Gate Research Institute: Gate launches xStocks section for Spot and Futures Trading | The first Spot staking Solana ETF debuts

Summary

1. BTC rose by 0.88% this week, with 110,000 being a recent resistance level; ETH surged significantly, breaking through 2,600 dollars.
2. Gate launches the xStocks section for spot trading, perpetual contract trading, and Alpha trading.
3. Ripple applies for a banking license in the U.S. after Circle, planning to offer more cryptocurrency services.
4. The supply of Ethereum stablecoins reached $135.4 billion, a historic high.
5. The first spot pledge-type Solana ETF has debuted, with a trading volume of 33 million dollars on its first day.
6. Gate Launchpool has launched MAT, with a total prize pool of 40,000 MAT.

Market Interpretation

Market Commentary

• BTC Market —— This week BTC rose by 0.88%, overall performance is not as good as altcoins. From the K-line pattern, the 1-hour line shows a price peak formation, with 110,000 USD being a recent resistance level. The 1-hour MACD indicator is in a "death cross" formation. Meanwhile, BTC has strong support at the 105,000 USD level, and it is unlikely to fall below this level in the short term. The BTC price is generally oscillating between 105,000 USD and 110,000 USD.
• ETH Market — This week, ETH surged by 4.11%, surpassing the median of the Top 100 altcoins. In terms of volume and price relationship, ETH shows a trend of increasing volume, having broken through the $2,600 resistance level. It is expected to consolidate in the range of $2,500 to $2,600 in the near term.
• **Altcoins **—— This week, altcoins showed an overall upward trend, with a median increase of 2.75% among the Top 100 cryptocurrencies over the past 7 days. Over the last 7 days, PENGU led the altcoins with a gain of 59.10%, while Pi saw the largest decline among altcoins this week with a drop of over 20%.
• ETF and Contract Market —— In terms of ETF funds, BTC and ETH spot ETFs have recorded net inflows for several consecutive days, showing continuous support from institutional funds. In the contract aspect, in the past 24 hours, BTC and ETH contracts experienced liquidations of 105 million dollars and 91.14 million dollars, respectively.
• Macroeconomic Data —— In June, the number of jobs in the U.S. private sector unexpectedly fell by 33,000, marking the first negative growth since March 2023, with the decline in employment in the service sector being the largest since the pandemic. Concerns about a weak labor market have deepened further.
• Stablecoins —— The total market value of stablecoins has risen to $258.1 billion, with further inflows of off-exchange incremental funds.
• Gas Fee —— Although the price of ETH experienced a significant rebound this week, the Gas fees on the Ethereum network have declined. As of July 3rd, the average Gas fee for that day was 0.63 Gwei.

Popular Concepts

This week, the cryptocurrency industry showed an overall rebound, with market sentiment being cautiously optimistic. Altcoins continued to exhibit a differentiated pattern, with most mainstream sectors experiencing gains. According to Coingecko data, the Solana Meme, AI Meme, and AI Agent Launchpad sectors all showed an upward trend this week, increasing by 15.5%, 12.4%, and 12.1% respectively over the past 7 days.

Solana Meme

The Solana Meme sector consists of a type of tokens and projects derived from the meme culture within the decentralized ecosystem based on the Solana blockchain. It has rapidly emerged due to its low transaction costs, high-speed transactions, and community-driven characteristics. These meme coins are often themed around humor, satire, or popular culture, attracting a large number of retail investors and community participants, and spreading quickly through social media and on-chain activities. Solana's high-performance blockchain provides the technical support of low fees and high throughput for these projects, making it an important incubation platform for the meme economy. — Over the past 7 days, this sector has risen by 15.5%, with IKUN and HOSICO increasing by 392% and 177%, respectively.

AI Meme

The AI Meme sector is a type of token and project derived from blockchain technology, combining artificial intelligence and meme culture, which has rapidly emerged in the decentralized ecosystem in recent years. These projects typically center around AI technology, algorithms, or related meme culture, attracting community attention through humor, satire, or technological topics, and achieving rapid dissemination through social media and on-chain activities. AI Meme coins mostly operate on high-performance blockchains like Solana or Ethereum, leveraging a low-cost and high-efficiency trading environment to attract developers and investors. — In the past 7 days, this sector has risen by 12.4%, with DEVIN and PROJECT89 increasing by 260% and 196%, respectively.

AI Agent Launchpad

The AI Agent Launchpad module is a decentralized ecological subfield based on blockchain technology, focusing on the incubation and financing of artificial intelligence agent (AI Agent) projects, rapidly becoming an innovative frontier at the intersection of Web3 and AI. These platforms provide funding, development, and community building support for AI-driven autonomous agent projects through smart contracts and on-chain mechanisms, covering a diverse range of applications from data processing to intelligent decision-making. Operating on high-performance blockchains like Solana or Ethereum, the AI Agent Launchpad leverages cost-effectiveness and high throughput technological advantages to attract developers and investors. — In the past 7 days, this module has increased by 12.1%, with FET and VIRTUAL rising by 10.2% and 12.5%, respectively.

This Week's Focus

Gate launches the xStocks section for spot trading, perpetual contract trading, and Alpha trading.

Gate officially launches the xStocks trading zone, offering spot trading and perpetual contract trading (settled in USDT). Perpetual contract trading supports 1-10x long and short operations, with the leverage rate selectable at the time of order placement. The first phase of the xStocks trading zone supports trading of 8 popular xStocks assets, namely COINX, NVDAX, CRCLX, AAPLX, METAX, HOODX, TSLAX, and GOOGLX. The AlphaxStocks trading phase supports 6 major trading pairs, providing global users with a convenient and efficient on-chain xStocks trading channel.

Gate has launched the xStocks trading zone, supporting spot and perpetual contract trading of tokenized assets, marking its strategic expansion into a diversified financial product lineup in the competitive landscape of cryptocurrency exchanges. This initiative aims to attract a broader user base by integrating traditional finance with blockchain technology. Not only does this enrich Gate's trading offerings and enhance the platform's market appeal, but it also lowers the barriers to user participation and optimizes the trading experience through a flexible leverage mechanism and USDT settlement. From an industry trend perspective, the listing of real-world assets on exchanges reflects the accelerated development of traditional asset tokenization, providing global investors with more convenient on-chain investment channels and breaking down geographical and market entry barriers.

Ripple applies for a U.S. banking license following Circle, planning to offer more crypto services.

Ripple submitted an application for a national bank charter to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve both state and federal dual regulation over the stablecoin RLUSD. The CEO of Ripple stated that this move will establish a new trust benchmark for the stablecoin market. Previously, the subsidiary Standard Custody also applied for a Federal Reserve master account, aiming to directly custody the reserves of RLUSD. This move comes as the Trump administration relaxes cryptocurrency regulations and encourages federal charter applications.

Ripple's application for a national banking license marks a significant advancement in its strategy for the stablecoin RLUSD, aiming to enhance market trust through dual state and federal regulation, further consolidating its competitiveness in the global payments and crypto finance sectors. This move not only reflects Ripple's firm commitment to compliance but also aligns with the Trump administration's policy direction of relaxing crypto regulations, potentially paving the way for widespread adoption of RLUSD. In the future, if the application is approved, Ripple may gain a differentiated advantage in the stablecoin market by directly managing reserves and increasing regulatory transparency, attracting more institutional users.

Bitcoin DeFi project BOB launches BitVM Bridge testnet, mainnet expected to go live in Q4.

The Bitcoin DeFi project BOB has launched the BitVM Bridge testnet, which has received support from many major cryptocurrency companies that will operate nodes on the BitVM bridge, such as Lombard, Amber Group, and RockawayX. The mainnet is set to launch in the fourth quarter of this year. BOB co-founder Alexei Zamyatin emphasized that this solution differs from asset wrapping models like Stacks, resembling the native properties of ETH in Ethereum Rollups.

The launch of the BitVM Bridge testnet indicates that innovation in the Bitcoin DeFi space is accelerating. Through a native asset bridging mechanism, which differs from the traditional wrapped asset model, it aims to enhance the functionality and interoperability of Bitcoin in decentralized finance. Supported by node operations from crypto giants like Lombard and Amber Group, this demonstrates the industry's confidence in its technological potential, suggesting that it could reshape the competitiveness of the Bitcoin ecosystem once it goes live on the mainnet. In the future, if the BitVM Bridge can successfully launch in the fourth quarter and maintain technical stability, it may drive widespread adoption of Bitcoin in the DeFi market, attracting more institutions and developers to participate.

Highlight Data

DEX market share has reached an all-time high, and on-chain trading enthusiasm continues to rise.

In June 2025, the trading volume on decentralized exchanges (DEX) continued to rise, reaching $390 billion, sustaining the recovery trend from May. According to DefiLlama data, although the total DEX volume had briefly declined after hitting a peak in January, it showed a noticeable recovery starting in May and reached a new high again in June. Notably, the share of DEX in spot trading compared to CEX broke 29% for the first time in June, while the share in futures trading also rose to 8%, both setting historical records, indicating a significant increase in market interest in decentralized platforms.

The growth behind this wave is driven by multiple factors, including the success of platforms like Hyperliquid and the optimization of user experience, which has led more traders to turn to the decentralized ecosystem; at the same time, airdrop incentives and point systems are also continuously boosting trading volume.

The rise of DEX is no longer just a speculative craze, but is built on core advantages such as "the ability to trade any asset, self-custody, and early launch," attracting more and more strategy-oriented users who seek flexibility and sovereignty. As the trust crisis and differences in fee structures become apparent, the practical advantages of DEX are becoming increasingly prominent, steadily expanding its share in the market structure and providing strong support for the continuous expansion of the on-chain financial ecosystem.

Ethereum stablecoin supply reaches $135.4 billion, setting a new historical high

The total supply of stablecoins on the Ethereum chain has reached $135.4 billion, setting a new historical high, reflecting the continued influx of funds into mainstream on-chain ecosystems. Among them, USDC (issued by Circle) has become the main driver of this growth, with its circulation significantly increasing since January 2025; in contrast, the supply of USDT has remained relatively stable, indicating that the distribution structure of funds is adjusting, and the market's preference for compliance and transparency is gradually rising.

The growth of stablecoin supply not only strengthens on-chain trading and lending liquidity but also reflects an increasing willingness for funds to remain on-chain, waiting to position themselves in risk assets. In the current market environment, stablecoins are often seen as a form of "liquidity reserve" before a market rally begins. When funds are not withdrawn from the market but instead remain on-chain in stablecoin form, it indicates that investors are in a wait-and-see phase, looking for clearer entry signals. If we add to this the upward trend in DeFi interest rates, a recovery in market sentiment, and the ongoing implementation of applications such as RWA (Real World Assets on-chain) and cross-border clearing, stablecoin funds are expected to accelerate their conversion into actual buying power. In this process, stablecoins not only serve as a medium of exchange but are gradually becoming the core liquidity infrastructure within the crypto financial system.

The first spot staking Solana ETF debuts, achieving a trading volume of 33 million USD on its first day.

"REX-Osprey Solana + Staking ETF" has officially launched in the United States, becoming the first approved spot staking cryptocurrency ETF, with a first-day trading volume of up to $33 million and assets under management (AUM) reaching $1 million. This product combines spot prices with on-chain staking yields, showcasing innovation in structure and compliance, marking a new phase of "staking yield integration" in the cryptocurrency ETF market.

REX-Osprey is regulated under the Investment Company Act of 1940, with custody and staking execution managed by Anchorage Digital, ensuring higher compliance and security standards. The fund mechanism allows investors to earn staking rewards from Solana without directly operating on the blockchain, expanding the revenue boundaries of crypto ETFs through the "dual exposure" design of spot and staking returns.

For non-BTC/ETH assets, the strong first-day trading volume of $33 million reflects the market's actual demand for high-yield, structurally innovative products, and also indicates that funds are gradually shifting towards emerging public chain assets such as Solana. The successful listing of REX-Osprey provides a compliance model for staking products. In the future, as DeFi, staking, and RWA scenarios expand, on-chain yield mechanisms are expected to become an important direction for cryptocurrency ETF innovation, attracting more institutional participation.

Gate Initial Offering

This week's IPO project to watch is: Matchain

Matchain utilizes MatchID technology to assist global IP partners in importing over 500 million users, aiming to create an AI blockchain infrastructure with autonomous identity authentication and data ownership control.

Preparation

• Gate Account: Register and complete user authentication;
• Recharge Assets: Ensure that there are sufficient MAT and BTC in the account, this Launchpool supports staking of both currencies.

Participate in Staking

• Time window: Until July 9, 2025, 20:00 (UTC+8)
• Steps: First, log in to Gate and go to the 【Launchpool】 page; second, select the MAT project and click 【Participate Now】; finally, enter the staking amount and confirm to participate.
• Total mining rewards: 40,000 MAT
• Annualized Return: 111.62%

Financing Weekly Report

According to RootData, from June 27 to July 3, 2025, a total of 12 cryptocurrency projects announced the completion of financing or mergers and acquisitions, covering multiple sectors such as infrastructure, cloud mining, Web3 gaming, and AI computing, indicating the market's ongoing focus on underlying capability construction and user application expansion. Below is a brief introduction to the top three projects ranked by financing amount this week:

BitMine

On June 30, it was announced that a private placement financing of $250 million was completed, led by MOZAYYX, with participation from well-known institutions such as Founders Fund and Pantera.

itMine is a publicly traded company in the United States (stock code: BMNR) focused on cryptocurrency mining, with Bitcoin and Ethereum as its main focus. The funds will primarily be used to increase holdings in Ethereum (ETH) and treat it as a core reserve asset while continuing to maintain Bitcoin mining as its main business.

TWL Miner

Announced on July 1st the completion of a $950 billion financing, which will be used to support the integration and application of artificial intelligence technology in its cloud mining business.

TWL Miner focuses on providing AI-driven digital asset cloud mining services for global users. The platform is based on renewable energy, combining AI technology to optimize computing power allocation and energy consumption management, aiming to create an efficient, environmentally friendly, and user-friendly next-generation cloud mining solution.

Spekter Agency

Completed a $5 million financing on June 28, with participation from well-known institutions such as 1kx, Fabric Ventures, and Blockchain Founders Fund.

Spekter Games is an emerging team focused on developing Web3 games, dedicated to creating game products that combine playability with blockchain value capture capabilities. This round of financing will be used to support game development, design sustainable economic systems, integrate NFT and token mechanisms, and promote key aspects such as ecological community building and global user growth.

Focus Next Week

Token Unlock

According to data from Tokenomist, the market will see significant unlocks of certain important tokens in the next 7 days (2025.7.4 - 2025.7.10). The top 3 unlock situations are as follows:

• ENA will unlock tokens worth approximately $48 million in the next 7 days, accounting for 2.82% of the total locked amount.
• MOVE will unlock approximately $8.5 million in value over the next 7 days, accounting for 1.9% of the total locked amount.
• NEON will unlock tokens worth approximately $5.1 million in the next 7 days, accounting for 22.5% of the circulating supply.

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