# On-Chain Related Articles

HTX News Center provides the latest articles and in-depth analysis on "On-Chain", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

As SKR launches, Solana tests whether mobile users stick onchain

Solana Mobile is launching its SKR token on January 21, marking a critical test of whether mobile-first user distribution can lead to sustained onchain activity. Following the Seeker Season campaign, which engaged over 100,000 users and generated 9 million transactions, the SKR launch shifts focus from initial user acquisition to long-term retention. The tokenomics emphasize early user participation, with 40% of the 10 billion supply unlocked at launch primarily through airdrops. An inflationary model starting at 10% annually encourages early engagement before tapering. The success of SKR will be measured not by its price, but by its ability to convert mobile users into a durable source of onchain demand for the Solana network, strengthening transaction volume and fee generation.

ambcrypto01/08 16:24

As SKR launches, Solana tests whether mobile users stick onchain

ambcrypto01/08 16:24

GateToken (GT) Destroys 2,163,900 Tokens in Q4 2025, Building a More Robust Token Economic Structure Through Ecosystem Expansion

GateToken (GT) completed its Q4 2025 on-chain token destruction, permanently removing 2,163,900 GT tokens, valued at over $26.92 million. The total number of GT destroyed to date has reached 184,819,426, with a cumulative value exceeding $1.901 billion. As the native utility and gas token of GateChain, GT supports the network’s transfer system and transaction execution. Since the mainnet launch in 2019, GT’s total supply has decreased by approximately 61.61% from its original 300 million tokens due to its ongoing destruction mechanism. With the expansion of Gate’s Layer and Web3 ecosystem—including products like Gate Perp DEX, Gate Fun, Meme Go, and Gate Swap—GT is increasingly integrated as the essential gas token across all on-chain activities. Its usage and consumption continue to grow alongside ecosystem development. Gate remains committed to its deflationary tokenomics, reinforcing GT’s scarcity and value through sustained and compliant destruction. This approach aligns token economics with real on-chain demand and supports long-term ecosystem growth. As part of its All in Web3 strategy, Gate continues to enhance decentralized infrastructure and expand application scenarios, aiming to deliver a secure, efficient, and diverse Web3 experience.

marsbit01/08 10:58

GateToken (GT) Destroys 2,163,900 Tokens in Q4 2025, Building a More Robust Token Economic Structure Through Ecosystem Expansion

marsbit01/08 10:58

Bitcoin eyes $150K – Is 2026 the start of an ‘Institutional Supercycle’?

The 2025 bear market significantly impacted crypto stocks and risk assets, with major stocks like MSTR falling 45% and triggering a Bitcoin crash that liquidated $20 billion. However, key sectors like RWA tokenization and stablecoins saw massive capital inflows, growing 210% and over 50% in supply respectively. This divergence is driving strong fundamentals for 2026. On-chain data shows institutions are buying 76% more BTC than miners produce, creating a supply deficit. Analysts expect this institutional demand to fuel an "institutional supercycle," with a potential year-end Bitcoin target of $150,000. The 2025 downturn served as a pause that separated speculation from fundamentals, setting the stage for a breakout year in 2026.

ambcrypto01/08 05:02

Bitcoin eyes $150K – Is 2026 the start of an ‘Institutional Supercycle’?

ambcrypto01/08 05:02

TVL, Trading Volume, Open Interest: How to Use DeFi Data to Find the Next Breakout Project?

Analyzing DeFi projects requires moving beyond hype and narratives to focus on on-chain fundamentals—a revolutionary advantage over traditional finance due to its real-time, transparent data. Key metrics include: - **TVL (Total Value Locked)**: Reflects assets deposited in a protocol, similar to AUM in TradFi, but should be combined with USD net inflows to distinguish actual deposits from price changes. - **Fees, Revenue, and Holder Revenue**: Fees are total user payments (gross revenue), revenue is the protocol’s share (gross income), and holder revenue is what token holders earn via dividends or buybacks. - **Volume**: Tracks trading activity on DEXs and perpetual exchanges, with market share trends often more meaningful than absolute numbers. - **Open Interest**: Measures active derivative positions, indicating liquidity and platform resilience during volatility. - **Stablecoin Market Cap**: Represents real USD capital flowing into a blockchain, a key indicator of ecosystem growth. - **App Revenue & Fees**: The "GDP" of a chain, showing economic activity excluding stablecoins and gas fees. Effective analysis prioritizes sustained growth over time, combines stock metrics (e.g., TVL) with flow metrics (e.g., fees), and accounts for token unlocks and incentives that may cause sell pressure. Platforms like DefiLlama provide real-time data to identify trends early, as seen with Polymarket and Hyperliquid’s growth before they peaked. Mastering these metrics helps cut through noise and spot genuinely valuable projects.

marsbit01/08 05:02

TVL, Trading Volume, Open Interest: How to Use DeFi Data to Find the Next Breakout Project?

marsbit01/08 05:02

Avalanche’s C-Chain explodes with activity – AVAX responds by rising 15%

Avalanche's native token AVAX surged by 15% this week, breaking out of its recent trading range as on-chain activity on its C-Chain reached record levels. Notably, 43.3% of all C-Chain transactions ever recorded occurred in 2025 alone, highlighting a significant acceleration in network usage. Cumulative transactions surpassed 937 million by the end of 2025, with the network processing over 400 million C-Chain transactions and more than 32 million smart contracts deployed by approximately 113,000 unique users. On-chain volume is approaching $1 trillion, indicating substantial value movement within the ecosystem. The growth is supported by increased application activity across DeFi, gaming, and consumer apps, with new launches and upgrades driving demand. Technical indicators such as RSI climbing above 60 and MACD staying positive suggest strong buying pressure and a continued bullish trend. The rally appears fundamentally backed by rising participation and sustained network traction rather than speculative activity.

ambcrypto01/07 19:02

Avalanche’s C-Chain explodes with activity – AVAX responds by rising 15%

ambcrypto01/07 19:02

Ethereum vs Bitcoin: Is the Q1 pattern about to flip in ETH’s favor?

Investors are demonstrating strong risk appetite, with memecoins initially driving momentum. However, a deeper look at Ethereum reveals a different story: a supply shock is forming, highlighted by significant staking activity, with 1.32 million ETH waiting to stake versus only 3k exiting. This indicates a capital rotation into conviction-driven assets rather than pure speculation. Consequently, ETH has outperformed BTC by 2x year-to-date, posting a 9.3% gain. Historically, BTC has outperformed ETH in Q1 since 2022, but current on-chain metrics and Ethereum's strengthening fundamentals—including its expanding institutional footprint in RWA and DeFi—suggest this cycle may break the trend. If momentum continues, ETH could deliver higher returns than BTC by the end of Q1 2026.

ambcrypto01/07 17:01

Ethereum vs Bitcoin: Is the Q1 pattern about to flip in ETH’s favor?

ambcrypto01/07 17:01

2026 Crypto Market Off to a Strong Start: A Cautiously Bullish New Beginning

The cryptocurrency market started 2026 on a strong note, with Bitcoin reaching $94,000 and the total market capitalization nearing $3.3 trillion. Despite geopolitical tensions, institutional interest returned as spot ETFs saw net inflows of approximately $400 million on January 5. Large Bitcoin holders reduced selling pressure, while retail investors continued accumulating. Derivatives markets indicated cautious optimism, with significant Bitcoin call open interest at the $100,000 strike and Ethereum calls at $3,500 for January expiries. Futures open interest also rebounded, though funding rates remained moderate. Meme coins like PEPE and BONK outperformed, alongside privacy-focused tokens and DeFi assets with clear revenue models. Stablecoin flows turned positive again in January, supporting further upside potential. However, ongoing tensions between the U.S. and Venezuela remain a short-term risk for global markets.

marsbit01/07 09:14

2026 Crypto Market Off to a Strong Start: A Cautiously Bullish New Beginning

marsbit01/07 09:14

Farewell to the Era of Chaos: How Are Crypto Market Makers Completing Their 'Rite of Passage'?

This article explores the maturation of cryptocurrency market makers, moving from a "wild west" era of grey arbitrage and information asymmetry to a highly institutionalized and regulated industry. Key shifts include the prioritization of compliance, risk management, and technical infrastructure over aggressive tactics. Profit margins have significantly decreased as project funding for market making has dropped by up to 50%, while demands for transparency and quantifiable results have increased. The role of market makers has evolved from pure liquidity providers to hybrid entities acting as secondary market investors, risk managers, and infrastructure partners. The industry is fragmenting into specialized areas like on-chain market making, derivatives, and tokenized stocks, each with distinct challenges and barriers to entry. Survival now depends on robust systems, strict risk controls, and deep institutional trust rather than bold speculation. The 2025 market crash exemplified how inadequate risk management leads to rapid淘汰. Ultimately, the most successful market makers are those that are systematic, compliant, and resilient—signaling the sector's transition into a disciplined, essential component of the crypto financial ecosystem.

比推01/06 13:45

Farewell to the Era of Chaos: How Are Crypto Market Makers Completing Their 'Rite of Passage'?

比推01/06 13:45

Bubblemaps Denies Maduro Polymarket Insider Link to WLFI

Blockchain analytics firm Bubblemaps has refuted viral allegations of insider trading on Polymarket related to a prediction market on Venezuelan president Nicolás Maduro’s potential ouster. The claims suggested that newly created accounts placed large “yes” bets just before news broke of Maduro’s reported capture, turning $60,000 into over $630,000. On-chain analysis initially pointed to wallet funding via Coinbase and a connection to World Liberty Financial through transaction patterns and domain naming. Bubblemaps dismissed these claims as based on weak assumptions, arguing that matching transaction timing and amounts does not prove ownership or insider links. Expanding the analysis to include multiple assets revealed around 20 wallets with similar patterns, indicating the evidence was not uniquely tied to the accused trader. The firm criticized the narrative as “clickbait” and cautioned against extreme storytelling undermining credible on-chain analysis. No formal investigation or direct evidence linking the trader to WLFI has been announced.

TheNewsCrypto01/06 10:15

Bubblemaps Denies Maduro Polymarket Insider Link to WLFI

TheNewsCrypto01/06 10:15

RWA Weekly Report｜Non-US Government Debt Rises by 18.8%; Yield-Bearing Stablecoins Generate Over $250 Million in Returns in 2025 (12.30-1.6)

RWA Weekly Report: Non-US Government Debt Surges 18.8%; Yield-Bearing Stablecoins Generate Over $250M in Returns (Dec 30 - Jan 6) The on-chain total value of Real World Assets (RWA) continued its upward trend, increasing by 2.83% to $19.59 billion. The broader RWA market saw a slight contraction, falling 0.26% to $401.53 billion. User activity grew significantly, with the number of asset holders rising 3.82% to 604,909. Stablecoin holders also increased by 2.54% to 217.94 million, though the total stablecoin market cap dipped slightly by 0.2%. In terms of asset structure, US Treasuries remained dominant at $8.7 billion. A notable standout was non-US government debt, which surged 18.8% to $772.1 million. Public equity also grew by 7.6% to $775.4 million. In contrast, private credit was the only sector to see a significant decline, decreasing by $200 million to $2.3 billion. Key developments included Ethereum stablecoin transfer volume exceeding $8 trillion in Q4, a new record. Yield-bearing stablecoins generated over $250 million in returns in 2025, with sUSDe, BUIDL, and sUSDS being major contributors. Tether invested in the cross-border QR code payment platform SQRIL. Standard Chartered and Ant International launched a commercial blockchain-based tokenized deposit solution in Hong Kong and Singapore. The report also highlighted growing institutional engagement, with PwC increasing its focus on crypto and BlackRock noting that stablecoins are becoming a bridge between traditional finance and digital liquidity, potentially challenging government control over fiat currencies. Despite predictions of a potential "crypto winter" in 2026 by some analysts, the underlying trends of institutionalization and on-chain transformation, particularly in RWA tokenization, are expected to continue advancing.

Odaily星球日报01/06 09:59

RWA Weekly Report｜Non-US Government Debt Rises by 18.8%; Yield-Bearing Stablecoins Generate Over $250 Million in Returns in 2025 (12.30-1.6)