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The Federal Reserve (FED) has once again paused interest rate cuts, and in 2025, Solana DEX volume will exceed $800 billion｜Gate Research Institute
Summary
Market Comment
popular concepts
According to Coingecko data, the Cat-Themed, Bitcoin Fork, and Bittensor Ecosystem sectors have shown significant gains, with market values rising approximately 9.7%, 8.3%, and 8.0% respectively over the past seven days. [9]
Cat-Themed —— This section refers to the cat-themed Memecoin section, of which Popcat, Mog Coin, Cat in a dogs world are representative projects in this section. POPCAT is currently the most valuable project in the sector, and POPCAT was born from the naughty cat emoji that is widely circulated on the Internet, which not only carries a light-hearted and humorous community atmosphere, but also cleverly blends the fast-spreading characteristics of online viral culture with the booming crypto world. Mog Coin was born as a fun meme and has since grown into a cultural project on the Ethereum network. The name is derived from the internet slang term "AMOG", which means that a person is a "leader-type figure" among his peers. In the last 7 days, the price of MOG token has increased by more than 50%.
**Bitcoin Fork —— **The Bitcoin Fork segment, as an important derivative branch of the Bitcoin ecosystem, has a unique market positioning and technical characteristics. This segment mainly includes various forked coins based on modifications to the Bitcoin codebase (such as BCH, BSV, etc.), which typically attempt to address Bitcoin's limitations in scalability, transaction efficiency, or smart contract support by adjusting core parameters such as block size, consensus mechanism, or scripting capabilities. From a market performance perspective, mainstream forked coins show a high correlation with Bitcoin prices, but with more significant volatility, reflecting the dual attributes of value storage and high-risk speculation in this segment.
**Bittensor Ecosystem —— **This section refers to the decentralized machine learning ecosystem built around the Bittensor network. Bittensor utilizes blockchain incentive mechanisms to encourage global developers to collaboratively train, deploy, and share high-quality AI models. Its core mechanism rewards nodes (such as model trainers and evaluators) that contribute to the network with the token TAO, in order to achieve continuous optimization of model quality and network autonomy. Projects within the Bittensor ecosystem primarily focus on decentralized AI services, knowledge economy, data provision, and model collaboration, forming an open artificial intelligence market that does not require centralized control.
Popular Cryptocurrencies
According to CoinGecko data, the popular cryptocurrencies in the last 7 days are as follows:
KAITO (Kaito AI) — 7-day increase of approximately 65.5%, circulating market value of $350 million.
KAITO token is the native token of the Kaito AI platform. Kaito AI is leveraging artificial intelligence and blockchain technology, aiming to transform the landscape of decentralized digital interactions. The platform was founded by YuHu in 2022 and quickly emerged in the crypto market, raising a total of $10.8 million in two rounds of funding. Kaito AI's core mission is to build an AI-driven InfoFi network that allocates attention and funds in a more transparent and efficient manner. Kaito AI has developed an innovative roadmap, launching more advanced AI analytics tools and expanding decentralized social media features.
THE MAIN REASON FOR KAITO'S RISE OF MORE THAN 60% IN THIS ROUND IS DUE TO ITS ECOSYSTEM AIRDROPS, SUCH AS THE HIGH-HEAT PROJECT BOOP AIRDROP. A number of KOLs spoke out for KAITO on the X social media platform. In addition to the KAITO airdrop, its ecosystem projects have distributed more than $71 million in rewards to yappers, stakers, and hodlers. Yu Hu, the founder of the Kaito AI project, said on the X platform that Kaito AI's revenue in the second quarter will increase compared to the first quarter, and it is negotiating various cooperation matters with multiple teams. 【10】【11】
MOG (MOG COIN) - 7-day increase of approximately 51.7%, with a circulating market value of 356 million dollars.
The MOG token is an ERC-20 token that was born as an interesting meme and has since grown into a cultural project on the Ethereum network. The name is derived from the internet slang term "AMOG," which indicates that a person is a "leader-type figure" among their peers, usually referring to standing out in terms of attractiveness, dominance in a certain area, or overall strength. The AMOG trend started in 2021 as a MOG community created as a joke by a group of friends. Although the identity of the founders is unknown, they officially launched the project in 2023 and conducted a fair token offering on the Uniswap V2 liquidity pool in July of the same year. Since then, the project has also launched merchandise.
The recent surge of MOG is a cultural trend initiated by elites in the technology sphere, with opinion leaders ranging from Y Combinator founder Garry Tan to Elon Musk all changing their profile pictures to feature the iconic Pit Vipers sunglasses, prompting more users on the X platform to retweet and imitate.
SYRUP (Maple Finance) — 7-day increase of approximately 42.1%, with a circulating market capitalization of 234 million USD.
Maple Finance is a crypto lending protocol established in May 2021. With Maple Finance, institutional investors can borrow funds through the protocol without full collateral, while users can invest at a fixed rate to earn product returns. According to DefiLlama data, Maple's TVL is $759 million. Recently, asset management company Bitwise announced a collaboration with Maple Finance.
One of the important reasons for the recent rise of SYRUP is that Maple Finance launched a $500,000 USDC incentive program to celebrate its TVL surpassing $1 billion. The program will run from May 1 to May 31, during which users need to deposit at least $1,000 in its flagship yield product SyrupUSDC and hold it for 6 months. The higher the deposit amount, the greater the chance of winning. The program will set up 14 awards, with the highest prize being $300,000 USDC. The initiation of this event has increased the popularity of the Maple Finance project, driving up the token price.
Focus of the Week
Hot Spot Comments
The Federal Reserve has again paused interest rate cuts, and Powell stated that rate cuts are appropriate in certain circumstances this year.
On May 7, the Federal Reserve announced after the Monetary Policy Committee FOMC meeting that the target range for the federal funds rate remained unchanged at 4.25% to 4.5%. This is the third consecutive monetary policy meeting in which the Fed has decided to pause its actions. Fed Chair Jerome Powell said the economy is in a solid state and inflation has fallen sharply. Inflation is currently just above the 2% target, and the labor market is at or near maximum employment. At the same time, Powell said that in some cases it would be appropriate to cut interest rates this year, and in some cases it would not be appropriate to cut rates and could not determine the appropriate path for interest rates. Powell's speech was generally dovish, retaining the possibility of future rate cuts and easing market concerns about the Fed's independence. It is expected to intensify the market's game on the direction of interest rate policy. 【16】
Polygon Labs launches CDK OP Stack configuration
Polygon Labs announced that its blockchain development toolkit Agglayer CDK officially supports multiple technology stacks, with the first integration being the OP Stack configuration. The new version allows developers to launch high-performance, low-cost chains using the OP Stack and natively connect to Agglayer without incurring additional fees. In the future, Arbitrum Orbit, ABC Stack, and others may also connect to the Agglayer ecosystem.
Agglayer CDK has significant advantages in integrating with the OP Stack: First, it provides differentiated deployment solutions for developers through a multi-stack compatible architecture. The OP Stack configuration based on Geth can achieve a high throughput performance of over 4,700 TPS, while the Erigon version offers customized token support and ZK security guarantees, having validated its 99.95% commercial-grade stability through over 500 million transactions. Second, it adopts a zero-fee connection mechanism to ensure developers' on-chain sovereignty, avoiding ecological taxes that hinder innovation. Third, the technical roadmap shows that in the future, by integrating zkRollup/Validium models and Succinct's SP1 proof system, it will achieve an ultra-low cost of less than $0.005 per transaction, further consolidating its foundational infrastructure advantages in the cross-chain interoperability field.
Polygon Labs has taken a key step towards building a multi-technology stack compatible ecosystem by integrating the OP Stack into the CDK, providing developers with flexible high-performance chain deployment options, and breaking down ecosystem barriers with a zero connection fee model, laying the infrastructure foundation for seamless integration of multi-chain ecosystems.
Revolut will launch Bitcoin Lightning Network payment feature in the European market
Digital bank Revolut announced it will collaborate with Lightspark to launch Bitcoin Lightning Network-based payment features in the UK and certain European Economic Area countries. This move aims to leverage Lightspark's payment infrastructure to reduce transaction costs and speed up payment processing. Lightspark is a company led by former PayPal executive David Marcus, focusing on building global payment solutions based on the Bitcoin Lightning Network.
Currently, Revolut has not announced a specific launch date for this feature, but the company stated that it is actively advancing technology integration and regulatory compliance work, and it is expected to gradually open testing to users in the UK and the European Economic Area in the coming months. This collaboration is seen as an important milestone in the deep integration of cryptocurrency and traditional financial systems, showcasing the practical value of the Bitcoin Lightning Network in the field of commercial payments, and marking further recognition of blockchain technology by mainstream financial institutions. Through Lightspark's advanced payment infrastructure, users in the European Economic Area can expect to enjoy near real-time cross-border settlement services, which will significantly enhance the efficiency of international trade for small and medium-sized enterprises and personal cross-border remittances.
Security Incident
LockBit internal data leak, Bitcoin addresses, private keys, and negotiation records exposed
The notorious ransomware group LockBit has recently come into the spotlight again, as its official website was attacked by hackers in early May, resulting in a large amount of sensitive data being stolen and publicly leaked. According to currently disclosed information, the leaked content includes internal communication records between the LockBit team and victims, Bitcoin addresses, private key information, ransom negotiation history, and clues about the identities of some members, all of which are extremely sensitive. The leaked data has now been uploaded to the GitHub page "Criminal-Leaks" managed by user D4RK-R4BB1T, with the source of the leak pointing to Prague, Czech Republic, suggesting that the attackers may be individuals or anonymous organizations with strong cyber offense and defense capabilities, and it is also possible that it was a counteraction led by law enforcement or ethical hackers (white hat).
This incident not only exposes the core operational structure of LockBit but may also serve as a breakthrough for law enforcement agencies to further track its global network and affiliated members. In addition, the leak of some ransom negotiation records may trigger legal risks or public relations crises for the victimized companies, which will also affect LockBit's deterrence and credibility in the dark web, undermining its future ransom leverage. From the perspective of the nature of the attack and the breadth of information, this leak also reflects the trend of escalating "black on black" and cyber justice actions. As ransom organizations themselves become targets of attacks, the ecological balance of cybercrime is undergoing structural changes. [19]
Project Attention
LeverFi Announces 2025 Roadmap to Transform into a Decentralized AI Network
LeverFi has announced its major transformation plan for 2025, transitioning from its original DeFi protocol to a Layer1-based decentralized AI network. The core products include OmniGPT and OmniZK, aimed at integrating AI model capabilities with on-chain privacy technologies to build a new generation of infrastructure.
As part of its transformation, LeverFi announced that the team will relocate from Singapore to the United States in response to the gradual relaxation of regulations in the local digital asset sector, and hopes to participate more deeply in the development of the U.S. crypto ecosystem. The project team also revealed that its members have participated in the issuance of the World Liberty Financial USD1 stablecoin and plan to attend a dinner hosted by former President Trump for cryptocurrency holders, showcasing their active layout in policy and resource integration.
In addition, LeverFi pointed out that over the past year, the LEVER token has repeatedly faced futures short selling manipulation without spot positions, putting pressure on spot prices and affecting the confidence of community investors. The team has begun to actively collaborate with major trading platforms to combat such short selling behaviors, restore market order, and protect the interests of long-term holders.
Highlight Data
Tether mints 1 billion USDT on Tron, with a cumulative total minted reaching 14 billion by 2025
On May 7th, Tether once again minted 1 billion USDT on the Tron blockchain, bringing the total minted amount to 14 billion by 2025, highlighting the ongoing demand for stablecoins in high-frequency trading and cross-chain transfers. Although this minting is classified as "authorized unissued," it still holds significant market implications, reflecting the current market's high reliance on on-chain dollar liquidity, with Tron continuing to play a dominant role in the circulation of stablecoins.
On May 8, the on-chain distribution of USDT showed a high concentration, with Tron accounting for 48.53% and Ethereum for 42.35%, together exceeding 90%, continuously dominating the use of stablecoins in centralized exchanges, payment, and settlement scenarios. Networks including BSC (3.45%) and Solana (1.54%) collectively form Tether's multi-chain strategic layout, assisting it in covering a broader cryptocurrency ecosystem.
From the perspective of market structure, large-scale pre-mints are often seen as a signal for capital preparing to enter the market, typically indicating that exchanges, institutions, or project parties have a demand for capital allocation. If this batch of USDT is subsequently observed flowing into CEX, DeFi protocols, or liquidity pools, it may directly drive a resurgence in market activity and even lead to a short-term rebound in the market. The issuance rhythm of Tether has always been regarded as an important barometer of on-chain capital sentiment, and the continuous expansion of the cumulative minting scale reflects that market funds have not yet exited, possibly preparing for the next stage of market trends.
In 2025, Solana DEX trading volume surpassed $800 billion
As of early 2025, the cumulative trading volume of Solana's decentralized exchange (DEX) has surpassed $800 billion, demonstrating its continued rise in trading activity as a high-performance public chain. This figure not only significantly outpaces previous years' performance but also further solidifies Solana's increasingly systemic position in the DeFi ecosystem. 【22】
With the rising demand of traders for low fees and high throughput, Solana has gradually become the main battlefield of many popular DEX platforms (such as Jupiter, Orca, Lifinity), especially driven by the meme coin trading boom, the efficiency optimization of automated market making protocols (AMMs), and the recent token issuance tools (such as Pump.fun). In addition, Solana's high-frequency trading characteristics make it particularly popular in speculative trading, arbitrage, and bot strategies, and it has also become an important field for the rapid accumulation of user behavior data on the chain and the reflection of market sentiment. In the context of the intensification of competition between Ethereum Layer 2 and other emerging public chains, Solana has become a DeFi powerhouse that cannot be ignored in the market with its unique architecture and continuously optimized development experience.
Axiom firmly occupies the leading position in Meme coin trading bots, with a market share of 57%
According to the latest on-chain data statistics, automated trading tools have rapidly risen during the trading craze of Meme coins, with Axiom being the most outstanding platform among them. So far, Axiom has captured 57% of the Meme coin trading bot market share, significantly ahead of similar competitors, including Photon, BullX, Bloom, and Trojan.
Axiom's leading position is mainly attributed to its optimized execution speed, on-chain composability, and user interface design, enabling it to quickly capture high volatility opportunities during the early stages of new coin listings, making it the preferred tool for liquidity sniping and arbitrage traders. On high-performance chains like Solana, Axiom users significantly enhance their transaction success rates and their ability to seize quality price ranges during the initial coin offering phase through preset strategies, automated slippage control, and gas optimization mechanisms.
In comparison, although other trading bots have similar functionalities, they each have their own characteristics in UI/UX and strategy design. For example, Bloom and BullX have introduced a certain degree of operational innovation, and Trojan has gained attention for its active performance in the Pump.fun rush mechanism. However, they still fall slightly short of Axiom in terms of contract integration depth, strategy flexibility, and slippage control. Axiom's current lead not only reflects its product strength but may also indicate that it has gained a first-mover advantage in the competition for Web3 automated trading infrastructure. Whether it can maintain its dominant position will also become a key observation point in the evolution of the Meme sector structure.
Market Opportunities
Project Airdrop
**Talus Network ** Talus Network is built on the Move Virtual Machine (MoveVM) and adopts the Protochain blockchain architecture, emphasizing security, scalability, and modular design. The object-oriented programming model of Move enables developers to create complex and secure smart agent applications. Currently, Talus Network is conducting testnet and incentive activities, where users can earn rewards by completing tasks and participating in activities.【24】
Participation Method:
Tip: Airdrop plans and participation methods may be updated at any time; users are advised to follow Talus Network's official channels 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 subsequent distribution of airdrop rewards.
Financing Weekly Report
This week, multiple projects successfully completed financing, involving a wide range of applications in areas such as infrastructure and DeFi. According to RootData, from May 2 to May 8, a total of 6 projects announced financing, amounting to approximately $68.85 million. Data is as of May 8, 10:00 AM (UTC+8).【25】
The following is the situation of the top three financing scales:
Doppel
Completed a $35 million financing round led by Bessemer Ventures
Doppel is an artificial intelligence platform focused on social engineering defense, which completed a $35 million Series B funding round on May 2, with a valuation of $205 million. This round of financing was led by Bessemer Venture Partners, with participation from companies such as Andreessen Horowitz (a16z). Doppel will use this round of financing to strengthen the research and development of its AI platform, Doppel Vision, further enhancing its ability to identify and respond to social engineering attacks such as phishing, impersonation, and deepfakes. The platform combines large language models with expert analysis mechanisms, enabling it to track attack paths across multiple channels (such as email, social media, instant messaging, etc.) and achieve an average downtime of less than one hour for phishing websites.
Sentora
Completed $25 million financing, led by New Form Capital
The DeFi analytics platform IntoTheBlock has merged with the liquidity service provider Trident Digital to form a new company, Sentora. On May 6, the company completed a $25 million financing round led by New Form Capital, with follow-on investments from Tribe Capital, Ripple, Curved Ventures, and others. Sentora will combine the strengths of both IntoTheBlock and Trident Digital to provide a one-stop service platform for institutional investors, including yield strategies, compliance, risk management, and structured products. Sentora is led by former Coinbase risk strategy head Anthony DeMartino. The platform aims to simplify the complexities of institutional entry into the DeFi market and prepare for the future onboarding of trillion-dollar assets.
DogeOS
Completed a $6.9 million financing, led by Polychain Capital
DogeOS is an application development layer specifically designed for the Dogecoin blockchain, aimed at expanding the application ecosystem of Dogecoin. On May 6, DogeOS announced the completion of a $6.9 million funding round led by Polychain Capital. This round of funding will be used to support the development of various consumer applications, enhancing the Dogecoin ecosystem and its decentralized financial services. The goal of DogeOS is to combine the Dogecoin community with on-chain innovation, providing new use cases and integrating DOGE into more applications. The platform plans to support the development of various consumer applications, ranging from gaming to artificial intelligence, further strengthening the Dogecoin (DOGE) ecosystem.
Focus Next Week
token unlock
According to data from Tokenomist, several important token unlocking events are expected in the market next week (2025.05.09 - 05.15), with a total unlocking value of approximately $1.252 billion.【26】
The situation for unlocking the top 3 next week is as follows:
WBT tokens are scheduled to be unlocked at 12:00 AM UTC+0 on May 13, 2025, with approximately 39.5 million tokens being released, accounting for 27.41% of its circulating supply, valued at around 1.13 billion dollars. Recently, the daily trading volume of WBT has been around 25 million dollars, and this unlock may have a significant impact on price fluctuations.
APT tokens are scheduled to be unlocked at 6 PM UTC+0 on May 12, 2025, with approximately 11.31 million tokens, accounting for 1.82% of its circulating supply, valued at around $54.85 million. Recently, APT's average daily trading volume has been around $115 million, and this unlock may have a slight impact on its price.
LAYER token is scheduled to unlock approximately 27.02 million tokens at 2 PM UTC+0 on May 11, 2025, accounting for 0.41% of its circulating supply, valued at about 35.39 million USD. Recently, the daily trading volume of LAYER has been around 990 million USD, and this unlock may have a slight impact on its price.
Crypto Calendar
Next week (2025.05.09 - 05.15) will usher in a series of important events that are expected to have a profound impact on the cryptocurrency market, the global economy, and the energy market. In the crypto space, ETHDam 2025 will be held in Amsterdam on May 9 as an important annual conference for the European Ethereum ecosystem, which is expected to focus on privacy-preserving computing, ZK technology, and Layer 2 scalable solutions. [27] On May 10, TON will officially suspend the Toncoin Bridge, which may affect the liquidity and compatibility strategy of cross-chain assets in the TON ecosystem. [28] On May 14, Consensus Toronto 2025, a major conference in the crypto industry, will officially open, which is expected to cover core topics such as institutional investment, tokenization, Web3 application development, and regulatory framework. [29] On the macroeconomic front, the United States will release a number of key data intensively. The total number of crude oil rigs for the week ended May 9 was released on May 10, providing the market with a leading signal of changes in crude oil production capacity. [30] On May 13, the U.S. will release the seasonally adjusted CPI annual rate for April as the core indicator of inflation, which may directly affect the market's expectations of the Fed's policy path; On the same day, the EIA crude oil inventory change (10,000 barrels) will also be released, which will provide a reference for judging the balance between energy supply and demand. [31] On May 15, the U.S. will release the weekly jobless claims and April retail sales data, which will be used by the market to assess the fundamentals of U.S. employment and consumption, and rejudge the persistence of inflation and economic resilience. 【32】
Reference materials:
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