On-chain Weekly Digest: DEX to CEX volume ratio nears previous high
Stellar secures #2 in Tokenized RWA, 'NFTs aren’t securities' by SEC Commissioner...
On-Chain Overview
Crypto markets show resilience with strong DEX volumes, renewed attention on Solana and Hyperliquid ecosystems, and steady ETF inflows. At the same time, rising U.S. inflation expectations and debt concerns are driving a cautious tone in risk positioning.
Despite a 3% dip in total crypto market cap to $3.23T, DEX activity remained strong with weekly volume rising 20.69% to $101.18B. Solana led DEX volume growth (+15.47%), while Hyperliquid remained the top-earning DEX with $14.16M in revenue.
（Data accurate as of: May 19, 2025, 7:00am, UTC）
Altcoin, Meme Coin, NFT & RWA
Altcoin market cap fell 4.74% to $861.79B, with meme tokens leading the drop—down 13.68% to $66.03B. However, meme trading remained active, as weekly volume jumped 22.26% to $96.44B, while NFT volume also rose 9.03% despite a 5.45% drop in NFT cap.
（Data accurate as of: May 19, 2025, 7:00am, UTC）
Macro, Stocks & Commodities
Gold market cap dropped 4.26%, underperforming risk assets as U.S. equities rallied (S&P 500 +2.6%, Nasdaq 100 +2.93%) and bond yields climbed. The dollar weakened (DXY -1.26%) while volatility ticked up (VIX +5.24%), reflecting mixed macro sentiment.
（Data accurate as of: May 19, 2025, 7:00am, UTC）
Key Events of the Week
NFT | SEC commissioner @HesterPeirce says many NFTs aren’t securities （20 May）
SEC Commissioner @HesterPeirce says many NFTs aren’t securities, including those designed to compensate creators over time.
DEX Data | DEX to CEX volume ratio nears previous high (21 May)
The DEX to CEX spot trade volume ratio has climbed to 19.1%, approaching the January 2025 peak of 20.19%—signaling renewed momentum in decentralized trading.
Launchpad | Believe App ecosystem pumps（18 May）
There was a big movement in the Believe App eco on 18th May, with overall eco back up to $450M and LAUNCHCOIN +36% to $256M.
NFT | CryptoPunks IP sells for around $20 Million to infinite Node Foundation (14 May)
The Infinite Node Foundation (NODE) announced the full acquisition of the CryptoPunks intellectual property from Yuga Labs in a landmark deal that transfers the stewardship of one of digital art’s most iconic collections.
Memecoin | Meteora memes surge past Pump Fun and LaunchLab in daily volume (14 May)
Fueled by Believe App’s $500M ICM token launches, Meteora meme tokens have overtaken Pump Fun and LaunchLab in 24h trading volume.
Wallet | Phantom launches PSOL, enters LST race with $6M Market Cap (18 May)
Phantom’s new liquid staking token PSOL surpassed $6M in market cap and 4K holders within 2 days, marking its bold entry into the LST space as wallets go full-stack.
RWA | Stellar hits $500M in tokenized RWA, secures #2 spot behind Ethereum (18 May)
Stellar now commands 7.7% of the tokenized RWA market, reaching a $500M cap—driven largely by government securities, signaling growing momentum beyond stablecoins.
Looking Ahead
CEX | FTX is set to distribute over $5B to creditors (30 May)
FTX is providing a return of $5B funds to token holders affected by the exchange's collapse.
Wrapping Up
From a market data perspective: Crypto markets held firm as DEX volumes rose 20.69%, meme and NFT trading stayed active, and ETF inflows continued. Macro signals were mixed— US stocks up, gold down, 10-year bond yields rising on inflation fears.
From a market events perspective: Believe App surged, Phantom entered the LST space, and Stellar hit $500M in tokenized RWAs. NFT regulation eased, CryptoPunks IP changed hands, and DEX-to-CEX volume neared its January high.
