Abstract

• Bitcoin dropped 1.95% to $82,014.1, while Ethereum edged up 0.53% to $1,894.63.
• Contract deployments on the Base ecosystem surged to a record 11.4 million in a single week.
• Solana’s stablecoin supply has soared 130% this year, though Ethereum remains the dominant leader.
• Ethereum has launched the Hoodi testnet in preparation for the Pectra upgrade.
• Aave unveiled its Horizon initiative, aiming to expand into the institutional real-world asset DeFi market.
• Solana’s proposal SIMD-0228 failed to pass, stalling plans for inflation adjustments.

Market Analysis

• BTC - BTC price dropped 1.95% in the past 24 hours, currently at $82,014.1. BTC remains in a consolidation range, finding support around $76,600 before rebounding but facing resistance near $84,200. Several breakout attempts have failed. During this consolidation period, trading volume has fluctuated, but no sustained increase or decrease has been observed, indicating the market has yet to establish a clear direction. [1]

• ETH - ETH price rose 0.53% in the past 24 hours, currently at $1,894.63. ETH is trading within a range of $1,800–$1,960, with the market primarily moving sideways. Trading volume remains low, and the market is in a wait-and-see mode as bullish and bearish forces appear to be relatively balanced. [2]**

• ETF - According to SoSoValue data, on March 13, U.S. spot Bitcoin ETFs recorded a total net outflow of $143 million[3], while U.S. spot Ethereum ETFs saw a total net outflow of $73.63 million. Data as of March 14, 1:00 PM (UTC+8). [4]
• Altcoins - The Infrastructure, Real World Assets (RWA), and PolitiFi sectors saw respective changes of +21.9%, +19.5%, and +9.8%. [5]
• U.S. Stock Market Indices - On March 13, the S&P 500 fell 1.39%, the Dow Jones Industrial Average dropped 1.30%, and the Nasdaq declined 1.96%. [6]
• Spot Gold - Spot gold prices reached $2,993 per ounce, up 0.15% for the day. Data as of March 14, 12:30 PM (UTC+8). [7]
• Fear & Greed Index - The Fear & Greed Index stands at 27, indicating the market is in a state of fear. [8]

Top Performers

According to Gate.io market data[9], based on trading volume and price performance over the past 24 hours, the top-performing altcoins are as follows:

VENOM (Venom) - Up 22.38% in a single day, with a circulating market cap of $178 million.
Venom is a Layer 0 asynchronous blockchain with dynamic sharding, offering high scalability and efficiency. Built on Mesh network technology, it supports large-scale national and international platforms, including stablecoins, central bank digital currencies (CBDCs), and real-world asset (RWA) tokenization. [10]
On March 11, Venom launched Season 4 of the Venom Quests community incentive program, aiming to reward users for active participation in the Venom ecosystem. This large-scale token distribution and community engagement initiative has boosted network activity, expanded the user base, and increased market attention on the Venom token—key factors driving its price surge.

WELL (Moonwell) - Up 21.30% in a single day, with a circulating market cap of $76.65 million.

Moonwell is an open-source decentralized lending protocol deployed on the Base, Moonbeam, and Moonriver networks. It offers an intuitive user interface designed to simplify the on-chain lending experience, making it accessible to both crypto newcomers and experienced users. With a focus on usability, security, and a community-driven governance model, Moonwell aims to create a more inclusive and transparent on-chain financial ecosystem. [11]

In February, Moonwell generated $415,400 in revenue, setting a new all-time high—indicating significant growth in platform adoption and user activity. This strong revenue performance is seen as a positive signal for the project’s fundamentals, further strengthening market confidence in Moonwell and contributing to the rise in WELL token prices.

ISLM (HAQQ Network) - Up 14.80% in a single day, with a circulating market cap of $77.95 million.

HAQQ Network is a blockchain platform focused on Shariah-compliant digital finance, providing users with transparent, secure, and religiously compliant financial solutions while promoting financial inclusion. Its native token, ISLM, is designed as a Shariah-compliant digital currency to create value for the global Muslim community. [12]

Today, HAQQ Network announced the successful approval of its migration to Ethereum Layer 2, marking a significant upgrade in network performance and ecosystem optimization. This move is expected to enhance HAQQ Network’s scalability and user experience, boosting market confidence in ISLM and shifting expectations toward a more optimistic outlook—potentially driving further price gains.

Data Highlights

Base Ecosystem Contract Deployments Surge, Reaching a Weekly Record of 11.4 Million

Over the past week, the number of contract deployments on the Base ecosystem surpassed 11.4 million, setting a new historical record and indicating a continuous rise in developer adoption of Base. In the past three months, contract deployments on Base have experienced exponential growth, especially since February, when weekly deployments surged from approximately 900,000 to over 10 million. This reflects the increasing market recognition of this Layer 2 solution. [13]

As an Ethereum Layer 2 solution, Base attracts a large number of developers and users with its lower transaction fees and faster transaction speeds. The surge in contract deployments suggests that the Base ecosystem is undergoing large-scale expansion in decentralized applications (dApps), spanning multiple sectors such as DeFi, NFT, and blockchain gaming.

From a market perspective, the growth in contract deployments is often correlated with increased on-chain activity and rising Total Value Locked (TVL). As the Base ecosystem continues to expand, DeFi protocols, NFT projects, and GameFi applications on this network may experience accelerated growth, intensifying competition in the Layer 2 sector with rivals like Optimism and Arbitrum. In the future, if Base maintains its expansion and attracts more protocols and liquidity, it could further shift the Layer 2 market share in its favor, strengthening its position as a leading scaling solution.

Solana Stablecoin Supply Surges 130% This Year, While Ethereum Remains Dominant

According to CryptoRank data, as of March 12, Solana’s stablecoin supply has grown by 130%, increasing from $5.11 billion at the beginning of the year to $11.8 billion, making it the fastest-growing public chain in terms of stablecoin supply this year. Meanwhile, Ethereum remains the blockchain with the largest stablecoin supply, reaching $122.9 billion, up 10.5% year-to-date. TRON ranks second with $62.9 billion, reflecting a 7.52% increase, further solidifying its significant position in the stablecoin market. On the other hand, the stablecoin supply on Arbitrum, TON, and Avalanche has declined by 48.8%, 26.8%, and 19.6%, respectively, indicating a continuous contraction in stablecoin liquidity. [14]

Overall, Solana’s growth in the stablecoin sector suggests a rising market demand for efficient and low-cost public chains, while Ethereum’s dominant position remains unshaken. As more on-chain financial applications and cross-chain stablecoins emerge, the stablecoin market is likely to become more diversified in the future. Whether Solana can continue to attract capital inflows will depend on the further development of its DeFi ecosystem.

World Liberty Financial Completes Token Sale, Raising $550 Million

World Liberty Financial (WLFI) has recently completed its token sale, raising a total of $550 million. The project, backed by former U.S. President Donald Trump, focuses on decentralized finance (DeFi) services. The launch of WLFI marks the latest move by the Trump family into the cryptocurrency sector. Previously, Trump and his family members have been involved in various crypto projects, including the issuance of personal meme coins. These actions demonstrate their strong interest in the cryptocurrency market.

However, WLFI’s token sale was not without challenges. In the early stages, sales progressed slowly, with only 4% of the tokens sold within the first three days. Nevertheless, as the Trump family ramped up their involvement and promotion of cryptocurrency, sales gradually picked up, ultimately reaching the $550 million fundraising target. [15]

The successful fundraising of WLFI reflects the market’s sensitivity to celebrity influence and investors’ ongoing interest in the DeFi sector. However, investors should approach such projects with caution, thoroughly evaluating their technical foundation and business model to avoid unnecessary risks associated with hype-driven investments.

Spotlight Analysis

Ethereum Launches Hoodi Testnet for Pectra Upgrade

Ethereum developers have announced the launch of the Hoodi testnet on March 17, dedicated to the final testing of the Pectra upgrade. Previously, Pectra faced delays on the Holesky and Sepolia testnets due to issues with the validator exit function. Hoodi aims to replicate the mainnet environment and focus on testing this feature. If the testing proceeds smoothly, the mainnet upgrade is expected to take place after April 25.

The Pectra upgrade will optimize both the Execution Layer (EL) and the Consensus Layer (CL), enhancing security, scalability, and gas mechanisms, impacting the staking and liquid staking derivative (LSD) sectors. Meanwhile, the Ethereum team is advancing the Fusaka plan, with the EIP proposal submission deadline set for March 24 and the upgrade scope freeze date scheduled for April 10. [16]

This test marks the final phase of the Pectra upgrade, and its stability will determine the mainnet deployment timeline. If successful, Ethereum’s scalability and usability will be further improved, reinforcing its central role in the Web3 ecosystem.

Aave Launches Horizon Initiative, Targeting Institutional-Grade Real-World Asset DeFi Market

Aave Labs has introduced the Horizon initiative, focusing on the institutional adoption of real-world assets (RWA) in the DeFi sector. The first product under this initiative will allow institutional users to use tokenized money market funds as collateral to obtain stablecoin liquidity, with Aave’s ecosystem stablecoin, GHO, serving as the primary liquidity source.

A key feature of the Horizon initiative is its support for permissioned RWA as collateral, enabling institutional investors to securely access DeFi assets within a compliant framework. This move addresses the compliance and risk management concerns that have traditionally hindered financial institutions from entering the DeFi space, lowering the barriers to decentralized finance adoption.

As the integration of RWA into the DeFi ecosystem deepens, traditional financial institutions are increasingly exploring blockchain applications in asset management, liquidity optimization, and credit markets. Through the Horizon initiative, Aave is pioneering institutional-grade DeFi solutions, which not only enhance capital efficiency within the Aave ecosystem but may also attract more institutions to adopt GHO as a decentralized stablecoin. Against the backdrop of a maturing DeFi market, the Horizon initiative represents another significant milestone in the convergence of DeFi and TradFi (traditional finance). It is expected to drive further development in the RWA sector and strengthen Aave’s competitive position in the DeFi sector. [17]

Solana Proposal SIMD-0228 Fails to Pass, Inflation Adjustment Plan Stalled

The Solana community’s improvement proposal SIMD-0228 aimed to adjust the issuance rate of SOL tokens to more dynamically adapt to market demand and potentially reduce SOL’s inflation rate by up to 80%. The proposal was authored by Tushar Jain and Vishal Kankani from Multicoin Capital and received support from Anza’s chief economist, Max Resnick. The core mechanism of the proposal involved dynamically adjusting token issuance based on SOL staking rates: when the staking rate exceeds 50%, issuance would be reduced to curb excessive staking; when the staking rate falls below 50%, issuance would increase to enhance yields and encourage staking. The inflation rate could be reduced to a minimum of 0%, with a maximum rate determined by Solana’s current issuance curve. At present, SOL’s inflation rate stands at 3.94%.

However, the proposal ultimately failed to pass, primarily due to the combined total of votes in favor and against reaching only 61.39%, falling short of the required 66.67% threshold. Specifically, 43.59% voted in favor, 27.40% opposed, and 3.27% abstained, while 25.72% of validators did not vote, leading to insufficient support for the proposal.

Although this proposal did not pass, it highlights the Solana community’s ongoing focus on inflation rate management. In the future, new proposals may emerge to optimize SOL’s tokenomics model and seek broader consensus within the decentralized governance framework. [18]

Funding News

According to RootData, in the past 24 hours, four projects have publicly announced funding rounds, with a total fundraising amount exceeding $12 million. The highest single-round funding reached $6 million, covering sectors such as DeFi, infrastructure, and AI. Below are the top three funded projects: [19]

PoPP – PoPP Secures $6 Million in Funding from HG Ventures, Oasis Labs, and Others

PoPP has completed a $6 million funding round, with participation from HG Ventures, Oasis Labs, and others. The funds are expected to be used for product development and market expansion.

PoPP is a decentralized user protocol platform focused on the Web3 creator economy, aiming to provide creators and users with a new pathway for monetizing private traffic. Leveraging Web3 technology and AI tools, PoPP enables creators to manage private communities with enhanced freedom of speech and permanent data storage, facilitating interaction between creators and their audiences while incentivizing and monetizing content creation.

PoPP’s growth reflects the potential of the CreatorFi (creator finance) sector, offering innovative incentive mechanisms and decentralized technology to open new revenue streams for creators. As the Web3 ecosystem continues to evolve, PoPP is poised to play a significant role in the creator economy, driving innovation in content creation and community engagement.

Aura – Aura Completes $5.5 Million Seed Round Led by Manifold Trading and Selini Capital

Aura has secured $5.5 million in a seed funding round, with backing from Manifold Trading, Selini Capital, and others. The funds will be used to accelerate its technology roadmap and prepare for the next phase of platform development.

Aura is a decentralized platform specializing in on-chain AI model verification and leasing, designed to support both AI model creators and users. By providing a decentralized solution for AI model validation and leasing, Aura has the potential to attract more AI developers and enterprises into its ecosystem.

This approach helps lower the costs of AI model development and deployment, promoting broader adoption of AI technology. Additionally, Aura’s decentralized nature enhances data privacy and security, aligning with the growing demand for data protection.

Offline Protocol – Offline Protocol Raises $1.1 Million in Pre-Seed Funding Led by Portal Ventures and Seed Club Ventures

Offline Protocol has completed a $1.1 million pre-seed funding round, with participation from Portal Ventures, Seed Club Ventures, and others. The funds will be used to develop its private, censorship-resistant network, further enhancing platform security and user experience.

Offline Protocol is dedicated to building a decentralized, private, and censorship-resistant offline network, enabling users to take direct control over communication, personal finance, and information access.

The project offers a new approach to communication and data access, which could attract privacy-conscious and security-focused users. However, balancing decentralization with user experience and addressing potential regulatory challenges will be critical to its future development.

Airdrop Opportunity

Skate

Skate is an infrastructure layer focused on seamless cross-chain interactions, aiming to connect multiple virtual machines, including EVM, TonVM, and SolanaVM. This allows users to interact with applications on different chains without leaving their native blockchain environment.

For developers, Skate provides a single-state cross-chain application architecture, simplifying multi-chain development complexities while enhancing interoperability and user experience. [20]

Ollies Points serve as Skate’s incentive system and will be redeemable for airdrop tokens in the future. Skate plans to allocate 12% of its total token supply for community distribution, while the total supply of Ollies points is capped at 5 billion. Users can earn Ollies through cross-chain interactions, community activities, and SkateFi tasks, further driving ecosystem growth.

How to Participate:

1. Visit the Skate official website, complete registration, and connect your wallet.
2. Participate in the Skate Shuffle slot game to earn points.
3. Engage in daily check-ins and related tasks in Skate Passport to accumulate points.

Note:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow Skate’s official channels for the latest information. Additionally, participants should exercise caution, assess risks, and conduct thorough research before engaging. Gate.io does not guarantee the distribution of future airdrop rewards.

Reference:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/Venomnetwork/status/1899151744686338193
11. X,https://x.com/MoonwellDeFi/status/1896606549692514308
12. X,https://x.com/The_HaqqNetwork/status/1900247264742006790
13. token terminal,https://tokenterminal.com/explorer/projects/base/metrics/contracts-deployed
14. World Liberty Financial,https://www.worldlibertyfinancial.com/us/token-sale
15. DefiLlama,https://defillama.com/protocol/sumer.money
16. X,https://x.com/TimBeiko/status/1900232845194649787
17. X,https://x.com/aave/status/1900188291418513783
18. SIMD Vote,https://simd-votes.stakingfacilities.com
19. Rootdata,https://www.rootdata.com/Fundraising
20. Skatechain,https://park.skatechain.org/ollies

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