CoinW Research Institute Weekly Report (April 27, 2026 - May 3, 2026)

Key Points

The total market value of global cryptocurrencies is $2.75 trillion, up from $2.72 trillion last week, with an increase of about 1.1% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF stands at approximately $59.25 billion, with a net inflow of $532 million this week; the cumulative net inflow for the U.S. Ethereum Spot ETF is approximately $12.08 billion, with a net inflow of $61.29 million this week.

The total market value of stablecoins is $315.7 billion, up from $314.8 billion last week, showing an increase of approximately 0.28%. Among them, USDT has a market value of $189.55 billion, accounting for 60.04% of the total market value of stablecoins, down approximately 0.14% from $189.82 billion last week; second is USDC with a market value of $78 billion, accounting for 24.77% of the total market value of stablecoins, which is an increase of approximately 0.38% from $77 billion last week; DAI has a market value of $5.36 billion (almost unchanged from last week), accounting for 1.69% of the total market value of stablecoins.

According to DeFiLlama, the total TVL in DeFi this week is $85.704 billion, up from $84.902 billion last week, an increase of about 0.94%. By public chain classification, the three public chains with the highest TVL are Ethereum, 53.57%; BNB Chain, 6.47%; and Solana, 6.37%.

This week's main public chain performance (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos):

In terms of on-chain Dex daily transaction volume, BNB Chain ($0.746B, +54.45%) and Ton ($0.0024B, +48.13%) lead, while Ethereum ($0.676B) and Solana ($0.81B) fell by 21.3% and 17.68% respectively. Transaction fees generally decreased, with Solana ($0.002) and Ton ($0.0014) dropping by over 60%, while Ethereum ($0.01) decreased by 50%. In terms of on-chain daily active addresses, Aptos (788,000) rose by 83.1%, leading the ecosystem, while Ethereum (486,000) saw a 37.32% decline. Overall TVL has little fluctuation, with only Ton ($0.068B) growing against the trend by 17.91%, but Ethereum ($46B), BNB Chain ($5.56B), and Solana ($5.46B) experienced slight declines yet still remain in the top three.

New project focus: 3F is a network for RWA (Real World Assets) returns and leverage protocols built within the DeFi ecosystem, positioned as “the global yield network of DeFi.” ILITY is a privacy-focused Layer 1 blockchain network using zero-knowledge proof (ZK) technology, focusing on “cross-chain data verification and privacy identity systems.” RealGo is a chain game project that integrates AR (augmented reality), AI, and Web3, aiming to create an “immersive game world based on geographic locations.”

Key Points

I. Market Overview

1. Total Market Value of Cryptocurrencies/ Proportion of Bitcoin Market Value

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 Value and Issuance

II. This Week's Hot Money Trends

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

2. Insights on New Projects

III. New Developments in the Industry

1. Major Industry Events This Week

2. Major Upcoming Events Next Week

3. Significant Financing from Last Week

IV. Reference Links

I. Market Overview

1. Total Market Value of Cryptocurrencies/ Proportion of Bitcoin Market Value

The total market value of cryptocurrencies is $2.75 trillion, up from $2.72 trillion last week, with an increase of about 1.1% this week.

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

Data as of May 3, 2026

As of the time of writing, the market value of Bitcoin is $1.62 trillion, accounting for 58.91% of the total market value of cryptocurrencies. Meanwhile, the market value of stablecoins is $315.7 billion, accounting for 11.48% of the total market value of cryptocurrencies.

Data source: coingecko, https://www.coingecko.com/en/charts

Data as of May 3, 2026

2. Fear Index

The cryptocurrency fear index is 51, indicating a neutral sentiment.

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

Data as of May 3, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the total net inflow of Bitcoin spot ETFs in the U.S. is approximately $59.25 billion, with a net inflow of $532 million this week; the total net inflow for Ethereum spot ETFs in the U.S. is approximately $12.08 billion, with a net inflow of $61.29 million this week.

Data source: sosovalue, https://sosovalue.com/zh/assets/etf

Data as of May 3, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,380.08, historical highest price $4,946.05, a decrease of approximately 51.89% from the highest price.

ETHBTC: Currently at 0.029438, historical highest at 0.1238.

Data source: ratiogang, https://ratiogang.com/

Data as of May 3, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL in DeFi this week is $85.704 billion, up from $84.902 billion last week, an increase of about 0.94%.

Data source: defillama, https://defillama.com

Data as of May 3, 2026

When classified by public chains, the three public chains with the highest TVL are Ethereum, accounting for 53.57%; BNB Chain, accounting for 6.47%; and Solana, accounting for 6.37%.

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

Data as of May 3, 2026

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

Layer 1 Related Data

Mainly analyzed from daily transaction volume, daily active addresses, and transaction fees for the currently main Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, https://defillama.com

Data as of May 3, 2026

On-chain Dex Daily Transaction Volume and Transaction Fees: On-chain Dex daily transaction volume and transaction fees are core indicators of the activity and user experience of public chains. This week, in terms of on-chain Dex daily transaction volume, BNB Chain ($0.746B, +54.45%), Ton ($0.0024B, +48.13%), and Aptos ($0.028B, +11.48%) all saw growth. Other chains experienced declines, with Ethereum ($0.676B) leading to a 21.3% drop; followed by Solana ($0.81B, -17.68%) and Sui ($0.021B, -12.04%). In terms of transaction fees, this week BNB Chain ($0.00001) and Aptos ($0.000001) remained almost unchanged from last week; Solana ($0.002) and Ton ($0.0014) decreased by 62.51% and 62.43%, respectively; and Ethereum ($0.01) fell by 50%.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user retention of public chains, while TVL reflects user trust in the platform. This week, Aptos (788,000, +83.1%) led in daily active addresses; Ethereum (486,000, -37.32%) led in declines; Solana (1.92 million) and Sui (266,000) fell by 10.70% and 8.97%, respectively; the changes in other chains were minor. In terms of TVL, Ton ($0.068B) grew by 17.91% from last week, while other chains showed little change. Ethereum ($46B) continues to lead various chains; followed by Solana ($5.46B) and BNB Chain ($5.56B).

Layer 2 Related Data

According to L2Beat, this week the total TVL of Ethereum Layer2 is $34.26 billion, down by 0.49% from $34.43 billion last week.

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

Data as of May 3, 2026

This week, Base and Arbitrum had market shares of 46.36% and 17.29%, respectively, ranking first and second.

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

Data as of May 3, 2026

7. Stablecoin Market Value and Issuance

According to Coinglass data, the total market value of stablecoins is $315.7 billion, up from $314.8 billion last week, marking an increase of approximately 0.28%. Among them, USDT has a market value of $189.55 billion, accounting for 60.04% of the total market value of stablecoins, down approximately 0.14% from $189.82 billion last week; second is USDC with a market value of $78 billion, accounting for 24.77% of the total market value of stablecoins, which is an increase of approximately 0.38% from $77 billion last week; DAI has a market value of $5.36 billion (almost unchanged from last week), accounting for 1.7% of the total market value of stablecoins.

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

Data as of May 3, 2026

According to Whale Alert data, this week the USDC Treasury issued a total of 2.25 billion USDC, while the Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 3.25 billion, a decrease of 23.53% from last week’s total issuance of 4.25 billion.

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

Data as of May 3, 2026

II. This Week's Hot Money Trends

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

Top five VC coins by price increase over the past week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of May 3, 2026

Top five Meme coins by price increase over the past week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of May 3, 2026

2. Insights on New Projects

Legend is a social derivatives platform aimed at the new generation of on-chain traders, positioned as the “esports layer for trading.” The core of the project is to combine perpetual contract trading, PvP battles, leaderboards, clans, live viewing, and copy trading to create a gamified and competitive trading experience. Its signature product “Arena” allows users to engage in real-time head-to-head trading competitions, determining the winner by yield and establishing a long-term ranking system through an ELO rating system, emphasizing that “trading is not about fighting the market, but competing with other traders.” Legend targets beginners, professional traders, and content creators, attempting to carve out a new sub-direction in the on-chain derivatives sector with "social + gamification + competitive finance."

NUVA Digital is a technology company focused on Web3 infrastructure for real-world assets (RWA), and is the developer of the RWA platform NUVA. Its core positioning is to create a "non-custodial, unified distribution layer," allowing global users to access institutional-grade real assets through stablecoins with one-click, and mint them into on-chain tokens with yield properties and composability. NUVA aims to connect traditional financial assets with the DeFi ecosystem, providing on-chain reserve proof and transparency, while reducing the high barriers and lock-up limitations of traditional RWA products.

Voran is a decentralized computing power platform established in 2026, aiming to provide scalable distributed computing services to global users, covering cloud computing and Web3 infrastructure. The project hopes to integrate idle computing power resources through a decentralized architecture, reducing the risks and costs associated with traditional cloud services, providing more open underlying support for AI training, data processing, and high-performance computing scenarios. Voran completed a $3 million seed round financing in April 2026, with investors including Cryptogram Venture, IBC Group, Harbor Digital Ventures, Mario Nawfal, and All In Club.

III. New Developments in the Industry

1. Major Industry Events This Week

On April 29, 2026, Gensyn (AIGENSYN / AI) completed its token generation and distribution launch, simultaneously initiating a large-scale airdrop redemption. The total supply of Gensyn is 10 billion AI tokens, with 1.6% allocated to the testnet activity reward pool and 0.4% allocated to the bidding reward pool, focusing on rewarding long-term contributors to the testnet, Swarm, BlockAssist, CodeAssist, etc.; users participating in its public sale at the end of 2025 are also in this distribution phase. Gensyn itself is positioned as a “Network for Machine Intelligence,” aiming to build a decentralized AI infrastructure market that connects global idle computing power, data, and model training demands, making AI model training and inference no longer reliant on a few cloud service giants, but completed in an open network.

MegaETH (MEGA) completed its TGE on April 30, 2026. On the same day, MEGA launched on-chain circulation, officially disclosing a total supply of 10 billion tokens. In terms of airdrops, on April 28, 2026, MegaETH launched the "Terminal Season 1" incentive program as an entry point for mainnet participation rewards; simultaneously, its historical contributor airdrop primarily targeted The Fluffle NFT holders and long-term mainnet active users. MegaETH itself is positioned as a high-performance Ethereum Layer 2, emphasizing a "real-time blockchain" narrative, targeting 10ms block times and over 100,000 TPS, catering to high-frequency trading, chain games, and real-time application scenarios. Its innovation lies in tying token releases to actual growth metrics rather than the traditional linear unlocking, making the TGE the result post-adoption verification rather than merely a financing node. This mechanism also makes MegaETH one of the most sought-after high-performance scalability projects of 2026.

Printr ($PRINT) launched a Community Sale on the Sonar platform from April 28, 2026, at 12:00 UTC to May 1, 2026, at 12:00 UTC, using USDC (based on the Solana network) as the subscription mode. The sale is priced at $0.50 per token, offering a total of 4,000,000 $PRINT (4% of the total supply), with a fundraising target of $2 million. This round of community sales is not only an important financing point for the project but also plays a role in the preliminary distribution of tokens and market warming. Printr is a Web3 project focused on the creator economy and digital content distribution, aiming to provide creators with a more open commercialization path through on-chain rights confirmation, revenue sharing, and community collaboration mechanisms.

2. Major Upcoming Events Next Week

The Web3 robotic ecosystem project XMAQUINA announced that its native token DEUS will undergo TGE (Token Generation Event) on May 27, 2026, with a fixed total supply of 1 billion tokens. The core of XMAQUINA is to build decentralized capital market infrastructure around “Physical AI” and the robotic economy, attempting to enable global users to share equity in private robotic companies, physical machine assets, and related revenue opportunities through on-chain governance and asset mapping. As the governance and value coordination layer of the entire ecosystem, DEUS supports staking to generate xDEUS, participating in treasury decisions, promoting SubDAO launches, and underpinning future robotic asset trading and protocol revenue distribution. According to official disclosures, the initial circulation ratio at TGE is approximately 26.94%–41.25% (depending on statistical standards), with some held by the DAO treasury.

Cider Protocol ($CIDER) is set to launch a Private Sale on the Poolz Finance platform on May 4, 2026, with a fundraising target of $40,000 and a subscription exchange ratio of 1 USD = 222.22 CIDER, corresponding to a token price of approximately $0.0045. This private offering is an important financing and user expansion phase before the official market launch of the project, open to early supporters to establish initial liquidity and community building. Cider Protocol itself is an early-stage Web3 project focused on on-chain financial infrastructure, committed to constructing more efficient mechanisms for digital asset interaction and value flow. The private sale starting on May 4 not only serves as a capital raising action but also indicates that the project is transitioning from product validation to market advancement, laying the foundation for subsequent TGE and ecosystem expansion.

ATEG Capital (ATEG) plans to raise funds through the Kommunitas platform from May 15 to 17, 2026, with a target fundraising scale of $300,000, with a token price of $0.20 per token, selling a total of 1,500,000 tokens; 10% will unlock at TGE, followed by a 2-month cliff and a 6-month linear release. ATEG Capital is a crypto project focusing on the RWA (Real World Assets) sector, attempting to bring real asset revenues, such as housing and energy, onto the chain, creating a cryptocurrency ecosystem centered around asset-backed models.

3. Significant Financing from Last Week

The Argentine digital wallet platform Belo announced the completion of a $14 million Series A financing, led by Tether, with participation from Titan Fund, The Venture City, Mindset Ventures, and G2. Founded in 2021 and headquartered in Buenos Aires, Belo currently serves over 3 million Latin American users. Its core product is a digital wallet based on crypto infrastructure, supporting holdings, transfers, and payments in local currencies, stablecoins (“digital dollars”), and Bitcoin, reducing cross-border transfer costs and delays through its backend on-chain settlement. (April 29, 2026)

The asset-backed financial infrastructure company Fence completed a $20 million financing led by Galaxy Digital, with participation from ParaFi Capital and Crane Venture Partners. Fence focuses on transforming backend infrastructure in the asset-backed finance field, targeting a market size of approximately $6 trillion. Its core products are aimed at institutions providing automated workflow platforms, using blockchain, smart contracts, and asset tokenization technologies to digitize loan pool tracking, collateral verification, and fund transfer processes, replacing the inefficiencies of traditional models reliant on forms, PDFs, and emails. (April 29, 2026)

Squads completed an $18 million strategic equity financing, led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, among others, bringing its total funding to $42.90 million. Squads initially emerged from the Solana ecosystem multi-signature and smart account infrastructure, with its core products ensuring the safety of over $10 billion in on-chain assets. This round of funding will focus on expanding its stablecoin financial platform Altitude. Launched in December 2025, the platform provides enterprises with 24/7 global payments based on stablecoins, fund management, multi-currency accounts, and financial automation services, utilizing a self-custodial wallet model allowing enterprises to hold stablecoin assets directly rather than relying on traditional partially reserved bank accounts. Simultaneously, Altitude integrates compliance capabilities such as sanction screenings, AML, transaction monitoring, and KYB, as well as access to payment service providers like MoonPay and Bridge. (April 29, 2026)