CoinW Research Institute Weekly Report (Period of 2026.9.7 - 2026.9.13)

CoinW Research Institute

Key Points

The total global cryptocurrency market capitalization is $2.71T, a decrease of about 2.87% from last week’s $2.79T. As of publication, the total net inflow of the US Bitcoin Spot ETF is approximately $55.15B, with a net outflow of $462.73M this week, and a net asset value of $97.58B, a decrease of about 3.62% from last week’s $101.25B. The US Ethereum Spot ETF has a total net inflow of about $13.39B, with a net inflow of $197.11M this week, and a net asset value of $16.31B, an increase of about 4.75% compared to last week’s $15.57B.

The total market capitalization of stablecoins is $308.1B, an increase of about 0.36% from last week’s $307.0B. Among them, USDT has a market value of $183.34B, accounting for about 59.51% of the total stablecoin market capitalization, a decrease of about 0.02% from last week’s $183.38B; USDC has a market value of $74.24B, accounting for about 24.10% of the total stablecoin market capitalization, a decrease of about 0.42% from last week’s $74.55B; DAI has a market value of $4.59B, accounting for about 1.49% of the total stablecoin market capitalization, a decrease of about 0.22% from last week’s $4.60B.

According to DeFiLlama, the total TVL of DeFi this week is $87.647B, a decrease of about 0.60% from last week’s $88.172B. When classified by public chains, the three public chains with the highest TVL are Ethereum, accounting for 56.47%; BNB Chain, accounting for 6.72%; and Solana, accounting for 6.64%.

This week's performance of major public chains (Ethereum, Solana, BNB Chain, TON, Sui, Aptos): The overall on-chain activity of mainstream public chains has cooled down this week, with only the DEX daily trading volume of Ethereum increasing compared to last week. Solana ($1.547B, -19.43%) has fallen, but still maintains the top position; Ethereum ($0.860B, +3.61%) shows a slight increase against the trend; BNB Chain ($0.627B, -59.81%) has significantly decreased, while Sui (-70.00%), TON (-50.00%), and Aptos (-50.00%) have also seen considerable declines. Gas fees remain low, with only Sui decreasing from $0.0005 to $0.0003. In terms of user activity, only Solana's daily active users have risen to 2.26 million (+11.33%), continuing to rank first; BNB Chain (1.65 million, -15.82%) and Ethereum (440,000, -11.61%) have both decreased, while Sui and Aptos have seen a drop of over 20% in daily active users. TVL remains relatively stable, with Ethereum ($49.509B, -0.04%) basically flat and continuing to hold absolute advantages; BNB Chain ($5.896B, +1.83%) has slightly increased and surpassed Solana to rank second, while Solana ($5.824B, -1.79%) has slightly retreated. Overall, there is a general decline in trading enthusiasm and weak user activity this week; however, the TVL remains relatively stable, indicating that the short-term cooling of on-chain trading demand has not yet led to significant capital outflows.

New project focus: RoboForce is a Physical AI robotics company founded in 2023, focused on developing general intelligent robots for industrial scenarios. Its flagship product, TITAN, primarily serves high-intensity or hazardous work scenarios such as photovoltaics, data centers, mining, manufacturing, and logistics. The team has backgrounds from Baidu Autonomous Driving, Google, Waymo, Tesla Robotics, and Amazon Robotics and employs NVIDIA's robotics technology stack. The company has disclosed that it has received over 11,000 letters of intent (LOI) for robots, although this does not equate to actual order revenue. In March 2026, RoboForce completed a financing round of $52 million, led by YZi Labs, with total funding of approximately $67 million. The overall positioning is to build an industrial robotic workforce utilizing Physical AI, currently focusing on transforming commercial pilots into scaled orders.

FinTax is a financial and compliance infrastructure company aimed at digital asset institutions, core services include Crypto ERP, digital asset taxation, on-chain auditing, and cross-border tax compliance, serving clients including exchanges, funds, mining companies, payment institutions, and accounting firms. The company has disclosed serving over 70 institutional clients, with an annual renewal rate of close to 90%, and has obtained certifications such as SOC 1 and SOC 2 Type II. The founding team has backgrounds in digital assets, publicly listed company finance, and the Big Four accounting firms. In August 2026, FinTax completed Seed round financing, with a post-investment valuation of approximately $40 million, led by YZi Labs EASY Residency S4 system and participated by Amber and Pundi AI. The overall positioning is to provide standardized financial and compliance infrastructure for institutions entering the crypto, stablecoin, and RWA markets.

Genius is a multi-chain non-custodial trading terminal designed for professional traders, integrating liquidity across multiple blockchains and DEXs, providing spot, perpetual, cross-chain trading, and smart routing, and utilizes technologies such as MPC and Ghost Orders to reduce strategy and capital path exposure in large on-chain transactions. The project was founded by Armaan Kalsi and others, with CZ serving as an advisor, and prior support from CMCC, Flow Traders, Balaji Srinivasan, etc. In January 2026, YZi Labs announced an investment in Genius, focusing on supporting its privacy trading protocol and multi-chain liquidity expansion. The overall positioning is to create a professional on-chain trading terminal close to CEX experience, with current risks including intense competition in the trading terminal track and higher compliance requirements for privacy trading functions.

III. New Developments in the Industry

1. Major Events in the Industry This Week

LAPTOP completed its TGE on the Base network on September 9 and launched the first round of community airdrop. The total supply of LAPTOP is 1 billion tokens, with 20% allocated for community airdrops, which includes 10% for the first-day airdrop and 10% for subsequent community airdrops; the first-day airdrop primarily targets eligible users who are holders of Meme Tokens such as TRUMP and subscribers to Hunter Biden’s Substack, with a claim window lasting 30 days, and unclaimed parts will be burned. LAPTOP is a Meme Token launched around the Hunter Biden Laptop incident and introduces a real-world event prediction mechanism, combining part of the token supply with prediction results and a burn mechanism. With the TGE completed, the project has transitioned from the early narrative stage to the actual circulation stage, with future focus on airdrop claim proportions, liquidity, concentration of holdings, and changes in tokens related to the team and the foundation.

Canopy Network is continuing to promote the CNPY token allocation and early community incentives, allowing users who participated in testnets and ecosystem activities to submit reward points records via the official Reward Points Submission Portal and link wallets to receive CNPY. The official statement emphasizes that submitting points does not equate to final confirmation of token allocation; the specific airdrop quantity, exchange ratio, eligibility, and final distribution time will await future announcements. Canopy Network is a decentralized infrastructure network aimed at multi-chain ecosystems, and CNPY, as its native asset, primarily serves functions such as network incentives, staking, and ecological coordination. For early participants, the next points of focus should be the final snapshots by the official, point redemption rules, and formal distribution arrangements for CNPY.

Block Street has completed the TGE of its native token BSB and is now in the phase of ongoing community token distribution. The total supply of BSB is 1 billion tokens, with 22.1% allocated for community & user incentives, covering early users, testnet participants, trading rewards, liquidity mining, staking, and other ecological incentives; the initial circulation volume at TGE is approximately 208 million tokens, accounting for about 20.78% of total supply. Block Street is a project building on-chain liquidity and trading infrastructure around stocks and traditional financial assets, aiming to connect traditional security assets with on-chain finance through Tokenized Equities and related DeFi mechanisms. Following BSB’s TGE, the project will gradually shift its focus from early token distribution to actual trading demand, liquidity, staking, and ecological applications, while the 22.1% community incentive share also indicates ongoing user incentives and token distribution space ahead.

2. Upcoming Major Events Next Week

Flop Network recently announced its FLOP Yellowpaper and Tokenomics design; it is still in the Pre-TGE stage, planning to advance to Testnet in Q4 2026 and expects to launch Mainnet in Q1 2027. The genesis supply of FLOP is approximately 2.483 billion tokens, with no VC pre-mining or token auction set in the current plan, and the genesis supply is planned to be distributed via airdrop; after the network starts, block rewards will be distributed in the ratio of 75% to miners, 10% to validators, 10% to AI Agents, and 5% to general stakers. Flop Network is an AI-native blockchain promoted by Arthur Hayes, employing a Proof-of-Useful-Inference mechanism, aiming to convert GPU inference computing power into purchasable, verifiable and settlement-compliant on-chain goods. AI Agents will use FLOP to purchase inference services, with miners providing computation and validators responsible for verifying results. In the current stage, Q4 Testnet is the most noteworthy point, and GPU computing power provision, node operation, and Agent interaction may become important ways to participate in afterwards launch airdrop, with final rules awaiting official announcement.

Hero Arena Play plans to conduct its HAP token IDO in two phases from September 14 to 17, with a public sale price of $0.01/HAP, intending to sell a total of 30 million HAP, which accounts for 3% of the total supply of 1 billion tokens, with a total funding target of approximately $300,000, corresponding to a fully diluted valuation (FDV) of about $10 million. The first round is planned to take place from September 14 to 15, selling 10 million HAP and raising $100,000; the second round is planned from September 15 to 17, selling 20 million HAP and raising $200,000. The public sale tokens are expected to unlock 20% at TGE, with the remaining portion gradually released according to subsequent plans; the specific TGE date is still awaiting official confirmation. Hero Arena Play is a decentralized turn-based PvP strategy game based on BNB Chain, combining deck building, faction selection, and on-chain asset mechanics, where players need to manage resources and strategize combat around units, equipment, and skills; HAP will primarily be used for game ecological rewards, staking, and community governance.

Byzanlink plans to launch the final round of public sale for BYZAN at 11:00 UTC on September 14; the project has previously completed multiple rounds of token sales, with early sale prices primarily at $0.03/BYZAN; CryptoRank currently lists BYZAN as an upcoming IDO and shows the overall financing scale of the project token sale to be approximately $3.3 million. BYZAN has a fixed total supply of 1 billion tokens, of which Public Launch & Distribution accounts for 7%; according to the current tokenomics version, this portion will unlock 20% at TGE, with the remaining tokens gradually released, while strategic investors and core contributors are set with longer cliffs and vesting arrangements. Byzanlink is a RWA tokenization infrastructure aimed at institutions, providing regulatory financial institutions, fund managers, and asset management organizations with technologies for issuing, managing, and operating real asset chains, covering assets such as funds, credit, and structured financial products; BYZAN primarily undertakes governance, staking, ecological incentives and priority access to some products.

3. Important Investments and Financing from Last Week

Positron AI announced the completion of $875 million Series C financing, with a post-investment valuation of $5 billion, co-led by NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, and Netscape co-founder Jim Clark, with the participation of QIA, Cisco Investments, Hudson River Trading, Naver Ventures, and others. Positron AI is a hardware company focused on AI inference chips and server systems, primarily showcasing a memory-first architecture, aiming to reduce the reliance on HBM, power consumption, and high-cost GPU infrastructure for large model inference. The company has deployed over 50 Atlas inference server racks in Oracle Cloud Infrastructure and is advancing the next-generation Asimov chips and Titan systems to mass production. (September 10, 2026)

Latitude announced the completion of $35 million Series A financing, led by Oak HC/FT, with participation from NEA, Coinbase Ventures, Lightspeed Faction, and OpenFX; previously, the company completed $8 million in seed round financing, bringing the total financing to $43 million. Latitude is a fintech company focusing on the "last mile" infrastructure for cross-border payments in stablecoins, completing cross-border settlements using stablecoins, and then converting funds to local fiat currency for disbursement through bank accounts, mobile wallets, and local payment networks, allowing end recipients to not need to use crypto wallets directly. (September 9, 2026)

Kapital announced it has raised $125 million in a new financing round, co-led by Tru Arrow Partners and Fasanara Capital, with participation from Cervin Ventures, Niya Partners, and Overlook Capital. Kapital is an AI-driven financial services platform primarily providing banking accounts, credit, cash flow, and financial management services to enterprises, integrating AI and data analysis for credit and operational decision-making. Its loan portfolio has exceeded $1.7 billion, with deposits exceeding $3.5 billion; it reported a net profit of approximately $50 million in the first half of 2026. (September 9, 2026)