ETH price approaches historical high, institutional funds accelerate influx, multiple projects in the Ethereum ecosystem frequently release good news, here are the core developments of 12 Alpha projects:
01, BMNR
The US-listed company BitMine Immersion has become the largest ETH holder in the world, having accumulated 1.2 million ETH (worth 5.03 billion USD), planning to continue buying until they hold 5% of the global supply and stake for profit; endorsed by Wall Street institutions like ARK Invest, Bill Miller, Founders Fund, the stock price doubled in August.
02, Ethena
StablecoinX plans to repurchase 260 million USD ENA within 6 weeks (accounting for 8% of circulation); fee switch mechanism approved, sENA holders will share protocol income (conservatively annualized at 4%, optimistically over 10%); Coinbase supports ENA trading and collaborates with Pendle and others to embed DeFi strategies, expanding multi-chain and compliant stablecoins in the long term.
03, Pendle
On August 13, TVL broke 9 billion USD, a record high, with token monthly growth exceeding 30%; Boros launched as the core of growth (attracting over 1.85 million USD in assets in the first two days), deeply linked with Ethena and Aave, the Citadels compliance plan attracts institutional funds, driving TVL up.
04, Uniswap
Two major catalysts in 2025: V4 version launch (2500+ Hook pool deployments, driving innovative trading), Unichain launch (accounting for over 70% of daily active trading, expanding users and diversifying chain dependency).
05, Fluid
Once had a single-day trading volume of 1.5 billion USD exceeding Uniswap, uniquely created a liquidity layer to enhance capital efficiency (collateral also serves as trading liquidity); launched in 2023, broke 10 billion trading volume within 100 days, will introduce a lightweight version (expected daily increase of 400-600 million trading volume), circulating market cap 290 million USD, undervalued with high growth.
06, Lido
The largest liquid staking protocol on Ethereum, TVL nearly 41 billion (accounting for 26% of DeFi); stETH is widely accepted as collateral / payment method by Aave, Curve, etc., with liquidity and demand continuously increasing, deepening the moat.
07, Aave
TVL 38.9 billion (doubled since the beginning of the year, accounting for nearly 1/4 of DeFi), firmly holding the top position in lending; GHO stablecoin supply increased over 100% (to 314 million USD), expanding multi-chain; collaborations to expand RWA and establish institutional incentive funds, consolidating the institutional lending entry position.
08, Curve
crvUSD has been online for two years, with LLAMMA mechanism resisting volatility (pegged 1:1), scrvUSD annualized nearly 8%; strengthened security after attacks (migrated to a new domain, using ENS/IPFS); founder developed Yield Basis protocol, planning to expand on-chain BTC/ETH yield and RWA.
09, SKY (MakerDAO)
Stablecoin USDS ranks fourth in market cap (over-collateralized), earning avoids legislative restrictions (from collateral staking/mining), sUSDS annualized nearly 5%; in July, Coinbase and others launched SKY and USDS, taking a key step towards connecting with traditional finance.
10, Spark
Since April, TVL has surged over 200% (currently 8.2 billion, ranking eighth in DeFi), SPK reached a record high; backed by MakerDAO reserves and system, high safety margin; complete product matrix (including lending, savings, etc.), laying out diversified income.
11, Chainlink
The new reserve mechanism transfers service fees to LINK on-chain (accumulated over 1 million USD, not withdrawn for years), reducing sell pressure; oracles secure over 93 billion DeFi value (a historical high), collaborating with ICE to introduce foreign exchange / precious metal data.
12, Pengu
With the revival of the NFT+Meme narrative, Canary Capital submitted a Spot PENGU ETF application (80-95% invested in PENGU, 5-15% in related NFTs), which the SEC has accepted, and market expectations have turned optimistic.
