Gate Research Institute: Uniswap TVL hits annual high | BTC experiences short-term fluctuations after reaching new highs

Summary

1. BTC broke through 126,000 on October 7, reaching a new high, and is currently in a short-term consolidation range.
2. Plume acquires the Dinero institutional staking agreement to strengthen the integration of RWA and compliant staking.
3. 21Shares collaborates with wealth management platform Stratiphy to drive crypto ETNs into retail investment channels.
4. Uniswap TVL breaks 7 billion USD, setting a new high for 2025.
5. The net inflow of Bitcoin spot ETFs in the past seven days reached 897 million USD, with institutional buying significantly rebounding.
6. DDC announced on October 8th the completion of a $124 million financing to advance its Bitcoin reserve strategy.

Market Interpretation

Market Commentary

• BTC Market —— After breaking through 126,000 and setting a new high on October 7, BTC is currently in a short-term consolidation range, with prices fluctuating around the hourly moving average. The MACD indicator shows that the dual lines are likely to form a death cross, with the histogram continuously shrinking and momentum gradually weakening, indicating insufficient buying interest. If the price cannot effectively stabilize above 123,000, it may retest the previous low area in the short term, with attention needed on the support levels around 122,000 and 118,000; if it can increase volume and break through 124,000, the market may regain upward momentum.
• ETH Market Update —— This week, ETH fell by 0.96%. The recent decline of ETH has been relatively pronounced, as it continues to be pressured below the short-term moving averages after dropping from its peak. The short-term structure has shifted to a bearish trend. The current price has dropped to around 4,470, and the MACD dual lines maintain a golden cross, but the momentum bars are shortening, indicating that upward momentum is gradually weakening, raising the risk of a further downturn in the short term. If the support at 4,450 is lost, it is necessary to watch for a potential retest of the low around 4,335; if it can stop the decline and rebound, regaining above 4,550 may ease the downward pressure.
• Altcoin - This week, mainstream altcoins showed a slight upward trend overall, with the average increase of tokens in the AI Framework and Launchpad sectors exceeding 60%.
• Stablecoins — The total market value of stablecoins is currently $313.6 billion, with stablecoins such as USDC and USDe continuing to attract market attention.
• Gas Fee —— This week, the Gas fee on the Ethereum network has decreased. As of October 9, the average Gas fee for the day was 0.12 Gwei.

Popular Tokens

This week, the mainstream sector of altcoins mostly saw slight increases. According to CoinGecko data, the AI Framework and Launchpad sectors both showed a significant upward trend this week, with an increase of over 60% in the past 7 days. Below are the representative popular tokens within each sector and an analysis of the reasons for their increases.

LAVA Lava Network (+197.67%, circulating market cap 55.5 million USD)

According to Gate.io market data, the current price of the LAVA token is $0.16345, having increased by 197.67% in the last 24 hours. Lava Network is a protocol that coordinates AI agents, applications, and wallet traffic on the blockchain, aggregating multiple data providers and guiding transactions and queries based on their speed and reliability. The protocol has generated over $3.5 million and paid service providers more than $1 million. If the blockchain is a city, Lava is the core infrastructure that controls the data pathways.

The recent surge is mainly driven by news. According to content released by Lava, Standard Chartered Bank expects that by 2028, $1 trillion of capital will flow out of emerging market banks and into stablecoin assets, with each stablecoin transaction relying on RPC interfaces, and Lava Network is one of these key infrastructures. As the market's attention to the importance of on-chain data infrastructure increases, coupled with Lava's recent progress in cross-chain support and decentralization, it further stimulates market interest and expectations for the LAVA token, driving it to rise nearly 198% within 24 hours.

COAI ChainOpera AI (+81.59%, Circulating Market Cap 1.096 Billion USD)

According to Gate.io market data, the current price of the COAI token is $5.6588, with an increase of 81.59% in the last 24 hours. ChainOpera AI is an artificial intelligence infrastructure project dedicated to providing high-performance AI model inference and data processing capabilities for on-chain applications. The project aims to combine AI inference nodes with decentralized computing resources to build an on-chain AI network ecosystem. COAI is its platform token, used for core functions such as payment for computing resources, staking, and network governance.

The recent rise is mainly driven by the expansion of partnerships and the launch of new products. ChainOpera has announced collaborations with several ecological projects, further enhancing its influence in the AI network. At the same time, COAI has recently launched contract products, supporting up to 5x leverage trading, attracting market attention. In addition, the community's recognition of its positioning as a "layer for on-chain AI model traffic" has increased, combined with recent inflows of capital and rising attention, jointly driving the COAI token to achieve significant gains in the short term.

MNT Mantle (+19.40%, Circulating Market Cap 9.157 billion USD)

According to Gate.io market data, the current price of the MNT token is $2.8130, with a 19.40% increase in the past 24 hours. Mantle is an Ethereum Layer 2 network built on a modular architecture, aiming to provide a more efficient and cost-effective on-chain execution environment. Its native token MNT is used for core functions such as network governance, staking incentives, and ecosystem incentives, while also supporting various DeFi, GameFi, and infrastructure developments within the Mantle ecosystem.

The recent surge was mainly driven by ecological activities and an increase in community engagement. Mantle launched the "Max Out SZN" strategy campaign, establishing a reward pool of 50,000 MNT to incentivize user participation. At the same time, it collaborated with Succinct Labs to complete the on-chain Gen-ZK POAP distribution, showcasing its technological advancements in the ZK space. The project team will also invite outstanding creators to participate in the upcoming CCCCLisbon 2025 summit, further strengthening community interaction and ecological expectations, driving the MNT price upward.

Focus of This Week

Plume acquires the Dinero institutional staking agreement, strengthening the layout of RWA and compliant staking integration.

The public chain Plume, focused on the realm of Real World Asset Finance (RWAfi), announced the acquisition of the institutional-grade staking protocol Dinero on Ethereum. This merger will incorporate staking capabilities for mainstream assets such as ETH, SOL, and BTC into the Plume ecosystem. After the integration is complete, institutional investors and DeFi users can earn staking rewards on the same platform while managing their tokenized assets in a unified manner, enhancing overall efficiency and the convenience of compliance management. This move reflects Plume's attempt to bridge the gap between compliant finance and on-chain asset management, advancing the vision of a one-stop asset service platform.

Dinero, with its compliant staking product ipxETH at its core, currently has a total locked value exceeding $125 million and has established partnerships with several institutions such as Galaxy Digital and Laser Digital. Plume stated that this acquisition will complement its technical capabilities in the field of compliant staking while expanding its infrastructure layout in conjunction with real-world assets. Amid the ongoing trend in the DeFi market seeking integration with traditional finance, such integrations are seen as an important step to enhance institutional participation and broaden the utilization of assets.

21Shares collaborates with wealth management platform Stratiphy to drive crypto ETNs into retail investment channels.

The cryptocurrency asset issuer 21Shares announced a partnership with the wealth management platform Stratiphy, which will list and offer multiple exchange-traded notes (ETNs) launched by 21Shares, including physically backed Bitcoin and Ethereum products. This collaboration makes Stratiphy one of the first wealth management service providers to incorporate 21Shares products into its platform, marking a gradual integration of cryptocurrency ETNs into the mainstream financial services system, providing individual investors with more compliant, transparent, and accessible cryptocurrency investment options.

21Shares has long been focused on bringing crypto assets to market in the form of tradable financial products, while Stratiphy focuses on strategic investment and user experience. The inclusion of crypto ETNs in their product line reflects the growing demand for diversified asset allocation in the wealth management sector. The collaboration not only broadens the retail access channels for crypto products but also reflects an increased market acceptance of structured and regulatory-friendly crypto investment methods. In the future, more platforms are expected to follow suit, further promoting the integration of crypto assets with traditional financial tools.

Jupiter has partnered with Ethena Labs to launch the stablecoin JupUSD, expected to go live in the fourth quarter.

The decentralized exchange aggregator Jupiter announced the launch of its own stablecoin JupUSD, expected to go live in the fourth quarter. This stablecoin is developed in collaboration with the stablecoin protocol Ethena Labs and aims to serve the Jupiter ecosystem (Jupiverse), building a financial tool with payment stability and native integration. This move also demonstrates Jupiter's intention to strengthen its financial autonomy within the ecosystem, enhancing trading efficiency and integration through the introduction of its own stablecoin.

The launch of JupUSD is not only a part of brand extension but may also prompt adjustments to the internal incentive mechanisms of the ecosystem. For example, in the future, JupUSD may become the main medium in scenarios such as trading fee discounts, DeFi collateral, and governance incentives. At the same time, the involvement of Ethena Labs may indicate that this stablecoin will adopt a design mechanism different from traditional dollar reserve stablecoins, such as integrating derivatives hedging or staking yield distribution structures, thus providing a more flexible anchoring method. Overall, JupUSD is expected to diversify the stablecoin market and offer users stable asset options that are more aligned with native ecological use cases.

Highlight Data

Uniswap TVL breaks 7 billion USD, setting a new high for 2025.

DeFiLlama data shows that Uniswap's current Total Value Locked (TVL) has risen to approximately 7 billion dollars, setting a new high since 2025. Meanwhile, the price of the UNI token has also continued to rebound, approaching the 8 dollar level, and the protocol's cumulative fee revenue in the past week exceeded 10 million dollars.

This reflects a significant recovery in trading activity and liquidity supply within the Ethereum ecosystem. Analysis suggests that the growth momentum of Uniswap mainly comes from the recent multi-chain expansion and the progress of the V4 protocol testing, as well as the optimization and upgrade of the LP yield mechanism. Against the backdrop of renewed capital inflow into the overall DeFi market, Uniswap once again consolidates its position as the core of decentralized trading infrastructure, demonstrating strong ecological resilience and protocol profitability.

Bitcoin spot ETF has seen a net inflow of 897 million USD in the past seven days, with institutional buying significantly rebounding.

According to Farside data, in the week ending October 8, the cumulative net inflow of Bitcoin spot ETFs in the United States reached approximately $897 million. Among them, the net inflow on October 6 alone was as high as $1.205 billion, setting a new high in nearly two months, indicating a strong return of institutional funds.

From the performance of the products, BlackRock's IBIT and Fidelity's FBTC continue to lead, attracting over $600 million and $150 million in inflows respectively throughout the week; while some small and medium-sized ETFs have seen slight outflows. This round of capital inflow is closely related to the recent breakthrough of Bitcoin prices at key resistance levels, with institutional investors holding an optimistic view on the performance of crypto assets in the fourth quarter. As expectations for Fed easing heat up and market risk aversion rises, the inflow momentum for BTC ETFs may continue.

The rise in gold has pushed XAUT's market value to a new high, and tokenized assets are in high demand.

As international gold prices continue to rise, tokenized gold assets have also gained favor in the market. According to Coingecko data, the market capitalization of Tether's tokenized gold product, Tether Gold (XAUT), has exceeded $1.5 billion, setting a new historical high. XAUT is a crypto asset backed by physical gold, with each token representing one ounce of physical gold stored in Swiss vaults. This type of asset combines the safe-haven properties of gold with the convenience of blockchain, rapidly developing in recent years amid increasing demand for diversified investment portfolios and digital assets. This milestone also reflects the accelerating trend of integration between traditional finance and blockchain applications. Compared to traditional gold holding methods, tokenized gold not only has stronger liquidity but can also be embedded in decentralized finance (DeFi) scenarios as a tool for staking, lending, or trading. Against the backdrop of continued gold buying by global central banks, geopolitical tensions, and unresolved inflation risks, the market's demand for gold-backed digital assets is expected to grow further. As a representative product, Tether Gold's market position has increasingly solidified.

Financing Weekly Report

According to RootData, from October 2 to October 9, 2025, a total of 14 cryptocurrency and related projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as cryptocurrency treasury, on-chain insurance, and infrastructure. The overall financing activity remains high, indicating that capital continues to invest in key areas such as ETH infrastructure, AI applications, and asset tokenization. Below is a brief introduction to the top three projects ranked by financing scale this week:

DDC

Announced the completion of a $124 million financing on October 8 to advance its Bitcoin reserve strategy.

DDC Enterprise (NYSE: DDC) is an enterprise financial innovation company with Bitcoin as its core reserve asset, dedicated to integrating blockchain technology into corporate asset management systems. DDC plans to increase its Bitcoin holdings to 10,000 coins by the end of 2025 to further consolidate its leading position in the Web3 enterprise finance sector.

Meanwhile

Announced on October 7 that it has completed a $82 million financing to expand its Bitcoin-based insurance and financial product system.

Meanwhile is a life insurance company priced in cryptocurrency, with premiums and claims settled in Bitcoin (BTC), dedicated to building financial infrastructure centered around Bitcoin as the core pricing unit. The company utilizes an AI-driven policy system, allowing users to conveniently apply for Bitcoin life insurance products, and through tax-optimized methods, enables policyholders to "activate" and allocate a portion of their Bitcoin assets.

Bee Maps

Announced on October 6 that it has completed a $32 million financing round to expand its data collection network, optimize its AI mapping engine, and broaden enterprise-level application scenarios to promote the implementation of real-time maps in the next generation of transportation and infrastructure development.

Bee Maps is powered by Hivemapper, dedicated to building the freshest and most real-time mapping system globally through community contributions and artificial intelligence technology. The platform aggregates data from drivers and devices worldwide to generate dynamic geospatial information in a decentralized manner, providing critical real-time navigation and foundational data support for fleet management, autonomous vehicles, and urban planning.

Focus Next Week

token unlock

According to data from Tokenomist, the market will see significant unlocks of some important tokens over the next 7 days (2025.10.9 - 2025.10.16). The top 3 unlocks are as follows:

• ATH will unlock approximately $643.7 billion worth of tokens over the next 7 days, accounting for 10.1% of the circulating supply.
• APT will unlock approximately $58.13 million in the next 7 days, accounting for 1.6% of the circulating supply.
• LINEA will unlock approximately $28.25 million worth of tokens in the next 7 days, accounting for 6.9% of the circulating supply.
  Source Reference

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• jin10, https://rili.jin10.com/
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• X, https://x.com/jupiterexchange/status/1975929208049463384
• X, https://x.com/plumenetwork/status/1975914181439471755
• Coindesk, https://www.coindesk.com/business/2025/10/08/wealth-management-app-stratiphy-and-21shares-partner-for-uk-access-to-crypto-etns
• Defillama, https://defillama.com/protocol/uniswap
• Farside, https://farside.co.uk/btc/
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

Disclaimer Investing in the cryptocurrency market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate does not assume any responsibility for any losses or damages resulting from such investment decisions.