On-chain Weekly Digest: Solana's Alpenglow Upgrade
Kaito Genesis NFTs revealed as Yapybaras, Moonbirds' sale to Orange Cap games...
On-Chain Overview
ETH ETFs maintain steady inflows while BTC counterparts undergo notable withdrawals; NFT momentum picks up, led by rising Moonbirds transactions. Solana’s Alpenglow upgrade marks continued infrastructure progress, as fresh on-chain activity reflects growing long positions in BTC, ETH, and SOL recently.
Despite a 2.37% drop in total market cap, DEX activity rose 8.29% with a DEX-to-CEX ratio increased at all-time-high 25.31%, while BSC and Hyperliquid saw steep declines in volume and revenue.
（Data accurate as of: June 2, 2025, 1:00 am, UTC）
Altcoin, Meme Coin, NFT & RWA
Meme coins led the decline this week with a 13.26% drop in market cap and 38.07% plunge in trading volume, while NFTs saw slight recovery and tokenized RWAs dipped 4.16%.
（Data accurate as of: June 2, 2025, 1:00 am, UTC）
Macro, Stocks & Commodities
Equities rallied with the Nasdaq 100 and S&P 500 up over 2%, while gold slipped nearly 2%, bond yields declined, and volatility (VIX) dropped sharply by 7.8%.
（Data accurate as of: June 2, 2025, 1:00 am, UTC）
Key Events of the Week
Trading | @AxiomExchange has generated over $100M in revenue within just 4 months (26 May)
Axiom Exchange has amassed over 374,000 lifetime users and surpassed $10 billion in total trading volume within these 4 months.
NFT | Kaito Genesis NFTs just revealed as Yapybaras (29 May)
Floor of Kaito Genesis NFTs steady at 2.8 ETH after announcement.
Social | Launched on May 27, @farcaster_xyz Pro saw already 11.8K subscribers in three days (27 May)
This feature rollout comes amid Farcaster’s broader growth surge, with daily active users rising from 30K to 40K in May and daily engagement such as reactions, casts and links jumped from 600K to 1.5M.
Wallet | MetaMask Adds Solana Support (28 May)
MetaMask has integrated Solana support into its browser extension, enabling users to manage Ethereum and Solana accounts, access DApps, and perform transfers, swaps, and bridging, with mobile support launching soon.
L1 | Solana eyes Alpenglow for next-gen consensus layer (26 May)
Solana is replacing its legacy proof-of-history and Tower BFT systems with Alpenglow - a new consensus architecture that delivers true, verifiable global finality in under 150 milliseconds, unlocking real-time applications and eliminating finality lag.
NFT | Yuga sells Moonbirds to Orange Cap games (31 May)
Moonbirds floor price rises 3x after sale.
Looking Ahead
AI | Virtuals plans to open up the platform to all developers (15 June)
Virtuals is opening its platform to all developers, enabling anyone to build modular AI agents that operate as onchain plugins within a decentralized, collaborative agent economy.
Launchpad | Boop Phase 2 will implement a token holder return mechanism (18 June)
This mechanism allows holders of each token to receive a cut of LP fees.
Wrapping Up
From a market data perspective: Crypto market cap dropped 2.37% to $3.3T, but DEX volume rose 8.29% to $141.93B with a strong 25.31% DEX-to-CEX ratio, as meme coins led declines and NFTs slightly recovered.
From a market events perspective: Key highlights include Axiom Exchange surpassing $10B in volume, MetaMask adding Solana support, Moonbirds’ price tripling post-acquisition, and upcoming AI and token utility upgrades from Virtuals and Boop.
