The cryptocurrency market maintained a volatile upward trend throughout April, with total market capitalization rebounding notably from March levels. Trading volumes for BTC and ETH ETFs also recovered in tandem. Solana continued to lead the market in average daily transaction volume, while Hyperliquid and Arbitrum recorded significant net capital inflows. Lido remained the largest DeFi protocol by TVL, exceeding $20 billion. Pokemon TCG RWA emerged as one of the fastest-growing RWA segments, with major platforms surpassing $220 million in monthly trading volume. Meanwhile, Aave experienced a severe liquidity shock in April, seeing tens of billions of dollars in TVL outflows within just a few days. The Web3 industry completed 51 funding rounds in April, raising approximately $834 million in total. Web3 security incidents resulted in roughly $306 million in losses during the month, up approximately 858% from March, primarily driven by the Kelp DAO exploit.

Key Highlights:

Crypto Market Performance: The cryptocurrency market maintained an overall volatile upward trajectory in April, with total market capitalization rising significantly from March. BTC and ETH ETF trading volumes remained elevated with continued volatility, while overall market activity improved month-over-month. DOGE, BTC, and ETH outperformed major assets, posting monthly gains of 14.60%, 13.46%, and 11.17%, respectively.

Major Public Chain Data Analysis: In terms of transaction count, Solana continued to dominate with approximately 90 million to 110 million daily transactions. Tron maintained total daily gas fees near the million-dollar level, remaining the network with the highest fee generation. Hyperliquid, Arbitrum, and OP Mainnet recorded significant net inflows, while BNB Chain and Ethereum experienced moderate capital outflows. Lido ranked first with over $20 billion in TVL, while Spark and Securitize posted notable growth.
Trending Project Developments: Pokemon TCG RWA has become one of the fastest-growing segments in the on-chain RWA sector, entering a second breakout phase in April. Major platforms recorded more than $220 million in monthly trading volume, while weekly revenue briefly approached a record high of $6 million. Meanwhile, Aave suffered its most severe liquidity shock on record, with tens of billions of dollars in TVL exiting within days and net outflows exceeding $9 billion throughout April.

Funding and Security Incidents: The Web3 sector completed 51 funding rounds in April, raising approximately $834 million, with capital increasingly concentrated in leading financial and infrastructure projects. Payward ranked first with a $200 million funding round. Web3 security incidents caused approximately $306 million in losses during April, representing a month-over-month increase of around 858%, largely driven by a single cross-chain infrastructure attack involving Kelp DAO that accounted for roughly $293 million in losses.
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Author: Akane

Reviewer(s): Puffy, Kieran

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