Gate Research Institute: Solana futures achieve higher trade volumes｜BIS questions the coin attributes of Stable Coin

encryption market panorama

• BTC (+1.61% 丨 Current price 106,575 USDT): The BTC moving average system is in a bullish arrangement, with the MACD maintaining a golden cross state. Although the momentum column is slightly converging, there is no reversal signal yet. The trading volume continues to be released moderately, indicating a market tendency towards a strong oscillation pattern. In the short term, 98,000 USDT is an effective support area. If there is a subsequent surge in volume breaking through the previous high resistance zone of 106,800-107,000 USDT, there is potential for further upward movement towards around 108,500 USDT. Conversely, if the trading volume fails to follow through or falls below 104,000 USDT, caution is needed for the market to return to a correction channel. On June 24th, the BTC ETF saw a net inflow of 588 million USD, with BlackRock IBIT seeing an inflow of 436 million USD and Fidelity FBTC seeing an inflow of 85.2 million USD, indicating that institutional funds are continuing to increase their Bitcoin allocations. Data as of 12:30 PM (UTC+8).
• ETH (+2.53% | Current price 2,453 USDT): The hourly trend of ETH is gently rising, running along the short-term moving average. The MACD golden cross continues, and although the momentum column is slightly converging, it is still above the zero axis, indicating that the bullish momentum is still present. Support has now formed above 2,400 USDT, with short-term resistance in the 2,480–2,500 range. If there is a breakthrough in volume, there is a possibility of testing the 2,550–2,580 range; if the volume is insufficient, attention should be paid to the effectiveness of the 2,400 USDT support. On June 24th, the net inflow of ETH ETF was 71.3 million USD, with 98 million USD flowing into the Belayed ETHA and 26.7 million USD flowing out of FETH from Fidelity, reflecting a relatively conservative market sentiment towards Ethereum in the short term. Data as of 12:30 PM ( UTC+8).
• Shanzhai Coin: The Shanzhai coin market continues to rebound, although the increase has slightly converged. In the past 24 hours, SOL has risen by 2.30%, and XRP has risen by 2.45%. The fear and greed index is temporarily reported at 66 today, showing that market sentiment tends to be greedy, and capital risk preference remains at a relatively high level.
• Macro: On June 24, the S&P 500 index rose by 1.11% to 6,092.18 points; the Dow Jones index rose by 1.19% to 43,089.02 points; the Nasdaq index rose by 1.43% to 19,912.53 points. As of 10:30 AM on June 25 (UTC+8), the spot gold price per ounce is temporarily reported at $3,330, with a 24-hour decrease of 0.21%.

Popular Tokens on Gate.io

( CFG Centrifuge（+16.8%, circulating market value $104 million）

According to the Gate market data, the current price of the CFG token is $0.1859, up nearly 17% in the past 24 hours. Centrifuge is an asset financing protocol focused on bringing real-world assets (RWA) onto the blockchain, dedicated to tokenizing real assets such as small and medium-sized enterprises' receivables, real estate, or equipment leases, and using them as collateral to obtain DeFi financing on its Dapp 'Tinlake'. This mechanism not only lowers the threshold for corporate financing, but also provides DeFi investors with a stable source of income decoupled from the volatility of the crypto market.

Centrifuge's government bond token fund JRTSY, launched in 2023 through a collaboration with Janus Henderson, received the highest S&P rating in 2024 and has recently garnered attention again for becoming one of the assets supporting tUSD. JRTSY is among the top five TVL and highest-rated RWA funds, reinforcing Centrifuge's position in institutional compliant asset allocation. In addition, the Centrifuge team has been invited to attend the 2025 Cannes RWA Summit to discuss industry trends with organizations such as Janus Henderson and Aave Labs, enhancing its influence in the RWA ecosystem. Overall, CFG's recent surge is being driven by multiple positive factors such as the integration of high-rated assets, stablecoin linkage, and increased market attention. There is a clear inflow of short-term funds, and it is worth monitoring its TVL growth and asset expansion process going forward.

APT Aptos (+12.49%, circulating market value 31.59 billion US dollars)

According to Gate's market data, the APT token is currently priced at $4.875, up more than 12% in the past 24 hours. Aptos is a Layer1 blockchain designed for scalability and modularity, built using the Move programming language to enhance the security and execution efficiency of smart contracts. APT, as its native token, undertakes core functions such as transaction fees, staking rewards, and governance proposals, supporting the stable operation of the entire ecosystem. Recently, with the increase in market risk appetite and the improvement in on-chain application activity, APT has continued to show strong performance, becoming a hot target of attention for both institutions and retail investors.

On the technical side, APT broke through the short-term moving average with increased volume on June 24 after consolidating at a low level. The MACD showed a golden cross, coupled with a significant increase in trading volume, indicating enhanced bullish momentum. On the news front, Aptos officially launched a new project 'Shelby' on the X platform, jointly developed by Aptos Labs and Jump, focusing on decentralized and profitable Web3 storage infrastructure. The project aims to break the control of Web2 giants over data and stimulate market expectations for its application potential and ecological value. Overall, the current rise in APT is driven by both technical breakthroughs and ecological benefits, attracting funds amid relative weakness in mainstream coins, with a potential further challenge to the $6 resistance level in the short term.

VELO Velo (+8.78%, circulating market value $98.76 million)

According to Gate.io market data, the VELO token is now trading at $0.013, up nearly 9% in the past 24 hours. Velo is a blockchain-based financial protocol dedicated to achieving digital credit stability and stablecoin issuance through distributed ledgers, building an open and trusted credit network for enterprises. Unlike traditional financial solutions, the Velo protocol adopts a digital reserve system (DRS) supported by encryption currency collateral to ensure that the stable credit issued has verifiable asset backing and price stability.

Velo announced a partnership with Solana's DEX aggregator Ranger Finance on June 24th to jointly expand the product matrix of its Universe platform, launching perpetual contract functionality supporting multiple currencies and assets (Multi FX & Multi Asset Perps) to achieve more efficient cross-border forex liquidity aggregation, improve pricing efficiency, and trading accessibility. This collaboration further strengthens Velo's positioning in Web3 financial infrastructure, aiming to create a decentralized, highly liquid global market gateway. Overall, Velo's current uptrend is mainly driven by ecosystem collaboration progress and expected feature expansions, coupled with the price elasticity of low market cap currencies, attracting short-term speculative attention. The subsequent trend still depends on the continued performance of actual trading volume and protocol activity.

Alpha interpretation

Solana CME futures trading volume hits record high, institutional interest heats up

According to Glassnode data, the futures contract trading volume of Solana ($SOL) on the Chicago Mercantile Exchange (CME) recently hit a historic high, with a single-day turnover of 1.75 million contracts, reflecting the continued interest of institutional investors in the asset. At the same time, the spot price of SOL has rebounded above 145 USDT, showing dual confidence in its fundamentals and capital flow in the market.

Since the launch of futures on CME in March 2025, Solana's trading volume has continued to grow, and this new high indicates that traditional financial capital is accelerating its involvement in the ecosystem. With the Layer 1 situation gradually becoming clear, Solana, with its high efficiency throughput and low cost advantages, continues to attract developers, users, and capital, especially active in DePIN, on-chain games, DeFi, and meme asset trading.

The surge in futures trading volume also reveals that institutions are actively hedging risks, allocating assets, or strategically building positions, indicating that Solana has gradually transformed from a 'speculative asset' to one of the mainstream assets with systemic liquidity. If the price stabilizes and maintains high trading activity, SOL is expected to further attract the attention of ETF products or custodial-grade funds.

BIS criticizes stablecoins for lacking core currency attributes, pushing for unified ledgers and tokenized central bank systems

According to The Block, the Bank for International Settlements (BIS) pointed out in its latest annual report that stablecoins, while having the potential for cross-border payments, fall short in terms of the 'homogeneity, elasticity, and integrity' of currency, making it difficult to play a core role in public payment systems. BIS Chief Economic Adviser Hyun Song Shin even compared stablecoins to private banknotes of the 19th century, which could pose systemic risks in times of confidence crisis.

BIS states that even if stablecoins are subject to legislative constraints (such as the US 'Genius Act' requiring high liquid assets as support), their private nature still makes it difficult to meet the safety and stability requirements of the global clearing system. As an alternative, BIS is promoting the 'Unified Ledger' architecture, tokenizing central bank reserves, commercial deposits, government bonds, and other assets for instant, transparent settlement on the same platform. Pilot projects such as Project Agorá have already been launched.

This stance shows that global financial regulatory authorities are increasingly leaning towards central bank-led future payment infrastructure, with the role of stablecoins not being completely denied, but their space as a sovereign currency alternative is gradually being squeezed. As countries promote central bank digital currencies and tokenized financial systems, stablecoins may be more positioned as transitional tools rather than long-term mainstream solutions.

Ethereum developers propose to shorten block time to 6 seconds, driving performance and scalability upgrades

According to CoinDesk, Ethereum core developer Barnabé Monnot has proposed EIP-7782, suggesting to reduce block time from 12 seconds to 6 seconds, aiming to improve network efficiency, reduce transaction latency, and Gas costs. If the proposal is accepted, it will be included in the Glamsterdam upgrade expected to be launched in 2026, doubling the number of blocks per minute and compressing the three-stage consensus process to a total of 6 seconds.

Glamsterdam's upgrade is still in the early planning stages, focusing on protocol performance optimization and reducing Gas costs, expected to cover multiple Layer 1 scalability-related changes. EIP-7782 is seen as an important attempt for Ethereum to evolve towards higher performance, but it has also sparked discussions on node load, decentralization, and network stability. The future development still relies on technical evaluations and community consensus. If successfully implemented, EIP-7782 could become another key milestone in Ethereum's scalability process, following The Merge and proto-danksharding.

Gate Launchpool

IPO Details

• Subscription project: League of Traders
• Token Name: LOT
• IPO time: until 20:00 on June 26, 2025 (UTC+8)
• Participation method: Staking LOT or GT can get free rewards
• Airdrop total: 1,200,000 LOT

Project Introduction

LOT is South Korea's largest social trading platform, which brings users an immersive encryption currency trading experience in a gamified way. The platform is jointly supported by Mirana, C3 Ventures, Cadenza (a well-known encryption venture capital firm), and South Korean game company Neowiz.
Reference:

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• Gate, [https://www.gate.com/trade/ETH_USDT])https://www.gate.com/trade/ETH_USDT(
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• X, [https://x.com/Cointelegraph/status/1937581528956997956])https://x.com/Cointelegraph/status/1937581528956997956(
• The Block, [https://www.theblock.co/post/359518/bis-stablecoins-tests-moniness-tokenization-circle])https://www.theblock.co/post/359518/bis-stablecoins-tests-moniness-tokenization-circle(
• CoinDesk, [https://www.coindesk.com/tech/2025/06/24/ethereum-developer-proposes-6-second-block-times-to-boost-speed-slash-fees])https://www.coindesk.com/tech/2025/06/24/ethereum-developer-proposes-6-second-block-times-to-boost-speed-slash-fees(
• Gate, [https://www.gate.com/launchpool/LOT?pid=323])https://www.gate.com/launchpool/LOT?pid=323(

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