Abstract

• BTC price fell by 5.51% to $75,017, while ETH price dropped 10.67% to $1,417.
• Weekly borrowing volume in the DeFi lending market plunged by 23%, with lenders’ annualized yield hitting a historic low of 2.66%.
• On-chain daily trading volume of stablecoins surpassed $72 billion, and the number of active addresses exceeded 300,000—marking the highest level since February.
• Jupiter’s daily revenue exceeded $1.58 million, surpassing Pump.fun to top the Solana revenue leaderboard.
• The U.S. SEC has dropped its lawsuit against Ripple, and the first XRP leveraged ETF “XXRP” has officially been listed.
• PancakeSwap proposes Tokenomics 3.0, planning a 20% token supply reduction over 5 years.

Market Analysis

• BTC — BTC price dropped 5.61% in the past 24 hours, currently trading at $75,017. From the chart, BTC showed consistent downward movement yesterday, briefly breaking below mid-band support and finding temporary support around $76,000. Trading volume surged during the decline, indicating increased sell pressure and weak defense from bulls. The MACD lines continue to move downward, and the growing green histogram suggests a bearish short-term outlook with no clear signs of stabilization. Technically, if BTC breaks below $75,000, the next support level may be around $74,500. Overall, BTC’s short-term trend remains weak, with rising risk-off sentiment in the market. It’s important to monitor the effectiveness of key support levels and whether the price can quickly stabilize and rebound. [1]

• ETH — ETH fell 10.67% in the past 24 hours, currently priced at $1,417. The chart shows ETH declining steadily from above $1,600, breaking through multiple support levels in the short term. It currently finds support near $1,410, and a failure to hold could lead to further decline. Trading volume increased significantly during the price drop, indicating bearish dominance. The MACD indicator continues to weaken, with both lines below the zero axis and green histogram bars expanding—showing no clear recovery signs in the short term. The immediate resistance lies between $1,528–$1,550; reclaiming the middle Bollinger Band could help ease the bearish trend. Overall, ETH remains in a clear downtrend, and a short-term reversal is currently unlikely. [2]

• ETFs — According to SoSoValue data, on April 8, U.S. spot Bitcoin ETFs saw a net outflow of $73.37 million[3]; U.S. spot Ethereum ETFs had a daily net outflow of $3.29 million. Data is as of April 9, 11:00 AM (UTC+8).[4]
• Altcoins — Centralized Exchange (CEX) tokens, SideChains, and Privacy sectors showed strong resilience, with respective changes of -0.6%, -0.9%, and -2.0%. [5]
• U.S. Stock Market — On April 8, the S&P 500 fell by 1.57%, the Dow Jones by 0.84%, and the Nasdaq by 2.15%. [6]
• Spot Gold — Spot gold rose to $3,013.10 per ounce, gaining 1.11% on the day. Data is as of April 9, 11:00 AM (UTC+8). [7]
• Fear & Greed Index — The index reads 24, indicating the market is in a state of extreme fear. [8]

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

DORA (Dora Factory) — Daily gain of approximately 74.05%, with a circulating market cap of $26.55 million.

Dora Factory is a decentralized infrastructure platform designed to support global hacker movements and open-source communities. It enables developers to create and manage decentralized autonomous organizations (DAOs) through its DAO-as-a-Service offerings, fostering governance and community funding for open-source projects.

In April, Dora Factory Infra implemented several key technical upgrades. It released MACI-SDK v0.0.35, completed the migration and enhancement of the SDK, and launched an oracle contract supporting vote caps and user registration restrictions. Additionally, it updated the MACI indexer to improve on-chain data access efficiency. The new DoraVota MACI open-source toolkit integrates on-chain data querying, simplified contract calls, and built-in Oracle verification, significantly lowering the technical barrier for privacy voting and ZK governance. These updates have not only improved infrastructure usability and security but also boosted user confidence in the platform’s governance tools, laying the foundation for more trustworthy and efficient Web3 governance practices. [10][11]

MLK (MiL.k) — Daily gain of approximately 42.31%, with a circulating market cap of $94.83 million.

MiL.k is a blockchain-based reward point integration platform aimed at unifying loyalty points across industries such as travel, leisure, and lifestyle. Users can convert points from different service providers into MLK within the platform, enabling seamless point redemption and usage. The platform has partnered with several companies, including AirAsia, OK Cashbag, and Lotte L.Point, and boasts over 1.5 million users.

MiL.k is in the process of migrating its mainnet from Luniverse to Arbitrum One to enhance its global Web3 expansion. Once the migration is complete, assets such as MLK and LZM will automatically transfer to the Arbitrum One network, and new wallet addresses will be generated accordingly. For users holding assets in personal wallets (e.g., MetaMask) or exchanges that haven’t suspended services, MiL.k will launch an asset swap site on April 11 to ensure secure asset migration. This move leverages Arbitrum’s technical strengths to boost the platform’s scalability and performance, while strengthening partnerships with global blockchain projects and reinforcing MiL.k’s position within the Web3 ecosystem. [12]

FORTH (Ampleforth) — Daily gain of approximately 28.06%, with a circulating market cap of $46.21 million.

Ampleforth is a decentralized protocol designed to create an elastic-supply digital asset. Its core mechanism involves daily “rebasing” to adjust token supply in response to market demand, aiming to maintain the token’s price near a target value. This model provides a price-stable cryptocurrency without relying on traditional collateral.

Ampleforth’s AMPL+SPOT dual-asset system is redefining the paradigm for decentralized stable assets. Rather than being pegged to the U.S. dollar, it combines AMPL’s elastic supply mechanism with SPOT’s low-volatility yield structure to achieve automatic balance and value stability. By internalizing price volatility through a “structured layering” model, it enhances capital efficiency and provides DeFi users with more flexible asset composition tools. As the model gains recognition for its potential in decentralized governance and asset management, Ampleforth’s governance token FORTH has seen a surge in interest. With listings on major exchanges like Gate.io and growing user traction, FORTH’s market performance has notably strengthened, making it one of the standout assets in the current DeFi sector. [13]

Data Highlights

DeFi Lending Market Sees Weekly Borrowing Drop by 23%; Stablecoin Yield Hits Historic Low of 2.66%

Volatility in the crypto market has triggered a sharp decline in DeFi lending activity. The total borrowing volume on decentralized finance (DeFi) platforms fell 23% in just one week, dropping to $18.2 billion—the lowest level in three months. Meanwhile, the average yield paid to lenders in USD stablecoins has hit a one-year low of 2.66%, significantly below the 4.3% average yield of traditional money market rates. This highlights a steep decline in the attractiveness of the DeFi lending sector.

As a result, major liquidations have occurred across DeFi platforms. Aave handled more than $110 million in forced liquidations over a short period. Sky (formerly MakerDAO) liquidated a DAI loan collateralized with 67,570 ETH, worth $74 million—reflecting a broader wave of de-leveraging among traders. Market panic is spreading, with investors prioritizing loan repayments over new borrowing. If this trend continues, it could further tighten market liquidity. [14][15][16]

The sharp correction is shaking the foundations of the DeFi lending system, which depends on both asset valuations and user trust. When yields are no longer attractive and market risks mount, investors instinctively reduce exposure by repaying loans and unwinding leveraged positions to avoid forced liquidation or further losses. In the short term, DeFi lending markets may continue to contract until market stability returns and investor confidence is restored.

Jupiter Surpasses Pump.fun to Become Top-Earning Protocol on Solana

Decentralized exchange aggregator Jupiter has overtaken memecoin launchpad Pump.fun to become the highest-earning protocol on the Solana network. Jupiter generated $1.58 million in daily revenue, compared to Pump.fun’s $1.18 million. The gap between the two reflects a shift in Solana’s ecosystem from hype-driven projects toward infrastructure-focused protocols. [17]

Jupiter’s rise as the top-earning DeFi protocol on Solana is largely due to its pivotal role within the ecosystem and continuous technical innovation. Its share of Solana’s total transaction volume has steadily increased, reinforcing its position as the main trading entry point on the chain.

In contrast, Pump.fun’s reliance on memecoin narratives is beginning to fade, and a lack of fresh market narratives has led to a noticeable drop in platform activity and engagement. Meanwhile, the emergence of competitors like Four.meme has further diluted user attention, weakening Pump.fun’s user stickiness and revenue performance.

Stablecoin Daily Active Addresses Surpass 300,000, On-Chain Volume Reaches $72 Billion

On-chain activity related to stablecoins is surging rapidly. Daily active addresses have exceeded 300,000, and on-chain trading volume reached $72 billion yesterday—the highest level since February. [18][19]

This reflects the growing market demand for stablecoin usage, injecting renewed vitality into the entire stablecoin ecosystem. Major stablecoins like USDT and USDC continue to dominate, while emerging stablecoins such as FDUSD and USDe are quickly gaining market share. Across major blockchains, stablecoin supply is also on the rise. For instance, Circle minted 250 million USDC on the Solana network yesterday, bringing the total USDC issued on Solana in 2025 to 12 billion.

Rising global economic uncertainty is prompting investors to move capital into USD-pegged stablecoins as a way to hedge against risks, making this one of the key drivers of stablecoin market growth. In addition, stablecoins are seeing expanded use in payments and settlements across emerging markets, further boosting demand. Regulatory developments are also having a significant impact. Circle’s improved compliance in the European market has accelerated USDC adoption, while non-compliant local stablecoins have been delisted by exchanges. Together, these factors are driving the rapid development of the stablecoin sector.

Spotlight Analysis

Trump’s Broad Tariff Policy Takes Effect, Shaking Global Capital Markets

The Trump administration’s latest round of tariffs officially takes effect today, imposing a base 10% tariff on all imported goods, with additional retaliatory tariffs of up to 34% to 46% targeting specific countries such as China. Tariffs on Chinese imports, in particular, have reached a cumulative total of 104%, making this one of the most aggressive trade measures in recent years. U.S. Trade Representative Greer has stated that there will be no exemptions from these tariffs in the near future, underscoring the administration’s hardline stance. The move has triggered a swift global response, with many governments engaging in diplomatic efforts and considering countermeasures. [21][22]

Initially, expectations for diplomatic easing led to a strong rally in U.S. equities overnight, with the Dow Jones and S&P 500 gaining over 3%, and the Nasdaq up more than 4%. However, after Trump reaffirmed his “no exemptions” position and the China tariffs officially took effect, market sentiment turned cautious. Both the S&P 500 and Nasdaq gave up their gains and entered a decline. At the same time, Bitcoin dropped quickly to around $77,000, approaching the key $75,000 support level linked to market fear.

As the risk of economic recession intensifies, sell-offs in both U.S. equities and Bitcoin appear to be transitioning from event-driven corrections to a cyclical bear market, weighing on corporate earnings and investor confidence worldwide. Unlike one-off shocks, a cyclical bear market reflects broader shifts in the economic cycle itself. Investors are advised to reduce risk exposure, stay updated on developments, and watch for signs of a market sentiment reversal.

SEC Drops Lawsuit Against Ripple; First XRP-Linked ETF Launches

Following the U.S. Securities and Exchange Commission’s (SEC) decision to withdraw its lawsuit against Ripple, asset management firm Teucrium Trading LLC has announced the launch of the first leveraged exchange-traded fund (ETF) linked to XRP. The fund, trading under the ticker name “XXRP,” carries a fee of 1.85% and is listed on the NYSE Arca exchange.

The listing of an XRP ETF marks a significant step forward in mainstream acceptance of XRP and signals the maturation of diversified crypto investment products. This launch not only continues the institutional interest sparked by Bitcoin and Ethereum ETFs but also reflects a regulatory stance gradually shifting from caution to openness. [23][24]

Since the beginning of 2024, spot Bitcoin ETFs have attracted over $94 billion in capital, and Ethereum ETFs have seen inflows of $6 billion. In contrast, ETFs for assets like XRP are still in their early stages. However, as regulatory clarity improves, the successful launch of the XRP ETF could pave the way for similar products in other asset classes, contributing to the structural development of the broader crypto market.

PancakeSwap Proposes Tokenomics 3.0 Plan: 20% Supply Reduction Over 5 Years

PancakeSwap has released its Tokenomics 3.0 proposal for the CAKE token, aiming to transition the platform into a truly community-driven phase while achieving a more sustainable growth model. The proposal outlines a plan to gradually reduce CAKE’s total supply by 20% over the next five years, targeting a 4% annual deflation rate to fundamentally overhaul its inflation-based incentive mechanisms. In addition, CAKE’s daily issuance will be significantly cut from the current ~40,000 tokens to 22,500, increasing scarcity and value support. [25]

In terms of governance, the proposal calls for the complete elimination of the current veCAKE voting and staking mechanisms. It aims to streamline the governance process, enhancing transparency and participation efficiency. All staked CAKE tokens will be immediately unlocked, allowing users full control over their assets. Fees previously allocated to staking rewards will be redirected entirely to token burning, further reinforcing deflation.

This tokenomics upgrade marks PancakeSwap’s official shift away from its early-stage inflation-driven incentive model, moving toward a value-driven ecosystem focused on real revenue and long-term growth. By increasing CAKE’s scarcity, optimizing its incentive structure, and simplifying governance, PancakeSwap aims to boost its appeal to long-term capital and institutional users, enhance user retention, and strengthen overall platform trust, stability, and competitiveness.

Funding News

According to RootData, six projects publicly announced funding rounds in the past 24 hours, with total financing exceeding $1.3 billion, spanning sectors such as infrastructure and AI. Below are details on the top three by funding amount: [26]

Hidden Road — Ripple has completed a $1.25 billion acquisition of Hidden Road. Hidden Road is a global credit network for institutional investors, offering prime brokerage, clearing, and financing services for both traditional and digital assets. It processes over $3 trillion in transactions annually across financial markets and serves more than 300 institutional clients.

Ripple plans to migrate Hidden Road’s post-trade operations to the XRP Ledger to streamline workflows and strengthen its presence in institutional DeFi. Additionally, Ripple aims to leverage Hidden Road’s global multi-asset prime brokerage business to advance the application of its stablecoin, RLUSD, in cross-margin strategies across digital and traditional markets, enhancing its competitiveness in cross-border payments and asset management. [27]

Blackbird — Blackbird has secured $50 million in a Series B round led by Silicon Valley investor Spark Capital, with participation from Coinbase, a16z crypto, Union Square Ventures, and Amex Ventures. Blackbird Labs operates a restaurant loyalty and payment app where users earn FLY tokens as rewards each time they dine at a partnered restaurant. These tokens can be used to pay at any restaurant within the Blackbird network.

The funding will be used to expand Blackbird’s operations, including opening more partner restaurants in major U.S. cities to drive customer loyalty and business growth. The company also plans to launch a new payment network, Blackbird Pay, aimed at reducing restaurant costs and improving customer experience by supporting credit card, debit card, and FLY token payments. [28]

Octane — Octane has raised $6.75 million in a seed round co-led by Archetype and Winklevoss Capital, with participation from Gemini Frontier Fund, Circle, and others. Octane.Security is an AI-powered offensive and defensive security platform focused on the blockchain industry, designed to help Web3 development teams test smart contract code and accelerate deployments.

Though the exact use of funds wasn’t disclosed, the project’s trajectory suggests the team will use the capital to expand its AI-driven security platform, enhance real-time defense capabilities for crypto teams, and develop always-online AI security engineers. These would supplement traditional passive audit models by providing continuous monitoring and protection to better defend against hacks. [29]

Airdrop Opportunity

FogoChain

FogoChain is a high-performance Layer 1 blockchain project built on the Solana Virtual Machine, aiming to enable real-time, large-scale transaction processing by utilizing the Firedancer client developed by Jump Crypto. The project plans to implement a multi-local consensus mechanism and a carefully selected validator set to reduce latency and improve network throughput, with the goal of supporting institutional-grade financial services on-chain. Fogo has officially launched the Flames Program ecosystem incentive plan, and its points campaign is now live. [30]

There are four ways to earn Flames points:

1.Staking PYTH

• Go to: http://staking.pyth.network
• Earn points by staking PYTH tokens.

2.Trading or providing liquidity (LP) on Ambient

• Use: http://ambient.finance
• Interact on-chain by trading or adding liquidity to pools.

3.Join the Fogo Discord and obtain a DC role

• Join: http://discord.com/invite/FogoChain
• Earning specific community roles will grant you additional points.

4.Post on X and interact with Fogo’s official account

• Publish content, retweet, like, and comment on posts from the official Fogo account.

Note:
Airdrop plans and participation methods may change at any time. Users are advised to follow FogoChain’s official channels for the latest updates. Participation should be approached with caution—do your own research and be aware of the risks. Gate.io does not guarantee future airdrop reward distribution.


Reference:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/DoraFactory/status/1907332469424324730
11. X,https://x.com/DoraFactory/status/1905610085985878457
12. X,https://x.com/milk_alliance/status/1907272124529885430
13. X,https://x.com/AmpleforthOrg/status/1907531428692119708
14. Analytics,https://analytics.vaults.fyi/chart-explorer?benchmarks=vaults.fyi+USD+benchmark+rate
15. Defillama,https://defillama.com/protocol/aave?borrowed=true
16. X,https://x.com/omeragoldberg/status/1909238499619869053
17. Defillama,https://defillama.com/fees/chains/Solana
18. X,https://x.com/intotheblock/status/1909552542083690959
19. Defillama,https://defillama.com/stablecoins
20. X,https://x.com/DeItaone/status/1909646747636298165
21. Jin10,https://flash.jin10.com/detail/20250408230150050800
22. Bloomberg,https://www.bloomberg.com/news/articles/2025-04-07/wall-street-s-crypto-appetite-tested-again-with-new-altcoin-etf
23. Bloomberg,https://www.bloomberg.com/quote/XXRP:US
24. X,https://x.com/DeItaone/status/1909577023216861555
25. X,https://x.com/PancakeSwap/status/1909532322388754754
26. Rootdata,https://www.rootdata.com/Fundraising
27. Fortune,https://fortune.com/crypto/2025/04/08/ripple-hidden-road-acquistion-xrp/
28. Fortune,https://fortune.com/crypto/2025/04/08/blackbird-funding-ben-leventhal-restaurants/
29. Forbes,https://www.forbes.com/sites/digital-assets/2025/04/08/the-winklevosses-are-backing-a-22-year-old-using-ai-to-prevent-crypto-hacks/
30. X,https://x.com/FogoChain/status/1907130843736178856

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click the Link to learn more

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.