Abstract

• The price of Bitcoin dropped by 5.22%, reaching $78,236, while Ethereum’s price fell by 12.13%, settling at $1,601.
• Aave’s borrowing interest on Ethereum has surpassed $1 billion.
• Solana’s TVL (Total Value Locked) has reached 53.8 million SOL, marking a new high since 2023.
• In March, mainstream DeFi protocols saw a significant decline in revenue, while Sky Protocol bucked the trend with growth.
• Tariff policies have shaken global markets, accelerating declines in both the global stock and crypto markets.
• The Lens Protocol’s mainnet, Lens Chain, has officially launched.
• The SEC is reviewing digital asset policies from the Biden administration, which could pave the way for regulatory easing.

Market Analysis

• BTC —— Bitcoin fell 5.22% over the past 24 hours, currently trading at $78,236. The overall trend remains bearish, with clear downward pressure. This morning, BTC saw a sharp decline on increased volume, briefly dipping to the support zone around $77,151. A minor rebound followed, indicating that this level still offers some short-term support. While short-term moving averages remain in a bearish setup, the MACD indicator is approaching a bullish crossover, suggesting a potential short-term rebound. Watch closely to see if price and volume can sustain upward momentum.[1]

• ETH —— Ethereum dropped 12.13% in the past 24 hours and is now trading at $1,601. After consolidating in a range, ETH broke below the $1,750 support level on strong volume this morning, finding temporary support around $1,530. There are early signs of a short-term bottom forming.[2]

• ETF —— According to SoSoValue, U.S. spot Bitcoin ETFs recorded a net outflow of $64.88 million[3] on April 4, while U.S. spot Ethereum ETFs saw a net inflow of $2.06 million. Data as of April 7, 11:00 AM (UTC+8).[4]
• Altcoins — The broader altcoin market remained weak, with no significant gainers.[5]
• U.S. Stock Indices — On April 4, the S&P 500 dropped 5.97%, the Dow Jones Industrial Average fell 5.50%, and the Nasdaq declined 5.82%.[6]
• Spot Gold — Spot gold fell 1.76% to $2,980.49 per ounce. Data as of April 7, 10:00 AM (UTC+8).[7]
• Fear & Greed Index — The index currently sits at 23, indicating extreme fear in the market.[8]

Top Performers

According to Gate.io market data[9], the top-performing altcoins over the past 24 hours, based on trading volume and price movement, are as follows:

AERGO (Aergo) — Daily increase of approximately 50.95%, with a circulating market cap of $37.45 million.Aergo is an open-source enterprise blockchain platform designed to support both permissioned and permissionless blockchain architectures, enabling hybrid deployment models. A key feature of the platform is its integration of SQL support, which simplifies data management and provides a familiar environment for smart contract development. [10]

The recent surge in AERGO’s token price is primarily driven by the upcoming vote on the AIP-21 proposal and its associated incentive scheme. The team announced an airdrop of 17 million HPP tokens (1% of the total supply) to voters, distributed based on voting weight. This has significantly boosted community participation, prompting many users to transfer AERGO tokens into supported wallets in advance, directly increasing market demand.

The AIP-21 proposal also outlines a tokenomics model in which 76% of HPP tokens will be allocated for community incentives—including airdrops, developer grants, and ecosystem growth. Coupled with the limited-time “Community Power Sprint” event, which rewards token holders for voting, the campaign has attracted a wave of speculative buying.

From a technical perspective, the proposal’s plan to build an HPP Layer 2 network using the OP Stack and ensuring compatibility with the Superchain is expected to create synergy with Aergo’s existing Layer 1 enterprise services. This dual-layer architecture strengthens the market’s long-term confidence in the project. The combination of governance incentives and technical innovation has ultimately driven the current price rally.

FORTH (Ampleforth) — Daily increase of approximately 36.48%, with a circulating market cap of $29.25 million.

Ampleforth is a blockchain-based platform built on Ethereum, primarily designed for lending. It introduces an innovative mechanism that adjusts the supply of its native token in response to demand, offering a decentralized and elastic-supply stable asset. [11]

The recent rise in FORTH’s price is fueled by the introduction of a new dual-asset system (AMPL + SPOT), which has captured market attention for its innovative design. At its core, the system relies on the interaction between AMPL (an elastic-supply asset) and SPOT (a low-volatility asset). Using a “tranching” mechanism, the protocol creates a decentralized, non-USD-pegged monetary system that aims to preserve long-term purchasing power while optimizing capital efficiency. AMPL functions as the benchmark asset, maintaining system stability through supply elasticity, while SPOT offers a lower-volatility, yield-enhanced investment option. The dynamic balance between the two—enabled through mechanisms like SPOT-stAMPL—transforms volatility into productivity, drawing interest from both DeFi protocols and institutional investors. This innovation provides new tools for risk management and portfolio construction, increasing demand for FORTH, the protocol’s governance token, and contributing to the broader growth of its ecosystem.

AVAIL (Avail) — Daily increase of approximately 9.21%, with a circulating market cap of $57.80 million.

Avail is a modular base-layer blockchain project focused on solving data availability and interoperability challenges in the Web3 ecosystem. It uses KZG polynomial commitments to ensure reliable data availability, allowing scaling solutions to grow securely while enabling cross-ecosystem interactions and serving as a unified infrastructure for Web3. [12]

The recent price rise in AVAIL is largely driven by the successful launch of Lens Chain and its adoption of Avail as the data availability (DA) layer. As a large-scale SocialFi platform with over 650,000 users, Lens Chain’s integration demonstrates Avail’s technical reliability and practical value, directly boosting demand for the AVAIL token. In addition, Avail’s newly released technical roadmap has strengthened market confidence. The roadmap outlines a three-step plan to increase block size from 4MB to 10GB and reduce block time from 20 seconds to 600 milliseconds through optimizations such as improved block production, data availability sampling (DAS), and SNARK-based transaction compression—substantially enhancing network throughput. Investor optimism is further supported by ongoing ecosystem collaborations, including partnerships with zkSync and QuickNode, and testing initiatives like the 10GB Infinity Block. The combination of active adoption by Lens Chain, ambitious technical upgrades, and strong ecosystem backing has collectively driven this recent price surge.

Data Highlights

Aave’s Borrowing Interest on Ethereum Surpasses $1 Billion

The total interest paid by borrowers on the Aave protocol deployed on the Ethereum network has surpassed the $1 billion mark. As shown in the chart, this figure has grown at an accelerating pace, with a notable upward curve emerging between 2024 and 2025. From 2022 to 2023, total interest generated on Ethereum by Aave borrowers steadily increased from $300 million to around $500 million. However, in the latter part of 2024, growth accelerated rapidly, leading to a breakout past the $1 billion milestone in early 2025.

Aave generates interest from borrowers who pay variable rates after drawing assets from liquidity pools supplied by users. The protocol sets reserve factors for each asset, determining how interest is distributed between liquidity providers and the protocol itself. In recent years, Aave has consistently generated hundreds of millions of dollars in annualized revenue, and its growing total value locked (TVL) has further fueled the accumulation of borrowing interest.

This milestone not only underscores Aave’s position as a leading lending platform in the DeFi space, but also reflects the broader growth of the decentralized finance sector—particularly the lending segment—over the past four years. The continued upward trend suggests that more users are turning to decentralized financial solutions for borrowing, further affirming the growing real-world utility of blockchain technology in finance. [13]

Solana TVL Hits New High Since 2023, DEX Market Share Remains Strong

Recently, Solana has continued to show strong on-chain performance. Despite the price of SOL dropping by about 19% since March 31, the total value locked (TVL) in the network has reached 53.8 million SOL, a new high since mid-2022, equivalent to approximately $6.5 billion. This is nearly $780 million ahead of BNB Chain. Its decentralized exchange (DEX) market share has also risen to 24%, firmly holding the second position in the market, only behind Ethereum. Leading DApps such as Jito, Jupiter, and Kamino have performed exceptionally well, attracting a continuous flow of funds into the network

However, despite the active on-chain data on Solana, the price of SOL has not strengthened accordingly. On April 4, approximately 1.79 million SOL was unlocked, leading to more than $200 million in selling pressure. Coupled with early stakers’ profit-taking intentions, this created downward pressure on the price. At the same time, the popularity of meme coins on Solana has waned, with coins such as WIF, POPcat, and BOME experiencing a general decline of over 20% within a week, which has dampened short-term user activity.

Further, the overall cryptocurrency market has been underperforming recently, with mainstream assets falling and risk appetite decreasing, which has also intensified the negative sentiment surrounding SOL. Nevertheless, Solana’s progress in infrastructure, user experience, and developer activity has still been recognized by the market. Despite the ongoing controversy over the MEV (Maximal Extractable Value) mechanism, the community continues to push for optimization solutions. Overall, Solana’s position as a competitive platform within the DeFi ecosystem remains strong, and its future performance continues to be worth monitoring.[14]

Mainstream DeFi Protocols’ Revenue Plunges in March, Sky (Former MakerDAO) Sees Growth Against the Trend

In March, the revenues of most major DeFi protocols on Solana, Ethereum, and BNB Chain dropped by over 50%. The main DeFi protocols on Solana, including Pump.fun, Jito, and Raydium, saw total revenues of approximately $42 million in March, a 55% decrease compared to the previous month. On BNB Chain, PancakeSwap’s revenue in March was only $21 million, marking a 54% decrease. Similarly, DeFi protocols on Ethereum, such as Ethena, Lido, and Aave, showed a similar trend, with their total revenue in March at just $24.5 million, down 52% from February. However, Sky (formerly MakerDAO) saw a 49% month-on-month growth in March, with revenue reaching $13.5 million, making it the only protocol to experience an increase in revenue. Its income primarily came from stablecoin stability fees and liquidation fees, highlighting the importance of a sustainable business model.

The decline in revenue for mainstream DeFi protocols is likely due to a general decrease in on-chain activity and transaction volumes, as well as reduced user activity. This reflects a decline in decentralized finance demand, leading to reduced trading volumes and lending activities. With the increasing number of DeFi protocols, market competition has become more intense, affecting the revenues of major DeFi protocols. Additionally, some protocols may be facing sustainability issues with their profit models. Many protocols rely on token inflation to incentivize users to provide liquidity, rather than generating real income (such as trading fees or borrowing interest), and this model is difficult to sustain in a bearish market. Unsustainable high-yield designs and excessive leverage have led to panic withdrawals from users, creating a “death spiral.”[15][16]

Spotlight Analysis

Tariff Policy Shocks Global Markets, Accelerating Declines in Stock and Crypto Markets

On April 2, 2025, President Trump announced a new round of tariffs on imports from several countries, including China, Canada, and Mexico, aiming to protect U.S. domestic industries and reduce the trade deficit. However, the policy quickly caused market turbulence. On April 3, the S&P 500 index plummeted nearly 5%, marking its worst single-day performance since 2020. The index continued to fall on April 4, wiping out more than $5 trillion in market value over two days, the largest drop in history. Japan’s stock market was similarly hit, with the Nikkei 225 and TOPIX indices falling about 9% and 10%, respectively, over the week, showing that the impact of the policy has spilled over to global markets. As of April 7, 2025, global financial markets are still absorbing the effects of the large-scale tariff measures announced by the Trump administration on April 2, with panic spreading through the markets. S&P 500 futures dropped another 5%, and Bitcoin’s price briefly fell to $75,000.

These tariff measures have impacted the market and economy in several ways. While the U.S. aims to bolster domestic manufacturing, the tariffs could also raise import costs, increasing pressure on consumers and potentially leading to inflation. Furthermore, if other countries implement retaliatory measures, U.S. exports could suffer. The rising market risk aversion was evident, with the VIX (Volatility Index) spiking above 40 on April 4. The uncertainty in capital markets was reflected in corporate actions, as companies like Klarna and Circle announced they were delaying their IPOs, signaling that both investors and businesses are taking a wait-and-see approach, with market confidence clearly shaken. The crypto market hasn’t been immune either. While Bitcoin (BTC) fell 3.7% last week, it rebounded over the weekend, showing some resilience and stability. However, recent comments from Federal Reserve Chairman Jerome Powell dampened market expectations for more accommodative policies, adding downside pressure on risk assets. Bitcoin declined again on Sunday evening, and with the drop in index futures, its price fell further to $75,000, showing it has yet to fully decouple from the broader market’s downward pressure.[17]

Lens Protocol Mainnet “Lens Chain” Officially Launches

On April 4, Lens Protocol officially launched its mainnet, Lens Chain. Built with Avail’s data availability layer and zkSync technology, Lens Chain is designed to enhance scalability and security across the network. It also utilizes the GHO stablecoin as gas, enabling scalable, fast, and gasless transactions. To support the development of decentralized social applications, the Lens mainnet integrates several core infrastructure components. First, the Social Protocol provides pre-built social primitives such as accounts, posts, and groups. These modules are flexible and easily integrated, allowing developers to embed them as standalone features within existing apps. Second, Grove, an on-chain permissioned storage system, ensures user control over content and data security. Third, the Developer Dashboard offers an intuitive interface that helps developers quickly integrate social modules. Even those without professional programming skills can easily get started.

The mainnet launch marks a major upgrade for the Lens platform, significantly enhancing the performance and functionality of its SocialFi infrastructure. Leveraging zkSync’s hyperchain technology and the scalability of Avail’s data availability layer, Lens Chain delivers secure and efficient on-chain transactions while supporting both permanent content storage and flexible deletion. This addresses diverse data management needs across use cases and provides a strong foundation for the growth of large-scale decentralized social applications.

Meanwhile, competitors like Farcaster are still in early stages, currently only anchoring user data on-chain, with no full mainnet yet launched. In this context, Lens’ mainnet debut gives it a clear edge in terms of security, scalability, and feature completeness. This advantage could reshape the future landscape of the SocialFi market.

Lens currently hosts around 650,000 user profiles and 28 million social connections. While these numbers still trail traditional social platforms, the vision of “social media on the blockchain” is steadily becoming a reality. The community has responded positively to the launch, which could drive renewed investment interest in the SocialFi sector and attract fresh capital into the broader financial markets.[18]

SEC Reviews Biden-Era Digital Asset Policies, Potentially Paving the Way for Regulatory Easing

On April 6, 2025, the U.S. Securities and Exchange Commission (SEC) announced a review of digital asset regulatory policies enacted during the Biden administration. The review includes staff statements related to the investment contract analysis framework, guidance on the Bitcoin futures market, and disclosure letters concerning crypto. This initiative stems from Executive Order 14192, “Unleashing Prosperity Through Deregulation,” signed by President Trump in January 2025. The order directs federal agencies to identify and eliminate redundant regulations, prioritizing economic growth and technological innovation. The goal of the review is to “identify staff statements that should be modified or rescinded” in alignment with the new administration’s more crypto-friendly and innovation-driven policy stance. Staff guidance issued between 2023 and 2024 has served as key references for digital asset regulation, including definitions of whether a token constitutes a security, disclosure requirements for companies entering the crypto space, and risk guidelines for Bitcoin futures fund investments. These frameworks may now be weakened or withdrawn.

This policy shift signals that the SEC is actively adjusting to align with the new administration’s direction. President Trump has nominated Paul Atkins, a proponent of deregulation, as SEC Chair, strengthening coordination between the SEC and the executive branch. However, the move has raised concerns among consumer protection advocates, who argue that looser regulations could increase risks for crypto market investors. The SEC now faces the challenge of balancing its statutory responsibilities with the administration’s goals of promoting innovation and economic growth. This balance will shape the agency’s internal resource allocation and enforcement priorities. Overall, the crypto industry could benefit from a more relaxed regulatory environment, potentially spurring innovation and attracting more investment. At the same time, it will be essential to guard against market manipulation and fraud to maintain investor confidence.[19]

Funding News

According to RootData, four blockchain-related projects have publicly announced funding rounds over the past 72 hours, raising a combined total of more than $29 million. These projects span sectors including blockchain infrastructure and AI. Below are the details of each funding round:[20]

Codex — Codex has secured $15.8 million in a seed funding round, with participation from Dragonfly, Coinbase Ventures, and others. Codex is a startup focused on building a dedicated blockchain for stablecoins. Its goal is to optimize the infrastructure from the ground up to create a more efficient platform for stablecoin transactions compared to general-purpose blockchains. Key features include stable transaction fees, built-in off-ramps for converting stablecoins to fiat, and potentially privacy-preserving transactions. The new funds will be used to advance the development of its stablecoin-focused blockchain.[21]

Ultra — Ultra has raised $12 million in funding, led by NOIA Capital, MV Global, and other prominent investors. Ultra is a next-generation blockchain-based PC game distribution platform designed to empower developers and players alike. It offers a carbon-neutral, fast, and feeless Layer 1 blockchain that supports NFT standards and marketplaces, forming a complete blockchain gaming solution. Its core product, Ultra Games, is a self-publishing platform aimed at competing with Steam, with ambitions to redefine the landscape of game distribution.[22]

P2P.me — P2P.me has completed a $2 million seed round, with backing from Coinbase Ventures and Multicoin Capital. P2P.me is a decentralized peer-to-peer payment platform focused on fast conversion between cryptocurrencies (mainly USDC) and fiat currencies. Users can complete transactions by simply scanning a QR code. The platform uses zero-knowledge proof technology for identity verification, enhancing privacy while reducing the risk of fraud and frozen bank accounts.[23]

Airdrop Opportunity

CESS Network

CESS Network is a decentralized data infrastructure designed to provide users with secure, transparent, and ultra-fast storage solutions, aimed at redefining data ownership in the AI, DeSci, and gaming industries. By building a decentralized cloud storage foundation tailored for AI, scientific research, and digital sectors, CESS empowers users with full ownership and control over their data.

The platform uses CD²N (Content-Defined Decentralized Network) for lightning-fast data access and leverages proxy re-encryption (PReT) technology for secure data sharing. These innovations pave the way for next-generation decentralized storage solutions. [24]

CESS is currently running a points-based campaign called the CESS DeShare Airdrop. Users can earn points by completing simple social tasks and inviting friends, which can later be redeemed for $CESS tokens.

How to Participate:

1. Visit the official CESS DeShare Airdrop website and register an account.
2. Check in daily and complete quizzes to earn points.
3. Invite friends to gain additional points.

Note:
The airdrop program and participation methods may be updated at any time. Users are advised to follow CESS Network’s official channels for the latest updates. As always, please participate with caution, be aware of potential risks, and conduct your own research before joining. Gate.io does not guarantee future airdrop rewards.


Reference:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/aergo_io/status/1908864516462649355
11. X,https://x.com/AmpleforthOrg/status/1907531428692119708
12. X,https://x.com/AvailProject/status/1908188086384906729
13. X,https://x.com/tokenterminal/status/1908677424394494393
14. Dfillama,https://defillama.com/chain/solana?groupBy=daily&currency=SOL
15. Theblock,https://www.theblock.co/data/decentralized-finance/protocol-revenue/monthly-defi-revenue
16. Defillama,https://defillama.com/protocol/sky?tvl=false&revenue=true&groupBy=monthly
17. Cointelegraph,https://cointelegraph.com/news/crypto-plunges-nasdaq-dow-stock-futures-fall-on-open
18. Lens,https://lens.xyz/news/build-socialfi-apps-faster-with-lens-now-on-mainnet?utm_source=chatgpt.com
19. X,https://x.com/SECGov/status/1908546943686492633
20. Rootdata,https://www.rootdata.com/zh/Fundraising
21. X,https://x.com/codex_pbc
22. X,https://x.com/ultra_io
23. X,https://x.com/P2Pdotme
24. CESS,https://cess.network/deshareairdrop/

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