Gate Research Institute: Interpretation of Web3 On-Chain Data in July 2025 | Ethereum On-Chain Comprehensive Recovery, WorldChain Strongly Attracts Funds to the Ranking

Abstract

• Ethereum's trading volume hits a new high, while Solana and Base lead on-chain transactions and activity driven by high-frequency applications such as xStocks and stablecoin payments. The public chain ecosystem continues to differentiate.
• Ethereum continues to lead the public chain in capital inflows, while WorldChain boosts ecosystem growth with cross-chain interactions and World ID, strongly attracting funds and jumping to second place, becoming the most关注 emerging public chain this month.
• During the high volatility of Bitcoin prices, the on-chain realized market capitalization has reached an all-time high, indicating a continuous inflow of funds and a robust market structure; meanwhile, the intensity of profit release and the short-term supply ratio have increased, reflecting a potential increase in selling pressure and heightened volatility expectations.
• LetsBonk.fun, with its popular project USELESS, a transparent profit-sharing mechanism, and strong user momentum, has fully surpassed Pump.fun in July, rising to become the dominant platform for meme coin issuance on the Solana chain.
• ENA, benefiting from explosive growth with USDe, repurchase plans, and institutional collaborations, consolidates its leading position in the stablecoin sector. Although short-term token unlocks may cause volatility, strong fundamentals support its medium to long-term upward potential.

On-chain Data Summary

Overview of On-chain Activities and Fund Flows

In addition to analyzing the overall capital flow on-chain, we further selected several key on-chain activity indicators to assess the real usage heat and activity of various blockchain ecosystems. These indicators include daily transaction volume, daily Gas fees, daily active addresses, and the net flow of cross-chain bridging, covering multiple dimensions such as user behavior, network usage intensity, and asset liquidity. Compared to merely observing capital inflows and outflows, these on-chain native data can more comprehensively reflect the fundamental changes in public chain ecosystems, helping to determine whether the capital flow is accompanied by actual usage demand and user growth, thereby identifying networks with sustainable development potential.

Trading Volume Analysis: Ethereum trading volume hits a record high, with Solana and Base leading the high-frequency interaction pattern According to Artemis data, as of July 31, 2025, Solana leads with a monthly transaction volume of approximately 35.3 billion, firmly ranking first among all mainstream public chains. The trading volume in July performed impressively, increasing by about 30% compared to the previous month. In addition to the existing high-frequency micro-interaction structure, tokenized assets like xStocks and ecological airdrop activities continue to release interaction demand, effectively driving on-chain trading activity. Solana's daily transaction volume remains stable between 90 million and 100 million, showing minimal fluctuations, indicating its strong on-chain interaction stickiness. [1]

Base ranks second with 2.78 billion transactions, firmly holding the top position in the Layer 2 camp. The overall trend is stable, with an average daily trading volume maintained between 9 million and 10 million transactions, indicating continuous growth in its native application transactions. Base's trading structure combines interaction frequency and trading depth, forming a solid foundation for network economy. Its activity is primarily supported by native USDC payments, the prosperity of DeFi protocols, and the process of institutional on-chainization.

Ethereum ranks fifth with a monthly transaction volume of 46.67 million, having reached an all-time high, which is a 3.6% increase from the previous peak in May 2021. Additionally, the 7-day moving average of its network transaction count is also approaching historical peaks, reaching 1.64 million, just slightly below the record of 1.66 million set in May 2021. With overall network activity increasing, the price of ETH also touched a multi-year high of 3,700 USDT at the end of July. Despite Ethereum's high unit interaction value, the average daily transaction volume remains around 1.5 million due to Gas costs and Layer 2 congestion.

Overall, Ethereum's trading volume has reached a four-year high; Solana continues to dominate the on-chain trading landscape with its strong interaction frequency and extensive ecological layout, demonstrating high scalability; Base has performed excellently in the Layer 2 camp, establishing a stable and consistently growing trading structure. Both exhibit characteristics of "structural stability + real users + diverse applications," making them one of the most robust representatives of current on-chain trading performance. Overall, the on-chain trading volume is accelerating to show a structural differentiation trend between "high-frequency retail chains" and "low-frequency high-net-worth chains."

Active Address Analysis: Solana Daily Active Users Exceed 4.4 Million, Steadily Ranking First, Base Showing Stable Growth According to Artemis data, as of July 31, 2025, Solana leads the public chain ecosystem with an average of 4.42 million active addresses per day. Although this is a slight decrease from last month, it still far surpasses other Layer 1 and all Layer 2 networks. Currently, the user structure of Solana is gradually shifting from speculation to real application scenarios, with xStocks tokenized stocks becoming a key driver. This product, launched by Backed Finance, tokenizes stocks 1:1 on-chain as SPL tokens and has been launched on platforms such as Gate, supporting users in cross-border trading and withdrawing funds to participate in on-chain DeFi activities, significantly expanding the asset usage dimensions of Solana and enhancing ecosystem stickiness and activity.

Base ranks second with an average of 1.44 million active addresses per day. Although there has been a slight decline compared to June, the overall trend remains stable, indicating that its user growth has shifted from a period of explosive growth to structural expansion. The activity of Base benefits from the continuation of three major drivers: the ongoing launch of native Dapps, the gradual implementation of USDC payments, and high-value on-chain interactions driven by financial institutions, which are gradually establishing its full-stack application ecosystem positioning.

Ethereum and Arbitrum's user activity was relatively sluggish in July, with average daily addresses of 480,000 and 340,000 respectively. However, the total active addresses on Ethereum for the month reached 17.55 million, marking a new high since May 2021. Despite Ethereum being long constrained by high Gas costs and interaction barriers, users continue to migrate to lower-cost Layer 2 networks. However, with the social investment platform eToro planning to launch on-chain stock assets on Ethereum, combined with its large user base, it is expected to bring new asset issuance scenarios and momentum for a rebound in activity.

Overall, the active address data continues to show a differentiated pattern between chains. Solana and Base occupy high positions in Layer 1 and Layer 2 respectively, demonstrating strong user aggregation and ecosystem flow capabilities; meanwhile, traditional strong chains that fail to introduce new application scenarios or lower usage thresholds will continue to face pressure from user loss. Activity not only reflects the current interaction heat but also indicates the future focus of funds and development resources, making it worth paying continuous attention to its structural evolution.

On-chain Fee Revenue Analysis: Ethereum Dominates High-Value Scenarios, Solana and Layer 2 Expand High-Frequency Revenue According to Artemis data, as of July 31, 2025, Ethereum leads with a monthly revenue of $74.28 million, demonstrating its dominant position in on-chain settlements for high-value transactions, DeFi, and NFT activities. Although user activity is slightly lower than Solana, the high interaction density and significant unit interaction value on the Ethereum chain still support its absolute advantage in revenue structure.

Solana ranks second with $42.3 million. Although its transaction fees are low, it relies on a large active user base and high-frequency interactions from bots to drive stable growth in overall fee income. Its main sources of revenue come from high-frequency micro-interactions in meme coins, automated trading, and payment scenarios.

Base and Arbitrum ranked fourth and fifth, respectively, with monthly revenues of $5.34 million and $1.97 million, indicating that the emerging Layer 2 networks are gradually gaining independent revenue capabilities. Base's revenue trend is consistent with user activity trends, driven by the growth of stablecoin payments and native Dapp activities, forming a relatively sustained revenue momentum; although Arbitrum has a smaller user base than Base, it still maintains a certain level of interaction stickiness, indicating that its ecosystem depth still has support.

Overall, the on-chain fee income pattern clearly reflects a dual-driven model of "high-value interactions" and "high-frequency micro-interactions": Ethereum maintains a discontinuous lead relying on high-net-worth scenarios; Solana builds considerable income based on extremely high interaction frequency; Base and Arbitrum, as emerging Layer 2 networks, are gradually cultivating sustainable charging models, demonstrating structural growth potential. Future sustainable growth in fee income will become a key indicator for assessing the self-sufficiency of each chain's ecosystem and the feasibility of their token economic models.

Public Chain Capital Flow Analysis: Ethereum Continues to Lead, WorldChain Makes the List According to Artemis data, as of the past month, Ethereum has maintained its leading position among public chains with a net inflow of $1.6 billion, demonstrating its overwhelming advantage in institutional deployment and ecological depth. Notably, the dark horse public chain WorldChain, thanks to its close cross-chain interaction with the Ethereum mainnet, attracted a net inflow of as much as $113 million this month, strongly leaping to second place, surpassing the capital attraction of Avalanche ($67.1 million) and Polygon PoS ($43.7 million), becoming the most eye-catching emerging force this month.

In contrast, Base experienced a net outflow of up to 859 million USD in a single month, making it the public chain with the highest capital outflow this month. This indicates a significant change in market risk expectations, possibly related to its short-term valuation adjustments, declining ecological activity, or the end of early incentives. Meanwhile, Unichain (-560 million USD) and Arbitrum (-132 million USD) also saw significant capital outflows, reflecting the current market's phase of high-frequency arbitrage and risk aversion coexisting, with a faster pace of fund switching between chains and increasingly obvious hotspot rotation characteristics.

The capital inflow of WorldChain comes not only from short-term popularity but also from the continuous expansion of its underlying ecological infrastructure. Its core identity authentication protocol, World ID, is based on iris scanning technology, providing decentralized human identity verification services for global users. It currently covers over 160 countries and regions, with a cumulative verification of over 14 million independent identities and a total user base exceeding 30 million, becoming a key entry point to solve the "human-machine confusion" problem in the AI era.

Overall, while Ethereum remains the core of on-chain funds and institutional deployment, WorldChain is building a new emerging ecosystem with strong network effects through stable net capital inflows, a monthly TVL growth rate of 43.55%, and ecological connections driven by World ID. In the context of intensified capital competition and ecological rivalry among public chains, the rise of WorldChain deserves ongoing attention. Whether it can sustain capital enthusiasm and translate it into user retention and continued support from developers will be key to assessing its long-term value.

Bitcoin Key Indicator Analysis

Against the backdrop of capital rotating across chains, Bitcoin, as the core anchor asset of the market, has its on-chain structural indicators synchronously releasing multiple potential signals, reflecting a deep adjustment in market structure and capital behavior. Since Bitcoin reached its historical high of 123,000 USDT in mid-July, the price has entered a phase of high-level fluctuations, and changes in the on-chain capital structure and supply side have become even more critical.

To further assess the support logic and risk evolution of the current high price range, this article will focus on three core on-chain indicators: Realized Cap & Net Position Change, Realized Profit/Loss Ratio, and LTH/STH Supply Ratio. Through cross-examination, it is expected to clarify the chip distribution, supply pressure, and structural support capability of the high market, providing a more forward-looking on-chain perspective for judging subsequent market trends.

BTC has reached a new high in realized market capitalization, and the on-chain structure continues to optimize According to Glassnode data, Bitcoin's Realized Cap has reached a new all-time high, surpassing $1.02 trillion, reflecting the ongoing improvement in on-chain capital structure and the rising holding costs for long-term investors. The green area in the chart shows the Realized Cap Net Position Change %, representing the intensity of new funds buying Bitcoin at higher costs. Since the end of June, this indicator has clearly risen, indicating that new funds continue to flow in, and the market structure is becoming more robust.

Although the spot price of Bitcoin has remained in a high fluctuation range between 115,000 and 123,000 USDT since July, the realized market capitalization continues to rise, indicating that more chips are being exchanged at high levels without forming large-scale selling pressure. This trend is closely related to the increased confidence of long-term holders and support from institutional buying.

Based on the market performance of an early Bitcoin investor distributing 80,000 BTC through Galaxy Digital services, the Bitcoin market demonstrates strong liquidity absorption capability and structural resilience. Even during weekends with weaker liquidity, the market can quickly digest large capital fluctuations, effectively buffering selling pressure and maintaining price stability, further consolidating the current bullish structure. If the trend of net capital inflows continues, subsequent prices are expected to achieve a structural breakthrough.

The distribution event of 80,000 BTC has led to a significant increase in the Net Realized Profit/Loss indicator, reaching a historic high of 3.7 billion dollars. This volatility occurred prior to the actual sell-off over the weekend, indicating that some funds had started to move before the final distribution. Initially, this batch of BTC was identified as an internal transfer according to on-chain recognition logic, but as it was subsequently transferred through Galaxy Digital, these transactions were reclassified as asset deliveries with economic substance, meaning that the bitcoins were actually exchanged and ownership was transferred.

BTC's realized profit and loss ratio has reached a historical high, short-term supply pressure is increasing According to Glassnode data, profit-taking activities in the market have significantly increased recently, driving the Realized Profit/Loss Ratio to soar rapidly. The current profit amount is 571 times the losses, at an extremely high level, with similar levels occurring on only about 1.5% of trading days. As shown in the chart, this ratio is approaching historical high ranges, coinciding with Bitcoin's price also being in a high fluctuation phase.

However, this does not mean that the market will immediately peak. Looking back at history, when Bitcoin surged to a high of 73,000 USDT in March 2024, it was indeed accompanied by strong profit-taking, but not all similar situations will trigger an immediate price correction. For example, when it broke the 100,000 USDT mark at the end of 2024, the realized profit-loss ratio peaked around 98,000 USDT, but the price continued to rise to 107,000 USDT before finally peaking.

Overall, high-intensity profit realization is usually a signal of the market entering a high-risk zone, but price adjustments often have a lag. In the short term, this profit release will create supply pressure, requiring the market to digest and absorb it for a certain period of time before the price trend can make a substantial response.

Long-term BTC holders reduce positions, and the increase in short-term supply ratio triggers volatility expectations According to Glassnode data, the long-term to short-term holder supply ratio (LTH/STH Supply Ratio) of Bitcoin has shown a significant decline, having fallen about 11% from its high, reflecting an increase in the supply of short-term holders, which may indicate a certain degree of chip turnover and profit realization in the market.

This change usually occurs when the market is rising or when prices are close to a temporary peak, indicating that some long-term investors have chosen to take profits while new investors are buying at high levels. This change in supply structure may increase short-term market volatility, while also representing an increase in market activity.

However, the LTH/STH ratio is still at a relatively high level, which means that the overall market's long-term holding belief has not been broken and still has a certain level of support. If the ratio continues to decline in the future, it is important to pay attention to whether more long-term holders participate in selling, which could create temporary pressure on prices. Conversely, if the ratio stops falling and rebounds, it may become a signal for the market to re-accumulate momentum and stabilize the bottom structure.

Popular Projects and Token Dynamics

On-chain data indicates that funds and users are gradually concentrating on ecosystems with interactive foundations and application depth, while projects with topicality and technological innovation capabilities are becoming new focal points for capital pursuit. This article will focus on recently outstanding popular projects and tokens, analyzing the logic and potential impacts behind them.

Overview of Popular Project Data

LetsBonk.fun In July 2025, Pump.fun, which has long dominated the Meme coin issuance market on the Solana chain, was comprehensively surpassed by the rising star LetsBonk.fun on multiple key dimensions, sparking widespread attention and discussion in the market. LetsBonk.fun was jointly created by the well-known Meme coin BONK community within the Solana ecosystem and the decentralized exchange Raydium, officially launching in April 2025. It is positioned as a Meme coin issuance platform that integrates "token issuance tools + creator incentives + community-driven" elements, specifically designed to provide creators with low-threshold and high-efficiency issuance and liquidity allocation capabilities.

According to Dune data, Pump.fun almost monopolized the Meme coin market from April to June, reaching a market share as high as 95%. However, after entering July, the issuance volume of LetsBonk.fun rapidly increased, and by mid-July, it stabilized and surpassed Pump.fun, maintaining a market share of over 50%, establishing its platform leadership in the new cycle. This also marks a shift in the Meme coin market from a single platform monopoly to a new pattern of multi-platform competition and cooperation.

Daily Graduation Token Quantity LetsBonk.fun has also surpassed Pump.fun since July 8, maintaining a dominant share of 70%-90%, reflecting that the platform project has stronger liquidity support and market recognition.

Daily Trading Volume LetsBonk.fun completed the overtaking in just two weeks, with a market share stabilizing between 60% and 80% after mid-July, demonstrating strong real user trading momentum.

User Structure Pump.fun once set a record of 400,000 daily active addresses, but has been declining since Q2, while LetsBonk.fun has shown a continuous increase in daily active users since the end of June, indicating a comprehensive shift of users from traffic to trading depth.

Platform Revenue Pump.fun was still dominant six months ago, but since the end of June, LetsBonk.fun has seen rapid revenue growth and first surpassed its competitor on July 6. During the period from July 18 to 24, daily revenue repeatedly broke 1.5 million dollars, securing the top position in the sector.

Total Market Capitalization of LetsBonk.fun Issued Projects As of July 31, the cumulative market capitalization of the LetsBonk.fun issuance project has exceeded 700 million USD, starting from less than 100 million USD in early May, showing exponential growth, and at one point, it approached the 1 billion USD mark, far surpassing other Launchpad platforms.【11]

The key project driving this wave of growth is the meme coin representative USELESS, which has a market capitalization exceeding 250 million USD, accounting for more than one-third of the Bonk ecosystem. Since June, its price has increased more than 20 times, strongly driving user FOMO and platform following effects. The number of wallet addresses holding USELESS is nearly 30,000, with an average holding of over 9,000 USD, demonstrating a high degree of capital concentration and community stickiness. Although the number of holders has seen periodic adjustments along with market capitalization fluctuations, it still maintains stable overall growth, indicating a strong loyal user base. According to Onchain Lens monitoring, USELESS once reached a market capitalization peak of over 400 million USD, with crypto KOL Unipcs (@theunipcs) purchasing approximately 28.08 million tokens for around 360,000 USD, realizing a paper profit of 9.4 million USD at the peak, becoming a highly discussed example of wealth accumulation on-chain. This demonstration effect driven by sentiment not only propels USELESS to become a benchmark project on the platform but also amplifies the overall capital inflow, project imitation effect, and content dissemination power of LetsBonk.

Furthermore, compared to other similar platforms, LetsBonk.fun demonstrates significant advantages in fee distribution mechanisms and operational transparency. The platform charges a uniform fee of 1% for each transaction, which is clearly allocated to multiple purposes: 50% for repurchasing and burning BONK, 15% for staking BONKsol, and the remaining portion for ecological development, GP reserves, and marketing. All fund flows are disclosed in real-time through a public dashboard, effectively enhancing user trust and community engagement. In comparison, Pump.fun faces community skepticism on the same dimensions. According to a tracking analysis released by Dumpster DAO on July 29, Pump.fun claims that since July, 100% of daily revenue is used for platform token repurchase, but on-chain data shows that while these funds have been deposited into the contract address, they have not been burned or transferred, and there is no public dashboard available for verification. This lack of transparency in execution has raised users' doubts about the authenticity of its repurchase mechanism and is also seen as a potential factor for its declining market share.

Driven by popular projects, user structure migration, funds return mechanisms, and a publicly transparent governance system, LetsBonk.fun has achieved platform-level rise in the Meme coin ecosystem, gradually replacing Pump.fun as the growth core of the new cycle. In the future, the platform's ability to continuously launch benchmark projects, build a diversified ecosystem, and maintain positive feedback in fund circulation will determine whether its leading position can be further solidified.

Overview of Popular Token Data

$ENA —— ENA is the native token of Ethena, which is a decentralized yield dollar protocol built on Ethereum, aimed at providing a stablecoin alternative through on-chain synthetic asset USDe. USDe is supported by collateralized assets and hedging positions, combining exchange derivatives positions with on-chain liquidation mechanisms to form a stable structure that does not rely on traditional banking systems. ENA is primarily used for staking rewards, protocol governance, and ecological incentives. As TVL and yield continue to grow, Ethena has become an innovative representative in the stablecoin sector with a core focus on "yield-driven".

Since the end of June, the price of ENA has increased by over 110%, reaching a peak of $0.69, making it one of the strongest performing tokens in recent times. On July 24, Ethena announced a strategic partnership with Anchorage Digital. Anchorage is the only federally chartered crypto bank in the United States, and will assist Ethena in issuing a stablecoin USDtb compliant with the GENIUS Act for institutional investors, providing a compliant and secure way to access US dollar exposure.

In addition, the Ethena Foundation announced on July 27 that its subsidiary had repurchased 83 million ENA through a third-party market maker in the open market between July 22 and 25. This move not only demonstrates the project's firm confidence in the long-term value of ENA but also reinforces market expectations and price support in the short term.

According to DefiLlama data, after entering July, the issuance of USDe has shown explosive growth. As of July 31, the total supply of USDe has surpassed $8.2 billion, an increase of over 40% since the beginning of the year. Among them, the Ethereum mainnet still accounts for 96.28% of the circulation, but emerging public chains such as TON and Mantle have also begun to take on liquidity, initially demonstrating the protocol's cross-chain expansion capabilities and ecosystem spillover effects. Meanwhile, the staking ratio of USDe has gradually rebounded from its low point earlier this year and is currently restored to about 60%. Although it is still lower than the historical peak, it shows that users are rebuilding confidence in the protocol's stability and yield mechanism.

As of July 31, according to DefiLlama data, Ethena's total locked value (TVL) has surpassed $8.4 billion, ranking among the top stablecoin protocols across all chains. The protocol's annualized fees amount to $609 million, and the annualized income is $123 million, demonstrating a highly sustainable overall revenue structure. The solid fundamentals of the project provide strong financial support and growth expectations for the significant rise of ENA. Notably, ENA will see a new round of token unlocking on August 2, with an expected release of approximately 40.63 million ENA, accounting for 0.64% of the circulating supply, with a market value of about $23.18 million at the current price. Although the unlocking ratio is relatively limited, it may still cause some disturbances to short-term market sentiment in the current upward trend. Whether the project team will continue to advance the buyback plan or guide liquidity will be a key focus for the market.

Overall, Ethena has gradually established a leading position in the stablecoin sector thanks to its innovative stablecoin mechanism, robust financial structure, and proactive ecological layout. The issuance and staking data of USDe continue to grow, along with positive developments such as ENA buybacks and institutional collaborations, reflecting the project team's clear strategic direction in value capture and ecological sustainability. Although token unlocking may cause fluctuations in the short term, in the medium to long term, solid fundamentals and increasing market recognition remain the core support for ENA's continuous rise. Whether the protocol can expand cross-chain layout and enhance real yield capacity will be key factors in determining ENA's valuation ceiling.

Summary

In July 2025, on-chain data fully presents a structural differentiation pattern. Ethereum's trading volume hits a new high. Although it does not have the advantage in interaction frequency, it continues to hold the top spot in transaction fee revenue due to high-value use cases, attracting stable net capital inflows and further consolidating its strategic position as the sovereign settlement layer. Solana and Base perform exceptionally in high-frequency interactions and ecosystem stability, leading in both trading volume and activity while demonstrating strong user stickiness and application implementation capabilities. Meanwhile, emerging public chains like WorldChain are rapidly accumulating funds and user bases through identity protocols and cross-chain mechanisms, actively competing for discourse power in the next phase of the public chain ecosystem.

In terms of Bitcoin, key on-chain indicators are synchronously releasing structurally strong signals: the realized market cap has reached a new high, and the market demonstrates a strong capacity for capital absorption. Recent large distribution events have not caused systemic shocks to prices. However, the concentration of profit-taking chips in the short term leads to supply pressure, combined with a loosening of the position structure, which may prompt the market to enter a phase of oscillation and digestion. Overall, the on-chain structure still supports the continuation of the bull market trend, but as the rotation of hotspots accelerates, the precise allocation of subsequent funds and users will become the key to grasping the market rhythm.

In terms of project hotspots, LetsBonk.fun and Ethena have become the most关注ed protocol representatives. The former, as a newly emerging meme coin issuance platform in the Solana ecosystem, has quickly replaced Pump.fun with popular tokens like USELESS, achieving a market share of over 70%. The platform's total market value once approached $1 billion, and it has strengthened community engagement with a transparent income mechanism; the latter has rapidly expanded through the USDe stablecoin, with TVL climbing to $8.4 billion and annual returns exceeding $120 million. Since the end of June, the ENA token has increased by over 110%, making it one of the most promising projects in the stablecoin sector, driven by buybacks and compliance progress.
Reference Material:

1. Artemis, https://app.artemisanalytics.com/chains
2. Artemis, https://app.artemisanalytics.com/chains
3. Artemis, https://app.artemisanalytics.com/chains
4. Artemis, https://app.artemisanalytics.com/flows
5. DefiLlama, https://defillama.com/protocol/world-chain
6. Glassnode, https://studio.glassnode.com/charts/ba1ec93d-85f4-41fe-5606-798a2f30013a?s=0&u=1753798907
7. Glassnode, https://studio.glassnode.com/charts/dea4aa9d-b268-45d2-6c65-fbd1f8a5807c?s=1596032506&u=1753798906
8. Glassnode, https://studio.glassnode.com/charts/ca4b13c0-8814-4083-4a1a-37fecbcc7693?s=0&u=1753798920
9. Glassnode, https://studio.glassnode.com/charts/680b84b2-2796-43a0-7194-37d43f01bce9?s=1532874151\u0026u=1753798951
10. Dune, https://dune.com/adam_tehc/memecoin-wars
11. Dune, https://dune.com/oladee/lets-bonk
12. HolderScan, https://holderscan.com/token/Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk
13. X, https://x.com/OnchainLens/status/1945007556067459425
14. Letsbonk.fun, https://revenue.letsbonk.fun/
15. X, https://x.com/EthenaFndtn/status/1949191161375273241
16. Dune, https://dune.com/hashed_official/ethena
17. Tokenomist, https://tokenomist.ai/ethena

Disclaimer Investing in the cryptocurrency market involves high risks. 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 We do not accept any responsibility for losses or damages resulting from such investment decisions.