Gate Research: Gate Layer On-Chain Addresses Surpass 100 Million｜Solana TVL Hits Three-Year High

Crypto Market Overview

• BTC (1.38% | Current Price: 108,381 USDT): After a sharp drop around October 17, BTC found temporary support near 103,500 USDT and subsequently staged a volatile rebound. Short-term moving averages (MA5, MA10) formed a bullish golden cross on October 19, driving the price above 108,000 USDT, though some selling pressure remains in the 108,500–109,000 USDT zone. On October 17, BTC ETFs saw a net outflow of 366 million USD, with BlackRock’s IBIT inflow at 268 million USD and Fidelity’s FBTC outflow at 67.4 million USD.
• ETH (2.36% | Current Price: 3,956 USDT): Following a significant drop that bottomed near 3,674 USDT, ETH staged a strong rebound, reaching a local high around 4,050 USDT, but has recently retraced in the past few hours, with short-term upward momentum weakening. The current price (~3,956 USDT) is testing support near the 30-period moving average, while the short-term MA5 has crossed below MA10, signaling a short-term bearish bias. On October 17, ETH ETFs saw a net outflow of 232 million USD, including 146 million USD from BlackRock ETHA and 30.6 million USD from Fidelity FETH.
• Altcoins: Most major altcoins saw modest rebounds, with market sentiment remaining largely neutral. The Fear & Greed Index is at 29, in the “Extreme Fear” range, indicating limited risk appetite among investors and a relatively cautious market mood.
• Macro: On October 17, the S&P 500 rose 0.53% to 6,664.01; the Dow Jones increased 0.52% to 46,190.61; and the Nasdaq gained 0.52% to 22,679.98. As of 3:00 AM (UTC) on October 20, spot gold is priced at 4,253 USD per ounce, up 0.09% in the past 24 hours.

Trending Tokens

MLN Enzyme (+59.7%, Market Cap: 40.15M USD)

According to Gate data, MLN is currently priced at 13.21 USD, up approximately 59.7% in 24 hours. Enzyme is a decentralized asset management platform for DeFi, enabling automated fund management through smart contracts, allowing users to create and manage tokenized investment tools without programming knowledge. MLN serves as the native token for paying platform fees and participating in governance.

The recent surge in MLN’s price is mainly driven by the upcoming delisting of the MLN/USDT and MLN/USDⓈ trading pairs on October 23 and the suspension of trading services since October 16. Market anticipation of reduced liquidity and supply-demand mismatches intensified short-term volatility. Investor sentiment split between selling and opportunistic buying further fueled the sharp upward movement.

AUCTION Bounce Brand (+42.63%, Market Cap: 63.17M USD)

Gate data shows AUCTION is currently trading at 8.58 USD, up about 42.63% over 24 hours. Bounce Brand is a decentralized token exchange platform offering an “Auction-as-a-Service” suite, allowing users to create, participate in, and manage auctions for various digital assets, including NFTs, across multiple blockchains. AUCTION tokens are used for staking rewards, payments within the Bounce marketplace, and governance participation.

After a prior ~60% crash triggered by whale selling, AUCTION rebounded strongly, supported by returning buy pressure and surging trading volume. The upcoming launch of a prediction market feature, which integrates on-chain auction mechanisms with multi-layer incentives, is expected to further enhance token utility and market attention. Technically, AUCTION has broken multiple resistance levels, demonstrating strong upward momentum, though short-term overextension suggests caution for potential pullbacks.

TRU TrueFi (+27.85%, Market Cap: 30.89M USD)

Gate data shows TRU is currently priced at 0.023 USD, up 27.85% in 24 hours. TrueFi is a decentralized lending protocol providing uncollateralized loans, connecting borrowers, portfolio managers, and lenders via smart contracts, with governance conducted through TRU tokens. It leverages on-chain credit scoring and a DAO model for project management and voting, offering TRU holders governance, staking, and liquidity functions.

TrueFi recently partnered with Keyring Network to integrate zkVerified zero-knowledge verification into its tokenized treasury bills (tfBILLS) and upcoming credit vaults, enhancing on-chain asset security and privacy. This move strengthens TrueFi’s position in the RWA sector and underscores its compliance and privacy-focused advancements. The news boosted market interest in TRU’s utility and prospects, driving moderate price gains with stable trading volume. TRU has surpassed the 0.0193 USD resistance level, with technical indicators suggesting continued short-term bullish momentum.

Alpha Insights

Gate Layer On-Chain Addresses Surpass 100 Million

The Gate Layer ecosystem continues to expand. With the gradual launch of core applications such as Gate Fun and Gate Perp DEX, the number of on-chain addresses has officially surpassed 100 million, reflecting sustained growth in network activity and user engagement. As a high-performance L2 network independently developed by Gate, Gate Layer leverages LayerZero to achieve multi-chain interoperability, supporting cross-chain transfers of assets on major blockchains including Ethereum, BSC, and Polygon. With its low-cost, high-efficiency architecture, Gate Layer is rapidly becoming a comprehensive L2 ecosystem integrating trading, entertainment, and development.

Surpassing 100 million addresses marks Gate Layer’s entry into a scale-growth phase. Leveraging LayerZero’s cross-chain capabilities and traffic from the Gate ecosystem, the network is gradually establishing a positive feedback loop of “transactions driving growth.” In the future, with more native applications and on-chain assets integrated, Gate Layer is expected to become a leading example of next-generation high-performance multi-chain infrastructure.

Solana TVL Hits Three-Year High at 59.28 Million SOL

According to DefiLlama, Solana’s total value locked (TVL) currently stands at 59.28 million SOL, marking a new three-year high. This is the first time since mid-June 2022 that Solana has surpassed this level when measured in SOL. Historically, the network’s TVL peak occurred on June 13, 2022, at 68.13 million SOL. The current growth trend indicates a steady recovery of the Solana DeFi ecosystem, with clear capital inflows returning to the network.

The three-year high in TVL suggests that Solana’s ecosystem has re-entered an expansion phase after a long adjustment period. With increased activity in on-chain DEXs, stablecoins, and yield protocols, confidence in Solana is gradually restoring. If SOL price and TVL rise in tandem, Solana could regain its position among leading public blockchains in the next DeFi market cycle.

Aave V4 to Support Diverse Collateral Assets, Expanding DeFi Financing Horizons

Aave founder Stani Kulechov recently announced on social media that Aave V4 will introduce new collateral asset classes, broadening the financing capabilities of DeFi. The new version will continue to support traditional crypto collateral while also covering stocks, ETFs, various funds, bonds and fixed-income products, private credit, real estate and mortgages, commodities, and accounts receivable. This upgrade opens broader financing and liquidity scenarios for decentralized finance.

This upgrade marks DeFi’s gradual extension into the world of real-world assets, breaking the limitations of crypto-only collateral. By introducing stocks, ETFs, and real estate, Aave is poised to attract more institutional capital while enhancing the protocol’s overall asset diversity and risk mitigation. This accelerates DeFi’s integration with traditional finance and provides users with richer collateral options and more flexible financing strategies. However, effectively evaluating the on-chain value and risk of non-crypto assets will be crucial for the protocol’s sustainable operation.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Gate Layer, https://www.gatescan.org/gatelayer
• DefiLlama, https://defillama.com/chain/solana?currency=SOL
• X, https://x.com/StaniKulechov/status/1979516545241055341

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.