Abstract

• Bitcoin price increased by 3.52% to $81,805.2, and Ethereum price increased by 0.86% to $1,854.56.
• Yei Finance TVL surpassed $170 million.
• Veda TVL surpassed $2 billion.
• Solana DEX trading volume dropped 95% from its January peak.
• Bubblemaps announced BMT tokenomics.
• SEC postponed multiple spot cryptocurrency ETF approvals.
• The U.S. February core Consumer Price Index is coming tonight, with the market expecting a slight decline in inflation.

Market Analysis

• BTC - BTC price increased by 3.52% in the past 24 hours, currently at $81,805.2. BTC price is showing a downtrend on the 1-hour timeframe. After forming support near $76,500, BTC started to rebound and is now approaching the descending trendline. During the recent rebound, trading volume has increased, indicating some buying interest from bulls. The moving average system is attempting to form a golden cross, and bearish sentiment in the market has weakened. [1]

• ETH - ETH price increased by 0.86% in the past 24 hours, currently at $1,854.56. ETH price is in a downtrend. After touching the support level near $1,750, it started to rebound, but with low trading volume and weak momentum, overall sentiment remains bearish. [2]

• ETF - According to SoSoValue data, on March 11, the total net outflow of U.S. spot Bitcoin ETFs was $370 million [3], while the total net outflow of U.S. spot Ethereum ETFs was $21.57 million. Data as of March 12, 11:00 AM (UTC+8). [4]
• Altcoins - The Gaming Blockchains, Liquid Restaking Tokens, and Restaking sectors changed by +26.4%, +23.2%, and +20.4%, respectively. [5]
• U.S. Stock Market Indexes - On March 11, the S&P 500 index fell by 0.76%, the Dow Jones index fell by 1.14%, and the Nasdaq index fell by 0.18%. [6]
• Spot Gold - Spot gold price reached $2,915.89 /ounce, with a daily increase of 0.01%. Data as of March 12, 11:00 AM (UTC+8). [7]
• Fear & Greed Index - Fear & Greed Index at 34, indicating the market is in a state of fear. [8]

Top Performers

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

SAROS (Saros) - Single-day increase of approximately 42.08%, with a circulating market cap of $88.39 million. Saros Finance is a unified DeFi product suite based on Solana, consisting of three fundamental components: SarosSwap (AMM), SarosFarm, and SarosStake, with SarosSwap being the core of the entire ecosystem. [10]

Recently, the Saros platform has launched multiple new token contracts and has been actively enhancing its ecosystem products, such as adding new staking pools and integrating with mainstream wallets, further attracting investor capital inflows. At the same time, the overall rebound of the crypto market has created a favorable macro environment for Saros, boosting user activity and trading enthusiasm on the platform, ultimately driving its price increase.

AUCTION (BounceAuction) - Single-day increase of approximately 38.61%, with a circulating market cap of $174 million.
BounceAuction is a decentralized auction platform that supports the auction and trading of various assets on the blockchain, including physical collectibles. By leveraging blockchain technology, the platform ensures a more transparent, efficient, and accessible auction process. [11]

Recently, Auction Intelligence was successfully launched on BNB Chain. It is not only an AI-agent-based launchpad but also a comprehensive upgrade to the BounceAuction ecosystem. The new features integrate AI-driven bidding strategy optimization, personalized bidding suggestions, and automated market analysis, making auction services more intelligent and efficient. Meanwhile, Bounce Brand announced the upgrade on the X platform, further integrating AI technology into the DeFi space, such as intelligent market trend forecasting and optimized liquidity management. These innovations have enhanced the user experience, expanded AUCTION token use cases, and boosted market confidence, becoming key factors in driving the token’s price increase.

GIGA (Gigachad) - Single-day increase of approximately 45.45%, with a circulating market cap of $135 million .
GigaChad is a meme token on the Solana blockchain, inspired by the internet figure “Gigachad” (Russian bodybuilder Ernest Khalimov). Gigachad symbolizes masculinity, strength, and self-improvement, and the GIGA token aims to celebrate these values through community-driven initiatives. [12]

Recently, GigaChad launched a fitness apparel merchandise line, marking its expansion from pure meme culture into the physical business sector. This move has strengthened community cohesion and attracted more investor attention. Additionally, the project has gained support from notable figures such as Ernest Khalimov, Mike O’Hearn, and UFC fighter Paulo Costa, further boosting market confidence. As community engagement increases and brand influence expands, the market remains optimistic about GigaChad’s development, ultimately driving the token’s price upward.

Data Highlights

Yei Finance TVL Surpasses $170 Million

From early 2025 to early March, its TVL remained relatively stable at around $110 million. However, after entering March, the platform’s TVL showed a significant upward trend, rising from approximately $100 million to $176 million, marking a historic high. Yei Finance is a decentralized money market protocol on the Sei network, offering both over-collateralized and under-collateralized (flash loan) lending options. [13]

Recently, Yei Finance collaborated with Binance Wallet to launch a promotional event where users who supply at least 25 USDC to Yei Finance’s Simple Yield pool have the opportunity to receive substantial token reward allocations. The recent increase in TVL may be linked to this collaboration. Additionally, this growth reflects Yei Finance’s increasing market recognition as a decentralized money market protocol on the Sei network, with investor confidence in the platform steadily strengthening.

Ordinals EVM Expansion Protocol Veda TVL Surpasses $2 Billion

Veda’s current total value locked (TVL) has reached $2.22 billion. Recently, Veda’s TVL has experienced rapid growth, increasing from $560 million to $2.22 billion.
Veda is an infrastructure provider that enables native yield generation for protocols and applications. Users can deposit assets into Veda, which then securely deploys these funds across various DeFi protocols to generate returns. Veda aims to drive mass adoption of cryptocurrency by offering transparent and easily accessible yield opportunities.
The recent rise in Veda’s TVL has been largely driven by its partnership with BOB to launch the Hybrid BTC Vaults project. This initiative allows users to earn Bitcoin-denominated yields on the Ethereum network while ultimately receiving payouts in BTC on the BOB network. Through this cross-chain yield mechanism, Veda not only provides users with new earning opportunities but also introduces a fresh growth avenue for itself. With its innovative technical architecture, streamlined user experience, and recognition from leading industry institutions, the project has successfully attracted substantial capital inflows, pushing TVL higher and further solidifying Veda’s market position. [14]

Solana DEX Trading Volume Plummets, Down 95% from January Peak

The trading volume on Solana’s decentralized exchanges (DEXs) has plummeted by 95% from its January peak. This significant decline reflects a sharp drop in on-chain activity and a decrease in user trading enthusiasm. The end of the meme coin frenzy is the primary reason for the drastic reduction in trading volume. Meanwhile, competitors such as Ethereum and BNB Chain have remained relatively stable during the same period, further weakening Solana’s market competitiveness. Investors remain cautious about the future of the Solana ecosystem, as the market awaits potential policy stimulus or technological upgrades to reverse the trend. For now, this downturn poses a serious challenge to Solana’s long-term development. [15]

Spotlight Analysis

Bubblemaps Announces BMT Tokenomics

On-chain data visualization platform Bubblemaps has officially released details of its native token BMT’s tokenomics. The total supply of BMT is set at 1 billion tokens, utilizing the LayerZero OFT standard to enable cross-chain issuance on both BNB Chain and Solana.
The token allocation plan highlights a strong focus on ecosystem development and community incentives. The largest portion is allocated to the ecosystem and community at 26.3%, followed by investors at 24.3%, and a substantial 22.2% designated for airdrops. Additionally, liquidity accounts for 12.2%, the team for 9%, and protocol development and research for 6%. Currently, the majority of BMT token supply is concentrated on the Solana chain (88%), with BNB Chain holding the remaining 12%. [16]

The revealed tokenomics model underscores a well-structured token ecosystem with a core focus on community incentives. By allocating 26.3% to ecosystem and community and 22.2% to airdrops, the platform aims to rapidly expand its user base through broad distribution. Meanwhile, investor, liquidity, team, and protocol development allocations of 24.3%, 12.2%, 9%, and 6%, respectively, ensure stable ecosystem growth. The 88% concentration on Solana, compared to 12% on BNB Chain, reflects the project’s strategic approach to cross-chain ecosystem expansion.

SEC Delays Multiple Spot Crypto ETF Approvals
The U.S. Securities and Exchange Commission (SEC) has delayed the approval process for multiple spot cryptocurrency exchange-traded fund (ETF) applications. The affected ETF applications include: Grayscale Spot Cardano (ADA) ETF, Canary Spot XRP ETF, Canary Spot Solana ETF, Canary Spot Litecoin ETF and VanEck Spot Solana ETF.

According to the SEC’s official announcement, the review period has been extended from the original deadline of April 11 to May 26 to allow regulators sufficient time to evaluate the proposals and related concerns. [17]

For the crypto market, the approval of spot ETFs is seen as a major catalyst. This delay may have a short-term negative impact on market sentiment, with investors likely to remain cautious while awaiting clearer regulatory signals. However, in the long run, the SEC’s cautious approach also reflects its commitment to investor protection. A well-regulated cryptocurrency market is essential for sustainable growth, and investors should closely monitor the SEC’s next decisions and evolving crypto regulatory policies.

U.S. February Core Consumer Price Index to Be Released Tonight, Market Expects Slight Inflation Decline

Bitcoin prices have been influenced by multiple factors recently. Key geopolitical and economic developments—such as Trump’s cancellation of tariffs on Canadian steel and aluminum, Ukraine’s acceptance of a ceasefire proposal, and the U.S. seeking dialogue with Russia—contributed to Bitcoin’s price rebound yesterday. However, since tariffs have yet to be officially implemented, market momentum has been affected, and volatility alongside macroeconomic risks still require cautious handling.

Additionally, the U.S. February Core Consumer Price Index (CPI) is set to be released today at 08:30 PM (UTC+8), with market expectations of an annualized inflation rate of 2.9%, slightly lower than the previous 3.0%. The combination of CPI data and the reserve bill could introduce short-term price fluctuations for Bitcoin. If CPI exceeds expectations, a stronger U.S. dollar could pressure Bitcoin prices, though positive effects from the reserve bill might limit the downside. If CPI falls below expectations, a weaker dollar would benefit Bitcoin, and combined with the reserve bill’s positive impact, could drive prices higher.

In the long run, Bitcoin remains bullish due to government support, but in the short term, close attention should be paid to CPI data and market reactions. [18]

Funding News

According to RootData, a total of five projects publicly announced funding rounds in the past 24 hours, with total financing exceeding $122 million and the highest single-round funding reaching 82 million USD. The funded projects span across DeFi, infrastructure, and LSD sectors. Below are details of the top three projects by funding amount: [19]

Mesh - Mesh secured 82 million USD in a Series B funding round, with participation from Paradigm, ConsenSys, and others. Mesh is a cryptocurrency payment network platform designed to facilitate seamless, low-cost, and instant transactions. Its core SmartFunding technology eliminates friction between users’ assets and merchant settlement needs. With this technology, users can pay with Bitcoin, Ethereum, and other cryptocurrencies, while merchants automatically receive payments in stablecoins such as PYUSD, UST, or USDC, without requiring manual conversion from the user. This funding will accelerate product development and expand Mesh’s API integrations to support hundreds of cryptocurrencies and payment platforms. [20]

Axelar - Axelar raised 30 million USD in an OTC funding round, with participation from Arrington Capital, Distributed Global, and others. Axelar is a blockchain interoperability protocol designed to connect multiple blockchain ecosystems for seamless cross-chain communication. It is known for its permissionless, non-custodial, and open-source architecture, aiming to provide financial institutions with secure and vendor-agnostic interoperability solutions. This funding will be used to expand Axelar Network’s capabilities, particularly focusing on enhancing access to USD stablecoins and enabling institutional-grade tokenization of real-world assets (RWA). [21]

Vest Exchange - Vest Exchange secured 5 million USD in a funding round led by Amber Group, Selini Capital, and others. Vest Exchange is a perpetual futures trading platform built on a verifiable risk assessment framework, aiming to create a fair, liquid market that prevents manipulation and ensures stable liquidity. The platform leverages Vest’s shared, objective, and dynamically adaptive risk model, replacing traditional pricing mechanisms that rely on trust and assumptions. [22]

Airdrop Opportunities

Shaga

Shaga is an innovative cloud gaming platform that delivers ultra-low latency and high-performance gaming experiences, allowing users to play games on any smart device. The platform adopts a peer-to-peer architecture, ensuring seamless data transmission and providing players with an unparalleled gaming experience. By leveraging edge computing technology, Shaga has created a new cloud gaming ecosystem where any user can set up a node and share gaming resources. This model allows players to participate in DePIN (Decentralized Physical Infrastructure Network) at a lower cost and reduced latency—eliminating the need to purchase expensive hardware and significantly lowering the entry barrier to the ecosystem. [23]

Shaga previously won an award in the DePIN track of the 8th Hackathon and recently secured 4 million USD in funding, led by IOSG Ventures. The platform plans to launch a token airdrop in Q2 this year, and users can currently earn points by engaging with the project, which will later be redeemable for airdropped tokens.

How to Participate:

1. Visit the website, register an account with your email, and link your wallet.
2. Click SPIN every 6 hours to earn between 100–1,000 points.
3. Link social media accounts, generate an invite link, and earn additional points by referring friends.

Note:
The airdrop program and participation methods may be updated at any time. Users should follow Shaga’s official channels for the latest information. Caution is advised when participating. Users should conduct thorough research and be aware of potential risks. Gate.io does not guarantee the distribution of future airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/trade/ETH_USDT
3. SoSoValue,https://sosovalue.xyz/assets/etf/us-btc-spot
4. SoSoValue,https://sosovalue.xyz/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://investing.com/currencies/xau-usd
8. Gate.io,https://www.gate.io/bigdata
9. Gate.io,https://www.gate.io/price
10. X,https://x.com/saros_xyz/status/1898048011445707012
11. X,https://x.com/bounce_finance/status/1899466908040044793
12. X,https://x.com/GIGACHAD_meme/status/1897681097485324311
13. Defillama,https://defillama.com/protocol/yei-finance?denomination=USD
14. Defillama,https://defillama.com/protocol/veda?usdInflows=false&twitter=false&tvl=true
15. Defillama,https://defillama.com/dexs/chains/solana
16. X,https://x.com/bubblemaps/status/1899437871959777715
17. SEC,https://www.sec.gov/files/rules/sro/cboebzx/2025/34-102596.pdf
18. Cryptocraft,https://www.cryptocraft.com/calendar?day=mar12.2025
19. Rootdata,https://www.rootdata.com/Fundraising
20. Prnewswire,https://www.prnewswire.com/news-releases/mesh-secures-82m-in-series-b-funding-to-build-first-global-crypto-payments-network-302398543.html
21. Theblock,https://www.theblock.co/post/345703/axelar-foundation-axl-token-sales-interoperability-protocol
22. X,https://x.com/VestExchange/status/1899574337252045121
23. Shaga,https://glob.shaga.xyz/

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