Gate Research: DeFi lending platform borrowings fell 23%, and the first XRP leveraged ETF was officially listed

GateResearch

2025-04-09 08:06:00

Summary

BTC price fell by 5.51% to 76,065 USDT, ETH price fell by 10.67% to 1,417 USDT.
The DeFi lending market saw a 23% drop in loan amounts this week, with lenders' annualized returns falling to a historic low of 2.66%.
The daily trading volume of stablecoins on the chain surpassed 72 billion USD, with active addresses exceeding 300,000, reaching a new high since February.
Jupiter's daily revenue exceeds 1.58 million USD, surpassing Pump.fun to take the top spot on the Solana revenue chart.
The US SEC has withdrawn its lawsuit against Ripple, and the first XRP leveraged ETF "XXRP" has officially been listed.
PancakeSwap plans to launch an economics 3.0 proposal with a 20% reduction in supply over 5 years.

Market Commentary

BTC —— The BTC price has dropped by 5.51% in the past 24 hours and is currently quoted at 75,017 USDT. From the chart, BTC continued to fluctuate downward yesterday, briefly breaking below the mid-track support and temporarily finding support around 76,000 USDT. Observing the trading volume, the volume has increased during the decline over the past two days, indicating enhanced selling pressure in the market and weak bullish defense. The MACD double lines continue to decline, with the green momentum bars expanding, suggesting a bearish short-term trend with no obvious signs of a rebound. Technically, if it falls below 75,000 USDT subsequently, it may test the support at 74,500 USDT below. Overall, BTC's short-term performance is weak, and market risk aversion is rising, necessitating close attention to the effectiveness of the key support below and whether it can stabilize and rebound quickly.

ETH —— The price of ETH has dropped by 10.67% in the past 24 hours, currently at 1,417 USDT. The chart shows that ETH has been continuously retreating from above 1,600 USDT, briefly breaking through multiple support levels in the short term. The current support is around 1,410 USDT; if it fails to hold, it may decline further. From the perspective of trading volume, the drop has been accompanied by significant volume, with bearish sentiment dominating the market. The MACD indicator continues to weaken, with both lines below the zero axis, and green histogram momentum is still expanding, showing no obvious signs of recovery in the short term. The primary resistance level above is in the range of 1,528–1,550 USDT; if it can return above the middle Bollinger band, it may alleviate the bearish trend. Overall, ETH remains in a clearly weak pattern, and there are currently no conditions for a short-term reversal.

ETF —— According to SoSoValue data, on April 8, the total net outflow of Bitcoin spot ETFs in the United States was $73.37 million【3】; the net outflow of Ethereum spot ETFs in the United States on the same day was $3.29 million. Data is as of April 9, 11:00 AM (UTC+8).【4]
Altcoins —— Centralized Exchange (CEX) Token, SideChain, Privacy, and other sectors show strong anti-drawdown properties, with changes of -0.6%, -0.9%, -2.0%, respectively. 【5】
The three major U.S. stock indices — On April 8, the S&P 500 index fell by 1.57%, the Dow Jones index fell by 0.84%, and the Nasdaq index fell by 2.15%.【6】
Spot Gold —— The spot gold price is $3,013.10 per ounce, up 1.11% on the day. Data as of April 9, 11:00 AM (UTC+8).【7]
Fear and Greed Index — Fear and Greed Index 24, the market is in a state of extreme fear.【8]

Popular Tokens

According to the market data from Gate.io【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:

**DORA (Dora Factory) **—— Daily increase of approximately 74.05%, with a circulating market value of 26.55 million USD.

Dora Factory is a decentralized infrastructure platform designed to support the global hacking movement and open-source community. It enables developers to create and manage decentralized autonomous organizations (DAOs) by providing DAO-as-a-Service capabilities to facilitate governance and community funding of open source projects.

Dora Factory Infra achieved multiple key technology updates around April, releasing MACI-SDK v0.0.35, completing the migration and enhancement of the SDK, while also launching an oracle contract that supports voting limits and user registration restrictions, and updating the MACI indexer to improve on-chain data retrieval efficiency. The brand-new DoraVota MACI open-source toolkit integrates on-chain data reading, simplifies contract calls, and includes built-in Oracle certification, significantly lowering the technical barrier for privacy voting and ZK governance. This update not only optimizes the usability and security of the infrastructure but also enhances user confidence in the platform governance tools, laying the foundation for promoting more trustworthy and efficient Web3 governance practices.

MLK (MiL.k) —— Daily increase of approximately 42.31%, circulating market value is 94.83 million USD.

MiL.k is a blockchain-based rewards points integration platform designed to unify the management of reward points from service companies in areas such as travel, leisure, and lifestyle. Users can convert points from different service providers into MLK within the platform, allowing for free exchange and usage of points. The platform has partnered with several enterprises, including AirAsia, OK Cashbag, and Lotte L.Point, and has over 1.5 million users.

MiL.k is migrating its mainnet from Luniverse to Arbitrum One to optimize its global Web3 business expansion. Once the migration is complete, assets such as MLK and LZM will be automatically converted to the Arbitrum One network, and new wallet addresses will be generated simultaneously. For users who hold assets in personal wallets (such as MetaMask) or exchanges that have not suspended services, MiL.k provided an exchange site for asset conversion on April 11 to ensure a safe transition of assets. This migration will help MiL.k leverage Arbitrum's technology to improve the scalability and performance of the platform, while strengthening its collaboration with global blockchain projects and strengthening its position in the Web3 ecosystem. 【12】

FORTH (Ampleforth) —— Daily increase of approximately 28.06%, with a circulating market value of 46.21 million USD.

Ampleforth is a decentralized protocol designed to create a digital asset with elastic supply. Its core mechanism adjusts the token supply through daily "rebalancing" to respond to changes in market demand, with the goal of bringing the token price close to a specific target value. This design allows Ampleforth to provide a cryptocurrency with price stability characteristics without relying on traditional collateral.

Ampleforth's AMPL+SPOT dual-asset system is reshaping a new paradigm of decentralized and stable assets. This mechanism does not rely on US dollar pegging, but realizes the automatic balancing and value stability of assets through the elastic supply characteristics of AMPL combined with SPOT's low-volatility income structure. The system internalizes price fluctuations through "structural stratification", improves capital efficiency, and provides DeFi with a more flexible portfolio allocation tool. As the model's potential for decentralized governance and asset management became recognized, Ampleforth's governance token, FORTH, quickly gained popularity. FORTH has successively landed on Gate.io and other mainstream exchanges, gaining more funds and users' favor. Driven by the dual support of innovative mechanisms and exchange support, the market performance of FORTH has been significantly enhanced, and it has become one of the popular targets in the current DeFi sector. 【13】

Highlight Data

**Total borrowing on DeFi lending platforms plummeted 23% in a single week, and the average yield for lenders in USD stablecoins has dropped to a historical low of 2.66% **

The drastic fluctuations in the cryptocurrency market have led to a 23% drop in the total borrowing amount of decentralized finance (DeFi) lending platforms within a week, falling to $18.2 billion, the lowest level in three months. The average yield on dollar stablecoins paid to lenders by DeFi platforms has decreased to 2.66%, marking a new low for the past year. This yield is significantly lower than the average dollar money market rate of 4.3% in traditional markets, indicating that the appeal of the DeFi lending market is waning considerably.

As a result, DeFi lending platforms experienced large-scale liquidations. Aave processed over $110 million in liquidations in a short period. Sky (formerly MakerDAO) liquidated a loan of DAI worth $74 million collateralized by 67,570 ETH, reflecting that traders are significantly deleveraging. The spread of market panic has led investors to prioritize loan repayments over new borrowing, and if this trend continues, it may further exacerbate liquidity tightening.

The severe adjustments in the current market are shaking the DeFi lending system's dual reliance on asset value and user trust. When yields are not attractive and market risks continue to strengthen, investors tend to instinctively choose to reduce their risk exposure, actively repay loans, and withdraw leveraged positions to avoid passive liquidation of assets or further losses. In the short term, the DeFi lending market may face continued contraction pressure, and investor confidence is likely to be restored only when the market stabilizes.

Jupiter overtakes Pump.fun to become the highest revenue protocol on Solana

Jupiter, a decentralized transaction aggregation protocol, overtook Pump.fun, a one-click coin issuance platform, to become the highest-grossing protocol on Solana. Jupiter generated $1.58 million in revenue on the day, compared to $1.18 million in Pump.fun. The gap between the two is a sign that the Solana application ecosystem is gradually shifting from an emotion-driven project to an infrastructure-based protocol-led one. 【17】

Jupiter has become the highest daily revenue DeFi protocol on the Solana chain, mainly benefiting from its key position in the Solana ecosystem and continuous technological innovation. Jupiter's trading volume on the Solana network continues to increase, solidifying its market position as the main trading entry point on the Solana chain.

In contrast, the meme coin narrative that Pump.fun relies on is gradually cooling down, compounded by the recent lack of new market narratives, leading to a significant decline in the platform's popularity and trading activity. At the same time, the rise of new platforms like Four.meme has also diverted users' attention, further weakening Pump.fun's user stickiness and revenue performance.

Stablecoin surpasses 300,000 daily active addresses, and on-chain trading volume reaches $72 billion

On-chain activities related to stablecoins are rising sharply, with the number of daily active addresses surpassing 300,000, and on-chain transaction volume reaching 72 billion USD yesterday, the highest level since February.

This means that the demand for the use of stablecoins in the market continues to increase, injecting vitality into the entire stablecoin ecosystem. Mainstream stablecoins such as USDT and USDC still dominate the market, while emerging stablecoins like FDUSD and USDe are rapidly gaining market share; on major public chains, the supply of stablecoins is also showing a growth trend. Taking Solana as an example, Circle yesterday issued an additional 250 million USDC on that network, bringing the total amount of USDC issued on Solana since 2025 to 12 billion.

The uncertainty of the global economy has prompted investors to shift funds into stablecoins pegged to the US dollar to avoid potential risks, which has become a major factor driving the growth of the stablecoin market. In addition, the application of stablecoins in payment and settlement in emerging markets is also expanding, further boosting demand for them. Changes in the regulatory environment have also had a profound impact on the stablecoin market. Circle's compliance in the European market has increased the adoption rate of USDC, while some non-compliant local policy stablecoins have been delisted by exchanges. This series of factors has collectively contributed to the rapid development of the stablecoin market.

Hot Comments

Trump's Comprehensive Tax Policy Takes Effect, Triggering Global Capital Market Turbulence

The Trump administration's new round of tariff policies officially took effect today, which includes a baseline tariff of 10% on all imported goods, and additional tariffs of up to 34% to 46% on specific countries such as China. In particular, an additional tariff of up to 104% has been imposed on China, making it one of the most severe trade blows in recent years. U.S. Trade Representative Lighthizer has made it clear that Trump will not grant any tariff exemptions in the near future, maintaining a tough stance. This policy has rapidly triggered a global chain reaction, with multiple governments beginning diplomatic negotiations and preparing countermeasures.

In the early stages of the tariff policy announcement, due to the release of expectations for diplomatic easing, the three major U.S. stock indexes opened strongly last night, with the Dow and S&P 500 rising over 3% and the Nasdaq rising over 4%. However, as Trump reiterated the "no exemptions" stance and the high tariffs on China were officially implemented, market sentiment turned cautious, with both the S&P 500 and Nasdaq giving back all their gains, leading to a continuous decline in U.S. stocks. Meanwhile, Bitcoin rapidly fell back to $77,000, approaching the panic support level of $75,000.

As the risk of economic recession intensifies, the sell-off in US stocks and Bitcoin has shifted from event-driven adjustments to a cyclical bear market, suppressing corporate profits and global capital confidence. Unlike one-time event-driven shocks, cyclical bear markets reflect changes in the economic cycle itself. Investors should reduce risk exposure, pay attention to the latest developments, and wait for signals of a market sentiment reversal.

SEC withdraws lawsuit against Ripple, first XRP-linked ETF listed

After the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple, asset manager Teucrium Trading LLC announced the launch of the first leveraged exchange-traded fund (ETF) pegged to Ripple (XRP) under the symbol "XXRP" with a fee rate of 1.85% and will be listed on the NYSE Arca exchange.

The listing of the XRP ETF marks a further increase in mainstream market recognition of XRP and signifies that diversified investment tools for crypto assets are gradually entering a mature stage. The launch of this ETF not only continues the institutional participation trend driven by Bitcoin and Ethereum ETFs, but also reflects that the regulatory attitude is gradually shifting from cautiousness to openness.

Since the beginning of 2024, spot Bitcoin ETFs have attracted over $94 billion in funds, while Ethereum ETFs have also seen an inflow of $6 billion. In contrast, ETFs for crypto assets like XRP are still in the nascent stage, but with increasing regulatory clarity, the launch of XRP ETFs is expected to open doors for other asset classes, promoting structural development across the entire crypto market.

PancakeSwap plans to propose Economics 3.0, reducing supply by 20% over 5 years.

PancakeSwap has released the CAKE Tokenomics 3.0 proposal, which aims to propel the platform into a truly community-led phase of growth while enabling a more sustainable growth model. The proposal plans to gradually reduce the total supply of CAKE by 20% over the next five years, with a target deflation rate of 4% per year, radically improving inflation-driven incentives. In addition, the daily issuance of CAKE will be significantly reduced from the current 40,000 to 22,500, aiming to increase the scarcity and value carrying capacity of the token. 【25】

In terms of governance structure, the proposal plans to completely abolish the existing veCAKE voting system and staking mechanism, instead simplifying the community governance process to enhance transparency and participation efficiency. All staked CAKE tokens will be immediately unlocked, allowing users to manage their assets at any time, while the fees originally allocated for staking rewards will be entirely redirected to token burn, further strengthening the deflationary effect. This institutional reform will make token governance more direct and efficient, reduce the risk of human manipulation, and enhance the fairness of platform governance.

This tokenomics upgrade marks PancakeSwap's official farewell to the early model reliant on inflationary incentives, shifting towards a development path focused on real yields and long-term ecological value. By increasing the scarcity of CAKE, optimizing the incentive structure, and simplifying the governance system, PancakeSwap aims to enhance the platform's appeal to long-term capital and institutional users, promoting users' willingness to hold for the long term, thereby improving the overall trust, stability, and market competitiveness of the platform.

Fusion Information

According to RootData, a total of 6 projects publicly announced financing in the past 24 hours, with the amount exceeding ** **1.3 billion USD, involving fields such as infrastructure and AI. Here are the details of the top three financing amounts: 【26】

**Hidden Road **—— Ripple has completed the acquisition of Hidden Road for a value of $1.25 billion. Hidden Road is a global credit network for institutional investors, providing prime brokerage, clearing, and financing services for both traditional and digital assets. It handles $3 trillion in transactions annually across various financial markets and has over 300 institutional clients.

Ripple plans to migrate Hidden Road's post-trade business to the XRP ledger to streamline operations and enhance its position in the institutional DeFi space. Additionally, Ripple aims to further promote the application of its stablecoin RLUSD in cross-margin strategies between digital and traditional markets through Hidden Road's global multi-asset prime brokerage, thereby strengthening its competitiveness in cross-border payments and asset management.

**Blackbird **—— Blackbird has completed a $50 million Series B funding round, led by Silicon Valley investor Spark Capital, with participation from Coinbase, a16z crypto, Union Square Ventures, and Amex Ventures. Blackbird Labs is a restaurant loyalty and payment application. Users earn FLY as a reward each time they visit a restaurant that uses the application. These tokens can be used to pay for meals at any restaurant within the Blackbird network.

This funding will be used to expand Blackbird's business, with plans to open more restaurants in major cities across the United States, enhancing customer loyalty and business growth. Additionally, Blackbird plans to launch a new payment network, Blackbird Pay, aimed at reducing restaurant costs and improving customer experience, allowing restaurants to accept credit cards, debit cards, and FLY tokens. 【28】

Octane —— Octane completed a $6.75 million seed round financing, led by Archetype and Winklevoss Capital, with participation from Gemini Frontier Fund, Circle, and others. Octane.Security is an AI-driven offensive and defensive security platform focused on the blockchain industry, helping Web3 development teams test smart contract code and accelerate deployment. The platform utilizes artificial intelligence to simulate attack scenarios, providing in-depth threat detection and security recommendations, aiming for seamless integration into developers' workflows.

This financing did not mention specific uses, but through project development inference, the team will use this funding to expand its AI-driven security platform, enhancing real-time defense capabilities for crypto teams. Developing always-online AI security engineers to complement traditional passive audit models, providing continuous security monitoring and protection, helping crypto teams prevent hacker attacks more effectively. [29]

Airdrop Opportunities

FogoChain

FogoChain is a high-performance Layer 1 blockchain project based on the Solana virtual machine, aimed at achieving real-time and large-scale transaction processing capabilities through the adoption of the Firedancer client developed by Jump Crypto. The project plans to introduce a multi-native consensus mechanism and a carefully selected set of validators to reduce latency and enhance network throughput, with the goal of supporting on-chain institutional-level financial services. Fogo officially launched the Flames Program ecological incentive plan, and the points activity is now online.【30】

There are four ways to earn Flames points:

1.Staking PYTH

Go to: http://staking.pyth.network
Participate in point acquisition by staking PYTH tokens.

2.Trade or provide liquidity (LP) on Ambient

Use: http://ambient.finance
Perform on-chain interaction operations, including buy and sell transactions and adding liquidity pools.

3.Join Fogo Discord and get DC role

Join: http://discord.com/invite/FogoChain
Obtaining a specific community role will earn you additional points.

4.X platform posts and interacts with Fogo official

Post content, share, like, and comment on posts from the official Fogo account.

Prompt: The airdrop program and participation methods may be updated from time to time, and users are advised to follow FogoChain's official channels for the latest information. At the same time, users should be cautious about participating, be aware of the risks, and do sufficient research before participating. Gate.io There is no guarantee that subsequent airdrop rewards will be distributed.

Resources:

Gate Institute Gate Research Institute is a comprehensive blockchain and cryptocurrency 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 link go now

Disclaimer Investing in the cryptocurrency market involves high risks. 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.io is not responsible for any losses or damages resulting from such investment decisions.

DEFI-5.76%

XRP6.71%

BTC-1.71%

ETH-1.13%

View Original

Last edited on 2025-04-09 08:34:09

The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.

1 Likes