Original Title: "ETH is About to Reach New Highs, Which 'Ethereum Ecosystem' Alpha Tokens are Worth Watching?"
Original Source: Biteye Chinese
Recently, the price of ETH is approaching historical highs, with strong upward momentum and institutional funds accelerating their inflow.
Against this backdrop, several Ethereum ecosystem tokens have been making headlines. In this article, we select 12 Alpha tokens and interpret their latest developments and bullish reasons.
1/12 $BMNR
Under the leadership of Tom Lee, the US-listed company BitMine Immersion (NYSE: BMNR) has accumulated 1.2 million ETH, worth $5.03 billion, making it the largest ETH holder in the world. Additionally, the company plans to continue buying ETH, aiming to acquire 5% of the global ETH supply, and intends to stake the ETH it holds to earn yields. Therefore, BMNR is undoubtedly one of the strong vehicles for betting on Ethereum.
BMNR's aggressive accumulation strategy has also attracted endorsements from Wall Street shareholders. Cathie Wood's ARK Invest invested approximately $182 million to acquire about 4.77 million shares of Bitmine, of which $177 million will be used to purchase Ethereum (ETH); well-known investor Bill Miller has also invested in BMNR, likening it to ETHMicroStrategy; Peter Thiel's Founders Fund has also disclosed a 9.1% stake.
Benefiting from the rise in ETH prices and the "accumulation" narrative, BMNR's stock price has continued to strengthen recently, nearly doubling since August.
2/12 $ENA
Recent bullish sentiment has been ignited by Ethena's newly established department, StablecoinX, which plans to repurchase $260 million worth of ENA within six weeks, accounting for 8% of the circulating supply, with real cash inflow daily. More importantly, the fee switch mechanism has been approved, and in the future, part of the protocol's revenue will be directly distributed to sENA holders. According to Tokenomist's scenario simulation, conservatively, sENA could achieve an annualized return of 4%, and in an optimistic scenario, it could even exceed 10%.
In addition to internal protocol benefits, in early June, Coinbase announced support for ENA and opened a USD trading pair, making it one of the few synthetic stablecoin projects to be listed. Meanwhile, the Ethena ecosystem continues to grow, collaborating with yield protocols like Pendle to embed USDe into more DeFi strategies, enhancing yield stickiness.
In the long run, Ethena is expanding the Converge Chain and launching a compliant stablecoin, USDtb, gradually building a diversified income system to enhance its cyclical resilience.
3/12 $PENDLE
Recently, Pendle has performed exceptionally well, with its TVL surpassing $9 billion on August 13, setting a new historical high. Its token price once approached $6, with a monthly increase of over 30%, far exceeding the broader market.
The bullish logic is as follows:
The launch of Boros has converted the funding rates of BTC/ETH perpetual contracts into tradable assets, attracting a large number of users in a short time, becoming the core growth driver of Pendle V3. Statistics show that in the first two days after Boros was launched, it attracted over $1.85 million worth of BTC and ETH deposits, driving Pendle's TVL to surge.
Pendle has deep collaborations with protocols like Ethena and Aave, launching strategies like PT-USDe, which contribute nearly 60% of Pendle's TVL.
Since 2025, approximately $41 billion in institutional funds have flowed into DeFi, and Pendle's Citadels compliance program has facilitated institutional investments, accelerating the rise of TVL.
4/12 $UNI
As the leader in DEX, Uniswap has two major bullish catalysts entering 2025: the official launch of version V4 and the launch of its exclusive Layer 2 network, "Unichain."
The release of version V4 allows developers to use Hooks to create customized pools and strategies, enhancing the protocol's vitality. Currently, over 2,500 Hook pools have been deployed, and projects like Bunni and EulerSwap that utilize Hooks have achieved cumulative trading volumes exceeding $100 million, bringing new vitality to Uniswap.
Uniswap plans to build an exclusive ecosystem through Unichain, which already accounts for over 70% of daily active trading. This not only expands the user base but also diversifies single-chain dependence, improving risk resistance.
5/12 $FLUID
In early August, Fluid's trading volume briefly surpassed Uniswap, reaching $1.5 billion in a single day, slightly higher than Uniswap's $1.3 billion during the same period. Fluid significantly improves capital utilization efficiency by converting collateral from lending pools into trading liquidity through its unique liquidity layer. This model allows Fluid to achieve impressive trading volumes even with relatively low TVL.
The bullish logic is as follows:
Release of significant liquidity: Fluid cleverly uses the collateral/debt from lending pools directly as liquidity for trading pairs, allowing assets to serve dual purposes. Users earn interest by depositing ETH or stablecoins in Fluid while these assets are used to provide trading depth, generating additional fee income. More importantly, Fluid's liquidity layer automatically adjusts the share of each asset used for trading based on borrowing utilization rates and dynamically increases collateral requirements as funds approach borrowing limits to prevent risks of runs and liquidations. This design greatly reduces capital fragmentation and improves the turnover efficiency of unit liquidity.
Rapid development: Since its launch in 2023, Fluid has rapidly developed, becoming the fastest-growing DEX on Ethereum, achieving a cumulative trading volume of $10 billion in just 100 days. It is now set to launch a more efficient "lightweight" exchange, expected to further increase daily trading volumes by $400-600 million, with rapid product iterations providing growth potential for the value of the FLUID token.
Rising market recognition and potential valuation: With the increase in trading volume, the price of $FLUID jumped 14% in early August. Even after this round of increases, its circulating market cap is around $290 million, significantly lower than Uniswap, making it a relatively undervalued asset with high growth potential.
6/12 $LDO
As the largest liquid staking protocol on Ethereum, Lido is entering a new phase of development in 2025. Currently, Lido's TVL is close to $41 billion, accounting for 26% of the total DeFi TVL.
By organizing, it can be seen that Lido is deepening its competitive moat, with more applications accepting stETH as collateral or payment methods, enhancing its liquidity and demand. For example, lending protocols like Aave have supported stETH as collateral for loans, and stable pools like Curve also provide stETH trading pairs, with stETH rapidly integrating into various corners of DeFi.
In the context of rising Ethereum staking, Lido, as an industry leader, still has a robust outlook.
7/12 $AAVE
As of now, Aave's TVL has risen to approximately $38.9 billion, nearly doubling since the beginning of the year, accounting for nearly a quarter of the entire DeFi TVL, firmly holding the top position in the lending market.
This year, the narrative around stablecoins has exploded, with Aave's GHO stablecoin supply growing from about $146 million to approximately $314 million, an increase of over 100%, and it has gradually expanded to networks like Arbitrum and Base, enhancing Aave's influence in the stablecoin sector.
Moreover, Aave has recently been in the news for collaborations. On one hand, it has launched the Horizon project to expand RWA channels, and on the other hand, it has partnered with Plasma to launch an institutional incentive fund aimed at attracting more financial companies to move their businesses onto the blockchain. This series of initiatives solidifies Aave's position as an institutional-level DeFi lending gateway.
8/12 $CRV
Curve's decentralized stablecoin crvUSD is celebrating its two-year anniversary with impressive performance.
As an over-collateralized stablecoin launched by Curve, crvUSD has been widely integrated into major DeFi protocols over the past two years and can even be used for everyday payments. Thanks to its unique LLAMMA automatic liquidation mechanism, crvUSD has shown excellent resilience during market fluctuations, maintaining a 1:1 peg while maximizing the protection of collateral value. In the first half of this year, rising DeFi interest rates pushed the annualized yield of savings crvUSD (scrvUSD) close to 8%, with an upward trend.
While there are concerns about security, after experiencing incidents like DNS hijacking attacks, the Curve team quickly migrated to a new domain and advocated for the use of ENS, IPFS, and other censorship-resistant methods to provide front-end services.
Additionally, Curve founder Michael Egorov is developing a new yield protocol called "Yield Basis," aimed at providing sustainable yields for on-chain BTC and ETH, potentially expanding the Curve ecosystem into RWA.
9/12 $SKY
As a stablecoin issued by MakerDAO (Sky), USDS currently ranks fourth in market capitalization, adopting an over-collateralization model where higher-value crypto assets must be locked in before minting. Recently, the GENIUS Act prohibited stablecoins from "directly paying interest," so USDS yields come from collateral assets participating in on-chain staking and liquidity mining, rather than direct payouts, which partially circumvents the act's restrictions. Currently, sUSDS has an annualized yield close to 5%, providing a certain advantage in the context of a 2.7% inflation rate in the US.
Currently, mainstream institutions like Coinbase have launched SKY and USDS trading in July, marking a key step for Maker towards traditional finance.
10/12 $SPK
Since April, Spark's TVL has surged over 200%, currently around $8.2 billion, ranking eighth among DeFi protocols. Such a large influx of funds has directly boosted market confidence in Spark, leading to a rapid rebound in the price of $SPK, which has reached new highs.
Looking back, Spark's initial launch generated significant interest, employing a strategy of large-scale airdrops and simultaneous listings on mainstream exchanges, attracting a large number of users and early trading participation, resulting in a surge in trading volume and price fluctuations, along with substantial liquidity injected by top platforms like Binance and Coinbase.
More importantly, Spark is backed by MakerDAO's billions of dollars in reserves and a stable synthetic asset system that has been operating for years, making it one of the few projects in the DeFi space that was "born with a silver spoon." Therefore, Spark's products have a high safety margin from the very beginning, providing a confidence guarantee for institutional and large-scale capital entry.
Looking ahead, Spark has a relatively complete product matrix that can layout diversified income scenarios. Currently, the product line includes SparkLend, SparkSavings, SLL, and more, almost encompassing all elements of the DeFi yield closed loop.
11/12 $LINK
As the leader in oracle services, Chainlink recently launched a new Chainlink reserve mechanism that automatically converts service fees paid by enterprises and DApps into LINK and deposits them into an on-chain reserve pool, accumulating over $1 million in LINK. This continuous future income means that the selling pressure of LINK in the market will decrease. The official statement indicates that the reserves will not be withdrawn for several years, supporting the long-term growth of the network, which can be seen as a "burning" deflationary benefit for LINK.
Additionally, as of August, Chainlink's network has secured over $93 billion in DeFi value through its oracles, setting a new historical high, including over 83% of Ethereum's on-chain assets and nearly 100% of assets on new chains like Base.
Recently, Chainlink also partnered with ICE, the parent company of the New York Stock Exchange, to seamlessly integrate its foreign exchange and precious metals data on-chain. Looking ahead, as oracle services are deeply integrated into DeFi and RWA narratives, LINK has a greater chance of rising.
12/12 $PENGU
Last month, PENGU made a comeback with the NFT+Memecoin narrative, surging over 400% in just 30 days. The main driving force behind this is institutional-level good news, as the well-known institution Canary Capital submitted the world's first NFT+token dual-asset ETF application—the Canary Spot PENGU ETF, which plans to allocate 80-95% to PENGU tokens and 5-15% to Pudgy Penguins NFTs.
After the news that the SEC officially accepted the ETF application, market expectations for the "Penguin ETF" became optimistic, and the PENGU token skyrocketed.
Risk Warning: The above analysis is for reference only and does not constitute investment advice.
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