On-chain Weekly Digest: DEX-to-CEX ratio increased to 21.75%
Sui's Biggest Liquidity Provider Hacked for $223M, PumpFun began to lose market share in launches...
On-Chain Overview
DEX volumes surged 31.37% this week to $132.9B, led by BSC’s $55.6B (+133%) and Hyperliquid’s $20.36M in revenue (+43.76%).
Overall crypto market cap rose 4.64% to $3.38T, with the DEX-to-CEX ratio increased to 21.75%.
（Data accurate as of: May 25, 2025, 3:00pm, UTC）
Altcoin, Meme Coin, NFT & RWA
Meme coins saw broad weakness, with market cap down 6.8% and trading volume dropping nearly 12%.
In contrast, tokenized RWAs and NFT market caps rose 6% and 5.28% respectively, though NFT trading volume plunged 29.45%.
（Data accurate as of: May 25, 2025, 3:00pm, UTC）
Macro, Stocks & Commodities
Gold outperformed traditional risk assets, rising 5.1% as equities declined and volatility surged.
The S&P 500 and Nasdaq 100 fell, the DXY weakened, while bond yields and the VIX climbed, signaling a shift toward defensive positioning.
（Data accurate as of: May 25, 2025, 3:00pm, UTC）
Key Events of the Week
ETF | VanEck launches its Onchain Economy ETF (15 May)
VanEck launches its Onchain Economy ETF (NODE) providing exposure to companies powering digital asset adoption.
DEX ｜ Sui's Biggest Liquidity Provider Hacked for $223M（22 May）
Cetus has paused its smart contracts for safety, while its token CETUS has dropped 40%.
Memecoin｜PumpFun begins to lose market share in launches （20 May）
Pump.fun is facing real competition in the memecoin space, with new platforms capturing up to 60% of graduated tokens and 33% of daily active users last week.
SOL ｜Solana Mobile announces its SKR token（21 May）
Solana Mobile unveils the SKR token to power its ecosystem and confirms the Seeker phone will ship on August 4.
NFT ｜CryptoPunks just reclaimed a $120k floor（22 May）
Data ｜BubbleMaps V2 Launches on BNB Chain （21 May）
The new version reveals on-chain patterns of snipers, whales, and insiders behind BNB tokens.
DEX ｜@HyperliquidX keeps breaking records （25 May）
Hyperliquid hits $3.5B TVL and 77.5% perps dominance, boosted by record inflows and new integrations like Hyperbridge.
Looking Ahead
L1 | 2.77% of circ. supply (~$132.44m) of SUI will be unlocked (1 June)
Defi | An on-chain vote of Uniswap will go live (31 May)
Uniswap’s May 31 vote will enable fee collection and set up a dynamic, low-governance mechanism for future fee adjustments.
Wrapping Up
From a market data perspective: DEX volumes surged 31.37% to $132.9B, led by BSC, while overall crypto market cap rose 4.64% to $3.38T and meme coins lagged behind NFT and RWA gains.
From a market events perspective: Major events included VanEck’s ETF launch, a $223M Sui DEX hack, Solana’s SKR token reveal, and Uniswap’s upcoming vote on autonomous fee collection.
