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Gate Research Weekly Report: This week, the market remained volatile overall, with BTC and ETH showing clear range-bound movements. The altcoin sector showed signs of divergence, with Frog-Themed, Launchpad, and Layer 2 tokens leading in gains. The total market cap of Believe platform tokens surpassed $450 million, and LAUNCHCOIN has surged over 200x since the end of April, highlighting the growing trend of "influence financialization." Open interest in XRP and DOGE futures has spiked despite sluggish price performance, indicating rising leverage risk. Pump.fun’s market share is being eroded by competitors LetsBonk.fun and Believe, intensifying ecosystem competition. Puffverse has launched a new token sale, drawing attention. Meanwhile, Openverse, Nirvana, and KYD have completed funding rounds. Next week, token unlocks—including PYTH—worth over $560 million are expected, which may impact market sentiment.

This report summarizes the Web3 industry’s fundraising landscape in May 2025. A total of 122 deals were completed, raising $1.92 billion. Among them, the CeFi sector dominated with over $1.2 billion in funding. Traditional financial instruments such as mergers & acquisitions and PIPE investments were frequently employed, indicating that institutional capital is accelerating its deployment into compliant, integrable centralized infrastructure. The report also highlights major projects including Antix, Turtle Club, T-Rex, VOYA Games, and KYD Labs.