ETH nearing new highs, which "Ethereum ecosystem" Alpha tokens are worth watching?
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ETH nearing new highs, which "Ethereum ecosystem" Alpha tokens are worth watching?
Selected 12 Alpha tokens,解读 their latest developments and bullish rationale.
Navigating Web3 tides with focused insightsWritten by: Biteye Chinese
Recently, ETH prices have approached historical highs with strong upward momentum, and institutional capital is accelerating its inflow.
Against this backdrop, multiple Ethereum ecosystem tokens are seeing positive developments. Here, we select 12 Alpha tokens and analyze their latest progress and bullish catalysts.
1/12 $BMNR
Under the leadership of Tom Lee, BitMine Immersion (NYSE: BMNR), a publicly traded U.S. company, has accumulated 1.2 million ETH worth $5.03 billion, becoming the largest ETH holder globally. Additionally, the company plans to continue purchasing ETH, aiming to acquire 5% of the global ETH supply, and intends to stake its holdings for yield. Thus, BMNR is undoubtedly one of the strongest vehicles for betting on Ethereum.
BMNR's aggressive accumulation strategy has also attracted backing from Wall Street investors. Cathie Wood’s ARK Invest spent approximately $182 million acquiring around 4.77 million shares of Bitmine, with $177 million allocated specifically for purchasing Ethereum (ETH). Noted investor Bill Miller has also invested in BMNR, comparing it to "ETHMicroStrategy," while Peter Thiel's Founders Fund disclosed a 9.1% ownership stake.
Benefiting from rising ETH prices and its "coin accumulation" narrative, BMNR stock has shown sustained strength recently, nearly doubling since August.
2/12 $ENA
Recent bullish sentiment was ignited by Ethena's new division, StablecoinX, which plans to buy back $260 million worth of ENA within six weeks—about 8% of circulating supply—executing daily market support with real capital. More importantly, the fee switch mechanism has been approved, meaning a portion of future protocol revenue will be directly distributed to sENA holders. According to Tokenomist scenario modeling, conservative estimates suggest sENA could yield 4% annualized, with optimistic scenarios exceeding 10%.
Beyond internal protocol upgrades, Coinbase announced support for ENA and launched USD trading pairs in early June, making it one of the few synthetic stablecoin projects listed. Meanwhile, Ethena's ecosystem continues expanding, integrating USDe into more DeFi yield strategies through partnerships with protocols like Pendle, enhancing sticky yields.
In the long term, Ethena is building a diversified income system by developing Converge Chain and launching a compliant stablecoin USDtb, strengthening its anti-cyclical resilience.
3/12 $PENDLE
Pendle has performed exceptionally well recently, with TVL surpassing $9 billion on August 13, hitting a new all-time high. Its token price briefly approached $6, posting over 30% monthly gains—far outperforming the broader market.
The bullish drivers are as follows:
1. The launch of Boros, which transforms perpetual funding rates for BTC/ETH into tradable assets, quickly attracted significant user participation and became the core growth engine for Pendle V3. Statistics show that within the first two days after Boros' release, over $1.85 million worth of BTC and ETH were deposited, driving a sharp rise in Pendle's TVL.
2. Deep integrations with protocols such as Ethena and Aave introduced strategies like PT-USDe, contributing nearly 60% of Pendle’s total TVL.
3. Since 2025, approximately $41 billion in institutional capital has flowed into DeFi. Pendle’s Citadels compliance initiative provides an accessible entry point for institutions, further accelerating TVL growth.
4/12 $UNI
As the leading DEX, Uniswap entered 2025 with two major catalysts: the official rollout of V4 and the launch of its dedicated Layer-2 network, "Unichain."
1. The V4 upgrade enables developers to use Hooks to create customized pools and strategies, significantly enhancing protocol vitality. Over 2,500 Hook pools have already been deployed, with projects like Bunni and EulerSwap achieving cumulative trading volumes exceeding $100 million each, bringing fresh innovation to Uniswap.
2. Uniswap aims to build a dedicated ecosystem via Unichain, which now accounts for over 70% of daily active trades. This expands the user base, reduces reliance on any single chain, and improves risk resilience.
5/12 $FLUID
In early August, Fluid briefly surpassed Uniswap in trading volume, reaching $1.5 billion in a single day compared to Uniswap’s $1.3 billion. Fluid achieves this through its innovative liquidity layer, converting collateral from lending pools into trading liquidity, dramatically improving capital efficiency. This model allows Fluid to generate extraordinary trading volume despite relatively low TVL.
The bullish logic includes:
1. Unlocking substantial liquidity: Fluid cleverly uses collateral/debt from lending pools directly as trading pair liquidity, enabling dual utility of assets. Users earn interest on ETH or stablecoins deposited in Fluid, while those same assets provide trading depth and generate additional fee income. Crucially, Fluid’s liquidity layer dynamically adjusts the proportion of each asset used for trading based on lending utilization, and increases collateral requirements when nearing borrowing limits to prevent bank runs and liquidations. This design significantly reduces capital fragmentation and boosts per-unit liquidity turnover.
2. Rapid development: Since launching in 2023, Fluid has grown rapidly, becoming the fastest-growing DEX on Ethereum, achieving $10 billion in cumulative trading volume within 100 days. It is now preparing to launch a more efficient "lightweight" exchange, potentially adding another $400–600 million in daily trading volume. Fast product iteration creates room for FLUID token value appreciation.
3. Rising market recognition and valuation potential: As trading volume rose, $FLUID surged 14% in a single day in early August. Even after this rally, its circulating market cap remains around $290 million—significantly lower than Uniswap—making it a relatively undervalued yet high-growth opportunity.
6/12 $LDO
As Ethereum’s largest liquid staking protocol, Lido entered a new growth phase in 2025. Currently, Lido’s TVL stands near $41 billion, representing 26% of total DeFi TVL.
Data shows Lido is deepening its moat, as more applications accept stETH as collateral or payment, increasing its liquidity and demand. For example, lending protocols like Aave support stETH as loan collateral, while Curve and other stableswap pools offer stETH trading pairs, accelerating stETH integration across DeFi.
With Ethereum staking continuing to gain traction, Lido, as the industry leader, maintains solid long-term prospects.
7/12 $AAVE
To date, Aave’s TVL has climbed to approximately $38.9 billion—nearly doubling since the beginning of the year—and now represents almost a quarter of total DeFi TVL, firmly securing its position as the top lending protocol.
This year, the stablecoin narrative gained momentum. Aave’s native GHO stablecoin supply grew from about $146 million to $314 million—an increase of over 100%—and has expanded to networks including Arbitrum and Base, boosting Aave’s influence in the stablecoin space.
Additionally, Aave has seen frequent partnership announcements. On one hand, it launched the Horizon project to expand into RWA channels; on the other, it partnered with Plasma to launch an institutional incentive fund aimed at attracting more financial firms to move operations on-chain. These initiatives reinforce Aave’s status as a premier institutional-grade DeFi lending gateway.
8/12 $CRV
Curve’s decentralized stablecoin crvUSD celebrated its second anniversary with impressive performance.
As an over-collateralized stablecoin developed by Curve, crvUSD has been widely integrated into major DeFi protocols over two years and is even usable for daily payments. Thanks to its unique LLAMMA automated liquidation mechanism, crvUSD has demonstrated excellent resilience during market volatility, maintaining its 1:1 peg while maximizing collateral protection. In the first half of this year, rising DeFi interest rates pushed the annualized yield of savings crvUSD (scrvUSD) close to 8%, with an upward trend.
Despite security concerns, after incidents like DNS hijacking attacks, the Curve team swiftly migrated to a new domain and advocated using censorship-resistant frontends such as ENS and IPFS.
Moreover, Curve founder Michael Egorov is developing a new yield protocol called "Yield Basis," aiming to provide sustainable yields for on-chain BTC and ETH, potentially expanding Curve’s ecosystem into RWA.
9/12 $SKY
USDS, the stablecoin issued by MakerDAO (Sky), currently ranks fourth by market cap and uses an over-collateralization model requiring users to lock up crypto assets of higher value before minting. Recently, the GENIUS Act banned stablecoins from “directly paying interest.” However, USDS yields come from staking and liquidity mining rewards generated by the underlying collateral—not direct interest payments—thus circumventing regulatory restrictions. With sUSDS offering nearly 5% annualized yield, it holds an advantage in the current U.S. inflation environment of 2.7%.
Currently, mainstream platforms like Coinbase began listing SKY and USDS trading in July, marking a key step for Maker toward traditional finance integration.
10/12 $SPK
Since April, Spark’s TVL has surged over 200%, reaching approximately $8.2 billion and ranking eighth among DeFi protocols. This massive influx of capital has directly boosted market confidence in Spark, causing $SPK to rebound sharply and hit new highs.
Spark initially gained strong attention at launch due to a large-scale airdrop combined with simultaneous listings on major exchanges, drawing widespread user engagement and early trading activity. Sudden spikes in trading volume created price volatility, while listings on top-tier platforms like Binance and Coinbase injected significant liquidity into $SPK.
More importantly, Spark benefits from MakerDAO’s multi-billion-dollar reserve fund and years of stable operation of its synthetic asset system, making it one of the rare “silver spoon” projects in DeFi. Therefore, Spark products have enjoyed high safety margins from day one, instilling confidence among institutional and large investors.
Looking ahead, Spark boasts a comprehensive product matrix capable of supporting diverse yield scenarios. Its current offerings include SparkLend, SparkSavings, and SLL, covering virtually every component of the DeFi yield loop.
11/12 $LINK
As the leading oracle provider, Chainlink recently launched a new Chainlink Reserve Mechanism, automatically converting service fees paid by enterprises and DApps into LINK and depositing them into an on-chain reserve pool. Over $1 million worth of LINK has already been accumulated. With ongoing future revenue inflows, this reduces selling pressure on LINK in the open market. The team stated these reserves will not be withdrawn for several years and will support long-term network growth—effectively acting as a deflationary burn mechanism for LINK.
Additionally, by August, Chainlink’s oracle network had secured over $93 billion in DeFi value—a new record—including over 83% of on-chain assets on Ethereum and nearly 100% of assets on emerging chains like Base.
Chainlink recently partnered with ICE, parent company of the New York Stock Exchange, to seamlessly bring forex and precious metals data on-chain. Looking forward, as oracle services become increasingly embedded in DeFi and RWA narratives, LINK is poised for further upside.
12/12 $PENGU
Last month, PENGU made a comeback fueled by the NFT + Memecoin narrative, surging over 400% within just 30 days. The primary driver was institutional-level news: prominent firm Canary Capital filed the world’s first NFT + token dual-asset ETF application—the Canary Spot PENGU ETF—with proposed allocations of 80–95% in PENGU tokens and 5–15% in Pudgy Penguins NFTs.
After the SEC officially accepted the ETF application, market optimism around the “Penguin ETF” soared, triggering a sharp rally in the PENGU token.
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