Lit Protocol announces LITKEY token economics: 4.8% for ecological airdrops
According to Lit Protocol, LITKEY will be used as its native token to pay for network services, incentivize node operators, and participate in protocol development as a governance token. LITKEY will be airdropped to early ecosystem builders, testnet node operators, etc. before the launch of Lit V1 mainnet Naga. The total supply of LITKEY is allocated as follows: investor and team tokens need to be locked for one year and unlocked linearly for four years, 4.8% is used for ecological airdrops, and the rest is allocated to public offerings, private placements, and ecological incentives. The Naga mainnet will introduce a proxy app store, a new signature algorithm, and an optimized payment model to improve performance and scalability.
US court approves 3AC to expand $1.53 billion claim against FTX
According to Decrypt, the U.S. Bankruptcy Court has approved the liquidated hedge fund Three Arrows Capital (3AC) to expand its claim against FTX to $1.53 billion, rejecting the objections of FTX's debtors. The court ruled that 3AC's investigation was hindered by FTX's failure to provide relevant records in a timely manner, delaying the submission of a revised claim. 3AC initially filed a claim of $120 million against FTX in June 2023, which was later expanded to include allegations of breach of contract, unjust enrichment, and breach of fiduciary duty. Court documents show that 3AC held $1.53 billion in assets in FTX on June 12, 2022, but was liquidated two days later to repay $1.3 billion in debt. 3AC entered liquidation proceedings in the British Virgin Islands in June 2022, and founders Su Zhu and Kyle Davies went bankrupt due to the failure of high-leverage bets on assets such as TerraUSD (UST), triggering a chain reaction in the crypto industry.
BlackRock's BUIDL becomes the first on-chain fund with over $1 billion in management
According to The Block, BlackRock's BUIDL fund has exceeded $1 billion in assets under management, becoming the first institutional-level on-chain fund to reach this milestone. BUIDL is backed by short-term treasury bonds and provides daily returns to qualified investors, similar to an on-chain version of stablecoins. Since its launch in March 2024, BUIDL has surpassed Franklin Templeton's BENJI and Hashnote's USYC to become the world's largest on-chain fund, accounting for about a quarter of the entire $4.2 billion on-chain treasury bond market. BUIDL runs on the Ethereum mainnet and has expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon, supporting cross-chain Wormhole bridging. Custodians include Anchorage Digital, BitGo, Copper and Fireblocks, and funds settlement is handled by Bank of New York Mellon. BlackRock is accelerating its Web3 layout and providing institutional-level crypto asset management services through Coinbase.
U.S. Treasury meets with crypto custodians to discuss Bitcoin reserve management options
According to Decrypt, the U.S. Treasury Department met with executives from three crypto custody companies this week to discuss how to ensure the security of the country's strategic Bitcoin reserves. Anchorage Digital CEO Nathan McCauley confirmed that the meeting focused on best practices for Bitcoin custody, the impact on stablecoins and market structure. People familiar with the matter revealed that the Treasury Department is still studying whether to have a third party hold Bitcoin reserves, or whether the government will ultimately keep them. At present, a variety of confiscated crypto assets held by the government may still need to be held by a third party for a long time. Last year, the U.S. Marshals Service designated Coinbase to hold some large digital assets, but did not disclose the specific Bitcoin reserves involved.
The US government wallet address transferred thousands of dollars of AVAX tokens 9 hours ago
According to Arkham monitoring data, the US government wallet address transferred about 298.937 AVAX (worth about $5,480) to the new wallet in the past 9 hours, and there was another small transfer of 0.546 AVAX (about $9.99).
Ethereum Developers to Launch Hoodi Testnet in Preparation for Pectra Upgrade
According to The Block, Ethereum Foundation developers will launch a new "Hoodi" testnet on March 17 for final testing of the Pectra upgrade. Previously, Pectra had configuration problems during the activation of the Holesky and Sepolia testnets, which delayed the official release plan. The Pectra upgrade aims to improve the availability and scalability of Ethereum. The main optimizations include reducing the Layer 2 data availability cost, increasing the staking limit, and introducing account abstraction to enhance smart contracts and wallet functions. If the test goes smoothly, the upgrade may be officially deployed to the Ethereum mainnet as early as April 25. The Hoodi testnet will focus on validator exit testing to prevent Holseky from being unable to support related research due to a backlog in the exit queue.
World Liberty Finance increased its holdings of SEI tokens by $100,000 4 hours ago
According to Onchain Lens monitoring, World Liberty Finance purchased 541,242 SEIs for $100,000 USDC 4 hours ago, with an average transaction price of $0.18. After this increase, the total amount of SEI held by the institution reached 1,089,232, with a current value of approximately $206,000.
Solana's SIMD-0228 proposal failed, with a support rate of 61.4%, less than 2/3
Solana's Epoch 755 has now ended. Although the SIMD-0228 proposal on-chain voting has reached the quorum, the ratio of yes votes to the total number of yes and no votes (Yes + No) is 61.4%, which is lower than the support rate of 66.67% (i.e. 2/3). The proposal did not pass. Dune Analytics data shows that 910 validators have voted on the proposal. 43.6% voted in favor of the proposal, 27.4% opposed, and 3.3% abstained. Related reading: Solana Inflation Revolution: SIMD-0228 Proposal Triggers Community Controversy, and the Risk of "Death Spiral" Hidden Behind the 80% Increase in Issuance and Reduction
Coinbase adds DOGINME (doginme) to its asset roadmap
According to official news from Coinbase, Coinbase has added DOGINME (DOGINME) to its asset roadmap.
US Democratic lawmakers pressure Treasury to halt Trump's Bitcoin reserve plan
According to The Block, Gerald Connolly, a senior Democratic member of the U.S. House of Representatives Committee on Government Oversight and Reform, wrote to the Treasury Department, demanding that the Trump administration stop its plan to establish a national Bitcoin reserve, accusing it of "obvious conflicts of interest." Connolly pointed out that Trump's promotion of the plan without congressional approval could benefit him and his allies while harming the interests of American taxpayers. It was previously reported that Gerald Connolly, a Democratic member of the U.S. House of Representatives, called for an ethical investigation into Trump's crypto project.
Putin says Russia agrees to 30-day ceasefire
According to CCTV News, Russian President Vladimir Putin said that Russia agreed to a 30-day ceasefire, but Russia currently has an advantage on the Kursk front. Whether the Ukrainian army will withdraw unscathed or lay down their arms and surrender on the spot, these issues need to be resolved. Putin also said that how the parties monitor the ceasefire and how to resolve many details need further discussion. Putin said he may communicate with Trump on the above issues.
U.S. stocks closed: Nasdaq fell nearly 2%, Apple fell more than 3%
At the close of US stocks on Thursday, the Dow Jones Industrial Average initially closed down 1.3%, the S&P 500 fell 1.39%, and the Nasdaq fell 1.96%. Nvidia (NVDA.O) fell slightly, Tesla (TSLA.O) fell nearly 3%, and Apple (AAPL.O) fell 3.3%. Among blockchain concept stocks, Strategy (MSTR.O) rose 0.27%, Coinbase (COIN.O) fell 7.43%, Robinhood (HOOD) fell 7.45%, MARA Holdings (MARA) fell 7.25%, Riot Platforms fell 6.88%, and Bitdeer (BTDR) fell 8.68%.
Vermont regulator drops inquiry into Coinbase’s staking service
Paul Grewal, chief legal officer of Coinbase, tweeted that the Vermont Financial Regulatory Department has officially withdrawn its inquiry order against Coinbase regarding its cryptocurrency staking service. According to the official document released on March 13, the withdrawal decision does not affect possible further legal actions in the future. The document shows that the main reasons for Vermont's decision to withdraw the inquiry order include the SEC's withdrawal of similar charges against Coinbase in the Federal Court for the Southern District of New York, and the SEC has established a new working group to formulate cryptocurrency-related regulatory rules. Coinbase welcomed this and called on Congress to pass comprehensive cryptocurrency legislation, while encouraging other states to follow Vermont's decision.
Coinbase International will launch REZ, GRASS and RARE perpetual contracts
Coinbase International Exchange announced on the X platform that Coinbase International Exchange and Coinbase Advanced will add Renzo, Grass and SuperRare perpetual contracts, and the new trading pairs are: REZ-PERP, GRASS-PERP and RARE-PERP. Trading will be open on or after 17:30 on March 20, 2025, Beijing time.
According to The Block, people familiar with the matter said that the encrypted payment company MoonPay acquired the API-focused stablecoin infrastructure company Iron for a "nine-digit" price, which means it is worth at least $100 million. Earlier today, it was reported that the encrypted payment company MoonPay had acquired the stablecoin company Iron.
Coinbase Ventures announces Base Ecosystem Group on Echo to support Base builders
According to the official Coinbase blog, as part of the next phase of work to support Base builders through the Base Ecosystem Fund, Coinbase Ventures announced that it has become a "Group Lead" on the on-chain private investment platform Echo.xyz. By becoming a "Group Lead" on Echo, the Base Ecosystem Group (led by Coinbase Ventures) will unlock broader and more dynamic capital for builders on Base. The establishment of the Base Ecosystem Group strengthens the foundation of the Base ecosystem in the following three aspects: providing more funds for builders, giving the Base community more opportunities to participate, and accelerating the "flywheel effect."
QnA3.AI’s GPT token fell 66.6% in 24 hours
Coingecko data shows that the GPT token of QnA3.AI, an AI+DePIN knowledge platform invested by Yzi Labs, has fallen by 66.6% in the past 24 hours and is now trading at $0.007284.
In response to the Wall Street Journal's report today that "the Trump family is negotiating to acquire a stake in Binance.US", Zhao Changpeng posted on the X platform: "I'm sorry to disappoint everyone. The Wall Street Journal's article is factually incorrect. More than 20 people told me that the Wall Street Journal (and another media) asked them: 'Can you confirm that CZ made some kind of deal in order to get a pardon?' They may have asked hundreds of people, and only 20 people found me. In essence, they worked hard to make up a story to report. The fact is: I have never discussed the Binance US deal with... anyone. No criminal would refuse a pardon, especially as the only person in US history to be sentenced to prison for a single Bank Secrecy Act (BSA) charge. It feels like this article is for the purpose of attacking the president and cryptocurrency, and the remnants of the previous administration's 'cryptocurrency war' are still active. I have always been happy to let cryptocurrency shine all over the world, including the United States and other countries in the world. I am glad to see that even the Wall Street Journal thinks I should be pardoned."
As banks warm to cryptocurrencies, Bank of New York Mellon (BNY) is expanding its services for stablecoin issuer Circle, The Information reported. People familiar with the matter said the bank will allow some customers to send or receive money from Circle through BNY to buy or sell Circle's stablecoins. Previously, Circle's customers had to use small banks in the United States to send money to Circle, which could limit the scale of the stablecoin company's development. This new arrangement facilitates the creation and redemption of Circle's stablecoins, which can help New York-based Circle promote wider adoption of its dollar-pegged stablecoins by other traditional financial institutions. "BNY and Circle will continue to work to bridge the gap between traditional and digital finance and explore how to deepen our relationship to benefit financial markets," the two companies said in a joint statement. The report said the changes will help make Circle more attractive to investors ahead of a possible initial public offering (IPO). The collaboration with BNY is noteworthy because the company is a global systemically important bank (G-SIB), a regulatory designation that subjects it to particularly strict regulation. Using a large U.S. bank like BNY is a way for Circle to differentiate itself from competitors such as Tether. Some people familiar with the matter said that BNY has obtained approval from the New York State Department of Financial Services to provide Circle with a wider range of payment services. By providing services to Circle, BNY may also attract more crypto-related deposits. People familiar with the matter previously said that the company has been discussing providing banking services with more crypto companies, but has been cautious and only works with the safest companies.
Crypto payments firm MoonPay has acquired stablecoin firm Iron
According to CNBC, crypto payment giant MoonPay is stepping up its efforts to enter the enterprise market by acquiring Iron, an API-first stablecoin infrastructure startup. This is MoonPay's second major acquisition in two months, highlighting its ambition to capture the rapidly growing stablecoin payment market. "We believe that everyone will have a digital currency wallet, whether it is in a bank account or independently," said Ivan Soto-Wright, co-founder and CEO of MoonPay, in an interview. "And we have built backward compatibility with the existing financial system." Soto-Wright compared the acquisition to PayPal's acquisition of Braintree, which processes credit card transactions for companies such as Meta, with a total payment volume of nearly $600 billion last year. Soto-Wright said: "This is our Braintree moment, and Iron's technology makes MoonPay expected to become an authoritative infrastructure provider for enterprise stablecoin solutions." Later in the news, people familiar with the matter said that crypto payment company MoonPay acquired Iron, an API-focused stablecoin infrastructure company, for a "nine-digit" price, which means it is worth at least $100 million.
Market News: Zhao Changpeng seeks pardon from Trump administration
According to Aggr News, citing the Wall Street Journal, Zhao Changpeng sought a pardon from the Trump administration.
Source: Trump family in talks to buy stake in cryptocurrency exchange Binance
According to the Wall Street Journal, citing sources, the Trump family is in talks to acquire a stake in the cryptocurrency exchange Binance.
BNB continues to rise and breaks through $600, up 8.74% on the day
The OKX market data shows that BNB has continued to rise and broken through $600. It is now trading at $600.80 per coin, up 8.74% on the day.
DWF Labs partner Andrei Grachev wrote on the X platform: "DWF Labs deploys more funds and has just signed an eight-figure deal with a very attractive project. Stay tuned for more news."
The annual rate of PPI in the United States in February was 3.2%, and the monthly rate was 0%
According to Jinshi.com, the annual rate of PPI in the United States in February was 3.2%, expected to be 3.3%, and the previous value was revised from 3.50% to 3.7%. The monthly rate of PPI in the United States in February was 0%, expected to be 0.3%, and the previous value was revised from 0.40% to 0.6%. The number of initial jobless claims in the United States for the week ending March 8 was 220,000, expected to be 225,000, and the previous value was revised from 221,000 to 222,000.
Robinhood to List PENGU, POPCAT and PNUT
According to official news, Robinhood US announced that Robinhood will list Peanut the Squirrel (PNUT), Pudgy Penguins (PENGU) and Popcat (POPCAT).
Solv Raises $10 Million for Bitcoin Reserve Issuance to Drive Institutional BTC Finance Adoption
According to CoinDesk, Bitcoin staking platform Solv has raised $10 million for its Bitcoin Reserve Offering (BRO), aiming to build a $100 million BTC reserve. Solv will deploy the raised BTC into various yield-generating instruments, such as liquidity pledge tokens, and invest in decentralized finance (DeFi), real-world assets (RWA), and institutional financial products. "This means that the Bitcoin reserves owned by the Solv protocol will be active and productive, rather than leaving BTC idle," Solv said in an announcement on Thursday. According to reports, BRO combines aspects of traditional convertible bonds with crypto-native features to promote institutional adoption of BTC finance. Solv is trying to provide a "MicroStrategy on the chain" model, and BRO may attract institutions that want to invest in BTC as a store of value in a similar way to MicroStrategy, but without having to buy and hold it personally. In addition, they may be looking for a more active form of BTC investment that generates income.
CBOE Submits 19b-4 Application to SEC for Franklin XRP ETF
According to the U.S. SEC application, Cboe BZX, a subsidiary of the Chicago Board Options Exchange Group, is submitting a proposed rule change (19b-4 application) to the U.S. Securities and Exchange Commission to list and trade shares of the Franklin XRP ETF, one of the Franklin XRP Trust series.
According to Cointelegraph, Turkey is advancing its cryptocurrency regulation by developing new rules for crypto asset service providers (CASPs). On March 13, the Capital Markets Board of Turkey (CMB) published two regulatory documents related to the licensing and operation of CASPs, including cryptocurrency exchanges, custodians, and wallet service providers. The framework gives the CMB full oversight over crypto platforms to ensure that they comply with domestic and international standards. It also sets out standards and requirements for establishing and providing crypto asset services in Turkey, such as establishment capital, executive history, shareholder rules, etc. Under the framework, CASPs will need to invest in compliance infrastructure and may face challenges in adapting to the new regulatory environment. CASPs must also comply with strict reporting requirements to provide the CMB with timely and accurate information about their operations. According to the documents, Turkey's new crypto regulations are aligned with global standards and follow the regulatory approach developed by the European Crypto Asset Market Regulation (MiCA) and the U.S. Securities and Exchange Commission. The regulations also set stricter trading requirements for Turkish investors, introduce potential stablecoin restrictions, and address Turkey's decentralized finance (DeFi) market issues.
Cboe applies to SEC for physical redemption of Invesco Galaxy Bitcoin and Ethereum ETFs
According to Decrypt, Cboe BZX Exchange has submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) on behalf of Invesco Galaxy, aiming to allow its spot Bitcoin ETF and Ethereum ETF to conduct physical creation and redemption of shares. Physical redemption and creation allow the direct exchange of the ETF's underlying assets (Bitcoin or Ethereum) with ETF shares, thereby bypassing the need for cash. This method eliminates the need for participants to sell the underlying cryptocurrency to create shares, reduces the bid-ask spread, and avoids additional brokerage commissions. As the SEC reviews Cboe's proposed rule changes, a public comment period has been opened to allow stakeholders to share their ideas before a final decision. The document states that authorized participants - institutions involved in the creation and redemption process - will be eligible to use the physical trading model. Individual investors will still need to use a cash-based model when purchasing or redeeming ETF shares.
According to Cryptoslate, citing Bitcoin Treasuries data, the number of Bitcoin held by listed companies in 2024 reached 592,112 BTC. Ryan Rasmussen, head of research at Bitwise, emphasized that this number is twice the total amount of Bitcoin accumulated by institutions in the past five years. On January 1, 2024, the number of Bitcoin held by listed companies was 272,777 BTC. There were two major accumulation leaps in 2020 and 2021. In the first year of the COVID-19 pandemic, institutions held nearly 100,000 Bitcoins. In the second year, the number increased significantly as companies held more than 200,000 Bitcoins. However, as listed companies liquidated part of their Bitcoin reserves, the momentum was temporarily interrupted and almost fell below the threshold of 200,000 BTC. The accumulation action resumed in 2023 and increased sharply last year. It is worth noting that Rasmussen pointed out that if Strategy's reserves are excluded, the number will be "significantly reduced." The company, led by Michael Saylor, had over 499,000 BTC in its vaults as of March, having added 257,095 BTC through 16 purchases last year. Rasmussen added that as of March 6, public companies held $52 billion worth of Bitcoin, equivalent to 3% of the total Bitcoin supply. 2024 also saw a significant increase in the amount of Bitcoin held by various institutional investors. As of December 31, 2024, private companies, ETP managers, governments, and public companies held 2,802,135 BTC, compared to 1,622,439 BTC at the beginning of last year. This growth was mainly attributed to governments and ETP managers. At the beginning of last year, there were 90,379 BTC in the vaults of various governments, and by the end of the year, this number grew to 513,791 BTC. Meanwhile, the amount of Bitcoin held by asset managers climbed from 771,013 BTC to 1,289,031 BTC during the same period, while private companies’ Bitcoin holdings fell from 488,270 BTC on January 1, 2024 to 407,201 BTC at the end of last year.
According to Deribit data, about $3.27 billion of crypto options will expire this Friday. Among them, the notional value of Bitcoin (BTC) options is $2.87 billion, the maximum pain point price is $86,000, and the Put/Call ratio is 0.74; the notional value of Ethereum (ETH) options is $399 million, the maximum pain point price is $2,150, and the Put/Call ratio is 0.71.
