CoinW Research Weekly Report (2025.7.14-2025.7.20)

The total global cryptocurrency market capitalization is $3.97 trillion, up 2.06% from last week's $3.89 trillion. As of press time, the cumulative net inflow of U.S. Bitcoin spot ETFs is approximately $54.75 billion, with a net inflow of $2.39 billion this week; the cumulative net inflow of U.S. Ethereum spot ETFs is approximately $7.49 billion, with a net inflow of $2.18 billion this week.

The total market capitalization of stablecoins is $268 billion, with USDT's market capitalization at $161.6 billion, accounting for 60.3% of the total stablecoin market capitalization; followed by USDC's market capitalization at $64.46 billion, accounting for 24.05% of the total stablecoin market capitalization; DAI's market capitalization is $5.37 billion, accounting for 2% of the total stablecoin market capitalization.

According to data from DeFiLlama, the total TVL of DeFi this week is $141.5 billion, up 11.24% from last week's $127.2 billion. Divided by public chains, the three public chains with the highest TVL are Ethereum chain accounting for 56.29%; Solana chain accounting for 7.49%; Bitcoin chain accounting for 5.46%.

From on-chain data, except for Sui and BNBChain, which remained basically flat compared to last week, other public chains have seen significant changes. Among them, the following public chains performed most significantly, Toncoin increased by 700% compared to last week, Ethereum increased by 35% compared to last week, while Solana decreased by about 26% compared to last week; in terms of transaction fees, except for Ethereum, which increased by 150% compared to last week, Aptos, Toncoin, and Solana decreased by 90%, 66%, and 33% respectively compared to last week; in terms of daily active addresses, except for Aptos, which saw a slight decrease, all public chains showed an upward trend, with Sui growing most significantly, up 68% compared to last week; in terms of TVL, all public chains showed an upward trend, with Toncoin growing by 62% compared to last week, and Ethereum growing by 15% compared to last week.

Innovative projects to watch: TAPEDRIVE is a Solana-native storage network that bundles data into on-chain tapes and uses a novel proof-of-access mining model to protect and retrieve content; Robin is a yield-based prediction market where users can earn passive income by trading the outcomes of future events; SyFu is a Web3 wallet service designed to unlock the value of payment data, which is the sole credential of economic contribution from daily consumption activities.

Key Points

1. Total Cryptocurrency Market Cap/Bitcoin Market Cap Share

2. Fear Index

3. ETF Inflow and Outflow Data

4. ETH/BTC and ETH/USD Exchange Rates

5. Decentralized Finance (DeFi)

6. On-chain Data

7. Stablecoin Market Cap and Issuance

This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins by Growth This Week

2. New Project Insights

Industry News

1. Major Industry Events This Week

2. Upcoming Major Events Next Week

3. Important Investments and Financing Last Week

CoinW Research Weekly Report (Issue 2025.7.14-2025.7.20)

Data source: cryptorank

As of press time, Bitcoin's market capitalization is $2.33 trillion, accounting for 58.81% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $268 billion, accounting for 6.75% of the total cryptocurrency market capitalization.

Data source: coingecko

ETHUSD: Current price $3,739, all-time high $4,878, down about 23.65% from the high.

ETHBTC: Currently 0.031922, all-time high 0.1238.

Daily Volume and Transaction Fees: Daily volume and transaction fees are core indicators to measure the activity and user experience of public chains. This week, except for Sui and BNBChain, which remained basically flat compared to last week, other public chains have seen significant changes. Among them, the following public chains performed most significantly, Toncoin increased by 700% compared to last week, Ethereum increased by 35% compared to last week, while Solana decreased by about 26% compared to last week; in terms of transaction fees, except for Ethereum, which increased by 150% compared to last week, Aptos, Toncoin, and Solana decreased by 90%, 66%, and 33% respectively compared to last week.

● Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects users' trust in the platform. In terms of daily active addresses, except for Aptos, which saw a slight decrease, all public chains showed an upward trend, with Sui growing most significantly, up 68% compared to last week; in terms of TVL, all public chains showed an upward trend, with Toncoin growing by 62% compared to last week, and Ethereum growing by 15% compared to last week.

Base and Arbitrum occupy the front row with 37.59% and 33.83% market share respectively. This week, Base still ranks first in the TVL of Ethereum Layer 2.

According to Whale Alert data, USDC Treasury issued a total of 2.55 billion USDC this week, Tether Treasury issued a total of 2 billion USDT, and the total issuance of stablecoins this week was 4.55 billion, up about 91.74% from last week's total issuance of 2.373 billion.

Top Five Meme Coins by Growth in the Past Week

Data source: CoinW Research, coinmarketcap, data as of July 20, 2025

Innovative Projects

• TAPEDRIVE is a Solana-native storage network that bundles data into on-chain tapes and uses a novel proof-of-access mining model to protect and retrieve content.

• Robin is a yield-based prediction market where users can earn passive income by trading the outcomes of future events. Unlike traditional prediction markets where funds are idle, Robin invests all matched funds into DeFi protocols, thereby generating actual returns during the market lifecycle.

• SyFu is a Web3 wallet service designed to unlock the value of payment data, which is the sole credential of economic contribution from daily consumption activities. SyFu's cutting-edge products allow users to connect their credit card payment data and upgrade their NFTs. By establishing a symbiotic relationship between data and NFTs, SyFu is revolutionizing the way individuals interact with payment data and digital assets.

Industry News

• Bitcoin-native liquidity protocol Yala announced the opening of Season 1 airdrop claims on the 16th, with a claim period of 1 month. This round of airdrop totals 34 million YALA, accounting for 3.4% of the total supply, rewarding mainnet and testnet participants, content contributors, and early supporters, with the snapshot taken on July 8, 2025.

• Ethereum SVM L2 network Eclipse announced that ES token airdrop claims opened on July 16, with ES to be issued simultaneously on Eclipse mainnet, Ethereum mainnet, and Solana networks.

• USD1 ecosystem women's power Meme project Dora will distribute the first batch of 500,000 Dora airdrop rewards to users participating in the StakeStone USD1 omnichain vault officially supported by USD1. Previously, the USD1 LiquidityPad omnichain vault released by StakeStone has reached the deposit limit of $2 million, and a new deposit limit may be set next.

• Parallel multi-party computation network Ika launched an airdrop query portal, where users can connect their wallets to check. In addition, token claims opened on the 17th. The initial supply of IKA is 10 billion, with over 50% allocated to the community, of which 6% will be distributed through the first community airdrop at mainnet launch.

• OpenZK Network, a Layer 2 network developed based on ZK Rollup technology, has launched OZK staking, allowing users to earn network rewards. In addition, OpenZK is currently testing a new feature that allows ozETH and OZK to be used as Gas on the Layer 2 network.

Upcoming Events

• Sahara AI Data Services Platform public beta will launch on July 22, open to anyone to participate in AI construction and earn real token rewards. At the same time, the platform will also provide new earning methods and additional incentives from exclusive partners, open globally.

• The deadline for claiming the first phase of Spark's Ignition airdrop is July 22. This Ignition program is Spark's first airdrop activity, aiming to distribute tokens to early supporters and ecological participants through a multi-stage distribution mechanism, further expanding the community size and promoting early network growth.

• Starknet Foundation announced the launch of the STRK delegated staking program, aimed at supporting ecosystem builders contributing to decentralization, security, and network resilience by delegating STRK tokens to network validators. The Foundation stated that it will complete the evaluation and announcement of delegatees by August 31, with eligible validators receiving a delegation quota matching their own staking at a 1:1 ratio, up to 5 million STRK. Applicants need to run a full Starknet validator node and maintain high online rates and responsiveness.

• Web3 infrastructure platform Caldera Foundation announced the opening of ERA airdrop claims, with wallets that have successfully pre-claimed allocations required to claim their tokens by August 1.

3. Important Investments and Financing Last Week

• Hilbert Group, with a financing amount of $31.21 million, Hilbert Group was founded in 2020 and is an investment company specializing in quantitative algorithmic trading strategies in digital asset markets. (July 15, 2025)

• Spiko, completed a $22 million Series B financing, with investment institutions including Index Ventures, Bpifrance, Blockwall, Zach Abrams, Nik Storonsky, etc. Spiko focuses on providing tokenized money market fund services for European companies, allowing users to earn daily returns by investing in low-risk assets such as Eurozone and U.S. Treasury bonds. The platform uses blockchain technologies such as Ethereum and Arbitrum and has processed over $900 million in liquidity. (July 17, 2025)

• Ephemera, completed a $20 million Series B financing, with investment institutions including Andreessen Horowitz, Faction, USV, Coinbase Ventures, etc. Ephemera is a decentralized messaging protocol developing XMTP infrastructure, targeting users committed to decentralized technology and an on-chain future. (July 17, 2025)

• Gamesquare, with a financing amount of $70 million, Gamesquare is a publicly listed company focused on the esports and gaming industry. GameSquare (Nasdaq: GAME) is on a mission to change how brands and game publishers connect with users. (July 17, 2025)