Since its launch on April 16, Raydium's LaunchLab has created 3,760 tokens with a graduation rate of 1.12%, serving as an all-in-one token launchpad integrated by platforms like Shuriken. The stablecoin market has seen notable growth in 2025, with Circle's USDC supply rising by 38.6% from $44 billion to nearly $61 billion, outpacing Tether's USDT growth of $7 billion. As of April 19, USDC's circulating supply reached $61 billion, while the total stablecoin supply stands at $226 billion, with Ethereum hosting $130 billion of this supply. On the Tron network, USDT supply has surged to an all-time high of approximately $70 billion, with Tether minting $1 billion USDT on Tron recently, contributing to a total of $10 billion USDT minted on the network in 2025. USDC also saw multiple minting events, including 99.8 million and 60.7 million USDC minted at its treasury. The Solana blockchain's stablecoin market reached a record $12.8 billion, led by USDC and Ondo's USDY. Additionally, USDC and USDT supplies on Solana have grown by 146.45% and 126.74%, respectively, since the start of the year. In the DeFi ecosystem, Hyperliquid's total value locked (TVL) has grown 56.7% over 30 days to $673 million, with leading protocols including Hyperliquid, Felix Protocol, and Hyperlend. Traders on Hyperliquid show mixed market positions, with notable assets being the most shorted or longed including $SUI, $BERA, $ADA, $kPEPE, $TRUMP, and $TAO. Other DeFi updates include tokenomics unveiled by Initia, RLUSD going live on multiple protocols, and new farming opportunities.