Gate Research Institute: Nasdaq applies to add XRP and other Tokens to the Crypto Assets index｜Uniswap v4 trading volume surpasses 40 billion US dollars

Crypto Market Overview

• BTC (+0.02% 丨 Current price 105,575 USDT): BTC continues to trade sideways around $100,500, options data shows that the short- and medium-term implied volatility generally falls below 40%, which is a low level. BTC ETFs saw outflows of $47.8 million last Friday, including $11.5 million in Ark ARKB, $22.8 million in Fidelity FBTC, and $130 million in BlackRock IBIT.
• ETH (-0.69% | Current Price 2,494 USDT): ETH continues to oscillate around 2,500 dollars. The ETH/BTC exchange rate continues to decline, maintaining at 0.023; ETH's market share has slightly increased to 9.27%. Last Friday, the net inflow for ETH ETF was 25.3 million dollars, with BlackRock's ETHA inflow at 15.9 million dollars and Grayscale's ETH inflow at 9.4 million dollars. The ETH ETF has achieved net inflow for 14 consecutive working days.
• Altcoins: The market shows mixed fluctuations, with some sectors rebounding slightly. The Fear and Greed Index is currently reported at 55, indicating a further cooling of market sentiment.
• Macro: Last Friday, U.S. stocks closed higher, with the Dow Jones Industrial Average rising by more than 400 points, and the S&P 500 index breaking through the 6,000-point mark. All three major indices recorded gains this week. The latest non-farm payroll data was better than expected, alleviating concerns about an imminent slowdown in the U.S. economy. As of June 9, 11:00 AM (UTC+8), the spot gold price was reported at $3,308.11 per ounce, with a 24H decline of 0.06%.

Trending Tokens on Juejin

KAIA Kaia (+12.25%, circulating market value 700 million USD)

According to Gate.io market data, the current price of the KAIA token is 0.0131 USD, with a 24-hour increase of 12.25%. KAIA currently has a circulating market cap of 700 million USD.

KAIA is an open-source blockchain project aimed at building the leading Web3 ecosystem in Asia. KAIA adopts a Practical Byzantine Fault Tolerance (pBFT) consensus mechanism, supporting 4,000 transactions per second and 1-second block confirmation, featuring high throughput and low latency. Users can participate in governance, pay transaction fees, and access ecological applications through KAIA tokens, and the ecosystem also supports USDT stablecoin trading, further enhancing its practicality. KAIA emphasizes openness and community-driven development, with no pre-mining and no ICO, committed to fair distribution, attracting attention from Web3 enthusiasts and investors in the Asian market.

The price of KAIA has risen significantly recently, mainly due to the joint promotion of two factors: the airdrop of 5 million tokens and the listing on some mainstream exchanges. The airdrop activity effectively attracted a large number of new users through a reward mechanism, significantly increasing the circulation and market attention of the tokens. Coupled with the convenient trading on mainstream exchanges, this further stimulated demand. Currently, KAIA is showing a strong upward trend.

VICE VICE Token (+ 36.06%, circulating market cap 10.44 million USD)

According to Gate.io market data, the current price of the VICE token is $0.0162, with a 24-hour increase of 36.06%. The current circulating market value of VICE is $36.59 million.

VICE is an open-source blockchain project built on the BNB Smart Chain (BEP20) with a proof-of-stake (PoS) mechanism that focuses on user engagement and rewards. The best feature of VICE is that it offers high-value prizes through a simple competition mechanism, where users can participate in weekly tournament pools with only a small amount of VICE (its native token) to win rewards such as luxury cars, luxury items, or VIP experiences. In addition, the VICE platform supports seamless value transactions and is suitable for gaming, NFT, and Web3 entertainment scenarios. Its development philosophy emphasizes user-friendliness, global accessibility, and community-driven, with no pre-mining and no ICO, and is favored by users who are looking for high returns and Web3 innovation.

From the market dynamics, the short-term surge in VICE prices may be driven by its listing on mainstream exchanges including Gate. However, the core of its continued rise lies in its unique "low investment, high return" competitive mechanism, where users only need a small amount of VICE tokens to participate in weekly competitions and win high-value prizes. This model is highly attractive in the Web3 community, especially favored by users seeking entertainment and investment returns.

UMA UMA (+10.12%, circulating market cap 119 million USD)

According to Gate.io market data, the current price of UMA token is 1.34 US dollars, with a 24-hour increase of 10.12%. The current circulating market value of UMA is 119 million US dollars.

UMA is an open-source blockchain project built on the Ethereum network, using a proof-of-stake (PoS) mechanism and focusing on decentralized finance (DeFi). The most distinctive feature of UMA is its "Priceless Financial Contracts" design model, which allows users to create custom synthetic assets and financial contracts, such as derivatives, prediction markets, or insurance products, with a small amount of UMA (its native token). In addition, the UMA protocol supports the open-source Optimistic Oracle mechanism, which is used to quickly verify data and ensure contract security, which is suitable for diverse financial innovation scenarios. Its development philosophy emphasizes openness, permissionlessness, and decentralized governance, with no pre-mining and no ICO, and is favored by DeFi developers and financial innovators.

UMA has recently shown a strong upward trend, once breaking through the $1.4 mark. This upward momentum, in addition to its own attractiveness as a blockchain project with no pre-mining, no ICO, emphasizing openness and decentralized governance, is also due to its unique technical advantages and huge application potential in the DeFi space. From the perspective of technical indicators, UMA has continued to rise in volume, and if it can further break through $1.6, it is expected to hit $2 in the short term.

Alpha Interpretation

Nasdaq applies to include XRP, SOL, ADA, and XLM in the digital asset benchmark index.

Nasdaq recently filed a Rule 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to include XRP, Solana (SOL), Stellar Lumens (XLM), and Cardano (ADA) in its digital asset benchmark index system. If approved, the Hashdex Nasdaq Crypto Index US ETF (NCIQ) will switch from the current combination based on the Nasdaq Crypto US Settlement Price Index (NCIUS) to the Nasdaq Crypto Index (NCI), which covers the broader market. The latter covers 9 crypto assets, and the SEC expects to make a decision by November 2, 2025.

Currently, the NCIUS index is highly concentrated, only including Bitcoin (BTC) and Ethereum (ETH), with weights of 88.3% and 11.7%, respectively. This proposed change aims to enhance the risk diversification and market representativeness of the ETF product by expanding the asset coverage and reducing the dependence on a single asset. At the same time, this adjustment also responds to the growing market demand for diversified digital asset allocation.

This application is seen as an important signal for the further recognition of encryption assets by mainstream financial institutions, which will significantly enhance the diversity of ETFs. This diversification not only reduces the risk of volatility of a single asset but also provides institutional investors with a more comprehensive exposure to the crypto market. It is expected not only to promote the optimization of the crypto ETF product structure but also reflects the gradually deepening acceptance of the encryption asset class by traditional capital markets. As for the currencies included in this proposal, if approved, it will significantly enhance their mainstream recognition, liquidity, and price potential, especially in the Asian market, where investors in some regions may indirectly invest in these assets through US ETF products.

Uniswap v4 has been online for 4 months, with a trading volume surpassing 40 billion US dollars.

Uniswap officials recently disclosed that since its official launch on January 31, 2025, Uniswap v4 has achieved a transaction volume of more than $40 billion in just four months, showing strong market attractiveness and user activity. According to statistics, Uniswap v4 has accounted for 8.7% of the total decentralized exchange market volume (about $462 billion) so far in 2025. Its overall ecosystem continues to maintain its leading position in the DEX market, accounting for 23% of the market share, further cementing its position as the largest DEX in the industry.

Uniswap v4 significantly improves the flexibility and trading efficiency of decentralized exchanges (DEXs) with its innovative "hook" mechanism and dynamic fees, as well as deep integration with Unichain Layer 2. With its astonishing 250ms block time and up to 95% cost reduction, Unichain quickly overtook Ethereum to become the dominant chain in Uniswap v4 trading volume, capturing nearly 75% of the market share. In addition, approximately $45 million in liquidity incentives successfully drove Unichain's total value locked (TVL) soaring from $9 million to $267 million, demonstrating the high level of recognition from users. This series of developments not only demonstrates Uniswap's strong innovation capabilities in the DeFi space, but also further solidifies its position as a leader in decentralized financial infrastructure.

Australia's MAM spot Bitcoin ETF's BTC holdings rise to 675 coins.

Australia's Monochrome Asset Management disclosed through Platform X and its official website that as of June 6, its spot bitcoin ETF product, IBTC, had 675 bitcoin holdings. Officially listed on the Cboe Australia Exchange on June 4, 2024, IBTC is Australia's first ETF product to hold physical bitcoin directly, marking the first time that local institutional investors have gained spot exposure to bitcoin through regulated channels. The fund has made significant progress within a year of its launch, and its fast-growing holdings reflect the strong demand for compliant Bitcoin investment vehicles.

As Australia's first ETF to hold bitcoin directly, Monochrome's IBTC relies on a licensed custodian and follows the AFSL regulatory framework to provide investors with a transparent and secure crypto investment path. Its trading and compliance mechanisms are benchmarked against traditional finance, attracting funds from pensions, family offices and other institutions. Compared with traditional crypto platforms, IBTC reduces the risk of self-custody, which is in line with the global crypto ETF boom, demonstrating the potential of the integration of Australian market regulation and crypto finance. In the future, IBTC is expected to lead the Australian market with compliance advantages, but it will need to deal with price volatility and regulatory uncertainty. Overall, IBTC is a benchmark for the integration of crypto and traditional finance, and its performance is worth looking forward to, but it is necessary to be wary of market and regulatory challenges.

Gate Launchpool

New Subscription Details

• Subscription Project: YabbaDabbaDoo
• Token Name: YBDBD
• New listing time: Until June 16, 2025, 20:00 (UTC+8)
• Participation Method: Stake ETH or USDT to receive it for free.
• Total airdrop amount: 11,500,000 YBDBD

Project Introduction

YabbaDabbaDoo is a community-driven GameFi project set in a fantasy world themed around the Stone Age. Players defend their villages through tower defense-style gameplay against attacks from wild creatures, earning YBDBD tokens as rewards by completing quests and engaging in battles. These tokens can be used in the Bedrock Marketplace, a unique digital store where players can trade in-game items, tools, and other essentials. The project is built on the Binance Smart Chain (BSC) and integrates elements of popular culture, fun gaming mechanics, and blockchain technology, aiming to provide players with an immersive Play-to-Earn (P2E) experience.
Reference Material:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Gate, https://www.gate.com/zh/launchpool/EDGEN?pid=311

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages arising from such investment decisions.