Gate Research Institute: The crypto market has generally entered a downward adjustment phase | Solana's transaction fee stability leads public chains

Encryption Asset Panorama

BTC (-2.37% | Current Price 113,003 USDT)

BTC is overall in a consolidation downtrend, with moving averages showing a bearish arrangement, indicating a weak short-term trend. In terms of MACD indicators, the fast and slow lines continue to decline, and the trend remains bearish. Trading volume has not significantly increased, and the rebound momentum is limited. Overall, BTC is still in a weak structure in the short term, and attention should be paid to whether it can stabilize above 112,500. If it rebounds, the area around 114,000 will be the first resistance level.

ETH (-4.26% | Current Price 4,111 USDT)

ETH also shows a weak performance, with the price operating below the short-term moving averages, indicating that the downward trend has not yet ended. The MACD also shows that the bearish momentum is still being released; although the fast and slow lines are close, they have not formed a crossover. After the red bars turned into green bars, there has been no obvious recovery. In terms of trading volume, it has recently maintained a moderately low level, reflecting low buying participation.

GT (-3.78% | Current Price 16.576 USDT)

GT has been continuously declining recently, showing a weak short-term trend, with moving averages displaying a bearish arrangement, indicating a clear downward trend. The MACD indicator remains in a bearish state, with the fast and slow lines continuously diverging downwards, and the green bars are expanding again, with no signs of reversal yet. If the price can hold above 16.30 and accompanied by a decrease in volume to stop the decline, it is likely to enter a consolidation phase afterwards; however, if it continues to expand in volume and breaks down, it may further retest the support range of 16 dollars or lower.

Daily Price Fluctuation Tokens

Most tokens are showing divergent trends, with the overall market being relatively weak. Funds are slightly cautious but still exhibit local activity. Among them, API3 surged by as much as 50.78%, becoming the focus of the market's rise; BRISE, OGN, RAD, and others also recorded double-digit gains, indicating an increase in funding attention. In contrast, mainstream coins such as ETH, ADA, XRP, and APT generally fell, reflecting that the short-term correction pressure in the market is still present, with some funds shifting towards small and mid-cap tokens in search of opportunities.

MNT Mantle* (+6.21%, circulating market cap 4.539 billion USD)*

According to Gate's market data, the MNT token is currently priced at $1.3555, up about 6.21% in the last 24 hours. Mantle is a modular blockchain ecosystem supported by an L2 network, dedicated to connecting DeFi and CeFi liquidity. Its native token MNT is used for various purposes such as network governance, gas payments, staking, and ecological incentives, and continuously optimizes token circulation and usage efficiency through the Mantle economic system.

MNT's recent rise is driven by several favorable ecological factors, including the upcoming launch of perpetual contracts, improved collateral efficiency applicable to various lending scenarios, and a puzzle task activity with a total prize pool of $250,000 encouraging community participation, demonstrating relative strength amid market corrections.

LDO Lido DAO Token* (+0.79%, circulating market value 1.159 billion USD)*

According to the market data from Gate, the current price of LDO tokens is 1.2925 USD, with an increase of approximately 0.79% in the last 24 hours. Lido is the largest liquid staking protocol in the Ethereum ecosystem, allowing users to stake ETH to participate in PoS validation and earn rewards, while also minting stETH to represent staked rights, achieving both asset liquidity and yield. Its native token LDO is used for the governance mechanism, proposal voting, and incentive distribution, serving as a core governance component of the Lido protocol.

Lido has been continuously receiving good news recently, with the stETH cross-chain liquidity pool TVL surpassing 1 billion USD, indicating a sustained growth in the demand for liquid staking; at the same time, the official release of the institutional-grade staking framework and the ongoing promotion of DVT module and node governance updates are consolidating its leading position in the Ethereum staking ecosystem, which serves as an important support for the rise of LDO.

MORPHO Morpho Labs* (+2.50%, circulating market value 667 million USD)*

According to Gate.io market data, the current price of the MORPHO token is $2.0359, with a 2.50% increase in the last 24 hours. Morpho is a DeFi protocol focused on enhancing on-chain lending efficiency, utilizing a unique Peer-to-Pool and Peer-to-Peer hybrid model, aiming to provide users with better rates, liquidity, and risk-adjusted returns. Its native token MORPHO is used for governance, ecological incentives, and participation in protocol development.

Morpho has recently risen, likely driven by multiple ecological advancements, including the integration of Ledger Live that offers up to 7.5% on-chain yield, the launch of a multi-currency yield vault with Bitpanda, and a partnership with Gauntlet to provide institutional-grade risk-adjusted yield services, while continuously optimizing user experience to enhance market attention and engagement.

Hot Spot Interpretation

Wyoming, USA launches FRNT stablecoin, the first state-level digital currency attempt.

The state of Wyoming in the United States has officially launched a stablecoin named Frontier Stable Token (FRNT), becoming the first state-level government entity in the U.S. to issue its own stablecoin. The token is backed by U.S. dollars and short-term U.S. Treasury bonds, focusing on high transparency and fiat currency-pegged stability. It has been deployed on seven major blockchains including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base, showcasing a strong ambition for cross-chain deployment and multi-ecosystem compatibility. However, due to unclear federal-level regulations, FRNT is currently not open to the public and is limited to specific scenarios and institutions.

The launch of FRNT represents a new attempt by state governments to explore encryption finance, and reflects the gradual pursuit of autonomy by local governments in the United States in formulating digital asset policies. Wyoming has long been one of the most friendly regions in the U.S. towards the encryption industry, and this move is expected to become a key example in promoting the "public sector issuance of stablecoins" model. If federal regulatory attitudes become clearer in the future, FRNT may play a substantial role in applications such as payments, settlements, and corporate accounts, and even become a template for other states to follow.

Solana's fee stability is globally leading, and its FSR far exceeds that of other mainstream public chains.

According to the latest Fee Stability Ratio (FSR) rankings released by DeFi Development Corp., Solana ranks first with a high score of 160.74, becoming the most stable and cheapest blockchain network in terms of transaction fees. The FSR metric is calculated using "1 ÷ (median transaction fee × transaction fee volatility)"; a higher value indicates lower and more stable fees, making it more user-friendly for both users and dApp developers. The median transaction fee on Solana is only about $0.0012, and the volatility remains low, effectively ensuring the sustainability of high-frequency interactive applications. In contrast, although Ethereum is a mainstream L1, its fees are high and unstable, leading to an FSR of only 0.15, placing it at the bottom among all chains.

From a broader perspective, Polygon (FSR 102.09), OP Mainnet (46.55), and others have also performed impressively, especially with strong advantages in low fees; while Avalanche and Arbitrum have relatively cheap transaction fees, their high volatility results in lower FSR scores. Tron, despite having fees as high as $4.77, has extremely low volatility, scoring only 0.68 points. This ranking highlights that stable and predictable low transaction fees are key conditions for the scaled development of future on-chain applications, and Solana's outstanding performance not only reflects its efficient capabilities but also provides an ideal infrastructure for high-frequency scenarios such as DePIN, blockchain gaming, and payments.

1inch launches native cross-chain exchange between Solana and EVM chains, revolutionizing user experience and security protection.

The decentralized exchange aggregator 1inch has launched a new feature that supports native cross-chain asset exchanges between Solana and multiple EVM chains (such as Ethereum, Polygon, etc.) without relying on traditional cross-chain bridges. Users can directly exchange assets between two chains without additional bridging operations, effectively reducing the complexity and operational threshold of fund transfers. This feature is currently integrated into 1inch's dApp, wallet, and Fusion+ API, and comes with a built-in MEV (Maximum Extractable Value) protection mechanism to reduce the risk of value loss due to malicious front-running.

Traditional cross-chain bridges have frequently been attacked due to technical vulnerabilities, resulting in substantial losses on multiple occasions. However, 1inch has circumvented this risk point through its "native exchange" mechanism, which not only enhances the security of user assets but also improves the liquidity fragmentation issue between the Solana and Ethereum ecosystems. Developers can integrate this feature into new projects, while ordinary users can easily operate it through mobile devices or web interfaces. In the future, 1inch plans to support more blockchains to achieve a higher level of cross-chain interoperability and asset efficiency.
Reference Material:

• 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/trade/GT_USDT
• Gate, https://www.gate.com/price
• X, https://x.com/EleanorTerrett/status/1957763504435524055
• X, https://x.com/defidevcorp/status/1957791134748668384
• The Block, https://www.theblock.co/post/367406/1inch-launches-native-swaps-between-solana-and-evm-chains

Disclaimer Investment in the cryptocurrency market involves high risk. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.