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Gate Research Institute: Gate Wallet officially supports Berachain, tokenization of US Treasury market capitalization has surpassed 5 billion USD for the first time.
Summary
Market Commentary
Popular Tokens
According to Gate.io market data【9】, combined with the trading volume and price performance over the past 24 hours, the popular altcoins are as follows:
**MOVE (Movement Network) **—— Daily increase of about 33.33%, with a circulating market value of 1.4 billion USD.
Movement Network is the first second-layer blockchain built on Ethereum using the Move language, aimed at providing high TPS, enhanced security, and near-instant finality. Movement Network integrates the Ethereum EVM in the form of the Move language, bringing superior security performance and application diversity to the leading smart contract platform, thereby improving the Ethereum ecosystem.【10】
Recently, the price of MOVE tokens has surged significantly, mainly influenced by the Movement Network Foundation's announcement of a $38 million token buyback plan on March 25, 2025. The funding for this plan comes from the profits of a non-compliant market maker frozen by Binance. The foundation plans to gradually repurchase MOVE tokens on Binance using these funds and deposit the repurchased tokens into the "Movement Strategic Reserve" wallet to reduce circulating supply, enhance token stability, and improve ecosystem liquidity. The buyback plan will last for three months and officially launched early on March 26. Although some community members have concerns about the source of the funds, overall market sentiment remains optimistic, driving the MOVE token up over 30% within 24 hours, reflecting strong market reaction and investor confidence.
**DGB (DigiByte) **—— Daily increase of approximately 16.52%, circulating market value is $187 million.
DigiByte (DGB) is a decentralized, highly secure blockchain platform, whose native token DGB aims to provide global users with fast, low-cost digital payment and data security solutions. Since its launch in 2014, DigiByte has been committed to enhancing blockchain performance through technological innovation, featuring five mining algorithms, a multi-layer architecture, and high TPS (transactions per second) capability, providing stable and reliable infrastructure for individual and enterprise users. Its decentralized community-driven development model allows DigiByte to maintain an active ecosystem and continue evolving without the need for an ICO or pre-mining. DGB tokens are widely used for cybersecurity, payment processing, and future smart contract deployment, serving as the core tool for ecosystem operations.
The main driving force behind the recent rise of the DGB token is the Taproot upgrade that has been officially approved by the DigiByte community and is about to be activated, injecting new technical vitality into the platform. This upgrade, originally a protocol optimization scheme introduced for Bitcoin, has now been adopted by DigiByte, aiming to reduce transaction fees, enhance privacy, and support more complex smart contract logic. Particularly through technologies such as MAST (Merkelized Alternative Script Trees) and P2TR (Pay-to-Taproot), it improves the overall transaction efficiency and scalability of the network. Furthermore, the upgrade has received over 95% block support, showcasing strong community consensus and also boosting market confidence in DGB's future potential. The surge in social media interest, increased trading volume, and the heated discussions related to the upgrade collectively propelled DGB to achieve an increase of over 17% in a short period.
**CARV (Carv) **—— Daily increase of approximately 17.68%, with a circulating market value of 89.27 million USD.
CARV is a Web3 project focused on the gaming and artificial intelligence data ecosystem, with its native token CARV playing a crucial role on the platform. CARV aims to build a user-driven data layer that empowers the interconnectivity between gamers and AI applications, allowing users to earn real rewards through data contributions and governance participation. The platform encompasses multiple modules, including decentralized identity (DID), a reward system, governance mechanisms, and game data integration, dedicated to creating a transparent, efficient, and user-driven data economy for developers, players, and data consumers. The CARV token, as the core of the ecosystem, can be used for staking, participating in voting and community governance, as well as redeeming rewards, unlocking features, and supporting future platform services.
The main driver behind the recent price increase of the CARV token is the "Infinite Play" incentive program launched by the platform on March 25, 2025. This program encourages users to engage in game interactions, vote governance, and co-build the community by distributing 300,000 $CARV incentives, significantly enhancing platform activity and user stickiness. At the same time, the market's enthusiasm for data and AI projects has continued to rise, and CARV itself, as a data platform covering over 900 games and AI projects, has attracted investor attention due to its unique positioning in the industry. CARV has risen nearly 19% in the past 24 hours, with trading volume significantly increased, reflecting the market's recognition and confidence in its growth potential. 【12】
Highlight Data
Tokenized U.S. Treasury market cap surpasses $5 billion for the first time
As of March 25, 2025, the market value of tokenized U.S. Treasury bonds has surpassed $5 billion for the first time, reaching $5.02 billion, marking a new phase for this market. This sub-market has grown rapidly in a short period—starting from $4.2 billion on March 13, it has increased by $820 million in less than two weeks. Tokenized U.S. Treasury bonds are a financial innovation that allows U.S. government-issued bonds to be traded on the blockchain in the form of digital tokens. Compared to traditional bond trading methods, tokenized Treasury bonds can improve trading efficiency and enhance the liquidity and composability of assets, thus attracting wide attention from traditional financial institutions and crypto investors. The rapid expansion of this market is primarily driven by the BlackRock BUIDL fund. This fund has a market capitalization of approximately $1.7 billion, firmly holding the top position in the market and becoming the core driving force behind this round of growth. In addition, the rising demand from investors for security, transparency, and highly liquid assets has further accelerated the development of the tokenized bond market.
PumpSwap's daily trading volume surpassed 580 million USD, capturing 19.2% of the Solana ecosystem share
PumpSwap, a new decentralized exchange platform (DEX) launched by Pump.fun, has seen rapid growth in trading volume since its launch on Solana on March 19. On its first day of launch, trading volume reached $50 million, then climbed rapidly and reached a one-day peak of $580 million on March 25. To date, the platform's cumulative trading volume has exceeded $1.5 billion, and its market share in the Solana ecosystem has increased to 22.4%. At the same time, the number of PumpSwap transactions has exceeded 11 million, and the number of active users has reached 388,000. PumpSwap was launched by Pump.fun and is committed to building a "frictionless" decentralized trading environment focused on memecoin trading, optimizing the liquidity and user experience of memecoin projects.
The rapid rise of PumpSwap is mainly attributed to its reduction of friction in memecoin trading. Previously, memecoins issued on Pump.fun needed to be migrated to Raydium for trading, which was a complex process that affected the smoothness of transactions. PumpSwap has simplified the trading process through an instant and free migration mechanism, enhancing the user experience. Moreover, the platform's trading activity has also led to significant revenue growth. PumpSwap has generated over $2.1 million in transaction fee revenue, with protocol earnings exceeding $1.5 million, while liquidity providers received $540,000, further enhancing its ecological appeal.
USDC market capitalization surpasses 60 billion USD, setting a new historical high
The USDC stablecoin issued by Circle has successfully surpassed a market capitalization of 60 billion dollars as of March 25, 2025, currently reaching 61 billion dollars, setting a historical new high. This growth signifies the further consolidation of USDC's position as a leading stablecoin globally. The continuous rise in USDC's market capitalization reflects the market's recognition of its important role in the digital asset ecosystem.
As the DeFi ecosystem, cross-border payments, and cryptocurrency trading continue to expand, the demand for USDC has been rising, driving its market capitalization to new heights. Circle is continuously promoting the development of the digital economy by collaborating with multiple crypto platforms and financial institutions, thereby expanding the use cases and market penetration of USDC. In the context of high volatility in the cryptocurrency market, stablecoins provide users with a medium for value transfer with price stability, and their usage and recognition globally are continually increasing, further driving the growth of USDC's market capitalization【15]
Hot Comments
Gate Wallet officially supports Berachain, enhancing security and liquidity
Gate Wallet officially announced support for Berachain on March 25, 2025. Berachain is a Layer 1 blockchain known for its Proof of Liquidity (PoL) consensus mechanism. This integration provides broader access to the Berachain ecosystem by enhancing the security of user assets and transaction liquidity. Specifically, Gate Wallet allows users to store, send, and receive Berachain's native tokens, fully leveraging Gate.io's cold storage and encryption technology. Supporting Berachain allows Gate wallet to offer more blockchain asset options, attracting users interested in emerging blockchains. At the same time, this initiative may attract more users who pay attention to Berachain's unique features, potentially increasing Berachain's trading volume and active user count. With Gate.io's security measures (such as cold storage and multi-signature technology), Berachain users can enjoy higher asset protection, enhancing their trust in the platform. [16]
BlackRock Launches iShares Bitcoin ETP in Europe
On March 25, 2025, BlackRock officially launched the iShares Bitcoin ETP in Europe, further expanding its footprint in the Bitcoin investment products sector. Previously, the Bitcoin spot ETF launched by BlackRock in the United States had attracted over $50 billion in inflows. The listing of the European ETP aims to meet the growing demand for cryptocurrency allocations among European investors. The Shares Bitcoin ETP is a physically-backed Bitcoin investment product that allows investors to trade Bitcoin through traditional exchanges without directly holding the crypto assets. The custodian for this product is Coinbase, which offers a temporary management fee waiver, reducing the management fee to 0.15% by the end of 2025.
Following the successful launch of the Bitcoin ETF in the U.S. market, BlackRock is entering the European market to further consolidate its leading position in the global crypto asset management field while attracting more institutional funds. BlackRock's ongoing expansion indicates that Bitcoin has become an important asset class of interest for global asset management companies. The acceptance of Bitcoin ETPs in the European market may also prompt more traditional financial institutions to accelerate the launch of cryptocurrency investment products. Recently, BlackRock also announced that it will start supporting trading of BUIDL on the Solana chain, further promoting its expansion in blockchain technology and crypto assets.
Asia Web3 Alliance Japan proposes US-Japan cooperation to promote tokenized economy and Web3 innovation
On March 25, 2025, Asia Web3 Alliance Japan submitted a proposal to the U.S. Securities and Exchange Commission's (SEC) Cryptocurrency Task Force, recommending that the U.S. and Japan establish a partnership plan for tokenization and Web3 regulation. The main purpose of the proposal is to develop a unified token classification framework through joint cooperation between the United States and Japan, clarify the definitions of tokenized securities, utility tokens, and non-security digital assets, and promote the issuance and regulatory coordination of cross-border compliant tokens. The proposal proposes that multiple institutions, including the SEC, the Financial Services Agency of Japan (JFSA), the Ministry of Economy, Trade and Industry (METI), and the Bank of Japan (BOJ), work together to advance the Web3 ecosystem. The proposal also emphasizes the design of a safe harbor mechanism for start-up token projects, as well as the establishment of security compliance standards for cross-border token trading and custody. In addition, the proposal calls for regular U.S.-Japan Web3 Regulatory Roundtables to facilitate the sharing of policy and research results.
This proposal promotes cooperation between the United States and Japan in Web3 regulation, helping to unify token regulatory standards, reduce legal and compliance barriers in cross-border operations, and promote the healthy development of the cryptocurrency industry. The sandbox testing environment and safe harbor mechanism in the proposal provide Japanese Web3 startups with a more lenient testing environment and compliance pathways, helping to alleviate high compliance costs and market entry barriers. The US-Japan cooperation plan may provide new templates and references for Web3 and cryptocurrency regulation in other countries worldwide, promoting the globalization and standardization of the tokenized economy and enhancing the stability and transparency of global markets.
Integration Information
According to RootData, a total of 2 projects publicly announced financing in the past 24 hours, with a total financing amount exceeding 15 million USD, and the highest single financing amount reaching 12 million USD, involving fields such as infrastructure and gaming. Below are the specific details of the financing projects: [19]
Chronicle Protocol — Chronicle Protocol has completed a $12 million seed round financing, with investments from Strobe Ventures, 6th Man Ventures, and others. Chronicle is the first oracle on Ethereum, founded by members of the MakerDAO founding team. Its role is to enable blockchains to send and receive off-chain data just like mobile phones connect to external data, thereby expanding the functionality of blockchain applications. Chronicle is also a data infrastructure provider for tokenized assets, thus its services cover both DeFi and RWA fields and it has an RWA oracle called verified asset. This financing will be used for product development and research.【20】
**Immortal Rising 2 **—— Immortal Rising 2 completes $3 million in funding, with investments from Spartan Group, Immutable, and others. Immortal Rising 2 is an innovative blockchain mobile game. The unique aspect of this game is its complete integration of Web3 mechanics, providing players with true digital asset ownership and in-game incentives. The main purpose of this funding is to further expand the ecosystem of Immortal Rising 2, enhance gameplay mechanics, and deepen community engagement.【21】
Airdrop Opportunity
InfiniFi
InfiniFi is a decentralized financial system designed to address the maturity mismatch issues present in traditional banking systems. It adopts a depositor-driven model, allowing users to control asset allocation based on their liquidity preferences. InfiniFi offers a safer and more decentralized alternative than traditional banking systems through its on-chain partial reserve system, claiming to have higher stability and returns. [22]
Currently, InfiniFi is running a points campaign to encourage users to participate and share. Users can start earning rewards by clicking the button, and the more they share, the more rewards they earn.
Participation method:
Tip: Airdrop plans and participation methods may be updated at any time, and users are advised to follow InfiniFi's official channels for the latest information. Meanwhile, users should participate cautiously, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Reference Materials:
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