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gate Research Institute: Solana DEX volume has dropped 95% from the January peak, Veda TVL has exceeded 20 billion US dollars
Summary
Market Review
Popular Tokens
According to the market data from Gate.io【9】, combined with the trading volume and price performance in the past 24 hours, the following popular altcoins are as follows:
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**SAROS )Saros( ** - The single-day increase is about 42.08%, with a market capitalization of $88.39 million.
Saros Finance is a unified Defi product suite based on Solana, consisting of three fundamental building blocks: SarosSwap )AMM(, SarosFarm, and SarosStake, with SarosSwap being the core of the entire ecosystem.【10】
Recently, Saros platform has successively launched multiple new token contracts, and continuously strengthened its ecosystem products, such as adding staking pools and integrating with mainstream wallets, further attracting capital inflows from investors. At the same time, the overall rebound in the cryptocurrency market has brought favorable macro environment to Saros, driving user activity and platform trading enthusiasm, thereby helping its price continue to rise.
**AUCTION )BounceAuction( **- Daily increase of about 38.61%, with a market capitalization of 174 million U.S. dollars.
BounceAuction is a decentralized auction platform. The platform supports auctions and trading of various assets, including physical collectibles, on the blockchain. By leveraging the characteristics of blockchain technology, the platform ensures that the auction process is more transparent, efficient, and accessible.【11】
Auction Intelligence was successfully launched on BNB Chain recently, serving as not only an AI-based agent Launchpad, but also a comprehensive upgrade to the BounceAuction ecosystem. The new features integrate AI-driven auction strategy optimization, personalized bidding suggestions, and automated market analysis, making auction services more intelligent and efficient. Meanwhile, Bounce Brand announced the upgrade of this feature on the X platform, further integrating AI technology in the DeFi field, such as intelligent market trend prediction and optimized liquidity management. These innovations enhance user experience, expand the application scenarios of AUCTION tokens, and boost market confidence, becoming an important factor driving the rise in coin price.
**GIGA )Gigachad( **- The single-day increase is about 45.45%, with a market capitalization of $135 million.
GigaChad is a Meme token on the Solana chain, inspired by the internet personality 'Gigachad' (Russian bodybuilder Ernest Khalimov). Gigachad symbolizes masculinity, strength, and self-improvement, so the GIGA token aims to celebrate these values through community-driven initiatives.【12】
Recently, GigaChad launched fitness apparel products, marking its brand's expansion from pure meme culture to physical commerce. This move has strengthened community cohesion and attracted more investor attention. In addition, the project has received support from well-known figures such as Ernest Khalimov, Mike O'Hearn, and UFC fighter Paulo Costa, further boosting market confidence. With increased community interaction and expanded brand influence, the market holds an optimistic view on the development of GigaChad, ultimately driving up token prices.
Highlighted Data
Yei Finance TVL exceeds 170 million US dollars
From early 2025 to early March, its TVL remained relatively stable at around $110 million. After entering March, the platform's TVL showed a significant upward trend, increasing from around $100 million to $176 million, reaching a historical high. Yei Finance is a decentralized currency market protocol on the Sei network, offering two types of lending: over-collateralized and under-collateralized (flash loan). [13]
Recently, Yei Finance and Binance Wallet jointly launched an activity where users only need to supply at least 25 USDC to Yei Finance's Simple Yield pool to have a chance to receive a high amount of token rewards. The recent increase in TVL on the platform may be related to this partnership activity. At the same time, this growth reflects that Yei Finance as a decentralized currency market protocol on the Sei network is gaining more and more market recognition, and investors' confidence in the platform is continuously strengthening.
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Ordinals EVM Expansion Protocol Veda TVL Surpasses $2 Billion
The current total value locked (TVL) of Veda has reached )TVL(, amounting to 22.2 billion US dollars. Veda's TVL has recently grown rapidly, increasing from 5.6 billion US dollars to 22.2 billion US dollars.
Veda is an infrastructure that provides native income for protocols and applications. Users can deposit assets into Veda, and Veda will securely deploy these funds into various DeFi protocols to generate income. Veda's goal is to achieve the mass adoption of cryptocurrencies through transparent and easily accessible income. The recent increase in Veda's TVL is mainly benefited from the Hybrid BTC vaults project launched in collaboration with BOB. This project allows users to earn Bitcoin income on the BOB network and ultimately return it to users in the form of BTC on the Ethereum network. Through this cross-chain income mechanism, Veda not only provides users with new income channels but also introduces new growth points for itself. Relying on innovative technical architecture, simplified operational processes, and recognition from authoritative institutions in the industry, the project has successfully attracted a large influx of funds, driving the increase in TVL and further consolidating the platform's competitiveness in the market.
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Solana DEX trading volume plummets 95% from January high
The decentralized exchange (DEX) trading volume on the Solana platform has dropped significantly since the peak in January, with a decrease of up to 95%. This significant contraction reflects a sharp decline in on-chain activity and user trading enthusiasm. The end of the meme coin craze is the main reason for the sharp drop in trading volume. At the same time, competitors such as Ethereum and BNB Chain have shown relatively stable performance during the same period, further weakening Solana's market competitiveness. Investors are currently cautious about the future of the Solana ecosystem, and the market is waiting for policy stimulus or technological upgrades to bring about a turning point. This trend poses a severe test for the long-term development of Solana.
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Hotspot Review
Bubblemaps announces BMT token economics
The on-chain data visualization platform Bubblemaps recently officially announced the details of its native token BMT's economic model. The total supply of BMT tokens is set to 1 billion, and it adopts the LayerZero OFT standard, realizing cross-chain issuance on BNB Chain and Solana.
The token distribution scheme reflects the emphasis on ecological construction and community incentives. Among them, the ecosystem and community account for the highest proportion, reaching 26.3%, investors account for 24.3%, the airdrop ratio is also quite substantial, at 22.2%. In addition, liquidity accounts for 12.2%, the team accounts for 9%, and protocol development and research accounts for 6%. Currently, the supply of BMT tokens is mainly concentrated on Solana chain at )88%(, with a proportion of 12% on the BNB Chain.
The BMT tokenomics model announced by Bubblemaps highlights the well-established token ecosystem and the design concept with community incentives as the core. The total amount of BMT is 1 billion, and the LayerZero OFT standard is used to achieve cross-BNB Chain and Solana, of which the ecosystem and community allocation ratio is as high as 26.3%, and the airdrop accounts for 22.2%, showing that the platform is committed to incentivizing user participation through wide distribution and rapidly expanding the community scale. At the same time, investors, liquidity, teams, and protocol development accounted for 24.3%, 12.2%, 9%, and 6%, respectively, ensuring the steady development of the ecosystem. At present, BMT is mainly focused on the Solana chain (88%), while BNB Chain accounts for 12%, reflecting the platform's layout and intentions in cross-chain ecological construction.
SEC Delays Multiple Spot Crypto ETF Approvals
The U.S. Securities and Exchange Commission (SEC) has delayed the approval process for several 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, VanEck Spot Solana ETF. According to the announcement released by the SEC, the review period will be extended from the original April 11 to May 26, to give the regulatory agency enough time to consider the proposal and related issues.【17】
For the cryptocurrency market, the approval of spot ETFs is seen as an important market catalyst. The SEC's extension of approval may have a negative impact on market sentiment in the short term, and investors may continue to maintain a wait-and-see attitude and wait for clearer regulatory signals. However, in the long run, the SEC's cautious approach also reflects its emphasis on investor protection, and a more healthy and sustainable development of the cryptocurrency market can only be achieved if it is built on a sound regulatory framework. Investors will still need to keep an eye on the progress of subsequent SEC approvals and the evolution of crypto regulatory policies.
U.S. core consumer price index for February is coming tonight, with market expectations for a slight drop in inflation
The recent price of Bitcoin has been influenced by multiple pieces of news. First, Trump's cancellation of the plan to impose tariffs on Canadian steel and aluminum, Ukraine's agreement to a ceasefire proposal, and the positive progress in geopolitical and economic policies such as the US seeking dialogue with Russia have pushed the price of Bitcoin higher yesterday. However, the tariffs have not been implemented yet, and the market momentum has been affected. It is still necessary to handle volatility and macroeconomic risks cautiously.
In addition, the U.S. core Consumer Price Index (CPI) for February will be released today at 08:30 PM )UTC+8(. The market expects an annual inflation rate of 2.9%, slightly lower than the previous value of 3.0%. Combining the CPI data and the reserve bill, the price of Bitcoin may face short-term fluctuations. If the CPI is higher than expected, the strengthening of the dollar may suppress Bitcoin, but the positive effects of the reserve bill may limit the decline; if the CPI is lower than expected, a weaker dollar will benefit Bitcoin, combined with the positive impact of the reserve bill, may push prices higher. In the long term, Bitcoin is bullish due to government support, but in the short term, it is necessary to closely monitor CPI data and market reactions.
Financing Information
According to RootData, in the past 24 hours, a total of 5 projects publicly announced funding, with a total funding amount exceeding 1.22 billion US dollars. The highest single funding amount reached 82 million US dollars, involving areas such as DeFi, infrastructure, LSD, etc. The following are the specific details of the top three projects in terms of funding amount: [19]
**Mesh **—— Mesh completed an $82 million Series B financing, with participation from Paradigm, ConsenSys, and others. Mesh is a platform for cryptocurrency payment networks, dedicated to achieving seamless, low-cost, and instant conversion transactions. Its core technology is SmartFunding, which eliminates friction between user assets and merchant settlement needs. In a shopping scenario, users can use cryptocurrencies such as Bitcoin, Ethereum for payment, and merchants can automatically receive transaction amounts in the form of stablecoins such as PYUSD, UST, or USDC, without the need for users to manually convert assets in advance. This financing will be used to accelerate product development and expand its API interface to support hundreds of cryptocurrencies and payment platforms.
**Axelar **—— Axelar completes a $30 million OTC financing 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. Known for its fully permissionless, non-custodial, and open-source architecture, it aims to provide financial institutions with a secure interoperability solution free from vendor lock-in risks. The funding round aims to expand the capabilities of the Axelar Network, particularly by increasing access to USD stablecoins and supporting the tokenization of real-world assets (RWA).
**Vest Exchange ** - Vest Exchange has completed a $5 million financing round with participation from Amber Group, Selini Capital, and others. Vest Exchange is a perpetual futures exchange based on a verifiable risk assessment framework, aiming to create a fair and liquid market, safeguarding the trading environment from manipulation, and providing stable liquidity. The platform's core adopts Vest's shared, objective, and dynamically adaptive risk model for the market, replacing traditional pricing models that rely on trust and assumptions.【22】
Airdrop Opportunity
) Shaga
Shaga is a pioneering cloud gaming platform that provides users with ultra-low latency and high-performance gaming experience, allowing them to enjoy games on any smart device. The platform adopts a peer-to-peer architecture to ensure seamless data transmission, offering players an unparalleled gaming experience. Through edge computing technology, Shaga has created a new cloud gaming ecosystem, enabling any user to set up nodes and share gaming resources. This model allows players to participate in DePIN at a lower cost and lower latency without the need to purchase expensive professional hardware, significantly reducing the barrier to entry into this ecosystem.
Shaga won the prize in the DePIN track of the 8th Hackathon, and this year received a $4 million investment led by IOSG Ventures. Shaga is expected to launch a token airdrop activity in the second quarter of this year. Users can currently earn points by participating in the project, and these points will be exchangeable for tokens airdropped by the project later on.
Way of participation:
Reminder: Airdrop plans and participation methods may be updated at any time. Users are advised to follow Shaga's official channels for the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct thorough research before participating. Gate.io does not guarantee subsequent airdrop rewards distribution.
Reference:
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Disclaimer Cryptocurrency market investment involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.