CoinW Research Weekly Report（2025.4.14–2025.4.20）
Key Highlights
The global cryptocurrency market capitalization stands at $2.86 trillion, up 3.15% from last week’s $2.77 trillion. As of the time of writing, the cumulative net inflow into U.S. spot Bitcoin ETFs is approximately $35.37 billion, with a net inflow of $15.84 million this week; the cumulative net inflow into U.S. spot Ethereum ETFs is approximately $2.24 billion, with a net outflow of $32.17 million this week.
The total market capitalization of stablecoins is $212.5 billion, among which USDT has a market cap of $142.2 billion, accounting for 66.92% of the total stablecoin market cap; followed by USDC with a market cap of $56.2 billion, accounting for 26.4%; and DAI with a market cap of $5.36 billion, accounting for 2.52%.
According to DeFiLlama data, the total DeFi TVL this week is $89.406 billion, almost unchanged from last week. By public chain, the top three chains by TVL are: Ethereum, accounting for 51.79%; Solana, accounting for 8.09%; and Binance Smart Chain, accounting for 6.17%.
From the on-chain data, Aptos daily trading volume increased by about 12%, while all other chains saw a decline — ETH and Solana dropped by 38.67% and 21.2% respectively; in terms of transaction fees, Solana saw a significant decrease of 56.57%, while other chains experienced minor fluctuations. Solana’s daily active addresses grew by 19.21%, SUI increased by 3%, while Aptos and TON saw significant drops of 49.83% and 16.76% respectively. TVL showed a slight overall recovery, with Solana up about 6.3% and ETH up 1.1%, while SUI declined by 2.64%.
New project highlights: ORO is a decentralized AI data platform that uses encryption technology to ensure privacy, encouraging users to share data for AI model training and enabling data assetization. EdgeX is building a decentralized edge computing network that integrates global computing power resources, supports efficient operation of AI models on edge devices, and promotes real-world applications of AI technology. Rekord is a blockchain data verification platform that supports multi-chain data uploading and validation, ensuring the credibility and traceability of key data in industries such as agriculture and logistics.
Content
Key Points
1. Global Cryptocurrency Market Cap/Bitcoin Market Share
2. Fear Index
3. ETF Inflow/Outflow Data
4. ETH/BTC and ETH/USD Exchange Ratios
5. Decentralized Finance (DeFi)
6. On-Chain Data
7. Stablecoin Market Cap and Issuance
Section II: Hot Money Movements This Week
1. Top 5 Gainers Among VC and Meme Coins
2. New Project Insights
Section III: Industry Updates
1. Major Industry Events This Week
2. Upcoming Major Events Next Week
3. Key Investments Last Week
Market Overview
1. Total Market Capitalization and Bitcoin Dominance
Global Cryptocurrency Market Cap: $2.86 trillion, a 3.15% increase compared to last week’s Market Cap.
Data as of April 20, 2025
Bitcoin Market Cap: $1.73 trillion, representing 60.5% of the total cryptocurrency market cap.
Stablecoins Market Cap: $212.5 billion, accounting for 7.43% of the total.
Data as of April 20, 2025
2. Fear & Greed Index
Current Crypto Fear & Greed Index: 39.
Data as of April 20, 2025
3. ETF Inflows/Outflows
Bitcoin Spot ETFs:
Cumulative net inflows: $35.37 billion.
Weekly inflows: $15.84 million.
Ethereum Spot ETFs:
Cumulative net inflows: $2.24 billion.
Weekly outflows: $32.17 million.
Data as of April 20, 2025
4. ETH/BTC and ETH/USD Ratios
ETH/USD:
Current Price: $1,614
All-Time High (ATH): $4,878 (-66.89% from ATH)
ETH/BTC:
Current Ratio: 0.018532
ATH: 0.1238
Data as of April 20, 2025
5. Decentralized Finance (DeFi)
Total Value Locked (TVL): $89.4 billion, no increase this week.
Data as of April 20, 2025
Top 3 Chains by TVL:
Ethereum: 51.79%
Solana: 8.09%
BNB Chain 6.17 %
Data as of April 20, 2025
6. On-Chain Data
Layer 1 Metrics:
Daily trading volume, active addresses, and fees analyzed for major chains: ETH, SOL, BNB, TON, SUI, and APT.
Data as of April 20, 2025
Daily Trading Volume and Transaction Fees:
Daily trading volume and transaction fees are core indicators for assessing the activity and user experience of public blockchains. This week, daily trading volume increased only on Aptos, with a week-over-week rise of approximately 12%. All other chains experienced declines: ETH fell by 38.67%, and Solana dropped by 21.2%. In terms of transaction fees, Solana saw a significant decrease of 56.57%, while other chains showed minimal fluctuations.
Daily Active Addresses and TVL:
Daily active addresses reflect ecosystem participation and user stickiness, while TVL indicates the level of user trust in a platform. In terms of daily active addresses, Solana increased by about 19.21% compared to last week, and SUI rose by 3%. Other chains showed varying degrees of decline, with Aptos seeing the most significant drop of approximately 49.83%, followed by TON with a 16.76% decrease. For TVL, aside from a 2.64% decline on SUI, other chains saw some growth — Solana rose by about 6.3%, and ETH increased by approximately 1.1%.
Layer 2 Metrics:
Total TVL: $27.76 billion, a 0.95% decrease this week.
Data as of April 20, 2025
Market share leaders: Arbitrum (34.2%) and Base (32.29%).
Data as of April 20, 2025
7. Stablecoins Market Cap and Issuance
Stablecoin Market Cap: $212 billion.
USDT: $142.2 billion (66.92%)
USDC: $56.2 billion (26.4%)
DAI: $5.36 billion (2.52%)
Data as of April 20, 2025
Weekly Stablecoin Issuance:
USDC Treasury: 0.463 billion new USDC issued.
Tether Treasury: 0 billion new USDT issued.
Total issuance this week: 1.25 billion (-62.96% compared to last week).
Data as of April 20, 2025
Hot Money Movements This Week
1. Top 5 Gainers
VC Tokens:
Data as of April 20, 2025
Meme Tokens:
Data as of April 20, 2025
2. New Project Insights
ORO is a decentralized AI platform focused on secure data sharing under the premise of privacy protection. By leveraging cryptographic technologies such as zkTLS, it enables user data to be safely shared and transformed into assets usable for AI training. The platform helps AI models access high-quality data while incentivizing users for their data contributions.
EdgeX is a decentralized edge computing network designed to support AI projects and agents. It integrates globally distributed computing, storage, and bandwidth resources to build efficient, secure, and transparent AI infrastructure. The platform enables various AI models to run seamlessly on edge devices, promoting the widespread application of AI in edge scenarios while significantly reducing computing costs.
Rekord is a blockchain data verification platform headquartered in Zug, dedicated to providing verifiable data standards for industries such as agriculture, logistics, manufacturing, and law. The platform allows any system, sensor, or software to upload data to the blockchain for future verification, ensuring a single trusted source of truth. Rekord’s multi-chain verification technology is currently adopted by A.DNA and Pondus for enterprise-level data management and for building traceability and trust in the poultry supply chain.
3. Industry Updates
1. Major Industry Events This Week
On April 17, 2025, at 19:30 (UTC+8), Gomble Games’ native token GM was listed for trading on the Binance Alpha platform. To celebrate the launch, Binance airdropped 403 GM tokens to users who had purchase records on the Alpha platform via spot or funding accounts between March 27, 2025, 08:00 and April 16, 2025, 23:59 (UTC+8). The tokens were directly distributed to users’ Alpha accounts. Gomble Games is a blockchain casual gaming platform launched by South Korean game studio 111Percent, focusing on entertainment-driven Web3 gaming experiences, with flagship titles such as RumbyStars. The project is backed by prominent investors including Binance Labs and Animoca Brands, and aims to promote community engagement and token distribution through gamified tasks and NFT incentive mechanisms.
On April 18, 2025, Lorenzo Protocol held an exclusive TGE (Token Generation Event) for its governance token BANK in collaboration with Binance Web3 Wallet and PancakeSwap. The event was conducted on BNB Chain and raised a total of $200,000 (in BNB), issuing 42 million tokens, representing 2% of the total supply, at a unit price of $0.0048. Each user could subscribe up to a maximum of 3 BNB. Lorenzo Protocol is a decentralized protocol focused on Bitcoin liquid staking. It enhances the liquidity and yield potential of BTC assets by splitting staked assets into stBTC (principal) and YAT (yield rights), and plans to offer an stBTC/BTCB liquidity pool on PancakeSwap to improve usability.
On April 18, 2025, decentralized data storage protocol Walrus announced an airdrop for SuiPlay0X1 handheld gaming device holders. Eligible users will receive a soulbound Walrus Airdrop NFT, which contains WAL tokens that can be claimed once the mainnet launches. This airdrop accounts for 4% of the total WAL supply (5 billion tokens) and is intended to reward early participants in the Walrus and Sui ecosystems. Users can check eligibility and claim details via the updated Sui Wallet or by visiting the Suivision browser.
On April 18, 2025, deBridge opened claims for its governance token DBR airdrop. Eligible users can claim through the deBridge Foundation’s official website. The deadline for claiming is May 17, 2025, at 16:00 (UTC+8). Eligibility requires users to have interacted with the deBridge platform and accumulated points before 21:00 (UTC) on July 23, 2024.
On April 15, 2025, WalletConnect officially launched its WCT token and airdrop campaign, distributing a total of 800,000 WCT tokens to the community through two activities: PoolX staking and CandyBomb. The PoolX staking event runs from April 15, 19:00 to April 22, 19:00 (UTC+8), during which users can lock WCT to share 150,000 reward tokens, with a staking cap of 2,500,000 WCT per user. The CandyBomb event runs simultaneously, allowing users to share 650,000 WCT by depositing and participating. As a core Web3 infrastructure, WalletConnect is committed to building a decentralized connectivity network and currently supports on-chain interactions for over 35 million users. The WCT launch and incentive program mark a critical step in its ecosystem development, aiming to further boost user engagement and community vitality.
2. Upcoming Events Next Week
Balance is an AI+Web3 protocol developed by Epal Labs, dedicated to integrating intelligent AI agents with blockchain technology to build a decentralized ecosystem for social and gaming scenarios. To celebrate the launch of its token EPT, the project will airdrop 3,500 EPT to each user who purchased EPT using a spot or funding account on the Binance Alpha platform between April 11 and 17, 2025. EPT will be listed on Binance Alpha spot trading at 12:00 (UTC) on April 21, 2025, and the EPTUSDT perpetual contract will go live at 13:00 (UTC) on the same day, supporting up to 20x leverage.
Lending protocol Dolomite announced that its native token DOLO will officially launch its Token Generation Event (TGE) on April 24, 2025. The total supply will be 1 billion tokens, with a circulating supply of approximately 361 million at TGE (including locked veDOLO). The airdrop snapshot was completed on January 6, 2025, and users can check their eligibility on the official website. DOLO will be available for DEX trading on KodiakFi and will be listed simultaneously on centralized exchanges such as Kraken. Additionally, Boyco rewards are not included in this airdrop; users participating in the Boyco liquidity market can unlock 90-day locked assets and claim veDOLO rewards starting May 6. Over the past two years, Dolomite has achieved over $920 million in trading volume and more than $1 billion in TVL across Arbitrum, Berachain, Mantle, and other chains.
To celebrate the official launch of the AB token, AB DAO will launch a two-week dual airdrop incentive event from April 16 to April 30, 2025, distributing a total of 235 million AB tokens through two participation methods: PoolX staking and CandyBomb trading. In the staking section, users can lock AB or BGB to share 26,247,000 and 108,926,000 AB rewards, respectively; the CandyBomb trading event encourages users to trade AB or BGB to share 78,134,000 token rewards. This diversified incentive mechanism aims to further boost community activity within AB DAO and accelerate the launch of the ecosystem.
3. Notable Investments Last Week
Optimum announced the completion of an $11 million seed round led by 1kx, with participation from Robot Ventures, Spartan, Animoca, and others. The funds will be used for product development and ecosystem integration. Optimum is a decentralized high-performance memory infrastructure project based on RLNC technology, launching the OptimumP2P node communication layer and decentralized memory product DeRAM, aiming to provide efficient data transmission and storage solutions for any blockchain. The testnet is expected to launch soon. (April 15, 2025)
Stablecoin protocol Resolv Labs announced the completion of a $10 million seed round co-led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, Arrington Capital, and others. Resolv tokenizes market-neutral investment portfolios to introduce a crypto-native, fiat-independent delta-neutral yield strategy, offering competitive returns to USR stablecoin holders and liquidity providers. (April 16, 2025)
Bitcoin mining machine manufacturer Auradine announced the completion of a $153 million Series C round led by StepStone Group, with participation from Samsung Catalyst Fund, Qualcomm Ventures, and others. Auradine is developing scalable, sustainable, and secure infrastructure for the future internet based on blockchain, security, zero-knowledge, and AI technologies. The oversubscribed round will help expand into the AI infrastructure sector. (April 16, 2025)
a16z announced an additional $55 million investment to purchase ZRO tokens from the cross-chain messaging protocol LayerZero, with a three-year lock-up period. LayerZero is an interoperability protocol that enables lightweight messaging across multiple chains and has previously received multiple investments from a16z. The valuation for this round was not disclosed. (April 17, 2025)
