Abstract

• BTC price dropped 0.68% to $83,283, and ETH price dropped 0.55% to 1,906 USDT.
• Gate Web3 Wallet unveils a major upgrade, Introducing an AI-powered multi-chain trading hub.
• Hyperliquid trading volume surpasses $1.122 trillion, driving the scaling of decentralized exchanges.
• Pump.fun activity continues to decline, with daily revenue dropping to a four-month low.
• CME launches Solana futures, with a trading volume of approximately 38,000 SOL.
• Canary Capital applies for a SUI spot ETF, drawing institutional attention to the Sui ecosystem.

Market Analysis

• BTC - BTC price dropped 0.68% in the past 24 hours, currently at $83,283. BTC remains in a consolidation range, repeatedly testing the resistance level near $82,500 without a successful breakout. Overall trading volume has increased slightly compared to yesterday, but has not shown significant changes in magnitude. [1]

• ETH - ETH price dropped 0.55% in the past 24 hours, currently at 1,906.44 USDT. ETH is following BTC in a consolidation phase, with a slight decline in overall trading volume and no clear signals emerging. [2]

• ETF – According to SoSoValue data, the total net inflow for U.S. Bitcoin spot ETFs on March 18 was $274 million[3], while U.S. Ethereum spot ETFs saw a net outflow of $7.29 million[4]. Data as of March 18, 12:00 PM (UTC+8).
• Altcoins – The RWA Protocol, The Boy’s Club, and Frog-Themed sectors recorded gains of 8.9%, 8.3%, and 8.0%, respectively. Data as of March 18, 12:00 PM (UTC+8)[5].
• U.S. Stock Market – On March 10, the S&P 500 Index rose by 0.64%, the Dow Jones Industrial Average increased by 0.85%, and the Nasdaq Composite Index was up 0.31%[6].
• Spot Gold – The price of spot gold reached $3,011 per ounce, with a daily increase of 0.34%. Data as of March 18, 12:00 PM (UTC+8)[7].
• Fear & Greed Index – The Fear & Greed Index stands at 46, indicating that 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:

MAVIA (Heroes of Mavia) - Daily increase of approximately 76.09%, with a circulating market cap of $27.25 million.

Heroes of Mavia is a Web3 strategy-building mobile game inspired by Clash of Clans. Since 2021, the team has been committed to developing a Web3 MMO that meets Apple and Google standards, utilizing blockchain technology to enable true ownership of in-game assets and facilitate the transition from Web2 to Web3.

On March 3, the official Heroes of Mavia team announced an upcoming major update and breakthrough developments, signaling a critical upgrade to the game ecosystem and drawing market attention. Investors anticipate that new gameplay mechanics, tokenomics optimizations, or NFT asset integrations could enhance the game’s value, boost market sentiment, and drive up related asset prices. [10]

MUBARAK (Mubarak) - Daily increase of approximately 74.37%, with a circulating market cap of $195 million.

MUBARAK is a meme project on BSC, launched through the Four.Meme platform. The term “Mubarak” carries meanings of blessing and prosperity in the Middle East.

On March 17, CZ posted a meme image related to Mubarak on X, sparking widespread market discussion. As KOLs engaged with the community on social media, market sentiment surged, attracting a large number of short-term traders and driving the token price higher. [11]

CAKE (PancakeSwap) - Daily increase of approximately 23.66%, with a circulating market cap of $730 million. \
PancakeSwap, launched in 2020, is a DEX that utilizes an AMM mechanism, offering fast and low-cost swaps on the BNB Smart Chain, accessible to all users. Its goal is to become the leading liquidity provider on BSC and expand gamified yield farming across multi-chain ecosystems. \
On March 18, PancakeSwap burned approximately $23 million worth of tokens, reducing circulating supply, increasing scarcity, and boosting investor confidence. Additionally, the recent surge in high-multiple meme coins like MUBARAK on the BSC chain has fueled market sentiment, increasing trading activity and drawing more attention to PancakeSwap. [12]

Data Highlights

Pump.fun Activity Continues to Decline, Daily Revenue Drops to Four-Month Low

In the past 24 hours, only one “graduated” token on Pump.fun surpassed a market cap of $1 million, indicating a significant drop in platform activity. According to DefiLlama data, Pump.fun’s protocol revenue on March 17 was $791,000, marking the lowest single-day level since November 4, 2024. [13]

The meme token market peaked at the end of 2024 and has since gradually cooled, with investors showing reduced interest in high-risk meme tokens. Additionally, capital within the Solana ecosystem has been shifting toward DeFi and other projects with greater long-term value, leading to decreased liquidity in the meme token market. The platform’s token graduation rate has dropped from 1.67% to 0.8%, while the appeal and market recognition of new tokens have diminished. The platform’s average daily trading volume has plummeted from its peak in January 2025, with the past week’s volume at just $536 million—a 75% decline from its all-time high. Meanwhile, the number of active addresses on the platform has dropped from $294,000 to $143,000, and both new token creation and trading activity have significantly decreased. [14][15]

In the short term, Pump.fun’s market performance will largely depend on meme trading sentiment and the appeal of new token projects. If market liquidity continues to decline, protocol revenue may face further pressure. However, should meme token market enthusiasm return or the platform introduce new growth mechanisms, Pump.fun may still have a chance to regain market momentum.

Hyperliquid Trading Volume Surpasses $1.122 Trillion, Driving the Scaling of Decentralized Exchanges

Hyperliquid’s perpetual contract trading volume has exceeded $1.122 trillion, making it the first decentralized exchange (DEX) to rival centralized exchanges (CEXs). Its rapid rise is attributed to ecosystem expansion, technological innovation, and community growth. The EVM-compatible chain enhances interoperability with the Ethereum ecosystem, while HYPE token airdrops and trading fee rebates increase user engagement. Additionally, its token Layer1 blockchain (200,000 TPS) attracts high-frequency traders, accelerating trading volume growth.

As the DeFi ecosystem matures, DEX trading volumes are gradually approaching those of CEXs, reflecting the growing demand for decentralized and highly transparent trading platforms. However, extreme market volatility poses challenges for risk management. To mitigate liquidation risks, Hyperliquid has introduced a new 20% margin requirement rule. With its high-performance Layer1, EVM compatibility, and trading incentive mechanisms, Hyperliquid holds a strong position in high-frequency trading, the perpetual contract market, and DeFi user expansion. If it further optimizes risk management, it may solidify its dominance in the decentralized derivatives market. [16]

DeFi TVL Decline Affected by Crypto Market Adjustment and Capital Diversion

DeFi Total Value Locked (TVL) has experienced significant volatility, dropping from its 2021 peak of $303 billion to a low of $50 billion in 2022. After rebounding to $250 billion in 2024, it fell to $150 billion as of March 17, 2025. This decline is primarily due to the depreciation of token prices in the overall crypto market, causing TVL to shrink in USD terms rather than solely due to capital outflows.[17]

Macroeconomic tightening, stricter regulations, and intensified market competition have collectively impacted the DeFi ecosystem. The Federal Reserve’s tightening policies have reduced market liquidity, while agencies such as the SEC have increased scrutiny of DeFi platforms, raising compliance risks. At the same time, Layer 2 solutions (such as Arbitrum and Optimism) have attracted capital migration. Although the funds have not entirely exited DeFi, the mainnet TVL has still been affected. The tokenization of real-world assets (RWA) has drawn institutional capital into regulated on-chain financial products, reducing competitiveness among some DeFi protocols and redistributing capital.

In the short term, DeFi TVL remains influenced by market sentiment, regulatory conditions, and crypto asset price fluctuations. If RWA continues to integrate with DeFi alongside Layer 2 solutions, it may create new growth opportunities for the DeFi ecosystem. However, a full capital rebound still requires time and an improved market environment.

Spotlight Analysis

Gate Web3 Wallet Unveils Major Upgrade: AI-Powered Multi-Chain Trading Hub

Gate Web3 Wallet has officially been upgraded into a multi-chain AI trading hub, pioneering a cross-chain asset dashboard that enables one-click management of assets across over 100 blockchains, including Ethereum, Solana, and BSC. The wallet features a built-in DEX aggregator that seamlessly connects with top protocols like Uniswap and PancakeSwap. Utilizing AI algorithms, it automatically splits trading paths to reduce slippage by 40% and incorporates a lightning-fast trading engine to respond to on-chain market fluctuations within 0.5 seconds.

Gate’s exclusive AI “Golden Dog Radar” monitors social media and on-chain data 24/7, with a historical accuracy rate of 75% in identifying early meme coin opportunities. As the multi-chain ecosystem expands and AI trading technology matures, demand for decentralized trading tools is increasing, driving smart trading and cross-chain liquidity aggregation as emerging trends. AI trading algorithms effectively optimize trading routes, lower costs, and enhance execution efficiency, while the high volatility of the meme coin market makes social media sentiment analysis a crucial strategy. Gate Wallet’s upgrade not only enhances user experience but is also expected to attract more DeFi traders and short-term investors, further increasing its market share. [18]

CME Launches Solana Futures with Trading Volume Around 38,000 SOL

The Chicago Mercantile Exchange (CME) officially launched Solana (SOL) futures contracts on March 17, a move widely seen as laying the groundwork for the approval of a SOL spot ETF. The newly introduced futures contracts include micro contracts (25 SOL) and standard contracts (500 SOL), providing institutional investors with more options for hedging and investing in SOL. On the first trading day, SOL futures recorded a trading volume of approximately 38,000 SOL, with a notional value of around $5 million. [19][20]

The launch of Solana futures by CME reflects the growing institutional interest in the cryptocurrency market and further supports the potential approval of a SOL spot ETF. Several institutions, including Grayscale, Bitwise, and VanEck, have already submitted applications for a SOL spot ETF, and market expectations for its approval have significantly increased. If approved, a SOL spot ETF would greatly simplify the investment process for retail investors, attracting more traditional capital into the Solana market and potentially driving its price higher.

Additionally, recent developments in Solana’s ecosystem across DeFi, NFTs, and payment protocols have provided fundamental support for its price. With the introduction of CME futures and increased institutional inflows, Solana is poised for potential breakthroughs in both technology and market positioning, possibly pushing its price to new all-time highs.

Canary Capital Applies for SUI Spot ETF, Bringing Institutional Attention to the Sui Ecosystem

On March 17, 2025, Canary Capital submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC), seeking approval to launch a SUI spot ETF. This move positions SUI as the next cryptocurrency, following Bitcoin and Ethereum, with the potential to enter traditional financial markets via an ETF.

Canary Capital is an asset management firm specializing in cryptocurrencies and digital assets. The proposed SUI ETF aims to provide investors with a regulated investment vehicle, making it easier to participate in SUI investments. Prior to this filing, Canary Capital had already registered a related trust entity in Delaware, laying the groundwork for the ETF’s launch.

The Sui ecosystem has been expanding rapidly, attracting growing institutional interest. The supply of stablecoins on the Sui network has surged nearly 100x, rising from $5.4 million at the beginning of 2024 to $637 million, highlighting its rapid growth in the DeFi sector. As regulatory frameworks continue to evolve, Sui is accelerating toward mainstream adoption, establishing itself as a key emerging force in the crypto market. [21]

Funding News

According to RootData, six projects publicly announced funding rounds in the past 24 hours, raising a total of $34 million across DAO, GameFi, and RWAfi sectors. Here are the top three projects by funding amount: [22]

Slingshot - Slingshot announced the completion of a $16 million funding round, with participation from Dragonfly Capital, Animoca Brands, and others. The funds will be used for platform upgrades and ecosystem development. Slingshot is a community-driven creative incubation platform designed to transform ideas into real experiences. Users can submit innovative concepts through the Slingshot app, vote for their favorite games or experiences, and earn rewards.

This round of funding will accelerate Slingshot’s expansion within the Web3 ecosystem, enhancing its creative incubation capabilities and community engagement mechanisms. By integrating decentralized governance (DAO), incentive structures, and user contribution rewards, the platform lowers the barriers to Web3 product incubation, enabling more developers to bring their ideas to life quickly.

Ephyra (Game Beast) - Ephyra announced the completion of a $10.5 million Series A funding round, led by BECKER Ventures, with participation from multiple family offices in the UAE and Hong Kong. The funds are expected to be used for launching multiple AI-driven gaming products. Ephyra is a multi-chain gaming platform developer within the Solana ecosystem, with titles such as Destiny of Gods under its portfolio.

This funding round provides Ephyra with strong financial support for AI-powered game development. As AI and blockchain technologies continue to merge, Ephyra plans to create more intelligent blockchain gaming experiences, enhancing the stability of in-game economies and deepening user interactions.

O.LAB - O.LAB announced the completion of a $5 million seed funding round, with participation from angel investors including Echo and Animoca Ventures. The funds will be used to build a Web3 innovation platform, strengthen blockchain infrastructure, smart contract capabilities, and cross-chain interoperability, while enhancing security and scalability. O.LAB is developing a dynamic opinion and continuous prediction market, with its first product, AlphaOrBeta, designed to evaluate human perspectives and facilitate value exchange within social networks.

This funding round supports O.LAB’s technological development and product deployment. By integrating decentralized governance (DAO) with prediction markets, blockchain identity verification, and social credit mechanisms, O.LAB aims to create a more transparent and decentralized interaction model for social networks.

Airdrop Opportunity

Voltix

Voltix is a decentralized computing network that alleviates global CPU resource shortages by redistributing unused computing power. The platform connects idle processing devices with users requiring high-performance computing, enabling the execution of resource-intensive tasks.

Voltix has confirmed an upcoming airdrop of its native token, VOLT. Users can earn points by completing tasks via the Voltix platform and browser extension. These points will be converted into VOLT during the token generation event, though the exact conversion rate and distribution timeline have not yet been announced. [23]

How to Participate:

1. Visit the official website and follow the steps to install the browser extension.
2. Link your wallet and start earning points.
3. Complete as many social tasks as possible.

Note:
The airdrop plan and participation details may change at any time. Users are advised to follow Voltix’s official channels for the latest updates. Additionally, participants should exercise caution, assess potential risks, and conduct thorough research before joining. Gate.io does not guarantee the future distribution of airdrop rewards.


References:

1. Gate.io,https://www.gate.io/trade/BTC_USDT
2. Gate.io,https://www.gate.io/zh/trade/ETH_USDT
3. Sosovalue,https://sosovalue.com/assets/etf/us-btc-spot
4. Sosovalue,https://sosovalue.com/assets/etf/us-eth-spot
5. CoinGecko,https://www.coingecko.com/en/categories
6. Investing,https://investing.com/indices/usa-indices
7. Investing,https://www.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/MaviaGame
11. X,https://x.com/mubarak_cto
12. X,https://x.com/PancakeSwap/status/1901677872466768010
13. DefiLlama,https://defillama.com/protocol/pump
14. Dune,https://dune.com/oladee/pump-fun-stats
15. Dune,https://dune.com/jhackworth/pumpfun
16. DefiLlama,https://defillama.com/protocol/hyperliquid?tvl=false&volume=false&groupBy=cumulative&perpsVolume=true
17. X,https://x.com/Cointelegraph/status/1901783341910704391
18. X,https://x.com/GateWeb3Wallet/status/1901638418003591679
19. CME,https://www.cmegroup.com/media-room/press-releases/2025/2/28/cme_group_to_launchsolanasolfuturesonmarch17.html
20. CME,https://www.cmegroup.com/markets/cryptocurrencies/solana/solana.quotes.html
21. SEC,https://www.sec.gov/Archives/edgar/data/2060703/000199937125002694/canarysui-s1_031725.htm
22. Rootdata,https://www.rootdata.com/Fundraising
23. Voltix,https://voltix.ai/dashboard/airdrops

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