Abstract

• Bitcoin’s price remained largely stable over the past 24 hours, trading at $85,284; Ethereum rose 0.27% to $1,587.17.
• The DeFi market lost nearly $49 billion in market cap during Q1.
• Ethereum transaction fees fell to a five-year low as on-chain activity remains sluggish.
• Solana’s 7-day DEX trading volume reached $16.2 billion, surpassing Ethereum to lead all blockchains.
• Circle Research introduced the Refund Protocol, bringing a refund mechanism to stablecoin payments.
• Slovenia’s Ministry of Finance proposed a draft bill to impose a 25% tax on crypto transactions.

Market Analysis

• BTC — Bitcoin’s price remained largely unchanged over the past 24 hours, currently trading at $84,927. Charts indicate BTC has been consolidating within the $83,154 to $86,136 range in recent days. The price is currently above the MA5 and MA30, slightly below the MA10, and remains in a zone where short-term moving averages are clustered. In the short term, BTC is fluctuating around these three moving averages without breaking the upper resistance, indicating a narrow-range consolidation. Trading volume remains subdued with neither buying nor selling pressure in clear control, reflecting cautious market sentiment. The MACD indicator shows the fast and slow lines hovering near the zero axis with weakening histogram volatility, suggesting neutral momentum and an unclear short-term direction[1].

• ETH — Ethereum’s price saw a modest increase of 0.27% over the past 24 hours, currently at $1,587.17. Charts show ETH gradually converging within a descending triangle pattern, trading above the key support level at $1,544.55. The continued lowering of short-term highs indicates ongoing bearish pressure. The price is approaching the triangle’s apex, suggesting a potential breakout soon. ETH is oscillating near the MA5, MA10, and MA30, with all three lines intertwining—signaling a stalemate between bulls and bears with no clear trend. Trading activity remains low, with no significant volume surges, reflecting heavy market indecision. The MACD lines are close to the zero axis and continue to converge, with minimal histogram movement, indicating weakening momentum and a lack of short-term trend signals[2].

• ETF — According to SoSoValue, U.S. spot Bitcoin ETFs saw a net inflow of $107 million on April 17; U.S. spot Ethereum ETFs showed no capital movement. Data as of April 18, 12:00 PM (UTC+8)[3][4].
• Altcoins — Sectors such as Bittensor Ecosystem, Perpetuals, and AI Agent Launchpads saw gains of +9.7%, +6.9%, and +6.2% respectively[5].
• U.S. Stock Indices — On April 17, the S&P 500 rose 0.13%, while the Dow Jones fell 1.33% and the Nasdaq slipped 0.13%[6].
• Spot Gold — Spot gold was priced at $3,327.11 per ounce, down 0.48% on the day (as of April 18, 10:00 AM UTC+8)[7].
• Fear & Greed Index — The Fear and Greed Index reads 33, indicating a state of 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:

T (Threshold) — Daily gain of approximately 43.71%, with a circulating market cap of $208 million.

Threshold (T) is a decentralized cryptographic infrastructure network formed from the merger of Keep Network and NuCypher in 2022. It aims to provide cryptographic primitives such as privacy protection, proxy re-encryption (PRE), and threshold signatures (TSS) for dApps. The native token T has both utility and governance functions: it is used for staking and running network services (such as the tBTC cross-chain bridge), and it enables users to participate in DAO governance and voting processes that influence network decisions and resource allocation[10].

The recent surge in $T’s price was primarily driven by the announcement and execution of a strategic token buyback plan. The plan includes halting $T token sales and initiating a first-phase buyback of 30 million tokens. This sends a strong signal that the project team is taking concrete actions to reduce token supply, control inflation, and restore market confidence.

STIK (Staika) — Daily gain of approximately 47.52%, with a circulating market cap of $145 million.

Staika (STIK) is a digital asset management platform operating on the Solana blockchain. Founded in 2022, it aims to build an integrated ecosystem that includes a multi-chain wallet, Move-to-Earn (M2E), Play-to-Earn (P2E) mechanisms, and a trusted NFT marketplace. The platform offers a Web3 user experience with reward-based participation through features like the fitness rewards app gazaGO and the eco-themed game defenGO[11].

The main driver of this price rally was the project’s mid-April announcement of a transparent token circulation disclosure. According to the official statement, Staika disclosed the token circulation and unlocking status as of April 16, 2025, along with all related addresses and transaction records—demonstrating a high level of transparency and regulatory awareness.

AERGO (Aergo) — Daily gain of approximately 41.52%, with a circulating market cap of $115 million.

Aergo (AERGO) is an open-source hybrid blockchain platform designed for enterprises and developers, developed by South Korean blockchain tech company Blocko. It supports smart contracts written in Lua and SQL, and features a hybrid public-private chain architecture for performance and flexibility. The mainnet operates on a BFT-DPoS consensus mechanism, while private chains use the RAFT algorithm—making it suitable for enterprise applications like DeFi, supply chain tracking, identity management, and NFTs[12].

The latest price increase was mainly due to Aergo’s announcement of a partnership with custody provider BitGo, which significantly boosted market confidence in its security and regulatory alignment. On April 16, Aergo officially announced BitGo as its “official custody partner,” meaning AERGO tokens will benefit from institutional-grade custody services. Given that custody security is a key threshold for institutional participation in crypto, this move is seen as a major step toward large-scale commercialization.

Data Highlights

Ethereum transaction fees drop to a five-year low amid sluggish on-chain activity

Recent data shows that the average transaction fee on the Ethereum network has dropped to around $0.168, marking the lowest level since 2020. On-chain analysis attributes this decline primarily to decreased user activity, with a notable reduction in ETH transfers and smart contract interactions.

Lower fees directly reflect weakened network demand. As on-chain transaction density falls, users no longer need to pay high fees for priority confirmation, leading to a decrease in average gas fees. While this may temporarily attract some users back to the Ethereum mainnet, it also reduces validator incentives, potentially affecting the network’s long-term security and activity.

The broader macroeconomic environment has also dampened market sentiment. Since the U.S. announced a new round of high tariffs in early April, both traditional and crypto markets have seen corrections. ETH has dropped over 12% in the past two weeks and is now hovering below $1,600.

Additionally, Ethereum is set to undergo a network upgrade named “Pectra” on May 7, which is expected to enhance network efficiency and reduce transaction costs. Key features include allowing stablecoins to be used for gas payments and raising the staking cap. The market is watching closely to see whether this upgrade will help revive the Ethereum ecosystem[13].

DeFi market shed nearly $49 billion in Q1

In Q1 2025, amid global trade tensions and macroeconomic uncertainty, the crypto market entered a correction phase. DeFi’s total value locked (TVL) shrank by 27.5% over the quarter, with losses totaling approximately $48.9 billion. ETH price alone dropped from $3,336 to $1,800, resulting in a TVL loss of about $40 billion. Consequently, Ethereum’s DeFi market share fell from 63.5% to 56.6%. Despite the slump, there was no large-scale user exodus, as the decline was primarily driven by widespread altcoin depreciation.

As Ethereum’s dominance waned, emerging chains like Solana and Base quickly filled the gap. Despite a token price pullback, Solana saw increased DEX activity, with spot trading volume capturing 39.6% of the total in Q1, leading the entire market. New project Berachain also impressed, reaching $5.2 billion in TVL within a few months, making it the sixth-largest DeFi chain. Meanwhile, the memecoin sector suffered a confidence crisis—since the “Libra” incident, daily token creation on the Pump.fun platform has plummeted 56.3%[14].

Solana DEX trading volume hits $16.2 billion in 7 days, surpassing Ethereum to lead all chains

In the latest 7-day decentralized exchange (DEX) trading volume rankings, Solana recorded a total trading volume of $16.201 billion, topping all other ecosystems. Weekly volume rose by 15.35% compared to the previous week. Solana outperformed Ethereum ($12.508 billion), BSC ($6.506 billion), Base ($4.762 billion), and Arbitrum ($3.548 billion).

Though Ethereum still holds a strong lead in total value locked (TVL)—with $7.088 billion in DEX TVL compared to Solana’s $2.271 billion—the short-term trading activity indicates rapid liquidity and user movement across different chains. Thanks to its high throughput, low latency, and low transaction costs, Solana continues to attract both users and developers to the DeFi space. Its scalable architecture provides an ideal environment for decentralized applications. Top DEX protocols on Solana—including Jupiter, Raydium, and Orca—have gained significant traction due to their efficient matching engines, liquidity support, and smooth user experience[15].

Spotlight Analysis

Eliza Labs launches Auto-Fun, a no-code AI agent Launchpad platform

Eliza Labs has launched a no-code AI agent Launchpad platform called “Auto-Fun,” aimed at addressing incentive misalignments and value capture issues commonly seen in current AI projects. The platform introduces an innovative “fairer than fair” tokenomics model, requiring developers to pay a fee at project launch, which is then allocated to the DAO treasury to provide sustainable funding for the ecosystem. Additionally, Auto-Fun proposes mechanisms such as staking, a reputation system, and community-based review processes to ensure project quality and encourage long-term participation.

This initiative follows challenges faced by Eliza Labs with its earlier token model. Previously, the team launched the AI16Z token using a “fair mint” model that excluded the founding team from any initial allocation. As a result, the project lacked sustained funding. Although the token once reached a $2 billion market cap, the absence of a value capture mechanism led to a sharp decline to $300 million this year, prompting the team to revisit its economic design.

While the traditional “fair launch” model can generate early community excitement, it often fails to incentivize developers and long-term holders, hindering sustainable development. By introducing launch fees, staking, and a reputation-based framework, Auto-Fun is expected to help rebuild market confidence, attract new users, and foster stronger consensus within the community[16].

Circle Research unveils Refund Protocol, bringing refunds to stablecoin payments

Circle Research has released the Refund Protocol, an innovative smart contract designed to address the lack of refund and dispute resolution mechanisms in traditional stablecoin payments. The protocol enables non-custodial on-chain dispute resolution and escrow functionality for ERC-20 stablecoin transactions. It allows for lock-in periods, supports arbitration-based refunds, and permits early withdrawals under off-chain agreement terms, all while minimizing reliance on centralized third parties. Designed for developers, the protocol aims to enhance the composability and transparency of on-chain commerce, making stablecoin payments safer and more adaptable for real-world use.

Refund Protocol operates through four core steps: payment, refund, withdrawal, and early withdrawal. During payment, tokens are sent to a smart contract rather than directly to the recipient. In case of disputes, the recipient may issue a refund directly or an arbitrator may intervene. After the lock-in period, the recipient can withdraw any remaining funds. The protocol also allows early withdrawals if the recipient pays a service fee. A key advantage is its non-custodial nature—arbitrators are strictly limited to sending funds to the preset recipient or returning them to the original sender, without the power to divert funds elsewhere or lock them indefinitely. This preserves decentralization while introducing dispute resolution similar to that found in traditional payment systems.

Traditional stablecoin transactions function like cash—once sent, they are nearly impossible to reverse. This greatly limits their applicability in business scenarios that require trust and dispute handling. Circle’s protocol cleverly integrates credit card-like dispute resolution mechanisms while maintaining blockchain’s decentralized integrity. However, potential challenges such as malicious arbitrators, refund address complexities, and gas costs need to be carefully managed in real-world deployments[17].

Slovenian Ministry of Finance proposes 25% tax on crypto transactions

On April 17, 2025, Slovenia’s Ministry of Finance unveiled a new draft tax bill proposing a 25% tax rate on crypto transactions when residents convert digital assets into fiat currency or use them for goods and services. The draft is now open for public consultation until May 5. If approved, the law is expected to take effect on January 1, 2026.

According to the Ministry, this proposed tax will not apply to crypto-to-crypto trades or wallet transfers between accounts owned by the same user. The taxable base will be calculated on the profit margin between purchase and sale, and taxpayers will be required to record all transactions and report gains in their annual tax filings. Finance Minister Klemen Boštjančič stated that the current tax exemption for personal crypto trades is “unjustified,” and emphasized that “as one of the most speculative financial instruments, crypto assets should not be excluded from the tax system.”

This proposal marks a significant step in Slovenia’s efforts to integrate crypto assets into its fiscal framework. By explicitly defining fiat conversions and spending as taxable events, the Ministry aims to bring crypto activity under financial supervision and reduce the scope of “gray market” transactions. If passed and enacted in 2026, Slovenia would move from its current light-tax model (mainly 10%) to one of the stricter crypto taxation regimes within the EU. This development also reflects the country’s broader strategy to establish a comprehensive digital asset governance framework, following its recent issuance of sovereign digital bonds[18].

Funding Highlights

According to RootData, two projects publicly announced fundraising rounds in the past 24 hours, with total disclosed funding exceeding $55 million. Both are within the DeFi sector. Details are as follows[19]:

LayerZero — LayerZero secured $55 million in a seed round led by a16z and Yzi Labs, with participation from Robot Ventures, Spartan Group, and others. LayerZero is a cross-chain interoperability protocol designed for lightweight message delivery between blockchains. It provides reliable, secure messaging with configurable trustlessness. The funds will support global deployment of the cross-chain communication protocol, expand its developer ecosystem, enhance security auditing, and build the necessary infrastructure for its upcoming mainnet and tokenomics launch[20].

EdgeX Labs — EdgeX Labs completed a strategic funding round (amount undisclosed), with participation from Ryze Labs. EdgeX Labs operates a decentralized edge computing network offering secure, stable edge computing resources for various AI projects and agents. The funds will accelerate the deployment of global edge nodes, optimize the EdgeX OS system, and expand the application ecosystem for its flagship product, the EdgeX AI Agent[21].

Airdrop Opportunity

Debridge

Debridge is an interoperability protocol focused on cross-chain asset and data transfers. It supports major blockchain networks such as Ethereum, Solana, BNB Chain, and Polygon. The protocol uses a validator-based architecture to ensure transaction integrity and security, avoiding traditional liquidity pool models in favor of deep liquidity and low-slippage trading experiences. Debridge aims to deliver fast and reliable cross-chain communication infrastructure for both developers and users, promoting integration across multi-chain ecosystems.

Currently, Debridge is running an airdrop campaign for its native token, $DBR. Season 1 has allocated 6% of the total DBR supply to users who earned points through the protocol before July 23, 2024. The claim period runs until May 17, 2025. Season 2 is now live, allowing users to accumulate points through cross-chain interactions and referral tasks in preparation for future airdrops[21].

How to participate:

• Season 1: Connect your wallet to check eligibility. If eligible, provide your Solana address to claim your DBR tokens.
• Season 2: Complete cross-chain transactions. For every $1 in fees paid, you earn 100 points.
• Invite friends to join—earn an extra 25% of their accumulated points for each successful referral.
• Actively use Debridge’s features and follow official community channels to stay updated on future airdrop opportunities.

Note:
Airdrop rules and participation methods may change at any time. Users are advised to follow Debridge’s official channels for the latest updates. Always exercise caution and do thorough research before participating. Gate.io does not guarantee the issuance of future airdrop rewards.


References:

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/gigabrain_agent/status/1913059759005344161
11. Medium,https://medium.com/staika/staika-stik-token-unlock-and-circulation-as-of-april-2025-94c6f22e1b24
12. X,https://x.com/aergo_io/status/1912657308708151363
13. Cointelegraph,https://cn.cointelegraph.com/news/ethereum-fees-drop-five-year-low-user-lull
14. X,https://x.com/Cointelegraph/status/1912748123501236408
15. Defillama,https://defillama.com/dexs/chains
16. Cointelegraph,https://cointelegraph.com/news/ai16z-s-eliza-labs-launches-ai-powered-pump-fun-alternative-auto-fun
17. Circle,https://www.circle.com/blog/refund-protocol-non-custodial-dispute-resolution-for-stablecoin-payments
18. Cointelegraph,https://cointelegraph.com/news/slovenia-finance-ministry-floats-25-tax-on-crypto
19. Roodata,https://www.rootdata.com/Fundraising
20. X,https://x.com/alive_eth/status/1912899221868396869
21. X,https://x.com/EdgexAI/status/1912717775250055650
22. Debridge,https://docs.debridge.foundation/faq-airdrop-season-1/eligibility-season-1

Gate Research
Gate Research is a comprehensive blockchain and cryptocurrency research platform that delivers in-depth content. This includes technical analysis, hot topic insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Click here to visit now

Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.