Gate Research Institute: 21Shares applies for ONDO ETF | Polygon stablecoin supply hits a three-year high

Crypto Market Overview

• BTC (+1.40% | Current Price 119,449 USDT): BTC is currently oscillating between 119,000 and 120,000, with a steady upward trend over the past two days. Although there has been a short-term pullback, the overall trend remains strong. The short-term moving averages are still trending upwards, and the price is above the moving average system, indicating that the bullish structure has not been broken. During the upward movement, there has been an increase in volume, reflecting that there is some capital support in the market; however, recent trading volume has slightly decreased, and it is necessary to monitor whether the short-term momentum can be sustained. If it can effectively break through 120,500 with increased volume, it will further confirm the upward trend; conversely, if it falls below 118,800, it may trigger a larger consolidation. On July 22, BTC ETF had a net outflow of 68 million USD, of which Ark ARKB had an outflow of 42.3 million USD, and Bitwise BITB also had an outflow of 42.3 million USD, as of July 23, 13:00 (UTC+8).
• ETH (-1.02% | Current Price 3,745 USDT): ETH has maintained a fluctuating upward trend in recent days, gradually rising along the short-term moving averages, with a stable trend. The price is operating above multiple moving averages, indicating a good bullish structure. The overall trading volume is stable, with no significant increase, and market funds are relatively cautious. The MACD has formed a golden cross at a low level, with red bars gradually expanding, indicating a gentle recovery of short-term bullish momentum. Overall, it is still in a slow bull consolidation phase, and attention should be paid to changes in trading volume and the situation of breaking previous highs to determine the continuation of the trend. On July 22, ETH ETF recorded a net inflow of 533 million USD in a single day, of which BlackRock's ETHA saw an inflow of 426 million USD, and Grayscale's ETH had an inflow of 72.6 million USD.
• Altcoins: Mainstream altcoins generally rose, and the market continued a strong trend. The fear and greed index rose to 74, maintaining an optimistic sentiment but not reaching extreme euphoria. Short-term structural rotation may continue.
• Macro: On July 22, the S&P 500 Index rose by 0.06% to 6,309.62 points; the Dow Jones Index rose by 0.4% to 44,502.44 points; the Nasdaq Index fell by 0.39% to 20,892.69 points. As of July 23, 10:30 AM ( UTC+8, the spot gold price per ounce is temporarily quoted at 3,429 USD, with a 24H decline of 0.29%.

Trending Tokens on Juejin

FLR Flare Network (+16.21%, circulating market cap 1.73 billion USD)

According to Gate market data, the FLR token is currently priced at 0.02434 USD, up approximately 16.21% in the last 24 hours. Flare Network is a Layer 1 blockchain that supports cross-chain interoperability and data acquisition, with its core mechanisms being the FTSO (Flare Time Series Oracle) and FAsset bridging system, allowing non-smart contract chain assets (such as XRP, BTC) to enter the EVM ecosystem for DeFi operations, featuring a native cross-chain bridge and an economically secure oracle architecture.

This round of increase may be related to the announcement by the DeFi protocol Firelight to integrate XRP assets and launch the stXRP pegged token. Users can lock XRP on the XRPL, and after verification by Flare's FDC, they can obtain stXRP on Firelight for various DeFi strategies, achieving yield stacking and token appreciation. This process protects peg stability through Flare's multi-layer collateral and Economic Security Services (ESS), enhancing asset utilization. After the news was released, the activity of the Flare network significantly increased, driving up the demand for FLR and strengthening market sentiment. In the short term, attention can be paid to the real usage rate and TVL growth of Flare's cross-chain DeFi scenarios.

SAROS Saros (+14.13%, circulating market cap 898 million USD)

According to Gate market data, the current price of the SAROS token is $0.3416, up 14.13% in the last 24 hours. Saros is one of the important decentralized trading platforms in the Solana ecosystem, featuring low slippage and high-efficiency on-chain trading experience. Recently, Saros launched the DLMM (Dynamic Liquidity Market Maker) based on the Liquidity Book architecture, achieving centralized liquidity, flexible pricing, and zero slippage exchanges, strengthening its differentiated positioning in the high-performance DEX track.

The recent rise of SAROS may primarily be influenced by the integration of the DLMM module into the data dashboards of GeckoTerminal and CoinGecko, allowing users to track its TVL, trading volume, and on-chain activities in real-time, significantly enhancing project exposure and user participation. At the same time, Saros is also actively responding to the Solana official call to "rebuild the liquidity layer," strengthening the synergy with the Solana ecosystem. With the DeFi sector warming up and the activity level of Solana increasing, SAROS, as one of the mainstream infrastructures, is expected to continue benefiting from ecological catalysts in the short term. Future attention can be paid to its TVL growth and the performance of the LP incentive mechanism.

USELESS Useless Coin (+17.42%, circulating market cap 330 million USD)

According to Gate.io market data, the current price of the USELESS token is $0.3344, having increased by approximately 17.42% in the last 24 hours. Useless Coin is a project with community attributes and an ironic cultural tone, initially gaining attention due to its name "Useless", and gradually building cross-chain functionality and practical value.

Recently, Useless announced the adoption of Chainlink's CCIP (Cross-Chain Interoperability Protocol) standard, officially upgrading to Cross Chain Token (CCT) and implementing native cross-chain transfer functionality. Currently, USELESS can be freely transferred between the BNB Chain and Solana network via CCIP, with security provided by Chainlink. This integration not only enhances the accessibility of USELESS in a multi-chain ecosystem but also symbolizes its gradual departure from "meme attributes" towards a project trajectory with cross-chain application value. The announcement triggered a positive market reaction, driving both token trading volume and prices up. Future attention can be directed towards its real applications and collaboration expansion in multi-chain scenarios.

Alpha Interpretation

21Shares applies for ONDO ETF, accelerating the compliance of RWA assets.

21Shares officially submitted its S-1 registration application for the ONDO ETF to the US SEC on July 22, proposing a fund product named "21Shares Ondo Trust" that aims to track the performance of the ONDO token through physical holdings. This ETF will hold ONDO tokens themselves and will be valued based on the CME CF Ondo Finance–Dollar Index. This structure not only avoids the use of leverage or derivatives but also enhances asset transparency and compliance security. If approved, 21Shares will become the first issuer to incorporate RWA tokens into the ETF structure, marking a key step in the further integration of blockchain assets into the traditional financial system.

This application also reflects the proactive layout of ONDO's project party, Ondo Finance, in the compliance path. As a RWA project dedicated to putting traditional assets like U.S. Treasury bonds on the blockchain, Ondo Finance recently acquired the SEC-registered brokerage Oasis Pro and partnered with Pantera Capital to establish a $250 million fund to accelerate institutional-grade asset support and market expansion. Stimulated by ETF news, the ONDO token saw a significant short-term price rebound, with trading volume approaching $500 million within 24 hours, indicating a warming market sentiment. However, the ETF has not yet been approved by the SEC and is not protected under the Investment Company Act of 1940, leaving uncertainty regarding its successful listing. Its ultimate fate will become an important indicator of the progress in the integration of on-chain assets and traditional finance.

Polygon stablecoin supply surpasses 2.8 billion USD, with ecological funding and multi-chain architecture heating up simultaneously.

The total supply of stablecoins on the Polygon network has surpassed $2.8 billion, setting a new record high in the past three years. This figure reflects the increasing capital capacity of the Polygon ecosystem, especially in the current environment of multi-chain parallelism and intensified L2 competition. Polygon is able to maintain and expand its market share of stablecoins, demonstrating its strong appeal in areas such as DeFi, payments, and on-chain transactions. With mainstream stablecoins such as USDC and USDT continuously being deployed on the Polygon network, the liquidity structure at the protocol layer is gradually being optimized to support more high-frequency, low-cost trading applications.

Polygon officially entered the "Polygon 2.0" implementation phase in 2025, with core components such as the AggLayer mainnet and the Bhilai hard fork going live one after another, promoting the practical realization of multi-chain interoperability and performance expansion. At the same time, Polygon continues to deepen its cooperation with financial and Web2 institutions, with companies like Stripe and Franklin Templeton launching payment and fund services through its network, further strengthening its ecological position. The PoS chain, due to its low cost and high performance, remains a high-frequency usage area for stablecoins and DeFi. This stablecoin supply has surpassed 2.8 billion USD, reflecting the continuous enhancement of liquidity and demonstrating the market's recognition of its infrastructure and multi-chain architecture. With capital and applications returning, Polygon is expected to usher in a new round of synchronous expansion of ecology and assets.

The Sui ecosystem's MPC collaborative network is reaching a key implementation, and Ika will launch its mainnet on July 29.

The Sui ecosystem's parallel multi-party computation (MPC) network project Ika announced that it will officially launch its mainnet on July 29. According to the official post style on the X platform, Ika continues the brand tone of "two-dimensional + technology" with the slogan "your waifu’s coordination era begins," further reinforcing its project positioning aimed at crypto native users, DeFi gamification scenarios, and community collaboration. It is worth noting that Ika is one of the first projects on Sui to adopt MPC logic for on-chain coordination, focusing on collaborative mechanisms such as multi-sign governance, permission control, and task division. By leveraging programmable MPC logic, it aims to expand the boundaries of Sui smart contracts, potentially introducing a more detailed and secure application collaboration foundational layer for L1 public chains.

Since receiving strategic investment from the Sui Foundation in April this year, Ika's total financing has exceeded $21 million, with a lineup of investors including well-known institutions such as dao5, Hashed, and HashKey Capital. Ika's positioning is not limited to technical infrastructure but also attempts to introduce innovative settings such as "role token binding," for example, presenting MPC permissions through anime characters, making the task collaboration process more immersive. If the mainnet launch goes smoothly, it will become a key project in the Sui ecosystem that integrates multi-signature, secure collaboration, and user participation experience, and may also spawn new combinatorial experiments in areas such as DePIN, RWA, and multi-chain account management, further enriching the playability and scalability of the Sui ecosystem.

Gate Launchpool

New Listing Details

• Subscription Project: NeonNeko
• Token Name: NEKO
• Deadline: July 25, 2025, 18:00 (UTC+8)
• Participation method: Stake GT or NEKO to receive for free
• Total airdrop amount: 750,000 NEKO

Project Introduction

NeonNeko is a gamified, community-driven project based on the Solana blockchain. By combining vibrant aesthetics with interactive gameplay, NeonNeko aims to redefine Web3 gaming through engaging mechanisms, NFT integration, and social participation.
Reference:

• 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/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• SEC, https://www.sec.gov/Archives/edgar/data/2061627/000121390025066691/ea0248711-s1_21shares.htm
• X, https://x.com/0xPolygon/status/1947670385648095473
• X, https://x.com/ikadotxyz/status/1947611909387391260
• Gate, https://www.gate.com/launchpool/NEKO?pid=344

Disclaimer Investing in the crypto market involves high risks, and 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 does not accept any responsibility for any losses or damages resulting from such investment decisions.