On-chain Weekly Digest: Ondo’s lead in tokenized U.S. government securities
Jupiter’s acquisition of Drip Labs and PumpFun’s live streaming relaunch…
On-Chain Overview
Crypto narratives are shifting from tech to macro and ideology, with market trends increasingly driven by liquidity, risk appetite, and leverage mechanisms. US tariff negotiation can trigger short-term volatility and forced liquidations.
Despite an 8.15% drop in total crypto market cap, DEX activity remains resilient with a 5.25% volume increase, led by 10.76% increase of Ethereum DEX Volume and by a 49% revenue surge on Hyperliquid.
（Data accurate as of: April 7, 2025, 14:00）
Altcoin, Meme Coin, NFT & RWA
Altcoins and meme coins saw sharp market cap declines, but meme and RWA sectors showed strong volume rebounds, highlighting speculative interest despite broader risk-off sentiment.
（Data accurate as of: April 7, 2025, 14:00）
Macro, Stocks & Commodities
Risk-off sentiment dominated traditional markets, with sharp drops in equities and bond yields, surging volatility (VIX +160%), and a flight to safety reflected in rising gold and JPY.
（Data accurate as of: April 7, 2025, 14:00）
Key Events of the Week
CEX | Many coins drop 20-60% suddenly on Binance (2 APR)
After Binance adjusted leverage settings, ACT, TST, MASK, LEVER, and several other tokens have seen a sharp and rapid short-term decline.
NFT | Jupiter purchases Drip Labs, expands into NFTs (2 APR)
Their mission is to build a better internet for creators through digital ownership and crypto payments.
RWA | OndoFinance now leads the tokenized U.S. government securities (5 APR)
@OndoFinance now leads the tokenized U.S. government securities space with $721M in assets, flipping Franklin Templeton and Hashnote.
Launchpad | PumpFun live streaming is back online for 5% of users (5 APR)
Pumpfun reintroduces live streaming for 5% of users, featuring "industry standard moderation systems and transparent guidelines".
L1 | Ripple’s XRP network experienced a +490% spike in address activity from cycle low (2 APR)
A near-doubling of Realized Cap since cycle low, signaling aggressive retail interest.
Looking Ahead
ETH | SEC to approve Blackrock ETH options trading (15 APR)
This will affect Ethereum's trading capabilities and market dynamics.
NFT | The Pudgy NYC X Solana Skyline Event (18 APR)
The Pudgy NYC X Solana Skyline Event is a collaboration for an exclusive Happy Hour event.
Meme | $TRUMP token will have an unlock (18 APR)
$TRUMP token will have an unlock event on April 18, releasing 40,000,000 TRUMP tokens valued at $1.60 billion.
Wrapping Up
From a market data perspective: Macro factors, liquidity, and leverage are driving trends; despite an 8.15% market cap drop, DEX, meme, and RWA sector volume remain increasing, showing speculative strength amid risk-off sentiment.
From a market events perspective: Binance’s leverage tweak hit tokens; Ondo leads treasuries, PumpFun returns for 5%, XRP activity surges. Key events ahead include BlackRock’s ETH options approval, $TRUMP token unlock, and major NFT activations, while XRP activity and RWA growth signal shifting market focus.
