Gate Research: 21Shares Files for ONDO ETF ｜Polygon Stablecoin Supply Hits Three-Year High

Crypto Market Overview

• BTC (+1.40% | Current Price: 119,449 USDT): BTC is currently consolidating within the 119,000 to 120,000 USDT range. Over the past two days, its price has steadily climbed despite minor pullbacks, with the overall trend remaining relatively strong. Short-term moving averages continue to trend upward, and the price sits above the MA system, indicating a preserved bullish structure. The recent upward movement was accompanied by increasing volume, suggesting buying support; however, volume has slightly weakened, raising concerns about the sustainability of short-term momentum. A strong breakout above 120,500 with volume could confirm the uptrend, while a drop below 118,800 may trigger a deeper correction. On July 22, BTC ETFs saw a net outflow of $68 million, with ARK’s ARKB and Bitwise’s BITB each recording outflows of $42.3 million, as of 05:00 AM (UTC) on July 23.
• ETH (-1.02% | Current Price: 3,745 USDT): ETH has maintained a steady upward trend in recent days, gradually climbing along short-term moving averages. The price remains above multiple MAs, indicating a strong bullish structure. Overall trading volume is stable without significant spikes, suggesting that market participants remain cautious. The MACD has formed a bullish crossover at low levels, with the histogram expanding, signaling a mild recovery in short-term bullish momentum. The market remains in a slow upward consolidation phase, with attention focused on volume changes and potential breakouts of previous highs to confirm trend continuation. On July 22, ETH ETFs recorded a net inflow of $533 million, including $426 million into BlackRock’s ETHA and $72.6 million into Grayscale’s ETH product.
• Altcoins: Major altcoins saw broad gains, with the market maintaining a moderately bullish trend. The Fear & Greed Index rose to 74, indicating optimistic sentiment without signs of extreme exuberance. Structural rotation in the short term may continue.
• Macro: On July 22, the S&P 500 rose 0.06% to 6,309.62 points; the Dow Jones gained 0.4% to 44,502.44 points; and the Nasdaq fell 0.39% to 20,892.69 points. As of 02:30 AM (UTC) on July 23, spot gold was trading at $3,429 per ounce, down 0.29% over the past 24 hours.

Trending Tokens

FLR Flare Network（+16.21%, Circulating Market Cap: $1.73B)

According to Gate, the FLR token is currently priced at $0.02434, up approximately 16.21% in the past 24 hours. Flare Network is a Layer 1 blockchain focused on cross-chain interoperability and data acquisition, featuring core mechanisms such as the Flare Time Series Oracle (FTSO) and the FAsset bridging system. It enables non-smart contract assets like XRP and BTC to enter the EVM ecosystem for DeFi use, backed by a native cross-chain bridge and secure oracle infrastructure.

The recent price surge may be attributed to the DeFi protocol Firelight announcing support for XRP and launching a stXRP-pegged token. Users can lock XRP on XRPL, verify it through Flare’s FDC, and receive stXRP on Firelight for use in multiple DeFi strategies, enhancing returns and token utility. The system utilizes multi-layer collateral and Flare’s Economic Security Services (ESS) to maintain peg stability and maximize capital efficiency. Following the announcement, Flare saw a notable spike in activity, driving increased demand and bullish sentiment for FLR. Investors may watch for growth in Flare’s cross-chain DeFi use cases and TVL.

SAROS Saros（+14.13%, Circulating Market Cap: $898 Million)

According to Gate, the SAROS token is currently priced at $0.3416, up 14.13% over the past 24 hours. Saros is a key decentralized exchange (DEX) within the Solana ecosystem, known for its low slippage and high-efficiency on-chain trading. Recently, Saros introduced a new DLMM (Dynamic Liquidity Market Maker) model based on the Liquidity Book framework, enabling concentrated liquidity, flexible pricing, and zero-slippage swaps—strengthening its position in the high-performance DEX sector.

The recent price surge is likely driven by the integration of the DLMM module into GeckoTerminal and CoinGecko dashboards, allowing users to monitor TVL, trading volume, and on-chain activity in real time—greatly increasing visibility and user participation. Saros is also actively aligning with Solana’s push to rebuild its liquidity layer, enhancing collaboration within the ecosystem. As DeFi sentiment improves and Solana activity grows, Saros is poised to benefit further. Watch for continued TVL growth and LP incentive performance.

USELESS Useless Coin（+17.42%, Circulating Market Cap: $330 Million)

According to Gate, the USELESS token is currently priced at $0.3344, up approximately 17.42% in the last 24 hours. Useless Coin is a community-driven project infused with satire and cultural commentary, originally gaining traction due to its ironic name. Over time, the project has evolved to incorporate real utility and cross-chain functionality.

Recently, Useless announced its adoption of Chainlink’s CCIP (Cross-Chain Interoperability Protocol), officially upgrading to a Cross Chain Token (CCT) with native cross-chain transfer capabilities. USELESS is now transferable between BNB Chain and Solana via CCIP, with Chainlink providing security assurance. This integration expands its accessibility within multi-chain ecosystems and signals a shift from meme identity to practical application. Following the announcement, trading volume and price surged, reflecting renewed market interest. Investors may watch for real-world adoption and further integration across chain ecosystems.

Alpha Insights

21Shares Files for ONDO ETF, Accelerating RWA Compliance Integration

On July 22, 21Shares officially submitted an S-1 registration filing to the U.S. SEC for the ONDO ETF, proposing a new fund named “21Shares Ondo Trust.” The ETF will hold ONDO tokens directly, tracking the CME CF Ondo Finance–Dollar Index. This structure avoids the use of leverage or derivatives, enhancing both transparency and regulatory compliance. If approved, 21Shares would become the first issuer to bring a real-world asset (RWA) token into an ETF framework, marking a significant step toward integrating blockchain assets with traditional financial infrastructure.

The filing also reflects Ondo Finance’s proactive regulatory strategy. As a project focused on tokenizing U.S. Treasuries and other traditional assets, Ondo Finance recently acquired SEC-registered broker-dealer Oasis Pro and partnered with Pantera Capital to launch a $250 million fund aimed at scaling institutional RWA adoption. Following the ETF announcement, ONDO saw a strong price rebound, with 24-hour trading volume nearing $500 million, indicating renewed market confidence. However, the ETF is still pending SEC approval and is not protected under the Investment Company Act of 1940, making its ultimate listing outcome a key indicator of RWA integration progress.

Polygon Stablecoin Supply Surpasses $2.8B, Signaling Ecosystem Growth and Multichain Momentum

The total stablecoin supply on the Polygon network has exceeded $2.8 billion, reaching a three-year high. This milestone highlights Polygon’s growing capacity to retain capital within its ecosystem, especially amid increasing competition among multichain and Layer 2 platforms. The continued deployment of major stablecoins such as USDC and USDT has further optimized protocol-level liquidity, enabling faster, low-cost transactions across DeFi and payment applications.

Polygon officially entered the implementation phase of its “Polygon 2.0” roadmap in 2025, with key components like the AggLayer mainnet and the Bhilai hard fork now going live. At the same time, Polygon is deepening partnerships with traditional finance and Web2 institutions—Stripe and Franklin Templeton have both launched payment and fund-related services on the network. The PoS chain remains a preferred venue for stablecoin use and DeFi activity due to its low fees and high performance. The surge in stablecoin supply reflects growing liquidity confidence and positions Polygon for a new cycle of ecosystem expansion.

Sui Ecosystem’s MPC Coordination Network Ika Set to Launch Mainnet on July 29

Ika, a parallel multi-party computation (MPC) coordination network in the Sui ecosystem, has announced that its mainnet will go live on July 29. Known for its “anime + tech” branding and the tagline “your waifu’s coordination era begins,” Ika positions itself as a gamified, community-centric platform designed for DeFi-native users and collaborative task execution. Notably, Ika is among the first projects on Sui to adopt programmable MPC logic, enabling decentralized coordination around multisig governance, role-based access control, and task delegation—extending the capability of Sui smart contracts.

Since securing strategic investment from the Sui Foundation in April, Ika has raised over $21 million from leading backers including dao5, Hashed, and HashKey Capital. Beyond infrastructure, the project introduces novel concepts such as “character-bound tokens,” presenting MPC control through anime-style role interfaces to enhance user immersion. If the mainnet launch proceeds smoothly, Ika could emerge as a cornerstone of secure coordination and user interaction in the Sui ecosystem, with potential applications spanning DePIN, RWAs, and multichain account management.

Gate Launchpool

Launchpool Details

• Project: NeonNeko
• Token: NEKO
• Expiration date: July 28, 2025, 10:00 (UTC)
• Participation: Stake GT or NEKO to receive for free
• Total Mining Rewards: 750,000 NEKO

Project Overview

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


References

• 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

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.