Gate Research Institute: The total amount of tokenized gold on Ethereum has risen nearly 100% annually | Layer 2 network Kinto is about to shut down

Crypto Market Overview

• BTC (0.30% | Current Price 110,828 USDT): Recently, the BTC price has been fluctuating around 110,000 USD. Structurally, BTC formed a wave of upward movement from July to early August, reaching a peak of 124,497 USD, and then faced resistance and fell back, dipping to a low of 98,200 USD, maintaining overall fluctuations in the range of 98,000–124,000 USD. Currently, the price is consolidating in the middle of this range, with trading volume gradually decreasing, indicating that the market has entered a wait-and-see period. On September 5, the net outflow of BTC ETF reached 160 million USD in a single day, of which BlackRock's IBIT had an outflow of 63.2 million USD.
• ETH (0.01% | Current Price 4,297 USDT): Recently, ETH prices have been fluctuating narrowly around 4,300 USDT, and the current price is below MA30 (4,424), indicating a weakening of medium-term upward momentum. If ETH can stabilize above 4,420 USDT (the area of MA30 and previous resistance), it is expected to resume the upward trend. On September 5, ETH ETF saw a net outflow of 446 million USDT in a single day, of which BlackRock's ETHA had an outflow of 309 million USDT, and Fidelity's FETH saw an inflow of 37.8 million USDT.
• Altcoins: Most mainstream altcoins have slightly declined, with market sentiment primarily being "neutral." The Fear and Greed Index today reports 51, falling within the normal range, indicating that market sentiment has eased somewhat compared to previous panic.
• Macro: On September 5, the S&P 500 index fell by 0.32% to 6,481.5 points; the Dow Jones index dropped by 0.48% to 45,400.86 points; the Nasdaq index decreased by 0.03% to 21,700.39 points. As of September 8, 11:00 AM ( UTC+8, the spot gold price is temporarily reported at 3,590 USD per ounce, with a 24H increase of 0.1%.

Trending Tokens on Juejin

SOMI Somnia (+34.65%, circulating market cap 232 million USD)

According to Gate.io market data, the current price of SOMI token is $1.46, having increased by 34.65% in the last 24 hours. Somnia is an L1 blockchain and a full-chain protocol connecting the metaverse, enabling a new, open, and unified virtual society. Somnia offers developers infinite possibilities to create portable and remixable content by upgrading existing NFTs.

The core drivers of this round of increase mainly include three points: First, the official launch of the mainnet and the airdrop activities significantly enhanced market expectations and participation in the project; Second, listing on large exchanges greatly increased liquidity and accessibility for investors, driving incremental funds into the market; Third, the community's enthusiasm continues to rise, combined with Somnia's narrative advantage as an L1 blockchain and full-chain metaverse protocol, further amplifying investment sentiment. Overall, the rapid rise of SOMI is driven by both fundamental events and benefited from the dual catalysis of market sentiment and liquidity.

GPS GoPlus Security (+26.26%, circulating market cap $1,201.68 million)

According to Gate's market data, the current price of the GPS token is $0.014, having increased by about 26.26% in the last 24 hours. GoPlus Security is the first decentralized security layer for Web3, providing comprehensive protection for every transaction across all blockchain networks; its open, permissionless, and user-driven architecture allows for seamless integration with any blockchain or project. By protecting users at every stage of the transaction lifecycle, GoPlus has created a safer on-chain trading environment, ensuring peace of mind and trust in digital interactions.

The price of GPS tokens has risen significantly, mainly due to bullish technical signals, strategic ecosystem updates, and easing dilution concerns. Among them, the official announcement of the upcoming launch of GoPlus SafeToken Locker in a new ecosystem has become a key catalyst. This product supports flexible lock-up periods and reward collection functions, and is highly compatible with mainstream DEX, which not only enhances investor confidence but also reflects the project's long-term development commitment. This series of positive factors has jointly driven the buying power in the market.

WLD Worldcoin (+22.43%, circulating market value 2.388 billion USD)

According to Gate market data, the current price of the WLD token is $1.21, having increased by approximately 22.43% in the last 24 hours. Worldcoin is an open-source protocol or system designed to help everyone access the global economy; its design is decentralized, meaning its oversight and decisions will ultimately depend on its user community.

The core reason for the recent rise of the WLD token is the accelerated progress in ecological applications and collaborations. Key catalysts include the official launch of the World Build 2 application, which further enhances the practical application scenarios and user engagement of the token; the joining of the National University of Engineering in Peru (@utecpe) to the AMPC partner network, promoting the implementation of quantum security technology research and enhancing the project's cutting-edge technological value and global collaboration landscape. These two major developments have strengthened the market's confidence in the long-term potential of WLD, becoming the main driving force behind the recent price increase.

Alpha Interpretation

The total amount of tokenized gold on Ethereum has reached $2.4 billion, growing nearly 100% within the year.

According to Token Terminal data, the scale of tokenized gold assets on Ethereum has reached $2.4 billion, achieving nearly 100% growth year-to-date. Currently, the market is mainly dominated by PAXG and XAUT, indicating that traditional safe-haven assets are accelerating their migration to the blockchain, with the application scenarios and liquidity of on-chain gold continuously improving.

The rapid expansion of on-chain gold reflects the accelerating demand for "physical asset tokenization". On one hand, it meets the needs of investors for allocating stable assets in the blockchain ecosystem; on the other hand, it indicates that Ethereum's capacity as an asset tokenization infrastructure is continuously strengthening. It is worth noting that tokenized gold not only provides a new asset class for collateral and trading in DeFi but may also become an important entry point for traditional capital into the crypto ecosystem beyond stablecoins.

Ethereum Layer 2 network Kinto announced that it will close on September 30.

The Ethereum Layer 2 project Kinto announced that it will officially shut down on September 30. The platform suffered a contract vulnerability attack in July, where hackers forged 110,000 Kinto tokens and cashed out approximately 577 ETH, causing the token price to plummet by over 95%. Although the team subsequently launched the "Phoenix" restart plan, operations ultimately became untenable due to new debts and financing obstacles. Founder Ramón Recuero stated that he would use personal funds to compensate some users and promised to return 76% of the principal to the Phoenix borrowers, with the remaining assets of the platform also used for compensation.

The shutdown of Kinto once again highlights the enormous challenges that emerging Layer 2 projects face in terms of security and sustainability. A single smart contract vulnerability not only destroyed the project's reputation but also made subsequent financing and ecosystem reconstruction nearly impossible. Although the team is trying to salvage the situation through a restart plan, once market trust is lost, it is often difficult to restore. This incident serves as a reminder to the industry: beyond scalability narratives and liquidity incentives, security and risk control are the keys to long-term survival.

Solana Treasury Company DeFi Development launched the “.dfdv” domain service

The Nasdaq-listed Solana Treasury Company DeFi Development (stock code: DFDV) has officially launched the “.dfdv” domain name service. This service allows individuals, organizations, and blockchain projects to register personalized digital identities and use them as digital wallet addresses. DeFi Development stated that this move aims to build an identity layer for decentralized communities, while the net proceeds from the sale of domain names will be reinvested to support the operation and development of the company's SOL treasury.

The launch of the “.dfdv” domain service marks an important step for the Solana ecosystem in digital identity and community building. By binding domain names to wallet addresses, users can achieve more intuitive asset management and enhance recognition and credibility in on-chain interactions. Furthermore, the revenue from domain sales directly flows back to the treasury, demonstrating the project's innovative approach to ecological sustainability and capital operation. This initiative is expected to further enhance the stickiness of the Solana community and provide new entry points for on-chain asset management and DeFi applications.
Reference Materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• X, https://x.com/tokenterminal/status/1964351346376622423
• X, https://x.com/KintoXYZ/status/1964721235675537573
• Globenewswire, https://www.globenewswire.com/news-release/2025/09/05/3145315/0/en/DeFi-Development-Corp-and-AllDomains-Launch-dfdv-Domains-to-Expand-Digital-Identity-Across-the-Solana-Ecosystem.html

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate does not bear any responsibility for any losses or damages caused by such investment decisions.