On-chain Weekly Digest: Aerodrome and Velodrome merged to form $AERO on Ethereum and Circle’s ARC
1inch unveiled protocol Aqua letting multiple DeFi strategies share the same capital...
On-Chain Overview
BTC broke below its annual moving average with leverage ratio rebuilding and market fear intensifying, as BTC and ETH ETFs saw $1.11B and $729M outflows, Solana ETF had $46.4M inflows, and on-chain activity diverged with Solana DEX volume –32% and Polygon +35%.
Crypto market cap fell 9.78% (7D) as total DEX volume dropped 21.88% (7D) and Solana DEX activity declined 32.7% (7D), while Aerodrome was the only major DEX showing positive revenue at 9.84% (7D) despite a 41.75% drawdown (3M).
（Data accurate as of: 17 Nov, 2025, 6:00 am, UTC）
Altcoin, Meme coin, NFT and RWA
Altcoins fell 5.39% (7D) with meme caps down 13.35% (7D) and meme volume down 21.05% (7D), NFTs extended weakness with market cap down 6.3% (7D) and volume down 32.6% (7D), while tokenized RWA assets were the only segment showing resilience with +20.77% (3M) despite a 3.88% dip (7D).
（Data accurate as of: 17 Nov, 2025, 6:00 am, UTC）
Macro, Stocks & Commodities
Gold gained 1.93% (7D) and remained the strongest macro asset with an 18.72% rise (3M), while equities held firm as the S&P 500 and Nasdaq 100 rose 0.57% and 0.12% (7D) against a backdrop of rising volatility with VIX up 5.34% (7D) and a steady dollar that is still up 1.25% (3M).
（Data accurate as of: 17 Nov, 2025, 6:00 am, UTC）
Key Events of the Week
1. Defi | Aerodrome and Velodrome merged to form $AERO on Ethereum and Circle’s ARC (13 Nov)
2. NFT | Magic Eden to allocate 30% of secondary marketplace revenue to buybacks (13 Nov)
3. Prediction market | Polymarket and UFC announced multi-year partnership to bring prediction markets into live combat sports (13 Nov)
4. Defi | 1inch unveiled protocol Aqua letting multiple DeFi strategies share the same capital (17 Nov)
Looking Ahead
1. NFT | Holders of the Meebits AI Toy Early Access Pass NFT can claim a physical Meebits x Curio AI Plush as well as digital rewards (22 Nov)
2. L1 | Monad Mainnet is scheduled to go live on 24th Nov at 9am ET (24 Nov)
3. L1 | The Ethereum Fusaka upgrade is scheduled for December 3, 2025 (3 Dec)
Key Takeaways
From a market data perspective: Crypto market cap fell 9.78% (7D) as BTC broke below its annual average, leverage ratio rebuilt, ETF outflows totaled $1.84B, and Solana’s DEX volume plunged 32% while Aerodrome remained the top DEX by revenue (+9.84% 7D).
From a market events perspective: Defi consolidation and innovation led the week with the Aerodrome–Velodrome merger, Magic Eden’s 30% revenue buybacks, Polymarket’s UFC partnership, and 1inch’s Aqua launch enabling shared capital across DeFi strategies.
