Original title: (ETH is about to hit a new high, which 'Ethereum system' Alpha tokens are worth paying attention to?)
Original source: Biteye Chinese
Recently, the price of ETH has approached historical highs, with strong upward momentum, and institutional funds are also accelerating their inflow.
In this context, multiple Ethereum ecosystem tokens have received good news recently. In this article, we select 12 Alpha tokens to interpret their latest developments and bullish reasons.
1/12 $BMNR
Under Tom Lee's leadership, the US-listed company BitMine Immersion (NYSE: BMNR) has accumulated 1.2 million ETH, worth $5.03 billion, making it the world's largest ETH holder. 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 to bet on Ethereum.
BMNR's aggressive token accumulation strategy has also attracted endorsements from Wall Street shareholders. Cathie Wood's ARK Invest invested about $182 million to acquire approximately 4.77 million shares of Bitmine, with $177 million allocated for purchasing Ethereum (ETH); notable investor Bill Miller has also invested in BMNR, likening it to ETH MicroStrategy; Peter Thiel's Founders Fund has disclosed a 9.1% stake.
Benefiting from the rise in ETH prices and the 'token accumulation' narrative, BMNR's stock price has been continuously strengthening, nearly doubling since August.
2/12 $ENA
Recently, the bullish sentiment was ignited by Ethena's newly established department StablecoinX, which plans to buy back $260 million ENA within six weeks, accounting for 8% of the circulating supply, with daily real monetary push. More importantly, the fee switch mechanism has been approved, meaning that part of the protocol's income will be directly distributed to sENA holders in the future. According to Tokenomist's scenario simulation, conservatively estimating, sENA's annual yield could also reach 4%, with an optimistic scenario potentially exceeding 10%.
Aside from internal protocol benefits, at the beginning of June, Coinbase announced support for ENA and opened USD trading pairs, as one of the few synthetic stablecoin projects to go live. Meanwhile, the Ethena ecosystem continues to grow, collaborating with yield protocols like Pendle to embed USDe into more DeFi strategies, enhancing sticky yields.
In the long run, Ethena is expanding the Converge Chain and launching the compliant stablecoin USDtb, gradually building a diversified income system to enhance cyclical resistance.
3/12 $PENDLE
Recently, Pendle has performed exceptionally well, with its TVL exceeding $9 billion on August 13, setting a historical high. Its token price once approached $6, with a monthly increase of over 30%, far exceeding the market average.
The bullish logic is as follows:
1. Boros has launched, converting funding rates for BTC/ETH perpetual contracts into tradable assets, attracting a large number of users to participate in a short time, becoming the core growth driver of Pendle V3. Statistics show that in the first two days after its launch, Boros attracted over $1.85 million equivalent in BTC and ETH deposits, driving Pendle's TVL to surge sharply.
2. Pendle has deep collaborations with protocols like Ethena and Aave, launching strategies like PT-USDe, which contribute nearly 60% of Pendle's TVL.
3. Since 2025, about $41 billion in institutional funds have flowed into DeFi, and Pendle's Citadels compliance program has facilitated institutional funding, accelerating the rise of TVL.
4/12 $UNI
As the leader in DEX, Uniswap has two major catalysts entering 2025: the official launch of version V4 and the launch of its exclusive Layer 2 network 'Unichain'.
1. 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 utilizing Hooks such as Bunni and EulerSwap have achieved over $100 million in cumulative trading volume, bringing new vitality to Uniswap.
2. Uniswap plans to build an exclusive ecosystem through Unichain, which currently accounts for over 70% of daily active trading. This not only expands the user base but also diversifies single-chain reliance, enhancing risk resistance.
5/12 $FLUID
At the beginning of 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 enhances capital utilization efficiency by ingeniously converting the collateral of 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:
1. Release a large amount of liquidity: Fluid cleverly uses the collateral/debt of lending pools directly as liquidity for trading pairs, allowing assets to 'serve two purposes.' Users earn interest by depositing ETH or stablecoins into Fluid while these assets are used to provide trading depth, generating additional fee income. More importantly, Fluid's liquidity layer automatically adjusts the portion of each asset used for trading based on borrowing utilization rates and dynamically increases collateral requirements when funds approach borrowing limits to prevent risks of bank runs and liquidation. This design significantly reduces capital fragmentation and improves the turnover efficiency of unit liquidity.
2. Rapid Development: Fluid has developed rapidly since its launch in 2023, becoming the fastest-growing DEX on Ethereum, achieving a cumulative trading volume of $10 billion in just 100 days. A more efficient 'light version' of the exchange is about to launch, expected to further increase daily trading volume by $400-600 million, with rapid product iterations providing room for growth in the value of the FLUID token.
3. Market recognition is rising, and valuations have potential: With the increase in trading volume, the price of $FLUID jumped 14% in early August. Even after this round of increases, its circulating market capitalization is around $290 million, which is far 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 ushering in a new development peak in 2025. Currently, Lido's TVL is close to $41 billion, accounting for 26% of the total DeFi TVL.
By sorting through the data, it can be seen that Lido is digging its own moat deeper, with more and more applications accepting stETH as collateral or payment means, enhancing its liquidity and demand. For example, lending protocols like Aave now support stETH as collateral lending assets, and stable pools like Curve offer stETH trading pairs, with stETH rapidly integrating into various corners of DeFi.
In the context of the continued heating up of Ethereum staking, Lido, as an industry leader, still has a robust outlook.
7/12 $AAVE
As of now, Aave's TVL has climbed 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 stablecoin narrative has exploded, with Aave's GHO stablecoin supply increasing from about $146 million to approximately $314 million, rising over 100%, and gradually expanding to networks like Arbitrum and Base, with Aave's influence in the stablecoin space expected to continue rising.
Moreover, recent news of Aave collaborations has emerged frequently. 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 to the blockchain. This series of initiatives has solidified Aave's position as the institutional-level DeFi lending gateway.
8/12 $CRV
Curve's decentralized stablecoin crvUSD celebrates its two-year anniversary, showing excellent performance.
As an over-collateralized stablecoin launched by Curve, crvUSD has been widely integrated into major DeFi protocols after two years of development, and can even be used for daily payments. Thanks to its unique LLAMMA automatic liquidation mechanism, crvUSD has demonstrated 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 annual yield of savings crvUSD (scrvUSD) close to 8%, showing an upward trend.
While there are security concerns, after experiencing events like DNS hijacking attacks, the Curve team quickly migrated to a new domain and advocated for the use of ENS, IPFS, and other anti-censorship methods to provide front-end services.
Furthermore, Curve founder Michael Egorov is developing a new yield protocol 'Yield Basis', aiming to provide sustainable yields for on-chain BTC and ETH, with the Curve ecosystem potentially expanding into RWA.
9/12 $SKY
As the stablecoin issued by MakerDAO (Sky), USDS currently ranks fourth in market capitalization, adopting an over-collateralization model where assets of higher value must be locked before minting. Recently, the GENIUS Act prohibits stablecoins from 'directly earning interest'; the yield from USDS comes from collateral assets participating in on-chain staking and liquidity mining, rather than direct dividends, which somewhat circumvents the restrictions of the Act. Currently, sUSDS has an annual 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 trading for SKY and USDS 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-scale influx of funds has directly boosted market confidence in Spark, and the price of $SPK has quickly rebounded and reached new highs.
Looking back, Spark's initial launch was quite hot, employing a strategy of large-scale airdrops and simultaneous listings on mainstream exchanges, attracting a large number of users' attention and participation in early trading, leading to a surge in trading volume and price fluctuations, along with major platforms like Binance and Coinbase opening trading simultaneously, injecting considerable liquidity into $SPK.
More importantly, Spark is backed by MakerDAO's billions of dollars in reserves and a synthetics asset system that has operated stably for years, making it one of the few projects in DeFi that was 'born with a golden spoon.' Therefore, Spark's products have had a high safety margin from the very beginning, providing a confidence guarantee for institutional and large-scale funds to enter.
Looking ahead, Spark has a relatively complete product matrix that can layout diversified yield scenarios. The current product line includes SparkLend, SparkSavings, SLL, etc., almost encompassing all elements of the DeFi yield closed loop.
11/12 $LINK
As a leading oracle, Chainlink has recently launched a new Chainlink reserve mechanism that automatically converts service fees paid by enterprises and DApps into LINK and deposits it into an on-chain reserve pool, accumulating over $1 million in LINK, which means a continuous source of income in the future, indicating that the selling pressure on LINK in the market will decrease. The official statement indicates that reserves will not be withdrawn for years, supporting the long-term growth of the network, and can be seen as a 'burning' deflationary benefit for LINK.
Additionally, as of August, the Chainlink network's oracle has secured over $93 billion in DeFi value, 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 has partnered with ICE, the parent company of the New York Stock Exchange, to seamlessly bring its foreign exchange and precious metals data on-chain. Looking ahead, as oracle services deeply integrate into DeFi and RWA narratives, LINK has a greater chance of appreciation.
12/12 $PENGU
Last month, PENGU made a comeback with the NFT+Memecoin narrative, skyrocketing over 400% in just 30 days. The main driving force behind this is institutional-level good news, with the well-known institution Canary Capital submitting 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 surged immediately.
Risk Warning: The above analysis is for reference only and does not constitute investment advice.
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