Overview

This report focuses on blockchain industry developments from March 17 - 21, 2025. Gate.io Web3 Wallet completed a major upgrade that now features AI-powered multi-chain hub aggregated trading. The Base ecosystem saw unprecedented growth, with weekly contract deployments hitting a record 11.4 million. Solana dominated blockchain revenue in February, capturing 57% of the market. Meanwhile, Hyperliquid achieved a significant milestone with trading volume exceeding $1.122 trillion, driving the scaled development of decentralized exchanges. XRP’s fully diluted value (FDV) has broken through $250 billion, surpassing ETH’s FDV.

Projects

Gate.io Web3 Wallet’s Major Upgrade: AI-Powered Multi-Chain Hub for Aggregated Trading

Gate.io Web3 Wallet has been upgraded to become a multi-chain AI trading hub. It pioneered a cross-chain asset dashboard that enables one-click management of assets across more than 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. Using AI algorithms, it automatically optimizes trading routes to reduce slippage by 40%, while its lightning-fast trading engine responds to on-chain market fluctuations within 0.5 seconds.

Gate’s exclusive AI Golden Dog Radar tracks social media and on-chain data 24/7, capturing early Meme coin opportunities with a 75% historical success rate. As multi-chain ecosystems expand and AI trading technology matures, the growing demand for decentralized trading tools drives smart trading and cross-chain liquidity aggregation to become new trends. The AI trading algorithm effectively optimizes trading paths, reduces costs, and improves transaction efficiency, while social media sentiment analysis has become a key strategy in the volatile Meme coin market. This upgrade enhances user experience and is expected to attract more DeFi traders and short-term investors, further increasing Gate’s market share. [1]

Base Ecosystem Contract Deployments Surge to Record High of 11.4 Million in One Week

The base ecosystem witnessed a historic milestone, with contract deployments reaching 11.4 million between March 10-16, showcasing increasing developer adoption. Over the past three months, contract deployments have grown exponentially, particularly since February, when weekly deployments jumped from around 900,000 to over 10 million, demonstrating growing market acceptance of this Layer 2 solution. [2]

As an Ethereum Layer 2 solution, Base attracts developers and users with its lower transaction fees and faster processing speeds. The surge in contract deployments indicates Base ecosystem is experiencing massive expansion in decentralized applications (dApps) across DeFi, NFT, and GameFi sectors.

From a market perspective, growth in contract deployments often correlates with increased on-chain activity and TVL. As the Base ecosystem expands, DeFi protocols, NFT projects, and GameFi applications on the network will likely grow, intensifying competition with Layer 2 rivals like Optimism and Arbitrum. Looking ahead, if Base ecosystem continues to expand and attract more protocols and liquidity, it could further shift Layer 2 market share towards Base, strengthening its position as a leading scaling solution.

Solana Captures 57% of Blockchain Revenue in February

Solana dominated blockchain revenue in February 2025, accounting for 57% of total blockchain revenue. The network has maintained over 50% market share for three out of the past four months, solidifying its position as one of the most profitable blockchains. However, its growth momentum has slowed compared to the peak of memecoin trading activity.

While Solana maintained a high revenue share in early 2025 due to surging transaction volumes, a mature DeFi ecosystem, and the meme economy, memecoin trading enthusiasm has become volatile. Pump.fun’s February revenue dropped 38% compared to January, potentially signaling a cooldown in memecoin trading. If market sentiment weakens, Solana’s revenue growth could be affected. [3]

Furthermore, Solana faces market share pressure from competing chains (such as Ethereum L2, Aptos, Sui), while its network stability for supporting high-frequency trading remains a crucial growth factor. Looking ahead, Solana ecosystem’s ability to maintain high revenue levels will depend on further expansion of its DeFi ecosystem, continued development of its developer community, and optimization of network infrastructure to offset potential impacts from declining memecoin trading enthusiasm.

Hyperliquid Trading Volume Exceeds $1.122 Trillion, Driving Scaled Development of Decentralized Exchanges

Hyperliquid’s perpetual contract trading volume has surpassed $1.122 trillion, becoming the first decentralized exchange (DEX) to rival centralized exchanges (CEX) in volume. Its rise stems from 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 retention. Their self-developed Layer 1 blockchain (200,000 TPS) attracts high-frequency traders, driving rapid volume growth.

As the DeFi ecosystem matures, DEX trading volumes are gradually approaching CEX levels, with increasing market demand for decentralized, highly transparent trading platforms. However, extreme market volatility tests risk management capabilities, leading Hyperliquid to introduce a 20% margin requirement rule to reduce liquidation impacts. With its high-performance Layer 1, EVM compatibility, and trading reward mechanisms, Hyperliquid maintains advantages in high-frequency trading, perpetual contracts, and DeFi user growth. Further risk management optimization could strengthen its dominant position in the decentralized derivatives market. [4]

XRP’s Fully Diluted Value (FDV) Surpasses $250 Billion, Exceeding ETH’s FDV

XRP’s fully diluted value (FDV) has broken through $250 billion, surpassing ETH’s FDV. As of March 19 at 21:00 (UTC +8), data shows that XRP’s price increased by 10.6% to $2.55, pushing its FDV to $254.87 billion, exceeding ETH’s $244.24 billion. FDV represents the potential market value calculated based on maximum supply. This breakthrough is particularly significant in the current market conditions.

XRP’s price surge and FDV overtaking ETH can be attributed to two main factors: First, the U.S. Securities and Exchange Commission (SEC) abandoned its appeal in the Ripple case. This positive development boosted market confidence. Second, Ripple received regulatory approval in Dubai, expanding into the Middle East’s cross-border payment market and attracting more institutional interest. XRP’s maximum supply of 100 billion tokens, far exceeding ETH’s approximately 120 million, is also a key factor in its higher FDV. Recent regulatory wins and business expansion have given Ripple significant advantages, and with increasing institutional involvement and development in the cross-border payment market, XRP is positioned to play a more important role in global payments and digital assets. [5]

Note
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References:

1. X, https://x.com/GateWeb3Wallet/status/1901638418003591679
2. Token Terminal, https://tokenterminal.com/explorer/projects/base/metrics/contracts-deployed
3. X, https://x.com/Cointelegraph/status/1900556572884955617/photo/1
4. DefiLlama,https://defillama.com/protocol/hyperliquid?tvl=false&volume=false&groupBy=cumulative&perpsVolume=true
5. CoinGecko, https://www.coingecko.com/coins/xrp

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.