Recently, ETH prices have approached all-time highs, with strong upward momentum and an accelerating influx of institutional capital. Against this backdrop, several Ethereum-based tokens have seen positive news. In this article, we've selected 12 Alpha tokens, analyzing their latest developments and bullish reasons. 1/12 $BMNR: Led by Tom Lee, BitMine Immersion (NYSE: BMNR), a US-listed company, has accumulated 1.2 million ETH, valued at $5.03 billion, making it the world's largest ETH holder. Furthermore, the company plans to continue purchasing ETH, aiming to acquire 5% of the global ETH supply and staking its holdings to earn returns. Therefore, BMNR is undoubtedly a powerful vehicle for investing in Ethereum. BMNR's aggressive coin hoarding strategy has also attracted the endorsement of Wall Street shareholders. Cathie Wood's ARK Invest spent approximately $182 million to acquire approximately 4.77 million shares of Bitmine common stock, of which $177 million will be used to purchase Ethereum (ETH). Well-known investor Bill Miller also invested in BMNR, comparing it to an ETH MicroStrategy. Peter Thiel's Founders Fund also disclosed a 9.1% stake. Benefiting from the rising ETH price and the "coin hoarding" narrative, BMNR's stock price has continued to strengthen recently, nearly doubling since August.
2/12 $ENA
Recent bullish sentiment is being fueled by Ethena's newly established division, StablecoinX, which plans to repurchase $260 million worth of ENA within six weeks, representing 8% of the circulating supply, and is actively driving up prices daily. More importantly, the fee switch has been approved, and a portion of the protocol's future revenue will be directly distributed to sENA holders. Tokenomist's scenario simulations conservatively estimate sENA's annualized return to be 4%, with an optimistic scenario potentially exceeding 10%.
In addition to positive news within the protocol, in early June, Coinbase announced support for ENA and launched USD trading pairs, making it one of the few synthetic stablecoin projects to list it. Meanwhile, the Ethena ecosystem continues to grow, partnering with yield protocols like Pendle to embed USDe into more DeFi strategies, increasing sticky yields. In the long term, Ethena is expanding its Converge Chain and launching the compliant stablecoin USDtb, gradually building a diversified revenue system and enhancing its resilience to cyclical fluctuations. 3/12 $PENDLE Pendle has recently performed exceptionally well, with its TVL exceeding $9 billion on August 13th, a record high. Its token price briefly approached $6, with a monthly increase of over 30%, significantly outperforming the broader market. The positive factors are as follows: 1. The launch of Boros, which converts BTC/ETH perpetual contract funding rates and other factors into tradable assets, quickly attracted a significant number of users and became a core growth driver for Pendle V3. According to statistics, Boros attracted over $1.85 million in BTC and ETH deposits in its first two days, driving a sharp increase in Pendle's TVL. 2. Pendle's deep integration with protocols like Ethena and Aave, launching strategies like PT-USDe, accounts for nearly 60% of Pendle's TVL. 3. Since 2025, approximately $41 billion in institutional funds have poured into DeFi. Pendle's Citadels compliance program has facilitated this flow of institutional funds and accelerated the rise in TVL. 4/12 $UNI As the leading DEX, Uniswap has two major catalysts heading into 2025: the official launch of version V4 and the launch of its dedicated second-layer network, "Unichain." 1. The launch of V4 enables developers to create customized pools and strategies using Hooks, enhancing the protocol's longevity. Currently, over 2,500 Hooks pools have been deployed. Projects leveraging Hooks, such as Bunni and EulerSwap, have achieved cumulative trading volume exceeding $100 million. These innovations have brought new vitality to Uniswap. 2. Uniswap plans to build a dedicated ecosystem through Unichain, which already accounts for over 70% of daily active transactions. This expands its user base, diversifies reliance on a single chain, and improves risk resilience. 5/12 $FLUID In early August, Fluid's trading volume briefly surpassed Uniswap, reaching $1.5 billion in a single day, slightly higher than Uniswap's $1.3 billion during the same period. Fluid's innovative liquidity layer converts lending pool collateral into trading liquidity, significantly improving capital utilization efficiency. This model enables Fluid to achieve impressive trading volumes despite its relatively low TVL. The positive factors are as follows: 1. Unleashing Substantial Liquidity: Fluid cleverly utilizes lending pool collateral/debt directly as liquidity for trading pairs, effectively "killing two birds with one stone." While users deposit ETH or stablecoins into Fluid and earn interest, these assets are used to provide trading depth and generate additional fee income. More importantly, Fluid's liquidity layer automatically adjusts the trading share of each asset based on lending utilization and dynamically increases collateral requirements when funds approach lending limits to mitigate the risk of runs and margin calls. This design significantly reduces fund fragmentation and improves the turnover efficiency of each unit of liquidity. 2. Rapid Growth: Fluid has experienced rapid growth since its launch in 2023, becoming the fastest-growing DEX on Ethereum, achieving $10 billion in cumulative trading volume in just 100 days. The upcoming launch of a more efficient "lite" exchange is expected to increase daily trading volume by an additional $400-600 million. Rapid product iterations and continued growth in the FLUID token's value create significant room for growth. 3. Growing Market Acceptance and Valuation Potential: With rising trading volume, the price of $FLUID jumped 14% in a single day in early August. Even after this surge, its circulating market capitalization remains around $290 million, significantly lower than Uniswap, making it a relatively undervalued token with high growth potential.
6/12 $LDO
As Ethereum's largest liquid staking protocol, Lido is poised for a new wave of growth in 2025. Currently, Lido's TVL is approaching 41 billion, accounting for 26% of the total DeFi TVL.
Through analysis, we can see that Lido is deepening its moat. More and more applications are accepting stETH as collateral or a means of payment, increasing its liquidity and demand. For example, lending protocols like Aave already support stETH as a collateral asset, and stablecoins like Curve also offer stETH trading pairs. StETH is rapidly integrating into all corners of DeFi.
Amid the continued rise in Ethereum staking, Lido, as an industry leader, maintains a solid outlook. As of July 12, Aave's TVL has climbed to approximately $38.9 billion, nearly doubling from the beginning of the year. It accounts for nearly a quarter of the entire DeFi TVL and maintains its position as the leading lending market. This year, the stablecoin narrative has exploded. The supply of Aave's GHO stablecoin has increased from approximately $146 million to approximately $314 million, an increase of over 100%. With its expansion to networks like Arbitrum and Base, Aave's influence in the stablecoin space is expected to continue to grow. Furthermore, Aave has been making frequent partnership announcements recently. On one hand, it launched the Horizon project to expand its RWA channel, and on the other, it partnered with Plasma to launch an institutional incentive fund to attract more financial companies to migrate their operations to the blockchain. This series of initiatives has solidified Aave's position as an institutional-grade DeFi lending gateway.
8/12 $CRV
Curve's decentralized stablecoin, crvUSD, celebrated its second anniversary with impressive performance.
As Curve's over-collateralized stablecoin, crvUSD has been widely integrated into major DeFi protocols after two years of development and can even be used for everyday payments. Thanks to its unique LLAMMA automatic liquidation mechanism, crvUSD has demonstrated excellent resilience during market fluctuations, maintaining a 1:1 peg while maximizing the value of the collateral. In the first half of this year, rising DeFi interest rates pushed the annualized yield on savings crvUSD (scrvUSD) to nearly 8%, and the trend is still upward.
Despite security concerns, after experiencing incidents such as DNS hijacking attacks, the Curve team quickly migrated to a new domain and advocated the use of censorship-resistant methods such as ENS and IPFS for front-end services. Additionally, Curve founder Michael Egorov is developing a new yield protocol, "Yield Basis," designed to provide sustainable yields for on-chain BTC and ETH. The Curve ecosystem may expand into RWAs. 9/12 $SKY USDS, the stablecoin issued by MakerDAO (Sky), currently ranks fourth in market capitalization. It utilizes an over-collateralized model, requiring a higher-value crypto asset to be locked up before minting. The GENIUS Act recently banned stablecoins from directly paying dividends. USDS generates income from collateralized assets participating in on-chain staking and liquidity mining, rather than direct dividend payments, which to some extent circumvents the legislation's restrictions. sUSDS currently boasts an annualized return of nearly 5%, offering a significant advantage in a US inflation environment of 2.7%. Mainstream institutions such as Coinbase launched SKY and USDS trading in July, marking a key step for Maker towards traditional finance. Since April, Spark's TVL has surged over 200%, currently reaching approximately $8.2 billion, ranking it eighth among DeFi protocols. This massive influx of incremental capital has directly boosted market confidence in Spark, prompting a rapid rebound in the price of $SPK to reach new highs. Spark's initial launch generated significant buzz. Its strategy of a massive airdrop and simultaneous listing on major exchanges attracted a significant amount of user interest and early trading. The surge in trading volume led to price fluctuations, and the simultaneous opening of trading on leading platforms like Binance and Coinbase injected significant liquidity into $SPK. More importantly, Spark, backed by MakerDAO's multi-billion dollar reserves and years of stable synthetic asset ecosystem, is a rare DeFi project "born with a silver spoon in its mouth." Therefore, Spark products have a high margin of safety from the outset, providing confidence for institutional and large investors. Looking ahead, Spark boasts a comprehensive product portfolio, enabling it to offer diversified income-generating scenarios. Its current product line includes SparkLend, SparkSavings, and SLL, encompassing nearly every element of the DeFi income cycle. 11/12 $LINK, a leading oracle provider, Chainlink recently launched the new Chainlink Reserve mechanism, which automatically converts service fees paid by businesses and DApps into LINK and deposits it into an on-chain reserve pool. This has already accumulated over $1 million worth of LINK, providing a steady stream of future revenue and reducing market pressure on LINK. Officials have stated that the reserve will not be withdrawn for several years to support the long-term growth of the network, which can be considered a deflationary "burn" of LINK. Furthermore, as of August, the Chainlink network and its oracles secured over $93 billion in DeFi value, a record high. This includes over 83% of Ethereum's on-chain assets and nearly 100% of assets on new chains like Base. Chainlink also recently partnered with ICE, the parent company of the New York Stock Exchange, to seamlessly integrate its foreign exchange and precious metals data onto the chain. Looking ahead, as oracle services become more deeply integrated into the DeFi and RWA narratives, LINK is poised for a greater upside. Last month, PENGU staged a comeback, capitalizing on its NFT and memecoin narrative, surging over 400% in just 30 days. This was primarily driven by institutional investors, with renowned firm Canary Capital submitting an application for the world's first dual-asset NFT and token ETF—the Canary Spot PENGU ETF. The proposed portfolio will consist of 80-95% PENGU tokens and 5-15% Pudgy Penguins NFTs. After the news that the SEC officially accepted the ETF application came out, the market became optimistic about the "Penguin ETF", and the PENGU token immediately soared.
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