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Gate Research Institute: Ethereum Spot ETF cumulative net inflow exceeds 28 billion USD | Gate launches Ondo area spot trading
Summary
Market Interpretation
Market Commentary
popular tokens
This week, the mainstream sectors of altcoins mostly saw slight increases. According to CoinGecko data, the IP, Stablecoin Protocol, and RWA sectors all showed a significant upward trend this week, with the past 7 days seeing increases of 34.5%, 22.3%, and 11.2% respectively. Below are the representative popular tokens within each sector and an analysis of the reasons for their rise.
IP Story Network (+5.14%, circulating market cap 2.073 billion USD)
According to Gate's market data, the current price of the IP token is $8.281, up 5.14% in the last 24 hours. Story Network is a protocol ecosystem focused on decentralized intellectual property (IP) management and creator incentives, recently attracting market attention due to two major developments. Firstly, the ecosystem application Aria Protocol announced the completion of a $15 million financing round, with investors including Polychain and Story Foundation. The project's goal is to split streaming revenue rights from music works into tradable assets, already supporting songs from artists like BLACKPINK, BTS, and Dua Lipa. Secondly, the Poseidon application within the ecosystem has now launched on the Worldcoin Mini App Store, allowing users to earn points by uploading voice data, promoting the implementation of AI data training applications.
The recent surge is mainly driven by the aforementioned news, with investors giving positive feedback on the actual implementation capabilities of the Story ecosystem in the AI and music IP sectors. Coupled with the overall warming sentiment in the IP sector, this has led to a concentrated inflow of funds.
ENA Ethena (+5.07%, circulating market cap 4.812 billion USD)
According to Gate market data, the current price of the ENA token is $0.7201, having increased by 5.07% in the last 24 hours. Ethena is a stablecoin protocol focused on on-chain dollar assets and interest yield structures, with its core product USDe featuring a "synthetic stablecoin" model that does not require bank support, providing stable value anchoring through on-chain staking and hedging strategies. ENA serves as the platform governance and incentive token, participating in protocol revenue distribution and ecological governance mechanisms.
The recent surge is mainly driven by multiple positive data points. Official disclosures indicate that the circulation scale of USDe on centralized exchanges has surpassed $1 billion, while the overall market cap has reached $12 billion, making it the fastest-growing digital dollar asset in history. The Ethena ecosystem's accumulated interest income has also exceeded $500 million, indicating that its revenue model is gradually maturing. The market's recognition and expectations of its growth rate and on-chain dollar status have increased, driving up the ENA token.
SYRUP Maple (+7.64%, Market Cap 559 million USD)
According to Gate market data, the current price of the SYRUP token is $0.49751, having increased by 7.64% in the last 24 hours. Maple is an on-chain credit market platform aimed at institutional lending needs, and its recently launched syrupUSDC is a derivative stable asset on the Arbitrum network that can be used as collateral to borrow other mainstream stablecoins (such as USDC, USDT, GHO), and is integrated into several lending protocols including 0xfluid, MorphoLabs, and Euler.
The recent rise in SYRUP may be related to the official launch of syrupUSDC on the Arbitrum network. This asset has now been integrated into multiple lending protocols and included in the Arbitrum DRIP incentive program, allowing users to use syrupUSDC as collateral to borrow stablecoins and receive additional rewards. The introduction of this feature enhances the use cases for syrupUSDC and may also increase the overall liquidity on the platform, becoming one of the short-term factors drawing market attention.
This Week's Focus
Pump.fun launches the "Project Ascend" initiative, adjusting the creator fee mechanism and application process.
Pump.fun has announced the launch of the "Project Ascend" update plan, aimed at enhancing the sustainability of the platform's tokens and optimizing creator-related mechanisms. The update includes the introduction of a new creator fee structure called "Dynamic Fee V1," designed for the PumpSwap platform, which charges creator fees based on a tiered system according to the token's market capitalization. Tokens with higher market capitalizations will have a lower percentage of creator fees. This design may help to limit short-term speculative behavior and guide project teams to focus on the long-term development of the tokens.
At the same time, the platform has also improved the efficiency of processing applications for CTO creator fees, with the official stating that the approval speed will increase by approximately 10 times. This move may help alleviate the delays that creators have encountered in the application process, thereby enhancing overall participation efficiency. Overall, the "Project Ascend" plan has made centralized adjustments to the revenue mechanism and process management, and the subsequent effects will still need to be observed through platform data and user feedback.
Galaxy Digital partners with Superstate to tokenize the stock GLXY on Solana
Galaxy Digital has announced a partnership with the asset tokenization platform Superstate to bring its listed stock GLXY onto the Solana blockchain for on-chain tokenized issuance. According to the announcement, investors who have completed KYC verification can convert their GLXY stocks into tokens through Superstate's Opening Bell platform and transfer and circulate them on specific DeFi platforms.
Superstate indicates that this attempt is the first to directly tokenize and trade publicly listed company stocks on a public blockchain. Although the relevant operations are still subject to compliance reviews and investor identity restrictions, this case demonstrates the exploratory path of combining traditional securities markets with blockchain technology, especially in the potential applications within open financial infrastructure.
Gate launches the Ondo section, opening stock asset token trading.
The cryptocurrency trading platform Gate has officially launched the Ondo zone, opening the first batch of 26 popular trading pairs, including AAPLON, METAON, TSLAON, NVDAON, etc. Users can participate in trading using USDT. This zone is jointly launched by Gate and Ondo, based on a compliant physical asset tokenization model. All listed tokens are anchored to corresponding publicly traded stocks, with full asset collateral and support for on-chain free transfer and cross-chain circulation, enabling integration and interoperability across multiple ecosystems.
To coincide with the launch of the special zone, Gate will hold the CandyDrop event from September 4th to September 17th. Users participating in trading in the Ondo special zone will have a chance to share 384,615 ONDO tokens, with a maximum of 220 tokens per person. This special zone supports fractional trading, on-chain transfers, and 24/7 trading, offering higher accessibility and operational flexibility compared to traditional markets.
Highlight Data
AAVE's TVL has increased by over 110% in the last 7 days, reaching a new high.
According to the latest data, Aave's Total Value Locked (TVL) has set a new record this month, exceeding $40 billion, a 100% increase since the beginning of the year, maintaining its leading position in the Ethereum DeFi lending market, with TVL accounting for nearly a quarter of the total DeFi TVL.
At the same time, the fees and income of the protocol are also rising, reflecting a simultaneous increase in lending demand and capital utilization rates. The main driving factors behind this are twofold: first, Aave has relaunched and upgraded its institutional lending platform, Horizon, allowing institutional investors to make compliant collateral using tokenized U.S. Treasury bonds and other assets, thus opening up new funding channels; second, Aave v4 is nearing the end of development and is about to enter the multi-path security audit phase, with market expectations that the new version will bring more efficient capital routing, flexible interest rate mechanisms, and stronger risk control tools, all of which continuously enhance the market's confidence in Aave's long-term development.
Linea network TVL reached 1.893 billion USD, with a weekly increase of up to 80%.
DeFiLlama data shows that the TVL on the Linea network surged to approximately $1.893 billion within a week, an increase of 81.44%, reaching a historical high. This highlights the strong appeal and influx of capital into this Ethereum Layer-2 network within the DeFi ecosystem.
The key factor driving this growth is the official launch of the Ignition liquidity incentive program, which will distribute 1 billion LINEA tokens and designate mainstream DeFi protocols such as Aave, Etherex, and Euler as partners. The reward distribution uses a zero-knowledge proof mechanism to ensure transparency and fairness, further enhancing the trust of participants.
Ethereum ETF continues to attract capital, with on-chain holdings exceeding 6.54 million ETH.
According to Dune data, as of August 31, the cumulative net inflow of Ethereum spot ETFs has reached 3.6084 million ETH, equivalent to approximately 2.836 billion USD. Currently, ETF products hold a total of 6.54 million ETH, accounting for 5.28% of the circulating supply of Ethereum. In just the past week, the new net inflow has reached 167,300 ETH, indicating that institutional funds are still continuously increasing their positions.
If we annualize based on the inflow pace of the past month, future ETF products are expected to absorb 8.4% of the circulating supply of ETH. This means that Ethereum is gradually becoming an important "institutional reserve asset" similar to Bitcoin ETFs, and its capital absorption ability may also become an important support factor for medium to long-term prices.
Financing Weekly Report
According to RootData, from August 29 to September 4, 2025, a total of 15 crypto and related projects announced the completion of financing or mergers and acquisitions, covering multiple tracks such as ETH infrastructure and decentralized AI verification. Overall financing activity remains high, indicating continuous capital investment in key areas such as ETH infrastructure, AI applications, and asset tokenization. Below is a brief introduction to the top three projects ranked by financing scale this week:
Tron Inc
Announced on September 2 that it has completed a $110 million financing to launch the Tron token (TRX) treasury strategy.
Tron Inc. (TRON.US) is a publicly traded company that was renamed from its predecessor SRM Entertainment, Inc. in July 2025, and is headquartered in Florida, USA. The company primarily engages in two business areas: first, designing and manufacturing customized merchandise for entertainment venues such as theme parks, including toys and souvenirs; second, as an innovative blockchain-integrated financial strategy company, it holds a substantial amount of TRON (TRX) cryptocurrency and is dedicated to creating long-term value through decentralized financial tools.
Etherealize
Announced on September 3rd the completion of a $40 million financing to build ETH DeFi infrastructure.
Etherealize is the institutional-grade marketing and product department of the Ethereum ecosystem. Etherealize accelerates institutional adoption through a dual mission: on one hand, educating institutions to understand that Ethereum is both a value storage asset and a technology platform; on the other hand, by building products that bring assets and users into the Ethereum ecosystem, thereby connecting institutions with Ethereum.
SonicStrategy
Announced on September 2 that it has completed a $40 million financing to build ETH DeFi infrastructure.
SonicStrategy positions itself as the cornerstone of the revamped Sonic token ecosystem, providing value to the ecosystem by combining token accumulation with active participation in staking and other DeFi projects.
Focus Next Week
Token Unlock
According to data from Tokenomist, the market will see significant unlocks of certain important tokens over the next 7 days (2025.9.5 - 2025.9.11). The top 3 unlocks are as follows:
Reference Source
[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and cryptocurrency research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
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