Gate Research: Ethena Q3 Fee Revenue Hits Record High｜Rumble Wallet Launches with BTC Tipping Support

Crypto Market Overview

• BTC (1.22% | Current Price: 86,634 USDT): BTC’s short-term price previously retreated after reaching a high of $93,167, forming a temporary low around $80,646, and then began a weak rebound. The current price hovers near 86,600 USDT. If it fails to hold short-term moving average support, BTC could further test support in the 85,800–84,500 USDT range. Conversely, if it stabilizes above 87,500 USDT with volume breakout, it may retest resistance at 89,000–90,200 USDT. On November 21, BTC ETFs saw a net flow of 238 million USDT, with BlackRock IBIT outflowing 122 million USDT and Fidelity FBTC inflowing 108 million USDT.
• ETH (-0.39% | Current Price: 2,784 USDT): ETH is showing a short-term weak consolidation pattern. After hitting around 2,840 USDT, the price retraced and is now oscillating near 2,780 USDT. If ETH fails to reclaim the 2,810 USDT resistance zone, it may continue to seek support around 2,750–2,720 USDT. On the other hand, a volume-backed breakout above the MA30 and stabilization above 2,810 USDT could allow ETH to retest the 2,850 USDT resistance level. On November 21, ETH ETFs recorded a net inflow of 55.7 million USDT, with BlackRock ETHA outflowing 53.7 million USDT and Fidelity FETH inflowing 95.4 million USDT.
• Altcoins: Most major altcoins showed slight rebounds. Overall market sentiment remains cautious, with investor sentiment predominantly neutral. The Fear & Greed Index stands at 19, indicating extreme fear and continued low risk appetite.
• Macro: On November 21, the S&P 500 rose 0.98% to 6,602.99 points; the Dow Jones gained 1.08% to 46,245.41 points; and the Nasdaq increased 0.88% to 22,273.08 points. As of 2:00 AM (UTC) on November 24, spot gold is trading at 4,048 USD per ounce, down 0.46% in the past 24 hours.

Trending Tokens

TNSR Tensor (+53.24%, Circulating Market Cap: $47.7M)

According to Gate market data, TNSR is currently priced at $0.144, up approximately 53.24% in the past 24 hours. Tensor is a trading platform combining AMM (Automated Market Maker) and NFT marketplaces, enabling users to “instant-sell” and auction collectibles, providing immediate liquidity for sellers. TNSR serves as Tensor’s governance token.

The recent surge in TNSR is driven by a combination of fundamental reinforcement, short squeeze dynamics, and deflationary expectations. Since mid-September, TNSR maintained a negative funding rate, accumulating significant short positions. As prices rebounded, short covering triggered a continuous upward push. As Solana’s largest NFT marketplace, Tensor consistently accounts for major on-chain trading volume, providing stable fundamental support. The Tensor Foundation’s announcements—allocating 100% of marketplace fees to the TNSR treasury, burning 21.6% of unallocated tokens, and extending founder vesting—have further strengthened deflationary expectations. Early capital positioning and the realization of these benefits acted as catalysts for the rally.

PARTI Particle Network (+41.58%, Circulating Market Cap: $22.9M)

Gate market data shows PARTI is currently trading at $0.095, up roughly 41.58% in 24 hours. Particle Network is a Layer-1 blockchain project focused on “chain abstraction”, aiming to simplify the Web3 experience by allowing users to interact across multiple blockchains with a single account, without worrying about bridges, wallets, or gas tokens.

PARTI’s recent strength is accompanied by rising trading volumes and concentrated buying, signaling accelerated accumulation by whales and professional funds. The core driver is the accelerated adoption of Universal Accounts in real applications: MatchAwards integrates AI into crypto scenarios using this technology, while Helix facilitates cross-chain issuance and circulation of RWAs. These use cases signal the adoption of critical infrastructure, boosting market expectations and sustaining PARTI’s price growth.

DYM Dymension (+23.68%, Circulating Market Cap: $48.6M)

Gate market data reports DYM at $0.118, up approximately 23.68% over the past 24 hours. Dymension is a modular Layer-1 blockchain within the Cosmos ecosystem, designed as a scalable and efficient platform for RollApps—high-speed modular blockchain networks—secured via a delegated proof-of-stake (DPoS) consensus.

DYM’s surge is fueled by rising trading activity and major upgrades. Recent volume expansion has strengthened buying pressure, pushing the price from $0.07 to $0.21 in a short period, demonstrating strong upward momentum. On the fundamental side, the Beyond upgrade proposal passed, introducing new assets like USDC and KAS as initial liquidity, supporting seamless deployment on multiple Layer-1 chains (including Kaspa), and expanding network connectivity via cross-ecosystem secure bridges. This upgrade significantly enhances Dymension’s scalability and ecosystem growth potential, further driving DYM’s price strength.

Alpha Insights

Ethena Q3 Fee Revenue Hits Record High, Surpassing $150 Million

According to Tokenterminal data, Ethena’s fee revenue in Q3 reached a record high of approximately $151 million, setting a new single-quarter record and bringing the platform’s cumulative total revenue to around $599 million.

This record fee revenue reflects continued growth in ecosystem activity and user engagement, with trading and usage remaining at elevated levels. It highlights Ethena’s robust operational capabilities in the DeFi space and provides stronger support for its future monetization model. For investors, this indicates that Ethena’s value capture mechanisms are maturing, potentially attracting short-term capital attention while ensuring sufficient funding for long-term ecosystem expansion.

Rumble Launches Wallet with BTC, XAUT, and USDT Tipping Support

Video-sharing platform Rumble has officially launched the Rumble Wallet, supporting tipping in BTC, XAUT, and USDT. CEO Chris Pavlovski announced on X that the tipping feature is currently in testing, limited to a few thousand Android users. In the future, the Rumble Wallet will also support the upcoming USAT stablecoin and integrate the Lightning Network to enable faster on-chain payments. Earlier in October, Tether announced that the USAT stablecoin would launch on Rumble in December, alongside full Bitcoin tipping functionality.

The launch of the Rumble Wallet and tipping capabilities represents a further integration of the creator economy with blockchain payments. By supporting BTC, XAUT, USDT, and the forthcoming USAT, the platform provides creators with more flexible income options while ensuring that earnings remain permanently on-chain and irreversible. This development is positive for the long-term health of the creator ecosystem and serves as a replicable example of crypto payments on social and content platforms. With Lightning Network integration, payment speed and user experience will improve, likely attracting more creators and users and promoting real-world crypto usage in consumer applications.

Wormhole Labs Launches Sunrise, Bringing MON and Other Assets into Solana Ecosystem

Wormhole Labs has launched Sunrise, a new liquidity portal focused on the Solana ecosystem, designed to provide a standardized cross-chain entry path for external assets. The platform addresses liquidity fragmentation often seen when new tokens bridge across chains, enabling assets to trade on Solana DeFi platforms from day one. Sunrise will initially support Monad blockchain’s native token, MON, which will begin trading on November 24. Through Sunrise, assets can be used directly on Solana platforms such as the Jupiter DEX and Orb block explorer. Built on Wormhole’s Native Token Transfers (NTT) technology, Sunrise ensures that cross-chain assets retain their native functionality and fungibility while reducing reliance on traditional liquidity pools.

The launch of Sunrise marks a significant step in improving cross-chain asset liquidity within the Solana ecosystem. By providing a standardized entry path and leveraging NTT technology, assets can circulate efficiently from day one, mitigating liquidity fragmentation risks. This not only enhances Solana’s ecosystem attractiveness but also provides Layer-1 projects like Monad with a more stable market access channel.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Tokenterminal, https://tokenterminal.com/explorer/projects/ethena/metrics/fees?granularity=quarter
• X, https://x.com/chrispavlovski/status/1991883819214139569
• The Block, https://www.theblock.co/post/380048/wormhole-labs-unveils-sunrise-gateway-to-bring-mon-and-other-assets-to-solana

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