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Gate Research Institute: DeFi TVL total returns to $100 billion, the world's first Spot XRP ETF listed in Brazil.
Summary
Market Commentary
ETH — The price of ETH has fallen by 1.72% over the past 24 hours and is currently trading at 1,775.67 USDT. Looking at the chart, ETH rebounded after stepping back on the ascending trend line support, and the short-term trend remains within the ascending channel, and the price is just running near the 5-day moving average, and the short-term structure has not yet been broken. In terms of trading volume, there was a slight increase in the pullback stage, but the rebound volume can be relatively average, indicating that the long and short sides are still in a state of seesaw. In terms of the MACD indicator, the fast and slow lines are close to the zero line, and the momentum column is shortened, indicating that the downward momentum has weakened, and the short-term focus is on whether it can stand firm on the trend line and continue the rally. 【2】
Popular Tokens
According to Gate.io market data【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:
CSPR (Casper Network) — Daily increase of approximately 70.53%, circulating market value of 219 million USD.
Casper Network (CSPR) is an enterprise-level layer-1 blockchain platform officially launched on March 31, 2021, utilizing a PoS consensus mechanism based on the CBC Casper specification, focusing on enhancing the scalability, security, and developer friendliness of the blockchain. Its goal is to accelerate the widespread adoption of blockchain technology in enterprises and developer fields through upgradable contracts, predictable gas fees, and WebAssembly smart contract support.
The recent price increase of CSPR tokens is mainly driven by expectations for the upcoming launch of the Casper 2.0 mainnet upgrade. Recently, it was announced that Casper 2.0 will be launched on May 6, 2025, introducing the Zug consensus mechanism, API enhancements, and development experience optimizations, which are seen as an important step in connecting Web3 with the real economy. [10]
FIS (StaFi) - Approximately 40.5% increase in a single day, with a circulating market capitalization of 42.52 million US dollars.
StaFi (FIS) is a decentralized finance (DeFi) protocol focused on unlocking liquidity for PoS blockchain staked assets. By issuing tradable rTokens, StaFi allows users to freely trade assets while maintaining staking rewards, thereby addressing the issue of traditional staked asset lock-up. Its goal is to enhance capital utilization and promote the expansion of the liquid staking as a service (LSaaS) ecosystem through an innovative staking derivatives system.
The recent price increase of the FIS token is mainly driven by multiple positive events. First, FIS has recently launched perpetual contracts on mainstream exchanges, enhancing market trading flexibility and visibility. Second, an important governance vote is currently taking place in the StaFi community, proposing to reduce the issuance of $FIS tokens, which, if passed, will significantly increase token scarcity. The combination of these two positive factors has led to a significant increase in trading volume and price in the short term.【11】
PENGU (Pengu) — Daily increase of about 33.5%, circulating market value is 767 million USD.
Pengu is an NFT project that originated in 2021, initially launched on the Ethereum blockchain, featuring 8,888 unique penguin NFTs. In December 2024, the project launched its native token PENGU on the Solana blockchain, aimed at enhancing community engagement and expanding the connection between the virtual and real worlds. The total supply of PENGU tokens is 88.888 billion, with some allocated to NFT holders and external users to support ecological development and community expansion.
The price increase of the PENGU token in this round was mainly driven by two event expectations. First of all, the official recently announced that it will cooperate with Ledger to launch the "Frozen for the Future" custom hardware wallet series, which will be launched at the TOKEN 2049 Dubai event, enhancing brand exposure and market attention. Secondly, the project is about to host a two-day special community event at TOKEN 2049 Dubai, which has attracted a large number of users and builders, further stimulating market sentiment and trading activity. Both of these developments were announced in late April and quickly led to an increase in user interest and transaction volumes. 【12】
Highlight Data
DeFi TVL total has exceeded $100 billion for the first time since March
The total DeFi TVL has returned to $100 billion for the first time since March, indicating a significant rebound in market activity. According to DefiLlama data, the total value locked (TVL) in DeFi protocols has surpassed $100 billion for the first time since March 2025, demonstrating a notable increase in overall market activity. Among them, the lending platform AAVE ranks first with a locking scale of approximately $19.7 billion, followed closely by the liquid staking platform Lido (about $17 billion) and the re-staking protocol EigenLayer (about $7.99 billion), which have become the main supporting forces for this round of TVL growth.
The rebound of DeFi TVL is driven by multiple factors. First, the overall sentiment in the cryptocurrency market began to warm up since the beginning of the second quarter, with mainstream asset prices generally rebounding, directly boosting the valuation of on-chain assets. At the same time, emerging narratives represented by Restaking and Bitcoin DeFi (BTCFi) quickly gained popularity, attracting a large influx of funds into innovative protocols and emerging asset classes, further enhancing the capital activity in the DeFi sector.
Overall, the DeFi ecosystem is showing new growth potential after a long adjustment period, driven by multiple favorable factors such as price rebounds, technological innovations, liquidity expansion, and gradual institutional investment. Whether the DeFi TVL can continue to break through and stabilize at a high level depends on market risk appetite, protocol security innovations, and whether there is sustained growth in broader on-chain application demand.
Arbitrum, BSC, and Noble ranked in the top three for net capital inflow in cross-chain bridges over the past 7 days
As of April 28, 2025, the net inflow of funds into the Arbitrum cross-chain bridge reached 313.24 million USD in the past 7 days, ranking first among all public chains. Following closely are BSC and Noble, with net inflows of 41.14 million USD and 24.26 million USD, respectively, reflecting the continued efforts of major public chains in cross-chain interoperability and capital flow.
Arbitrum has been performing strongly recently, benefiting not only from the inherent advantages of Ethereum Layer 2, such as low cost and high efficiency, but also driven by ecological expansion. Recently, projects like Stobox and Eigenpie have launched new Arbitrum cross-chain bridges, enhancing asset liquidity. At the same time, the rolling grant program launched by the Arbitrum Foundation and DAO continues to stimulate protocol development and capital injection. The expansion of DeFi and real-world assets (RWA) sectors, such as OstiumLabs' cumulative trading volume exceeding $400 million, combined with the high fees on the Ethereum mainnet, has made Arbitrum the new preferred choice for capital rotation.
In terms of BSC, it continues to attract stable capital inflows thanks to its large ecological foundation, mature DeFi applications, and low transaction fee advantages. Noble, as an emerging public chain, has gained the attention of some investors through innovative design of cross-chain bridges. Although its overall scale is still relatively small, it has performed brilliantly in this round of capital flow.
Overall, the net inflow data of Arbitrum, BSC, and Noble this week reflects the ongoing rotation and layout changes of funds in the crypto market among different ecosystems. Future performance still needs to pay attention to the sustainability of the overall market environment and the projects' own development.
The market capitalization of stablecoins approaches $240 billion, and market momentum continues to strengthen
Recently, the stablecoin market has experienced significant growth, with a market capitalization surge of approximately $4.58 billion over the past week, bringing the overall scale close to the critical threshold of $240 billion. This growth trend reflects strong market demand for stable assets, especially against the backdrop of increasing global economic uncertainty. Tether (USDT) and USDC, as industry leaders, continue to solidify their dominance, collectively accounting for over 80% of the market share. Meanwhile, emerging stablecoins such as USDS and RLUSD are also making their mark, injecting new vitality into the market with their innovative issuance mechanisms and differentiated application scenarios.
USDT and USDC remain the core medium of global crypto trading due to their high liquidity and wide range of application scenarios. USDT has now surpassed $143 billion in market capitalization, making it the largest stablecoin, while USDC remains around $36 billion despite slowing growth. At the same time, emerging stablecoin projects are attracting more and more investor attention by introducing more flexible reserve mechanisms, enhancing compliance, and expanding use cases such as DeFi and cross-border payments. For example, RLUSD surpassed $500 million in market capitalization in just three months, demonstrating strong growth potential.
Against the backdrop of global economic fluctuations and turmoil in traditional financial markets, stablecoins have become an important hedging tool for investors due to their peg to fiat currency. Especially during the recovery phase of the cryptocurrency market, a large amount of funds are allocated through stablecoins to avoid the risks of severe price volatility. In addition, the application of stablecoins in areas such as cross-border payments, corporate treasury management, and DeFi lending is also continuously expanding. 【15】
Hot Reviews
Arizona Bitcoin Reserve Legislation is About to Enter the Final Voting Stage
Two Bitcoin reserve-related bills in Arizona have been officially scheduled for a third reading next Monday, with a final vote expected on the same day. If successfully passed, this could make Arizona the first state in the U.S. to formally establish a Bitcoin reserve, drawing significant market attention to state-level cryptocurrency asset policies.
According to the existing proposal, the Arizona government plans to use part of its financial funds to purchase and hold Bitcoin as part of the state's reserves. This initiative aims to diversify the state's financial asset allocation while exploring the use of crypto assets to hedge against inflation and enhance fiscal resilience. At the same time, it also reflects the increasing acceptance of Bitcoin as an emerging asset class by local governments, which are willing to take practical actions to try it out.
If the bill is ultimately passed, it will not only set a precedent for other states in the field of digital asset reserves, but may also further promote the recognition and application of Bitcoin at the mainstream policy level in the United States, which would be a positive factor for the overall sentiment in the cryptocurrency market, encouraging more regions to explore the possibility of incorporating crypto assets into official asset allocation.
The world's first spot XRP ETF is listed for trading in Brazil
The world's first XRP-linked spot exchange-traded fund (ETF) was officially listed on the B3 exchange in Brazil on April 25, issued by asset manager Hashdex and managed by Genial Investimentos. The fund, codenamed XRPH11, tracks the NASDAQ XRP benchmark price index and will allocate at least 95% of its net assets to XRP, according to Hashdex's announcement. Funds can replicate index performance through direct holdings, futures contracts, or other financial instruments. This is Hashdex's ninth crypto asset ETF in Brazil, and its portfolio also covers mainstream assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
According to Hashdex, XRPH11 aims to attract professional investors, including institutional investors, while strictly following regulatory guidelines to ensure the safety and transparency of the fund. XRP-related exchange-traded products (ETPs) currently have about $950 million in assets under management (AUM), and according to CoinShares, XRP recorded the highest inflow of any crypto ETP last week, attracting $37.7 million in a single week. At the beginning of the year, JPMorgan predicted that potential future net inflows into XRP-related products could reach $8 billion, far exceeding current levels. However, Brazil currently accounts for only 0.9% of the global crypto ETP market, and XRPH11 still needs to attract the attention of international investors if it is to scale.
Overall, Hashdex's move has gained a first-mover advantage in the XRP ETF space, aligning with the trend of major asset management institutions accelerating their layout of cryptocurrency products in recent years. However, it is important to note that XRP itself still faces certain market volatility and regulatory risks. Whether the fund size of XRPH11 can grow rapidly in the future will still depend on global investors' recognition of XRP's long-term value and the continuous improvement in the acceptance of spot ETFs for cryptocurrency assets worldwide. 【17】
Ethereum account abstraction process accelerates, aiming to make non-traditional ECDSA accounts mainstream
Ethereum founder Vitalik stated that the process of account abstraction is halfway complete, emphasizing that Ethereum's ultimate goal is to make non-traditional ECDSA accounts the mainstream account type. These new account types will feature diverse functionalities such as multi-signature, key changes, quantum resistance, and privacy protection, aiming to enhance Ethereum's overall security and scalability.
Recently, the Ethereum ecosystem has made significant progress in simplifying the ERC-7701 standard. ERC-7701 aims to provide a more unified and flexible framework for account abstraction, allowing different types of signatures and verification logic to be implemented in a standardized manner on Ethereum. This will greatly lower the barrier for developers when building complex account features and provide more room for innovation in various applications within the future Ethereum ecosystem.
The advancement of account abstraction means that Ethereum will gradually break free from its dependence on a single signature algorithm, enhancing the network's defense capabilities against future potential security threats (such as quantum computing attacks), while also bringing fundamental improvements to user experience, such as the elimination of frequent management of mnemonic phrases, multi-device login, and more flexible asset control. This not only enhances the convenience of use for existing users but also holds the potential to attract more institutional users and traditional applications to join the Ethereum ecosystem, further solidifying its leading position in the public chain field. [18]
Financing Information
According to RootData, a total of 2 projects publicly announced financing in the past 72 hours, involving infrastructure and other areas. The specific details of the financing projects are as follows: 【19】
**Nous Research **—— Completed a $50 million Series A funding round, led by Paradigm, with participation from North Island Ventures, Delphi Labs, and other institutions. Nous Research is a decentralized artificial intelligence accelerator company dedicated to developing AI models and tools, focusing on the deep integration of artificial intelligence and blockchain technology. The institution has built a series of projects, including Nous Psyche, based on the Solana network, with key development areas covering language models, simulators, and AI orchestration platforms (such as the open-source Nous-Forge), all of which adopt open-source technology solutions. 【20】
The financing plan will launch a decentralized training system on the Solana blockchain, using blockchain technology to achieve distributed AI model training. The company will primarily use blockchain technology for coordination and incentive mechanisms, allowing users to contribute idle computing power to participate in AI model training.
WineFi – Closed a £1.5 million (approximately $1.99 million) seed round with participation from Coterie Holdings, Founders Capital, SFC Capital and others. WineFi is a London-based fintech company focused on providing structured premium wine investment services to high-net-worth individuals, family offices, and funds. Through a data-driven platform, the company solves the problem of lack of transparency and data standardization in traditional wine investments. WineFi allows users to co-invest in select wine portfolios with a low barrier to entry, and works with digital asset platforms to defragment wine assets on the blockchain, improving liquidity and transaction efficiency. WineFi's goal is to make wine, a traditional alternative asset, more accessible and managed by investors with modern fintech means.
This financing will be used for two aspects: first, to enhance data analysis tools, including strengthening the valuation model construction of the platform, introducing real-time market data sources, and optimizing the investment analysis system to help investors make more scientific and precise decisions; second, to expand wine investment products by launching more diversified and professionally curated high-quality wine portfolios, lowering the investment threshold, and attracting a wider range of investors to participate, thereby further consolidating WineFi's competitive advantage in the alternative asset investment field.【21】
Airdrop Opportunities
GiveRep
GiveRep is a decentralized reputation protocol built on the Sui blockchain, aimed at helping users establish, manage, and showcase their social credibility in Web3. By issuing and collecting verifiable on-chain endorsements, GiveRep is dedicated to creating a more transparent, trust-driven decentralized ecosystem.
Currently, GiveRep is conducting the "GiveRep Points Program" airdrop event, where users can accumulate Reputation Points by posting tweets, which can be exchanged for GiveRep token airdrops in the future based on the points ratio. Participation may also synchronize airdrop rewards from other projects on the Loyalty page, with early participation opportunities being scarce. [22]
Participation method:
Tip: Airdrop plans and participation methods may be updated at any time. Users are advised to follow the official channels of GiveRep for the latest information. At the same time, users should participate with caution, be aware of the risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Material:
Gate Research Institute is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate.io does not bear any responsibility for any losses or damages resulting from such investment decisions.