Which “Ether” Alpha tokens are worth paying attention to?

Recently, ETH prices have approached historical highs, with strong upward momentum and institutional funds are also accelerating influx.

Against this background, multiple Ethereum ecological tokens have frequently produced positive results. In this article, we have selected 12 Alpha tokens to interpret their latest progress and bullish reasons.

1/12 $BMNR

Under Tom Lee, US-listed company BitMine Immersion (NYSE: BMNR) has stockpiled 1.2 million ETH worth $5.03 billion, becoming the world’s largest ETH holder.In addition, the company plans to continue buying ETH, targeting 5% of the global ETH supply, and plans to use its holdings to staking to earn income.Therefore, BMNR is undoubtedly one of the powerful carriers for betting on Ethereum.

BMNR’s aggressive coin hoarding strategy has also attracted endorsement from Wall Street shareholders.Mutoujie’s ARK Invest spent about $182 million to acquire approximately 4.77 million common shares of Bitmine, of which $177 million will be used to purchase Ethereum (ETH); well-known investor Bill Miller also invested in BMNR and compared it to ETHMicroStrategy; Peter Thiel’s Founders Fund also disclosed a 9.1% stake..

Benefiting from the rise in ETH prices and the story of “coin hoarding”, BMNR’s stock price has continued to strengthen recently, and has risen nearly double since August.

2/12 $ENA

Recent bullish sentiment was detonated by Ethena’s newly established division StablecoinX, and plans to repurchase US$260 million ENA within 6 weeks, accounting for 8% of the circulation, and pull the market with real money every day.More importantly, the fee switch (fee switch) has been approved, and in the future, part of the agreement revenue will be directly distributed to sENA holders.According to Tokenomist’s scenario simulation, it is conservatively estimated that sENA can also reach 4%, and in an optimistic situation, it is even expected to exceed 10%.

In addition to the internal positives of the agreement, in early June, Coinbase announced its support for ENA and opened a US dollar trading pair as one of the few synthetic stablecoin projects to list coins.At the same time, the Ethena ecosystem continues to grow, and cooperation with income agreements such as Pendle embeds USDe into more DeFi strategies to improve sticky yields.

In the long run, Ethena is expanding Converge Chain, launching the compliant stablecoin USDtb, gradually building a diversified revenue system, and enhancing its anti-cycle capability.

3/12 $PENDLE

Pendle has performed extremely well recently, with TVL breaking through $9 billion on August 13, setting a record high.The price of its tokens was approaching US$6 for a time, with a monthly increase of more than 30%, far exceeding the market.

The positive logic is as follows:

1. Boros is launched, converting BTC/ETH perpetual contract fund rates and other products into tradable assets, attracting a large number of users to participate in a short period of time and becoming the core growth driver of Pendle V3.According to statistics, Boros attracted more than $1.85 million in deposits of equivalent BTC and ETH two days before its launch, driving Pendle TVL to rise sharply.

2. Pendle has in-depth linkage with protocols such as Ethena and Aave, and has launched strategies such as PT-USDe, which has contributed almost 60% of Pendle TVL.

3. Since 2025, about $41 billion of institutional funds have poured into DeFi. Pendle’s Citadels compliance program has facilitated institutional funds and accelerated TVL’s climb.

4/12 $UNI

As the leader of DEX, Uniswap has two positive catalysis in 2025: the V4 version is officially launched with the exclusive second-layer network “Unichain”.

1. The launch of V4 version allows developers to use Hooks to create customized pools and strategies, enhancing the vitality of the protocol.Currently, more than 2,500 Hook pools have been deployed, and projects such as Bunni and EulerSwap that utilize Hooks have achieved a cumulative transaction volume of over US$100 million. These innovations have brought new vitality to Uniswap.

2. Uniswap plans to create an exclusive ecosystem through Unichain. Currently, Unichain accounts for more than 70% of daily active users’ transactions.This not only expands the user base but also disperses single-chain dependence, improving risk resistance.

5/12 $FLUID

In early August, Fluid trading volume briefly surpassed Uniswap, with a single-day $1.5 billion, slightly higher than Uniswap’s $1.3 billion in the same period.Through its original liquidity layer, Fluid converts lending pool collateral into transaction liquidity, greatly improving the efficiency of capital utilization.This model allows Fluid to have amazing trading volume even if TVL is relatively low.

The positive logic is as follows:

1. Release a large amount of liquidity: Fluid cleverly uses the collateral/debt of the lending pool directly as liquidity of the trading pair, making the assets “eat two fish”.While users earn interest by depositing Fluid in ETH or stablecoins, these assets are used to provide transaction depth and obtain additional fee benefits.More importantly, the Fluid liquidity layer will automatically adjust the share of each asset for transaction based on lending utilization, and dynamically raise collateral demand as funds approach the loan ceiling to prevent risks of bank runs and liquidation.This design greatly reduces the fragmentation of funds and improves the turnover efficiency of unit liquidity.

2. Rapid development: Fluid developed rapidly after its launch in 2023. It not only became the fastest-growing DEX on Ethereum, but also achieved a cumulative transaction volume of US$10 billion in 100 days.Now that the more efficient “lightweight” exchange is about to be launched, it is expected to increase its daily transaction volume of US$400 million to US$600 million, and the rapid iteration of products and provide imagination space for the value growth of FLUID tokens.

3. Market recognition has increased and valuation has potential: with the rise in trading volume, the price of $FLUID jumped 14% in a single day in early August.Even after this round of rise, its circulating market value is around US$290 million, far lower than Uniswap, which is a relatively low valuation and high growth potential.

6/12 $LDO

As Ethereum’s largest liquid staking agreement, Lido ushered in a new round of development peak in 2025.Currently, Lido’s TVL is close to 41 billion, accounting for 26% of the DeFi TVL on the entire network.

Through collation, we can find that Lido is digging its moat deeper, and more and more applications accept stETH as collateral or payment means, improving its liquidity and demand.For example, lending agreements such as Aave have supported stETH as a mortgage asset, and stable pools such as Curve also provide stETH trading pairs, and stETH is accelerating its integration into every corner of DeFi.

Against the backdrop of the continuous heating of Ethereum staking, Lido, as the industry leader, still has a steady outlook.

7/12 $AAVE

As of now, Aave TVL has climbed to about US$38.9 billion, nearly double the year-end, accounting for nearly a quarter of the entire DeFi TVL, ranking first in the lending market.

The stablecoin narrative has been booming this year. The supply of GHO stablecoin launched by Aave has increased from about US$146 million to about US$314 million, an increase of more than 100%, and has gradually expanded to networks such as Arbitrum and Base. Aave’s voice in the stablecoin field is expected to continue to rise.

Moreover, news of Aave cooperation has been frequently released recently.On the one hand, we launched the Horizon project to expand the RWA channel, and on the other hand, we cooperated with Plasma to launch an institutional incentive fund, with the aim of attracting more financial companies to move their businesses to the blockchain.This series of initiatives consolidate Aave’s position as an institutional-level DeFi lending portal.

8/12 $CRV

Curve’s decentralized stablecoin crvUSD has celebrated its second anniversary and performed very well.

As an over-solidated stablecoin launched by Curve, crvUSD has been widely integrated into major DeFi protocols after two years of development and can even be used for daily payments.Thanks to the unique LLAMMA automatic liquidation mechanism, crvUSD demonstrates excellent resilience in market volatility, maintaining 1:1 anchorage while maximizing collateral value.In the first half of this year, the rise in DeFi interest rates pushed the annualized yield of savings crvUSD (scrvUSD) to close to 8%, and showed an upward trend.

Although there are concerns about security, after experiencing DNS hijacking attacks and other incidents, the Curve team quickly moved to the new domain name and advocated the use of anti-censorship methods such as ENS and IPFS to provide front-end services.

In addition, Curve founder Michael Egorov is developing a new revenue agreement “Yield Basis”, aiming to provide sustainable yields for on-chain BTC and ETH, and the Curve ecosystem may develop into RWA.

9/12 $SKY

As a stablecoin issued by MakerDAO (Sky), USDS currently ranks fourth in market value, adopting an over-collateralized model, and crypto assets with higher value must be locked in before minting.Some time ago, the GENIUS Act prohibited stablecoins from “directly issuing interest rates”. USDS income comes from collateralized assets participating in on-chain pledge and liquidity mining, rather than direct dividend payments, which certainly avoids the restrictions of the bill.The current annualized sUSDS income is close to 5%, which has certain advantages in the 2.7% inflation environment in the United States.

Currently, mainstream institutions such as Coinbase have launched SKY and USDS transactions in July, which also marks a key step towards Maker’s move towards traditional finance.

10/12 $SPK

Spark TVL has surged by more than 200% since April, and currently ranks eighth in the DeFi protocol with TVL of about $8.2 billion.Such a large-scale infusion of incremental funds directly increased the market’s confidence in Spark, and the price of $SPK quickly rebounded and hit a new high.

Looking back at the beginning of Spark’s opening, it was quite popular. It adopted the strategy of large-scale airdrop + simultaneous listing of mainstream exchanges, which attracted a large number of users to pay attention and participate in early trading. The sudden increase in trading volume brought about price spread fluctuations. In addition, leading platforms such as Binance and Coinbase opened trading at the same time, injecting considerable liquidity into $SPK.

More importantly, Spark is one of the rare “born with a golden spoon” project in the DeFi field, backed by MakerDAO’s billion-dollar reserves and a synthetic asset system that has been operating stably for many years.Therefore, Spark products have a high safety margin from the beginning, providing confidence for institutions and large-scale funds to enter.

Looking ahead, Spark has a relatively complete product matrix that can layout diversified revenue scenarios.Currently, the product line covers SparkLend, SparkSavings, SLL, etc., and almost all elements of the DeFi revenue closed loop.

11/12 $LINK

As the leader of oracle, Chainlink recently launched a new Chainlink reserve mechanism, which automatically converts the service fees paid by enterprises and DApps into LINK and deposits them into the on-chain reserve pool. The accumulated value of more than US$1 million in LINK has accumulated, and the future revenue will continue to flow, which means that the LINK selling pressure in the market will be reduced.The official said that the reserves will not be extracted within several years and will be used to support the long-term growth of the network, which can be regarded as the “destruction” deflation of LINK.

In addition, as of August, Chainlink Network’s oracle had guaranteed more than $93 billion in DeFi value, a record high, including more than 83% of Ethereum’s on-chain assets, and nearly 100% of the assets in new chains such as Base.

Chainlink has also recently reached a partnership with ICE, the parent company of the New York Stock Exchange, to seamlessly introduce its forex and precious metals data to the chain.Looking ahead, LINK has a greater chance of rising as oracle services are deeply integrated into DeFi and RWA narratives.

12/12 $PENGU

Last month, PENGU made a comeback with its NFT+Memecoin narrative, soaring more than 400% in just 30 days.The driving factors behind it are mainly institutional-level favorable factors. The well-known institution Canary Capital submitted the world’s first NFT+ token dual-asset ETF application – Canary Spot PENGU ETF. 80-95% of the proposed investment portfolio are PENGU tokens and 5-15% are Pudgy Penguins NFT.

After the news that the SEC officially accepted the application for the ETF, the market’s expectations for the “Penguin ETF” became optimistic, and the PENGU tokens soared immediately.

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