Summary

• This week, the overall crypto market maintained a strong consolidation, with both BTC and ETH rising slightly.
• Tokens such as EIGEN, KMNO, and DRIFT performed strongly, each recording double-digit gains.
• DeFi Development added another 60,000 SOL, bringing its total holdings to over 2 million.
• Benefiting from multiple treasury initiatives, Solana rose more than 10% over the past 7 days.
• The Altcoin Season Index rose to 73, indicating a significant heating up of the altcoin market.
• Forward Industries completed $1.65 billion in financing, establishing a treasury reserve strategy centered on SOL.

Market Overview

Market Commentary

• BTC – This week BTC rose 2.10%. BTC maintains a short-term bullish structure, with the current price stably operating above the 5MA, 10MA, and 30MA. The short-term moving averages are arranged in a bullish alignment. The MACD indicator continues to rise with expanding red bars, showing that bullish momentum is strengthening. The current price has broken through the short-term consolidation range and once touched a high of $117,793. If buying momentum continues, it may challenge the resistance level above $118,000, while short-term support can be monitored near $116,300.
• ETH – This week ETH rose 0.56%. ETH continues its upward oscillating trend, with K-lines holding above short-term moving averages. The 5MA and 10MA are bending upward, showing the price is in a recovery channel. MACD bullish momentum continues to expand, red bars are growing consecutively, and the fast and slow lines maintain a golden cross, indicating a healthy momentum structure. If the price stabilizes above the $4,630 region, it may further attack the $4,680 high, with support in the $4,560–$4,520 range.
• Altcoins – Mainstream altcoins continued to rise this week. EIGEN surged more than 20% in the short term, standing out among the top 200 market cap coins. Other projects such as MYX and KMNO also saw significant room for gains.
• Stablecoins –The total stablecoin market cap currently stands at $290.5 billion. Stablecoins like USDC and USDe continue to draw strong market attention.
• Gas Fees – Ethereum network gas fees rose slightly this week. As of September 18, the daily average gas fee was 0.266 Gwei.

Trending Tokens

This week, the Launchpad sector led the market with a 7-day increase of 26.1%, while the AMM sector rose 26.0% thanks to liquidity recovery and protocol revenue growth. Structural growth themes and community-driven meme tokens rose together, with funds focusing on speculative narratives and sentiment recovery.

EIGEN Eigenlayer (+24.4%, Circulating Market Cap $651M)

According to Gate data, the EIGEN token is currently quoted at $1.9311, with a 24-hour increase of 24.4%. EigenLayer is a modular restaking protocol focused on “verifiability infrastructure,” providing security and consensus extension for decentralized validation services. Its sub-project EigenCloud is expanding AI trust layers and reputation systems, recently partnering with Google Cloud to launch the Agent Payments Protocol (AP2), advancing trusted transaction frameworks for AI agents.

This week’s EIGEN surge was mainly driven by its partnership with Google and the rising popularity of the “Verifiable Reputation” concept. EigenCloud became a launch partner of AP2, reinforcing its strategic position in the Web3×AI ecosystem; meanwhile, its collaboration with OpenRank to launch a public reputation system sparked hot discussions both on-chain and in communities.

KMNO – Kamino (+23.21%, Circulating Market Cap $236M)

According to Gate data, the KMNO token is currently quoted at $0.08389, with a 24-hour increase of 23.21%. Kamino is a one-stop decentralized lending and yield platform in the Solana ecosystem, committed to providing the safest and smartest capital utilization tools. It supports automated strategy management, stablecoin yield aggregation, and on-chain risk control. Its core products include the USDC lending market, stablecoin yield pools, and auto-rebalancing asset strategies, popular among institutions and advanced users.

This week’s KMNO surge was mainly due to its lending volume hitting record highs and growing hype around its stablecoin products. On-chain data shows Kamino’s USDC lending total has surpassed $500 million, strengthening its mainstream position in the Solana ecosystem. Combined with the trend of DeFi capital inflows, KMNO has become one of the standout protocol tokens in this cycle.

DRIFT – Drift Protocol (+17.15%, Circulating Market Cap $297M)

According to Gate data, the DRIFT token is currently quoted at $0.8140, with a 24-hour increase of 17.15%. Drift Protocol is a decentralized perpetual trading platform in the Solana ecosystem, focused on providing low-slippage, high-leverage, high-liquidity derivatives trading. Its architecture combines AMM and order book mechanisms, allowing traders and liquidity providers to share matching efficiency, and it has gradually become an important player in the on-chain derivatives market.

This week’s DRIFT rally was driven by two major catalysts: transaction fees were reduced to zero, and TVL hit an all-time high. Officials announced that BTC pairs would have 0bp fees, giving Drift a cost advantage over peers. Meanwhile, the platform’s total value locked (TVL) exceeded $1.42 billion, reflecting strong capital inflows and higher user stickiness.

Focus of the Week

DeFi Development Adds Another 60,000 SOL, Total Holdings Surpass 2 Million

Treasury firm DeFi Development recently increased its holdings by another 62,745 SOL, worth about $14.6 million at current prices. This reflects its strong confidence in Solana’s long-term value and ecosystem growth, while reinforcing its role as a key on-chain asset allocator.

Currently, DeFi Development holds over 2 million SOL, with an estimated valuation approaching $500 million. This scale not only ranks among the top in institutional circles but could also structurally impact Solana’s liquidity and market performance. Its continuous investments are expected to further drive Solana’s ecosystem activity and capital inflows, strengthening its position as a mainstream public chain.

Wormhole Launches W Token 2.0, Introducing Reserve Mechanism and 4% Base Yield

Cross-chain messaging protocol Wormhole officially released its W Token 2.0 upgrade, introducing a new tokenomics model to enhance W’s functionality and attractiveness. Updates include establishing a Wormhole reserve mechanism and providing a 4% base yield for holders, aiming to build a more incentivized long-term holding system.

In addition, Wormhole optimized its previous annual linear unlock schedule to a biweekly unlock, improving transparency and responsiveness. Overall, Wormhole is strengthening cross-chain ecosystem stability through refined token design and treasury management, while providing clearer value capture for participants.

TNL Mediagene Launches Digital Asset Treasury Strategy, BTC, ETH, SOL as Core Holdings

TNL Mediagene (NASDAQ: TNMG) announced the formal integration of digital assets into its core strategy, launching a Digital Asset Treasury (DAT). The company stated it would only include BTC, ETH, and SOL, excluding tokens that don’t meet standards of market cap, liquidity, or institutional adoption, reflecting its conservative allocation logic.

To implement this strategy, TNL formed an advisory group of Web3 experts from CoinDesk, Nonagon, hottolink, and Matter Labs to ensure both strategic and regulatory compliance. CEO Joey Chung noted the move would enhance financial flexibility, support future M&A, and allow the company’s media and data platforms to dive deeper into Web3, driving both financial and business growth.

Key Market Data Highlights

Solana Rises Over 10% in 7 Days Thanks to Treasury Strategies

Over the past week, Solana (SOL) has strengthened, with a cumulative gain of more than 10%, hovering near $245. This rally stems not only from improved overall risk appetite but also from multiple U.S.-listed companies announcing large-scale Solana treasury strategies. After Helius announced a $500 million SOL treasury, Forward Industries revealed a massive $1.65 billion financing to build a SOL-based reserve, with Galaxy Digital, Multicoin Capital, and Jump Crypto among participants. This “treasury-ization” trend positions SOL as a new financial asset class for corporate treasuries, bolstering demand and value support.

At the same time, Solana’s ecosystem fundamentals also supported the rally. Its DeFi TVL is now second globally at $12.9 billion; decentralized exchange 7-day trading volume exceeded $33.7 billion, up nearly 30% week-over-week; active addresses surpassed 2.47 million, with daily transactions near 65 million. With institutional treasury strategies unfolding and ecosystem growth accelerating, SOL is at a critical stage of a new upward cycle. If momentum continues, Solana may challenge its all-time highs in the coming weeks.

Jito TVL Up 11.93% in 7 Days as Liquid Staking Demand Climbs

On-chain data shows Solana’s liquid staking protocol Jito recorded an 11.93% TVL increase over the past 7 days. Jito has become one of Solana’s most influential staking platforms, attracting funds through its MEV reward-sharing mechanism and efficient validator management. With Solana’s rising price, more users are staking SOL for dual returns—regular staking yields plus MEV rewards.

Jito’s TVL growth highlights strong demand for liquid staking and its capital efficiency in DeFi strategies. Holders of JitoSOL can reuse assets across lending, liquidity pools, and derivatives, boosting its attractiveness. With Solana’s ecosystem heating up, DeFi and LST growth are expected to drive Jito’s TVL higher, supporting governance token JTO and network activity long term.

Altcoin Season Index Rises to 73, Alt Market Heating Up

CMC data shows the Altcoin Season Index rose to 73/100, a one-month high, up sharply from 45 last month. This means that in the past 90 days, most of the top 100 crypto assets outperformed BTC, marking a shift toward “altcoin season.” The altcoin total market cap has steadily grown over the past two months, forming positive feedback with the index.

Historically, readings above 75 signal a full altcoin season. With the index near this threshold, combined with Solana, LSD, and meme token activity, investor risk appetite for altcoins has surged. If the trend continues, the alt market could expand further, driving more ecosystem growth and capital inflows.

Funding Weekly Recap

According to RootData, between September 11–18, 2025, 14 crypto and related projects announced financing or acquisitions, covering treasury, stock tokenization, and more. Overall fundraising remains active, with capital continuing to focus on treasuries and tokenization. Top three deals:

Forward Industries

On September 11, completed $1.65 billion in financing, primarily to establish a SOL-based treasury reserve strategy, enhancing shareholder value through large-scale SOL holdings and supporting long-term growth.

Forward Industries (NASDAQ: FORD) is an innovation-driven company specializing in product design, manufacturing, procurement, and distribution for global enterprises, covering the full chain from concept design to supply chain logistics. It is transforming into a Solana Treasury Company.

Helius Medical Technologies

On September 15, completed $500 million in financing, aimed at building and expanding a SOL Treasury. The strategy leverages staking and yield methods to enhance returns while supporting operations and long-term growth.

Helius is a leading neurotechnology firm developing non-implantable medical devices to treat neural deficits, enhance brain compensation, and promote neuroplasticity. The firm announced the establishment of a SOL Treasury.

Turing Capital Brokerage

On September 8, Keyrock announced the $27.8 million acquisition of Luxembourg-based Turing Capital, launching asset and wealth management operations.

Turing Capital Brokerage (TCB) is a Spanish brokerage licensed by the Bank of Spain to operate under MiCA regulations, which provide a unified framework for crypto assets and services across the EU.

Next Week to Watch

Token Unlocks

According to Tokenomist data, in the next 7 days (Sept 18–Sept 25, 2025), the market will see several important large token unlocks. The top 3 are as follows:

• OP will unlock tokens worth about $9.46M in the next 7 days, accounting for 6.5% of circulating supply.
• ZRO will unlock tokens worth about $5.14M in the next 7 days, accounting for 23.2% of circulating supply.
• VELO will unlock tokens worth about $4.66M in the next 7 days, accounting for 17.1% of circulating supply.
  
  
  References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Coinmarketcap, https://coinmarketcap.com/
• jin10, https://rili.jin10.com/
• Coinmarketcap, https://coinmarketcap.com/view/stablecoin/
• etherscan, https://etherscan.io/gastracker
• Coingecko, https://www.coingecko.com/en/categories
• Coinmarketcap, https://coinmarketcap.com/charts/altcoin-season-index/
• PR Newswire, https://www.prnewswire.com/news-releases/tnl-mediagene-nasdaq-tnmg-to-establish-digital-asset-treasury-302559129.html
• The Block, https://www.theblock.co/post/371140/defi-development-acquires-nearly-15-million-in-sol-pushing-solana-holdings-above-2-million-tokens
• Wormhole, https://wormhole.com/blog/wormhole-announces-w-token-2-0-upgrade
• Defillama, https://defillama.com/
• CoinMarketCap, https://coinmarketcap.com/charts/altcoin-season-index/
• Rootdata, https://www.rootdata.com/Fundraising
• Tokenomist, https://tokenomist.ai/

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