
ETH surged 21% on 8 May after the Pectra upgrade, its biggest daily gain since May 2021; 21Shares launched a CRO ETP in Europe; New Hampshire and Arizona enacted crypto reserve bills
Price, volume, and volatility indices were up by +12.04%, +74.04%, and +29.19%, respectively.
Price increase was led by ARB (+41.52%) and ETH (+36.69%). Volume increase was led by ARB (+153.34%), DOGE (+94.16%), and ETH (+93.88%). This coincided with Ethereumâs Pectra upgrade, which went live on the Ethereum mainnet and Arbitrum Sepolia on 7 May. Pectra had a more direct focus on users and validator experience on Layer-1. For users, it allows externally owned accounts (e.g., individual wallets) to execute smart contracts introduced in EIP-7702 for supporting account abstraction. For validators, it consolidates and reduces the number of validators by increasing the maximum balance that validators can stake from 32 ETH to 2,048 ETH.
Etherâs price surged 21% to nearly $2,200 last Thursday after the Pectra upgrade, marking its biggest daily gain since May 2021, and ended the week above $2,500. This also aided in reversing the ETH/BTC ratio, which dropped from 0.035 at the beginning of 2025 to a low of 0.018 in mid-April, back to 0.024 as of 11 May.
BTC and ETH increased by +8.9% and +36.7%, respectively, in the past seven days. All other large-cap tokens increased in price, which coincided with progress in US trade negotiations with the UK and China.
All key categories increased in market capitalisation in the past seven days, led by the Meme category.
Token | Ticker | MC | 7D (%) | Category | Remarks |
---|---|---|---|---|---|
Ethereum | ETH | $302B | +36.7% | L1 / DeFi | The Pectra upgrade was activated on Ethereumâs mainnet on 7 May. |
Sky | SKY | $1.5B | +20.5% | DeFi | Sky DAO formally defined the process to upgrade its governance token from MKR to SKY. This includes three phases across a few executive votes: disablement of the SKY to MKR conversion, activating SKY staking, and imposing a delayed upgrade penalty to MKR that hasnât upgraded to SKY by 18 September. |
EOS | EOS | $1.4B | +31.8% | Web3 Banking | The EOS to Vaulta (A) token swap will start on 14 May. EOS mainnet will be renamed the Vaulta mainnet, which aims to be a new financial network focused on Web3 banking. |
Token | Ticker | MC | 7D (%) | Category | Remarks |
---|---|---|---|---|---|
ai16z | AI16Z | $374M | +34.2% | AI | ai16z is a decentralised autonomous organisation (DAO) within the Solana ecosystem that uses AI agents to make investment decisions and execute trading strategies. AI16Z serves as the native governance token that allows holders to vote on proposals or propose ideas for consideration by the AI agent. |
Doodles | DOOD | $53M | -31.3% | NFT | Doodle is a community-driven collection of non-fungible tokens (NFTs) minted on the Ethereum blockchain. Doodles NFTs feature colourful cartoon characters with unique characteristics and backgrounds. DOOD is the official token of the Doodles ecosystem and minted on the Solana network with 10 billion supply. |
Hyperlane | HYPER | $31M | +9.2% | Interoper-ability | Hyperlane is a permissionless cross-chain interoperability protocol that facilitates seamless communication between blockchains and multiple virtual machines. It enables message passing and asset transfers across different chains without relying on centralised intermediaries. HYPER serves as the token. |
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