CoinW Research Institute Weekly Report (May 11, 2026 - May 17, 2026)

2026-05-20 15:27:32

Collection

The total market value of global cryptocurrencies is $2.64 trillion, down from $2.79 trillion last week, a decrease of approximately 5.38% this week.

The total market capitalization of cryptocurrencies worldwide is $2.64 trillion, down from $2.79 trillion last week, representing a decrease of approximately 5.38% this week. As of the time of writing, the cumulative net inflow of the U.S. ++Bitcoin Spot++ ETF is approximately $58.34 billion, with a net outflow of $1 billion this week; the cumulative net inflow of the U.S. ++Ethereum Spot++ ETF is approximately $11.83 billion, with a net outflow of $255 million this week.
The total market capitalization of stablecoins is $319 billion, up from $316 billion last week, an increase of approximately 0.95%. Among them, the market capitalization of ++USDT++ is $189.74 billion, accounting for 59.48% of the total market capitalization of stablecoins, up about 0.04% from $189.67 billion last week; followed by ++USDC++ with a market capitalization of $76.93 billion, accounting for 24.12% of the total market capitalization of stablecoins, down about 1.12% from $78 billion last week; ++DAI++ has a market capitalization of $5.36 billion, nearly unchanged from last week, accounting for 1.68% of the total market capitalization of stablecoins.
According to DeFiLlama data, the total TVL of DeFi this week is $83.539 billion, down from $85.889 billion last week, a decrease of approximately 2.74%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 52.20%; Solana, accounting for 7.08%; and BNB Chain, accounting for 6.59%.
This week's performance of major public chains (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos):
In terms of daily trading volume on-chain Dex, only BNB Chain ($0.53B, +5.16%) and Ton ($0.004B, +233.33%) achieved growth this week, while the others experienced declines. Among them, Ethereum ($0.67B, -30.79%), Solana ($0.96B, -20.53%), Sui ($0.05B, -76.53%), and Aptos ($0.03B, -42.31%) all decreased compared to last week. In terms of transaction fees, the overall public chain saw a decline this week; BNB Chain and Aptos remained the same as last week. In terms of daily active addresses, only Ton (125,600, +3.81%) achieved growth this week, while the other chains experienced varying degrees of decline. Ethereum (524,000, -19.35%), Solana (1.94 million, -16.02%), BNB Chain (2.44 million, -7.92%), Sui (177,600, -44.20%), and Aptos (111,000, -92.33%) all fell compared to last week. In terms of TVL, only Solana ($5.92B, +1.54%) saw a slight increase this week; the other chains all declined. Ethereum ($43.46B, -4.88%) remains the leader among all chains, followed by BNB Chain ($5.53B, -2.47%).
New project focus: FaroSwap is a native DEX built on the Pharos network, utilizing a hybrid liquidity mechanism combining AMM and PMM, focusing on real-world asset (RWA) financial scenarios. Hypezion Finance is an on-chain financial protocol that integrates stablecoins, yield generation, and leveraged trading into a unified structure. Brix is a decentralized yield engine built on the MegaETH ecosystem, focusing on integrating global finance and emerging market yield opportunities.

Key Points
I. Market Overview

Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Ratio
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-chain Data
Stablecoin Market Capitalization and Issuance Situation
II. This Week's Hot Money Trends
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
III. Industry News
Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing from Last Week
IV. Reference Links

I. Market Overview

1. Total Market Capitalization of Cryptocurrencies / Bitcoin Market Capitalization Ratio

The global ++total market capitalization of cryptocurrencies++ is $2.64 trillion, down from $2.79 trillion last week, representing a decrease of approximately 5.38% this week.

Data as of May 17, 2026
As of the time of writing, the market capitalization of ++Bitcoin++ is $1.63 trillion, accounting for 58.32% of the total market capitalization of cryptocurrencies. Meanwhile, the market capitalization of stablecoins is $319 billion, accounting for 12.08% of the total market capitalization of cryptocurrencies.

Data as of May 17, 2026

2. Fear Index

The cryptocurrency fear index is 27, indicating fear.

Data as of May 17, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $58.34 billion, with a net outflow of $1 billion this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.83 billion, with a net outflow of $255 million this week.

Data as of May 17, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price $2,109.67, historical high $4,946.05, down approximately 57.34% from the highest price
ETHBTC: Currently at 0.0274, historical high at 0.1238

Data as of May 17, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $83.539 billion, down from $85.889 billion last week, a decrease of approximately 2.74%.

Data as of May 17, 2026
By public chain classification, the top three public chains by TVL are Ethereum, accounting for 52.20%; Solana, accounting for 7.08%; and BNB Chain, accounting for 6.59%.

Data as of May 17, 2026

6. On-chain Data (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos)

Layer 1 Related Data
Mainly analyzing the current data of major Layer 1 chains including ETH, SOL, BNB, TON, SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.

Data as of May 17, 2026
On-chain Dex Daily Trading Volume and Transaction Fees: On-chain Dex daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of on-chain Dex daily trading volume, only BNB Chain ($0.53B, +5.16%) and Ton ($0.004B, +233.33%) achieved growth this week, while the others experienced declines. Among them, Ethereum ($0.67B, -30.79%), Solana ($0.96B, -20.53%), Sui ($0.05B, -76.53%), and Aptos ($0.03B, -42.31%) all decreased compared to last week. In terms of transaction fees, this week Ethereum ($0.01, -50.00%), Solana ($0.0008, -20.00%), Ton ($0.0012, -14.29%), and Sui ($0.002, -16.32%) all saw declines; BNB Chain and Aptos remained the same as last week.
Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects the level of trust users have in the platform. In terms of daily active addresses, only Ton (125,600, +3.81%) achieved growth this week, while the other chains experienced varying degrees of decline. Ethereum (524,000, -19.35%), Solana (1.94 million, -16.02%), BNB Chain (2.44 million, -7.92%), Sui (177,600, -44.20%), and Aptos (111,000, -92.33%) all fell compared to last week. In terms of TVL, only Solana ($5.92B, +1.54%) saw a slight increase this week; the other chains all declined. Ethereum ($43.46B, -4.88%) remains the leader among all chains, followed by BNB Chain ($5.53B, -2.47%).
Layer 2 Related Data
According to L2Beat data, the total TVL of Ethereum Layer 2 this week is $33.3 billion, down from $35.08 billion last week, a decrease of approximately 5.07%.

Data as of May 17, 2026
This week, the market shares of Base and Arbitrum are 48.20% and 15.62%, ranking first and second, respectively.

Data as of May 17, 2026

7. Stablecoin Market Capitalization and Issuance Situation

According to CoinGlass data, the total market capitalization of stablecoins is $319 billion, up from $316 billion last week, an increase of approximately 0.95%. Among them, the market capitalization of USDT is $189.74 billion, accounting for 59.48% of the total market capitalization of stablecoins, up about 0.04% from $189.67 billion last week; followed by USDC with a market capitalization of $76.93 billion, accounting for 24.12% of the total market capitalization of stablecoins, down about 1.12% from $78 billion last week; DAI has a market capitalization of $5.36 billion, unchanged from last week, accounting for 1.68% of the total market capitalization of stablecoins.

Data as of May 17, 2026
According to Whale Alert data, this week the USDC Treasury issued a total of 2 billion USDC, and the Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 3 billion, down approximately 14.29% from last week's total issuance of 3.5 billion.

Data as of May 17, 2026

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins by Growth This Week

Top Five VC Coins by Growth in the Past Week

Data as of May 17, 2026
Top Five Meme Coins by Growth in the Past Week

Data as of May 17, 2026

2. New Project Insights

FaroSwap is a native DEX built on the Pharos network, utilizing a hybrid liquidity mechanism combining AMM and PMM, focusing on real-world asset (RWA) financial scenarios, aiming to provide a deeper, more stable, and secure on-chain trading experience. FaroSwap is positioned in the direction of DeFi infrastructure and belongs to the Pharos ecosystem.
Hypezion Finance is an on-chain financial protocol that integrates stablecoins, yield generation, and leveraged trading into a unified structure, centered around the collateralized stablecoin hzUSD, yield certificate token shzUSD, and leveraged asset bullHYPE. Hypezion Finance collaborates on a protocol level to design stability, yield, and leveraged exposure, allowing stablecoin holders to share sustainable profits generated by the system while providing traders with leveraged market exposure without the need for traditional margin calls and forced liquidation mechanisms.
Brix is a decentralized yield engine built on the MegaETH ecosystem, focusing on integrating global finance and emerging market yield opportunities, providing users with a more efficient and sustainable DeFi yield infrastructure through on-chain yield aggregation mechanisms.

III. Industry News

1. Major Industry Events This Week

The Based Season 3 event airdrop was officially distributed to eligible user accounts on May 11, 2026. The official stated that if some users have not completed the signing of relevant terms and agreements, they must complete the confirmation and acceptance process by June 4, 2026, otherwise they will not be able to receive the corresponding airdrop rewards on time. For users who complete the signing of terms before the deadline, their token rewards are expected to be distributed uniformly on June 7, 2026. This airdrop is an important part of the Based Season 3 incentive program, aimed at rewarding ecosystem participants and community contributors.
The DeFi protocol Avant announced that due to the current market environment, it has decided to postpone the originally scheduled token issuance (TGE) to mid-September, while confirming that the points rewards already obtained by users will be retained, with points accumulation ending on May 15, and airdrop distribution unaffected. Avant stated that the current DeFi tokens are under pressure, with several protocols recently facing attacks, and the market environment does not support token issuance. The team plans to use this time to advance new partnerships, continue to expand TVL, and promote product development.
MegaETH announced the launch of its Terminal points activity App Wave 4, with seven new applications open to users. The specific applications participating in the event include: RockSolid, which provides institutional-level liquidity vaults between Ethereum and MegaETH, supporting deposits of USDC on Ethereum and earning yields on Mega; Cap, a three-party platform integrating dollar yield, private credit, and financial guarantees, offering cUSD and stcUSD products; Sir Trading, a long-term leverage protocol without liquidation and funding fees; Canonic, a fully on-chain order book MAOB exchange; FerdyBet, an on-chain gambling platform with verifiable fairness; SectorOne, a native DLMM DEX; Beefy Finance, a yield optimizer providing automatic compounding vaults like MEGA-USDm.

2. Major Upcoming Events Next Week

The tea Protocol official announced the issuance roadmap for the TEA token, confirming that it will choose to launch related liquidity and listing processes on the Aerodrome platform. Among them, community voting is expected to open on May 25, 2026, allowing users to participate in TEA-related proposals and governance decisions; the token issuance (TGE) is scheduled for June 4, 2026. This timeline announcement means that the tea Protocol has officially entered the token issuance and market launch phase, and further layouts may follow regarding liquidity incentives, ecological cooperation, and community governance.
Circle CEO confirmed the ARC airdrop plan, stating that 60% of ecosystem tokens will be used for airdrops and various network growth plans. In Circle's Q1 2026 earnings call, CEO Jeremy Allaire officially confirmed the ARC token airdrop plan for the first time. Allaire stated that 60% of the initial supply of ARC tokens will be used for the ecosystem, specifically including token sales, developer incentives, airdrops, and other network growth plans. Circle and the broader community will ultimately participate, and this portion of tokens will have various deployment methods in the future.
The Solana ecosystem project Solstice opened the first season airdrop query, allowing users to check their SLX token airdrop share on the official Earn Flares page. Previously, Solstice opened registration for the first season airdrop from April 14 to April 21, with a registration fee of 0.075 SOL, and the window was only open for 7 days. Only registered users can claim the first season SLX airdrop; if not registered, the first season points and corresponding SLX airdrop shares will be reclaimed.

3. Important Financing from Last Week

Emerging digital bank Augustus announced the completion of $40 million in financing, with investors including Valar Ventures and Creandum. Augustus is positioned as "the clearing bank of the AI era," providing services such as deposits, loans, stablecoin issuance, and smart payments to digital asset companies, AI enterprises, and institutional clients, and obtained a U.S. OCC federal banking license in May 2026, focusing on digital banking infrastructure with AI and crypto asset native architecture. (May 11, 2026)
The Layer 1 blockchain project Arc launched by Circle announced the completion of $222 million in financing, with a valuation of $3 billion, with investors including Andreessen Horowitz, Haun Ventures, General Catalyst, BlackRock, and others. Arc is positioned as an open Layer 1 network designed for stablecoin finance, supporting stablecoin payments, stable asset exchanges, and tokenized stocks, commodities, and real estate scenarios, and plans to launch its mainnet in the summer of 2026, with native Gas using USDC. (May 11, 2026)
Japanese cryptocurrency exchange Coincheck announced the completion of $65 million in strategic financing, with the investor being Japanese telecom giant KDDI. Coincheck, established in 2012, is one of Japan's leading compliant cryptocurrency trading platforms, with over 1.6 million real-name authenticated users, covering digital asset trading and custody services. This financing may further promote its Web3, payment, and digital finance ecosystem layout in Japan. (May 12, 2026)