On-chain Weekly Digest: Kaito Yap's new utility announced
XCOPY 1/1's sale for 255ETH, Raydium's launch of LaunchLab...
On-Chain Overview
BTC-led rebound is supported by real spot demand and rising dominance, while Zora’s explosive user growth may signal emerging narratives worth tracking. Market remains in a sentiment trough, with capital rotation favoring BTC over broader risk assets.
Crypto market cap dipped slightly by 0.74% this week, while DEX volume saw a sharp 22.07% decline, indicating reduced on-chain trading activity. Solana became the top chain by DEX volume despite a 2.51% drop, and Axiom led in DEX revenue with $8.55M, surpassing Hyperliquid.
（Data accurate as of: April 21, 2025, 13:00, UTC）
Altcoin, Meme Coin, NFT & RWA
Tokenized RWA market cap showed resilience, rising 8.25%. In contrast, meme and NFT markets declined across both market cap and volume metrics, signaling reduced speculative activity.
（Data accurate as of: April 21, 2025, 13:00, UTC）
Macro, Stocks & Commodities
Gold outperformed as it gained 2.33% this week, while major U.S. indices like the S&P 500 and Nasdaq 100 declined. The dollar weakened, bond yields fell, and the JPY appreciated, signaling a shift toward safer assets.
（Data accurate as of: April 21, 2025, 13:00, UTC）
Key Events of the Week
NFT | XCOPY 1/1 sells for 255ETH, editions active（14 APR）
39 pieces of XCOPY traded hands, totaling 422 ETH in sales.
Launchpad | Raydium launches LaunchLab to rival Pumpfun (17 APR)
Raydium says LaunchLab provides memecoin enthusiasts with customizable bonding curves and no migration fees.
Meme | Coinbase Accused of Frontrunning in ‘Base Is for Everyone’ Token Launch (18 APR)
Base’s creator Jesse greenlighted the token, however three wallets snapped up ‘Base is for everyone’ token before its official announcement on X.
InfoFi | Kaito announces new utility for Yaps （15 APR）
Kaito Connect is shifting from voting to a new alignment-based model where Yaps and staked $KAITO can be assigned to projects, unlocking mindshare boosts, token rewards, and deeper community engagement.
Looking Ahead
Stablecoin | Circle is expected to file for an IPO (21-30 APR)
Circle hires JPMorgan, Citi with plan to file IPO in late April.
NFT | Cosmos will join Azuki as Head of Product (1 May)
Cosmos will join @Azuki as Head of Product, which may influence the direction of the project’s future development.
NFT | $ZORA will be live this week (23 APR)
Wrapping Up
From a market data perspective: Despite a slight dip in total market cap and a sharp drop in DEX volume, BTC showed strength through rising dominance and spot demand, while tokenized RWAs outperformed amid weakness in NFTs and meme coins.
From a market events perspective: Key events like XCOPY sales, Kaito Yaps’ utility shift, and Coinbase’s frontrunning controversy signal evolving narratives, with upcoming launches from Zora and Circle poised to shape market sentiment further.
