Gate Academy: The daily token creation volume on the Base chain has surpassed Solana for the first time, and Bitcoin's market share has reached a four-year high.

GateResearch

2025-04-22 10:05:36

Summary

Bitcoin price increased by 0.90% to 88,056 USDT; Ethereum decreased 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 market share hits a four-year high.
Pump.fun graduation rate is recovering, Solana Meme market may welcome a rebound signal.
The Central Bank of Korea will advance the legislative regulation of stablecoins and establish a comprehensive compliance system.
Ethereum Foundation strategic adjustment to accelerate core protocol upgrades.

Market Commentary

BTC —— The BTC price has increased by 0.90% in the past 24 hours, currently quoted at 88,056 USDT. From the chart, after breaking through the short-term resistance of 88,500 USDT, BTC quickly retraced. The price is currently testing the support of the ascending trend line, while still operating above the moving averages, indicating that the short-term upward structure remains intact. In terms of trading volume, there has been no obvious selling pressure during the pullback after the breakout, and overall volume remains neutral, with capital sentiment still cautious, but no significant withdrawals have been observed. Regarding the MACD indicator, the fast and slow lines are converging at a high level, and the momentum bars are shortening, indicating that short-term upward momentum has weakened, and attention should be paid to whether the price can stabilize and stop falling near the trend line.

**ETH **——The price of ETH has fallen by 3.79% in the past 24 hours, currently at 1,575.05 USDT. From the chart, ETH briefly rebounded after breaking below the support around 1,580 USDT, but has not yet broken through the resistance area around 1,650 USDT, remaining in a consolidation range between support and resistance in the short term. The current price is running near the 5-day and 10-day moving averages, with an overall weak trend, while the 30-day moving average poses significant pressure above. In terms of trading volume, there has been no sustained buying interest following the volume drop, indicating a lack of short-term confidence in the market. Regarding the MACD indicator, the fast and slow lines are still below the zero axis, and although the bearish momentum shows signs of weakening, a reversal signal has not yet formed, with the short-term trend still leaning bearish.

ETF —— According to data from SoSoValue, as of April 21, the total net inflow of Bitcoin spot ETFs in the United States was $381 million【3】; the total net outflow of Ethereum spot ETFs in the United States was $25.42 million. The data is as of April 22 at 12:00 PM (UTC+8).【4】
Altcoins —— Bitcoin Sidechains, Analytics, Sidechains and other segments changed by +10.0%, +9.5%, +7.9%.【5】
Three Major U.S. Indices —— On April 21, the S&P 500 index fell by 2.36%, the Dow Jones index fell by 2.48%, and the Nasdaq index fell by 2.55%.【6]
Spot Gold —— The spot gold price is $3,445.75 per ounce, with a daily decline of 0.70%. Data as of April 22, 10:00 AM UTC+8).【7】
Fear and Greed Index — Fear and Greed Index 47, the market is in a normal state.【8]

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:

OBT (Orbiter Finance) - A daily increase of approximately 66.66%, with a circulating market value of 54.69 million USD.

Orbiter Finance (OBT) is a decentralized cross-Rollup bridging protocol built on the Ethereum ecosystem, utilizing zero-knowledge proof (ZK) technology, focused on enhancing the performance of Layer 2 (L2) networks and reducing Gas fees. Its goal is to address the current fragmentation of asset liquidity between L2s by creating a more efficient and seamless multi-chain asset transfer experience.

The price increase of the OBT token in this round is mainly driven by two community collaboration activities. First, Orbiter Finance has partnered with Superboard, allowing users to receive 50 SUPR rewards by bridging assets to the Superposition platform, which stimulates cross-chain operations and enthusiasm for platform usage. Second, the project announced airdrop activities in collaboration with Monda, worth 1,000 MON tokens, attracting a large number of users to participate and engage on social media. Both collaborations were announced on April 21, 2025, quickly drawing users' attention and leading to a year-on-year increase in trading volume. 【10】

**GFI (Goldfinch) **—— Daily increase of approximately 32.65%, with a circulating market value of 82.35 million USD.

Goldfinch (GFI) is a decentralized finance protocol dedicated to providing capital to emerging markets through unsecured crypto loans. Its core mechanism combines off-chain credit assessment with on-chain capital allocation, representing cutting-edge practices for integrating real-world assets (RWA) in DeFi. Its flagship product Goldfinch Prime enables users to access institutional-grade private credit funds such as Apollo, Ares, and KKR in an on-chain manner, offering a more stable yield path.

The current round of GFI tokens may be primarily driven by new developments from Goldfinch Prime introducing heavyweight funds. Recently, Goldfinch announced that FS Income Trust, a global private equity giant under KKR, has officially joined the Goldfinch Prime platform. This fund combines a hybrid strategy of senior secured loans and asset-backed financing, relying on KKR's credit platform of over $100 billion. This move not only strengthens Goldfinch Prime's institutional credibility in the RWA (real-world assets) space but also enhances market confidence in the long-term yield capability and stability of the Goldfinch protocol. As this news spreads within the community, GFI buying has significantly increased, driving the token price up rapidly.

**MLK (MiL.k) **—— Daily increase of approximately 22.17%, with a circulating market value of 93.54 million USD.

MiL.k (MLK) is a loyalty points integration platform based on blockchain technology, aimed at connecting various service companies in the fields of travel, leisure, and lifestyle. The core function of the platform is to achieve the integration and exchange of reward points between different companies, allowing users to use MLK as the key currency to conveniently exchange and utilize points from different services, thereby enhancing the flexibility and value of rewards.

Recently, MiL.k completed the migration of its mainnet to Arbitrum and established a strategic partnership with an important partner in the Arbitrum ecosystem, Galxe, while also launching related marketing activities on Galxe. These developments indicate that the MiL.k project is progressing smoothly, accelerating ecosystem expansion, and enhancing its visibility within the Arbitrum ecosystem, thereby attracting market attention and increasing demand for the MLK token, which has driven up the price of the coin. [12]

Highlight Data

Risk aversion rises: Spot gold breaks through $3,480, Bitcoin's market share reaches a four-year high

Against the backdrop of increasing uncertainty in the global economy, the market's demand for safe-haven assets has significantly risen. The spot gold price continues to climb, breaking through the historical high of 3,480 USD per ounce, reflecting investors' strong preference for traditional safe-haven assets. Meanwhile, the cryptocurrency market also exhibits clear safe-haven characteristics, with Bitcoin's market share soaring to 63.6%, reaching its highest level since February 2021, further reinforcing its market position as "digital gold."

This phenomenon indicates that in the current market environment, investors are more inclined to allocate funds to mainstream crypto assets like Bitcoin rather than to high-risk altcoins. Other cryptocurrencies, such as Ethereum, only account for 36.4% in total, suggesting that market funds may be flowing from altcoins to Bitcoin, or new funds are prioritizing Bitcoin as the main allocation target. This shift in capital flow not only highlights Bitcoin's central position in the crypto market but also reflects an overall decline in investors' risk appetite.

It is worth noting that while the market's risk aversion sentiment is rising, the overall trading activity of cryptocurrencies continues to decline. The trading volume of both centralized and decentralized exchanges has dropped to its lowest level in nearly six months, with Bitcoin's spot trading volume falling to a low not seen since August 2024, and Ethereum's trading volume hitting a new low since December 2023. Although there was a brief rebound in early April due to policy factors, the overall liquidity pressure in the market has not eased, indicating that investors are more inclined to hold rather than trade frequently in the current environment.

Base daily token creation volume surpasses Solana for the first time

According to on-chain data, on April 20th, the number of new tokens created on the Base chain in a single day reached approximately 50,000, surpassing Solana's 35,417 tokens for the first time in a day, making it one of the most active public chains for token creation in the current blockchain network. Base's core developer Jesse Pollak confirmed this news on social platform X, indicating that Base's appeal within the developer community is rapidly increasing.

Base is an Ethereum Layer 2 public chain that has rapidly attracted a large number of project deployments and token issuances recently, thanks to its low cost and high efficiency characteristics, covering multiple categories such as memecoins, AI agents, and LP tokens. From the data trends, since mid-March, the token creation volume on the Base chain has continued to rise, reaching a record high on April 20. In the same period, Solana has continued its downward trend for nearly two months, with the number of token creations dropping from over 80,000 per day at its peak to less than 22,000.

The increase in the activity of the Base chain has further attracted the attention of developers and users. Driven by new trends such as memecoin narratives and on-chain AI agent experiments, Base is becoming a hotspot network for token innovation. However, whether it can establish truly valuable projects behind the high-frequency creation will still test the sustainability of its ecosystem.

Pump.fun graduation rate rebounds, Solana Meme market may迎来反弹信号

According to Dune data, the meme coin market on the Pump.fun platform has shown obvious signs of recovery recently. First of all, in terms of the graduation rate (i.e., the proportion of meme coins that have completed the bonding curve and entered the free market), the first week of April fell to the lowest point of the year, at only 0.58%. However, it quickly rebounded to 1.08% in the second week and has recovered to a level comparable to that seen in early February. This suggests that the life cycle of new projects and market liquidity conditions are improving.

At the same time, the overall trading volume of the platform has also risen in tandem. According to the data, Pump.fun's meme coin trading volume has grown steadily over the past three weeks, from $873.8 million in early April to $1.3 billion currently, with a significant increase in market activity.

Observing the charts, since the beginning of 2025, the graduation rate of Pump.fun has experienced a continuous decline for several weeks, but today’s strong rebound may signal a resurgence of the Meme narrative within the Solana ecosystem. As trading enthusiasm heats up, more Meme projects are expected to break through the early liquidity constraints and smoothly enter a more mature market phase. 【15】

Hot Comments

The Central Bank of South Korea will advance regulatory legislation on stablecoins and build a comprehensive compliance system

The Bank of Korea (BOK) will actively promote stablecoin regulatory legislation, and plans to require virtual asset service providers (VASPs) to register before conducting cross-border stablecoin transactions and report transaction details to BOK on a monthly basis from the second half of 2025. The move aims to prevent illegal financial activities such as money laundering and tax evasion, especially in the context of the increasing use of dollar-pegged stablecoins such as Tether for cross-border payments.

According to data from the Korea Customs Service, from 2020 to July 2023, foreign exchange violations involving virtual assets accounted for 81.3% of the total violation amount, amounting to approximately 90 trillion won (6.4 billion USD). To address this issue, the South Korean government plans to revise the Foreign Exchange Transactions Act in the first half of 2025, defining virtual assets as an independent third category of trading objects, and requiring related businesses to register in advance and regularly report transaction information to the BOK, including transaction date, amount, asset type, and the identity information of both parties involved in the transaction.

At the same time, the Bank of Korea is actively promoting tests for central bank digital currency (CBDC), inviting the public, retailers, and local banks to participate in order to assess its commercial viability in real-world scenarios. This initiative aligns with the policy direction of strengthening stablecoin regulation, reflecting South Korea's strategic intent to seek a balance between security and innovation in the digital finance sector. By establishing a clear regulatory framework, South Korea is expected to enhance market transparency and user trust, laying a solid foundation for the compliance and sustainable development of crypto assets.

Circle Launches Stablecoin Cross-Border Payment Network, Establishing a New Standard for Global Settlement

On April 22, 2025, Circle announced the launch of the "Circle Payments Network," providing cross-border payment and real-time settlement services based on stablecoins for banks, payment institutions, and technology companies. The network aims to eliminate the reliance on intermediaries in traditional remittance, reducing costs, increasing speed, and building a global payment infrastructure with USDC and EURC.

The new network will connect VASP, PSP, digital wallets, and banking applications, supporting the receipt and payment of local currencies and stablecoins with automatic settlement. It is built on Circle's self-developed cross-chain protocol CCTP, compatible with 19 chains including Solana, Base, Avalanche, and Algorand, to create a unified cross-chain payment experience.

Circle's move comes at a time when it is seeking an IPO and aligns with the ongoing stablecoin legislative process in the U.S. Congress. The company aims to promote the adoption of stablecoins in global financial institutions through its network and to position stablecoins as mainstream settlement assets rather than being limited to crypto-native transaction purposes. The launch of Circle's payment network is not only a positive challenge to traditional cross-border payment models but also demonstrates the rising strategic role of stablecoins in global financial infrastructure. As the policy window gradually opens, if this compliant, efficient, on-chain native settlement mechanism can achieve scale, it may drive stablecoins from "asset substitution" to a new stage of "payment infrastructure."【17】

Ethereum Foundation Strategic Adjustment: Separation of R&D and Management to Accelerate Core Protocol Upgrades

Tomasz Stańczak, the co-executive director of the Ethereum Foundation, stated that after the leadership restructuring in March this year, the foundation has clearly focused its development on user experience and Layer-1 scalability, to alleviate Vitalik Buterin's burden in daily management, allowing him to concentrate on in-depth research and innovative exploration.

In recent months, criticism of Ethereum in the market has mainly focused on three aspects: the deterioration of user experience caused by high Gas fees, performance bottlenecks of Layer-1 restricting ecosystem development, and the long-term absence of privacy features. Especially in the context of high-performance chains like Solana grabbing market attention and the competition of Layer-2 intensifying following the implementation of EIP-4844, the pace of evolution of Ethereum's core protocol has been frequently questioned.

The reorganization of the foundation directly addresses these pain points. By freeing Vitalik from daily management, it preserves his key role as the "thought engine" while allowing the execution team to focus more on advancing short-term actionable solutions. This "dual-track parallel" strategy maximizes efficiency in ensuring that upcoming upgrades like Pectra will directly address Layer-1 throughput and cross-chain interoperability issues, while Vitalik's forward-looking research lays the groundwork for subsequent major updates.

It is worth noting that this adjustment also implies an optimization of the community governance model. Stańczak emphasizes that Vitalik's proposal "needs to be improved or rejected through community discussion," indicating that the foundation is trying to avoid overly centralized decision-making while maintaining technological leadership—this was a key point of criticism from some developers previously. While the market is still debating Solana's short-term performance advantages, Ethereum seems to have chosen a more balanced development path: maintaining competitiveness through immediately perceptible protocol upgrades, while building a moat for long-term value capture through foundational layer innovations.

Integration Information

According to RootData, a total of 1 project publicly announced financing in the past 24 hours, involving sectors such as infrastructure. Here are the specific details of the financing project: 【19】

**StakeStone **—— StakeStone has received investment from Animoca Brands, with the specific amount not disclosed. StakeStone is a decentralized full-chain liquidity protocol designed to enhance the efficiency and sustainable flow of assets across blockchains. By converting yield-bearing assets into liquidity tools usable in DeFi and token economies, StakeStone expands liquidity applications into cultural, IP, and Web3 consumer fields. This round of financing will be used in three directions: incorporating RWA and IP-supported assets, building infrastructure to support Web3 consumer scenarios, and developing DeFi strategies that integrate cultural IP to promote the release of liquidity in the creative economy.【20】

Airdrop Opportunities

GPUnet

GPUnet is a decentralized GPU computing network, dedicated to connecting the idle GPU resources of global data centers and individual users, and providing more accessible and decentralized computing infrastructure for high-performance tasks such as AI inference, scientific research computing, and 3D rendering. The project has received $5.8 million in funding and aims to promote the convergence of computing power sharing and Web3 applications. 【21】

Currently, GPUnet is conducting the "Road to TGE" airdrop event, where users can accumulate GXP points by completing tasks, which can be used to obtain GPU token airdrops in the future based on the points proportion. The tasks include social interactions, on-chain interactions, and development participation, with daily check-ins available for additional points. The more tasks completed, the more airdrops will be received in the future.

Participation method:

Visit the airdrop page
Connect EVM wallet (such as Metamask)
Add Ganchain to wallet
Complete the "Social Tasks" and "Beginner Tasks" (such as following social media, completing check-ins, etc.)

Prompt: The airdrop program and participation methods may be updated from time to time, and users are advised to follow GPUnet's official channels for the latest information. At the same time, users should be cautious about participating, be aware of the risks, and do sufficient research before participating. Gate.io There is no guarantee that subsequent airdrop rewards will be distributed.

Reference Material:

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BASE11.51%

SOL-0.49%

BTC1.25%

ETH0.19%

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