stablecoin market capitalization hits a new high of $12.885 billion, with USDC accounting for nearly 80%
The market value of stablecoins on the Solana blockchain first surpassed $12.885 billion on April 25, 2025, setting a new historical record. The chain is increasingly becoming a popular platform for the issuance and trading of stablecoins due to its high processing capabilities and low transaction costs, particularly attracting a large number of users in DeFi and payment scenarios. USDC is the main driver of growth, accounting for nearly 77% of the market value share. Circle has minted over $6 billion of USDC on Solana this year, demonstrating strong institutional and developer support.
Earlier this year, Solana surged demand for stablecoins due to a short-term spike in trading volumes triggered by meme coin crazes such as TRUMP and MELANIA. Despite the decline in popularity, the market capitalization of stablecoins has remained upward, reflecting that Solana's ecosystem growth is moving from speculation to more stable real-world applications, including trading, lending, and payments.
The widespread use of stablecoins also provides a liquidity foundation for the expansion of Solana's DeFi ecosystem. Although the total value locked (TVL) has fluctuated from its peak at the beginning of the year, the continued increase in stablecoin activity is enhancing Solana's position in on-chain finance outside of Ethereum and unlocking its platform potential in RWA and payment integration.
SUI Market Cap Surpasses LINK, ETF Hotspots and Meme Coins Boost Upward Movement
On April 25, 2025, SUI's market capitalization surpassed Chainlink (LINK) for the first time to become the 13th largest crypto asset in the world with approximately $10.83 billion, while LINK retreated to 14th place with a market capitalization of approximately $9.93 billion. According to the data, the current circulating supply of SUI is 3.25 billion, and the unit price is about $3.33; LINK has a supply of 657 million and a unit price of about $15.11.
The recent surge in SUI's market capitalization is related to several factors, including the application for a SUI spot ETF submitted by CBOE in early April, as well as the explosive growth of the meme coin ecosystem on the Sui network (such as MUI, LOFI, BLUB, DEEP). These factors have collectively driven SUI up by 54% in the past 7 days, while LINK only increased by 20.6% during the same period. The influx of funds and users brought in by the ETF and trending projects has made SUI the focus of short-term capital attention.
On-chain data also confirms the increased activity behind this round of price surge. According to DefiLlama data, as of April 24, Sui's total value locked (TVL) reached $745 million, an increase of over 31% compared to approximately $568 million a week ago. The growth in TVL indicates an increase in the network's actual usage, providing fundamental support for the rise in market value. As the ETF application process progresses and the popularity of Meme coins remains, SUI's on-chain indicators and market performance will continue to attract attention.
The total trading volume of the Uniswap protocol has hit a new high, approaching the 30 trillion mark
According to Dune data, as of April 2025, the cumulative trading volume of the Uniswap protocol has exceeded $2.94 trillion. The chart shows that since 2020, Uniswap's trading volume has shown a continuous upward trend, especially accelerating after 2021, fully reflecting its leading position and strong appeal in the decentralized trading space.
Uniswap is an Ethereum-based decentralized trading protocol that uses an automated market maker (AMM) model that allows users to swap tokens without the need for a centralized intermediary. The increase in transaction volume was driven by multi-chain scaling (e.g., Polygon, Arbitrum, Optimism), the launch of Uniswap V3, and the cost reduction and transaction speed increase brought about by Layer 2 solutions. Since the cumulative trading volume exceeded $1 trillion in May 2022, the average annual growth rate is about 43%, demonstrating strong market appeal.
In addition, factors such as the Meme coin craze, the growth of stablecoin minting, and the rise of on-chain native assets have continued to enhance on-chain trading activity, providing Uniswap with a continuous source of trading momentum, driving its total trading volume closer to the $30 trillion mark.
Hot Comments
The Federal Reserve withdraws regulatory guidance on banks' cryptocurrency activities, signaling a relaxation of regulations
On April 24, 2025, the Federal Reserve announced the formal withdrawal of its previous regulatory guidance letters and joint statements regarding banks engaging in activities related to crypto assets and stablecoins. This marks a significant shift in the U.S. banking system's regulatory attitude toward crypto business. The decision aims to align regulatory expectations with the evolution of industry risks while providing greater space for technological innovation within the banking system.
The revocation involves a regulatory letter issued in 2022, which required state member banks to proactively notify regulators before engaging in or planning to engage in cryptocurrency-related activities. Subsequently, the Federal Reserve will no longer require advance notice but will conduct oversight through regular review processes. At the same time, the "no objection" regulatory process established in 2023 for dollar stablecoin activities has also been revoked, and together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), it has jointly withdrawn two joint statements from 2023 regarding risks and liquidity risks associated with crypto assets.
The adjustment of this policy signals a shift in regulatory attitude towards "tolerance but not leniency." Although the cancellation of the notification mechanism and the joint statement may seem like a "relaxation," the core of regulation still returns to the conventional review process, which means that regulators still hope to maintain control over financial stability without directly restricting innovation. This move may provide banks with greater flexibility to explore compliant crypto businesses, and it also reflects the practical considerations of regulatory agencies gradually adjusting their regulatory tools and pace in a pressured environment. [16]
Sui launches digital Mastercard, supporting European users for cryptocurrency payments
Sui Foundation announced a strategic partnership with financial platform xMoney and crypto super app xPortal to launch a virtual Mastercard for European users. xPortal will integrate the Sui chain into its wallet application with 2.5 million users, allowing users to experience a customized Sui wallet within the app and add the virtual Mastercard to Apple Pay and Google Pay for seamless cryptocurrency payments in the real world. A physical card is also expected to be launched later this year.
Sui is responsible for providing speed, throughput, and a seamless user experience. xMoney offers financial infrastructure, including payment processing, card issuance, and compliance licensing, ensuring smooth operation of the service in regulated markets such as the EU. xPortal, through its user-friendly interface, enables users to buy, swap, stake, and spend cryptocurrencies on a single platform while maintaining the security and ownership advantages of self-custody. Christian Thompson, Executive Director of the Sui Foundation, stated that this innovative product significantly enhances the accessibility of the Sui ecosystem for everyday consumers.
Sui has become one of the few Layer 1 blockchains that support frictionless real-world payments and financial services through a fully compliant platform. Users can now use SUI tokens for payments at over 20,000 merchants, further driving mainstream adoption of cryptocurrencies. In the future, Sui plans to expand this service to the United States and announce more enterprise-grade services and product launches at the upcoming Sui Basecamp event, continuing to promote innovation and development in the digital economy. 【17】
Securitize partners with Mantle to launch institutional crypto fund, targeting "crypto version of S&P 500"
On April 24, Securitize announced a collaboration with the DeFi protocol Mantle to launch an institutional crypto fund called Mantle Index Four (MI4), aimed at providing institutional investors with diversified crypto asset exposure including Bitcoin, Ethereum, Solana, and stablecoins, while generating returns through on-chain staking tokens. The fund includes assets like Mantle's mETH, Bybit's bbSOL, and Ethena's USDe, with the intention of enhancing overall returns through a liquid staking mechanism.
The fund adopts a market capitalization-weighted design, positioned as the "S&P 500 of the crypto market," providing institutions with structured return options similar to traditional index funds. Mantle indicates that the current annualized yield of mETH is approximately 3.78%, and the platform's TVL exceeds $680 million, reflecting a sustained increase in market demand for on-chain yield products.
Securitize, as a leading tokenization platform for real-world assets (RWA), currently holds a market share of approximately 71%. Its BUILD fund, in collaboration with BlackRock, has managed assets exceeding $2.5 billion. The launch of the MI4 fund comes at a time when both institutional and retail investors are seeking to hedge against macroeconomic uncertainties with crypto assets, highlighting that on-chain asset allocation models are rapidly moving towards the mainstream.
Gate.io CandyDrop Airdrop Platform Launches
Gate.io launched CandyDrop, a brand new candy airdrop platform. The platform uses a task-driven mechanism that aims to lower the barrier to entry for users to acquire cryptocurrency, and earn "candy" points by completing tasks such as trading, topping up, inviting friends, and more. These points will eventually be used to redeem airdrops of high-quality project tokens screened by Gate.io, providing users with a convenient and efficient way to obtain tokens for free. CandyDrop supports easy participation through the web and app, and the more tasks users complete, the more candy they get, and the more project tokens they can get after the event. At present, the first phase of CandyDrop has been launched, and users can share the HYPER token prize pool by participating in designated tasks. 【19】
CandyDrop adopts a task-driven airdrop model, closely linking user activity with token incentives. This provides a highly efficient and targeted channel for quality projects looking to build communities and distribute tokens through airdrops. At the same time, the Gate platform conducts strict screening of cooperative projects, which helps enhance the quality and reliability of the assets users can acquire, distinguishing it from some low-quality airdrop activities in the market. Therefore, for users, CandyDrop offers a relatively simple and lower-risk way to access and acquire new project tokens.
Financing Information
According to RootData, a total of 2 projects publicly announced financing in the past 24 hours, involving fields such as infrastructure and decentralized finance (DeFi), with a total financing amount of 6.25 million USD. The specific details of the financing projects are as follows: 【20】
Inco Network - has completed a $5 million strategic financing round led by a16z crypto CSX, with participation from Coinbase Ventures, 1kx, Orange DAO, South Park Commons, and Script Capital. Inco Network is an EVM-compatible Layer-1 that utilizes fully homomorphic encryption (FHE) to achieve composable and operable privacy states. Its fhEVM (FHE + EVM) enables the writing of privacy smart contracts and executing computations on encrypted data without the need for decryption.
This financing aims to further promote the project's technological research and product implementation in addressing blockchain confidentiality issues, particularly in making substantial progress in enhancing data privacy protection, improving transaction anonymity, and building a more secure and reliable decentralized application infrastructure.
Catalysis —— Completed a $1.25 million Pre-seed round of financing, led by Hashed Emergent, with participation from Presto Labs, Spaceship DAO, Funfair Ventures, Cosmostation, and Crypto Times. Catalysis is a decentralized service infrastructure startup aimed at unifying the economic security of multiple re-staking protocols.
This financing will be used to develop the first "Security Abstraction Layer," simplifying the process for developers and node operators to deploy shared security services. The platform has integrated with restaking protocols such as EigenLayer, Symbiotic, and Kernel DAO, and plans to launch a public testnet in the second quarter of 2025.【22】
Airdrop Opportunities
Initia
Initia is a blockchain platform focused on building a unified cross-chain ecosystem, combining Layer 1 main chains with multiple interwoven rollup networks, allowing developers to deploy custom appchains to achieve a high-performance and interoperable multi-chain application environment. Its architecture is built using the Cosmos SDK and supports a variety of virtual machines (e.g., EVM, MoveVM, WasmVM), with the goal of providing a highly scalable and modular infrastructure for dApps, DeFi, gaming, and more. Led by former Terraform Labs members, the project emphasizes developer-friendliness, economic consistency, and user experience.
Currently, Initia is conducting an airdrop for its native token INIT, with a total airdrop amount of 50 million INIT, which accounts for 5% of the total token supply. The recipients include testnet participants, users of ecological cooperation agreements, and active users on social platforms.【23】
Participation Method:
Tip: The airdrop plan and participation methods may be updated at any time. Users are advised to follow Initia's official channels for the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Material:
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Disclaimer Investing in the cryptocurrency market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate.io does not take responsibility for any losses or damages caused by such investment decisions.