Weekly Report | MGX invests $2 billion in Binance and acquires a minority stake in Binance; U.S. SEC delays approval of DOGE, XRP, LTC, Solana, and ADA spot ETFs
The TON Foundation confirms that the founder of Telegram has regained freedom, supporting the defense of online freedom of speech and privacy rights; the crypto payment company Mesh has completed a $82 million Series B funding round, led by Paradigm; Binance CEO: Trump's pro-cryptocurrency stance is a milestone.Organizer: Luan Peng, ChainCatcher
"What Important Events Happened This Week (3.10-3.16)"
The TON Foundation announced that French authorities have returned the passport of Telegram founder Pavel Durov, granting him the right to leave the country freely. This news marks an important resolution moment. Telegram has nearly 1 billion users worldwide, representing a global movement dedicated to the inalienable rights of communication freedom and privacy. As part of the decentralized TON community, the TON Foundation has always stood with Pavel, supporting his unwavering determination to defend online freedom of speech and privacy rights.
"We remain steadfast in our commitment to these fundamental principles. We firmly believe that blockchain is a #freedom technology—an innovative tool that can change the way we protect personal rights—we are proud to be part of an ecosystem that empowers individuals with freedom and secure communication."
Manta Network co-founder Victor Ji posted on X, stating: "We basically receive invitations every day from so-called proactive market makers and OTC to buy coins and acquisitions, and my attitude is to just stay put. Market makers, whether proactive or passive, are in my eyes blood-sucking parasites; they do not consider the project's fundamentals at all, but every time they meet, these people are very active in running events, and the boss is also very wealthy, why? Because this money comes from the project's community. If in this industry, more and more funds do not pay attention to fundamentals, the collapse of this industry will happen faster, and market makers are the most blatant group that ignores fundamentals. I believe that liquidity comes from real community trading; whether you are bullish or bearish, it is a natural market. If market makers are willing to participate, you can buy coins in the market to gain positions."
Victor Ji added: "If some project founders are worried about insufficient liquidity but are unwilling to spend money on retainers, then my suggestion is to consider loans, but the size must be minimal. When we were in the Polkadot era, calamari was asked by Three Arrows to provide over 3% of tokens, and these guys turned around and sold the coins, while telling us how legit they were and that they would never sell coins. A real loan only needs to be no more than 0.2% of the coins. Because think about it, if there is a 2% depth, having 200k is already a lot, and 0.2% of the coins must exceed this value. If market makers want more coins, aren't they just here to dump?"
3、OKX to Add USD Trading Pairs for Some Coins
According to an official announcement, to support the development of the USD ecosystem and meet users' diverse trading needs, OKX will add the following USD trading pairs under its spot trading.
From 2:00 PM to 4:00 PM (UTC+8) on March 10, 2025: MDT/USD, NULS/USD, MLN/USD, ERN/USD, PERP/USD, GLMR/USD, JOE/USD, XNO/USD, GHST/USD, SNT/USD, BNT/USD, TRA/USD, VENOM/USD, OXT/USD, LEO/USD, T/USD, ZERO/USD, DIA/USD, POR/USD, FLM/USD.
From 2:00 PM to 4:00 PM (UTC+8) on March 18, 2025: SLP/USD, ALPHA/USD, ARTY/USD, DAO/USD, GLM/USD, WAXP/USD, DEP/USD, ICX/USD, KP3R/USD, G/USD, AERGO/USD, IQ/USD, NMR/USD, BZZ/USD, CELR/USD, UMA/USD, SD/USD, OMI/USD, TRB/USD, MAGIC/USD.
From 2:00 PM to 4:00 PM (UTC+8) on March 20, 2025: CTXC/USD, CLV/USD, ACA/USD, PHA/USD, GOG/USD, BADGER/USD, ARG/USD, CVC/USD, BAND/USD, KNC/USD, LAMB/USD, CFG/USD, SC/USD, RSS3/USD, POLYDOGE/USD, ONE/USD, ACE/USD, PRQ/USD.
From 2:00 PM to 4:00 PM (UTC+8) on March 25, 2025: API3/USD, ENJ/USD, KSM/USD, TNSR/USD, PENDLE/USD, MILO/USD, BAL/USD, MXC/USD, ORBS/USD, LSK/USD, RVN/USD, KISHU/USD, DGB/USD, ASTR/USD, AUCTION/USD, ELF/USD, RPL/USD, CVX/USD, SAMO/USD.
From 2:00 PM to 4:00 PM (UTC+8) on March 28, 2025: GAS/USD, RACA/USD, GOAL/USD, MOVR/USD, BORA/USD, YFI/USD, PSTAKE/USD, AXS/USD, BICO/USD, ZRX/USD, ONT/USD, IOST/USD, XTZ/USD, EGLD/USD, RSR/USD, BABYDOGE/USD, OAS/USD, FLOW/USD, ZIL/USD, BAT/USD.
4、Hong Kong Securities and Futures Commission Releases Regulatory Roadmap for Virtual Asset Market
The Hong Kong Securities and Futures Commission has released the "A-S-P-I-Re" roadmap for the virtual asset market in Hong Kong. The SFC stated that to maintain a leading position in this ever-changing environment, the regulatory roadmap is based on five pillars: "A-S-P-I-Re" (Access, Safeguards, Products, Infrastructure, and Relationships), aimed at guiding the Hong Kong virtual asset ecosystem into the future.
The roadmap includes 12 specific measures, including promoting market participation, implementing adaptive compliance and product frameworks, and upgrading infrastructure by combining the reliability of traditional finance with the efficiency of blockchain technology. This series of measures reflects our pragmatic approach to solidifying Hong Kong's role as a reliable liquidity hub for virtual assets.
5、US SEC Delays Approval of DOGE, XRP, LTC, Solana, and ADA Spot ETFs
The U.S. Securities and Exchange Commission (SEC) announced this morning that it has delayed decisions on several cryptocurrency spot ETF applications, including Grayscale's Cardano (ADA) and DOGE spot ETFs, as well as Canary's XRP, Solana, Litecoin spot ETFs, and VanEck's Solana spot ETF.
6、Crypto Payment Company Mesh Completes $82 Million Series B Financing, Led by Paradigm
Crypto payment company Mesh announced the completion of $82 million in Series B financing to expand its stablecoin-based payment settlement network. This round of financing was led by Paradigm, with participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna, and AltaIR Capital.
Mesh aims to build a payment network connecting crypto wallets, exchanges, and payment service providers, allowing users to pay with crypto assets like BTC, ETH, and SOL, while merchants can choose to settle in USDC, PYUSD, or RLUSD.
7、Trump Purchases a Red Tesla Model S
U.S. President Trump has purchased a red Tesla (TSLA.O) Model S.
ChainCatcher previously reported that President Trump stated on social media, "Musk is 'risking it all' to help our country, and he is doing a great job, but those radicals are trying to undermine Tesla in illegal and collusive ways, aiming to attack and harm Musk and everything he represents. I will be buying a brand new Tesla tomorrow morning to express my trust and support for Musk."
8、Binance Alpha Launches New Review Mechanism and Removes 21 Tokens That Do Not Meet Standards
According to an official announcement, Binance Alpha has launched a new review mechanism to conduct regular reviews of featured tokens. Given the inherent instability and rapid development of the cryptocurrency industry, our review process is beneficial for dynamic adjustments to ensure that all projects on Binance Alpha continue to meet market-driven evaluation standards. All tokens displayed in the Binance Alpha section will be evaluated within this framework:
Quantitative Indicators: Trading volume stability, liquidity depth, on-chain transaction frequency, token holder distribution, and other relevant indicators.
Qualitative Standards: Credibility of the project team, compliance with regulations, ecosystem synergy, community recognition, and other relevant factors.
Tokens that do not meet these standards will be removed from Binance Alpha.
According to the latest detailed investigation, the following tokens do not meet Binance's wallet standards and will be removed from Binance Alpha: FAI, METAV, MLG, MONKY, PSTAKE, WHALES, GEL, VISTA, EVAN, MIRA, COCO, TAOCAT, FLOCK, OPUS, FREYA, AIXCB, VERTAI, STRDY, SEKOIA, VADER, ELIZA.
9、MGX Board Chairman is Abu Dhabi's Deputy Crown Prince, Son of UAE Founder
According to the official website of Abu Dhabi investment firm MGX, the chairman of the MGX board, Tahnoun bin Zayed Al Nahyan, is the Deputy Crown Prince of Abu Dhabi and National Security Advisor, and is the son of UAE founder Zayed bin Sultan Al Nahyan.
It is reported that MGX was established in March 2024 by the Abu Dhabi Artificial Intelligence and Advanced Technology Committee (AIATC). The committee was formed in January 2024, with Tahnoun bin Zayed Al Nahyan serving as chairman, responsible for formulating and implementing policies and strategies related to artificial intelligence and advanced technology in the Emirate of Abu Dhabi.
ChainCatcher previously reported that according to official news, cryptocurrency exchange Binance and Abu Dhabi-based AI and advanced technology investor MGX announced a $2 billion investment deal, marking Binance's first institutional investment to date and a significant step in promoting digital asset adoption and strengthening the role of blockchain in global finance. This is the largest single investment in a cryptocurrency company and the largest investment in cryptocurrency (stablecoins) ever.
10、MGX Invests $2 Billion in Binance and Acquires Minority Stake
According to official news, cryptocurrency exchange Binance and Abu Dhabi-based AI and advanced technology investor MGX announced a $2 billion investment deal, marking Binance's first institutional investment to date and a significant step in promoting digital asset adoption and strengthening the role of blockchain in global finance. This is the largest single investment in a cryptocurrency company and the largest investment in cryptocurrency (stablecoins) ever.
It is reported that this investment represents MGX's first foray into the cryptocurrency and blockchain space, acquiring a minority stake in Binance as part of a broader strategy to support the transformative impact of blockchain on society.
11、Six Members of Trump's Cabinet Hold Cryptocurrency, Valued at Millions
According to Fortune magazine, after reviewing the financial disclosures of President Trump's cabinet members from January, it was found that six members of Trump's cabinet indirectly hold Bitcoin through other financial instruments or have invested in cryptocurrencies, with a total value of millions of dollars.
The six members who invested in Bitcoin and their holdings include:
- U.S. Secretary of Health and Human Services Robert Kennedy Jr. disclosed a Bitcoin Fidelity cryptocurrency account valued between $1 million and $5 million.
- Office of Management and Budget Director Russell Vought disclosed Bitcoin in a Coinbase wallet valued between $1,001 and $15,000, stating he would divest.
- Director of National Intelligence Tulsi Gabbard reported that she owns a Bitwise Bitcoin ETF trust fund valued between $15,001 and $50,000, as well as Bitcoin valued between $15,001 and $50,000, stating she would divest.
- Secretary of Defense Pete Hegseth disclosed holding Bitcoin valued between $15,001 and $50,000.
- U.S. Treasury Secretary Scott Bessent's financial disclosure shows he holds an iShares Bitcoin Trust ETF valued between $250,000 and $500,000, and he will divest within 90 days after confirmation.
- Secretary of Transportation Sean Duffy disclosed Bitcoin valued between $250,000 and $500,000, Bitcoin held in a Gemini wallet valued between $250,000 and $500,000, and Bitcoin valued between $50,000 and $100,000 in the Fidelity Wise Origin Bitcoin Fund.
12、Binance CEO: Trump's Pro-Crypto Stance is Milestone
Binance CEO Richard Teng stated that the Trump administration's decision to create a strategic Bitcoin reserve is a "good first step" that may prompt other governments to consider "allocating cryptocurrency."
"The question is not whether to allocate, but whether to allocate 2% or 5%, right? So we are currently having many such important conversations. The long-term driving force is very strong," Richard Teng commented.
Binance founder Zhao Changpeng posted on social media, stating, "Bloomberg has published another baseless smear article, and they basically admit that the entire article is completely fabricated. I/Binance have not made any business deals with WLFI or anyone mentioned in the article, nor have we purchased any WLFI tokens."
14、Surveillance Technology Company Flock Safety Raises $275 Million Led by A16z
According to TechInAsia, Atlanta-based surveillance technology company Flock Safety has completed a $275 million financing round led by Andreessen Horowitz (A16z), with the company's valuation reaching $7.5 billion. Other participants in this round of investment include Greenoaks Capital and Bedrock Capital.
To date, Flock Safety has raised over $950 million in total funding. The company plans to develop domestically manufactured drones in the U.S. by 2025 and build a 100,000-square-foot manufacturing facility in Georgia. The company focuses on providing AI-based security monitoring solutions primarily for government and enterprise clients.
15、Web3 Asset Data Platform RootData Organizes and Presents Binance Team Organizational Chart
Web3 asset data platform RootData has organized the main team organizational chart of Binance based on publicly available information and made the following observations:
- Most of Binance's executives have impressive resumes, coming from major Web2 companies like Uber and Morgan, or crypto giants like Kraken, Gemini, and OKX.
- In the list of individuals compiled by RootData, Binance is the crypto company with the most associated individuals, currently having as many as 140 recorded individuals (including both current and former members, all of whom have a certain influence in the industry), followed by HTX, a16z, Polygon, OKX, etc.
- Binance's total employee count at the beginning of this year was 5,000, with 1,000 located in the UAE. This number has dropped by about 37% from the peak of 8,000 in August 2023, but still represents a fivefold increase compared to 2020. Currently, Binance's official website shows that there are still about 350 job openings, mainly for engineering and compliance-related positions.
It is reported that after Binance completed the largest financing in the history of the crypto industry, this towering tree has once again become the focus of the market. For a long time, apart from core members like Zhao Changpeng and He Yi, most of Binance's executives have been less active in external communities like Twitter, and little is known about its organizational structure.
16、Michael Saylor: The Main Component of ETF BMAX is Strategy's Convertible Bonds
Strategy founder Michael Saylor stated on the X platform that the main component of ETF BMAX is Strategy's convertible bonds.
ChainCatcher previously reported that Strategy founder Michael Saylor introduced the new ETF BMAX on his personal social platform, which is the first ETF to provide retail investors and investment advisors the opportunity to invest in convertible bonds issued by companies incorporating Bitcoin into their financial strategies.
According to an official announcement, Hong Kong-listed company Hong Kong Asia Holdings (1723.HK), known as Strategy (formerly MicroStrategy), announced a series of new appointments, including directors, chairman, CEO, CFO, and CIO.
New CEO John Riggins stated on social media that the complete turnover of the company's board has ended, and Bitcoin-related (₿ig) products are about to enter Asia's most important market.
The announcement shows that new CEO John Riggins graduated from the University of Alabama in 2013 with a bachelor's degree in business management, majoring in international economics and minoring in Chinese. Riggins has over 10 years of experience in the cryptocurrency industry and is a founding partner of the UTXO Bitcoin ecosystem fund. Since February 2016, he has also served as the international operations director of BTC Inc. (the publisher of Bitcoin Magazine and organizer of the annual Bitcoin conference).
18、Former Ethereum Foundation Engineer: Ethereum Should Reduce Research and Focus on Product Delivery
According to crypto.news, former Solidity expert and compiler engineer at the Ethereum Foundation, Harikrishnan Mulackal, stated that Ethereum lacks a clear development vision, leading to stagnation in changes to the Ethereum Virtual Machine (EVM).
Mulackal suggested that Ethereum needs more decisive leadership; otherwise, the only viable path is "stagnation—no more changes." He called for reducing research and focusing on product delivery, suggesting a hard fork update every quarter.
Meanwhile, the Ethereum Foundation's continued sale of ETH and its relatively flat price performance may be constraining its development.
19、Astar: zkEVM Will Cease Operations on April 1, Advises Users to Withdraw All Assets Before Then
According to official news, Astar Network has officially announced that its zkEVM will cease operations on April 1, 2025.
Astar Network reminds users to pay attention to asset security and ensure that asset migration is completed before the network shuts down to avoid potential asset losses.
20、Telegram Founder Pavel Durov Granted Permission to Leave
According to Cointelegraph citing AFP, Telegram founder Pavel Durov has been granted permission by a French court to leave France and has now returned to Dubai.
Reports indicate that Durov received approval from the French court on March 13 to travel to Dubai. AFP quoted unnamed sources stating, "Durov left France this morning," adding that he departed with the authorities' approval.
The specific terms of the court's decision remain unclear, and Durov himself and his legal team have not made any public statements regarding the matter.
"What Excellent Articles Are Worth Reading This Week (3.10-3.16)"
1、Amber Lists on Nasdaq, Over 10 Companies Queue to Go Public, Opening Year of Crypto 'IPOs'
Recently, Amber Group's digital wealth management platform Amber Premium officially completed its merger with U.S. publicly listed company iClick Interactive, and the merged company has been renamed "Amber International Holding Limited," beginning trading yesterday on Nasdaq under the new stock code "AMBR."
AMBR closed yesterday at $11, with a total trading volume of $3.06 million and a total market capitalization of $960 million.
In addition to Amber Group, this year, Bitcoin reward financial service company Fold Holdings (FLD) has also completed its listing on Nasdaq, and Circle plans to complete its IPO this year.
Several other crypto companies are also advancing their listing plans. Last week, Bloomberg reported that Gemini has secretly filed for an IPO and is working with Goldman Sachs and Citigroup for this issuance. Meanwhile, crypto exchange Kraken is actively preparing for an IPO in the first quarter of 2026.
The crypto-friendly environment following Trump's administration is expected to drive 2025 to become the year of crypto "IPOs."
2、Understanding Berachain's Eco-Stablecoin Cross-Chain Project Polaris | Early Stage Project Focus
On February 27, Sky (formerly MakerDAO) officially announced the launch of Polaris on the X platform. However, aside from this announcement, Polaris currently has almost nothing—its official website is not online, the white paper has not been released, and even the official Twitter account has not posted a single tweet.
But if we set aside these superficial "blank" aspects, the story behind Polaris may be worth exploring. Polaris is launched by Sky and is based on Berachain to build a DeFi ecosystem. The project plans to integrate the USDS stablecoin into Berachain to create a "fully autonomous liquidity system" and inject liquidity support into the Berachain ecosystem.
Recently, the on-chain credit lending protocol 3Jane released its white paper. The content of the white paper shows that 3Jane is a credit-based money market that allows for zero-collateral loans. It verifies wallet addresses and bank accounts through zero-knowledge proof technology to grant credit loan limits, and then practices risk control for zero-collateral loans through confiscation of credit scores and auctioning of defaulted debts.
Although the uncollateralized credit market has matured in traditional finance, in DeFi, it is still dominated by over-collateralized lending, i.e., the "pledge 100 to borrow 50" model. Additionally, there are already uncollateralized lending protocols like Maple Finance and Goldfinch, which mainly target institutions and market makers, making it difficult for ordinary users to borrow efficiently.
According to the white paper, 3Jane will create a peer-to-pool credit-based money market, supporting algorithmic, real-time unsecured USDC credit limits for farmers, traders, enterprises, and AI agents.
In simple terms, what 3Jane is doing is akin to traditional credit loan products, such as "Borrowing" in Alipay, which allows users to obtain corresponding loan limits based on their "Sesame Credit" score. However, in the decentralized crypto system lacking centralized institutional support, this product appears bold and aggressive.
Currently, the 3Jane product is still in the development stage, and the official early user application channel has been opened for relevant applications for early testing. However, it should be emphasized that the off-chain credit technology platforms that 3Jane collaborates with, such as Plaid, currently support limited regions (e.g., the U.S., Europe, etc.), mainly supporting the U.S. credit system, therefore, the 3Jane product may only support a few regions at launch, with Asia potentially being excluded.
4、Survival of the Fittest: A Review of the Recent Performance of Seven Mainstream DEXs
In the past week, the survival status of decentralized exchanges has sparked widespread discussion.
Hyperliquid was shaken by a 50x leveraged whale's "self-exploding arbitrage," with its HLP insurance pool suffering nearly $4 million in losses after taking on liquidation orders.
On the other hand, GMGN, which was once flourishing during the Pump period, has also fallen into significant difficulties. According to Dune's data, the platform's revenue has plummeted nearly 97%, from $2.34 million on January 19 to $74,000 on March 11. Meanwhile, community feedback has highlighted high KOL marketing expenses, user attrition, and increased competition due to CEX entries, raising further concerns about GMGN's future.
In light of this, ChainCatcher has compiled the recent revenue situations of seven mainstream DEXs for readers' reference.
5、Sovereign Funds Have Long Been Deep in the Crypto Market, Who Will Be the Next Big Investor?
Last night, Abu Dhabi's state capital MGX announced a $2 billion investment in Binance, setting a record for the largest single investment in the crypto space to date.
Unlike the uncertainties brought by regime changes in North America, the sovereign funds of Middle Eastern countries like the UAE, Saudi Arabia, and Qatar are long-term and stable, with assets spread globally. Being invested by them means entering a higher-dimensional capital circle.
What is even more intriguing is a statement from Binance co-founder He Yi: "Welcome sovereign funds, but financial investors can stay away." This raises curiosity about why sovereign funds are so favored. Have they already laid out their strategies, or are they just entering the market? Which sovereign fund will be the next to make a significant investment?
6、When It Gets Tough, Even Exchanges Get Cut! A Deep Dive into How Hyperliquid Lost $1.8 Million
Today, a whale on Hyperliquid with 50x leverage entered the market again, opening a long position of about $300 million in ETH, with a maximum floating profit of $8 million. However, he quickly withdrew most of the principal and profits, actively compressing the liquidation price, ultimately leading to the liquidation of 160,234.18 ETH (valued at $306 million), leaving with a "regretful" $1.8 million.
In contrast to the whale's profits, Hyperliquid's HLP insurance pool suffered significant losses in this event. According to Hyperliquid's official data, HLP lost about $4 million within 24 hours to cover the losses caused by this massive position liquidation.
7、As the Tide Goes Out, Airdrops Rise: A Review of Seven Potential Airdrop Projects Worth Watching
Yesterday, Bitcoin fell below $77,000, Ethereum lost $1,800, and altcoins were in a "bloodbath." In this gloomy market, anxiety seems to be an unavoidable emotion, but why not change perspectives and look to the future? Upcoming airdrop projects may be hiding undiscovered gems, waiting for the next wealth explosion.
This article will review recent projects that are about to airdrop or have potential airdrop opportunities, guiding readers through the market fog to capture future opportunities.
8、The Father of DeFi Returns: Can FlyingTulip Continue the YFI Legend?
On March 10, Andre Cronje, founder of Sonic Labs, Yearn Finance, and Keep3rV1, updated his personal social media profile to include the title "founder of flyingtulip."
In the wave of continuous development of blockchain infrastructure, Optimum has entered the field with high-performance memory technology, attracting the attention of top investors.
On February 28, the blockchain-oriented high-performance memory infrastructure Optimum announced the completion of angel round financing, with several industry notable figures participating, including Polychain CTO Abhijeet Mahagaonkar, DeFiance Capital founder Arthur Cheong, Bitget CEO Gracy Chen, Wormhole co-founder Robinson Burkey, and Polygon co-founder Sandeep Nailwal.
Optimum's official X account posted its first tweet a month ago. Currently, the project has not publicly released a white paper or technical roadmap. Although the project is still in the very early stages, the background of the founding team is already noteworthy: the NEC dean of MIT's computer science department, the president of the Harvard Blockchain Association, etc. What potential does this project, filled with big names, hide?
Liquidity is the lifeline that maintains price stability, and market makers are the guardians of this lifeline. However, when the guardians become "predators," what chaos will the market fall into?
GPS fell below its opening price just 20 minutes after being listed on the exchange, plummeting 74% from a high of $0.15. SHELL dropped from $0.7 to $0.26. The price charts of the two tokens, GPS and SHELL, almost replicate each other, as if manipulated by the same invisible hand.
As Binance investigates and community users continue to expose details, this incident quickly became the topic of everyone's weekend discussions. A hidden interest chain gradually surfaced, with names like Web3Port, Whisper, and May Liu being thrust into the spotlight, revealing that the dark side behind the collapse is even more shocking than imagined…
