Gate Research Institute: Fluid daily volume surpasses Uniswap | Base chain token issuance surpasses Solana

Crypto Market Overview

• BTC (0.43% | Current Price 114,701 USDT): BTC has recently dropped from a high of 119,000 USDT, breaking through the key support level of 115,000 USDT. It has since oscillated in the range of 112,000 to 114,000 USDT, attempting to find support and establish a bottom. Currently, the price has gradually stabilized and rebounded to around 114,689.8 USDT. The 112,000 USDT level constitutes a phase bottom support, which is key to maintaining the rebound trend; while 115,000 USDT is the current main resistance. If it can effectively break through and hold above this level, it will open up space for further rebounds. On August 1, the net outflow from the BTC ETF reached 812 million USD, with BlackRock IBIT seeing an outflow of 2.6 million USD and Fidelity FBTC experiencing an outflow of 331 million USD.
• ETH (3.12% | Current Price 3,533 USDT): ETH has seen a significant decline in the past few days, entering a small fluctuation range after hitting a short-term low, attempting to form a bottom. Currently, the trend is gradually showing signs of an upward breakout, with the price approaching the key resistance range—around 3,534.26 USDT. This area has acted as support multiple times during the previous decline and may now turn into a new resistance level. If ETH can break through this range with increased volume, there is hope for further upward movement. On August 1, ETH ETF experienced a net outflow of 152 million USD in a single day, with Fidelity's FETH seeing an outflow of 6.2 million USD.
• Altcoins: Most mainstream altcoins have rebounded and are expected to continue fluctuating upward in the short term. The Fear and Greed Index reported 64 today, still in the greed zone, indicating that market sentiment is relatively positive, but attention should be paid to the risk of overheating sentiment.
• Macro: On August 1, the S&P 500 Index fell by 1.60%, closing at 6,238.01 points; the Dow Jones Index dropped by 1.23%, closing at 43,588.58 points; the Nasdaq Index decreased by 2.24%, closing at 20,650.13 points. As of August 4, 10:30 AM ( UTC+8), the spot price of gold is temporarily reported at $3,353 per ounce, with a 24H decline of 0.28%.

Trending Tokens on Juejin

Ani Ani the Grok companion (+47.82%, circulating market cap 43.757 million USD)

According to Gate.io market data, the current price of the Ani token is $0.0436, having increased by approximately 47.82% in the last 24 hours. Ani the Grok companion is a 3D animated AI character launched by xAI for the iOS version of the Grok app on July 14, 2025. Ani is a female virtual figure inspired by anime, featuring golden pigtails and a gothic black dress, designed to interact with users through voice communication.

Previously, Musk retweeted a post about some accounts on the X platform being updated to the Grok humanoid companion image developed by xAI. This includes the account with Handle @a being updated to "Ani," @v changing to "Valentine," and @Rudi updating to "Rudi," all related to the Grok virtual companion, further sparking market interest in the AI virtual image sector. As a result, the price of the Ani token experienced a sharp rise that evening, with a high-volume bullish candlestick formed within just one hour, directly breaking through the long-standing consolidation range, indicating a strong signal of capital involvement. The current price is around 0.043615 USD, possibly undergoing a technical pullback confirmation after the breakout; if this price level can form effective support, there remains potential for further upward movement.

ENA Ethena (+17.46%, circulating market cap 3.918 billion USD)

According to Gate's market data, the ENA token is currently priced at 0.6246 USD, having risen approximately 17.46% in the last 24 hours. Ethena is a synthetic dollar protocol based on Ethereum that offers a new type of stablecoin called USDe. Unlike traditional dollar-pegged stablecoins, USDe does not rely on fiat currency but is collateralized through staked Ethereum and short futures positions to achieve the "synthetic dollar."

With the recovery of Bitcoin and the overall market, the sentiment in the crypto market has significantly improved, driving a rebound in the altcoin sector. Among them, the popularity of stablecoins continues to rise, and the TVL of the Ethena protocol has surged past 9.4 billion dollars, setting a new high and providing strong fundamental support for the price increase of ENA. ENA rapidly rebounded from the bottom area, forming a typical "V-shaped reversal" pattern, demonstrating strong buying power at the bottom. Subsequently, the price trend continued to be strong, establishing higher lows and highs, entering a clear upward channel, with a significant bullish trend in the technical aspect. Currently, ENA is approaching the previous high of 0.6249 dollars, a position that is not only a key resistance level but also a critical point for validating the sustainability of the rebound.

INIT Initia (+13.47%, circulating market value 61.523 million USD)

According to Gate.io market data, the current price of the INIT token is $0.4167, with a 13.47% increase in the last 24 hours. Initia is a multi-chain ecosystem designed to connect full-stack applications and unlock value through interconnected infrastructure and coordinated economic models. The project provides a "paradise-like" environment, offering opportunities for developers and users to build and utilize.

Previously, the "Unstaking Subsidy Program" launched by the Initia Foundation became the focus of market attention. This program aims to incentivize ecosystem participants to reallocate assets and activate liquidity. The application window has now been extended by 24 hours, providing convenience for more users to release liquidity, promoting capital backflow into the market, and significantly boosting market sentiment. Under the stimulus of policy, the price of INIT has gradually strengthened after receiving support around 0.36 USDT, forming a continuous series of small upward candles and successfully breaking through the key integer level of 0.40 USDT, now approaching the previous high of 0.4175. In the short term, a strong technical structure of "low-level consolidation + volume rebound" has been established. Particularly on August 4, the price broke through the previous consolidation area with a large upward candle, indicating concentrated capital inflow, and the bullish sentiment in the market is clearly dominant. If the policy dividends and market momentum can continue, INIT is expected to challenge higher price ranges and initiate a mid-term upward trend.

Alpha Interpretation

Fluid has surpassed Uniswap in 24-hour trading volume on the Ethereum mainnet for the first time.

According to the latest data from DefiLlama, in the past 24 hours, the decentralized trading protocol Fluid recorded a trading volume of $1.432 billion on the Ethereum mainnet, surpassing the established DEX Uniswap ($1.335 billion) for the first time, becoming the decentralized trading platform with the highest daily trading volume on the Ethereum mainnet. This performance marks a rapid increase in Fluid's activity and user attraction within the Ethereum ecosystem, even achieving a short-term reversal in trading volume compared to leading protocols.

Fluid's ability to surpass Uniswap in short-term trading volume amidst fierce competition indicates that it has achieved a significant breakthrough in product mechanisms, user experience, or liquidity incentives. Especially in the current context of a general rebound in the DeFi market, where users increasingly prioritize efficient matching and low slippage experiences, Fluid's rise not only challenges the monopolistic position of leading protocols but also reflects subtle changes in the competitive landscape within the Ethereum ecosystem. However, whether it possesses sustained leading capabilities still requires observation of key indicators such as the stability of its trading volume, the depth of capital liquidity, and long-term user retention. While the short-term explosion is certainly noteworthy, what is more important is whether it can continue to build a moat and create ecological stickiness.

Base chain token issuance volume exceeds Solana, Zora ignites the on-chain creator economy boom.

According to data from Dune Analytics, Base, the Ethereum Layer 2 network supported by Coinbase, has surpassed Solana for the first time in terms of daily token issuance, becoming the most active token creation platform currently. This leap is mainly attributed to the strong performance of the decentralized content platform Zora, which launched the "Creator Coins" mechanism, allowing content to be assetized and greatly stimulating user engagement.

In addition, the Base official app completed its rebranding in July, fully transforming into a "SocialFi" platform aimed at Web3 social interactions, and has introduced a large amount of traffic to ecosystem projects such as Zora. Data shows that Zora has generated over 1.6 million creator tokens on the Base chain, attracting nearly 3 million active traders, with a total trading volume reaching 470 million dollars, driving the ZORA token to rise over 500% within the month.

The rapid rise of Base reflects the immense potential of L2 networks in terms of user scale and innovative experimentation. With the traffic entry from Coinbase and the Web3 social narrative, Zora has implemented the concept of "content as assets," effectively stimulating the on-chain activity of creators and speculators. This trend indicates that SocialFi is gradually becoming a new engine driving the growth of on-chain activities. However, it is worth noting that among current active users of Zora, there is a clear transaction-oriented tendency, with a strong short-term speculative atmosphere; the long-term health of the ecosystem still requires a more完善的治理体系 and the continuous participation of genuine content creators.

Last week, the market capitalization of stablecoins increased by 1.78 billion USD, a month-on-month growth of 0.67%.

According to the latest data from DeFiLlama, the stablecoin market continues to show a moderate expansion trend, with a total market value reaching $267.405 billion so far, an increase of about $1.78 billion compared to the previous week, with a week-on-week growth rate of 0.67%. Among them, Tether (USDT) still holds the dominant position, accounting for 61.61% of the total stablecoin market value.

The steady growth of the market capitalization of stablecoins is often seen as an early signal of capital flowing back into the crypto market. In the context of the current fluctuating market, funds are more inclined to observe and strategize through stablecoins, especially as the proportion of USDT continues to rise, reflecting its core position in risk aversion and liquidity demand. However, the current increment is still moderate and has not formed a trend of explosive growth. This also indicates that market sentiment is gradually warming up, but it is still in a cautious exploration phase. Attention must be paid to whether funds will further shift from stablecoins to risk assets to confirm the signal for the start of a new market cycle.

Gate Launchpool

new subscription details

• Subscription Project: Ika
• Token Name: IKA
• New Listing Time: Until August 16, 2025, 20:00 (UTC+8)
• Participation method: Stake GT or IKA to receive for free.
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Project Introduction

Ika is an infrastructure protocol, formerly known as dWallet Network, which is an MPC network that allows Sui smart contracts to control and coordinate assets on other blockchains. This technology offers the potential for cross-chain liquidity management for DeFi super applications built on Sui.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• DefiLlama, https://defillama.com/dexs/chain/ethereum
• CoinDesk, https://www.coindesk.com/zh/tech/2025/08/03/base-takes-solana-s-crown-in-token-creation-as-coinbase-s-socialfi-ignites-zora-boom
• DefiLlama, https://defillama.com/stablecoins
• Gate, https://www.gate.com/launchpool/IKA?pid=353

Disclaimer Investing in the crypto 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 does not assume any responsibility for any losses or damages resulting from such investment decisions.