CoinW Research Institute Weekly Report (Issue from May 25, 2026 to May 31, 2026)

CoinW Research Institute

Key Points

The global cryptocurrency market capitalization is $2.57T, down from $2.65T last week, a decline of approximately 2.64% this week. As of the time of writing, the total net inflow of the US Bitcoin Spot ETF is approximately $55.66B, with a net outflow of $1.42B this week; the total net inflow of the US Ethereum Spot ETF is approximately $11.37B, with a net outflow of $241.45M this week.

According to Coinglass data, the total market capitalization of stablecoins is $316B, down approximately 0.50% from $317.6B last week. Among them, USDT has a market capitalization of $188.2B, accounting for 59.56% of the total market capitalization of stablecoins, down approximately 0.68% from $189.48B last week; followed by USDC, with a market capitalization of $75.78B, accounting for 23.98%, down approximately 0.81% from $76.4B last week; DAI has a market capitalization of $5.36B, which is nearly unchanged from last week, accounting for 1.70% of the total market capitalization of stablecoins.

According to data from DeFiLlama, the total TVL of DeFi this week is $80B, down approximately 1.79% from $81.455B last week. By public chain classification, the top three public chains by TVL are Ethereum, with a share of 52.08%; BNB Chain, with a share of 7.19%; and Solana, with a share of 6.67%.

This week, the performance of major public chains (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos):

In terms of daily transaction volume on chain Dex, BNB Chain is the only one to achieve significant growth this week, reaching a daily transaction volume of $0.92B (+67.58%); Ton rose to $0.006B (+62.16%); Aptos rose to $0.01B (+42.86%), while the remaining public chains all saw declines. In terms of transaction fees, Ethereum, BNB Chain, and Aptos remained basically the same as last week; Solana decreased to $0.0005 (-50.00%), Sui decreased to $0.0005 (-24.24%); and Ton slightly increased to $0.0012 (+9.09%). In terms of daily active addresses, Ethereum's active addresses increased to 504,700 (+26.31%), Solana increased to 1.94 million (+10.86%), and Ton increased to 178,500 (+34.58%); the remaining chains saw declines. In terms of TVL, BNB Chain increased to $5.76B (+2.86%); the other public chains slightly decreased from last week, with Ethereum at $42.09B (-0.87%), Solana at $5.37B (-0.92%), Ton at $0.07B (-1.41%), Sui at $0.52B (-8.61%), and Aptos at $0.22B (-9.09%). Among them, Ethereum still leads all public chains by a significant margin with a TVL of $42.09B, followed by BNB Chain ($5.76B) and Solana ($5.37B).

New project highlights: AquaFlux is a DeFi protocol focusing on on-chain real-world assets (RWA), achieving flexible configuration of income rights, risk exposure, and liquidity through an innovative Tri-Token model. OpenFi is a decentralized lending protocol focused on the RWA track, introducing an on-chain collateral lending market, enabling users to obtain stablecoin liquidity against RWA collateral. PiggyBank is a yield-enhancing DeFi protocol that allows users to deposit stablecoins, tokenized stocks, and crypto assets into a yield vault and obtain additional income through funding rate arbitrage, liquidity provision, and other strategies.

Key Points

1. Market Overview

1. Total market capitalization of cryptocurrencies / Bitcoin market capitalization ratio

2. Fear index

3. ETF inflow and outflow data

4. ETH/BTC and ETH/USD exchange rates

5. Decentralized Finance (DeFi)

6. On-chain data

7. Stablecoin market capitalization and issuance situations

2. This Week's Hot Money Trends

1. Top five gaining VC coins and Meme coins this week

2. Insights into new projects

3. New Industry Dynamics

1. Major industry events this week

2. Major upcoming events next week

3. Significant investment and financing from last week

4. Reference Links

1. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Ratio

The global Total Market Capitalization of Cryptocurrencies is $2.57T, down approximately 2.64% from $2.65T last week.

Data Source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of May 31, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.47T, accounting for 57.27% of the total market capitalization of cryptocurrencies. Meanwhile, the total market capitalization of stablecoins is $316B, accounting for 12.3% of the total cryptocurrency market capitalization.

Data Source: CoinGecko, https://www.coingecko.com/en/charts

Data as of May 31, 2026

2. Fear Index

The cryptocurrency fear index is 30, indicating fear.

Data Source: Coinglass, https://www.coinglass.com/pro/i/FearGreedIndex

Data as of May 31, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the total net inflow of the US Bitcoin spot ETF is approximately $55.66B, with a net outflow of $1.42B this week; the total net inflow of the US Ethereum spot ETF is approximately $11.37B, with a net outflow of $241.45M this week.

Data Source: Sosovalue, https://sosovalue.com/zh/assets/etf

Data as of May 31, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,004.26, historical highest price $4,946.05, down approximately 59.48% from the highest price.

ETHBTC: Currently at 0.027251, historical highest at 0.1238.

Data Source: Ratiogang, https://ratiogang.com/

Data as of May 31, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $80B, down about 1.79% from $81.455B last week.

Data Source: Defillama, https://defillama.com

Data as of May 31, 2026

By public chain designation, the top three public chains by TVL are Ethereum, accounting for 52.08%; BNB Chain, accounting for 7.19%; Solana, accounting for 6.67%.

Data Source: CoinW Research Institute, Defillama, https://defillama.com/chains

Data as of May 31, 2026

6. On-Chain Data (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos)

Layer 1 Related Data

This data primarily analyzes daily transaction volume, daily active addresses, and transaction fees of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

Data Source: CoinW Research Institute, Defillama, https://defillama.com

Data as of May 31, 2026

On-chain Dex daily trading volume and transaction fees: The daily trading volume and transaction fees of on-chain Dex are core indicators to measure the activity of public chains and user experience. This week, only BNB Chain achieved growth in daily trading volume, reaching $0.92B (+67.58%); Ton rose to $0.006B (+62.16%); Aptos rose to $0.01B (+42.86%). All other public chains saw declines, with Solana at $0.94B (-6.28%), Ethereum at $0.54B (-34.15%), and Sui at $0.03B (-37.50%). In terms of transaction fees, Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remained approximately the same as last week; Solana decreased to $0.0005 (-50.00%), Sui decreased to $0.0005 (-24.24%); and Ton slightly increased to $0.0012 (+9.09%).

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user adhesion of public chains, while TVL reflects the level of user trust in the platform. This week, the active addresses of Ethereum increased to 504,700 (+26.31%), Solana increased to 1.94 million (+10.86%), and Ton increased to 178,500 (+34.58%); the other chains saw declines, with BNB Chain at 2.17 million (-8.05%), Sui at 180,000 (-45.77%), and Aptos at 63,900 (-37.94%). In terms of TVL, BNB Chain increased to $5.76B (+2.86%); all other public chains saw slight declines from last week, with Ethereum at $42.09B (-0.87%), Solana at $5.37B (-0.92%), Ton at $0.07B (-1.41%), Sui at $0.52B (-8.61%), and Aptos at $0.22B (-9.09%). Ethereum still significantly leads all public chains with a TVL of $42.09B, followed by BNB Chain ($5.76B) and Solana ($5.37B).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 this week is $38.12B, up approximately 12.65% from $33.84B last week.

Data Source: L2Beat, https://l2beat.com/scaling/tvs

Data as of May 31, 2026

This week, the market shares of Base and Arbitrum are 46.24% and 15.66%, respectively, ranking first and second.

Data Source: CoinGecko, https://www.coingecko.com/en/chains/layer-2

Data as of May 31, 2026

7. Stablecoin Market Capitalization and Issuance Situations

According to Coinglass data, the total market capitalization of stablecoins is $316B, down approximately 0.50% from $317.6B last week. Among them, the market capitalization of USDT is $188.2B, accounting for 59.56% of the total market capitalization of stablecoins, down approximately 0.68% from $189.48B last week; followed by USDC, with a market capitalization of $75.78B, accounting for 23.98%, down approximately 0.81% from $76.4B last week; DAI has a market capitalization of $5.36B, which is almost unchanged from last week, accounting for 1.70% of the total market capitalization of stablecoins.

Data Source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of May 31, 2026

According to Whale Alert data, the USDC Treasury issued a total of 2 billion USDC this week, and the Tether Treasury issued no USDT this week. The total issuance of stablecoins this week is 2 billion, down 42.28% from last week's issuance (3.465 billion).

Data Source: Whale Alert, https://x.com/whale_alert

Data as of May 31, 2026

2. This Week's Hot Money Trends

1. Top Five Gaining VC Coins and Meme Coins This Week

Top five VC coins by growth over the past week

Data Source: CoinW Research Institute, CoinMarketCap, https://coinmarketcap.com/

Data as of May 31, 2026

Top five Meme coins by growth over the past week

Data Source: CoinW Research Institute, CoinMarketCap, https://coinmarketcap.com/

Data as of May 31, 2026

2. Insights into New Projects

AquaFlux is a DeFi protocol focused on on-chain real-world assets (RWA), utilizing an innovative Tri-Token model to split and restructure traditional financial assets like bonds on-chain, achieving flexible configuration of income rights, risk exposure, and liquidity, thereby enhancing asset liquidity, return customization, and risk management efficiency, while attempting to construct a new ecological system of financial products based on the dimension of time. Currently, it is deployed across multiple ecosystems including Ethereum, BNB Chain, Base, Arbitrum, Optimism, and Pharos.

OpenFi is a decentralized lending protocol focused on the RWA track, enabling the tokenization of real-world assets such as stocks, gold, and money market funds, and introducing an on-chain collateral lending market, allowing users to obtain stablecoin liquidity against RWA collateral. OpenFi aims to bridge the value flow channels between TradFi and DeFi and construct RealFi infrastructure for the global market. Relying on the Pharos Network ecosystem, OpenFi focuses on compliance for on-chain assets, enhancing capital efficiency and releasing global liquidity, providing lending scenario support for large-scale applications of RWA.

PiggyBank is a yield-enhancing DeFi protocol that allows users to deposit stablecoins, tokenized stocks, and crypto assets into a yield vault, obtaining additional income through funding rate arbitrage, liquidity provision, and other strategies. After depositing, users will receive corresponding yield certificate tokens (such as pbUSDC), which represent their share and accrued earnings in the vault, redeemable at any time for the underlying assets. Through a liquidity yield token mechanism, PiggyBank maintains asset liquidity while achieving automatic compound interest and further supports advanced DeFi applications like leveraged returns and fixed income, enhancing the capital efficiency and composability of assets.

3. New Industry Dynamics

1. Major Industry Events This Week

On May 25, the RWA and crypto lending protocol Zona officially launched its points program. User behaviors supplying USDC and WPROS assets on ZonaLend since May 25, 00:00 UTC will be tracked on-chain and accumulate points. The official will subsequently open point query and leaderboard functions. Zona is a DeFi protocol focusing on RWA and crypto asset lending, aimed at providing users with efficient on-chain lending and liquidity management services, incentivizing early ecosystem participants through the points mechanism and laying the foundation for future ecological rewards and token allocations.

On May 25, Solstice Finance (SLX) completed TGE and started airdrop distribution. According to the official plan, SLX officially entered the token issuance phase on May 25, simultaneously launching airdrop distribution for eligible early users. Users participating in USX, eUSX related product interactions and points activities can receive SLX rewards according to the rules. Solstice Finance is a stablecoin yield protocol on the Solana ecosystem, providing on-chain stable yields through Delta-Neutral strategy and constructing a yield stablecoin eco-system around USX and eUSX.

Aster (ASTER) Stage 6 airdrop claim enters its final week. According to the official announcement, the immediate claim window for this round of airdrops opened at 12:00 UTC on May 4, 2026, and will officially close at 12:00 UTC on June 4, 2026. Currently, there is only one week left to claim, and eligible users can receive 50% ASTER rewards, with the remaining part to be destroyed or locked based on the chosen plan. Aster is a Perp DEX focusing on on-chain perpetual contract trading, continuously expanding its user base through trading mining and ecological incentives.

2. Major Upcoming Events Next Week

MegaETH will update the Terminal Season 1 leaderboard and points statistics results in early June. Users can earn points through testnet interactions, ecological tasks, and on-chain application experiences, which the market generally regards as an important basis for future potential airdrops. MegaETH is a high-performance Ethereum scaling project aiming to achieve Web 2 level execution performance while maintaining Ethereum's security.

The Season 2 airdrop claim activity of the Solana ecological liquidity protocol Meteora is expected to enter its final phase on June 2. Users who have not completed their claims need to complete the related operations in a timely manner. This round of airdrop is mainly aimed at previous participants of the DLMM (Dynamic Liquidity Market Maker) liquidity pool who contributed real trading fees. Meteora is one of the largest liquidity infrastructures in the Solana ecosystem, enhancing capital utilization efficiency through concentrated liquidity and dynamic market-making mechanisms. Its Season 2 airdrop is regarded as one of the most representative community incentive activities in the Solana ecosystem for 2026.

The privacy computing network Nillion will complete data statistics for the first stage of the Verifier Program on June 3. Users participating in node verification, testnet interactions, and ecological tasks will be integrated into the points system, and the community generally regards this plan as an important reference for future token distribution. Nillion is a privacy computing network based on Blind Computation technology, focusing on achieving secure computing and AI data collaboration without exposing data.

3. Significant Investment and Financing from Last Week

Dunamu completed a financing of $204 million, with a post-investment valuation of approximately $10.19 billion. This financing comes only two weeks after its $667 million financing completed on May 15, showing continued recognition of its business and industry position in the market. Dunamu is a leading fintech company in South Korea and the operator of Upbit, the country's largest cryptocurrency exchange. Its business covers areas including digital asset trading, blockchain technology, and fintech services. With Upbit's leading share in the Korean crypto market and mature compliance operation capabilities, Dunamu has become one of the most influential digital asset infrastructure companies in Asia. This financing will further enhance the company's capital strength and support its digital asset business expansion and fintech ecosystem development. (May 28, 2026)

NALA received a maximum of $50 million in debt financing, supported by Mars Growth Capital and Liquidity Group. This financing will mainly be used to expand its stablecoin payment and cross-border transfer infrastructure, especially regarding multi-currency accounts, remittances, and stablecoin settlement scenarios aimed at Africa and emerging markets. NALA is a cross-border payment fintech company, with products including the consumer-facing remittance app NALA and the enterprise payment platform Rafiki, working to reduce cross-border fund transfer costs and improve settlement efficiency through a stablecoin payment network. (May 28, 2026)

Hypernova completed a $3 million Pre-Seed round financing on May 29, 2026, led by Lemniscap, CMS Holdings, Very Early Ventures, and Pivot Global, with support from angel investors such as Maximilian Fiege and Kirby Ong. Hypernova is an on-chain proprietary trading protocol built on the Hyperliquid ecosystem, aiming to achieve trustless fund management, instant profit distribution, and verifiable trading execution processes through smart contracts. Unlike traditional Prop Trading models, Hypernova fully chains the selection of traders, fund allocation, and profit settlement, allowing investors to transparently participate in professional trading strategies and share profits. This financing will mainly be used for protocol development, trading infrastructure construction, and ecosystem expansion, further promoting the development of on-chain asset management and decentralized proprietary trading markets. (May 29, 2026)