[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.staticimgs.com/image/article/1745574883ann_en.webp) This week, Gate Research continued to monitor Web3 policies, macro trends, and technological advancements. Market sentiment remained strong, driven by developments in AI, stablecoins, and decentralized infrastructure. Solana regained its position as the leading DEX platform due to high on-chain trading activity. Below is a summary of key highlights from the week: **Weekly Highlights** - **Market Trends:** BTC and ETH maintained an overall upward trend, and market liquidity showed signs of recovery. Solana's DEX trading volume exceeded $16.2 billion, surpassing Ethereum for the first time. dApps generated $1.8 billion in total fee revenue in Q1, reflecting the growing appeal of decentralized applications. - **Policy & Regulation:** Slovenia's Ministry of Finance proposed a 25% tax on crypto transactions. South Korea has advanced legislation on stablecoin regulation. As China–U.S. trade tensions eased, Trump pledged major tariff reductions. Stablecoin policy testing entered sandbox phases in several countries. - **Ecosystem Development:** A backdoor risk discovered in the XRP Ledger SDK raised developer security concerns. Solana and the Ethereum Foundation both pushed forward with validator mechanism upgrades to accelerate the development of public blockchain infrastructure. - Read the full report: Gate Research: Russia to Launch Crypto Exchange for Qualified Investors; TRUMP Token Rises Following Gala Dinner Announcement **Featured Reports** - **Policy and Macro Trends:** On April 18, Slovenia's Ministry of Finance proposed a tax on cryptocurrency transactions. On April 22, South Korea took a step forward with stablecoin legislation. Meanwhile, consumer confidence in the Eurozone declined, and the U.S. PMI index hit a 16-month low. Trump pledged to reduce high tariffs on China, injecting positive sentiment into the market. - **Technology and Infrastructure:** The Ethereum Foundation announced a strategic shift to accelerate the Pectra upgrade. Hyperliquid introduced 21 permissionless nodes and launched a delegation mechanism to promote network decentralization. The Solana Foundation removed underperforming validators to improve the validator ecosystem. - **Platform and Product Updates:** Circle launched the Refund Protocol and a cross-border stablecoin payment network to enhance payment efficiency. Eliza Labs introduced Auto-Fun, a no-code AI agent platform, exploring the integration of AI with Web3 incentive models. - Read the full report: Gate Research: Web3 Policy and Macro Report (April 18 – 24, 2025) - Read the full report: Gate Research: Web3 Events and Cryptocurrency Technology Developments (April 18-24, 2025) **Hot Topics** - **Public Chains & Ecosystem Growth:** Solana's trading volume surged to the top of global DEX rankings, showcasing vigorous application activity. Base chain surpassed Solana in daily token creation, reflecting growing enthusiasm among developers. Projects such as Hyperliquid and Eliza Labs are accelerating the integration of AI with on-chain mechanisms. - **Stablecoin & Payment Innovation:** Circle's cross-border payment solution attracted global attention and has the potential to reshape the settlement infrastructure. JD.com's stablecoin entered the Hong Kong regulatory “sandbox” for testing, exploring new paths in the integration of e-commerce and finance. - **AI × Web3 Real-World Applications:** Projects like Auto-Fun and Floki are driving the on-chain deployment of AI data and agent models, initiating a new wave of incentive mechanism innovations. - Read the full report: Gate Research: Weekly Hot Topics (April 18-24, 2025) **Hot Airdrops** - **Recall:** A decentralized intelligence network where users can earn early AI network tokens through knowledge sharing and point accumulation. - **GPUnet:** The “Road to TGE” campaign is underway. Participants can earn tokens from the decentralized compute network by contributing GPU power and engaging in community tasks. - **Superform Labs:** A cross-chain yield platform where users can accumulate airdrop points through deposits, referrals, and more. - **Soul Labs:** A cross-chain liquidity infrastructure. Users can gain future airdrop eligibility by participating in incentivized testnet activities and experiencing cross-chain lending. - Read the full report: Gate Research: Weekly Hot Topics (April 18-24, 2025) **Disclaimer ** This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit its services in certain regions. For more information, please read the User Agreement here: https://www.gate.io/user-agreement. Investing in the cryptocurrency market involves high risk. It is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate is not responsible for any losses or damages from such investment decisions. Gate Team April 25, 2025 **Gateway to Crypto** Trade over 4,100 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves

Gate Research: Weekly Report, Analysis, Hot Topics, and Airdrop Overview

Gate Research: Weekly Report, Analysis, Hot Topics, and Airdrop Overview