The DeFi protocol Abracadabra suffered a vulnerability attack of 13 million dollars.
Market Interpretation
Market Review
BTC —— This week, the price of BTC has shown an overall upward trend with fluctuations, currently priced at 87,500 USDT. The short-term support level is at 85,000 USDT, with further strong support around 82,500 USDT. On the upside, the short-term resistance level is in the range of 87,500 to 88,000 USDT. If the price can effectively break through this area, it will further test the pressure zone of 89,500 to 90,000 USDT. Meanwhile, the overall trading volume in the market this week has been moderate, with occasional localized increases, but no significant sustained volume trend has formed. Both bulls and bears are maintaining a cautious wait-and-see attitude, and it is expected that BTC will continue to maintain a fluctuating pattern in the short term.【1】
ETH —— This week, the price of ETH has shown an overall upward trend with fluctuations, currently standing at 2,035 USDT. The short-term key support level is in the 1,980 USDT area, which has been effectively supported after multiple tests. A stronger support level lies near 1,920 USDT. The upper resistance is clearly located in the range of 2,050 to 2,080 USDT. If it can effectively break through and stabilize above this level, it may further test the high of 2,150 USDT. From the perspective of market trading volume, ETH's trading activity this week has been relatively moderate, with occasional spikes, but it has not formed a sustained unilateral trend, showing an overall state of consolidation with fluctuations. It is expected that the ETH price will continue to fluctuate within this range in the short term. 【2】
Altcoins —— In the past 7 days, altcoins have overall rebounded, with a higher increase compared to last week. The Cross-chain Communication, AI Meme, and Liquid Staking Token sectors saw the largest gains, with market values increasing by approximately 45%, 14.7%, and 9.5% respectively over the week. 【3
Futures Market —— As of March 27, 2025, 08:00 AM (UTC+8), the current open interest in the BTC options market is $36.517 billion, slightly up from last week's $35.651 billion (. Among them, the nominal amount of options for March 28 has increased to $13.747 billion.【4】
Macroeconomic Data —— On the evening of March 25, the United States announced that the Consumer Confidence Index fell to 92.9, below the expected value of 94.5, reflecting increased concerns about the economic outlook. [5]
Stablecoins — This week, the overall market capitalization of stablecoins decreased by 3.47% to $222.4 billion, with significant outflows of funds from over-the-counter transactions. [6]
Gas Fee —— The average Gas Fee on Ethereum over the past 7 days has risen to 0.52 Gwei, with a slight decrease in network activity.【7]
) Popular Concepts
This week, the price of Bitcoin fluctuated between $84,000 and $89,000, with various altcoin sectors performing differently. According to Coingecko data, the Cross-chain Communication, AI Meme, and Liquid Staking Token sectors saw significant increases, with market capitalizations rising approximately 43.9%, 14.7%, and 9.5% respectively over the past seven days.【8】
Cross-chain Communication —— This section focuses on interoperability technologies and practices between different blockchain networks, aiming to achieve seamless transmission and interaction of assets, data, and information across heterogeneous chains through bridging protocols, relay mechanisms, and other means, breaking the blockchain island effect and promoting the integration and collaborative development of the blockchain ecosystem.
The Cross-chain Communication sector has increased by 43.9% in the past 7 days, with a market capitalization of 3.033 billion USD and a 24-hour trading volume of 103 million USD. Among them, the cryptocurrency ZETA in this sector has risen by 61.7% in the past 7 days. [9]
AI Meme —— This section deeply integrates artificial intelligence technology with internet meme culture, generating, editing, or disseminating meme content that is humorous, satirical, or culturally resonant, creating a novel and creative digital cultural experience.
The AI Meme sector has increased by 14.7% in the last 7 days, with a market cap of $235 million and a 24-hour trading volume of $622 million. Among them, the cryptocurrency Fartcoin within the sector has risen by 51.3% in the past 7 days. [10]
Liquid Staking Token —— This section refers to the tokenized representation of staked assets, which can be traded in DeFi applications while still earning staking rewards. For example, Lido Staked Ether (stETH) represents staked Ethereum.
The Liquid Staking Token sector saw a market value increase of 9.5% this week, with a market capitalization of approximately 33.9 billion USD and a 24-hour trading volume of 221 million USD. Among them, the cryptocurrency LBGT within the sector has risen by 116.4% in the past 7 days.【11]
Popular Cryptocurrencies
According to Coingecko data, the popular cryptocurrencies in the past 7 days are as follows:【12】
BERA )Berachain( —— 7-day price increase of approximately 27.0%, circulating market capitalization is 846 million dollars.
Berachain was launched at the end of 2021 as an EVM-compatible Layer 1 public chain focused on DeFi, built on top of the Cosmos SDK, and utilizing an innovative Proof of Liquidity (PoL) consensus mechanism. The origin of the project is quite interesting, tracing back to the Bong Bears series of NFTs launched in August 2021, which subsequently gave rise to several related bear-themed NFT series.
In the past seven days, Berachain (BERA) has risen mainly due to the rapid development of its ecosystem, improved market sentiment, and the official launch of the "Proof of Liquidity" (PoL) mechanism. As an EVM-compatible public chain, Berachain's TVL and user activity have significantly increased, and the PoL mechanism incentivizes users to provide liquidity, which also enhances investor confidence. These positive factors have driven the price of BERA to rise rapidly in the short term. [13]
CRO )Cronos( —— 7-day increase of approximately 25.3%, with a circulating market value of 2.76 billion USD.
Cronos (CRO) is a native cryptocurrency based on the Crypto.com blockchain and the Cronos EVM chain. The Cronos EVM is known for its compatibility with Ethereum through Cosmos SDK blockchain technology, allowing developers to easily migrate applications from other blockchains, while users can engage in decentralized trading directly without permission and the involvement of central authorities.
Recently, the significant rise of Cronos (CRO) is mainly attributed to the announcement of strategic partnerships and the upcoming major upgrades to the network. Most notably, Trump Media & Technology Group (TMTG) announced a collaboration to develop an ETF fund named Truth.Fi, which will include mainstream crypto assets such as Bitcoin and Cronos. In addition, the zkEVM mainnet upgrade planned for March 2025 by Cronos has greatly stimulated market expectations, as it will enhance the network's efficiency and user experience through single sign-on smart accounts and zero-knowledge gateway technology. These news greatly boosted market sentiment, leading to a significant increase in trading volume, with a large influx of investors and speculative activities, resulting in an explosive growth of CRO's trading volume in the short term.
S )Sonic (prev. FTM() —— The 7-day increase is approximately 14.6%, with a circulating market value of 1.959 billion USD.
Sonic is an EVM-compatible Layer 1 blockchain designed to provide a robust infrastructure and incentive mechanism for DeFi applications. The chain boasts high throughput of 10,000 TPS and sub-second transaction confirmation capabilities, further enhancing liquidity and asset security through Sonic Gateway - a secure bridge connecting to Ethereum.
Recently, the launch of new features such as Sonic Pay and the successive deployment of multiple DeFi platforms like AAVE have increased its TVL to 800 million USD, allowing more investors to recognize its functions and value, thereby driving up the token price. [15]
This Week's Focus
) Hot Comments
Ethereum developers draft EIP-7917 proposal aimed at addressing the uncertainty issues in the current proposer election
On March 27, 2025, two core developers of Ethereum, linoscope and JustinDrake, drafted the EIP-7917 proposal. This proposal aims to address the uncertainty issues in the current proposer election process caused by the fluctuations in validators' effective balances by introducing deterministic proposer lookahead. This is believed to enhance system security, simplify the implementation of on-chain protocols, while maintaining backward compatibility and scalability.
If EIP-7917 is adopted, evidence suggests that it will significantly improve the predictability and security of the proposer election process. By pre-calculating proposers' foresight, it may mitigate the risks brought by fluctuations in effective balances, ensuring that network operations are more stable and reliable. This could increase the confidence of validator operators and users in the network. The blockchain industry as a whole could benefit from the enhanced security and efficiency that EIP-7917 brings to Ethereum. As one of the most important public chains in the crypto industry, improvements to Ethereum often set benchmarks for other projects. This proposal demonstrates the importance of community governance in public chain development.
Wyoming plans to launch the stablecoin WYST token in July
Wyoming plans to launch the stablecoin WYST token in July 2025, which is the first stablecoin in the United States to be issued by an official entity and backed by a fiat currency. The token's value will be fully backed by U.S. Treasuries, cash, and repo agreements, with a guaranteed capitalization rate of at least 102%. The government wants to fund education and infrastructure projects through interest income generated from reserve assets. Currently, the state of Wyoming is evaluating the use of blockchain platforms such as Solana, Ethereum, and Polygon to deploy and trade the token.
The launch of the WYST token marks the official entry of local governments in the United States into the cryptocurrency space, which may lay the foundation for other states and even national stablecoin exploration. Since the token is backed by fiat currency and has clear capitalization requirements, its stability and compliance may have advantages over existing stablecoins like USDT and USDC. This initiative could attract traditional institutional investors into the crypto market while promoting the application of blockchain technology in public finance. However, the success of the token still depends on its market acceptance, exchange support, and competition with existing stablecoins. Additionally, if WYST chooses to operate on Solana, Ethereum, or Polygon, it may also promote the ecological development of these public chains, bringing about a certain positive market effect. 【17】
On March 26, a trader established a short position of about 6 million dollars in JELLYJELLY on Hyperliquid, and then pushed the price up through large purchases, triggering a forced liquidation that transferred the position to the platform's HLP liquidity pool. The HLP pool faced potential losses, and Hyperliquid ultimately decided to delist the JELLYJELLY contract, promising compensation to affected users (except for non-compliant addresses). Although the platform claimed to have made a profit of 700,000 USDC in the 24 hours prior to the incident, there was a net outflow of user funds amounting to 140 million USDC after the incident, indicating a crisis of trust.
The incident exposed the risk management vulnerabilities of Hyperliquid in handling low liquidity assets. The delisting decision and compensation measures may have averted an immediate financial collapse, but the commitment to decentralized governance is now in question, especially with the validator nodes being dominated by the Hyper Foundation. User trust has been damaged, and capital outflows indicate challenges for long-term stability. Centralized exchanges may take this opportunity to attract users, particularly with Hyperliquid's reputation in jeopardy. Other DEXs may learn from this incident to improve their risk management and governance structures. The event highlights the challenges DEXs face in addressing market manipulation and ensuring platform stability, which could drive the industry to enhance risk assessment and governance mechanisms. Regulatory bodies may strengthen oversight of DEXs, and the industry may require a more transparent governance framework.
Security Incident
DeFi protocol Abracadabra suffers a $13 million vulnerability attack
On March 25, 2025, the DeFi protocol Abracadabra encountered a major vulnerability attack, resulting in a loss of approximately $13 million (about 6,260 ETH). This attack drew significant attention from the crypto community and once again highlighted the challenges of smart contract security in DeFi protocols. The attacker exploited rounding errors in the collateral and debt calculations to over-mint a large amount of MIM stablecoins and quickly exchanged them for ETH or USDT to evade tracking and move the funds.
Abracadabra has officially confirmed the incident and is working with security firms such as PeckShield and CertiK to trace the funds involved in the attack and attempt to freeze some of the assets. The team is also fixing the contract vulnerabilities and may enhance audits, optimize precision handling mechanisms in the future, and consider adding multi-signature verification to prevent similar attacks from occurring again. Although DeFi protocols bring financial innovation, the security of smart contracts is still a risk that cannot be ignored. [19]
Project Attention
Nillion Alpha Mainnet Launch
The privacy-secure computing network Nillion announced on March 24 that its Alpha mainnet has officially launched, marking a critical step forward for its distributed privacy computing technology. Nillion focuses on data privacy protection and secure computing capabilities, enabling multi-party secure computing and cross-entity data collaboration without exposing the data. This mainnet launch is primarily open to developers and aims to provide foundational support for building decentralized applications based on the Nillion protocol, facilitating data privacy protection and cross-chain collaborative development.
As an important component of Web3 infrastructure, privacy computing is gradually becoming a focal point of industry attention. The launch of the Nillion Alpha mainnet not only brings new momentum to the privacy computing track but also provides higher performance and more compliant underlying solutions for high-growth scenarios such as data security and AI privacy training, which is expected to attract more attention from developers and capital in the future.【20】
Highlight Data
Aave lending rates drop to 4%, risk aversion sentiment in the crypto market rises
The data from the decentralized lending platform Aave reveals signals of insufficient market confidence. Currently, the annual borrowing interest rates for mainstream stablecoins such as USDT and USDC have fallen to about 4%, far below the levels of over 10% seen during the bull market, indicating a decrease in investors' risk appetite and a growing sense of caution spreading into the crypto space. Meanwhile, Bitcoin has been oscillating between 76,000 and 88,000 USDT since March, lacking clear catalysts, which has limited upward momentum.
As an important indicator of on-chain capital activity, the interest rate changes of Aave reflect the market's tepid attitude towards leveraged trading. Currently, the low borrowing demand and cautious capital choices have led to a decline in overall market activity, and price volatility has also been suppressed. Overall, the continuous decline of Aave's lending rates has become a leading indicator for observing market sentiment. Without new capital or significant positive stimuli, Bitcoin may continue its oscillating pattern in the short term, and the market will enter a period of rebuilding confidence and liquidity.
The total locked value (TVL) of the emerging high-performance L1 public chain Berachain recently surpassed $3.5 billion, setting a historical record and demonstrating strong momentum for rapid ecological expansion. One of the key reasons for the surge in TVL is the official launch of its "Proof-of-Liquidity (PoL)" system on March 24, marking the start of the first phase of on-chain governance. The PoL mechanism not only strengthens staking incentives but also effectively promotes the locking and circulation of funds within the ecosystem, further accelerating the concentrated influx of liquidity. 【22】
The liquidity staking protocol Infrared has performed remarkably, with a TVL exceeding 2.3 billion USD, accounting for over 60% of Berachain's total locked value, and a growth of 20% within seven days. Its attractiveness comes from high yields and the advantages of being tied to Berachain's native assets, coupled with the market's attention to the LSD sector, making it a key entry point for capital allocation.
Currently, the TVL structure of Berachain remains relatively centralized, with a clear driving role of the core protocol. If more infrastructures such as DEX and lending can be introduced in the future, it is expected to enhance the diversity and sustained growth momentum of the ecosystem. With the mainnet launch and the increasing expectations for airdrops, Berachain still has strong capital attraction ability, but the medium- to long-term retention and ecological stickiness still need to be continuously observed.
On-chain data for Bitcoin shows that short-term holders are under pressure, while long-term holders dominate profits
According to Glassnode data, there is a significant divergence in the spending behavior of Bitcoin long-term holders and short-term holders in the current market. Almost all realized losses come from short-term holders, who primarily bought in recently at higher costs. The recent frequent fluctuations in the BTC market, with prices hovering around 86,000 USDT, make it easier for this type of capital to panic and cut losses. In contrast, most profit-taking in the current market is dominated by long-term holders. Due to their longer holding period and lower costs, they remain in a state of overall profitability even amidst market fluctuations, demonstrating stronger selling initiative.
Overall, BTC is in a transitional period where short-term funds are under pressure and long-term funds are being realized. If the trend continues, the market may enter a consolidation phase primarily driven by fund redistribution, and future performance will depend on whether new funds continue to enter the market and whether the macro environment improves. [23]
OneFootball is a football media company based in Berlin, Germany, founded in 2008. OneFootball launched OneFootball Labs, which is centered around blockchain, allowing teams, leagues, federations, and players to issue digital tokens through blockchain technology to enhance interaction with fans. [24]
The OneFootball project team has confirmed the launch of the native token OFC, which means that current participants in Points Farming are very likely to receive future token airdrop rewards. The second season of the event has officially started; by completing tasks, you can accumulate points and become a potential recipient of future OFC token airdrops.
How to Participate:
Go to the event page and register an account.
Connect your wallet and complete tasks to earn points.
Tip:
The airdrop plan and participation methods may be updated at any time. Users are advised to follow OneFootball's official channels for the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Financing Weekly Report
This week, a number of projects successfully completed financing, involving a wide range of applications in infrastructure, DeFi, and other fields. According to RootData, between March 21 and March 27, a total of 10 projects announced funding, amounting to more than $70 million.
The following are the top three financing scales: 【25】
Tabit announced on March 24 that it has completed a $40 million financing round, which is entirely composed of Bitcoin and will be used as reserves to underwrite traditional insurance and reinsurance businesses. As an insurance company regulated by Barbados, Tabit claims to be the world's first compliant risk underwriting institution that fully relies on Bitcoin reserves and prices traditional policies in USD.
Currently, Tabit offers traditional insurance products, including D&O insurance, with Bitcoin as the underlying reserve and USD as the settlement unit, introducing an innovative model backed by crypto assets to the traditional insurance market. This approach is expected to attract customer groups such as crypto companies, Web3 projects, and DAO organizations, especially in high-risk areas that are difficult to be covered by the traditional banking system, showing new potential for the integration of Bitcoin financialization and the insurance industry.
Chronicle Protocol announced the completion of a $12 million seed round financing on March 25, with participation from Strobe Ventures, 6th Man Ventures, and others. Chronicle is the first oracle on Ethereum, founded by a member of the MakerDAO founding team. Its purpose is to enable blockchains to send and receive off-chain data in the same way that 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 the DeFi and RWA sectors, and it has an RWA oracle called verified asset. This financing will be used for product development and research.
Fragmetric announced on March 24 that it has completed a $5 million strategic financing round, with participation from RockawayX, Robot Ventures, and others. The funds will be used to advance the expansion of fragAsset and further accelerate the development of the re-staking platform. As a project focused on modular blockchain infrastructure, Fragmetric supports cross-chain integration by decoupling execution, consensus, and data availability layers, widely serving scenarios such as Rollup, on-chain applications, and decentralized AI, and aims to become an important component of Web3 infrastructure.
The continuous advancement of fragAsset will strengthen Fragmetric's core positioning in the "modular + re-staking" field, not only enriching its product system but also expected to open new market spaces in areas such as multi-chain DeFi, security verification, and decentralized computing. If the product is successfully implemented, Fragmetric may become a strong competitor in the re-staking track following EigenLayer.
Focus Next Week
) Token Unlock
According to data from Tokenomist, several important token unlock events are expected in the market next week (2025.03.28 - 04.03), with a total unlocking value exceeding 224 million dollars. [26]
The situation regarding the unlocking of the top 3 next week is as follows:
The SUI token is scheduled to unlock approximately 64.19 million tokens at 12:00 PM UTC+0 on April 1, 2025, accounting for 2.03% of its circulating supply, valued at around 170 million USD. Recently, the average daily trading volume of SUI has been around 850 million USD, so this unlock may have a relatively small impact.
OP token is scheduled to unlock approximately 31.34 million tokens at 12:00 PM UTC+0 on March 31, 2025, accounting for 1.92% of its circulating supply, valued at around 28.62 million USD. Recently, the daily trading volume of OP has been around 100 million USD, so this unlock may have a minor impact.
The ZETA token is scheduled to unlock approximately 44.26 million tokens at 12:00 PM UTC+0 on April 1, 2025, accounting for 6.05% of its circulating supply, with an estimated value of around 15.38 million USD. Recently, the daily trading volume of ZETA has been around 200 million USD, and this unlock may have a minor impact.
) Crypto Calendar
Next week (March 28-4.3, 2025) will usher in a series of important events that will have a profound impact on the cryptocurrency market, the global economy, and the energy market. On March 28th, Taiko will roll out the Pacaya upgrade, introducing a major step forward in the pre-confirmation mechanism. [27] Cardano CIP-1694 constitutional vote will be officially launched on March 31 [28] On March 28, the United States announced the annual rate of the core PCE price index for February. [29] On April 1, the United States released the ISM manufacturing PMI index for March. [30] On April 2, the number of ADP employment in the United States in March (10,000 people). [31] On April 3, the United States announced the number of initial jobless claims (10,000 people) for the week ending March 29. 【32】
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Gate Research Institute: Hyperliquid suffers from manipulation attack, Wyoming launches the first officially released stablecoin in the US, WYST.
Summary
Market Interpretation
Market Review
) Popular Concepts
This week, the price of Bitcoin fluctuated between $84,000 and $89,000, with various altcoin sectors performing differently. According to Coingecko data, the Cross-chain Communication, AI Meme, and Liquid Staking Token sectors saw significant increases, with market capitalizations rising approximately 43.9%, 14.7%, and 9.5% respectively over the past seven days.【8】
Cross-chain Communication —— This section focuses on interoperability technologies and practices between different blockchain networks, aiming to achieve seamless transmission and interaction of assets, data, and information across heterogeneous chains through bridging protocols, relay mechanisms, and other means, breaking the blockchain island effect and promoting the integration and collaborative development of the blockchain ecosystem.
The Cross-chain Communication sector has increased by 43.9% in the past 7 days, with a market capitalization of 3.033 billion USD and a 24-hour trading volume of 103 million USD. Among them, the cryptocurrency ZETA in this sector has risen by 61.7% in the past 7 days. [9]
AI Meme —— This section deeply integrates artificial intelligence technology with internet meme culture, generating, editing, or disseminating meme content that is humorous, satirical, or culturally resonant, creating a novel and creative digital cultural experience.
The AI Meme sector has increased by 14.7% in the last 7 days, with a market cap of $235 million and a 24-hour trading volume of $622 million. Among them, the cryptocurrency Fartcoin within the sector has risen by 51.3% in the past 7 days. [10]
Liquid Staking Token —— This section refers to the tokenized representation of staked assets, which can be traded in DeFi applications while still earning staking rewards. For example, Lido Staked Ether (stETH) represents staked Ethereum.
The Liquid Staking Token sector saw a market value increase of 9.5% this week, with a market capitalization of approximately 33.9 billion USD and a 24-hour trading volume of 221 million USD. Among them, the cryptocurrency LBGT within the sector has risen by 116.4% in the past 7 days.【11]
Popular Cryptocurrencies
According to Coingecko data, the popular cryptocurrencies in the past 7 days are as follows:【12】
![]###https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/ecac3080673f1184bae01d732768bd2546e14e1c.webp(
BERA )Berachain( —— 7-day price increase of approximately 27.0%, circulating market capitalization is 846 million dollars.
Berachain was launched at the end of 2021 as an EVM-compatible Layer 1 public chain focused on DeFi, built on top of the Cosmos SDK, and utilizing an innovative Proof of Liquidity (PoL) consensus mechanism. The origin of the project is quite interesting, tracing back to the Bong Bears series of NFTs launched in August 2021, which subsequently gave rise to several related bear-themed NFT series.
In the past seven days, Berachain (BERA) has risen mainly due to the rapid development of its ecosystem, improved market sentiment, and the official launch of the "Proof of Liquidity" (PoL) mechanism. As an EVM-compatible public chain, Berachain's TVL and user activity have significantly increased, and the PoL mechanism incentivizes users to provide liquidity, which also enhances investor confidence. These positive factors have driven the price of BERA to rise rapidly in the short term. [13]
CRO )Cronos( —— 7-day increase of approximately 25.3%, with a circulating market value of 2.76 billion USD.
Cronos (CRO) is a native cryptocurrency based on the Crypto.com blockchain and the Cronos EVM chain. The Cronos EVM is known for its compatibility with Ethereum through Cosmos SDK blockchain technology, allowing developers to easily migrate applications from other blockchains, while users can engage in decentralized trading directly without permission and the involvement of central authorities.
Recently, the significant rise of Cronos (CRO) is mainly attributed to the announcement of strategic partnerships and the upcoming major upgrades to the network. Most notably, Trump Media & Technology Group (TMTG) announced a collaboration to develop an ETF fund named Truth.Fi, which will include mainstream crypto assets such as Bitcoin and Cronos. In addition, the zkEVM mainnet upgrade planned for March 2025 by Cronos has greatly stimulated market expectations, as it will enhance the network's efficiency and user experience through single sign-on smart accounts and zero-knowledge gateway technology. These news greatly boosted market sentiment, leading to a significant increase in trading volume, with a large influx of investors and speculative activities, resulting in an explosive growth of CRO's trading volume in the short term.
S )Sonic (prev. FTM() —— The 7-day increase is approximately 14.6%, with a circulating market value of 1.959 billion USD.
Sonic is an EVM-compatible Layer 1 blockchain designed to provide a robust infrastructure and incentive mechanism for DeFi applications. The chain boasts high throughput of 10,000 TPS and sub-second transaction confirmation capabilities, further enhancing liquidity and asset security through Sonic Gateway - a secure bridge connecting to Ethereum.
Recently, the launch of new features such as Sonic Pay and the successive deployment of multiple DeFi platforms like AAVE have increased its TVL to 800 million USD, allowing more investors to recognize its functions and value, thereby driving up the token price. [15]
This Week's Focus
) Hot Comments
Ethereum developers draft EIP-7917 proposal aimed at addressing the uncertainty issues in the current proposer election
On March 27, 2025, two core developers of Ethereum, linoscope and JustinDrake, drafted the EIP-7917 proposal. This proposal aims to address the uncertainty issues in the current proposer election process caused by the fluctuations in validators' effective balances by introducing deterministic proposer lookahead. This is believed to enhance system security, simplify the implementation of on-chain protocols, while maintaining backward compatibility and scalability.
If EIP-7917 is adopted, evidence suggests that it will significantly improve the predictability and security of the proposer election process. By pre-calculating proposers' foresight, it may mitigate the risks brought by fluctuations in effective balances, ensuring that network operations are more stable and reliable. This could increase the confidence of validator operators and users in the network. The blockchain industry as a whole could benefit from the enhanced security and efficiency that EIP-7917 brings to Ethereum. As one of the most important public chains in the crypto industry, improvements to Ethereum often set benchmarks for other projects. This proposal demonstrates the importance of community governance in public chain development.
Wyoming plans to launch the stablecoin WYST token in July
Wyoming plans to launch the stablecoin WYST token in July 2025, which is the first stablecoin in the United States to be issued by an official entity and backed by a fiat currency. The token's value will be fully backed by U.S. Treasuries, cash, and repo agreements, with a guaranteed capitalization rate of at least 102%. The government wants to fund education and infrastructure projects through interest income generated from reserve assets. Currently, the state of Wyoming is evaluating the use of blockchain platforms such as Solana, Ethereum, and Polygon to deploy and trade the token.
The launch of the WYST token marks the official entry of local governments in the United States into the cryptocurrency space, which may lay the foundation for other states and even national stablecoin exploration. Since the token is backed by fiat currency and has clear capitalization requirements, its stability and compliance may have advantages over existing stablecoins like USDT and USDC. This initiative could attract traditional institutional investors into the crypto market while promoting the application of blockchain technology in public finance. However, the success of the token still depends on its market acceptance, exchange support, and competition with existing stablecoins. Additionally, if WYST chooses to operate on Solana, Ethereum, or Polygon, it may also promote the ecological development of these public chains, bringing about a certain positive market effect. 【17】
Hyperliquid Faces Manipulation Attack, Trust Crisis Intensifies
On March 26, a trader established a short position of about 6 million dollars in JELLYJELLY on Hyperliquid, and then pushed the price up through large purchases, triggering a forced liquidation that transferred the position to the platform's HLP liquidity pool. The HLP pool faced potential losses, and Hyperliquid ultimately decided to delist the JELLYJELLY contract, promising compensation to affected users (except for non-compliant addresses). Although the platform claimed to have made a profit of 700,000 USDC in the 24 hours prior to the incident, there was a net outflow of user funds amounting to 140 million USDC after the incident, indicating a crisis of trust.
The incident exposed the risk management vulnerabilities of Hyperliquid in handling low liquidity assets. The delisting decision and compensation measures may have averted an immediate financial collapse, but the commitment to decentralized governance is now in question, especially with the validator nodes being dominated by the Hyper Foundation. User trust has been damaged, and capital outflows indicate challenges for long-term stability. Centralized exchanges may take this opportunity to attract users, particularly with Hyperliquid's reputation in jeopardy. Other DEXs may learn from this incident to improve their risk management and governance structures. The event highlights the challenges DEXs face in addressing market manipulation and ensuring platform stability, which could drive the industry to enhance risk assessment and governance mechanisms. Regulatory bodies may strengthen oversight of DEXs, and the industry may require a more transparent governance framework.
Security Incident
DeFi protocol Abracadabra suffers a $13 million vulnerability attack
On March 25, 2025, the DeFi protocol Abracadabra encountered a major vulnerability attack, resulting in a loss of approximately $13 million (about 6,260 ETH). This attack drew significant attention from the crypto community and once again highlighted the challenges of smart contract security in DeFi protocols. The attacker exploited rounding errors in the collateral and debt calculations to over-mint a large amount of MIM stablecoins and quickly exchanged them for ETH or USDT to evade tracking and move the funds.
Abracadabra has officially confirmed the incident and is working with security firms such as PeckShield and CertiK to trace the funds involved in the attack and attempt to freeze some of the assets. The team is also fixing the contract vulnerabilities and may enhance audits, optimize precision handling mechanisms in the future, and consider adding multi-signature verification to prevent similar attacks from occurring again. Although DeFi protocols bring financial innovation, the security of smart contracts is still a risk that cannot be ignored. [19]
Project Attention
Nillion Alpha Mainnet Launch
The privacy-secure computing network Nillion announced on March 24 that its Alpha mainnet has officially launched, marking a critical step forward for its distributed privacy computing technology. Nillion focuses on data privacy protection and secure computing capabilities, enabling multi-party secure computing and cross-entity data collaboration without exposing the data. This mainnet launch is primarily open to developers and aims to provide foundational support for building decentralized applications based on the Nillion protocol, facilitating data privacy protection and cross-chain collaborative development.
As an important component of Web3 infrastructure, privacy computing is gradually becoming a focal point of industry attention. The launch of the Nillion Alpha mainnet not only brings new momentum to the privacy computing track but also provides higher performance and more compliant underlying solutions for high-growth scenarios such as data security and AI privacy training, which is expected to attract more attention from developers and capital in the future.【20】
Highlight Data
Aave lending rates drop to 4%, risk aversion sentiment in the crypto market rises
The data from the decentralized lending platform Aave reveals signals of insufficient market confidence. Currently, the annual borrowing interest rates for mainstream stablecoins such as USDT and USDC have fallen to about 4%, far below the levels of over 10% seen during the bull market, indicating a decrease in investors' risk appetite and a growing sense of caution spreading into the crypto space. Meanwhile, Bitcoin has been oscillating between 76,000 and 88,000 USDT since March, lacking clear catalysts, which has limited upward momentum.
As an important indicator of on-chain capital activity, the interest rate changes of Aave reflect the market's tepid attitude towards leveraged trading. Currently, the low borrowing demand and cautious capital choices have led to a decline in overall market activity, and price volatility has also been suppressed. Overall, the continuous decline of Aave's lending rates has become a leading indicator for observing market sentiment. Without new capital or significant positive stimuli, Bitcoin may continue its oscillating pattern in the short term, and the market will enter a period of rebuilding confidence and liquidity.
Berachain TVL Breaks 3.4 Billion USD, Infrared Becomes Core Growth Engine
The total locked value (TVL) of the emerging high-performance L1 public chain Berachain recently surpassed $3.5 billion, setting a historical record and demonstrating strong momentum for rapid ecological expansion. One of the key reasons for the surge in TVL is the official launch of its "Proof-of-Liquidity (PoL)" system on March 24, marking the start of the first phase of on-chain governance. The PoL mechanism not only strengthens staking incentives but also effectively promotes the locking and circulation of funds within the ecosystem, further accelerating the concentrated influx of liquidity. 【22】
The liquidity staking protocol Infrared has performed remarkably, with a TVL exceeding 2.3 billion USD, accounting for over 60% of Berachain's total locked value, and a growth of 20% within seven days. Its attractiveness comes from high yields and the advantages of being tied to Berachain's native assets, coupled with the market's attention to the LSD sector, making it a key entry point for capital allocation.
Currently, the TVL structure of Berachain remains relatively centralized, with a clear driving role of the core protocol. If more infrastructures such as DEX and lending can be introduced in the future, it is expected to enhance the diversity and sustained growth momentum of the ecosystem. With the mainnet launch and the increasing expectations for airdrops, Berachain still has strong capital attraction ability, but the medium- to long-term retention and ecological stickiness still need to be continuously observed.
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On-chain data for Bitcoin shows that short-term holders are under pressure, while long-term holders dominate profits
According to Glassnode data, there is a significant divergence in the spending behavior of Bitcoin long-term holders and short-term holders in the current market. Almost all realized losses come from short-term holders, who primarily bought in recently at higher costs. The recent frequent fluctuations in the BTC market, with prices hovering around 86,000 USDT, make it easier for this type of capital to panic and cut losses. In contrast, most profit-taking in the current market is dominated by long-term holders. Due to their longer holding period and lower costs, they remain in a state of overall profitability even amidst market fluctuations, demonstrating stronger selling initiative.
Overall, BTC is in a transitional period where short-term funds are under pressure and long-term funds are being realized. If the trend continues, the market may enter a consolidation phase primarily driven by fund redistribution, and future performance will depend on whether new funds continue to enter the market and whether the macro environment improves. [23]
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Market Opportunities
) Project Airdrop
OneFootball
OneFootball is a football media company based in Berlin, Germany, founded in 2008. OneFootball launched OneFootball Labs, which is centered around blockchain, allowing teams, leagues, federations, and players to issue digital tokens through blockchain technology to enhance interaction with fans. [24]
The OneFootball project team has confirmed the launch of the native token OFC, which means that current participants in Points Farming are very likely to receive future token airdrop rewards. The second season of the event has officially started; by completing tasks, you can accumulate points and become a potential recipient of future OFC token airdrops.
How to Participate:
Tip: The airdrop plan and participation methods may be updated at any time. Users are advised to follow OneFootball's official channels for the latest information. At the same time, users should participate with caution, be aware of risks, and conduct thorough research before participating. Gate.io does not guarantee the distribution of subsequent airdrop rewards.
Financing Weekly Report
This week, a number of projects successfully completed financing, involving a wide range of applications in infrastructure, DeFi, and other fields. According to RootData, between March 21 and March 27, a total of 10 projects announced funding, amounting to more than $70 million.
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The following are the top three financing scales: 【25】
Tabit announced on March 24 that it has completed a $40 million financing round, which is entirely composed of Bitcoin and will be used as reserves to underwrite traditional insurance and reinsurance businesses. As an insurance company regulated by Barbados, Tabit claims to be the world's first compliant risk underwriting institution that fully relies on Bitcoin reserves and prices traditional policies in USD.
Currently, Tabit offers traditional insurance products, including D&O insurance, with Bitcoin as the underlying reserve and USD as the settlement unit, introducing an innovative model backed by crypto assets to the traditional insurance market. This approach is expected to attract customer groups such as crypto companies, Web3 projects, and DAO organizations, especially in high-risk areas that are difficult to be covered by the traditional banking system, showing new potential for the integration of Bitcoin financialization and the insurance industry.
Chronicle Protocol announced the completion of a $12 million seed round financing on March 25, with participation from Strobe Ventures, 6th Man Ventures, and others. Chronicle is the first oracle on Ethereum, founded by a member of the MakerDAO founding team. Its purpose is to enable blockchains to send and receive off-chain data in the same way that 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 the DeFi and RWA sectors, and it has an RWA oracle called verified asset. This financing will be used for product development and research.
Fragmetric announced on March 24 that it has completed a $5 million strategic financing round, with participation from RockawayX, Robot Ventures, and others. The funds will be used to advance the expansion of fragAsset and further accelerate the development of the re-staking platform. As a project focused on modular blockchain infrastructure, Fragmetric supports cross-chain integration by decoupling execution, consensus, and data availability layers, widely serving scenarios such as Rollup, on-chain applications, and decentralized AI, and aims to become an important component of Web3 infrastructure.
The continuous advancement of fragAsset will strengthen Fragmetric's core positioning in the "modular + re-staking" field, not only enriching its product system but also expected to open new market spaces in areas such as multi-chain DeFi, security verification, and decentralized computing. If the product is successfully implemented, Fragmetric may become a strong competitor in the re-staking track following EigenLayer.
Focus Next Week
) Token Unlock
According to data from Tokenomist, several important token unlock events are expected in the market next week (2025.03.28 - 04.03), with a total unlocking value exceeding 224 million dollars. [26]
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The situation regarding the unlocking of the top 3 next week is as follows:
The SUI token is scheduled to unlock approximately 64.19 million tokens at 12:00 PM UTC+0 on April 1, 2025, accounting for 2.03% of its circulating supply, valued at around 170 million USD. Recently, the average daily trading volume of SUI has been around 850 million USD, so this unlock may have a relatively small impact.
OP token is scheduled to unlock approximately 31.34 million tokens at 12:00 PM UTC+0 on March 31, 2025, accounting for 1.92% of its circulating supply, valued at around 28.62 million USD. Recently, the daily trading volume of OP has been around 100 million USD, so this unlock may have a minor impact.
The ZETA token is scheduled to unlock approximately 44.26 million tokens at 12:00 PM UTC+0 on April 1, 2025, accounting for 6.05% of its circulating supply, with an estimated value of around 15.38 million USD. Recently, the daily trading volume of ZETA has been around 200 million USD, and this unlock may have a minor impact.
) Crypto Calendar
Next week (March 28-4.3, 2025) will usher in a series of important events that will have a profound impact on the cryptocurrency market, the global economy, and the energy market. On March 28th, Taiko will roll out the Pacaya upgrade, introducing a major step forward in the pre-confirmation mechanism. [27] Cardano CIP-1694 constitutional vote will be officially launched on March 31 [28] On March 28, the United States announced the annual rate of the core PCE price index for February. [29] On April 1, the United States released the ISM manufacturing PMI index for March. [30] On April 2, the number of ADP employment in the United States in March (10,000 people). [31] On April 3, the United States announced the number of initial jobless claims (10,000 people) for the week ending March 29. 【32】
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Reference Material:
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