Research

In February 2026, the on-chain ecosystem exhibited more pronounced structural divergence amid price pressure. On-chain activity did not contract in tandem, but instead became further concentrated on high-frequency and high-efficiency networks. Solana maintained its dominance in high-frequency activity, while Base and Polygon continued to expand. Arbitrum saw a recovery in activity, but its capital retention and value capture weakened. Ethereum shifted from net outflows to significant net inflows, reinforcing its role as the primary settlement layer and a key hub for macro asset deployment. On the BTC side, the price pullback pushed short-term holders broadly into unrealized losses, with profit-taking cooling and sell pressure still concentrated among short-term positions, while the long-term holder structure remained intact. At the sector level, AI Agent, supply-side shocks, and institutional DeFi narratives coexisted. Short-term returns were driven by structural catalysts, while mid-term allocation continued

In February, the overall crypto market showed a weak trend, with notable outflows from BTC ETFs. Major blockchains remained stable throughout the month, with Solana leading by a wide margin at over 100 million daily transactions. Ethereum recorded 13.34 million unique active addresses, maintaining its second-highest level in history. TradFi trading volume on Perp DEXs surged to $47.3 billion, largely driven by Hyperliquid’s HIP-3. The Web3 sector completed 46 funding rounds totaling $986 million, with the top 10 projects accounting for $793 million—three major deals were led by Tether. Meanwhile, Web3 security incidents declined significantly month-over-month, though smart contract vulnerabilities remained the primary risk source.

Gate Research: Large language models and AI agent technologies are pushing trading systems into a new stage of development. Quantitative trading, which previously relied heavily on programming skills and complex engineering systems, is gradually evolving into product forms with much lower barriers to entry. Gate has introduced products such as AI Quant Workspace and Gate for AI, which aim to integrate strategy generation, backtesting, and automated execution within a single platform through natural language interaction, no-code quant tools, and unified trading interfaces, allowing more users to participate in strategy trading. As AI technology continues to mature, trading platforms are also evolving from traditional matching tools into AI-driven trading infrastructure.

Gate Research Institute: Over the past 24 hours, BTC briefly climbed above $71,000, but following a sharp drop and quick rebound during the U.S. market session, it settled back near $69,300. ETH rapidly declined from $2,070 to $2,010 and remains in a recovery phase. Altcoins showed weakness, with most lagging behind BTC, while the Fear & Greed Index remains in the extreme fear range. HUMA, NAORIS, and ARIA saw gains of 50.13%, 39.38%, and 29.02%, respectively, fueled by AI-related narratives. Additionally, Oracle’s earnings beat expectations, driving its share price up nearly 8% after hours, and both Hyperliquid and Circle announced significant product updates.

Gate Research: Between 2025 and 2026, PayFi is evolving from a crypto payment tool into a next-generation payment and financial engine, with stablecoins achieving scale in high-frequency and cross-border payments and demonstrating clear efficiency and cost advantages over traditional systems. As Web2 and Web3 continue to converge, institutions such as Visa, PayPal, and emerging neobanks are becoming key gateways to mainstream adoption, while the combination of stablecoins, real-world assets (RWA), and AI is shaping PayFi’s foundational architecture by enabling automated, always-on settlement, asset mobility, and risk management. Looking ahead to 2026, regulatory clarity, scalable asset tokenization, and the maturity of AI-driven financial systems will be the primary determinants of PayFi’s competitive landscape and long-term barriers.

Gate Research Daily Report: Over the past day, the cryptocurrency market has seen a significant rebound, with total market capitalization returning to around $3.87 trillion. Bitcoin broke above the $111,000 mark, rising nearly 2% on the day, while Ethereum traded narrowly between $3,917 and $4,082, showing a mild upward trend overall. Bio Protocol completed a new funding round backed by prominent investors. Growing market interest in Merkle tree technology and Lightning Network scaling solutions drove gains in Treehouse. VanEck’s filing for a Lido Staked Ethereum ETF marks another step toward DeFi’s deeper integration with traditional finance. Meanwhile, a leading asset management firm opened Bitcoin and Ethereum ETPs to retail investors, and Greenlane announced plans to raise $110 million to launch its BERA Treasury Strategy.

Gate Research Daily Report: On October 22, the crypto market experienced a volatile pullback, with major tokens under pressure. BTC fell 0.88%, consolidating near key support levels, while ETH dropped 1.63%, showing continued weakness. AI-related tokens moved against the trend — BLUAI surged 295%, driven by its listing on Gate and the “AI × Sui” narrative; COAI rose 39%, focusing on the AI Agent ecosystem; and LIGHT gained 26%, boosted by its whitepaper release and growing interest in the Bitcoin ecosystem. Meanwhile, overall market structure showed signs of stabilization. Bitcoin’s open interest declined 30% over the week, easing leverage risks, while Gate Perp DEX surpassed $1 billion in cumulative trading volume, leveraging the Gate Layer network and high-performance matching engine to emerge as a key growth driver in decentralized derivatives.

In September, the cryptocurrency market remained volatile, with total market capitalization fluctuating between $3.8 trillion and $4.3 trillion. Early-month capital inflows pushed valuations to a peak of $4.25 trillion, before macroeconomic factors drove a pullback to around $4 trillion. Liquidity stayed stable, though the market lacked fresh momentum. On-chain activity was steady, led by Solana, while Arbitrum and Base saw mid-month surges. Base and Polygon also experienced brief spikes in gas fees. ArbitrumDAO’s DRIP incentive program attracted significant inflows, with $33.1 million in stablecoins entering the ecosystem within two days. Meanwhile, Plasma launched its mainnet and native token XPL, which peaked at $1.67, bringing its fully diluted valuation (FDV) to over $14 billion.

Gate Research Institute stated that BTC is currently consolidating at low levels within the $108,000–$109,000 range, lacking a clear short-term direction. ETH is fluctuating between $3,850–$4,050, with selling pressure still present but the decline narrower than in previous periods.

In September 2025, Solana and Base continued to dominate high-frequency on-chain activity, while Ethereum saw slight declines in transactions and active addresses but remained the leader in fee revenue, reinforcing its position in high-value scenarios. Arbitrum, boosted by the DRIP incentive program, recorded over $500 million in net inflows, with ecosystem activity rebounding and on-chain dynamics continuing to shift. Bitcoin consolidated at high levels, with weakening capital activity and reduced long-term holdings, though market pressure remained mild. Plasma gained traction rapidly with an integrated stablecoin architecture and aggressive incentives, surpassing $5.4 billion in TVL within its first week; MYX Finance surged on mechanism innovation and strong community momentum, emerging as a rising star in the derivatives sector.

Gate Research Daily Report: On October 17, the crypto market came under pressure, with major assets broadly declining. BTC fell 1.87%, while ETH dropped 1.70%, both maintaining weak, range-bound structures. A few thematic tokens, however, bucked the trend — XPIN surged 133.33% driven by multi-chain collaboration and mainnet expectations; ZKC rose 56.23% on mainnet progress and real-time proof updates; and KGEN gained 43.22% following its token launch and ecosystem partnership news. Meanwhile, Ethereum remained the top ecosystem by developer count, Tokenized Gold hit a new market cap high, and Chainlink launched its real-time oracle integration, marking further innovation in DeFi infrastructure.

Gate Research Daily Report: On October 20, BTC is trading above the MA30, indicating that short-term bullish momentum remains, though it faces notable resistance above; ETH’s short-term MA5 has crossed below MA10, forming a short-term bearish signal. Gate Layer on-chain addresses surpassed 100 million; Solana TVL hit a three-year high at 59.28 million SOL; Aave V4 will support diversified collateral assets, further expanding the financing scope in DeFi.

Gate Research Daily Report: Bitcoin has stabilized above $115,000, while Ethereum broke through $4,200, leading a rebound in altcoins. Falcon secured a strategic investment of $10 million from M2 Capital and Cypher Capital, surging 27.2% within 24 hours. Bella Protocol formed a strategic partnership with AITECH, driving BEL up 36.9%. Kalshi partnered with Pyth Network to bring real-time prediction market data on-chain for the first time. Asset manager Amundi is entering the crypto ETF market, further accelerating the integration of digital assets with traditional finance. Following recent liquidations, the market has deleveraged overall, but structural capital and institutional demand remain intact.

This report summarizes the Web3 industry financing in September 2025. During the month, a total of 100 funding rounds were completed, raising $2.2 billion, exhibiting a structural trend of “fewer deals, higher valuations.” This trend was primarily driven by traditional financial instruments such as PIPEs and IPOs, positioning CeFi as the leading capital-attracting sector. In terms of sector distribution, blockchain services and CeFi acted as dual drivers of capital flow. Regarding financing stages, the market showed high concentration in seed rounds—both in number and funding amount (e.g., Flying Tulip’s massive seed round)—while later-stage projects were highly selective.The report also highlights key financing projects, including Flying Tulip, Wildcat Labs, Aria, Share, and Titan.

Gate Research Daily Report: On October 15, Bitcoin (BTC) experienced a strong upward move after a period of high-level consolidation; Ethereum (ETH), after a sharp decline, found support at lower levels and saw a short-term rebound; GateToken (GT) briefly touched the $17.5 mark; and BAS surged approximately 132.85% within 24 hours. Meanwhile, Base’s native token is set to launch soon, aiming to build an interconnected ecosystem on Ethereum. K33 Research Director Vetle Lunde noted in a recent report that the recent leverage flush in the market represents a “healthy adjustment.”