Recently, ETH prices have approached historical highs, with strong upward momentum, and institutional funds are accelerating their inflow.

Against this backdrop, multiple Ethereum ecosystem tokens have recently had positive news, and in this article, we have selected 12 Alpha tokens to interpret their latest developments and bullish reasons.

1/12 $BMNR

Under the leadership of Tom Lee, the US-listed company BitMine Immersion (NYSE: BMNR) has accumulated 1.2 million ETH, valued at $5.03 billion, becoming the largest ETH holder in the world. Additionally, the company plans to continue buying ETH, aiming to acquire 5% of the global ETH supply, and plans to use the ETH held for staking to earn income. Therefore, BMNR is undoubtedly one of the strong vehicles betting on Ethereum.

BMNR's aggressive coin hoarding strategy has also attracted backing from Wall Street shareholders. Cathie Wood's ARK Invest invested approximately $182 million to acquire about 4.77 million shares of Bitmine's common stock, of which $177 million will be used to purchase Ethereum (ETH); renowned investor Bill Miller has also invested in BMNR, likening it to ETH MicroStrategy; Peter Thiel's Founders Fund has also disclosed a 9.1% stake.

Benefiting from the rise in ETH prices and the 'coin hoarding' narrative, BMNR's stock price has recently continued to strengthen, nearly doubling from August onwards.

2/12$ENA

Recent bullish sentiment was ignited by Ethena's newly established department StablecoinX, which plans to repurchase $260 million ENA within six weeks, accounting for 8% of the circulation, driving the price up daily. More importantly, the fee switch mechanism has been approved, meaning that part of the protocol's income will be directly distributed to sENA holders. According to Tokenomist's scenario simulation, conservatively estimating sENA could yield an annualized return of 4%, and in an optimistic scenario, it could even exceed 10%.

In addition to internal protocol benefits, at the beginning of June, Coinbase announced support for ENA and opened a USD trading pair, becoming one of the few synthetic stablecoin projects to be listed. Meanwhile, the Ethena ecosystem continues to grow, collaborating with yield protocols like Pendle to embed USDe into more DeFi strategies, enhancing yield stickiness.

In the long run, Ethena is expanding into the Converge Chain and launching the compliant stablecoin USDtb, gradually building a diversified income system to enhance cyclical resistance.

3/12$PENDLE

Pendle has recently 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 broader market.

The positive logic is as follows:

1. The launch of Boros, which converts the funding fee rates of BTC/ETH perpetual contracts into tradable assets, quickly attracted a large number of users to participate, becoming the core growth driver for Pendle V3. Statistics show that in the first two days after Boros was launched, it attracted over $1.85 million worth of BTC and ETH deposits, driving Pendle's TVL to surge.

2. Pendle has deep integration with protocols like Ethena and Aave, launching strategies such as PT-USDe, which almost contributed 60% to Pendle's TVL.

3. Since 2025, approximately $41 billion in institutional funds have flowed into DeFi, and Pendle's Citadels compliance program has facilitated institutional funding, further accelerating the increase in TVL.

4/12$UNI

As the leading DEX, Uniswap enters 2025 with two major positive catalysts: the official launch of version V4 and the introduction of the exclusive layer-2 network 'Unichain'.

1. The launch of version V4 allows developers to utilize Hooks to create customized pools and strategies, enhancing the protocol's vitality. Currently, over 2,500 Hook pools have been deployed, with projects utilizing Hooks, such as Bunni and EulerSwap, achieving cumulative trading volumes exceeding $100 million, 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 dependence, improving 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 improved capital utilization efficiency by creatively converting lending pool collateral into trading liquidity. This model allows Fluid to achieve astonishing trading volume even with relatively low TVL.

The positive logic is as follows:

1. Release a large amount of liquidity: Fluid cleverly uses collateral/debt from the lending pool directly as liquidity for trading pairs, allowing assets to serve 'dual purposes'. Users earn interest by depositing ETH or stablecoins in Fluid, while these assets are used to provide trading depth and earn additional fee revenue. More importantly, Fluid's liquidity layer automatically adjusts the share of each asset used for trading based on lending utilization rates, and dynamically increases collateral requirements as funds approach lending limits to prevent runs and liquidation risks. This design greatly reduces capital fragmentation and improves the turnover efficiency of unit liquidity.

2. Rapid development: Since launching in 2023, Fluid has rapidly developed, becoming the fastest-growing DEX on Ethereum, achieving a cumulative trading volume of $10 billion in just 100 days. It is now set to launch a more efficient 'lightweight' exchange, expected to further increase daily trading volume by $400-600 million, with rapid product iterations providing growth potential for the value of the FLUID token.

3. Increased market recognition and potential valuation: As trading volumes rise, the price of $FLUID jumped 14% in early August. Even after this round of increases, its circulating market cap is around $290 million, which is still far below Uniswap, making it a relatively undervalued asset with high growth potential.

6/12 $LDO

As the largest liquid staking protocol on Ethereum, Lido is迎来新一轮发展高峰 in 2025. Currently, Lido's TVL is close to $41 billion, accounting for 26% of the total DeFi TVL.

Through organizing, it can be seen that Lido is digging its moat deeper, with more applications accepting stETH as collateral or payment means, increasing its liquidity and demand. For instance, lending protocols like Aave have supported stETH as a collateral loan asset, while stable pools like Curve also provide stETH trading pairs, and stETH is rapidly integrating into all corners of DeFi.

Against the backdrop of rising Ethereum staking, Lido, as the industry leader, still has a robust outlook.

7/12 $AAVE

As of now, Aave's TVL has risen to approximately $38.9 billion, nearly doubling since the beginning of the year, accounting for almost a quarter of the entire DeFi TVL, firmly holding the top position in the lending market.

This year, the narrative around stablecoins has exploded, with the supply of Aave's GHO stablecoin growing from approximately $146 million to about $314 million, an increase of over 100%, and it has expanded to networks such as Arbitrum and Base, giving Aave increasing authority in the stablecoin domain.

Moreover, recent collaborations from Aave have been frequent. On one hand, it has launched the Horizon project to expand RWA channels, while on the other, it has partnered with Plasma to create an institutional incentive fund aimed at attracting more financial companies to move their operations to the blockchain. This series of initiatives solidifies Aave's position as an institutional-level entry point for DeFi lending.

8/12 $CRV

Curve's decentralized stablecoin crvUSD celebrates its two-year anniversary with impressive performance.

As an over-collateralized stablecoin launched by Curve, crvUSD has been widely integrated into various DeFi protocols after two years of development, and can even be used for daily payments. Thanks to its unique LLAMMA automatic liquidation mechanism, crvUSD demonstrates excellent resilience in market volatility, 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 annualized yield on saving crvUSD (scrvUSD) close to 8%, with an upward trend.

Although there are concerns regarding security, the Curve team quickly migrated to a new domain after experiencing DNS hijacking attacks and advocated the use of ENS, IPFS, and other censorship-resistant methods to provide front-end services.

Additionally, Curve founder Michael Egorov is developing a new yield protocol called 'Yield Basis', aimed at providing sustainable yields for on-chain BTC and ETH, potentially expanding the Curve ecosystem into RWA.

9/12 $SKY

As a stablecoin issued by MakerDAO (Sky), USDS currently ranks fourth in market capitalization, adopting an over-collateralization model, where a higher value of crypto assets must be locked before minting. Recently, the GENIUS Act banned stablecoins from 'directly issuing interest', meaning USDS earnings come from collateral assets participating in on-chain staking and liquidity mining, rather than direct dividends, thus somewhat avoiding the restrictions of the act. Currently, sUSDS has an annualized yield close to 5%, which has certain advantages 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 mainstream 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 massive influx of funds has directly boosted market confidence in Spark, and the price of $SPK quickly rebounded to new highs.

Looking back, Spark's launch was quite popular, employing a strategy of large-scale airdrops combined with simultaneous listings on mainstream exchanges, attracting a large number of users' attention and participation in early trading, leading to significant volume fluctuations. Additionally, leading platforms like Binance and Coinbase opened trading simultaneously, injecting considerable liquidity into $SPK.

More importantly, Spark is backed by MakerDAO's billions in reserves and a long-standing stable synthetic asset system, making it one of the few projects in DeFi that was 'born with a silver spoon in its mouth'. Therefore, Spark products have a high safety margin from the start, providing confidence guarantees for institutional and large-scale capital entry.

Looking ahead, Spark has a relatively complete product matrix to layout diversified income scenarios. Currently, the product line includes SparkLend, SparkSavings, SLL, etc., almost encompassing all elements of a DeFi yield closed loop.

As the leading oracle, Chainlink recently launched a new Chainlink reserve mechanism, automatically converting service fees paid by enterprises and DApps into LINK and depositing them into an on-chain reserve pool. It has accumulated over $1 million worth of LINK, and future income will continue to flow, indicating that selling pressure on LINK in the market will decrease. The official statement indicates that reserves will not be withdrawn for several years, supporting the long-term growth of the network, which can be seen as a 'burn' deflationary benefit for LINK.

Additionally, as of August, Chainlink's oracles have secured over $93 billion in DeFi value, hitting a historical high, including over 83% of on-chain assets on Ethereum, as well as nearly 100% of assets secured on new chains like Base.

Chainlink has also recently 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 become deeply integrated into DeFi and RWA narratives, LINK has a greater chance of rising.

12/12 $PENGU

Last month, PENGU made a comeback with its NFT + Memecoin narrative, surging over 400% within just 30 days. The driving force behind this is primarily institutional-level positives, with the well-known institution Canary Capital submitting the world's first NFT + token dual-asset ETF application—Canary Spot PENGU ETF, intending for 80-95% of the investment portfolio to consist of PENGU tokens and 5-15% of Pudgy Penguins NFTs.

After the news that the SEC officially accepted this ETF application, market expectations for the 'Penguin ETF' became optimistic, and the PENGU token subsequently skyrocketed.

Risk Warning: The above analysis is for reference only and should not be considered as investment advice.