Bitcoin ETFs experienced significant outflow during February. The sentiment toward memecoin trading has deteriorated in 

February 25th Market Opinion

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<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgk7sFz7DnksKEFRaubp4BAe" data-list="bullet">
<div>The cryptocurrency market remains heavily influenced by macroeconomic conditions and upcoming reciprocal tariffs, with investors maintaining a cautious stance due to prevailing uncertainties. Trading volume and open interest in major crypto assets have declined to levels last seen in November 2024.</div>
</li>
<li class="ace-line ace-line old-record-id-G1p9dOIPvox5CxxWUyvlNyV6ghb" data-list="bullet">
<div>Bitcoin price decreased by 4.33% last week. Meanwhile, stablecoin market caps experienced the 4th consecutive weekly increase of $1.11 billion last week.</div>
</li>
</ul>
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<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-LL4JdOQFjoBvUKxAayolH3lcgJe" data-list="bullet">
<div>President Trump has confirmed that reciprocal tariffs will take effect on April 2, including a newly announced 25% levy on all imported automobiles. He also warned of even steeper tariffs on the EU and Canada if they collaborate in ways that harm the U.S. economy. Additionally, Trump threatened new tariffs on pharmaceuticals, copper, and "secondary tariffs" on Russian oil. However, he signaled a willingness to negotiate with countries to prevent these tariffs after April 2. He also suggested that the U.S. might consider lowering tariffs on China if Beijing supports the sale of TikTok to American interests.</div>
</li>
<li class="ace-line ace-line old-record-id-GLW8duYaMoDGobxiaTal9PGvgQg" data-list="bullet">
<div>The U.S. durable goods orders increased by 0.9% in February, significantly higher than market expectation of a 1% decrease. The final U.S. Q4 GDP was 2.4%, higher than 2.3% in advance estimates.</div>
</li>
<li class="ace-line ace-line old-record-id-QugMdwOzPo2HEgxiUiilchE6gab" data-list="bullet">
<div>The U.S. core PCE price index increased by 0.4% in February, higher than the market forecast of 0.3%. Personal income increased by 0.8% in February, significantly higher than the market estimate of 0.4%. Meanwhile, personal spending increased by 0.4%, slightly below market expectation of 0.5%.</div>
</li>
</ul>
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<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgJzmrYB5BCOgBhEghLqWefg" data-list="bullet">
<div>Tuesday, April 1, 10:00pm: U.S. ISM Manufacturing PMI in March and JOLTs Job Openings in February</div>
</li>
<li class="ace-line ace-line old-record-id-ADWedhRAgo03j8xr7YCl9Mz9gSb" data-list="bullet">
<div>Thursday, April 3, 10:00pm: U.S. ISM Service PMI in March</div>
</li>
<li class="ace-line ace-line old-record-id-OHi6dWremopDFsxWzTIlouRGg2f" data-list="bullet">
<div>Friday, April 4, 8:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in March</div>
</li>
<li class="ace-line ace-line old-record-id-WAxQdvsZ7oG7OMxiFSTl7BzAg8d" data-list="bullet">
<div>Friday, April 4, 11:25pm: Jerome Powell Speech at SABEW Annual Conference</div>
</li>
</ul>
</div>
</div>
</div>
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<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-X1ODdDsVAoONSHxe0lIl5tfWgWd" data-list="bullet">
<div>Japan announced plans to amend crypto assets as <a rel="nofollow" href="https://www.nikkei.com/article/DGXZQOUB2126S0R20C25A3000000/?n_cid=SNSTW001">financial products</a> and introduce insider trading regulations to crypto trading.</div>
</li>
<li class="ace-line ace-line old-record-id-Ga3ldVF0Aov9MKxTBChl1E2ogLb" data-list="bullet">
<div>Wyoming introduced <a rel="nofollow" href="https://x.com/wyostable/status/1904976908019962111">WYST</a> token, the first fiat-backed and fully reserved stablecoin issued by a public entity in the United States. LayerZero is selected as the interoperability standard.</div>
</li>
<li class="ace-line ace-line old-record-id-SVi1dibH4on0E6xNFkklKmfcgrg" data-list="bullet">
<div>The FDIC issued Financial Institution Letter <a rel="nofollow" href="https://www.fdic.gov/news/press-releases/2025/fdic-clarifies-process-banks-engage-crypto-related-activities">FIL-7-2025</a>, clarifying that FDIC-supervised banks may engage in permissible crypto-related activities without prior approval.</div>
</li>
<li class="ace-line ace-line old-record-id-X7M4dfQMToLco7xkYJClJ8jcg6f" data-list="bullet">
<div>The US introduced the <a rel="nofollow" href="https://steil.house.gov/sites/evo-subsites/steil.house.gov/files/evo-media-document/stable-act-final-bill.pdf">STABLE Act </a>of 2025, requiring 1:1 reserves in cash and Treasuries with maturity less than 93 days, no yield-bearing on payment stablecoin, 2-year ban on algorithmic stablecoin and more.</div>
</li>
<li class="ace-line ace-line old-record-id-IMbldEwVko5QolxQ8n8lldS3gCe" data-list="bullet">
<div>The U.S. SEC has formally ended litigation against Kraken, Consensys and Cumberland. The SEC also closed its <a rel="nofollow" href="https://x.com/kris/status/1905401337631936684">investigation</a> into Crypto.com and <a rel="nofollow" href="https://www.coindesk.com/policy/2025/03/25/sec-drops-investigation-into-web3-gaming-firm-immutable">Immutable</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-XFr7dDMLTolUkIxgV09lPa9Dgug" data-list="bullet">
<div>Crypto.com announced a partnership with Trump Media and Technology Group to support <a rel="nofollow" href="https://crypto.com/en/company-news/crypto-com-to-partner-to-power-trump-medias-etf-offerings">ETF baskets</a> of cryptocurrencies including CRO.</div>
</li>
<li class="ace-line ace-line old-record-id-HQ8HdtKiUoOBJYxjkqDlmqqmg7f" data-list="bullet">
<div>Ripple agreed to <a rel="nofollow" href="https://x.com/s_alderoty/status/1904587116488917053">withdraw its appeal</a> against the SEC and settle by paying $50 million of the originally imposed $125 million fine. The SEC has also announced its intention to request Judge Torres to lift the &ldquo;obey the law&rdquo; injunction placed on Ripple. Once the Commission finalizes its vote and the necessary court documents are processed, the long-standing SEC vs. Ripple case will officially be concluded.</div>
</li>
</ul>
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<div>
<h3 class="heading-3 ace-line old-record-id-doxlg9lQTWmkNmYqQe6pVxnkUod">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlg1rPHhtgkApDwrckGkQXXqe" data-list="bullet">
<div>Transfers between HyperCore and HyperEVM are now live. <a rel="nofollow" href="https://x.com/hyperunit/status/1905292966400229605">Spot ETH trading</a> is now available on Hyperliquid, powered by Unit protocol.</div>
</li>
<li class="ace-line ace-line old-record-id-FZvTdiGahoYONZxxZSTlImqlgff" data-list="bullet">
<div>Gelato announced supporting <a rel="nofollow" href="https://x.com/gelatonetwork/status/1905621956227203434">Avalanche Layer 1s</a>, enabling seamless Layer-1 launching experience with custom execution, KYC compliance and native interoperability.</div>
</li>
<li class="ace-line ace-line old-record-id-Kv2jdiyR0oUgX3x7hyplZkzNghb" data-list="bullet">
<div>Celo Ethereum Layer-2 is now <a rel="nofollow" href="https://x.com/Celo/status/1904776407215202508">live</a>, featuring 1-second blocktime, fee abstraction and more.</div>
</li>
<li class="ace-line ace-line old-record-id-JzykdgZGHo2ZryxhdLFl80xHgjd" data-list="bullet">
<div>Movement announced cutting ties with an undisclosed market maker, as the market maker sold a substantial amount of MOVE without completing meaningful buy orders. Movement committed <a rel="nofollow" href="https://www.movementnetwork.xyz/article/movement-network-foundation-statement">38 million USDT buyback program</a> for MOVE, from cash proceeds recovered from the market maker.</div>
</li>
<li class="ace-line ace-line old-record-id-R6esdTFQUocm2oxqJzsllTZKgw4" data-list="bullet">
<div>Peaq introduced <a rel="nofollow" href="https://x.com/peaq/status/1902737734562673037">Universal Machine Time</a> (UMT), the first onchain precision clock for better machine coordination and data timestamp consistency.</div>
</li>
<li class="ace-line ace-line old-record-id-GeVJdWSxqodNqmxuvQLl6uYMgNi" data-list="bullet">
<div>Sei Foundation shared its plan to acquire <a rel="nofollow" href="https://x.com/SeiNetwork/status/1905315732767817892">23andMe</a>, a genetic data company, as their bet on DeSci initiatives.</div>
</li>
<li class="ace-line ace-line old-record-id-LxxzdsxnooCKoPxBaDBlFI08gAc" data-list="bullet">
<div>Sophon introduced <a rel="nofollow" href="https://x.com/sophon/status/1904223596655915413">Sophon OS</a>, an operating system for crypto-powered consumer experiences.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlg4oDr0wZ57RQwSrh3jxOUdd">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxlgCXrdo258xRsNiUVruCIWwh">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-HleNdt98NokBhyxE992lcDSEgHg" data-list="bullet">
<div>World Liberty Finance introduced <a rel="nofollow" href="https://medium.com/@wlfi/world-liberty-financial-plans-to-launch-usd1-the-institutional-ready-stablecoin-2606f48d72d0">USD1</a>, 100% backed by short-term government treasuries.</div>
</li>
<li class="ace-line ace-line old-record-id-doxlgO0iYnXMwJn8e9ZERmlodEh" data-list="bullet">
<div>dYdX announced launching the <a rel="nofollow" href="https://www.dydx.xyz/blog/dydx-buyback-program">DYDX buyback program</a> using 25% of net protocol fees. The community is actively discussing increasing the allocation of net protocol fees to buyback programs to 100% in the future.</div>
</li>
<li class="ace-line ace-line old-record-id-PTzRdBZOqoCMgUxhWkKlNAnIgee" data-list="bullet">
<div>Chainlink partnered with <a rel="nofollow" href="https://x.com/chainlink/status/1904144958845575439">Abu Dhabi Global Market </a>to develop compliant tokenization frameworks in the UAE.</div>
</li>
<li class="ace-line ace-line old-record-id-A7WsdBe7sozPFlxgN4ClCfIXgDh" data-list="bullet">
<div>Particle Network, the chain abstraction DEX protocol, released <a rel="nofollow" href="https://blog.particle.network/introducing-parti/">PARTI</a> token. PARTI token is served as the gas token, staking, cross-chain liquidity and more utilities such as trading discount. The token is currently trading at less than $300 million in FDV and $4.5 million in fees generated by UniversalX, its trading platform.</div>
</li>
<li class="ace-line ace-line old-record-id-UUWgdTm1go6uRexYKn2lKiAWgku" data-list="bullet">
<div>Bio Protocol announced the <a rel="nofollow" href="https://x.com/bioprotocol/status/1905627236692037711">first 3 BioDAOs</a> up for Curation in Bio v1. BIO holders can lock their BIO as curation to support the BioDAOs. BioDAOs with sufficient locked BIO will be qualified for funding, while curators are eligible for discounted BioDAO tokens.</div>
</li>
<li class="ace-line ace-line old-record-id-ZYv6d7ZqyoV0wIxiw2RlZ6dMg0d" data-list="bullet">
<div>Ostium, a self-custody exchange with FX, commodities and indices trading, introduced a <a rel="nofollow" href="https://www.ostium.io/blog/introducing-ostium-v2">V2 upgrade</a> with new fee structures, more asset offerings, more trading flexibility functions and seamless onboarding and deposits.</div>
</li>
<li class="ace-line ace-line old-record-id-LlrXd6UFCof1Vrx6Qbflu30Tgrk" data-list="bullet">
<div>Rysk Finance introduced <a rel="nofollow" href="https://x.com/ryskfinance/status/1904215450579325227">Rysk V12</a>, a covered call strategy platform for liquid crypto assets such as ETH, BTC and MON.</div>
</li>
<li class="ace-line ace-line old-record-id-OIhudfklaoHfIWxk4pulip94gtd" data-list="bullet">
<div>Term Labs introduced <a rel="nofollow" href="https://x.com/term_labs/status/1904278328724398520">TERM</a> token as the governance token which is powered to veto protocol changes in its optimistic governance framework. TERM stakers are also entitled to part of the protocol fees.</div>
</li>
<li class="ace-line ace-line old-record-id-BG6VdFhZOoQK36xHRQ0lVQyEgYc" data-list="bullet">
<div>DigiFT announced launching the first <a rel="nofollow" href="https://insights.digift.sg/digift-to-launch-the-worlds-first-on-chain-index-fund-with-tokenized-real-world-equities/">on-chain index fund </a>with tokenised equities.</div>
</li>
<li class="ace-line ace-line old-record-id-Pr9Kdf31Xo6yyHx6BTflbM6wgyd" data-list="bullet">
<div>CARV launched <a rel="nofollow" href="https://medium.com/@Carv/carv-infinite-play-play-games-and-earn-your-share-a-total-reward-of-300-000-carv-182673a7507a">Infinite Play</a>, empowering players to own their gaming data and developers to gain insights from real-time gaming data from players.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlge3qqtUeRohRJ8wWF4vpntc">&nbsp;</div>
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<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-MH5ddEwajojer8xyVI1lZwQNgVn" data-list="bullet">
<div>The Ethereum Pectra mainnet upgrade is expected to launch at the <a rel="nofollow" href="https://beincrypto.com/ethereum-pectra-mainnet-upgrade-delay/">end of April or May</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-FK3adSu15ogm3lxdYNEl6gqdg2I" data-list="bullet">
<div>Solana community proposed to increase the <a rel="nofollow" href="https://github.com/solana-foundation/solana-improvement-documents/blob/main/proposals/0250-raise-block-limits-to-60M.md">block limit from 48M to 60M </a>in SIMD-0256, increasing the network transaction capacity.</div>
</li>
<li class="ace-line ace-line old-record-id-ColedJme5oabZNxGthjl7QSDgDf" data-list="bullet">
<div>Sonic announced <a rel="nofollow" href="https://x.com/SonicLabs/status/1905291005605372328">SonicCS2.0</a>, the new consensus with 2x faster performance and 68% memory reduction, is coming to mainnet soon.</div>
</li>
<li class="ace-line ace-line old-record-id-VhQudAYkcoVXeIxeBUqla6Jfgab" data-list="bullet">
<div>Wayfinder, a DeFAI protocol, delayed the <a rel="nofollow" href="https://x.com/NaesYelof/status/1905990782516879850">PROMPT</a> TGE by approximately a week or two, potentially in mid-April.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlgYGqKVip99wqGcACeNMAXpc">&nbsp;</div>
</div>
</div>
</div>
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<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-AYqldbG1ToIOdtxqXPQlUQxPgnh" data-list="bullet">
<div>OP token unlocked on April 1, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-PaXEd9Sqdop6jWxcQczlDNprgnd" data-list="bullet">
<div>GRASS token unlocked on April 1, amount representing 1.34% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DpjGdlWLvoZOhExRL6ilfuQkgFc" data-list="bullet">
<div>SUI token unlocked on April 2, amount representing 2.53% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-O3xYdb6KQoXMqrxgKyul1YaNgre" data-list="bullet">
<div>W token unlocked on April 3, amount representing 24.28% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-HoY8dxIOToWiD6xl0vEleCdFg9c" data-list="bullet">
<div>ENA token unlocked on April 3, amount representing 1.78% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-FKYld42DFoJ06ax6yUSldwJIgMh" data-list="bullet">
<div>JTO token unlocked on April 8, amount representing 2.04% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CpUOdJcEFoJDCWxioLVlx55ygle" data-list="bullet">
<div>IO token unlocked on April 12, amount representing 2.09% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AVqQdMwsXo1YXcxpX7LlmqpLghc" data-list="bullet">
<div>APT token unlocked on April 13, amount representing 1.88% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Kzfgd8KtJo5tbBxxCaBl1sobglf" data-list="bullet">
<div>STRK token unlocked on April 16, amount representing 4.65% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-GX7sdH7C8oKQnyxrUFElcasAg3j" data-list="bullet">
<div>ARB token unlocked on April 17, amount representing 2.01% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Pv8mdAPnxoPYp0xaaWYli1Bagtc" data-list="bullet">
<div>VANA token unlocked on April 17, amount representing 1.47% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgGJ5NYo4YCsCDhUQXyCW2gf">&nbsp;</div>
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Headline News



The cryptocurrency market remains heavily influenced by macroeconomic conditions and upcoming recipr

Weekly Market Insight: April Week 1




Headline News



Despite most investors remaining cautious on the upcoming reciprocal tariffs that could further esca

Weekly Market Insight: March Week 4

aave, morpho, fluid, euler, kamino, maple finance

The DeFi Bedrock: Money Market Protocols

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<div class="ace-line ace-line old-record-id-doxlgUXZ8Hb28ZSyHWM2NptvU75">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgUdCfukC6RNXwQkzzjfN9ib" data-list="bullet">
<div>Bitcoin ETFs experienced the 5th consecutive weekly net outflow of $870.39 million last week, despite stablecoin market cap continued to increase by approximately $1.36 billion last week. Bitcoin price had a slight increase of 0.78% last week as macroeconomic uncertainty persisted.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlglX7CrZTOQqDk6s3OOpgy6b">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgxzWDor2m488GtFM7OY1IMh">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlg38NVEN0AnNhZWJHFo3ojLr" data-list="bullet">
<div>The trade war widens with President Trump new 25% tariffs on steel and aluminum imports. The European Commission reimposing countermeasures on &euro;26 billion worth of American goods, while Canada struck back with 25% levies on C$30 billion of American goods. Trump further threatened a 200% tariff on wine, champagne and other alcoholic beverages from the EU, if Brussels follows through with a 50% tax on American whiskey exports, starting on April 1. There is a <a rel="nofollow" href="https://polymarket.com/event/us-recession-in-2025">42%</a> chance U.S. will enter a recession in 2025 according to Polymarket.</div>
</li>
<li class="ace-line ace-line old-record-id-JgiSdUl3xobMwYxGwZHljEXcgTc" data-list="bullet">
<div>The U.S. JOLTs job opennings increased to 7.74 million in January, higher than the market expectation of 7.63 million.</div>
</li>
<li class="ace-line ace-line old-record-id-Xey1dd65oo4nibxLMaEl7CZLgPd" data-list="bullet">
<div>The U.S. inflation rate decreased to 3.1% in February, lower than the market expectation of 3.2%. Meanwhile, PPI was unchanged in February, below forecast of a 0.3% gain. Although, the latest inflation and PPI were below market expectation, core PCE in February is expected to increase by the range between 0.29% to 0.4% according to <a rel="nofollow" href="https://www.forexlive.com/news/goldman-sachs-sees-core-pce-029-20250313/">Goldman Sachs</a> and <a rel="nofollow" href="https://qz.com/inflation-stocks-prices-fed-interest-rates-1851769721">BofA</a>, overall higher upcoming PCE forecast.</div>
</li>
<li class="ace-line ace-line old-record-id-FlScdFcaAoxFtyxOqGjlp4ifgOh" data-list="bullet">
<div>The market estimated 99% probability the rate will remain unchanged in the FOMC meeting this week.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlg4M3LDVPtx9TMod9puUCtpf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlg2KeYO1OV9NLZjotpd1pMZb">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlg9q7OpDHUIW7DsvhKqA1xDe" data-list="bullet">
<div>Monday, March 17, 8:30pm: The U.S. Retail Sales in February</div>
</li>
<li class="ace-line ace-line old-record-id-BChBdd8zPofpzHxNlAZlFijSgDg" data-list="bullet">
<div>Wednesday, March 19, 11:00am: Bank of Japan Interest Rate Decision</div>
</li>
<li class="ace-line ace-line old-record-id-DH4RdSoOHocR51xvKUalrymXgfb" data-list="bullet">
<div>Thursday, March 20, 2:00am: FOMC meeting</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgEAVSZmTAdTNUdEDASvZnec">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgJC8bOuXEdLShKbDaLgXMFh">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-EXbJdxtlho2a9rxNDi0lSgt6gFe" data-list="bullet">
<div>The U.S. Senate Banking Committee approved the <a rel="nofollow" href="https://x.com/BankingGOP/status/1900203536828252161">GENIUS Act,</a> a bill aims to regulate stablecoin issuers. The bill will require further approval from the full Senate and House of Representatives.</div>
</li>
<li class="ace-line ace-line old-record-id-Sqykd8MSoopzJcxGHu6lt7wMgLh" data-list="bullet">
<div>The U.S. House passed a 292-132 resolution <a rel="nofollow" href="https://x.com/Cointelegraph/status/1899626398207426570">overturning</a> the IRS broker rule requiring DeFi platforms to collect user tax and transaction data.</div>
</li>
<li class="ace-line ace-line old-record-id-CQ38dthgOoGsYyxreAAl0k95gug" data-list="bullet">
<div>According to Fox Business, the U.S. SEC will soon resolve the legal case with <a rel="nofollow" href="https://www.coindesk.com/policy/2025/03/12/xrp-token-rises-after-report-that-ripple-s-close-to-wrapping-up-sec-case">Ripple</a> Labs.</div>
</li>
<li class="ace-line ace-line old-record-id-OOBCdvqkxoI0ENxPz52lGPRfgRz" data-list="bullet">
<div>Ripple received the first blockchain-enabled <a rel="nofollow" href="https://www.coindesk.com/markets/2025/03/13/ripple-bags-dubai-license-to-offer-crypto-payments-in-uae">payments provider license</a> from the Dubai Financial Services Authority to provide regulated crypto payments and services in UAE.</div>
</li>
<li class="ace-line ace-line old-record-id-doxlgaugaUrgVG988adLi32jfLh" data-list="bullet">
<div>Binance raised <a rel="nofollow" href="https://www.binance.com/en/blog/ecosystem/mgx-backs-binance-in-landmark-investment-6242106085221073480">$2 billion</a> from MGX, the Emirati state-owned investment firm, securing a minority stake in Binance.</div>
</li>
<li class="ace-line ace-line old-record-id-VzHLd76FkoyWxExfsFFlWa7igEb" data-list="bullet">
<div>World Liberty Finance purchased $2 million worth of <a rel="nofollow" href="https://intel.arkm.com/explorer/address/0xA713fc94db054AA435AF4d9c66c3433dCA98559F">AVAX and MNT</a> respectively.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgMjCjHG2rcB0CwpoA3JWmcb">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxlgxPVlFnfiVqhgSwNKsmYJVh">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-OOlzdVKeSojaN2xwhsDlISOSgi4" data-list="bullet">
<div>Solana SIMD-0228 proposal to adopt a market-based emission mechanism has <a rel="nofollow" href="https://simd-votes.stakingfacilities.com/">failed</a> to reach threshold for yes vote.</div>
</li>
<li class="ace-line ace-line old-record-id-doxlgUabU179XPoeG6rPpqwEOSd" data-list="bullet">
<div>Nuffle (previously NEAR DA) rebranded to <a rel="nofollow" href="https://x.com/moremarketsxyz/status/1899385030994256351">MoreMarket</a>, introducing a global liquidity marketplace that enables cross-chain DeFi activities from a universal non-custodial account.</div>
</li>
<li class="ace-line ace-line old-record-id-MkS4dHS5DoraQExDgdIlsH1ygvf" data-list="bullet">
<div>Starknet echoed its goal to <a rel="nofollow" href="https://x.com/starknet/status/1899460308814716946">settle on both Bitcoin</a> and Ethereum, introducing more utilities with BTC and BitVM-powered bridge for Starknet to bring Bitcoin assets to the Layer 2 network.</div>
</li>
<li class="ace-line ace-line old-record-id-KvwVdybPVoscTsxBJd6lr2qeggf" data-list="bullet">
<div>ZKsync <a rel="nofollow" href="https://x.com/ZKsyncIgnite/status/1900206590361239853">sunsetted the Ignite</a> Incentive Program, citing redirect focus from Era to Elastic Network and poor market condition.</div>
</li>
<li class="ace-line ace-line old-record-id-IUindtZw8odCCkxp4XHlz42fgNf" data-list="bullet">
<div>Base launched <a rel="nofollow" href="https://www.coinbase.com/en-gb/blog/the-future-of-investing-is-open-and-onchain">Echo</a>, an onchain private investment platform to support startups in the Base ecosystem.</div>
</li>
<li class="ace-line ace-line old-record-id-B9xidYGIRo1ffRx7XyLlKb56gBm" data-list="bullet">
<div>Near announced <a rel="nofollow" href="https://x.com/KyberNetwork/status/1897291389450289597">KyberSwap</a> and <a rel="nofollow" href="https://x.com/gnosischain/status/1897980661899968635">Gnosis</a> integrate NEAR Intents, bringing seamless cross-chain experience.</div>
</li>
<li class="ace-line ace-line old-record-id-J0fDdYUPzoIZMdxZVtGlSjq3glc" data-list="bullet">
<div>Plume integrated <a rel="nofollow" href="https://x.com/plumenetwork/status/1899449066188402922">Walrus Protocol</a>, a decentralised storage solution on Sui, as the blob storage solution and plans to develop tokenisation engine and cross-chain solution on Sui's Move stack.</div>
</li>
<li class="ace-line ace-line old-record-id-Gc4gdpjE8oiMADxgD8jl7ElPgmf" data-list="bullet">
<div>Movement public mainnet beta is now <a rel="nofollow" href="https://www.movementnetwork.xyz/article/movement-network-public-mainnet-beta">live</a>.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlg8YH86j7CMQPDagZYDNTYAb">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxlgz1QkjPvv7HHokbIqUqZMSb">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgJxCA4aF6Gd7nU72RboUi3f" data-list="bullet">
<div>A Hyperliquid trader had his $290 million worth of 20x long position on ETH be liquidated by gradually removing his collateral, causing HLP vault lost <a rel="nofollow" href="https://x.com/HyperliquidX/status/1899768864705237211">$4 million</a> from slippage while liquidating the position. Hyperliquid reduced the max leverage for BTC and ETH to 40x and 25x respectively. Currently, the <a rel="nofollow" href="https://hypurrscan.io/address/0xf3F496C9486BE5924a93D67e98298733Bb47057c">trader</a> has 40x short position on BTC and 5x long position on Melania.</div>
</li>
<li class="ace-line ace-line old-record-id-OxmfdeQ5Do8VRWxAjxTlWpoDgDd" data-list="bullet">
<div>Circle announced <a rel="nofollow" href="https://www.circle.com/blog/cctp-v2-the-future-of-cross-chain">CCTP V2</a>, significantly reduces the USDC transfer times from minutes to second and enables message attestation before source chain finalisation. CCTP V2 also enables Hooks function, allowing developers to customise post-transfer actions with smart contract integration.</div>
</li>
<li class="ace-line ace-line old-record-id-WotmdMG0noELj7xSCwUl2i79gjg" data-list="bullet">
<div>Drift introduced <a rel="nofollow" href="https://www.drift.trade/updates/introducing-swift-protocol-a-new-trading-standard-for-solana">Swift Protocol</a>, a new trading standard designed for sub-second fills, better prices, and gasless trading across perpetuals and spot markets by consolidating liquidity from multiple sources.</div>
</li>
<li class="ace-line ace-line old-record-id-EQyEdRRqroifuWxQrZclhU57gyc" data-list="bullet">
<div>Compound passed the proposal to launch <a rel="nofollow" href="https://x.com/MorphoLabs/status/1900200229317816341">Compound Blue</a>, powered by Morpho on Polygon with $3 million in COMP and SOL incentives allocated to accelerate growth.</div>
</li>
<li class="ace-line ace-line old-record-id-X3dzdV0cuoil6IxmPy0lEHTigIc" data-list="bullet">
<div>Lit Protocol introduced <a rel="nofollow" href="https://x.com/LitProtocol/status/1900206012818440465">LITKEY</a> token as the staking, gas and governance token of the protocol network. Lit Protocol provides developers to build applications with decentralised key management with secure computation.</div>
</li>
<li class="ace-line ace-line old-record-id-S5hLdI3mYoF778xuD0tlB5enguc" data-list="bullet">
<div>GMX Solana is now <a rel="nofollow" href="https://x.com/GMX_SOL/status/1899807839897432417">live</a>, users can now mint GLV with SOL or USDC with up to 700% APY.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgTecmsj6gh5sgfZZ9atRQMf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgpW5jSjx6kTasfVtA4C35sh">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-AWUodRleIooYmwx6MT3lGlszgwb" data-list="bullet">
<div>Uniswap is likely to pass the <a rel="nofollow" href="https://gov.uniswap.org/t/governance-proposal-uniswap-unleashed-unichain-and-uniswap-v4-liquidity-incentives/25250">incentive campaign </a>to accelerate the growth of Uniswap v4 and Unichain with approximately $24 million and $21 million respectively. The voting ends on March 19.</div>
</li>
<li class="ace-line ace-line old-record-id-T8JZdNemdooCYAxT1pfljlsTgdc" data-list="bullet">
<div>Biconomy announced <a rel="nofollow" href="https://x.com/biconomy/status/1900252625150296126">Biconomy Network</a>, a chain abstraction layer, aims to launch the Genesis Mainnet in April 2025. Biconomy Network features Supertransaction, where users only sign once and execution implemented across multiple chains, and decentralised node networks secured by BICO.</div>
</li>
<li class="ace-line ace-line old-record-id-doxlgOvLceb82gFbfhVgJnUnwTX" data-list="bullet">
<div>Offchain Labs from Arbitrum announced a plan to <a rel="nofollow" href="https://x.com/OffchainLabs/status/1899203661286252695">buyback ARB</a> over time through the open market.</div>
</li>
<li class="ace-line ace-line old-record-id-OOBHdas4worIUjxb8iNlREtegIr" data-list="bullet">
<div>Soneium announced <a rel="nofollow" href="https://soneium.org/en/blog/LINE-MINI-App">4 LINE onchain mini-apps</a> Sleepagotchi LITE, Farm Frens, Moonveil and Pocket Mob are launching in coming months.</div>
</li>
<li class="ace-line ace-line old-record-id-PKx5dSG2dou713xz0d0ltePdgyc" data-list="bullet">
<div>Aave founder proposed <a rel="nofollow" href="https://governance.aave.com/t/temp-check-building-horizon-s-rwa-product-an-aave-licensed-instance-for-institutions/21384">Project Horizon</a>, a RWA-focused lending protocol that is powered by Aave instance. The proposal initially included profit sharing and new token allocation to Aave DAO, but was later reaching a consensus to be launched as a new product line.</div>
</li>
<li class="ace-line ace-line old-record-id-XDA4d6PvjomSh4xzRZtlZ91pgrb" data-list="bullet">
<div>Initia announced to allow VCs and investors <a rel="nofollow" href="https://x.com/initia/status/1900941375082033664">locked allocation</a> to participate in staking with constraints that the staking rewards will be subjected to a 4 year vesting schedule, and reducing the staking emission. Meanwhile, Initia increases the INIT supply to Initia VIP from 10% to 25%, increasing the impact of gauge vote by Initia VIP.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlg6yalm9m7BXHxYyKZaLV5bh">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgMND59kP0nwrJSkh5j4NLkE">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Tiv5dLI0doZrfDx0vbBlQtWXgCg" data-list="bullet">
<div>IMX token unlocked on March 21, amount representing 1.38% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-OIzJddulloyxHsxV8BPlSBI4gSg" data-list="bullet">
<div>PLUME token unlocked on March 21, amount representing 5.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-C5wAdpHS0ouLLZxWeZjldBK6gWQ" data-list="bullet">
<div>ID token unlocked on March 22, amount representing 18.1% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Jsf3dD9ujoKMg6xOJyylN2d3gpb" data-list="bullet">
<div>OP token unlocked on March 31, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-ErqEdFfzOoQQnsxArLNlJkNbghf" data-list="bullet">
<div>GRASS token unlocked on March 31, amount representing 1.51% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-TT01dg9Osok3ANxaKP1liE8rg2f" data-list="bullet">
<div>SUI token unlocked on April 1, amount representing 2.54% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-T1DFdF0quoFlIdxkvIylPkLWgxf" data-list="bullet">
<div>ENA token unlocked on April 2, amount representing 1.79% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-PQF7dYpumoA0wJxQV6Ml6tSPgRc" data-list="bullet">
<div>JTO token unlocked on April 7, amount representing 3.7% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-A9QwdxQFsopNaixyNnRl5hFPgZc" data-list="bullet">
<div>IO token unlocked on April 7, amount representing 2.09% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgw59kWE8ImdUKJR3s2LwvEd">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlghE9PgJ16wSLRHMzwNdgVWf">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



Bitcoin ETFs experienced the 5th consecutive weekly net outflow of $870.39 million last week, despit

Weekly Market Insight: March Week 3

<div data-page-id="FEvCdq7VQoa7q4xIhlYl1B7Wgig" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxlgXUogPNIugeZFBFq0hK4M2g">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-WjL4dyfZGop7v8xkoYhlITH4g4e" data-list="bullet">
<div>President Trump signed an Executive Order to establish a <a rel="nofollow" href="https://x.com/davidsacks47/status/1897802280738734236">Strategic Bitcoin Reserve</a> and a U.S. Digital Stockpile. The Reserve will be capitalised with Bitcoin owned by the federal government that was forfeited as part of criminal or civil proceedings. The government will not sell the Reserve holding, additional acquisition of Bitcoin and other digital assets will be conducted in a budget-neutral approach. The Stockpile will be actively managed by the Treasury Department.</div>
</li>
<li class="ace-line ace-line old-record-id-GfyXdoUJuo7nhvxdRC6lRCOfg7e" data-list="bullet">
<div>Bitcoin price dropped by approximately 14% last week, as the Bitcoin Reserve announced not including strategies to acquire additional Bitcoin, and investors quickly shifted the focus back to macroeconomic uncertainty.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgebGDMicYGVYRnHMny1sNbf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlg8edSJXsIRFevYmcmuMqml8">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-WWzWdMXy2o8bOIxdzI8la3ISgSb" data-list="bullet">
<div>President Trump paused the tariffs on Mexican and Canadian goods until April 2, just two days after enacting the tariffs and facing retaliation tariffs from Canada and China, where Trump did not lift the additional 10% tariffs imposed additional to the 10% on Chinese goods that went effective on February 4.</div>
</li>
<li class="ace-line ace-line old-record-id-BHjndP89GoKla5xRWT8lFXzCglh" data-list="bullet">
<div>The U.S. ISM manufacturing PMI fell to 50.3 in February, slightly below market expectation of 50.5. Meanwhile, ISM services PMI increased to 53.5, beating the market forecast of 52.6%. The higher than expected ISM services PMI in February aligned with the upward revised S&amp;P services PMI released in February, indicating the continuous expansion in the U.S. services sector.</div>
</li>
<li class="ace-line ace-line old-record-id-SSeqdgxL1o1m6QxB7JSlIjIBg0T" data-list="bullet">
<div>The U.S. Non-Farm Payrolls increased to 151K in February, lower than market expectation of 160K. The unemployment rate in February increased to 4.1%, slightly higher than the market forecast of 4%.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlg8Sif7G8qHBos0pfRRPMnwg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgAA7FzMPPNClLHzLZHnBQyb">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgscE649Czh5EZVIZZsF9Pda" data-list="bullet">
<div>Tuesday, March 11, 10:00pm: The U.S. JOLTs Job Openings in January</div>
</li>
<li class="ace-line ace-line old-record-id-RPRud3nIBoPGF7xsol5l0c2GgBg" data-list="bullet">
<div>Wednesday, March 12, 8:30pm: The U.S. Inflation Rate in February</div>
</li>
<li class="ace-line ace-line old-record-id-SqkCdOdzQorNE3xyqFulEnndgRe" data-list="bullet">
<div>Thursday, March 13, 8:30pm: The U.S. PPI in February</div>
</li>
<li class="ace-line ace-line old-record-id-NKfndQpFdoQxMKxYlozlsn7Kgqf" data-list="bullet">
<div>Friday, March 14, 10:00pm: Michigan Preliminary Consumer Sentiment in March</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgCj6QmuzZpAYh8SgT0GA5Jg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgjFuHFqYOlR13f0kxBmWFXe">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgN8NaIq99gHRPCvmtvFPPNR" data-list="bullet">
<div>The US SEC has reportedly dropped the investigation towards <a rel="nofollow" href="https://cointelegraph.com/news/yuga-labs-sec-closed-investigation-nft-platform">Yuga Labs</a> and <a rel="nofollow" href="https://blog.kraken.com/news/sec-lawsuit-dismissal">Kraken</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-LigCdcAYYoMdBQxVfDHl1QBVgpf" data-list="bullet">
<div>Utah's Bitcoin Reserve Bill <a rel="nofollow" href="https://x.com/Bitcoin_Laws/status/1898220663883911429">HB230</a> was revised to remove the "Bitcoin Reserve" provisions entirely and only remain basic protections of mining activities and nodes running.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgzBSegNKYYFhnxxLAcaCfmf">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxlgZFCnVS5BkhyxNS3I69advf">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxlgnWKxPEuaYGkVPnlJHsDZUg" data-list="bullet">
<div>MegaETH has launched its <a rel="nofollow" href="https://x.com/megaeth_labs/status/1897663822501966105">testnet</a>, and the team clarified that no aidrop intended for testnet users.</div>
</li>
<li class="ace-line ace-line old-record-id-Y6godCreOoozIexZ7NylDwT6go2" data-list="bullet">
<div>Solayer launched <a rel="nofollow" href="https://x.com/solayer_labs/status/1896908517329834090">native SOL staking</a>, delivering direct yield of 9.5% to stakers.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlg4iCl1WWwQQtuxbiJgXM2xh">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxlgul5bPcCWpc256Oa5CKkmLf">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-G8q1dOdIYoD1Usxc4exlzaGOgMF" data-list="bullet">
<div>Pendle launched the sUSDX yield market as the first <a rel="nofollow" href="https://x.com/pendle_fi/status/1897286152396447771">permissionless community listing</a> yield market. Listing UI and toolkits will go live soon. The community market which undergo additional audits and evaluation will be listed in Pendle Prime, fostering users' trust.</div>
</li>
<li class="ace-line ace-line old-record-id-VcAUdSCWaok2DlxGvHglIhuAgKe" data-list="bullet">
<div>Maple Finance announced onboarding <a rel="nofollow" href="https://maple.finance/news/bitwise-maple-allocation">Bitwise</a>, which manages over $12 billion in client assets, to its on-chain credit while helping the asset manager to meet institutional regulatory standards.</div>
</li>
<li class="ace-line ace-line old-record-id-Ffm0dfgMXoHsZ4xj4XQlGnFtgDg" data-list="bullet">
<div>Fetch.ai launched <a rel="nofollow" href="https://x.com/Fetch_ai/status/1894389047394492469">ASI-1 Mini</a>, its first web3-native large language model, specifically built and optimised for supporting complex agentic workflow.</div>
</li>
<li class="ace-line ace-line old-record-id-Iuybdq3vsoazTTx8e3elS2CJgqd" data-list="bullet">
<div>Hey Anon launched <a rel="nofollow" href="https://x.com/HeyAnonai/status/1896532259097698511">Ask Anon</a>, a plug-in that is embedded in DeFi protocols and facilitates users' DeFi requests.</div>
</li>
<li class="ace-line ace-line old-record-id-WElBdgCD9opohwxL4txl5cG0gHg" data-list="bullet">
<div>Aevo introduced <a rel="nofollow" href="https://x.com/aevoxyz/status/1896525242400670031">Option OTC 2.0</a>, an on-chain options OTC desk, bringing institutional grade liquidity with zero exchange fees.</div>
</li>
<li class="ace-line ace-line old-record-id-Ho5edAVnRofOGexrkOwlEASqgW0" data-list="bullet">
<div>Worldcoin launched a beta version of private <a rel="nofollow" href="https://x.com/tiagosada/status/1897682293122334914">messenger</a> with an in-build payment feature in its mobile app.</div>
</li>
<li class="ace-line ace-line old-record-id-Ny24dNfEvoBvRkxw0s9lfI0egYd" data-list="bullet">
<div>Across raised <a rel="nofollow" href="https://www.theblock.co/post/344470/paradigm-leads-token-round-across-protocol-ethereum">$41 million</a> from Paradigm with the sales of ACX token. Although the vesting schedule is unknown, the seed raise and strategic raise are scheduled to unlock in June 2025 (23% of circulating supply) and periodically cliff unlock until February 2026.</div>
</li>
<li class="ace-line ace-line old-record-id-MnPndHARcoH0K7xzYdyl6OWCguh" data-list="bullet">
<div>Stake, the multi-VM interoperability protocol, introduced <a rel="nofollow" href="https://x.com/skate_chain/status/1897291874828001578">Stake AMM</a>. The new AMM could operate across multiple VM networks and unified the liquidity across VMs into a single pricing curve.</div>
</li>
<li class="ace-line ace-line old-record-id-LeQ5dSyQxoyu6Lxc1OhliOUlgYf" data-list="bullet">
<div>Mass launched over 30+ <a rel="nofollow" href="https://x.com/massdotmoney/status/1896936026935026040">tokenised equity</a> markets on its mobile trading platform with the collaboration with Dinari Global, which is the custodian of the underlying equities tokens.</div>
</li>
<li class="ace-line ace-line old-record-id-Jeuydzzl1oDx89xfRIwljp0Kguf" data-list="bullet">
<div>Backed Finance has launched its 9th equity token, <a rel="nofollow" href="https://x.com/BackedFi/status/1898024225257963665">wbCOIN</a>, a tokenised Coinbase stock on Base.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgL45H4qwmK2wHvYu4RVsulc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxlgQScKjgcYtZDIfjsnL1OLeb">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-QmTbdteZ4oDPtHxAGTLlFSdJggh" data-list="bullet">
<div>Solana's SIMD-0228, the proposal to implement a <a rel="nofollow" href="https://forum.solana.com/t/proposal-for-introducing-a-programmatic-market-based-emission-mechanism-based-on-staking-participation-rate/3294">market-based emission</a>, is currently in the process of <a rel="nofollow" href="https://flipsidecrypto.xyz/pine/simd-0228-voting-metrics-Fe6ZCP">voting</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-HP4zd1iL6oPTRRxSJjFlAHT9gtb" data-list="bullet">
<div>Ethereum Pectra is expected to be scheduled soon and some expect the upgrade will be around late-March.</div>
</li>
<li class="ace-line ace-line old-record-id-doxlgcR7Jzgq4t9Bc0ns9a0hh5B" data-list="bullet">
<div>AAVE proposed to start the implementation of <a rel="nofollow" href="https://governance.aave.com/t/arfc-aavenomics-implementation-part-one/21248">Aavenomics</a>, including an AAVE buyback and distribute program immediately at the pace of $1 million per week for the first 6 months, empowers liquidity committees to gradually reduce liquidity incentives, deprecating LEND and more.</div>
</li>
<li class="ace-line ace-line old-record-id-QP4xddkTKoy0mQx6bfZlJe1EgFd" data-list="bullet">
<div>AAVE also proposed to launch <a rel="nofollow" href="https://governance.aave.com/t/temp-check-gho-aave-savings-upgrade/21254">Aave Savings Rate</a> to onboard more GHO holders. The rate is designed to take the USDC lending rate as reference and is expected to be higher than Sky Savings Rate.</div>
</li>
<li class="ace-line ace-line old-record-id-IptkdBmUBoAEGRxrk1glqTVugDe" data-list="bullet">
<div>Jito proposed upgrading JTO <a rel="nofollow" href="https://docs.google.com/document/d/18sohxHeT1OErhVJsr-SLM88qvgRIwkz0FaYnRee33ZY/edit?tab=t.0">utilities and tokenomics</a>, including buyback, burn, protocol-owned-liquidity and gauge mechanism for reward distribution.</div>
</li>
<li class="ace-line ace-line old-record-id-ElsgdrxzLonExQxQa7ulA18hgff" data-list="bullet">
<div>Fluid proposed to expand its service to <a rel="nofollow" href="https://gov.fluid.io/t/deploy-fluid-on-polygon-network/1522">Polygon</a> PoS.</div>
</li>
<li class="ace-line ace-line old-record-id-IRuPdq2kloXOiBxzr6GlkHDogqK" data-list="bullet">
<div>Sui and World Liberty Finance are working to <a rel="nofollow" href="https://blog.sui.io/world-liberty-financial-strategic-token-reserve/">explore collaboration</a> opportunities and including SUI in WLFI's token reserve.</div>
</li>
<li class="ace-line ace-line old-record-id-E9MvdjO8JoKEdgxcIcQluod0gAe" data-list="bullet">
<div>Celo announced Layer-2 <a rel="nofollow" href="https://x.com/Celo/status/1896617306509500661">mainnet</a> will be activated on March 26.</div>
</li>
<li class="ace-line ace-line old-record-id-V0eUdFlA7ojdZixlzVml0zDWgDJ" data-list="bullet">
<div>Synthetix introduced <a rel="nofollow" href="https://mirror.xyz/kain.eth/8UX6Rn5wpTli0WCCC_fWC7vOAQPiOTDGrUI87mrhkvc">420 Pool</a>, a new staking pool for SNX holders to participate in various yield opportunities such as sUSDe and used the reward to buyback SNX.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxlg12leDKyWgNFGL1hGxBb35f">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgl2b3hfl9zbon4bK2S9YGab">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-VKOudW01UoKo2kxf6ShlvZwhgXb" data-list="bullet">
<div>IO token unlocked on March 11, amount representing 2.17% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AUppdXmN4oqjnUxpBYMlhr9sgKe" data-list="bullet">
<div>APT token unlocked on March 12, amount representing 1.91% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CcOCduQnWoZ8vKx1z30lOQwcgIh" data-list="bullet">
<div>STRK token unlocked on March 15, amount representing 2.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Ss9edLvBBo95PTxFKGPlXOQcgQq" data-list="bullet">
<div>ARB token unlocked on March 16, amount representing 2.08% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-GXtFdUrf7oqgFzxuNLcloEhjgzf" data-list="bullet">
<div>VANA token unlocked on March 16, amount representing 1.46% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-GjWUdfcPsoYin5xC4TylmqNjgbg" data-list="bullet">
<div>APE token unlocked on March 16, amount representing 1.91% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-MIhcdSkcGoJNtJxHZhBll0DCgZe" data-list="bullet">
<div>STRK token unlocked on March 15, amount representing 2.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-D2bfd1cyWo0jVVx4RHJlf4Ajgyg" data-list="bullet">
<div>IMX token unlocked on March 21, amount representing 1.38% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-QAKvdPSgaoFiRYx4doZlAIxOgoh" data-list="bullet">
<div>PLUME token unlocked on March 21, amount representing 5.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RTpFdGaGro5R1vx0lmilaUSSgcc" data-list="bullet">
<div>ID token unlocked on March 22, amount representing 18.1% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-QBATd3JO3oRgouxRFPIlQULCgNg" data-list="bullet">
<div>OP token unlocked on March 31, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RGTWdsvEboZmH2xMh1hlzbRMgab" data-list="bullet">
<div>GRASS token unlocked on March 31, amount representing 1.51% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxlgxRkF2ZLAb4jmEzX27Szhkf">&nbsp;</div>
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Headline News



President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digita

Weekly Market Insight: March Week 2




Headline News



Trump reaffirmed imposing 25% tariffs on Canada and Mexico and a new 10% tariff on Chinese goods on 

Weekly Market Insight: March Week 1

<div class="ace-line ace-line old-record-id-doxuso04wlplwx1vff44zj9bbOh">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusBPsyilZlFq8JQXDCw6dimd" data-list="bullet">
<div>- Bitcoin saw minimal movement last week, recording a modest 0.14% gain. Market-wide trading volume declined, largely due to exhaustion from memecoin trading following the LIBRA rug pull incident. Although Bitcoin briefly reclaimed the $99,000 level, its gains were quickly erased by the Bybit hack and weaker-than-expected economic data released on Friday.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusWGesiUxpRBDcTR74bfsu2g">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusvoVtI9Dkj4uVFtfMEZ1tFg">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-JeBgdjoO8oJLXcxM6BcuvMXMsXk" data-list="bullet">
<div>- The FOMC minutes in January showed the discussion of possibility of pausing or slowing down the balance sheet runoff before resolving the debt ceiling issue, and concern towards potential changes in trade and immigration policies that could drive higher inflation.</div>
</li>
<li class="ace-line ace-line old-record-id-GTbtdzFSxo8c47xPu1oukhtRsnh" data-list="bullet">
<div>- The U.S. Michigan 5-year inflation expectations climbed to 3.5% in February, the highest since 1995.</div>
</li>
<li class="ace-line ace-line old-record-id-KUYddAC2hoF1eAxyCzxuOjHZsCd" data-list="bullet">
<div>- A new <a rel="nofollow" href="https://www.reuters.com/business/healthcare-pharmaceuticals/chinese-researchers-find-bat-virus-enters-human-cells-via-same-pathway-covid-2025-02-21/">covid-like bat virus</a> was discovered by researchers in China. However, some experts called the reaction to the study overblown, as the virus has a less binding affinity to humans and more immunity in the population since 2019.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusBHr1MfekwtgazkGyXcSDie">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusgU5YRNyapXwBkmxVjjYHeg">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusin8TULvUksENAz6sgP2qpf" data-list="bullet">
<div>- Thursday, February 27, 9:30am: Durable Goods Orders in January and Q4 GDP Second Estimate</div>
</li>
<li class="ace-line ace-line old-record-id-KLfxdQ5hxo9bowxP80duu3e4sfc" data-list="bullet">
<div>- Friday, February 28, 9:30pm: Core PCE, Personal Income and Personal Spending in January</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusSWKMA1UbVBsO8WVrht6UOf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusziDrFajCtDALDm43GsnTwc">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-CX08doWbuoycOQxl6CsuuRi6sMg" data-list="bullet">
<div>- Bybit was hacked by North Korea's Lazarus Group for&nbsp;<a rel="nofollow" href="https://x.com/benbybit/status/1892963530422505586">$1.4 billion</a> in ETH with a musked Safe interface. Bybit experienced approximately $5.5 billion net withdrawal from the exchange in the past week. The exchange ETH reserve has fully restored now, according to the CEO.</div>
</li>
<li class="ace-line ace-line old-record-id-YF4EdoXQtof7kVx0BwBuuTv1sbg" data-list="bullet">
<div>- Ethena reported a $30 million PnL exposure on Bybit but no spot assets were deposited on the exchange. Market concerns over potential collateral losses for USDe led to a temporary depeg, but AAVE stated that no bad debt resulted from the USDe collateral during the same period.</div>
</li>
<li class="ace-line ace-line old-record-id-Qj2adoh3aoaz0LxxJUauzoxgshb" data-list="bullet">
<div>- Strategy (previously MicroStrategy) announced $2.0 billion aggregate principal amount of 0% convertible senior notes due March 1, 2030 to qualified institutional buyers and use the proceeds for acquisition of bitcoin and working capital.</div>
</li>
<li class="ace-line ace-line old-record-id-KyLNd6xdjoLTWSx0ydlupExhswe" data-list="bullet">
<div>- OpenSea CEO said the SEC is closing the&nbsp;<a rel="nofollow" href="https://twitter.com/dfinzer/status/1893086281300582772">investigation</a> into OpenSea. The enforcement case against <a rel="nofollow" href="https://twitter.com/tier10k/status/1892922641314402757">Coinbase</a> is expected to be removed as well.</div>
</li>
<li class="ace-line ace-line old-record-id-Di2hdsQsQoaDXixP3qFuMygpsEc" data-list="bullet">
<div>- Canary Litecoin ETF is listed on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus60mSbCSkX3CJpJ4jzBoFUe">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusxc6WHNo7yq140C7XUDAwFf">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-OMN3dDrrnocTWYxJa16u2GGJsiC" data-list="bullet">
<div>- Ethereum Foundation announced&nbsp;<a rel="nofollow" href="https://x.com/ethereumfndn/status/1892244647369433272">Open Intents Framework</a>, aims to achieve seamless cross-chain interoperability across Ethereum ecosystem. The framework contains ERC-7683 Reference Implementation, which is the intent standard introduced by Uniswap and Across.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusnd9VkaVrK7fJyaJNdgTL0c" data-list="bullet">
<div>- Monad, a new high performance EVM compatible Layer 1, launched its highly anticipated&nbsp;<a rel="nofollow" href="https://x.com/monad_xyz/status/1892227817149997212">testnet</a> with 0.5 second block times. The testnet aims to achieve 1 billion gas per second before mainnet launch, approximately 40x increase over Base's current capacity.</div>
</li>
<li class="ace-line ace-line old-record-id-C7Uod8Sy8o4YZixO3HFu3K1Asye" data-list="bullet">
<div>- Hyperliquid launched&nbsp;<a rel="nofollow" href="https://x.com/HyperFND/status/1891730068151599464">HyperEVM</a> mainnet. A massive number of DeFi dapps are expected to launch gradually, while protocols such as HypurrFi, HyperSwap and Keiko are already live.</div>
</li>
<li class="ace-line ace-line old-record-id-D33mdUXc8ov4jsxfs4XuLAVdsdf" data-list="bullet">
<div>- NEAR launched&nbsp;<a rel="nofollow" href="https://pages.near.org/blog/shade-agents-the-first-truly-autonomous-ai-agents/">Shade Agents</a> framework which enables developers to build Autonomous AI agents on NEAR with Trusted Execution Environments (TEEs) supported to increase sovereignty with off-chain data and AI models, as well as enables agents to execute transactions on every chain via NEAR's Chain Signatures.</div>
</li>
<li class="ace-line ace-line old-record-id-ZK0CdpJaXo5u7PxW5zwu3LfEsYd" data-list="bullet">
<div>- Bittensor has successfully launched dTAO. There are 70 subnets currently and valued at approximately&nbsp;<a rel="nofollow" href="https://taostats.io/subnets">$85 million</a> in market cap among their Alpha tokens. Subnet 4, Targon, secured the top rank among the subnets with 12.3% of the emission entitlement.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusM98MfBerAhBfOuQbm8JvUf">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusv6W0DGsEHfnQUMAq3vBKyc">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-ZIhndnHLFog4JkxYyvkuXDkLs2c" data-list="bullet">
<div>- Kaito launched KAITO token which is valued at $1.5 billion in FDV. The launch demonstrated a successful example of a centralised platform utilises crypto into their services. Kaito is also powered by Bittensor subnet 5 to decentralise search indexing.</div>
</li>
<li class="ace-line ace-line old-record-id-JuhId63gxo0Ljkxyv4WuluXOs6c" data-list="bullet">
<div>- Crossmint, a&nbsp;<a rel="nofollow" href="https://x.com/crossmint/status/1892637795056820442">Solana Smart Wallet</a>, launched its beta on devnet with features such as gasless transaction and programmable security modules.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusuZa28zeoWMlCTMSKk0sbib" data-list="bullet">
<div>- Maple and CoreDAO announced&nbsp;<a rel="nofollow" href="https://x.com/maplefinance/status/1891623713893908518">lstBTC</a>, enabling BTC holders to earn yield on their BTC with custodians by trusted parties such as BitGo, Copper and Hex Trust.</div>
</li>
<li class="ace-line ace-line old-record-id-BOEbd9jYpoX5Dhx9sQ9uTPZDscf" data-list="bullet">
<div>- IO launched&nbsp;<a rel="nofollow" href="https://x.com/ionet/status/1892098890356359365">co-staking</a>, stakers can now co-stake with device suppliers to earn rewards.</div>
</li>
<li class="ace-line ace-line old-record-id-Iv4NdF6xzoj1zbxpr9FuALrJsZf" data-list="bullet">
<div>- Virtuals Protocol announced&nbsp;<a rel="nofollow" href="https://x.com/virtuals_io/status/1892205912150114577">Agent Commerce Protocol</a>, an open standard for multi-agent commerce and coordination.</div>
</li>
<li class="ace-line ace-line old-record-id-JtCQdjoHTo9Ol4xJP0PufrwZsWg" data-list="bullet">
<div>- Li.Fi Protocol, an aggregator of cross-chain bridges, announced&nbsp;<a rel="nofollow" href="https://x.com/lifiprotocol/status/1891865277853298922">LIFI 2.0</a>, an intents protocol that works across any VM.</div>
</li>
<li class="ace-line ace-line old-record-id-CP7NdleKXogyllxGad4uCUeesGc" data-list="bullet">
<div>- OpenEden introduced&nbsp;<a rel="nofollow" href="https://x.com/OpenEden_X/status/1892930212427431978">USDO</a>, a yield-bearing stablecoin backed by tokenised Treasuries under a Bermuda Digital Asset Business Act (DABA) License.</div>
</li>
<li class="ace-line ace-line old-record-id-X2gedcLFHohOCDxIIcuu4jGpsic" data-list="bullet">
<div>- Moonwell introduced&nbsp;<a rel="nofollow" href="https://x.com/moonwelldefi/status/1892605399666499985?s=46">Virtual Accounts</a>, a U.S. Checking accounts with zero fees. Users can receive USD via ACH, wire transfer, PayPal and more. The USD will be converted to USDC and earn yield in the USDC vault or spend with Moonwell Card.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusUPQql3P56gULHmwfeZXXqe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusHZ69ZiZYmXqMmQyO5hklif">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Fb9Bdy7L8o5z7UxesbRudazDs8g" data-list="bullet">
<div>- ETHDenver is held from February 23 to March 2.</div>
</li>
<li class="ace-line ace-line old-record-id-Zqqfdp8YHokzurxio2quzcImsqf" data-list="bullet">
<div>- Stacks will raise the&nbsp;<a rel="nofollow" href="https://x.com/Stacks/status/1888968196973052253">sBTC</a> cap to 3,000 BTC on February 25, providing yield of 5% APY.</div>
</li>
<li class="ace-line ace-line old-record-id-N0wHdMC8loynRSx07yJuVcVCsgb" data-list="bullet">
<div>- Kaito is expected to start distributing&nbsp;<a rel="nofollow" href="https://x.com/Punk9277/status/1892823531731505412">staking</a> rewards to stakers, the yield sources from Liquidity Incentives allocation and network fees.</div>
</li>
<li class="ace-line ace-line old-record-id-QM7OdwwRJopVmfxNXHzu7Va3sNh" data-list="bullet">
<div>- Solana is scheduled to unlock&nbsp;<a rel="nofollow" href="https://solanacompass.com/tokenomics">8.7 million SOL</a> or about $1.5 billion on March 1.</div>
</li>
<li class="ace-line ace-line old-record-id-UIdPdX8gXohclpxuApHuoaXbsRb" data-list="bullet">
<div>- Pump.fun is reportedly working on their own AMM liquidity pools on&nbsp;<a rel="nofollow" href="https://x.com/trenchdiver101/status/1893814646718730393">amm.pump.fun</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-E3tldG44aosfHkxiBeTutLFBsfb" data-list="bullet">
<div>- Story Protocol released its&nbsp;<a rel="nofollow" href="https://x.com/StoryProtocol/status/1892619749961380338">technical roadmap</a>, aiming to deliver IP Portal (IP registration and browse registered IP) and Story Attestation (an oracle network that brings IP validation signals onchain) in Q2.</div>
</li>
<li class="ace-line ace-line old-record-id-HFVLdsI4uoMVuvxIki8usl1Uspg" data-list="bullet">
<div>- The Curve founder, Michael Egorov, was reportedly working on a new project called&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/341554/curve-finance-founder-yield-basis-funding-token-valuation-source">Yield Basis</a>, aiming to solve impermanent losses for liquidity providers. The strategy involved borrowing crvUSD to create a liquidity ratios adjusted position to eliminate impermanent losses.</div>
</li>
<li class="ace-line ace-line old-record-id-Cal8dYLMoo38idxbGp2uuWoVsrc" data-list="bullet">
<div>- MakerDAO passed an emergency&nbsp;<a rel="nofollow" href="https://vote.makerdao.com/executive/template-executive-vote-rate-adjustments-arbitrum-token-bridge-initialization-smart-burn-engine-liquidity-unwind-smart-burn-engine-parameter-changes-allocator-spark-a-dc-iam-parameter-changes-standby-spell-changes-in-the-chainlog-aligned-delegate-compensation-atlas-core-development-payments-integration-boost-funding-spark-proxy-spell-february-21-2025">proposal</a> increasing the borrowing limit against SKY tokens and was claimed the proposal was to address the potential governance attack. The team also reclaimed the Uniswap V2 liquidity and reduced the surplus threshold to 70 million DAI, which caused the buyback and burn mechanism kicked in immediately.</div>
</li>
<li class="ace-line ace-line old-record-id-Wb49dR3xno1WICxFx0ou3nGMsoh" data-list="bullet">
<div>- Liquity announced V2 will be&nbsp;<a rel="nofollow" href="https://x.com/LiquityProtocol/status/1892943503489179877">re-deployed</a> in mid-March.</div>
</li>
<li class="ace-line ace-line old-record-id-YufSdeZruo1DTkx33NYu13v8sJd" data-list="bullet">
<div>- FTX is expected to distribute the claims over $50,000 on May 30.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusqGM5cmSpPHYZM86cIqexFT">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuslmSGVxLX3ScvqJYhA4zFrf">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Wg9UdpHhnoQSfMxNvnmuu3cjs3d" data-list="bullet">
<div>- ALT token unlocked on February 25, amount representing 9.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-VhKvd5UrboRp3px1NBDuokH2sKh" data-list="bullet">
<div>- OP token unlocked on February 28, amount representing 2.39% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-MwyxdZTpdoO9y2xQ6eZuTjU9snf" data-list="bullet">
<div>- GRASS token unlocked on February 28, amount representing 1.52% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-BUzQd187TosjmbxVxgku3jp2sbc" data-list="bullet">
<div>- SUI token unlocked on March 1, amount representing 2.60% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UYZ3diiPioVewWxCvOQuKI9psyb" data-list="bullet">
<div>- ENA token unlocked on March 2, amount representing 3.02% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-XxehdKMqzoCoTQxNenxui94Ps0b" data-list="bullet">
<div>- JTO token unlocked on March 7, amount representing 3.84% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-MCEndjjdBoGwvWxBC9Xu3kNisv7" data-list="bullet">
<div>- MOVE token unlocked on March 9, amount representing 2.08% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-WR0hdwBvno1U5hx0MoMuwD1ssje" data-list="bullet">
<div>- IO token unlocked on March 11, amount representing 2.17% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DIcGdoue8ofIz6x3hmOuEHn2sah" data-list="bullet">
<div>- APT token unlocked on March 12, amount representing 1.91% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-GARCdG827o3CPFxTEiUuXGPysdf" data-list="bullet">
<div>- STRK token unlocked on March 15, amount representing 2.47% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusV4TFAAb1rfJHd3UWfEEXEd">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusjhVmZFP844V1cgoWIbbr2e">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>



Headline News



- Bitcoin saw minimal movement last week, recording a modest 0.14% gain. Market-wide trading volume d

Weekly Market Insight: February Week 4 

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<div class="ace-line ace-line old-record-id-doxusLYD8wUG6qoANtJwaezYHfV">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusZU2MCLuJNqJ534u0FEfALh" data-list="bullet">
<div>- The Bitcoin price was muted last week, closing the week with slight decline of approximately 0.36%. The high uncertainty environment of macroeconomics decreased the investors' risk appetite. Bitcoin ETFs experienced the largest net outflow of $651.83 million since September 2024.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusDcqhG2efaKYhd0VAKVbyvb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuslX5XcUkBg8hb5fsdY6Y28f">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-RVqjdpkT3o32MwxNg6Fu36TqsId" data-list="bullet">
<div>- Jerome Powell re-emphasised the Federal Reserve stand to stay patient on rate cuts during his testimony to Congress.</div>
</li>
<li class="ace-line ace-line old-record-id-MsTHdrED1owqNwxnEjMuS6Z3sBe" data-list="bullet">
<div>- The U.S. inflation rate in January increased to 3%, higher than the 2.9% market expectation. Meanwhile, PPI increased to 3.5% in January, well above market expectation of 3.2%. Despite that, given the PPI components, economists lowered their expectation that January core PCE to the range around 0.22% to 0.3% from 0.4% to 0.45%. The slightly more benign inflation expectation suppressed the 10-Year government bond yield from a high of 4.66% to 4.48% at the end of the week.</div>
</li>
<li class="ace-line ace-line old-record-id-doxuscSckfcFUUqP1B10qJbidve" data-list="bullet">
<div>- Howard Lutnick, the president's nominee to lead the Commerce Department, stated the studies of reciprocal tariffs should be completed by April 1 and Trump could act immediately afterward.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusBntzsdKBirHgP1zmGBMfDg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxussCeAkj1FBaYwtDWCwyCvAh">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus9igR7nDpM0rSz5iG9Ko8Bc" data-list="bullet">
<div>- Thursday, February 20, 3:00am: The FOMC Minutes</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusWY7ceGkNHVRLwS8g3zH0Ac">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxustkwtNCVXBsApMSehSNOudr">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus85KRnbdZS0DVVpW0jpgycf" data-list="bullet">
<div>- The Wisconsin State Pension Fund increased their IBIT shares from 2,889,251 to 6,060,351 in Q4 2024.</div>
</li>
<li class="ace-line ace-line old-record-id-PGF3dTS4LoeOjMxOCIkuZ8ngs1h" data-list="bullet">
<div>- The Argentine President, Javier Milei, faced impeachment calls after promoting LIBRA token, which ended up being rugged. The token was dumped by insiders from the&nbsp;<a rel="nofollow" href="https://x.com/kelsierventures/status/1890914579493863532">team</a>, KoLs and some accused individuals from <a rel="nofollow" href="https://x.com/JupiterExchange/status/1891181433588470052">Jupiter</a> team had relevant insider information before the launch.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusC6hGK75Cyw5XTcwDwTcCvf">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxuspofSlpua1N46c25VEo6JAc">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusEm3FHRbnbQqoN76DbUsU9w" data-list="bullet">
<div>- XION onboard&nbsp;<a rel="nofollow" href="https://app.earnos.com/mission/im-on-the-way-with-uber?ref=krypthye">Uber</a> to mainnet with <a rel="nofollow" href="https://x.com/burnt_xion/status/1889337902980870552">EarnOS</a>, helping the company to reach a broader customer base and reward users with real-demand.</div>
</li>
<li class="ace-line ace-line old-record-id-Q7wLdMBF7ouxh2xSWdBuI6TSs6b" data-list="bullet">
<div>- Arbitrum launched&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/340278/offchain-labs-releases-arbitrum-bold-on-mainnet-for-permissionless-validation">BoLD</a> on the mainnet, enabling permissionless validation of the Layer-2 networks.</div>
</li>
<li class="ace-line ace-line old-record-id-CAAodKsIuojn8Mx8D5QuQSAOsAj" data-list="bullet">
<div>- Lens, the Web3 social platform, announced Lens Chain will be using&nbsp;<a rel="nofollow" href="https://x.com/LC/status/1889743207904485631">GHO</a> as the gas token.</div>
</li>
<li class="ace-line ace-line old-record-id-OHhhdcJpCoLvOyx624TusmxhsOR" data-list="bullet">
<div>- Union Fintech launched&nbsp;<a rel="nofollow" href="https://x.com/zksync/status/1889876479514673622">Union Chain</a> with zkSync stack to establish a regulated exchange and RWA tokenisation platform.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusURmGAnnyiVLZWoaZWKTvfe">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusKST876fPUnlYVPSjJGG91e">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Y4bid3zh8ooPuexuBXHu5lTsssd" data-list="bullet">
<div>- Ondo announced strategic partnership with&nbsp;<a rel="nofollow" href="https://x.com/OndoFinance/status/1889675990055657623">World Liberty Finance</a> to integrate USDY, OUSG and tokenised securities from upcoming GM into the WLFI platform.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusigfRUUFBTcpCsBsnxPufWc" data-list="bullet">
<div>- Lido V3 introduced&nbsp;<a rel="nofollow" href="https://blog.lido.fi/lido-v3-ethereum-staking-infrastructure/">stVaults</a>, a customised vault solution for configuration such as institution staking that connects to specific Node Operators, leverage strategies, restaking exposure and more.</div>
</li>
<li class="ace-line ace-line old-record-id-CHBfdmgSHolhUtxbuyuuzgffsxe" data-list="bullet">
<div>- Uniswap launched the highly anticipated&nbsp;<a rel="nofollow" href="https://x.com/unichain/status/1889313993296064770">Unichain</a>, the Layer-2 has attracted over $25 million TVL in a week.</div>
</li>
<li class="ace-line ace-line old-record-id-OJ4QdwpX9obAJ8xPWIZua86Bsse" data-list="bullet">
<div>- VaderAI introduced&nbsp;<a rel="nofollow" href="https://x.com/VaderResearch/status/1889816510711079171">Early Agent Offering</a>, a pre-sale launchpad to all VADER stakers. Stakers who sell the pre-sales token early will get their whitelist points slashed and diamond hands will be rewarded with more points for the next pre-sale.</div>
</li>
<li class="ace-line ace-line old-record-id-IK5dd8CeboA81QxTih4uZBQksC6" data-list="bullet">
<div>- Unit, a tokenisation layer for&nbsp;<a rel="nofollow" href="https://x.com/hyperunit/status/1890437173738107107">Hyperliquid</a>. The protocol was introduced to onboard native BTC to Hyperliquid for unified CLOB spot trading experience. More assets such as ETH and SOL are expected to be integrated soon.</div>
</li>
<li class="ace-line ace-line old-record-id-GRiydV6t9oQEMrx9aMXuv3uAsHe" data-list="bullet">
<div>- Nous Research introduced&nbsp;<a rel="nofollow" href="https://x.com/NousResearch/status/1890148000204485088">DeepHermes-3 Preview</a>, their new LLM that unifies reasoning and intuitive language model capabilities.</div>
</li>
<li class="ace-line ace-line old-record-id-ExMndVPYqoPt0UxakanuYs0Csji" data-list="bullet">
<div>- RedStone, the oracle solution for pricing underlying assets, introduced&nbsp;<a rel="nofollow" href="https://blog.redstone.finance/2025/02/12/introducing-red-tokenomics/">RED</a> token. The token is designed to be staked as oracle network security via EigenLayer AVS mechanism. 51.7% token supply is allocated to the team and backers, with the first major unlock after 12 months.</div>
</li>
<li class="ace-line ace-line old-record-id-D4wnd8qDioaGOHxFu4fuuqiCsMt" data-list="bullet">
<div>- MyShell introduced&nbsp;<a rel="nofollow" href="https://x.com/myshell_ai/status/1890024055404892501">SHELL</a> token, the native token to compensate AI agent creators and the payment token to use the AI tools on MyShell. MyShell also announced major updates on <a rel="nofollow" href="https://x.com/myshell_ai/status/1891100435257434359">ShellAgent</a> features with more seamless codeless AI configuration, direct social media interactions, and more on-chain copilot capabilities.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxussDw4mDNLFRr5nHblqdPgIc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusmqbmW2Dpm55ceAFwkJj49e">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus93zp3vH0x9gBgjY7zuA3If" data-list="bullet">
<div>- CoinDesk is holding the Consensus conference in Hong Kong from February 18 to 20.</div>
</li>
<li class="ace-line ace-line old-record-id-AqV6dAsbtoKyLXxQnDCuVqffsyh" data-list="bullet">
<div>- Jupiter is starting its&nbsp;<a rel="nofollow" href="https://x.com/JupiterExchange/status/1890089764218630253">buyback</a> using 50% of all protocol fees on Monday. Jupiter is also expected to deliver technical previews on the <a rel="nofollow" href="https://x.com/weremeow/status/1890414960074698878">Jupnet</a> in April.</div>
</li>
<li class="ace-line ace-line old-record-id-QIprdfqEJo8ldmxG1gPuAkeWsUg" data-list="bullet">
<div>- Kaito introduced&nbsp;<a rel="nofollow" href="https://x.com/_kaitoai/status/1890379872280682548">KAITO</a> token as the participating token of its platform, network currency and governance. The token generation has been spotted on Base, with more details expected this week.</div>
</li>
<li class="ace-line ace-line old-record-id-Ari7dg4JvoDyROxnV7DuZQudsGh" data-list="bullet">
<div>- Ethereum Foundation deployed&nbsp;<a rel="nofollow" href="https://x.com/ethereumfndn/status/1889978208986280031">45,000 ETH</a> to participate in DeFi protocols such as AAVE, Spark Finance and Compound. The foundation is exploring staking next.</div>
</li>
<li class="ace-line ace-line old-record-id-UGTadqySCo6zVCxFHXzuHDS9sV8" data-list="bullet">
<div>- Liquity V2 found&nbsp;<a rel="nofollow" href="https://x.com/LiquityProtocol/status/1890091102239408544">vulnerability</a> in the Stability Pools, and an update on redeployment is expected next week. Quill Finance has launched a friendly fork on Scroll, two other forks are expected in the coming week and more in March.</div>
</li>
<li class="ace-line ace-line old-record-id-BUVjdqOoyoiRVrxBTUKulWkSssf" data-list="bullet">
<div>- Doodle announced it will be launching&nbsp;<a rel="nofollow" href="https://x.com/doodles/status/1890082282364629239">DOOD</a> token on Solana.</div>
</li>
<li class="ace-line ace-line old-record-id-Jaauds7Hdo4GCtx49lQum1CpsBf" data-list="bullet">
<div>- OpenSea announced it will be launching&nbsp;<a rel="nofollow" href="https://x.com/openseafdn/status/1890041091577057522">SEA</a> token soon without much details.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxuskqCMeFJ3aqWGzu76PQyMI5">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusKnC01Dp0PIYdkOcmcm1nhe">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-VI4sdvlFOo5DWOxdFc2uPlsNsvf" data-list="bullet">
<div>- MELANIA token unlocked on February 20, amount representing 23.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-W8uVd9nr5oZ6ndxCoYDugenms5c" data-list="bullet">
<div>- IMX token unlocked on February 21, amount representing 1.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DVVAddixxotkQ1xLLAru1VNVs8c" data-list="bullet">
<div>- PLUME token unlocked on February 21, amount representing 5.32% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-NdXxdf8aQoe0KKxQwTKumahGsuh" data-list="bullet">
<div>- ALT token unlocked on February 25, amount representing 9.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-S7pxdkC9roKAxwxJksKuh9bxscg" data-list="bullet">
<div>- OP token unlocked on February 28, amount representing 2.39% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Ap83daqEOoHjaBx1W7buMdZCsFd" data-list="bullet">
<div>- GRASS token unlocked on February 28, amount representing 1.52% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UiMKdUnxNorMD6x7QZ1uBVMAsVe" data-list="bullet">
<div>- SUI token unlocked on March 1, amount representing 2.60% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Oo9FdwlaPodo9px0YaiuMqBasSb" data-list="bullet">
<div>- ENA token unlocked on March 2, amount representing 3.02% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-PhhPdwWijoXaYkxrcQLu4hgwske" data-list="bullet">
<div>- JTO token unlocked on March 7, amount representing 3.84% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusQS6znQdfoz7A1UzxMkUTBz">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusKiZDLdFrXkOpPROC8N4r8c">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- The Bitcoin price was muted last week, closing the week with slight decline of approximately 0.36%

Weekly Market Insight: February Week 3 

<div data-page-id="GNs2d58Zjo8tI2xq2SYuVfMbsFf" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusOMJYBs8etdgwc64Fl5ORNc">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusZozwdbZrYArSJPLksrWKWe" data-list="bullet">
<div>- Despite Trump halting tariffs on Mexico, Canada and low-cost packages from China, the market stayed extremely cautious. After recovering from Monday liquidation, Bitcoin was traded at a tightening range and closed the week with a 1.07% decline.</div>
</li>
<li class="ace-line ace-line old-record-id-Vg8idUEVloyfTqxguG9uhlaGskc" data-list="bullet">
<div>- However, Bitcoin ETFs still experienced a weekly net inflow of $203.54 million. Stablecoin market cap extended its 6th consecutive increase, resulting in over $4.33 billion new stablecoin issued on chain.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxustUyr6oDwVRglhwlyOYDWLb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusovscY5VTRK9pE9LgraZvMc">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusrbwwvxHwdeCy1o7TbiOYpb" data-list="bullet">
<div>- The U.S. Manufacturing PMI increased to 50.9 in January, higher than the expected 49.8. It is the first expansion in manufacturing after 26 consecutive months of contraction. Meanwhile, services PMI increased to 52.8 in January, well below expectation of 54.3.</div>
</li>
<li class="ace-line ace-line old-record-id-FDYFdrtC1oZCw8xrN4huCgFGsJn" data-list="bullet">
<div>- The U.S. Non-Farm Payrolls increased 143K in January, below market expectation of 170K. The unemployment rate in January decreased to 4%, the lowest level since March 2024 and below the market expectation of 4.1%.</div>
</li>
<li class="ace-line ace-line old-record-id-UWxMd9AAfohmhTxPRTRujKVMs9b" data-list="bullet">
<div>- Trump announced his plans to unveil&nbsp;<a rel="nofollow" href="https://www.bloomberg.com/news/articles/2025-02-07/trump-says-he-will-announce-reciprocal-tariffs-next-week">reciprocal tariffs</a> next week. The market expects the upcoming announcement to include new tariffs on EU countries.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusoFvYcMX3t7xn3aOuCKI01g">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuseAxQyM1anpHEkYAYs3VVZc">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusM3nOAlMGymHQPi62f9Xbmb" data-list="bullet">
<div>- Tuesday, February 11 and 12, 11:00pm: Testimony of Jerome Powell to Congress</div>
</li>
<li class="ace-line ace-line old-record-id-YaOTdtvjqob6uXxi4W3u8sn8scd" data-list="bullet">
<div>- Wednesday, February 12, 9:30pm: The U.S. Inflation Rate in January</div>
</li>
<li class="ace-line ace-line old-record-id-Ad5ldTsFMoUG7MxzwwQuLvcrsqg" data-list="bullet">
<div>- Thursday, February 13, 9:30pm: The U.S. PPI in January</div>
</li>
<li class="ace-line ace-line old-record-id-XTuedRgY7ogxIrxC4CBuLkdSs5b" data-list="bullet">
<div>- Friday, February 14, 9:30pm: The U.S. Retail Sales in January</div>
</li>
</ul>
</div>
</div>
</div>
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<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusPxCn4zqRhDfvhmsoNS4XMc" data-list="bullet">
<div>- The Czech president signed a bill exempting Bitcoin holding more than 3 years from&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/339287/czech-president-signs-law-exempting-capital-gains-taxes-on-crypto-held-for-three-years#:~:text=Quick%20Take,country's%20parliament%20in%20early%20December.">capital gain tax</a>.</div>
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<li class="ace-line ace-line old-record-id-VGtWdbRD7o44eKxrtv3uC8bMsse" data-list="bullet">
<div>- The Ethereum Foundation transferred 50,000 ETH to a multi-signature wallet which plans to participate in Ethereum DeFi protocols.</div>
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<h3 class="heading-3 ace-line old-record-id-doxuspx334XbhuM1UhkVKmY39bc">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-EiZvdF6FnorP8BxlvhBuPnsYsJf" data-list="bullet">
<div>- Beachain has launched its&nbsp;<a rel="nofollow" href="https://x.com/berachain/status/1886777450480259265">mainnet</a>. Berachain pioneered the concept of Proof of Liquidity, where applications are built on top of the shared liquidity pools and being incentivised by the mechanism.</div>
</li>
<li class="ace-line ace-line old-record-id-doxushu8DSPNnr4r4baH1q4KK0e" data-list="bullet">
<div>- Solayer has released its&nbsp;<a rel="nofollow" href="https://x.com/solayer_labs/status/1887533566676115532">LAYER</a> token details with 51.23% allocated to the community. Team &amp; advisor and investors allocation will be vested with the first cliff release in a year. LAYER utility will be centered around governance at launch, while the team plans to enable LAYER to participate in staking and gas payment in the future.</div>
</li>
<li class="ace-line ace-line old-record-id-YC9idN97YoHCBjx8CFUu9jP3sq9" data-list="bullet">
<div>- Polygon released Agglayer v0.2 on the mainnet, allowing chains with different security models to connect with&nbsp;<a rel="nofollow" href="https://x.com/Agglayer/status/1886439865295765589">pessimistic proof</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-CzzwdtZKloGfZHxkq57ujKsNsic" data-list="bullet">
<div>- MegaETH introduced its flagship soulbound NFT collection,&nbsp;<a rel="nofollow" href="https://x.com/megaeth_labs/status/1886947683220234670">The Fluffle</a>. The NFT holders will be entitled to 5% allocation of the token supply with 6 month linear vest.</div>
</li>
<li class="ace-line ace-line old-record-id-RPqsd6G8moMpZMxSGHbulPJHsfd" data-list="bullet">
<div>- AO has launched its&nbsp;<a rel="nofollow" href="https://x.com/aoTheComputer/status/1888367204523000259">mainnet</a>, a decentralized supercomputing environment powered by Arweave.</div>
</li>
<li class="ace-line ace-line old-record-id-HwCZdl9gQo9QvLxsc6cuu00gsxP" data-list="bullet">
<div>- Story Protocol released its&nbsp;<a rel="nofollow" href="https://x.com/StoryProtocol/status/1887833486645702865">IP</a> token, allocating 58.4% to ecosystem, community and foundation. The token is used for staking, gas payment (portion of the gas is burnt for each transaction) and governance. The first significant increment of unlocking is scheduled 10 months after launch.</div>
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<li class="ace-line ace-line old-record-id-SnTZdTNOOo4cU3xjIx7uQ2OqsFe" data-list="bullet">
<div>- Avail, Symbiotic and Radius introduced&nbsp;<a rel="nofollow" href="https://x.com/AvailProject/status/1887263843673354320">Alpha Engine</a>, enabling developers to seamlessly launch high throughput rollups through shared security and capture revenue from MEV.</div>
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</ul>
<div class="ace-line ace-line old-record-id-doxusXxF1hIIVrNCwwBEBhJUbrd">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxus2N61ZtVw7BMXnNG1bQeLte">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-QidadChI1ozRz4xSRbJuNzRqs2d" data-list="bullet">
<div>- Ondo Finance held the Ondo Summit in New York last week. During the event, the team introduced&nbsp;<a rel="nofollow" href="https://x.com/OndoFinance/status/1886460786224042447">Ondo Nexus</a>, enabling instant liquidity for tokenised Treasury issued by third party issuers such as Franklin Templeton, WisdomTree, Wellington Management, and Fundbridge Capital. The team also introduced <a rel="nofollow" href="https://x.com/OndoFinance/status/1887522597480337672">Ondo Chain</a>, featuring permissioned validators ran by select financial institutions, publishing key off-chain data and ran their own DVN to detect address details such as KYC and sanction information. The team also reintroduced Ondo Global Market (<a rel="nofollow" href="https://x.com/OndoFinance/status/1886822778277351608">Ondo GM</a>), a platform for tokenised securities and plans to launch it within 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-OOEDdrXYXoAe9axCCXMuWpcNs8c" data-list="bullet">
<div>- Pendle released&nbsp;<a rel="nofollow" href="https://medium.com/pendle/pendle-2025-zenith-cf1a91e6e23f">2025 roadmap</a> that focuses on v2 improvement with opening up permissionless listing and dynamic fees, expanding to Solana, Hyperliquid and TON networks, integrating RWA assets, and the launch of Boros.</div>
</li>
<li class="ace-line ace-line old-record-id-VSjYdzjm3oGGQ3x6pnOuYKAlsMe" data-list="bullet">
<div>- Frax Finance launched Borrow Automated Market Maker (<a rel="nofollow" href="https://x.com/fraxfinance/status/1886867943184851214">BAMM</a>), enabling users to borrow and lend from LP positions from Fraxswap on Fraxtal chain, significantly increasing users' capital efficiency.</div>
</li>
<li class="ace-line ace-line old-record-id-Ld2FdnsM6obstYx7B1EudRLOsRf" data-list="bullet">
<div>- Coop Records launched its first&nbsp;<a rel="nofollow" href="https://x.com/soneium/status/1887699795919225281">music collection</a> on Soneium via Sonova launchpad.</div>
</li>
<li class="ace-line ace-line old-record-id-H7qAdZO6Eoo1Zkx5Wuyu9glLs5e" data-list="bullet">
<div>- Goldfinch launched&nbsp;<a rel="nofollow" href="https://x.com/goldfinch_fi/status/1886841407647699010">Goldfinch Prime</a> on Base, introducing institutional-grade private credit funds from multiple asset managers in a single vault.</div>
</li>
<li class="ace-line ace-line old-record-id-OsrNdkvVXoIlVUxnscnufVXIsVf" data-list="bullet">
<div>- Thorchain plans to issue creditors a new&nbsp;<a rel="nofollow" href="https://x.com/THORChain/status/1886110777939292225">TCY</a> token, as part of efforts to resolve the $200 million debit crisis from ThorFi. TCY holders will be entitled to 10% of THORChain's revenue in perpetuity.</div>
</li>
<li class="ace-line ace-line old-record-id-RfKHdHNxgoi6HNx2N6euTxJ6squ" data-list="bullet">
<div>- HeyAnon, the DeFAI protocol, has launched its&nbsp;<a rel="nofollow" href="https://x.com/HeyAnonai/status/1887926481004745049">public beta</a> v0.1 across multiple networks including Ethereum, Base, Sonic and more.</div>
</li>
<li class="ace-line ace-line old-record-id-JYyWdkDJ8oZMdNxvql6umrOasTg" data-list="bullet">
<div>- Grass Protocol announced&nbsp;<a rel="nofollow" href="https://x.com/getgrass_io/status/1886541454664974807">Phase 2 of Sion Upgrade</a>, aiming to increase the efficiency of data scraping by 15x.</div>
</li>
<li class="ace-line ace-line old-record-id-Ok0AdxmdWokEoex607RugyS4sde" data-list="bullet">
<div>- Eigen Layer introduced&nbsp;<a rel="nofollow" href="https://x.com/eigenlayer/status/1886880694019788973">Verifiable Agents</a> using AVSs to verify inferences, implement output policy and Event-Driven Activations (EDA) which agents can react to specific on-chain/off-chain events.</div>
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</ul>
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<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusVNMx9JLuhEPk8bb0u8MZAf" data-list="bullet">
<div>- Ethereum developers confirmed&nbsp;<a rel="nofollow" href="https://www.coindesk.com/tech/2025/02/06/ethereum-s-pectra-upgrade-to-hit-testnets-in-february-and-march">Pectra</a> testnet dates in February and March, potentially leading to a mainnet upgrade in April.</div>
</li>
<li class="ace-line ace-line old-record-id-U6xBdJcMTofp1ax4HnjuwdxSsdc" data-list="bullet">
<div>- Bittensor is expected to launch the highly anticipated dTAO upgrade on February 10.</div>
</li>
<li class="ace-line ace-line old-record-id-KjDTdIkoGoSz3Mxt2gHuLPxTsfg" data-list="bullet">
<div>- FTX creditors with claims less than $50,000 are expected to receive&nbsp;<a rel="nofollow" href="https://x.com/sunil_trades/status/1888127969681461662">repayment</a> on February 18.</div>
</li>
<li class="ace-line ace-line old-record-id-XOQhd1ZXIo14CCxhKYmuewaasce" data-list="bullet">
<div>- The SEC has delayed the decision on Ethereum ETF options trading to April 9.</div>
</li>
<li class="ace-line ace-line old-record-id-FkfudOBKKoDKXtxrlg5un9UOsnI" data-list="bullet">
<div>- Uniswap introduced Unichain Validator Network (<a rel="nofollow" href="https://x.com/UniswapFND/status/1886819610336616722">UVN</a>), sharing 65% of revenue to validators and stakers. The UVN will be live on testnet for several months before going live.</div>
</li>
<li class="ace-line ace-line old-record-id-Hodbd510PoC7JKxnOvjuO02Mswf" data-list="bullet">
<div>- Usual passed the proposal to launch the&nbsp;<a rel="nofollow" href="https://v1.snapshot.box/#/usualmoney.eth/proposal/0x1b081d3b3dd611094e96b690dc5d981d86bb724cce5ef562d9eecbe580b535c2">USL module</a>, creating a fixed borrowing cost vault for USD0++ to borrow USD0.</div>
</li>
<li class="ace-line ace-line old-record-id-M36ldBuoDoOo2OxreelupSv1sIb" data-list="bullet">
<div>- Lido announced&nbsp;<a rel="nofollow" href="https://x.com/LidoFinance">v3</a> will be coming soon without much details.</div>
</li>
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<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-HU0FdVhVyooAKfxDctIuuq8HsLa" data-list="bullet">
<div>- IO token unlocked on February 11, amount representing 2.58% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JyFTd5GR7oytbbxRaKguwCJaseh" data-list="bullet">
<div>- APT token unlocked on February 12, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-TPaDdGv9NoVyxjxXXxpuk8xvsgd" data-list="bullet">
<div>- SAND token unlocked on February 14, amount representing 8.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-LiAadsYPboDBL9xzDjiuMIgEsYf" data-list="bullet">
<div>- STRK token unlocked on February 15, amount representing 2.45% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RBF0dxeEroFGqgx2JXUuCYHdswc" data-list="bullet">
<div>- ARB token unlocked on February 16, amount representing 2.13% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DXB9dqsQIoQXobxBGrruj28rsRf" data-list="bullet">
<div>- APE token unlocked on February 17, amount representing 2.12% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-NaLsdxw7lo3EZfxZ0NVu5ters4d" data-list="bullet">
<div>- MELANIA token unlocked on February 20, amount representing 23.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-YIOrd2Ap6o1ugJxJi5gutyRHsLo" data-list="bullet">
<div>- IMX token unlocked on February 21, amount representing 1.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-YjmDdPaW1oMxPWxPOqluIn8ssmb" data-list="bullet">
<div>- PLUME token unlocked on February 21, amount representing 5.32% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-C4dJdfzMSo2FEcxLcNrueTHosjf" data-list="bullet">
<div>- ALT token unlocked on February 25, amount representing 9.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-SlUYdj6HMoPwvZxCTAvu3r9msug" data-list="bullet">
<div>- OP token unlocked on February 28, amount representing 2.39% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-NsfFdrlCIoOT7sxGKg5ulPgJs0g" data-list="bullet">
<div>- GRASS token unlocked on February 28, amount representing 1.52% of the token supply.</div>
</li>
</ul>
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<div class="ace-line ace-line old-record-id-doxusc8sktAsqDiZKHqvkXPeOSe">&nbsp;</div>
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