Gate Research: May Crypto Market Review

Abstract

• Market Performance: In May, the total market capitalization of cryptocurrencies exhibited a high-level consolidation trend, continuing the upward momentum from late April driven by eased tariff policies, maintaining a strong overall upward trend. Boosted by the positive impact of the U.S. stablecoin bill “GENIUS” passed, the total crypto market cap reached a periodic high before the bill’s approval. As the positive policy effects gradually faded, the market cap experienced a mild correction.

• On-Chain Data: Regarding public blockchain data, Solana continued to lead with an average of nearly 100 million daily transactions, solidifying its dominance in high-frequency applications. Base saw a strong performance with transaction volume surpassing 10 million in mid-May. Ethereum maintained high per-transaction value, with stable gas revenue.

• Hot Topics: Virtuals saw explosive growth in on-chain activity in May, with daily active addresses surging over 160% month-on-month, exceeding 8,000 and hitting a historical high. The growth was primarily driven by new protocol launches, Web3 gaming, community incentives, airdrop expectations, and active cross-chain arbitrage activities.

• Funding Information: In May, the Web3 industry completed 122 funding rounds, totaling $1.92 billion, a 35% decrease month-on-month. Among these, the CeFi sector and blockchain services were the most active, securing $1.29 billion and $274 million in funding, respectively.

• Security Incidents: Total disclosed losses from security incidents amounted to approximately $257 million, with over 80% of incidents caused by account hacks and contract vulnerabilities.

• Upcoming Events: On June 20, 2025, ZRO will unlock 23.13% of its tokens, valued at over $50 million, expected to significantly impact the market. Additionally, major projects such as FTN, APT, and ENA will also unlock tokens worth over $50 million each, warranting close attention.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.