CoinW Research Institute Weekly Report (May 25, 2026 - May 31, 2026)

2026-06-01 15:29:33

Collection

The total market value of global cryptocurrencies is $2.57T, down from $2.65T last week, a decrease of about 2.64% this week.

Key Points

The total market capitalization of cryptocurrencies is $2.57T, down approximately 2.64% from last week's $2.65T. As of the time of writing, the cumulative net inflow of the U.S. ++Bitcoin Spot++ ETF is approximately $55.66B, with a net outflow of $1.42B this week; the cumulative net inflow of the U.S. ++Ethereum Spot++ ETF is approximately $11.37B, with a net outflow of $241.45M this week.
According to Coinglass data, the total market capitalization of stablecoins is $316B, down approximately 0.50% from last week's $317.6B. Among them, the market capitalization of ++USDT++ is $188.2B, accounting for 59.56% of the total stablecoin market capitalization, down approximately 0.68% from last week's $189.48B; followed by ++USDC++, with a market capitalization of $75.78B, accounting for 23.98% of the total stablecoin market capitalization, down approximately 0.81% from last week's $76.4B; ++DAI++ has a market capitalization of $5.36B, nearly unchanged from last week, accounting for 1.70% of the total stablecoin market capitalization.
According to DeFiLlama data, the total TVL of DeFi this week is $80B, down approximately 1.79% from last week's $81.455B. By public chain classification, the top three public chains by TVL are ++Ethereum++, accounting for 52.08%; BNB Chain, accounting for 7.19%; and Solana, accounting for 6.67%.
Performance of major public chains this week (Ethereum, Solana, BNB Chain, Ton, Sui, Aptos):
In terms of daily trading volume on-chain Dex, only BNB Chain achieved significant growth this week, with a daily trading volume of $0.92B (+67.58%); Ton rose to $0.006B (+62.16%); Aptos rose to $0.01B (+42.86%), while the other public chains experienced declines. In terms of transaction fees, Ethereum, BNB Chain, and Aptos remained roughly the same as last week; Solana dropped to $0.0005 (-50.00%), Sui dropped to $0.0005 (-24.24%); Ton slightly rose to $0.0012 (+9.09%). In terms of daily active addresses, Ethereum's active addresses increased to 504,700 (+26.31%), Solana increased to 1.94 million (+10.86%), and Ton increased to 178,500 (+34.58%); the other chains all saw declines. In terms of TVL, BNB Chain increased to $5.76B (+2.86%); the other public chains all slightly declined from last week, with Ethereum at $42.09B (-0.87%), Solana at $5.37B (-0.92%), Ton at $0.07B (-1.41%), Sui at $0.52B (-8.61%), and Aptos at $0.22B (-9.09%). Among them, Ethereum still leads all public chains with a TVL of $42.09B, followed by BNB Chain ($5.76B) and Solana ($5.37B).
New project focus: AquaFlux is a DeFi protocol focused on bringing real-world assets (RWA) on-chain, achieving flexible allocation of income rights, risk exposure, and liquidity through an innovative Tri-Token model. OpenFi is a decentralized lending protocol focused on the RWA track, introducing an on-chain collateral lending market that allows users to obtain stablecoin liquidity using RWA as collateral. PiggyBank is a yield-enhancing DeFi protocol that allows users to deposit stablecoins, tokenized stocks, and crypto assets into a yield vault and earn additional returns through strategies such as funding rate arbitrage and liquidity provision.

Key Points
I. Market Overview

Total cryptocurrency market capitalization/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 events happening next week
Important investments and financing from last week
IV. Reference Links

I. Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

The global ++total cryptocurrency market capitalization++ is $2.57T, down approximately 2.64% from last week's $2.65T.

Data source: Bitcoin dominance from cryptorank, ++https://cryptorank.io/charts/btc-dominance++
Data as of May 31, 2026
As of the time of writing, the market capitalization of ++Bitcoin++ is $1.47T, accounting for 57.27% of the total cryptocurrency market capitalization. Meanwhile, the total market capitalization of stablecoins is $316B, accounting for 12.3% of the total cryptocurrency market capitalization.

Data source: coingecko, ++https://www.coingecko.com/en/charts++
Data as of May 31, 2026

2. Fear Index

The cryptocurrency fear index is 30, indicating fear.

Data source: coinglass, ++https://www.coinglass.com/pro/i/FearGreedIndex++
Data as of May 31, 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 $55.66B, with a net outflow of $1.42B this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.37B, with a net outflow of $241.45M this week.

Data source: sosovalue, ++https://sosovalue.com/zh/assets/etf++
Data as of May 31, 2026

4. ETH/BTC and ETH/USD exchange rates

ETHUSD: Current price $2,004.26, historical highest price $4,946.05, down approximately 59.48% from the highest price
ETHBTC: Currently at 0.027251, historical highest at 0.1238

Data source: ratiogang, ++https://ratiogang.com/++
Data as of May 31, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $80B, down approximately 1.79% from last week's $81.455B.

Data source: defillama, ++https://defillama.com++
Data as of May 31, 2026
By public chain classification, the top three public chains by TVL are Ethereum, accounting for 52.08%; BNB Chain, accounting for 7.19%; and Solana, accounting for 6.67%.

Data source: CoinW Research Institute, defillama, ++https://defillama.com/chains++
Data as of May 31, 2026

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

Layer 1 related data
Mainly analyzing the current Layer 1 data including ETH, SOL, BNB, TON, SUI, and APTOS from daily trading volume, daily active addresses, and transaction fees.

Data source: CoinW Research Institute, defillama, ++https://defillama.com++
Data as of May 31, 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 daily trading volume, only BNB Chain achieved growth this week, with a daily trading volume of $0.92B (+67.58%); Ton rose to $0.006B (+62.16%); Aptos rose to $0.01B (+42.86%). The other public chains experienced declines, with Solana at $0.94B (-6.28%), Ethereum at $0.54B (-34.15%), and Sui at $0.03B (-37.50%). In terms of transaction fees, Ethereum ($0.01), BNB Chain ($0.00001), and Aptos ($0.000001) remained roughly the same as last week; Solana dropped to $0.0005 (-50.00%), Sui dropped to $0.0005 (-24.24%); Ton slightly rose to $0.0012 (+9.09%).
Daily active addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of the public chain, while TVL reflects the level of user trust in the platform. In terms of daily active addresses, Ethereum's active addresses increased to 504,700 (+26.31%), Solana increased to 1.94 million (+10.86%), and Ton increased to 178,500 (+34.58%); the other chains all saw declines, with BNB Chain at 2.17 million (-8.05%), Sui at 180,000 (-45.77%), and Aptos at 63,900 (-37.94%). In terms of TVL, BNB Chain increased to $5.76B (+2.86%); the other public chains all slightly declined from last week, with Ethereum at $42.09B (-0.87%), Solana at $5.37B (-0.92%), Ton at $0.07B (-1.41%), Sui at $0.52B (-8.61%), and Aptos at $0.22B (-9.09%). Among them, Ethereum still leads all public chains with a TVL of $42.09B, followed by BNB Chain ($5.76B) and Solana ($5.37B).
Layer 2 related data
According to L2Beat data, the total TVL of Ethereum Layer 2 this week is $38.12B, up approximately 12.65% from last week's $33.84B.

Data source: L2Beat, ++https://l2beat.com/scaling/tvs++
Data as of May 31, 2026
This week, Base and Arbitrum's market shares are 46.24% and 15.66%, ranking first and second.

Data source: CoinGecko, ++https://www.coingecko.com/en/chains/layer-2++
Data as of May 31, 2026

7. Stablecoin market capitalization and issuance situation

According to Coinglass data, the total market capitalization of stablecoins is $316B, down approximately 0.50% from last week's $317.6B. Among them, USDT has a market capitalization of $188.2B, accounting for 59.56% of the total stablecoin market capitalization, down approximately 0.68% from last week's $189.48B; followed by USDC, with a market capitalization of $75.78B, accounting for 23.98% of the total stablecoin market capitalization, down approximately 0.81% from last week's $76.4B; DAI has a market capitalization of $5.36B, nearly unchanged from last week, accounting for 1.70% of the total stablecoin market capitalization.

Data source: CoinW Research Institute, Coinglass, ++https://www.coinglass.com/pro/stablecoin++
Data as of May 31, 2026
According to Whale Alert data, this week the USDC Treasury issued a total of 2 billion USDC, while the Tether Treasury issued no USDT this week. The total issuance of stablecoins this week is 2 billion, down 42.28% from last week's total issuance of stablecoins (3.465 billion).

Data source: Whale Alert, ++https://x.com/whale_alert++
Data as of May 31, 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 source: CoinW Research Institute, coinmarketcap, ++https://coinmarketcap.com/++
Data as of May 31, 2026
Top five Meme coins by growth in the past week

Data source: CoinW Research Institute, coinmarketcap, ++https://coinmarketcap.com/++
Data as of May 31, 2026

2. New project insights

AquaFlux is a DeFi protocol focused on bringing real-world assets (RWA) on-chain, achieving flexible allocation of income rights, risk exposure, and liquidity through an innovative Tri-Token model, allowing for the on-chain splitting and restructuring of traditional financial assets such as bonds, thereby enhancing asset liquidity, yield customization capabilities, and risk management efficiency, while attempting to build a new financial product ecosystem based on time dimensions. It is currently deployed across multiple ecosystems including Ethereum, BNB Chain, Base, Arbitrum, Optimism, and Pharos.
OpenFi is a decentralized lending protocol focused on the RWA track, tokenizing real-world assets such as stocks, gold, and money market funds, and introducing an on-chain collateral lending market that allows users to obtain stablecoin liquidity using RWA as collateral. OpenFi aims to bridge the value circulation channels between TradFi and DeFi, building RealFi infrastructure for the global market. Leveraging the Pharos Network ecosystem, OpenFi focuses on compliant asset onboarding, capital efficiency improvement, and global liquidity release, providing lending scenario support for the large-scale application of RWA.
PiggyBank is a yield-enhancing DeFi protocol that allows users to deposit stablecoins, tokenized stocks, and crypto assets into a yield vault and earn additional returns through strategies such as funding rate arbitrage and liquidity provision. After depositing, users will receive corresponding yield certificate tokens (such as pbUSDC), which represent their share and accumulated yield in the vault and can be redeemed for the underlying assets at any time. Through the liquidity yield token mechanism, PiggyBank maintains asset liquidity while achieving automatic compounding, further supporting advanced DeFi applications such as leveraged yield and fixed income, enhancing capital efficiency and composability of assets.

III. Industry News

1. Major industry events this week

On May 25, the RWA and crypto lending protocol Zona officially launched a points program. Starting from May 25 at 00:00 UTC, users supplying USDC and WPROS assets on ZonaLend will have their actions tracked on-chain and accumulate points, with the official later opening a points query and leaderboard feature. Zona is a DeFi protocol focused on RWA and crypto asset lending, aiming to provide users with efficient on-chain lending and liquidity management services, incentivizing early ecosystem participants through a points mechanism, laying the foundation for future ecosystem rewards and token distribution.
On May 25, Solstice Finance (SLX) completed its TGE and launched an airdrop distribution. According to official arrangements, SLX officially entered the token issuance phase on May 25, while launching an airdrop distribution for eligible early users. Users who previously participated in USX and eUSX related product interactions and points activities can receive SLX rewards according to the rules. Solstice Finance is a stablecoin yield protocol in the Solana ecosystem, providing users with on-chain stable yields through Delta-Neutral strategies and building a yield-based stablecoin ecosystem around USX and eUSX.
Aster (ASTER) Stage 6 airdrop claim is entering its final week. According to the official announcement, the instant claim window for this round of airdrop opened on May 4, 2026, at 12:00 UTC and will officially close on June 4, 2026, at 12:00 UTC. There is only one week left to claim, and eligible users can receive 50% ASTER rewards, while the remaining portion will be destroyed or locked based on the chosen plan. Aster is a Perp DEX focused on on-chain perpetual contract trading, continuously expanding its user base through trading mining and ecological incentives.

2. Major events happening next week

MegaETH will update the Terminal Season 1 leaderboard and points statistics results in early June. Users can earn points through testnet interactions, ecological tasks, and on-chain application experiences, which the market generally views as an important basis for potential future airdrops. MegaETH is a high-performance Ethereum scaling project aimed at achieving near Web2 execution performance while maintaining Ethereum's security.
The Season 2 airdrop claim activity of the Solana ecosystem liquidity protocol Meteora is expected to enter its final phase on June 2, and users who have not completed the claim should do so promptly. This round of airdrop is mainly aimed at users who previously participated in DLMM (Dynamic Liquidity Market Maker) liquidity pools and contributed real trading fees. Meteora is one of the largest liquidity infrastructures in the Solana ecosystem, enhancing capital utilization efficiency through concentrated liquidity and dynamic market-making mechanisms, and its Season 2 airdrop is regarded as one of the most representative community incentive activities in the Solana ecosystem for 2026.
The privacy computing network Nillion will complete the data statistics for the first phase of the Verifier Program on June 3. Users participating in node verification, testnet interactions, and ecological tasks will be included in the points system, which the community generally views as an important reference for future token distribution. Nillion is a privacy computing network based on Blind Computation technology, focusing on achieving secure computing and AI data collaboration without exposing data.

3. Important investments and financing from last week

Dunamu completed a $204 million financing round, with a post-financing valuation of approximately $10.19 billion. This round of financing comes just two weeks after its $667 million financing completed on May 15, demonstrating the market's continued recognition of its business and industry position. Dunamu is a leading fintech company in South Korea and the operator of Upbit, the largest cryptocurrency exchange in South Korea, covering areas such as digital asset trading, blockchain technology, and fintech services. With Upbit's leading share in the South Korean crypto market and mature compliance operations, Dunamu has become one of the most influential digital asset infrastructure companies in Asia. This financing will further enhance the company's capital strength and support its digital asset business expansion and fintech ecosystem development. (May 28, 2026)
NALA secured up to $50 million in debt financing, supported by Mars Growth Capital and Liquidity Group. This round of financing will mainly be used to expand its stablecoin payment and cross-border transfer infrastructure, especially for multi-currency accounts, remittances, and stablecoin settlement scenarios in Africa and emerging markets. NALA is a cross-border payment fintech company, with products including the consumer remittance app NALA and the enterprise payment platform Rafiki, working to reduce cross-border capital flow costs and improve settlement efficiency through a stablecoin payment network. (May 28, 2026)
Hypernova completed a $3 million Pre-Seed round financing on May 29, 2026, led by Lemniscap, CMS Holdings, Very Early Ventures, and Pivot Global, with support from angel investors such as Maximilian Fiege and Kirby Ong. Hypernova is an on-chain proprietary trading protocol built on the Hyperliquid ecosystem, aiming to achieve trustless fund management, instant yield distribution, and verifiable trading execution processes through smart contracts. Unlike traditional Prop Trading models, Hypernova fully on-chains the selection of traders, fund allocation, and yield settlement, allowing investors to transparently participate in professional trading strategies and share in the profits. This financing will mainly be used for protocol development, trading infrastructure construction, and ecosystem expansion, further promoting the development of on-chain asset management and decentralized proprietary trading markets. (May 29, 2026)