Gate Research Institute: BAGS seven-day revenue surpasses LetsBonk | Crypto Assets total market capitalization reaches a new high of over 4.1 trillion

Crypto Market Overview

• BTC (1.64% | Current Price 121,248 USDT): After a period of sideways consolidation, the BTC price has seen a strong surge in a short time, currently breaking through the 121,000 USD mark and reaching a new high of 121,260.3 USD in this round of increase. The large bullish candlestick indicates a concentrated explosion of buying power. If it can steadily hold above 121,000 USD in the short term, there is hope for a continuation of the upward trend. On August 8, the net inflow into BTC ETFs reached 403 million USD in a single day, with BlackRock's IBIT inflow of 360 million USD and Fidelity's FBTC inflow of 30.5 million USD, showing that institutional funds are continuously increasing their positions in Bitcoin, enhancing the allocation weight of this asset.
• ETH (2.27% | Current Price 4,313 USDT): After a brief consolidation, the ETH price has resumed its upward trend, currently breaking through the phase high of 4,343.23 USD, closing at 4,313.90 USD, continuing the overall bullish pattern. Recently, there has been support in the 4,250-4,260 USD range multiple times, indicating stable buying power. If it can stabilize above 4,300 USD, it is expected to further challenge 4,400 USD. On August 8, the net inflow for ETH ETF was 461 million USD in a single day, with BlackRock's ETHA inflow of 254 million USD and Fidelity's FETH inflow of 132 million USD.
• Altcoins: Most mainstream altcoins are experiencing slight increases, with market sentiment primarily "neutral" or "buying." The Fear and Greed Index today reports 70, still in the greed range, indicating relatively positive market sentiment but caution is required regarding the risk of overheating.
• Macro: On August 8, the S&P 500 index rose by 0.78%, closing at 6,389.45 points; the Dow Jones index rose by 0.47%, closing at 44,175.61 points; the Nasdaq index rose by 0.98%, closing at 21,450.02 points. As of August 11, 10:50 AM (UTC+8), the spot gold price is temporarily reported at 3,378 dollars per ounce, with a 24H decline of 0.6%.

Trending Tokens on Juejin

ZKJ Polyhedra Network (+77.01%, circulating market cap 108 million USD)

According to Gate market data, the current price of the ZKJ token is 0.31067 USD, with an increase of approximately 77.01% in the last 24 hours. Polyhedra Network (ZKJ) is a platform that utilizes zero-knowledge proof (ZKP) technology, dedicated to promoting Web3 interoperability, scalability, and privacy. Its goal is to bridge the gaps between different blockchain networks, protocols, and systems, achieving seamless communication and collaboration across Web3.

The ETH ecosystem is overall strengthening, and Polyhedra has seen a significant rise against this backdrop, driven primarily by its collaboration with Google Cloud and a series of strategic layouts. On August 9, the project team announced the launch of zkGPT—a system that can prove the correct execution of large language model inference results without exposing model information. This innovative narrative has significantly increased market attention. Since August 10, the price of ZKJ has rapidly risen from a low of about $0.15, reaching a peak of $0.36588, accompanied by a significant increase in trading volume, reflecting a concentrated influx of funds and strong bullish sentiment.

LDO Lido (+14.05%, Circulating Market Cap 1.331 Billion USD)

According to Gate's market data, the current quote for the LDO token is $1.4889, with a 14.05% increase in the last 24 hours. Lido is a decentralized liquid staking protocol that allows users to stake tokens without locking up their assets and to participate in other DeFi (decentralized finance) protocols. Lido issues tradable staking certificate tokens (such as Ethereum's stETH), allowing users to maintain liquidity of their assets while staking.

The logic behind this round of price increase mainly comes from both macro and micro aspects: On the macro level, the promotion of staking ETFs and clear related regulations bring long-term benefits to the liquidity staking sector; on the micro level, the recently discussed LDO buyback plan may become a direct driver for short-term price increases. On August 7, Lido community member Kuzmich proposed a draft for the "LDO Buyback Plan" in the governance forum, pointing out that Lido's treasury currently holds about $145 million in liquid assets, but these assets have not generated any income for the protocol. The expectation of the buyback has raised the market's reassessment of the token's value, accelerating the inflow of funds.

ENA Ethena (+11.56%, circulating market value 5.485 billion USD)

According to Gate market data, the current price of the ENA token is $0.8324, an increase of approximately 11.56% in the last 24 hours. Ethena is a decentralized stablecoin protocol, with its core product being the dollar-pegged synthetic asset USDe. Its operating mechanism combines spot staking and perpetual contract short positions to achieve a market-neutral strategy of "cash equivalents + derivatives hedging."

The significant rise of ETH has driven its ecosystem to strengthen comprehensively, with Ethena's $USDe surpassing a market capitalization of 10 billion USD in just 500 days, becoming the focus of capital attention. Driven by this, the price of ENA has steadily climbed from a bottom of approximately 0.55 USD and accelerated upwards from August 9 to 11, reaching a peak of 0.8357 USD. The market is operating within a clear ascending channel, with each pullback quickly rebounding, reflecting the continuous influx of bullish funds and strong market sentiment.

Alpha Interpretation

Solana ecosystem meme coin launch platform BAGS seven-day income surpasses letsBonk.fun

According to Defillama data, the Meme coin launch platform BAGS in the Solana ecosystem has performed outstandingly in revenue over the past seven days, successfully surpassing the well-known platform letsBonk.fun, becoming the second highest revenue platform in the Solana ecosystem, second only to pump.fun. This achievement highlights the rapid rise of BAGS in the Solana Meme coin market and the increase in user recognition.

The BAGS platform has achieved revenue surpassing letsBonk.fun in a short period, demonstrating its strong competitiveness and market appeal in the Solana Meme coin issuance field. As community-driven light asset innovation projects, Meme coins often accompany high volatility and speculation. The rapid growth of BAGS reflects the market's enthusiasm for emerging social and entertainment-oriented encryption assets. With the continuous improvement of the Solana ecosystem, how to ensure user safety and compliance while continuously optimizing the user experience will be the key to the future development of BAGS and similar platforms. Investors should also be aware of the high-risk characteristics of the Meme coin market and participate rationally.

Bitcoin's market value surpassed Amazon to rank sixth, and the total market value of cryptocurrencies broke through 4.1 trillion USD, setting a new high.

According to 8market data, the market capitalization of Bitcoin has surpassed 2.45 trillion USD, successfully overtaking Amazon to become the sixth largest asset in the world, highlighting its status and influence as digital gold. At the same time, the overall crypto market capitalization has exceeded 4.1 trillion USD, setting a new historical record, with a 2.5% increase in the last 24 hours, demonstrating the strong vitality of the market and the rise in investor confidence.

The market capitalization of Bitcoin has surpassed that of traditional giant Amazon, marking a gradual recognition of crypto assets by mainstream capital markets, with the value storage function of its digital assets becoming increasingly prominent. The overall market capitalization of the crypto market continues to rise, reflecting investors' high expectations for the future development of blockchain technology and the crypto ecosystem. However, as the market capitalization expands, market volatility and regulatory pressures may also intensify, and investors should remain rational and cautious. In the future, whether Bitcoin and the entire crypto market can sustain steady growth will still depend on changes in technological innovation, policy environment, and institutional participation.

LayerZero Foundation proposes to acquire StarGate cross-chain bridge and its token STG for $110 million.

The LayerZero Foundation proposed to acquire the StarGate cross-chain bridge and its governance token STG for $110 million. According to the acquisition plan, the STG token will be phased out, and holders can exchange 1 STG for 0.08634 LayerZero's native token ZRO, which equates to a value of approximately $0.1675 per STG, while the price of ZRO is around $1.94. After the completion of this acquisition, StarGate will be integrated into the LayerZero Foundation, and StarGate DAO will also be dissolved. The official statement indicates that this move aims to accelerate the synergistic development of StarGate and LayerZero, leveraging LayerZero's resources to promote the expansion of the StarGate ecosystem, deepen functional layouts beyond cross-chain bridge services, and enhance the overall user experience and value circulation within the LayerZero ecosystem.

This acquisition of $110 million not only demonstrates LayerZero's high regard for cross-chain infrastructure but also reflects the important strategic position of cross-chain bridge technology as the core of multi-chain interoperability. By integrating StarGate, LayerZero is expected to achieve closer collaboration and resource sharing between protocols, enhancing technical capabilities and ecological vitality, and promoting the unification and optimization of cross-chain experiences. For STG holders, although the token exchange brings short-term adjustments, there is a long-term opportunity to gain greater value through LayerZero's development potential. Overall, this acquisition strengthens LayerZero's competitiveness in the multi-chain ecosystem and lays a solid foundation for future innovations and commercialization of cross-chain protocols.

Gate Launchpool

IPO Details

• Subscription Project: Baby Shark Universe
• Token Name: BSU
• New issuance time: until August 16, 2025, 18:00 (UTC+8)
• Participation method: Stake BTC or BSU to receive for free.
• Total Airdrop Amount: 1,019,541 BSU

Project Introduction

Baby Shark Universe (BSU) is a hybrid entertainment platform that relies on the globally renowned "Baby Shark" IP, bridging Web2 and Web3. Aiming for widespread accessibility, BSU is creating a family-friendly ecosystem that encompasses games, NFTs, and metaverse experiences. The project has established co-branding collaborations with top NFT series like Pudgy Penguins and Lil Pudgys, achieving multiple sellouts and demonstrating strong market appeal and community trust.
Reference Materials:

• 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/revenue/chain/solana
• 8market, https://8marketcap.com/
• The Block, https://www.theblock.co/post/366246/layerzero-foundation-proposes-110-million-acquisition-of-stargate-bridge-as-token-struggles
• Gate, https://www.gate.com/launchpool/BSU?pid=355

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 bear any responsibility for any losses or damages resulting from such investment decisions.