Gate Research Monthly Report: In May, the total market capitalization of cryptocurrencies exhibited a high-level consolidation trend, continuing the upward momentum from late April driven by eased tariff policies, with the market maintaining a strong overall upward trend. Regarding public blockchain data, Solana continued to lead with an average of nearly 100 million daily transactions, solidifying its dominance in high-frequency applications. Virtuals saw explosive growth in on-chain activity in May, with daily active addresses surging over 160% month-on-month, exceeding 8,000 and reaching a historical high. The Web3 industry completed 122 funding rounds in May, totaling $1.92 billion, a 35% decrease month-on-month. Security incidents resulted in disclosed losses of approximately $257 million, with over 80% of incidents caused by account hacks and contract vulnerabilities. On June 20, 2025, ZRO will unlock 23.13% of its tokens, valued at over $50 million, expected to significantly impact the market.

Gate Research Daily Report: On June 10, BTC rose 4.02% to $109,829, staging a strong rebound after a period of consolidation and briefly surpassing $111,000, which boosted market sentiment and may lead to gains in other major cryptocurrencies. ETH followed the overall trend, rising 8.16% to $2,708. Altcoin market sentiment remained high, with most sectors rebounding and the Fear & Greed Index climbing to 64. Spot gold was quoted at $3,307.82 per ounce, down 0.54% in 24 hours. Nautilus officially launched on the Sui mainnet, and Gate HODLer Airdrop introduced a new project, Calcify Tech.

The article provides a detailed analysis of the capital inflow of Ethereum spot ETFs, collaborations with sovereign wealth funds, financial reforms and R&D restructuring of the foundation, adjustments to Gas limits, and market expectations for the future development of Ethereum.

The article reveals the irrationality and one-sidedness of these conspiracy theories through detailed rational rebuttals and factual analysis, while also exploring the reasons for the growth and dissemination of conspiracy theories, emphasizing the importance of maintaining rationality, evidence, and critical thinking in the face of complex market phenomena.

The article reveals the challenges faced by Pump.fun in user growth, token quality, and liquidity through detailed data analysis, and explores the rationality of its high valuation in issuing coin.

The trading volume of stablecoins has become comparable to traditional payment networks such as Visa, and their applications in cross-border payments, inflation resistance, and daily transactions are becoming increasingly widespread.

The article provides a detailed analysis of the reasons for the capital inflow into Injective, including the launch of the institutional-level yield platform Upshift and its attempts to transform in the RWA field. Although Injective faces challenges in derivative trading, its transformation towards RWA seems to have achieved some success.

The article explains in detail the meaning of Gas Limit and its impact on network performance, and analyzes the effect of increasing Gas Limit on validator income.

The article reveals the operation mechanism of the debt - cycle, including the debt - servicing cost, the imbalance between debt supply and demand, and the potential risks of the central bank printing money to purchase debt. The author proposes a three - part 3% solution, aiming to balance the budget deficit by cutting spending, increasing taxes, and reducing interest rates.

The article reviews the controversies and issues faced by the Ethereum Foundation over the past year, including management changes, economic impacts after technical upgrades, incidents of conflict of interest, and lack of transparency in disclosures. It also details the new strategic direction of the Ethereum Foundation, including improving mainnet efficiency, supporting Layer 2 solutions, and optimizing user experience.

With the proliferation of open-source large models, "unrestricted AI tools" like WormGPT and FraudGPT are being misused to generate phishing emails, write malicious contracts, and manipulate user communities, posing a serious threat to the security of the encryption industry. This article details the principles, uses, and countermeasures of these models, sounding the alarm for Web3 practitioners.

The Ethereum Foundation has released a fiscal policy, systematically disclosing the ETH sales mechanism, DeFi - participation principles, and the evaluation criteria for the "Defipunk" protocol for the first time. Emphasizing security, privacy, and long - term governance, it ushers in a new era of public - chain fiscal transparency and decentralized asset management.

BitEqual adopts a virtual mining mechanism vPoW, allowing everyone to participate in "on-chain mining" without equipment, replicating the fair issuance spirit of Bitcoin and creating a truly equal, transparent, and decentralized new generation of cryptocurrency.

Partner of a16z deeply analyzes how stablecoins evolve into real "currencies", and explores the impact of currency singularity, the sovereign risk of the US dollar, and Treasury - bond collateral on the financial system, as well as the reform paths.

Why has the Hong Kong RWA route stagnated? This article deeply analyzes the limitations of "bond issuance as financing" and proposes a new strategic path of returning to infrastructure, laying out offshore markets, and building an Asia-Pacific on-chain asset hub.