Key Takeaways
The total market value of global cryptocurrencies is $3.07 trillion, up 1.65% from $3.02 trillion last week. As of press time, the total net inflow of US Bitcoin spot ETFs is about $40.24 billion, with a net inflow of $1.81 billion this week; the total net inflow of US Ethereum spot ETFs is about $2.51 billion, with a net outflow of $20.1 million this week.
The total market value of stablecoins is US$217.7 billion, of which USDT has a market value of US$149.3 billion, accounting for 68.58% of the total market value of stablecoins; followed by USDC with a market value of US$61.5 billion, accounting for 28.25% of the total market value of stablecoins; and DAI with a market value of US$5.37 billion, accounting for 2.47% of the total market value of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $101.549 billion, up about 0.94% from last week ($100.6 billion). Divided by public chains, the three public chains with the highest TVL are Ethereum, accounting for 51.61%; Solana, accounting for 7.68%; and Bitcoin, accounting for 5.9%.
From the on-chain data, the daily transaction volume of TON chain fell by 56.76% this week, and the transaction fee fell by 86%, which was the most obvious. The daily transaction volume of Aptos and BNB Chain also fell by more than 20%, and ETH fell by 24.29%. The impact on Solana chain transaction volume and daily activity was relatively small, but the transaction fee fell sharply by 80%. In terms of daily active addresses, only BNB Chain rose by about 20%, while the rest fell, with SUI falling by 90.5%. In terms of TVL, ETH and Aptos increased slightly (3.5% and 4.48%), while the rest of the public chains fell slightly.
New projects to watch: ROVR Network ( https://rovr.network/ ) is a decentralized, ultra-high-precision, multi-dimensional digital twin platform designed to power next-generation transportation systems and 3D AI engines. ZAR ( https://www.zarpay.app/ ) is a digital dollar wallet that allows users to find nearby merchants through its platform, convert cash into digital currency conveniently and securely, and use ZAR debit cards to spend at Visa-supported merchants around the world. Boop ( https://boop.fun/ ) is a Solana-based MemeCoin launch platform initiated by NFT whale dingaling, which aims to provide users with a simple and fun Meme token issuance experience.
Table of contents
Key Takeaways
1. Total cryptocurrency market value/Bitcoin market value share
2. Fear Index
3. ETF inflow and outflow data
4. ETH/BTC and ETH/USD exchange ratio
5. Decentralized Finance (DeFi)
6. On-chain data
7. Stablecoin market value and issuance
2. Hot money trends this week
1. The top five VC coins and meme coins with the highest growth this week
2. New Project Insights
3. New trends in the industry
1. Major industry events this week
2. Big events coming up next week
3. Important investment and financing last week
4. Reference links
1. Market Overview
1. Total cryptocurrency market value/Bitcoin market value share
The total market value of global cryptocurrencies is $3.07 trillion, up 1.65% from $3.02 trillion last week.
Data source: Cryptorank
Data as of May 4, 2025
As of press time, Bitcoin’s market cap is $1.88 trillion, accounting for 61.2% of the total cryptocurrency market cap. Meanwhile, stablecoins’ market cap is $217.7 billion, accounting for 7.09% of the total cryptocurrency market cap.
Data source: coingeck
Data as of May 4, 2025
2. Fear Index
The Crypto Fear Index is at 52, indicating neutrality.
Data source: coinglass
Data as of May 4, 2025
3. ETF inflow and outflow data
As of press time, the U.S. Bitcoin spot ETF has accumulated a total net inflow of approximately US$40.24 billion, with a net inflow of US$1.81 billion this week; the U.S. Ethereum spot ETF has accumulated a total net inflow of approximately US$2.51 billion, with a net outflow of US$20.1 million this week.
Data source: sosovalue
Data as of May 4, 2025
4. ETH/BTC and ETH/USD exchange ratio
ETHUSD: Current price is $1,805.33, the highest price in history is $4,878, and the decline from the highest price is about 62.98%
ETHBTC: Currently 0.019105, the highest in history is 0.1238
Data source: ratiogang
Data as of May 4, 2025
5.Decentralized Finance (DeFi)
According to DeFiLlama, the total TVL of DeFi this week is $101.549 billion, up about 0.94% from last week ($100.6 billion).
Data source: defillama
Data as of May 4, 2025
Divided by public chains, the three public chains with the highest TVL are Ethereum chain, accounting for 51.61%; Solana chain, accounting for 7.68%; Bitcoin, accounting for 5.9%.
Data source: CoinW Research Institute, defillama
Data as of May 4, 2025
6. On-chain data
Layer 1 Data
The main data of Layer 1 including ETH, SOL, BNB, TON, SUI and APT are analyzed mainly from the perspective of daily transaction volume, daily active addresses and transaction fees.
Data source: CoinW Research Institute, defillama, Nansen
Data as of May 4, 2025
Daily trading volume and transaction fees: Daily trading volume and transaction fees are the core indicators for measuring the activity of public chains and user experience. This week, the daily trading volume has dropped to a certain extent, among which TON fell by 56.76%, which was the most obvious; followed by Aptos, which fell by 22.41%, SUI, which fell by 20.69%, BNB Chain, which fell by 24%, ETH, which fell by 24.29%, and Solana chain, which did not fall significantly. In terms of transaction fees, this week Solana chain fell by 80%, TON chain fell by 86%, Aptos rose by about 45 times, and the other chains did not change much.
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, and TVL reflects the degree of user trust in the platform. From the perspective of daily active addresses, except for BNB Chain, which has a certain period of increase, the increase is about 20%. The rest of the chains have fallen, the daily activeness of SUI chain has fallen by 90.5%, TON has fallen by 23.35%, Aptos has fallen by 7.8%, and ETH and SOL have fallen slightly. In terms of TVL, ETH and Aptos chains rose by 3.5% and 4.48% respectively this week, and the rest of the chains have fallen to a certain extent, and the decline is not obvious.
Layer 2 Data
According to L2B eat data, the total TVL of Ethereum Layer 2 is 30.94 billion US dollars, an overall increase of 1.05% this week compared with last week ($ 30.62 billion).
Data source: L2Beat
Data as of May 4, 2025
Arbitrum and Base took the top spot with 36.62% and 33.24% market shares respectively, but their overall share increased.
Data source: footprint
Data as of May 4, 2025
7. Stablecoin market value and issuance
According to Coinglass data, the total market value of stablecoins is US$217.7 billion, of which USDT has a market value of US$149.3 billion, accounting for 68.58% of the total market value of stablecoins; followed by USDC with a market value of US$61.5 billion, accounting for 28.25% of the total market value of stablecoins; and DAI with a market value of US$5.37 billion, accounting for 2.47% of the total market value of stablecoins.
Data source: CoinW Research Institute, Coinglass
Data as of May 4, 2025
According to Whale Alert data, USDC Treasury issued a total of 322 million USDC this week, and Tether Treasury issued a total of 3 billion USDT this week. The total amount of stablecoins issued this week is 3.322 billion, an increase of about 16.92% from the total amount of stablecoins issued last week (2.76 billion).
Data source: Whale Alert
Data as of May 4, 2025
2. Hot money trends this week
1. The top five VC coins and meme coins with the highest growth this week
Top five VC coins with the highest growth in the past week
Data source: CoinW Research Institute, coinmarketcap
Data as of May 4, 2025
Top 5 Meme Coins That Gained in the Past Week
Data source: CoinW Research Institute, coinmarketcap
Data as of May 4, 2025
2. New Project Insights
ROVR Network ( https://rovr.network/ ) is a decentralized ultra-high precision multi-dimensional digital twin platform designed to support the next generation of transportation systems and 3D AI engines. The platform lays a solid foundation for 3D AI model training by generating a large amount of ultra-high-definition geospatial data. ROVRs digital twin technology can be widely used in autonomous driving, augmented reality, smart cities and other fields, promoting the integration and development of Web2 and Web3.
ZAR ( https://www.zarpay.app/ ) is a digital dollar wallet that allows users to find nearby merchants through its platform, convert cash into digital currency conveniently and securely, and use ZAR debit cards to spend at merchants around the world that support Visa. ZAR recently completed a $7 million financing round, with investors including Dragonfly Capital, a16z and VanEck Ventures.
Boop ( https://boop.fun/ ) is a Solana-based MemeCoin launch platform initiated by NFT whale dingaling, aiming to provide users with a simple and fun Meme token issuance experience. Users can create and explore Meme projects through boop.fun without complicated processes, emphasizing fun and community participation.
3. New Industry Trends
1. Major industry events this week
Ethena Labs officially launched the third quarter ENA airdrop on May 1, allocating 3.5% of the total supply, with no qualification check period, and the rewards were immediately issued at 16:00 (UTC) on the same day. This round of rewards canceled the token lock-up requirement, and only locked one-third of the sENA rewards for the top 2,000 wallet addresses, which is a decrease from one-half in the previous quarter. The rewards for the remaining addresses will all be released immediately. Based on the current ENA price, the total value of the third quarter airdrop is approximately US$178.5 million, which is close to the US$202.5 million in the second quarter.
Sui ecosystem liquidity pledge agreement Haedal officially opened airdrop applications at 20:00 Beijing time on April 29, and this airdrop will allocate 5% of the total supply of HAEDAL. Haedal is committed to providing Sui users with efficient liquidity pledge infrastructure, supporting users to pledge SUI to validators to obtain consensus rewards, while releasing the potential of liquidity pledge tokens LST for participation in the DeFi ecosystem.
MilkyWay (MILK) held a TGE on Binance Wallet and PancakeSwap on April 29. Users must have an Alpha score of 75 to participate. The event will also be used for subsequent airdrops and marketing, with a total of 20 million MILK released.
B² Networks TGE event will be held on April 30th from 8:00-10:00 UTC through PancakeSwap, and users must meet the specified Alpha Points threshold. In terms of airdrops, users who registered before TGE will receive B² airdrops at 20:00 (UTC+ 8) on April 30th, and users who registered after TGE will receive airdrop rewards within 24 hours. Another 8.4 million B² tokens will be used for subsequent market activities.
2. Big events coming up next week
Obol Network, a decentralized verification coordination infrastructure project, will launch an OBOL token incentive campaign on May 7. Users can participate in the sharing of a total of 1.782 million OBOL rewards by locking BGB or OBOL. A recharge campaign will also be launched simultaneously, with a total of 120,000 additional OBOLs issued. The campaign will last until mid-May and aims to promote community participation and token circulation.
Bitcoin Pizza Day is celebrating its 15th anniversary. BTSE will airdrop thousands of retro film cameras to Bitcoin supporters before May 10, and launch a limited-edition pizza gift giveaway through the #BTSEPizzaDay hashtag. In addition, BTSE will hold a one-month Bitcoin-themed trading festival from April 26 to May 26, with a prize pool of up to 5.22 million USDT. Users can participate in the grand prize sharing through trading, financial management, and other methods.
Soul, a DeFi lending protocol, announced that it will launch a public offering of SO tokens on May 16, allocating 25% of the total tokens, and all tokens will be fully unlocked at the token generation event (TGE). SO tokens are used for protocol governance, revenue enhancement, and value sharing. Holders can obtain additional income through staking and participate in revenue distribution and repurchase mechanisms. Currently, the Soul testnet is online.
NFT community leader Dingaling announced that the Solana-based token issuance platform BOOP will be launched soon, and airdrops will be conducted at launch to reward trading users. The airdrops will be directly targeted at trading users and will not involve a points system. The specific event time and participation details will be announced later.
3. Important investment and financing last week
Unto Labs has completed a $14.4 million financing round, with investments from well-known institutions such as Framework Ventures and Electric Capital, which will be used to promote the technical research and development and ecological construction of its next-generation Layer 1 blockchain project Thru ( https://www.thru.xyz/ ). Thru is a next-generation Layer 1 blockchain that focuses on performance and developer experience. It uses the self-developed smart contract runtime ThruVM, based on the open RISC-V instruction set architecture. ThruVM natively supports languages such as Rust, C, C++, and is compatible with all RISC-V-compatible programming languages, significantly improving development flexibility and execution efficiency. (April 29, 2025)
Camp Network ( https://www.campnetwork.xyz/ ) has completed a $25 million Series A financing round, led by 1kx and Blockchain Capital, with participation from OKX, Lattice, Paper Ventures, etc., with a valuation of up to $400 million. Camp Network is a modular second-layer network that uses off-chain data from Web2 social platforms to achieve value conversion on-chain, serving users and creators in the fields of social media, music, entertainment, etc. (April 29, 2025)
Polygon Miden ( https://miden.xyz/ ) announced the completion of a $25 million seed round of financing, led by a16z crypto, Hack VC and 1kx, with participation from Finality Capital Partners, Symbolic Capital and several crypto angel investors. Miden is a privacy blockchain project co-founded by former Meta engineers. It is a zk-STARK-based Ethereum Layer 2 expansion solution launched by Polygon, which is committed to achieving transaction privacy through zero-knowledge proof while improving blockchain performance and decentralization. Although Polygon Labs did not directly participate in the investment, it has reached an agreement to allocate approximately 10% of Midens future tokens to Polygon token holders. (April 29, 2025)
Dinari ( https://www.dinari.com/ ) announced the completion of a $12.7 million Series A financing round, led by Hack VC and Blockchange Ventures, with participation from VanEck Ventures, F-Prime and Avalanche Fund, bringing the total financing to $22.65 million. Dinari is a Web3 stock trading platform focused on tokenizing real assets. Through its dShare platform, it provides non-US investors with a channel to purchase US company stocks. All tokens are backed by real securities 1:1, and trading and asset vault data are publicly available to enhance transparency. (May 1, 2025)
4. Reference Links
ROVR Network: https://rovr.network/
Boop: https://boop.fun/
Thru: https://www.thru.xyz/
Camp Network: https://www.campnetwork.xyz/
Polygon Miden: https://miden.xyz/
Dinari: https://www.dinari.com/
