Original Article Title: "ETH Near New All-Time High, Which 'Ether Series' Alpha Tokens Are Worth Watching?"

Original Source: Biteye Chinese

Lately, the price of ETH has approached its all-time high, showing strong momentum, with institutional funds also pouring in rapidly.

Against this backdrop, multiple Ethereum ecosystem tokens have seen positive developments. In this article, we have selected 12 Alpha tokens to decipher their latest progress and bullish reasons.

1/12 $BMNR

Led by Tom Lee, the U.S.-listed company BitMine Immersion (NYSE: BMNR) has accumulated 1.2 million ETH, worth $50.3 billion, making it the largest ETH holder globally. Furthermore, the company plans to continue purchasing ETH, aiming to own 5% of the global ETH supply and intends to stake the held ETH to earn rewards. Therefore, BMNR is undoubtedly one of the strong backers of Ethereum.

BMNR's aggressive hodling strategy has also garnered endorsements from Wall Street shareholders. Cathie Wood's ARK Invest invested around $182 million, acquiring about 4.77 million shares of BitMine, with $177 million earmarked for purchasing Ethereum (ETH); renowned investor Bill Miller has also invested in BMNR, likening it to ETHMicroStrategy; Peter Thiel's Founders Fund also disclosed a 9.1% stake.

Benefiting from the rise in ETH price and the "hodling" narrative, BMNR's stock price has recently continued to strengthen, nearly doubling since August.

2/12 $ENA

Recent bullish sentiment was ignited by Ethena's new division StablecoinX, planning to repurchase $260 million worth of ENA within 6 weeks, accounting for 8% of the circulation, with daily heavy buying pressure. More importantly, the fee switch mechanism has been approved, and a portion of protocol revenue will be directly distributed to sENA holders. According to Tokenomist's scenario simulation, the conservative estimate of sENA's APY can reach 4%, and in an optimistic scenario, it may even exceed 10%.

In addition to the protocol's internal positives, in early June, Coinbase announced support for ENA and initiated a USD trading pair, making it one of the few synthetic stablecoin projects listed. Meanwhile, the Ethena ecosystem continues to grow, collaborating with protocols like Pendle to embed USDe into more DeFi strategies, enhancing composability yields.

In the long run, Ethena is expanding the Converge Chain, launching the compliant stablecoin USDtb, gradually building a diversified income system, and enhancing its counter-cyclical capabilities.

3/12 $PENDLE

Recently, Pendle has performed extremely well, with TVL surpassing $9 billion on August 13, marking a new all-time high. Its token price once approached $6, with a monthly gain of over 30%, far outperforming the overall market.

The bullish logic is as follows:

1. Boros launch, which converts BTC/ETH perpetual contract funding rates into tradable assets, attracted a large number of users in a short period, becoming a core growth driver for Pendle V3. Statistics show that within the first two days of Boros's launch, it attracted deposits of over $1.85 million equivalent in BTC and ETH, leading to a sharp increase in Pendle's TVL.

2. Pendle is deeply integrated with protocols such as Ethena and Aave, introducing strategies like PT-USDe, which contributed nearly 60% of Pendle's TVL.

3. Since 2025, approximately $41 billion in institutional funds have flowed into DeFi. Pendle's Citadels compliance program has facilitated institutional fund inflows, accelerating the TVL growth.

4/12 $UNI

As a leading DEX, entering 2025, Uniswap has two major bullish catalysts: the official launch of V4 and the launch of the native Layer 2 network, Unichain.

1. The launch of V4 allows developers to use Hooks to create customized pools and strategies, enhancing the protocol's vitality. Over 2500 Hook pools have been deployed, and projects like Bunni and EulerSwap utilizing Hooks have collectively achieved over a billion dollars in trading volume, bringing new vitality to Uniswap.

2. Uniswap plans to build an exclusive ecosystem through Unichain, which now accounts for over 70% of daily active trades. This expansion of the user base and diversification of single-chain reliance have increased the protocol's resilience.

5/12 $FLUID

In early August, Fluid's trading volume briefly surpassed Uniswap, reaching $15 billion in a single day, slightly higher than Uniswap's $13 billion during the same period. Through its innovative liquidity layer, Fluid converts pool collateral into trading liquidity, significantly improving fund utilization efficiency. This model allows Fluid to achieve astonishing trading volumes even with a relatively low TVL.

The bullish thesis is as follows:

1. Massive Liquidity Release: Fluid ingeniously utilizes the collateral/debt of the lending pool directly as liquidity for the trading pairs, allowing assets to be used in a "two-way value" manner. Users earn interest on their ETH or stablecoin deposits in Fluid while these assets are used to provide trading depth, generating additional fee income. More importantly, the Fluid liquidity layer automatically adjusts the share of each asset for trading based on the lending utilization rate and dynamically increases collateral requirements as funds approach the lending limit to prevent liquidation and liquidation risks. This design significantly reduces fund fragmentation, improves the turnover efficiency of unit liquidity.

2. Rapid Development: Since its launch in 2023, Fluid has developed rapidly, not only becoming the fastest-growing DEX on Ethereum, achieving a cumulative trading volume of $100 billion in just 100 days. Now, a more efficient "lite" exchange is about to be launched, expected to further increase the daily trading volume to $4-6 billion, providing room for rapid product iterations and value appreciation for the FLUID token.

3. Increasing Market Recognition, Valuation Potential: With the surge in trading volume, the $FLUID price jumped 14% in a single day in early August. Even after this rally, its circulating market cap is around $290 million, far below Uniswap, making it a relatively undervalued target with high growth potential.

6/12 $LDO

As Ethereum's largest staking protocol, Lido is poised for a new development peak in 2025. Currently, Lido's TVL is close to $41 billion, accounting for 26% of the total DeFi TVL.

Through consolidation, it can be observed that Lido is deepening its moat as more applications accept stETH as collateral or payment, enhancing its liquidity and demand. For example, lending protocols like Aave have supported stETH as collateral for borrowing assets, stable pools like Curve also provide stETH trading pairs, and stETH is rapidly integrating into various corners of DeFi.

Against the backdrop of Ethereum staking's continuous heating up, Lido, as an industry leader, still has a promising future.

7/12 $AAVE

As of now, Aave's TVL has soared to around $38.9 billion, nearly doubling from the beginning of the year, accounting for almost a quarter of the total DeFi TVL, firmly ranking first in the lending market.

With the narrative of stablecoins gaining traction this year, Aave's GHO stablecoin supply has grown from around $146 million to approximately $314 million, an increase of over 100%, and has been expanding to networks such as Arbitrum, Base, etc. Aave's influence in the stablecoin field is expected to continue to rise.

Moreover, recent Aave partnership announcements have been frequent. On one hand, the launch of the Horizon project to expand RWA channels, and on the other hand, a partnership with Plasma to introduce an institutional incentive fund aimed at attracting more financial institutions to move their business onto 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, which was launched, celebrated its second anniversary, showing outstanding performance.

As an overcollateralized stablecoin launched by Curve, crvUSD has been widely integrated into various major DeFi protocols over the two years of its development, and is even used for daily payments. Thanks to the unique LLAMMA automatic liquidation mechanism, crvUSD has demonstrated excellent resilience in market fluctuations, maintaining a 1:1 peg while maximizing collateral value protection. In the first half of this year, the rise in DeFi rates drove the savings crvUSD (scrvUSD) annual percentage yield close to 8%, showing an upward trend.

While there have been security concerns, after experiencing events like DNS hijacking attacks, the Curve team promptly migrated to a new domain and advocated the use of anti-censorship measures such as ENS, IPFS to provide frontend services.

Furthermore, Curve's founder Michael Egorov is currently developing a new yield protocol called "Yield Basis," aimed at providing sustainable returns for on-chain BTC and ETH, potentially expanding the Curve ecosystem to RWAs.

9/12 $SKY

As the stablecoin issued by MakerDAO (Sky), USDS is currently ranked fourth by market value, adopting an overcollateralization model, where higher-value crypto assets must be locked in before minting. Recently, the GENIUS Act prohibited stablecoins from "direct interest issuance," USDS's income comes from collateral assets participating in on-chain staking and liquidity mining, rather than direct interest issuance, which to a certain extent circumvents regulatory restrictions. Currently, the sUSDS annual percentage yield is close to 5%, which has a certain advantage in an environment with a 2.7% inflation rate in the United States.

Currently, mainstream institutions such as Coinbase have launched SKY and USDS trading in July, marking a key step for Maker towards bridging the gap with traditional finance.

10/12 $SPK

Since April, Spark's Total Value Locked (TVL) has surged by over 200%, with the current TVL at around $8.2 billion, ranking it as the eighth-largest DeFi protocol. Such a substantial influx of funds has directly boosted the market's confidence in Spark, leading to a rapid price rebound for $SPK and reaching new all-time highs.

Looking back, Spark generated a lot of hype when it first started trading. It employed a strategy of large-scale airdrop + simultaneous listing on mainstream exchanges, attracting a large number of users to pay attention and participate in early trading. The surge in trading volume brought price volatility, and with exchanges like Binance and Coinbase opening trading simultaneously, it injected considerable liquidity into $SPK.

More importantly, Spark is backed by MakerDAO's multi-billion-dollar reserve and a stable synthetic asset system that has been running for years, making it one of the few projects in the DeFi space born with a "silver spoon." Therefore, Spark's product had a high security margin from the beginning, providing confidence for institutional and large-scale funds to enter.

Looking ahead, Spark has a relatively complete product matrix that can be deployed in diversified revenue scenarios. The current product line covers SparkLend, SparkSavings, SLL, and more, almost encompassing all elements of the DeFi revenue loop.

11/12 $LINK

As a leading oracle, Chainlink recently launched a new Chainlink Reserve Mechanism, automatically converting the service fees paid by enterprises and DApps into LINK and depositing them into an on-chain reserve pool. It has accumulated LINK worth over 1 million dollars, ensuring a continuous future income stream, which means that the selling pressure of LINK in the market will decrease. The official statement mentioned that the reserve would not be withdrawn for years to support the network's long-term growth, which can be seen as a bullish deflationary effect on LINK.

Additionally, as of August, the Chainlink network's oracles have secured over $930 billion in DeFi value, reaching a historic high. This includes over 83% of Ethereum's on-chain assets and almost 100% of assets on new chains like Base, ensuring their security.

Chainlink has also recently partnered with ICE, the parent company of the New York Stock Exchange, to seamlessly bring its forex and precious metals data onto the blockchain. Looking to the future, as oracle services become deeply integrated into the DeFi and RWA narratives, LINK has a higher chance of appreciation.

12/12 $PENGU

Last month, PENGU made a strong comeback with an NFT+Memecoin narrative, surging over 400% in just 30 days. The main driving factor behind this was institutional-level bullishness, with the renowned institution Canary Capital submitting the world's first NFT+token dual-asset ETF application - the Canary Spot PENGU ETF, intending to have 80-95% of the portfolio in PENGU tokens and 5-15% in Pudgy Penguins NFTs.

After the SEC formally accepted the ETF application, the market's expectations for the "Penguin ETF" became more optimistic, and the PENGU token subsequently surged.

Risk Disclaimer: The above analysis is for reference only and does not constitute investment advice.

Original Article Link

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia