4 Altcoins Post Double-Digit Gains as Most Crypto Bleed Into Early October
RWA Signal Insight
StocksDespite a broader crypto market downturn in early October, specific altcoins including Aave, Pump.fun, Worldcoin, and Sky recorded double-digit weekly gains. Aave's growth is notably driven by its protocol reaching $1 billion in deposits and the expansion of its V4 iteration onto the Base blockchain. The Base deployment features an Equities Hub, allowing eligible non-US users to collateralize seven Coinbase-tokenized US stocks to borrow USDC. Meanwhile, Sky experienced a 14% gain following institutional adoption, specifically Galaxy Digital's integration of $100 million in sUSDS into its treasury. Galaxy has further validated the asset by approving sUSDS as collateral for its institutional trading operations. Pump.fun also saw a 30% rally, supported by aggressive token buybacks and burns funded by protocol revenue. These developments highlight how specific RWA-related utility and institutional treasury allocations can decouple assets from general market volatility.
Key points
- Aave V4 Equities Hub on Base enables borrowing against seven Coinbase-tokenized US stocks.
- Galaxy Digital added $100 million of Sky's sUSDS to its institutional treasury.
- Aave protocol deposits surpassed the $1 billion milestone, driving a 20% weekly price gain.
- Pump.fun utilized protocol revenue to execute significant PUMP token buybacks and burns.
Background
Aave is a decentralized non-custodial liquidity protocol where users can participate as suppliers or borrowers. It utilizes smart contracts on various blockchains to automate lending and borrowing without traditional intermediaries. Sky, formerly known as MakerDAO, manages the DAI stablecoin and the sUSDS savings token, which provides yield-bearing opportunities for holders.