Research

The latest report by Gate Research, titled "Hyperliquid's Dark Horse Journey: Unpacking the Rise of the On-Chain Derivatives Dominator", which provides a comprehensive analysis of how Hyperliquid rapidly evolved from a challenger into the dominant force in the on-chain derivatives market. With a commanding 80% market share, Hyperliquid now leads the sector. By developing its own Layer 1 chain, native order book, and ultra-fast infrastructure, it delivers a trading experience comparable to centralized exchanges, attracting a high concentration of professional traders and whale capital. This active trading not only fuels deep liquidity but also serves as a powerful "live advertisement." Coupled with a $620 million airdrop and anti-VC narrative, Hyperliquid successfully drove user growth and liquidity inflow. The launch of HyperEVM has further expanded its ecosystem and revenue streams, solidifying its position as a market leader.

Gate Research Weekly Report: This week, BTC fell 0.73% this week, briefly dipping below 116,000 USDT before quickly rebounding. ETH rose 5.47% with continued net inflows, outperforming major altcoins. ETH ETFs recorded a record $5.4 billion in net inflows in July, while The Ether Machine added 15,000 ETH, signaling on-chain alignment with institutional trends. Sui’s TVL climbed to $2.2 billion, doubling year-to-date, with monthly active addresses up over 130%. Solana DEX volume has dropped nearly 70% from its January peak, indicating a cooling of ecosystem activity. OpenSea launched Creator Studio 2.0 to enhance multi-chain publishing capabilities. EigenDA launched its V2 mainnet, boosting throughput by approximately 6.7x compared to V1. CBOE is advancing ETP listings for major tokens like SOL and XRP, with potential approval as early as Q4.

Gate Research Institute recently published "Thoughts on Exodus Issuing Tokenized Stocks On-Chain", providing an in-depth analysis of Exodus' innovative practice of issuing tokenized stocks on-chain. The report explores multiple dimensions including technology, regulation, and market. Exodus utilized the high performance and convenient asset creation mechanism of the Algorand blockchain to successfully tokenize its stocks. In December 2024, Exodus received SEC approval to transfer to the NYSE, significantly improving asset liquidity. The report points out that the explosion of stock tokenization narrative in 2025 benefited from the promotion of crypto-friendly policies in the US. Non-crypto industry listed companies may have the opportunity to attract global capital through tokenized financing. The Exodus case not only verifies the feasibility of technology and regulation but also reveals the huge potential for listed companies to raise funds through on-chain additional issuance, paving a new path for the inte

Gate Research Daily Report: On July 28, BTC fluctuated within the 117,000 to 120,000 USDT range, while ETH is currently in a short-term upward channel, with its price approaching the resistance zone around 3,900 USDT. Over the past seven days, Ethereum-based NFT sales totaled nearly $160 million, with CryptoPunks ranking first. Decentralized prover network Succinct has launched the Succinct Foundation, potentially in preparation for a token TGE. Meanwhile, lending platform Divine Research is using World ID to verify borrowers for issuing unsecured crypto loans.

Gate Research Daily Report: On July 23, BTC consolidated at high levels, ETH continued its gradual uptrend with moderate momentum, and altcoins maintained structural rotation. 21Shares filed for an ONDO ETF, marking further progress in RWA compliance; Polygon’s stablecoin supply reached a three-year high, signaling steady capital inflows; and Sui ecosystem’s MPC coordination project Ika announced its mainnet launch on July 29. Gate Launchpool introduced the Solana ecosystem project NeonNeko, supporting GT/NEKO staking for airdrop rewards.

Gate Research Weekly Report: This week, Bitcoin (BTC) recorded a modest gain of 0.72%, facing resistance and consolidating at higher levels, while Ethereum (ETH) surged by 9.48%, significantly outperforming major altcoins. Bitcoin's annual transaction volume surpassed Visa for the first time, reaching $20 trillion. Ethereum's total lending volume broke through $300 billion, hitting a historical high. REX launched a Solana (SOL) staking ETF, with its assets under management exceeding $100 million within three weeks. The Bitcoin Layer 2 project Merlin initiated its 2.0 upgrade, aiming to create a "yield-generating, tradable" BTC. Crypto mining firm MARA plans to issue $850 million in convertible bonds to increase its BTC holdings. Goldman Sachs and BNY Mellon jointly introduced a tokenized money market fund solution on blockchain.

Gate Research Report: From July 8 to 21, 2025, the crypto market experienced a notable upswing, driven by a combination of favorable policy developments and strong technical momentum. The game-focused public chain CROSS led the rally with a remarkable 476% gain, while GAL, SUSHI, and other tokens saw significant volume-driven price increases, attracting short-term capital inflows. Large-cap assets like ETC remained stable, serving as liquidity anchors. The market overall maintained a pattern of “theme-based rotation and mid-to-large cap resilience,” with volume surges continuing to be a key indicator of sentiment. Meanwhile, airdrop campaigns from projects such as Orochi, Gradient, OneFootball, and Fleek have recently gone live. This article outlines participation methods to help users capture potential upside and rebound-related opportunities.

This report systematically reviews the current status and regulatory developments of the global stablecoin market, focusing on legislative trends in major economies such as the United States and Hong Kong since 2025. Currently, the global stablecoin market capitalization exceeds USD 260 billion, with over 170 million users worldwide, spreading across more than 80 countries and regions, making stablecoins an essential part of the digital financial infrastructure. In 2025, the United States passed the Genius Act and Clarity Act, while Hong Kong issued the Stablecoin Ordinance, marking the official entry of global stablecoins into a strongly regulated era.

Gate Research Daily Report: On July 25, BTC is currently testing the support level at 117,194.2 USDT; ETH is fluctuating between 3,673.33 USDT and 3,690.60 USDT. The WOO X platform was attacked, resulting in an estimated loss of $14 million, and the platform has promised full compensation to affected users. Resolv has activated its protocol fee mechanism, with a portion of profits being returned to RESOLV stakers. Anchorage Digital has partnered with Ethena Labs to launch the first GENIUS-compliant stablecoin, USDtb.

Gate Research Daily Report: On July 18, BTC traded in a narrow range while ETH broke out to a new local high, leading the major assets. The U.S. House of Representatives passed three key crypto bills, including the GENIUS Act, advancing the formation of a comprehensive crypto regulatory framework. Meanwhile, CANARY filed for a Staked INJ ETF, and Russia’s Sberbank announced plans to offer crypto custody services. Gate Launchpool introduced the L2 project Eclipse, enabling BTC/ETH/ES staking for airdrop rewards.

Gate Research Daily Report: On July 21, BTC entered a phase of high-level pullback and consolidation. ETH remains in a strong upward channel, reaching a local high of around $3,780. Former President Trump signed the GENIUS Act, marking the enactment of the first U.S. federal regulatory framework for stablecoins. Abstract Chain surpassed 100 million on-chain transactions. Ethereum launched the “The Torch” NFT to commemorate its 10th anniversary, with minting open to the public on July 30.

Gate Research Daily Report: On July 22, the cryptocurrency market saw Bitcoin (BTC) exhibit a pattern of high-level volatility, finding support near $116,600 before rebounding, though it repeatedly failed to break through the $118,500 resistance level, indicating weakening upward momentum. Meanwhile, Ethereum (ETH) fluctuated around $3,800, briefly touching this level after breaking through $3,700, but failed to surpass the key resistance of $4,000, showing signs of short-term fatigue. On the corporate front, Nasdaq-listed Bit Origin announced its first purchase of Dogecoin (DOGE), totaling 40,543,745 coins, following its plan to establish an enterprise-level DOGE vault. Ethena Labs revealed a $360 million PIPE deal with StablecoinX, while its foundation launched a $260 million ENA public market buyback plan to bolster ENA reserves. Additionally, Bittensor ecosystem company xTAO announced its listing on Canada’s TSX Venture Exchange on July 23, with the stock code XTAO.U.

Gate Research: From July 1 to July 14, 2025, the crypto market maintained a moderately bullish trend. BTC continued to break through resistance and hit new highs, supported by a solid market structure and active inflows from major players. In contrast, ETH traded sideways with weaker momentum. Long-short ratios and open interest suggest a neutral-to-bullish sentiment for BTC, while ETH remained in a wait-and-see mode. Funding rates hovered near the neutral axis, reflecting overall cautious market sentiment. Liquidation patterns were orderly, with short squeezes providing upward momentum for BTC. On the policy front, continued positive developments injected liquidity and confidence into the market. In terms of quantitative strategies, the “ATR Volatility Channel Strategy” delivered over 200% returns in XRP trading, demonstrating strong short-term trading potential.

Gate Research Weekly Report: This week, ETH surged past $3,400 with strong momentum, while BTC underperformed compared to altcoins. USDT market cap surpassed $160 billion, hitting a new all-time high. Orca plans to launch its Launchpad by late July or early August. Aave’s TVL exceeded $30 billion, setting a new record. Pump.Fun reclaimed its position as the leading token launch platform on Solana, capturing 46.9% market share over the past 24 hours.

Gate Research Daily Report: On July 1, BTC and ETH both fell by over 1%, a reasonable correction following the recent token price surge. Online brokerage Robinhood announced that it will allow EU clients to trade U.S. stocks and ETFs on the blockchain, with plans to transfer these tokenized stocks to its own Layer 2 blockchain, Robinhood Chain. Stablecoin issuer Circle has applied for a U.S. national banking license, enabling it to act as a custodian for USDC reserves and hold crypto assets for institutional clients. Polygon Labs, in collaboration with crypto market maker GSR, launched Katana, a DeFi-focused Ethereum Layer 2 blockchain, aimed at addressing on-chain asset fragmentation and unsustainable yields driven by high inflation.