Gate Research: Fluid Daily Trading Volume Surpasses Uniswap | Token Issuance on Base Chain Exceeds Solana

Crypto Market Overview

• BTC (0.43% | Current Price: 114,701 USDT): BTC recently declined sharply from the 119,000 USDT high, breaking through the key 115,000 USDT support level. It then entered a consolidation phase between 112,000 and 114,000 USDT, attempting to find support and form a bottom. The price has since stabilized and rebounded to around 114,689.8 USDT. The 112,000 USDT level acts as a critical support zone for sustaining the rebound, while 115,000 USDT is the main resistance level — a successful breakout above it could open up further upside. On August 1, BTC ETFs saw a net daily outflow of $812 million, including $2.6 million from BlackRock’s IBIT and $331 million from Fidelity’s FBTC.
• ETH (3.12% | Current Price: 3,533 USDT): ETH experienced a clear pullback earlier in the week and entered a narrow consolidation zone after hitting a local bottom, attempting to establish a base. The current trend shows signs of a potential upward breakout, with the price nearing a key resistance zone around 3,534.26 USDT. This level has previously acted as strong support and may now turn into resistance. A breakout with volume could pave the way for further gains. On August 1, ETH ETFs had a net outflow of $152 million, with Fidelity’s FETH accounting for $6.2 million.
• Altcoins: Most major altcoins saw a rebound and remained positioned for potential continued upward movement in the short term. The Fear & Greed Index currently reads 64, indicating a state of “Greed,” suggesting optimistic sentiment, though overheating risks should be monitored.
• Macro: On August 1, the S&P 500 fell 1.60% to 6,238.01 points; the Dow Jones declined 1.23% to 43,588.58; and the Nasdaq dropped 2.24% to 20,650.13. As of 2:30 AM (UTC) on August 4, spot gold was trading at $3,353 per ounce, down 0.28% over the past 24 hours.

Trending Tokens

Ani Ani the Grok Companion (+47.82%, Circulating Market Cap: $43.76M)

According to Gate data, the ANI token is currently trading at $0.0436, up 47.82% in the past 24 hours. Ani the Grok Companion is a 3D animated AI character launched by xAI on July 14, 2025, for the iOS version of the Grok app. Ani is an anime-inspired female virtual persona featuring blonde twin tails and a gothic-style black dress, designed to interact with users through voice conversations.

Recently, Elon Musk reshared a post on X highlighting several account updates where handles were rebranded into Grok companion characters developed by xAI — including @a as “Ani,” @v as “Valentine,” and @Rudi as “Rudi.” These updates triggered renewed market interest in the AI-powered virtual companion sector. Following this, ANI experienced a sharp price spike, marked by a high-volume breakout candle that pierced through a prolonged consolidation range — a strong signal of capital inflow and bullish sentiment. The token is now consolidating around $0.0436, possibly undergoing a technical retest of the breakout level. If support is confirmed in this zone, the token may have further upside potential.

ENA Ethena (+17.46%, Circulating Market Cap: $3.918B)

According to Gate data, ENA is currently priced at $0.6246, up 17.46% in the last 24 hours, according to Gate data. Ethena is an Ethereum-based synthetic dollar protocol that issues USDe, a novel stablecoin not backed by fiat reserves but instead collateralized through staked ETH and short futures positions.

As Bitcoin and the broader crypto market rebound, investor sentiment has notably improved, triggering a strong altcoin rally. Ethena has particularly benefited from this trend, with its TVL recently soaring to a new all-time high of $9.4B, reinforcing the bullish fundamentals for ENA.Technically, ENA has staged a powerful V-shaped reversal from its recent lows, supported by aggressive dip-buying. The price action has since formed higher lows and higher highs, establishing a clear uptrend channel. ENA is now testing a key resistance level around $0.6249, a previous local high. Whether the token can break and hold above this line will be critical to confirming the continuation of its bullish momentum.

INIT Initia (+13.47%, Circulating Market Cap: $61.52M)

According to Gate data, INIT is trading at $0.4167, reflecting a 13.47% increase over the last 24 hours, per Gate data. Initia is a multichain ecosystem designed to interconnect full-stack applications through shared infrastructure and harmonized economic models. It aims to create a “paradise-like” environment for both developers and users.

Recently, the Initia Foundation launched an “Unstaking Subsidy Program,” drawing significant market attention. The initiative incentivizes participants to reallocate assets and increase liquidity within the ecosystem. The claim window has been extended by 24 hours, boosting user engagement and injecting fresh liquidity — both of which have lifted market sentiment.Technically, INIT found strong support near $0.36 and has since trended upward with a series of small bullish candles, successfully reclaiming the key $0.40 level. The token is now approaching its previous high of $0.4175, forming a bullish structure characterized by low-range consolidation + high-volume breakout. Notably, the large bullish candle on August 4 broke through prior resistance with increased volume, indicating strong buying pressure. If this momentum continues, aided by both policy tailwinds and renewed capital inflow, INIT could challenge higher resistance zones and potentially enter a mid-term uptrend.

Alpha Insights

Fluid Surpasses Uniswap in 24-Hour Ethereum Mainnet Trading Volume

According to the latest data from DeFiLlama, decentralized exchange Fluid recorded $1.432 billion in trading volume on the Ethereum mainnet over the past 24 hours, surpassing the long-dominant Uniswap, which posted $1.335 billion. This marks the first time Fluid has led the Ethereum mainnet in daily trading volume, signaling its rapidly increasing user activity and market traction.

Fluid’s ability to temporarily outpace Uniswap—despite the latter’s entrenched market position—suggests a breakthrough in areas such as product design, user experience, or liquidity incentives. In a recovering DeFi market where users increasingly value efficient execution and minimal slippage, Fluid’s rise points to a shifting competitive landscape within Ethereum DeFi.

While this performance reflects growing momentum, Fluid’s long-term potential depends on its ability to maintain volume leadership, attract deep liquidity, and retain users over time. A single-day spike is noteworthy, but sustained success will require building competitive moats and fostering ecosystem stickiness.

Base Chain Overtakes Solana in Daily Token Creation as Zora Ignites On-Chain Creator Economy

Data from Dune Analytics shows that Base, Coinbase’s Ethereum Layer 2 network, has for the first time surpassed Solana in daily token issuance, emerging as the most active platform for new token creation. This surge is largely driven by the decentralized content platform Zora, which popularized the “Creator Coins” model—tokenizing content and turning it into tradable digital assets.

The trend gained further momentum after Base’s official app rebranded in July, pivoting toward a SocialFi-focused Web3 social experience. The redesign brought significant traffic to projects like Zora, fueling explosive on-chain activity. On Base, Zora has now minted over 1.6 million creator tokens, attracted nearly 3 million active traders, and generated over $470 million in cumulative trading volume. Meanwhile, the ZORA token has surged over 500% in the past month.

Base’s meteoric rise underscores the huge potential of Layer 2 networks to scale user activity and incubate innovation. With Coinbase’s distribution power and Zora’s vision of “content-as-asset,” Base has become a hotbed for both creators and speculators. This shift suggests SocialFi may be the next growth engine for on-chain engagement.

However, caution remains. Zora’s current activity is heavily trading-driven, with a speculative tilt. Long-term ecosystem health will depend on stronger governance frameworks and consistent participation from real creators, not just traders.

Stablecoin Market Adds $1.78 Billion in Value Last Week, Up 0.67%

According to the latest data from DeFiLlama, the total market cap of stablecoins has reached $267.405 billion, representing a weekly increase of $1.78 billion, or 0.67%. Tether (USDT) continues to dominate, maintaining a 61.61% share of the stablecoin market.

The steady growth in stablecoin supply is often viewed as an early sign of capital re-entering the crypto market. In a relatively sideways trading environment, investors appear to be using stablecoins as a vehicle for cautious positioning and capital preservation. The rising dominance of USDT highlights its central role in liquidity and risk-off strategies.

That said, the increase remains moderate and not yet indicative of a full-scale trend reversal. This suggests market sentiment is gradually improving, but still in a phase of cautious optimism. Continued inflows from stablecoins into risk assets will be a key indicator for the potential start of a broader market rally.

Gate Launchpool

Token Sale Details

• Project: Ika
• Token: IKA
• Subscription Deadline: Until August 16, 2025, 12:00 (UTC)
• How to Participate: Stake GT or IKA to earn free IKA rewards
• Airdrop Total: 12,000,000 IKA

Project Introduction

Ika, formerly known as dWallet Network, is an infrastructure protocol that operates as an MPC (Multi-Party Computation) network. It enables Sui smart contracts to control and coordinate assets across other blockchains. Technology opens up possibilities for cross-chain liquidity management, paving the way for DeFi superapps to be built on Sui.


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
• DefiLlama, https://defillama.com/dexs/chain/ethereum
• CoinDesk, https://www.coindesk.com/zh/tech/2025/08/03/base-takes-solana-s-crown-in-token-creation-as-coinbase-s-socialfi-ignites-zora-boom
• DefiLlama, https://defillama.com/stablecoins
• Gate, https://www.gate.com/launchpool/IKA?pid=353

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.