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gate Research Institute: BlackRock BUIDL US Treasury RWA Fund TVL hits a record high, Ripple obtains Dubai license to expand encryption payment business to the Middle East market
Summary
Market Analysis
Market Review
) Hot Concepts
This week, the price of Bitcoin fluctuated in the range of $78,500 to $95,000, and the performance of various sectors of altcoins varied. According to Coingecko data, the Gaming Blockchains, Modular Blockchain, and Tokenized Assets sectors performed well or resisted the decline this week, with market values increasing by approximately 20.1%, 2.5%, and -1.5% respectively over the past seven days. [8]
Gaming Blockchains - This section integrates blockchain technology with related projects in the gaming industry. These projects provide players with true ownership of digital assets, transparent transactions, and a brand new interactive experience through NFTs, token incentives, and decentralized governance.
Gaming Blockchains sector rose by 20.1% in the past 7 days, reaching a market value of 42.16 billion US dollars, with a 24-hour trading volume of 4.29 billion US dollars. Among them, the currency XTER in the sector has increased by 31.3% in the past 7 days.【9】
Modular Blockchain - This section refers to a collection of modular public chains. Modular blockchain is a blockchain architecture that divides the core functions of the blockchain into different modules or layers, with each module designed to independently handle specific tasks.
Modular Blockchain sector's market value increased by 2.5% this week, with a total market value of about 25.96 billion USD and a 24-hour trading volume of 3.09 billion USD. Among them, the currency TIA in the sector has risen by 8.4% in the past 7 days. [10]
Tokenized Assets — This section refers to a collection of tokenized assets. Tokenized assets refer to the conversion of real-world assets into digital tokens on the blockchain to enhance liquidity, transparency, and divisibility. Through smart contracts, these assets can be traded and managed in decentralized networks, reducing intermediary costs and improving transaction efficiency. Tokenized assets cover real estate, art, stocks, and other fields, aiming to allow more investors to participate in the global market with lower thresholds.
The market value of the Tokenized Assets sector fell by 1.5% this week, showing relative resilience, with a market value of approximately 30.48 billion US dollars and a 24-hour trading volume of 136 million US dollars. Among them, the currency Lympid in the sector has risen by 7.7% in the past 7 days. [11]
Hot Coins
According to CoinGecko data, the following are the popular coins in the past 7 days: 【12】
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IP )Story( - The 7-day increase is approximately 16.6%, with a circulating market value of $15.86 billion.
Story is an L1 public chain designed specifically for the intelligent tokenization of forms of intellectual property. By putting a value of $61 million worth of scientific, creative, and brand IP on-chain, Story allows users to programmatically set terms for agents and human use of their IP, and achieve automated management.
The IP's recent rise is due to its collaboration with Orderly Network and Stability AI in the ecosystem, attracting more capital attention. It launched a maximum of $600,000 in bug bounties covering blockchain, smart contracts, and the application layer to enhance network security. This move signals to the market the maturity of the mainnet technology, enhancing investors' trust in asset security and reducing selling concerns.
TIA )Celestia( - The 7-day increase is about 8.7%, with a market cap of 19.8 billion US dollars.
Celestia is a blockchain network with a modular design at its core, which separates the data availability (DA) layer from the consensus and execution layers, providing a plug-and-play, pluggable data availability solution. Developers can easily integrate this DA layer into existing blockchain ecosystems, thereby enhancing network scalability, interoperability, and security, providing a solid foundation for building efficient Web3 applications.
Recently, the price of the TIA token has risen, mainly due to its relatively low market value compared to other modular public chains, which has clear expectations of a price increase. In addition, the selling pressure brought by early airdrops has gradually subsided, and the effective 20% annualized staking yield has reduced the circulating supply, further supporting the price. At the same time, Celestia's unique modular data availability network architecture, as well as potential partnerships with Polygon, Avalanche, and others, have also strengthened investor confidence, driving the upward trend of the TIA token price.
ENA )Ethena( - The 7-day increase is about 7.1%, with a market capitalization of 19.6 billion US dollars.
Ethena is a synthetic dollar protocol based on Ethereum, which will provide a native cryptographic solution for currencies that do not rely on traditional banking system infrastructure, while also providing a globally accessible dollar-denominated savings tool - "Internet Bonds".
ENA prices have risen recently, mainly driven by the macro market environment and DeFi market sentiment, especially the increasing demand from investors for synthetic dollar products. With the rising uncertainty in the global regulatory environment, traditional fiat stablecoins (such as USDT, USDC) face compliance risks, and the market is beginning to look for decentralized, censorship-resistant alternatives. The USDe synthetic dollar provided by Ethena has the advantage of not relying on the banking system, while also offering holders an 'internet bond'-like income tool, making it a new storage choice in the DeFi ecosystem. As the DeFi ecosystem as a whole warms up, investors' interest in stable assets that can provide income and resist regulatory risks has increased, further boosting market attention to ENA and the Ethena ecosystem, leading to price increases.
This week's focus
) Hotspot review
The frequency of blockchain-related terms mentioned in SEC documents hit a record high in February
The terms related to blockchain in the U.S. Securities and Exchange Commission (SEC) documents reached a historic high in February, with over 5,000 mentions recorded in the EDGAR database, showing a continuous upward trend since mid-2023. This growth is consistent with a significant shift in the SEC's attitude towards regulating the crypto industry. Since the turnover of the presidency in January, Acting Chairman Mark Uyeda took office, and the SEC has terminated multiple investigations against companies such as Uniswap, Coinbase, Yuga Labs, Kraken, and Gemini, marking an adjustment different from the 'enforcement supervision' strategy during former Chairman Gary Gensler's tenure.
The increase in the number of mentions of blockchain-related terms in SEC documents and the change in regulatory attitudes have had a positive impact on the development of the encryption industry in many aspects, including reduced regulatory pressure, enhanced market confidence, and increased innovation space. At the same time, it also provides an opportunity for the adjustment and improvement of regulatory policies, which helps to promote further development of the global encryption industry. [16]
Securitize collaborates with RedStone to enhance RWA data support, promoting the deepening development of on-chain finance
Securitize announced a partnership with the blockchain oracle service provider RedStone to provide accurate price data support for its tokenized Real World Asset (RWA) products, helping RWA products grow. This partnership will support core products including the BlackRock US Dollar Institutional Digital Liquidity Fund (BUIDL) and the Apollo diversified credit tokenization fund (ACRED).
Securitize and its subsidiaries are registered with the U.S. Securities and Exchange Commission (SEC) and, through partnerships with top asset management institutions such as Apollo and BlackRock, are committed to promoting the tokenization of global assets.
This collaboration with RedStone aims to effectively enhance the liquidity and transparency of tokenized assets, further promoting the widespread application of Real World Assets (RWA) in the decentralized finance (DeFi) field. This collaboration not only consolidates Securitize's leading position in the RWA track, enhances the platform's reliability and market competitiveness, but also signifies the increasing maturity of on-chain applications for traditional financial assets. For RedStone, this collaboration also greatly expands its influence in the RWA field.
Ripple obtains Dubai license, advancing encrypted payment business into the Middle East market
Recently, Ripple has obtained a license from the Dubai regulatory agency to provide cryptocurrency payment services in the UAE. This move signifies Ripple's active expansion into the Middle East market and has been recognized by local regulatory authorities. The license not only allows Ripple to operate cryptocurrency payment services legally but also provides strong support for expanding its use cases globally. In terms of the event itself, Ripple obtaining the Dubai license indicates that the local regulatory environment has an open attitude towards cryptocurrency payments and is gradually forming a standardized regulatory framework.
This move is expected to boost the liquidity of crypto assets in the entire region, while attracting more financial institutions and enterprises to pay attention to the application of blockchain technology in areas such as payment and settlement. This development not only brings expansion opportunities for Ripple, but also provides reference for other cryptocurrency companies. With the gradual improvement of regulatory measures in the UAE and other Middle Eastern countries, the market will usher in more innovative financial products, and this license undoubtedly sets a positive signal for the global crypto payment market. Overall, Ripple's this license will help to enhance the legitimacy and security of blockchain payment technology, and promote the deep integration of digital assets with traditional finance.
Security Incident
Hackers reach agreement with 1inch to return most of the funds
On March 5, the decentralized exchange aggregator 1inch was attacked by hackers, who exploited a vulnerability in the Fusion v1 smart contract to successfully steal about $5 million. The latest news indicates that the 1inch team quickly intervened, negotiated with the hackers, and ultimately reached an agreement. The hackers returned most of the funds and kept a portion as a bug bounty.
According to the security incident report released by Decurity, the attack mainly affects accounts using outdated version parsers, and ordinary user funds are not affected. 1inch has called for the relevant parsers to be audited and contracts to be updated as soon as possible to prevent similar incidents from happening again.
This incident has attracted widespread attention in the DeFi field, although the partial return of funds helps restore market confidence, it also once again highlights the security risks in the DeFi ecosystem. Similar fund return incidents have occurred before, with Euler Finance and Curve Finance previously experiencing similar attacks and recovering some assets through negotiations. In the future, DeFi projects need to further strengthen security audits and bug bounty mechanisms to reduce potential risks.
Project Focus
Modular blockchain network Hemi mainnet officially launched
Hemi announced the official launch of its mainnet on March 13, which is currently open for token exchange, trading, staking, NFT minting, and DeFi functions. Hemi is a blockchain project focusing on high-performance public chains and DeFi ecosystems, dedicated to providing low transaction costs and high throughput financial infrastructure. Its mainnet supports smart contract execution and integrates multiple DeFi applications, aiming to enhance user trading experience and on-chain asset management efficiency. The chain introduces the Hemi Virtual Machine (hVM), which integrates a complete Bitcoin node in the Ethereum Virtual Machine (EVM), allowing developers to use familiar tools while leveraging the functions of both Bitcoin and Ethereum. Through hVM, smart contract developers can directly access the Bitcoin state, unlocking Bitcoin-based DeFi applications such as staking, lending markets, and more.
The launch of the Hemi mainnet marks a new stage in its DeFi ecosystem, providing users with a more efficient and convenient on-chain financial experience. In the future, Hemi plans to further expand its ecosystem applications, cooperate with more DeFi projects, and promote the innovation and popularization of blockchain finance.
Highlights Data
BlackRock BUIDL Fund TVL exceeds $6.65 billion, hitting a new all-time high
BlackRock's US Dollar Institutional Digital Liquidity Fund (BUIDL) has surpassed a total locked value (TVL) on-chain of $6.65 billion, reaching a new all-time high. As a blockchain-based tokenized fund, BUIDL is designed specifically for institutional investors, aiming to provide on-chain dollar liquidity management. The fund is managed by BlackRock, funds are custodied by The Bank of New York Mellon, and subscriptions are processed through Securitize, catering exclusively to qualified investors. BUIDL is 100% invested in cash, US treasuries, and repurchase agreements, ensuring low risk and high liquidity of funds, enabling investors to earn profits while holding tokenized assets.
Recently, the easing regulatory policies have strengthened investor confidence in the compliance process of the RWA (Real World Assets) track. At the same time, the correction in the US stock market has reduced market risk appetite, prompting funds to flow into low-risk, high-liquidity assets, further driving the growth of BUIDL TVL. With the continuous expansion of the BUIDL scale, it is expected that more institutional-grade tokenized funds will enter the market in the future, accelerating the development of on-chain asset management. In addition, the success of BUIDL may prompt more DeFi platforms to support RWA assets, further promoting the maturity of the on-chain financial ecosystem.
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Soneium on-chain trading volume reached $3,270,000, a 7-day increase of nearly 179%
Soneium's trading volume in the past 24 hours has exceeded $3.27 million, with a weekly trading volume of $12.39 million and a 7-day growth of 178.95%. Velodrome contributes over 70% of the trading volume, playing a key role in the Soneium ecosystem. Velodrome is the core DEX (decentralized exchange) in the Optimism ecosystem, adopting the ve)3,3( economic model and incentivizing liquidity providers through voting, positioning itself as a dominant force in multiple Layer 2 ecosystems. With deep liquidity and efficient trading mechanisms, Velodrome serves as a core driver of trading growth in the Soneium ecosystem.
With Sony's announcement of collaboration with LINE, introducing four applications - Sleepagotchi, Farm Frens, Puffy Match, and Pocket Mob, the on-chain activity of Soneium has significantly increased, further driving the surge in Velodrome trading volume. This trend highlights the influence of traditional tech giants accelerating their layout in Web3. Sony is deeply integrating DeFi and social applications in the Layer 2 ecosystem, bringing a wider user base to the Web3 domain and further promoting the development of the DeFi track. With more traditional enterprises entering the game, Velodrome, as the liquidity hub of Soneium's ecosystem, is expected to attract more protocol integrations, consolidating its important position in the Layer 2 track. [23]
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Morph Chain TVL soared to $78 million, with BulbaSwap contributing over $71.38 million
According to DefiLlama data, the TVL of Morph Chain has grown significantly this week, breaking through 78 million US dollars, with BulbaSwap contributing 71.38 million US dollars, becoming the main driving force for the increase in TVL. Morph Chain is a completely permissionless EVM-compatible Layer 2 solution that combines Optimistic Rollup and ZK Rollup technologies, providing an efficient and user-friendly building environment for financial, gaming, social media, and entertainment dApps. BulbaSwap, as the core DEX in the Morph ecosystem, has played a crucial role. Its liquidity mining mechanism and low transaction costs have attracted a large number of users, channeling funds into the Morph ecosystem, further driving TVL growth. With the increasingly fierce competition in Layer2, Morph has rapidly increased its market share through unique technical architecture and incentives, and is expected to attract more dApps and DeFi projects to migrate to its chain in the future, further expanding its ecosystem.
Another key factor driving the surge in TVL is the recent launch of the "FTX Survivor Incentive Program" by Morph. The program targets users who have experienced the FTX incident, allowing them to transfer assets to Morph and enjoy a 5x appreciation reward, greatly stimulating market sentiment and attracting a large influx of funds. This move not only boosts the popularity of Morph in the Layer 2 track but also attracts investors who are still cautious about the DeFi ecosystem to enter the market.
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Market Opportunity
) Airdrop Project
Endless
Endless is a distributed cloud protocol designed to provide efficient and secure infrastructure for Web3 application development. The platform focuses on privacy protection, asset security, and data sovereignty, providing crucial support for decentralized application (DApp) development. What sets Endless apart is its AI integration capabilities, allowing developers to incorporate artificial intelligence into DApps without requiring extensive technical background, and even build on-chain AI agents.
Currently, Endless is conducting a $1 million EDS token airdrop, and users can participate through the Luffa mobile app platform without paying any gas fees, greatly reducing the participation threshold for Web3 users. [25]
How to participate:
Reminder: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Endless's official channels for the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. Gate.io does not guarantee subsequent airdrop reward distribution.
Financing Weekly Report
Several projects have successfully completed financing this week, involving a wide range of applications in areas such as security facilities, DeFi, and infrastructure. According to RootData statistics, from March 8th to March 14th, a total of 11 projects announced financing, exceeding 140 million U.S. dollars. Here are the top three financing amounts: [27]
Mesh announced on March 11 that it has completed an $82 million Series B financing round to expand its stablecoin-based payment settlement network and accelerate the innovation of global payment infrastructure. The round was led by Paradigm, with participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna, and AltaIR Capital.
Mesh aims to build an efficient and secure stablecoin payment and settlement network, improving transaction speed and reducing costs through a decentralized architecture, enabling users to conduct cross-border payments and financial transactions more conveniently on a global scale. This financing will help Mesh expand its partner ecosystem, enhance its technological research and development capabilities, and further promote the application of stablecoins in mainstream finance and the Web3 sector.
Axelar announced the completion of a $30 million strategic AXL token sale on March 11, providing more funding support for its cross-chain interoperability ecosystem. The token sale attracted participation from well-known crypto investment institutions such as Arrington Capital, Distributed Global, Electric Capital, Laser Digital, C² Ventures, Plassa Capital, and Wagmi Ventures.
Axelar is a decentralized cross-chain communication network designed to provide seamless interoperability for the Web3 ecosystem, enabling assets, smart contracts, and data on different blockchains to interact freely. This funding will help Axelar expand its cross-chain infrastructure, optimize security and scalability, and drive more Web3 applications to integrate its protocol, further enhancing the liquidity and connectivity of the cross-chain ecosystem.
Ethena announced the completion of a $16 million strategic financing on March 12, with this round of investment led by MEXC Ventures, aimed at advancing its stablecoin protocol and DeFi ecosystem.
Ethena focuses primarily on decentralized stablecoins and on-chain yield products. Its core product, USDe, adopts the Delta neutral strategy to hedge risks in the derivatives market, stabilizing the stablecoin value and providing sustainable yield. This round of financing will be used to expand Ethena's stablecoin protocol, enhance liquidity, and drive more DeFi applications to integrate its solution. As the DeFi ecosystem continues to evolve, Ethena plans to further enhance the application of USDe in on-chain payments, savings, and financial derivatives markets, consolidating its competitiveness in the DeFi space.
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Focus next week
) Token Unlock
According to Tokenomist's data, several important token unlocking events will take place in the market next week (2025.03.14-03.20). The total unlocking value exceeds 147 million US dollars. [28]
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Before the unlock next week, the three situations are as follows:
FTN The token is scheduled to unlock approximately 20 million tokens at 12:00 a.m. UTC+0 on March 18, 2025, accounting for 4.66% of its circulating supply, worth approximately $79.8 million. The recent daily trading volume of FTN is around $5,100, and this unlocking may significantly impact the price.
ARB token is scheduled to unlock approximately 92.65 million tokens at 1:00 AM UTC+0 on March 16, 2025, accounting for 2.1% of its circulating supply, worth around $32.29 million. The recent average daily trading volume of ARB is around $201 million, so this unlock may have a relatively minor impact.
STRK token plan to unlock approximately 64 million tokens at 12:00 AM UTC+0 on March 14, 2025, accounting for about 2.33% of its circulating supply, worth approximately $10.7 million. The recent average daily trading volume of STRK is around $45 million, and this unlocking may have a relatively small impact.
) Crypto Calendar
Next week (2025.3.14-3.20) will usher in a series of important events, which will have far-reaching impacts on the cryptocurrency market, global economy, and energy market. Linea is expected to upgrade the USDC bridging to native USDC on March 16, and the USDC.e bridging will be suspended at that time and will be completed in 1-2 weeks without any action required by users or developers. [29] On March 14, 2025, the United States will announce the initial value of the one-year inflation rate for March. [30]. On March 17, 2025, the United States will announce the monthly rate of retail sales for February. [31] On March 19, 2025, the United States will announce the EIA crude oil inventory (in thousands of barrels) as of March 14. [32] On March 20, 2025, the United States will announce the upper limit of the Federal Reserve interest rate decision as of March 19. [33]
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Reference Material
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