Gate Research Institute: Ethereum dApp cumulative revenue reaches nearly 26.8 billion USD｜Gate's July derivatives trading volume rose by 46.5% month-on-month.

Summary

1. Altcoins showed a slow downward trend this week, with the median drop of 6.07% among the Top 100 cryptocurrencies.
2. Circle collaborates with Corpay to provide stablecoin support for enterprise transaction payments.
3. PancakeSwap launches perpetual contracts for US stocks.
4. Ethereum dApps have accumulated nearly $26.8 billion in revenue, with daily transaction numbers approaching historical highs.
5. Gate's derivative trading volume in July increased by 46.5% month-on-month, with market share rising to 11%.
6. Pump.fun has released 13,690 new tokens in the past 24 hours, surpassing LetsBonk, but daily trading volume still lags slightly behind.

Market Interpretation

Market Commentary

• BTC Market —— This week BTC fell by 2.93%, overall performing better than altcoins. It dropped from about $117,833 to a low of $112,555, then slightly rebounded to around $114,755. The market is influenced by macroeconomic uncertainty and ETF fund flows, with a neutral short-term trend. Bitcoin may fluctuate in the range of $113,000 to $116,000 for a while, and if it breaks through $116,230, it may continue to push towards $120,000.
• ETH Market —— This week, ETH fell by 4.53%, dropping from approximately $3,697 to $3,393, before rebounding to $3,719 on August 4. As of August 7, the price has retreated to $3,661. The recent MACD (12,26) for ETH is 15.48, indicating a positive value, which shows that the short-term trend is stronger than the long-term trend, signaling bullish momentum. The RSI (14) is at 58.41, within the neutral range, showing no signs of overbought or oversold conditions, with market sentiment stable.
• Altcoins —— This week, altcoins have shown a slow downward trend, with a median decline of 6.07% among the Top 100 cryptocurrencies over the past 7 days. In the past 7 days, MemeCore led the altcoins with a price increase of 61.08%, while Pi became the altcoin with the largest decline this week, dropping by over 18%.
• ETF and Contract Market —— On the ETF funding side, BTC and ETH saw net outflows exceeding 100 million USD multiple times this week, reflecting an increasing cautious sentiment among institutional investors regarding the future trends of digital assets in the current market environment. Risk appetite is tending towards caution. In terms of contracts, in the last 24 hours, BTC and ETH contracts experienced liquidations of 22.29 million USD and 59.95 million USD, respectively.
• Macroeconomic Data —— On August 5, the final value of the U.S. July S&P Global Services PMI was 55.7, higher than the market expectation of 55.2, significantly up from June's 52.9, marking the fastest growth since 2025, indicating continued expansion in the services sector. This data suggests that despite facing inflationary pressures and global trade frictions, the U.S. services sector remains resilient, with improvements in business activity, new orders, and employment.
• Stablecoin —— The total market value of stablecoins has risen to $279.1 billion, with significant inflows of off-exchange incremental funds.
• Gas Fee —— This week, the Gas fees on the Ethereum network have decreased. As of August 7, the average Gas fee is 0.28 Gwei.

Popular Concepts

This week, the overall cryptocurrency industry is showing a fluctuating downward trend, and market optimism is declining. Several sectors of altcoins are exhibiting a downward trend. According to Coingecko data, only a few sectors such as Launchpad, Derivatives, and Payment Solution have seen an increase this week, rising by 11.7%, 10.5%, and 4.4% respectively over the past 7 days.

Launchpad

Launchpad is a sector or platform in the cryptocurrency ecosystem specifically designed to provide a launch platform for new projects. It acts as a bridge connecting promising early blockchain projects with investors seeking early investment opportunities. Its core functions include providing services such as fundraising, token distribution, community building, and technical support for project teams, while allowing qualified users to participate in the token sales of these new projects in advance. The aim is to help projects successfully launch and gain initial momentum, while also providing investors with opportunities to access potential high-growth projects, making it a key infrastructure for driving innovation and project incubation. — In the past 7 days, this sector has increased by 11.7%, with Omni Launch and Pump.fun rising by 36.1% and 23.8%, respectively.

Derivatives

Cryptocurrency derivatives are financial securities whose value is derived from underlying cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Derivatives are contracts executed by two parties that define the terms for payment based on the price of the underlying asset. Cryptocurrency derivatives come in various forms, including futures, options, and perpetual contracts, allowing traders to speculate on the future price movements of cryptocurrencies without having to purchase the underlying assets. This means that traders can profit from price fluctuations without directly buying or selling cryptocurrencies. To manage risk, derivatives can also be used to hedge against price volatility. Nevertheless, these products are still considered high-risk financial instruments and may not be suitable for all investors. — The sector has risen by 10.50% in the past 7 days, with ZEX and ADX increasing by 24.6% and 24.1% respectively.

Payment Solution

Payment Solution is a payment sector driven by blockchain technology, aimed at utilizing the characteristics of digital currencies or underlying blockchain networks to provide transaction methods that are faster, cheaper, more globalized, and with lower thresholds compared to traditional payment systems; its core value lies in eliminating intermediaries such as banks through peer-to-peer transmission, significantly reducing the cost and time of cross-border payments, while achieving automated payments through smart contracts, and utilizing stablecoins to address the price volatility of cryptocurrencies, offering merchants and consumers efficient, transparent, and programmable new payment options, reshaping the efficiency of capital flow in areas such as e-commerce, cross-border remittances, and DeFi interactions. — Over the past 7 days, this sector has risen by 4.4%, with SWOP and KIN increasing by 10.3% and 8.8%, respectively.

This Week Focus

Cosmos Health has reached a maximum $300 million securities purchase agreement to initiate the ETH treasury.

Cosmos Health, a Nasdaq-listed company, announced that it has reached a securities purchase agreement with a U.S. institutional investor for up to $300 million to initiate its ETH treasury strategy. The company will strategically accumulate ETH, with assets custodied and staked through the institutional infrastructure provided by BitGo Trust Company. Cosmos' purchase of ETH marks a trend of traditional publicly listed companies actively embracing crypto assets. This move, through institutional-grade custody and staking mechanisms, demonstrates the company's prudent approach to risk management and compliance, which is expected to optimize its financial structure and attract emerging asset investors. In the future, this could drive the development of the Ethereum ecosystem and encourage more companies to explore digital asset strategies, but caution is needed regarding market volatility and regulatory risks.

Circle partners with Corpay to provide stablecoin support for corporate transaction payments.

According to the corporate payment company Corpay, it has announced a partnership with global fintech company Circle Internet Group to expand the coverage of stablecoins in global payment channels. The two parties will embed USDC into Corpay's cross-border payment channels, allowing businesses to use USDC to fund transactions. The cooperation between Corpay and Circle marks a significant advancement in the integration of traditional finance and blockchain technology, aimed at improving transaction efficiency and reducing costs. This collaboration promotes the application of stablecoins in corporate payments, enhancing market competitiveness. This initiative is expected to optimize global capital flow but must address challenges related to regulatory uncertainty and market acceptance, paving the way for widespread adoption of digital finance.

PancakeSwap launches perpetual contracts for US stocks

PancakeSwap officially announced the launch of US stock perpetual contracts. Currently, the US stock perpetual contracts for AMZN and TSLA are now live on PancakeSwap Perpetuals. The maximum leverage is 25 times. PancakeSwap has enhanced the platform's appeal through non-custodial trading with a maximum leverage of 25 times, catering to the needs of crypto users seeking diversified investments. This product may attract more traditional investors into the DeFi space in the future, promoting further integration of the crypto market with traditional finance.

Highlight Data

Ethereum dApp has generated nearly 26.8 billion USD in total revenue, with daily transaction volume approaching historical highs.

According to data from Token Terminal, since the launch of the Ethereum mainnet, its decentralized applications (dApps) have generated approximately $26.8 billion in user payment fees, which is twice the market capitalization of the popular new coin HYPE, highlighting Ethereum's strong value capture ability in the Web3 application ecosystem.

On-chain activity synchronously increased. According to Etherscan data, on August 6, 2025, the number of daily transactions on the Ethereum network rose to 1.87 million, approaching the historical high of 1.96 million set on January 14, 2024. This surge in transactions is primarily attributed to the continuous rise in trading volumes of stablecoins USDC, Tether, and the decentralized exchange platform Uniswap.

Policy benefits may be the driving force behind it. The recent passage and signing of the GENIUS Act by the U.S. Congress has become an important catalyst for its growth. This act provides a clear legal framework for the legal and compliant operation of stablecoins in the United States, thereby enhancing market confidence and further promoting the increase in trading activity of stablecoins.

Gate's July derivatives trading volume increased by 46.5% month-on-month, with market share rising to 11%.

According to the latest statistics from CryptoRank, in July 2025, the derivative trading volume of the centralized exchange Gate reached 740 billion USD, a month-on-month increase of up to 46.5%, performing particularly well among similar platforms. At the same time, Gate's derivative market share also rose to 11%, setting a new annual high and significantly consolidating its competitive position in the global CEX derivative sector.

In July, the overall trading volume of mainstream CEXs worldwide rebounded, with Gate becoming one of the exchanges with the largest increase in derivatives trading volume. The strong growth in trading volume reflects that product liquidity, user structure, and market strategy optimization have begun to yield results. The continuous launch of new coin contracts, upgrades to the VIP system and market-making mechanism, along with trading opportunities brought by market fluctuations, have collectively driven the increase in platform activity. At the same time, the ongoing optimization of infrastructure has further enhanced the trading experience and capital efficiency, contributing to the steady rise in trading volume.

Pump.fun has released 13,690 new tokens in the last 24 hours, surpassing LetsBonk, but the daily trading volume still lags slightly behind.

According to data from Dune, the competition between the two major Memecoin launch platforms in the Solana ecosystem, Pump.fun and LetsBonk, remains intense. In the past 24 hours, Pump.fun has launched a total of 13,690 new tokens, slightly surpassing LetsBonk's 13,392 tokens for the first time, indicating an increasing momentum in attracting project parties to settle on the platform, with continued growth in platform activity.

However, in terms of trading volume, Pump.fun is still slightly inferior, recording 82.4 million USD, slightly lower than LetsBonk's 87.7 million USD. Nevertheless, the price of the PUMP token has increased by 17.8% in the past week, showing a mild rebound, reflecting the market's positive expectations for the platform's increased activity and potential growth space. Overall, Pump.fun has achieved a phase-leading position in terms of token issuance volume. If it can further enhance trading depth and user stickiness, it is likely to narrow the trading volume gap in the next stage and consolidate its competitive position in the Memecoin issuance track.

Financing Weekly Report

According to RootData, from August 1 to August 7, 2025, a total of 12 cryptocurrency projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as infrastructure and AI, demonstrating the market's ongoing focus on underlying capability building and expansion of user applications. Below is a brief introduction to the top three projects ranked by financing scale this week:

Satsuma Technology

On August 6, completed a $217.6 million financing, of which nearly $125 million was settled in Bitcoin, advancing its decentralized AI and BTC treasury strategy.

Satsuma Technology (formerly known as Tao Alpha) (SATS.L) is a publicly traded company that builds infrastructure and agents on Bittensor, invests in high-potential subnets, and develops professional AI agents that can generate revenue within the network.

OpenMind

Announced on August 4th that it has completed a $20 million funding round led by Pantera Capital, with participation from institutions such as Coinbase Ventures.

OpenMind is a decentralized artificial intelligence architecture designed to create intelligent, secure, and controllable robots. OpenMind is building a cross-platform robot operating system called OM1.

Rialo(Subzero Labs)

Subzero Labs announced on August 2 that it has completed a $20 million seed round of financing and plans to launch a new blockchain called Rialo.

Rialo is a decentralized, high-performance, ergonomically designed blockchain network developed by the Subzero Labs team. It adopts a super modular design that aims to simplify the development process of blockchain applications and is compatible with Solana VM.

Focus Next Week

Token Unlocking

According to data from Tokenomist, the market will see significant token unlocks over the next 7 days (2025.8.8 - 2025.8.14). The top 3 unlocks are as follows:

• APT will unlock tokens worth approximately $47.95 million in the next 7 days, accounting for 1.7% of the total locked amount.
• LAYER will unlock approximately $16.21 million in the next 7 days, accounting for 12.9% of the total locked amount.
• IMX will unlock tokens worth approximately $12.63 million in the next 7 days, accounting for 1.3% of the circulating supply.
  Reference Source

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• Farside Investors, https://farside.co.uk/btc/
• Coinglass, https://www.coinglass.com/LiquidationData
• S&P, https://www.pmi.spglobal.com/Public/Home/PressRelease/3b4c09ac68ec4b03a5fcd98f1e0f3b98
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• Globenewswire, https://www.globenewswire.com/news-release/2025/08/06/3128410/0/en/Cosmos-Health-Secures-up-to-300-Million-Financing-Facility-to-Launch-Ethereum-Treasury-Strategy.html
• Corpay, https://investor.corpay.com/news-releases/news-release-details/corpay-and-circle-collaborate-bring-stablecoin-payments-global
• PancakeSwap, https://blog.pancakeswap.finance/articles/stock-perps
• X, https://x.com/TheDeFinvestor/status/1953019296570802395
• X, https://x.com/CryptoRank_io/status/1952758064634888626
• Dune, https://dune.com/adam_tehc/memecoin-wars
• 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 is not responsible for any losses or damages arising from such investment decisions.