Gate Research Institute: Ethena Q3 revenue hits a record high ｜ Rumble Wallet launches supporting BTC tips

Crypto Market Overview

• BTC (1.22% | Current Price 86,634 USDT): The short-term price of BTC fell after reaching a high of 93,167 USD, forming a phase low around 80,646 USD, and then initiated a weak rebound. The current price has fallen back to around 86,600 USD. If it continues to lose support from the short-term moving averages, it will face the risk of further probing the support range of 85,800–84,500 USD. Conversely, if it can stabilize above 87,500 USD and break out with volume, it may test the resistance area of 89,000–90,200 USD again. On November 21, the BTC ETF had a net inflow/outflow of 238 million USD in a single day, with BlackRock's IBIT seeing an outflow of 122 million USD, and Fidelity's FBTC having an inflow of 108 million USD.
• ETH (-0.39% | Current Price 2,784 USDT): The short-term trend of ETH shows a weak oscillation pattern, with the price encountering resistance and falling back after reaching around 2,840 USD, currently consolidating around the 2,780 USD level. If ETH cannot regain the 2,810 USD resistance zone, it may continue to seek support in the 2,750—2,720 area; conversely, if it breaks through MA30 with volume and stabilizes above 2,810, it is expected to retest the 2,850 USD resistance. On November 21, ETH ETF saw a net inflow of 55.7 million USD in a single day, with BlackRock ETHA having an outflow of 53.7 million USD, and Fidelity FETH having an inflow of 95.4 million USD.
• Altcoins: Most mainstream altcoins have seen a slight rebound, with overall market sentiment remaining cautious, and investor sentiment primarily being “neutral.” The Fear and Greed Index today reports a score of 19, which falls within the extreme fear range, indicating that market risk appetite continues to remain low.
• Macro: On November 21, the S&P 500 index rose by 0.98%, closing at 6,602.99 points; the Dow Jones index rose by 1.08%, closing at 46,245.41 points; the Nasdaq index rose by 0.88%, closing at 22,273.08 points. As of November 24, 10:00 AM (UTC+8), the spot gold price is currently reported at 4,048 USD per ounce, with a 24H decline of 0.46%.

Hot Tokens on Juejin

TNSR Tensor (+53.24%, circulating market cap 4,770.49 million USD)

According to Gate's market data, the current price of the TNSR token is $0.144, having risen approximately 53.24% in the last 24 hours. Tensor is a trading platform that combines AMM (Automated Market Maker) with an NFT marketplace, allowing users to “sell immediately” and auction collectibles, thereby providing instant liquidity for sellers. TNSR is the governance token it has launched.

The recent rise of TNSR is primarily driven by “strengthening fundamentals + short squeeze market + deflation expectations.” Since mid-September, TNSR has maintained a negative funding rate, accumulating a large number of short positions. When the price rebounds, it triggers short covering, creating a sustained short squeeze effect. As the largest NFT market on Solana, Tensor has long occupied a significant share of on-chain trading volume, providing stable fundamental support for the rise. At the same time, the Tensor Foundation announced that 100% of the market fees will be injected into the TNSR treasury, 21.6% of unallocated tokens will be burned, and the lock-up period for founders will be extended, reinforcing deflation expectations. With funds positioning in advance, the positive developments have become an important catalyst for accelerating the market.

PARTI Particle Network (+41.58%, circulating market value 22.9085 million USD)

According to Gate's market data, the current price of the PARTI token is $0.095, having increased by approximately 41.58% in the last 24 hours. Particle Network is a Layer-1 blockchain project focused on “chain abstraction,” aiming to simplify the Web3 experience by allowing users to interact across multiple blockchains with a single account, without the complexities of cross-chain bridges, wallets, or various Gas tokens.

PARTI has recently surged strongly, accompanied by increased trading volume and heightened concentrated buying power, indicating that whales and professional funds are accelerating their layout. The core driving force comes from the acceleration of the implementation of Universal Accounts in practical applications: MatchAwards utilizes this technology to bring AI capabilities into the encryption scenarios, while Helix promotes RWA cross-chain issuance and circulation through Universal Accounts, thus releasing the signal that “key infrastructure is being adopted.” As Particle Network becomes a potential entry point for cross-chain identity and permission layers, market expectations are heating up, driving the continuous rise in PARTI prices.

DYM Dymension (+23.68%, circulating market cap 48.5904 million USD)

According to Gate's market data, the current price of the DYM token is $0.118, which has increased by about 23.68% in the last 24 hours. Dymension is a modular Layer 1 blockchain based on the Cosmos ecosystem, designed to provide a scalable and efficient platform for RollApp (a high-speed, modular blockchain network) and is secured by a delegated proof of stake (DPoS) consensus mechanism.

The rise of DYM is mainly driven by increased trading activity and significant upgrade catalysts. Recently, the trading volume has noticeably increased, boosting buying pressure, with prices rapidly rising from $0.07 to $0.21 in a short period, demonstrating strong upward momentum. On the fundamental side, the Beyond upgrade proposal has been approved, introducing new assets such as USDC and KAS to initiate liquidity and supporting seamless deployment of new chains across multiple Layer 1s (including Kaspa), along with cross-ecosystem security bridges to expand network connections. This upgrade significantly enhances Dymension's scalability and ecological growth expectations, further driving up the price of DYM.

Alpha Interpretation

Ethena Q3 revenue reached a historical high, surpassing 150 million dollars.

According to Tokenterminal data, Ethena's fee revenue in the third quarter reached a record high of approximately $151 million, setting a new quarterly fee record for the platform, and bringing Ethena's total cumulative revenue to about $599 million.

Ethena has set a new record for fee revenue this quarter, reflecting the continuous growth of its ecosystem activities and user engagement, with high levels of transaction and usage frequency on the platform. This not only demonstrates the project's robust operational capabilities in the DeFi space but also provides stronger support for its future profit model. For investors, this means that Ethena's value capture mechanism is gradually maturing, which may continue to attract funding attention in the short term while providing ample financial support for long-term ecosystem expansion.

Rumble video sharing platform launches Rumble Wallet, supporting BTC, XAUT, and USDT tipping features.

The video sharing platform Rumble has officially launched the Rumble Wallet, supporting BTC, XAUT, and USDT tipping features. CEO Chris Pavlovski announced on the X platform that the current tipping test is only available for Android users, with limited access for thousands to participate. Additionally, the Rumble Wallet will support the upcoming USAT stablecoin in the future and plans to integrate the Lightning Network for faster on-chain payments. Earlier in October, Tether announced that the USAT stablecoin is set to launch on the Rumble platform in December, at which point the Bitcoin tipping feature will also be fully available.

The launch of the Rumble wallet and the introduction of the tipping feature mark a further integration of the creator economy with blockchain payments. Through BTC, XAUT, USDT, and the upcoming USAT, the platform not only provides creators with a more flexible income method but also ensures the on-chain irrevocability of income. This has positive implications for the long-term healthy development of the creator ecosystem and also provides a replicable case for encryption payments in social and content platforms. With the access of the Lightning Network, payment speed and user experience will be further enhanced, which is expected to attract more creators and users to participate and promote the actual use of crypto assets in consumption scenarios.

Wormhole Labs launched Sunrise, bringing assets like MON into the Solana ecosystem.

Wormhole Labs has launched Sunrise, a new liquidity portal focused on the Solana ecosystem, aimed at providing a standardized cross-chain entry path for external assets. The platform addresses the liquidity fragmentation issue that often arises when new tokens are cross-chain, allowing assets to be traded on Solana's DeFi platforms from the moment they go live. The initial launch of Sunrise will support the native token MON of the Monad blockchain, which will start trading on November 24. Through Sunrise, assets can be directly used on Solana platforms such as the Jupiter decentralized exchange and the Orb block explorer. This product is based on Wormhole's Native Token Transfers (NTT) technology, ensuring that cross-chain assets retain their native functionality and fungibility while reducing reliance risk on traditional liquidity pools.

The launch of Sunrise marks an important step in the construction of cross-chain asset liquidity in the Solana ecosystem. By standardizing the entry path and utilizing NTT technology, assets can achieve efficient circulation from day one, reducing the risk of liquidity fragmentation. This not only enhances the attractiveness of the Solana ecosystem but also provides a more stable market access channel for Layer 1 projects like Monad. <br> 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
• Tokenterminal, https://tokenterminal.com/explorer/projects/ethena/metrics/fees?granularity=quarter
• X, https://x.com/chrispavlovski/status/1991883819214139569
• The Block, https://www.theblock.co/post/380048/wormhole-labs-unveils-sunrise-gateway-to-bring-mon-and-other-assets-to-solana

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Disclaimer Investment in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate does not bear any responsibility for any losses or damages resulting from such investment decisions.