Gate Research Institute: Solana TVL Hits All-Time High | Avalanche Launches $1 Billion Encryption Treasury Plan

Crypto Market Overview

• BTC (+0.05% | Current price 115,880 USDT): BTC is maintaining a bullish structure in the short term, currently trading above the moving average, with short-term moving averages in a bullish arrangement, and the trend remains in an upward channel. The MACD indicator continues to show increasing momentum, with the red bars gradually expanding, indicating that buying pressure is strengthening. The current price has already broken through the previous high area and briefly touched 116,300. If bullish sentiment continues, it is expected to further test the resistance level around 117,000, with short-term support to watch in the range of 115,350 to 114,900.
• ETH (+0.25% | Current price 4,523 USDT): ETH continues a strong oscillating upward pattern, with the current price stabilizing above short-term moving averages. The 5-day and 10-day moving averages both show a clear upward angle, indicating a good short-term trend. After a MACD golden cross, the volume continues to increase, and the momentum of the red bars is gradually strengthening, showing that bullish momentum is still being released. If trading volume can continue to expand, there is a chance to challenge the previous high resistance of 4,560 in the short term. In case of a pullback, the moving average support around 4,475 can serve as the first reference for bullish defense.
• Altcoins: The overall market rebounded, with mainstream coins generally rising. The fear and greed index has risen to 57, indicating a return of funds and a shift in sentiment towards optimism. In the short term, a continuation of the recovery trend is expected, with a slight increase in activity.
• Macro: On September 11, the S&P 500 index rose by 0.85%, closing at 6,587.47 points; the Dow Jones index increased by 1.36%, closing at 46,108.00 points; the Nasdaq index was up by 0.72%, closing at 22,043.07 points. As of September 12, 10:15 AM (UTC+8), the spot price of gold is temporarily reported at 3,636 dollars per ounce, with a 24H increase of 0.07%.

Trending Tokens on Juejin

PTB Portal To Bitcoin (+43.71%, circulating market value 137 million USD)

According to the Gate market data, the current price of PTB token is $0.06443, with an increase of approximately 43.71% over the past 24 hours. Portal To Bitcoin is a decentralized platform dedicated to building the BTCFi ecosystem, aiming to bring the global financial market into the Bitcoin network without custodial risk. Its core product, BitScaler, provides on-chain asset trading, cross-chain bridging, and financial tool integration, allowing users to achieve the integration and interaction of multi-chain assets and Bitcoin without trusting intermediaries. PTB has recently surged, mainly stimulated by multiple favorable factors such as the token launch and capital support. Portal announced that it has received support from mainstream institutions including Gate Ventures, with total financing exceeding $90 million, providing ample financial backing for project development. In addition, Portal articulated its vision that "Bitcoin will awaken in BTCFi" during a recent Coindesk interview, further reinforcing the market's recognition of its core narrative position regarding Bitcoin, becoming a catalyst for the token's significant short-term increase.

NMR Numeraire (+17.65%, circulating market cap 151 million USD)

According to Gate.io market data, the current price of the NMR token is $18.671, an increase of 17.65% in the last 24 hours. Numerai is a quantitative hedge fund platform that combines artificial intelligence with decentralized models, allowing data scientists from around the world to participate in building stock market prediction models. NMR is primarily used for incentivizing modeling, staking validation, and rewards for data prediction accuracy. The recent rise of NMR is mainly driven by community and brand-building activities. The Numerai Council of Elders announced the results of the summer logo competition and revealed that they will launch official merchandise for the first time at the "Decentralized AI Day" in Vienna, strengthening community identity and spreading enthusiasm. Coupled with the rising narrative of "AI + DeFi," market sentiment has significantly improved, leading to a short-term price increase for NMR.

PI Pi Network (+3.14%, circulating market cap 2.881 billion USD)

According to the market data from Gate, the PI token is currently priced at 0.35545 USD, with an increase of approximately 3.14% in the last 24 hours. Pi Network is a crypto network protocol focused on mobile participation and user co-creation, dedicated to building a low-threshold, high-security blockchain ecosystem. Its core features include the combination of a mobile mining mechanism and strong community mobilization, attracting a large number of Web2 users for early accumulation and contribution verification. The native token PI is mainly used for network consensus rewards, ecosystem payments, and node incentives. The recent rise of PI is mainly driven by expectations of protocol upgrades. Pi Network officially announced that the protocol version will be upgraded to version 23, with a key feature being the integration of a KYC permission module at the protocol layer, ensuring that the mainnet operates in a verified on-chain environment. Additionally, the KYC process will be further decentralized to community-driven efforts, creating a more distributed and community-governed identity verification system. This move not only helps strengthen the compliance and decentralized trust foundation of the mainnet but also lays the institutional groundwork for the future official launch of the token and the opening of the ecosystem, becoming one of the key factors to stimulate short-term trading sentiment and restore confidence in the market.

Alpha Interpretation

Solana TVL breaks 12.4 billion USD, setting a new historical high.

According to DefiLlama data, Solana's Total Value Locked (TVL) has officially surpassed the $12 billion mark, currently reported at $12.46 billion, setting a new historical record for the network. This milestone not only demonstrates Solana's strong momentum in the current multi-chain competitive landscape but also reflects the capital market's high recognition of its ecological development prospects. The continuous growth of TVL is driven by the combined influence of multiple highly active protocols and capital inflows. Whether in the trading activity of Meme coins, the expansion of DeFi protocols, or the development of NFT and gaming applications, Solana has demonstrated strong momentum. Additionally, the advantages of user retention brought by low transaction costs and high-performance architecture continue to attract developers and capital deployers to its ecosystem. The current breakthrough in TVL may provide foundational support for the next wave of ecological narratives and further consolidate Solana's leading position in the "high-performance public chain" arena.

Avalanche launches a $1 billion crypto market treasury plan to strengthen AVAX's capital base.

The Avalanche Foundation is advancing an ambitious financing plan aimed at establishing two crypto treasury companies, collectively raising approximately $1 billion to purchase a large amount of AVAX tokens it holds at a discounted price. The plan is being pursued along two paths: on one hand, forming a new company in collaboration with investors, and on the other hand, transforming an existing listed company into a crypto treasury, with both parties currently in in-depth discussions. This operational model is expected to not only enhance the market liquidity of AVAX but also bring in more long-term capital for the Avalanche ecosystem. The first project is led by Hivemind Capital, which plans to raise up to $500 million through an existing public company platform, and invites crypto investor and former White House Press Secretary Anthony Scaramucci to serve as an advisor, providing policy and market strategy advice for the project. The second project is initiated by Dragonfly Capital, which is launching a SPAC (Special Purpose Acquisition Company) with the same financing goal of $500 million. Both projects combine the strengths of traditional finance and crypto capital, indicating that Avalanche is expanding its capital base in unprecedented ways and attempting to establish a new paradigm for crypto asset financing in the current market environment.

Pump.fun creator income breaks records, Project Ascend drives the protocol into a new growth curve.

Since the launch of "Project Ascend" with a dynamic fee mechanism, the creator income on the Pump.fun platform has significantly increased. In the past 7 days, the total income exceeded 15.5 million dollars, setting a new historical record for the platform. This data not only highlights the optimization effect of the platform's creator incentive mechanism but also marks the first occurrence of overall creator income surpassing the protocol's own income, with a gap of 1.45 million dollars, indicating a collective leap in creator participation and profitability. The dynamic fee design of "Project Ascend" reallocates the revenue structure between the platform and creators, allowing more value to flow back to the project parties and community members during the transaction process. In the context of the ongoing meme coin craze driving on-chain trading activity, this mechanism incentivizes more creators to continuously launch new projects, creating a rolling growth effect. At the same time, the creators' earnings exceed the revenue of the protocol itself, reflecting that Pump.fun is moving towards a "win-win" business model between the platform and creators, providing a new growth paradigm and reference template for similar issuance platforms.

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
• DefiLlama, https://defillama.com/chain/solana
• Financial Times, https://www.ft.com/content/87b5cb20-e86c-4849-8959-ee1f87ffb388
• Dune, https://dune.com/adam_tehc/pumpfun

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Disclaimer

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