Key Takeaways
- Crypto Market Performance: The total cryptocurrency market capitalization in September remained between $3.8–4.3 trillion. Early-month inflows pushed it to a local high of around $4.25 trillion, before macro factors triggered a pullback to $4 trillion. Overall liquidity stayed stable, though profit-taking and wait-and-see sentiment limited new momentum.
- Major Public Chain Data Analysis: Overall on-chain activity stayed stable, with Solana maintaining its lead. Arbitrum and Base saw brief mid-month surges, while Bitcoin and Ethereum trading volumes held steady. Gas fees fluctuated in the second half of the month, with Base and Polygon experiencing short-term spikes. Despite healthy network activity, elevated gas costs during peak periods still affected user experience.
Trending Project Developments: On September 25, stablecoin-focused blockchain Plasma launched its mainnet and issued its native token XPL, debuting on major exchanges such as Gate. XPL peaked at $1.67, pushing its fully diluted valuation (FDV) above $14 billion. Within days, Plasma DeFi TVL reached $5.46 billion (up 40% week-over-week), while on-chain stablecoin supply surpassed $7 billion in two days—signaling rapid capital inflows and strong network capacity.
Fundraising and Security Events: The Web3 industry recorded roughly 100 funding deals totaling $2.2 billion in September. Although deal count dropped 12.3%, capital became more concentrated, with leading projects bucking the trend. Blockchain services and CeFi led with $889 million and $806 million, forming a “dual-core” funding structure. Most rounds ranged between $3–10 million, with seed rounds dominant—showing capital continues to flow toward key sectors and high-quality projects.
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Author: Puffy, Akane, Shirley, Ember
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