Tron Industry Weekly Report: TRX Integrated into Solana for Mutual Empowerment, Memecore Releases Meme Coin Value

I. Outlook

1. Macroeconomic Summary and Future Predictions

On March 19, the Federal Reserve announced the FOMC meeting statement and economic forecasts, maintaining the policy interest rate in the range of 4.25%-4.50%, and plans to further slow down balance sheet reduction starting in April. The meeting statement emphasized the increased economic uncertainty, lowered economic expectations for the next three years, and raised inflation expectations. However, in the past week, the three major U.S. stock indices collectively rose, and panic sentiment eased slightly. Against the backdrop of slowing economic growth, persistent inflation pressures, and escalating geopolitical risks, the stock and bond markets may continue to fluctuate. Investors need to closely monitor economic data, policy signals, and geopolitical dynamics.

2. Market Changes and Warnings in the Crypto Industry

Last week, the cryptocurrency market maintained a low-level rebound trend, bringing a glimmer of hope for market recovery to investors. Some investors believe that after the previous deep adjustments and fluctuations, the market has released a certain amount of risk, making it relatively safe to enter the market at this low rebound time, with significant profit potential.

However, despite the market showing signs of a rebound from oversold conditions, investors should remain cautious, avoid blindly chasing after prices, and continue to look for right-side entry signals, meaning waiting for the market trend to clarify before making decisions.

3. Industry and Track Hotspots

The L1 Domin Network, which monetizes user consumption data, has received investments from well-known institutions such as Animoca, Kucoin, and DWF; Level is a decentralized stablecoin protocol that issues lvlUSD—a fully collateralized stablecoin with native DeFi yields. Level enhances the composability and usability of permissionless finance through deep integration with leading DeFi protocols; Privy is a wallet infrastructure platform designed to seamlessly integrate crypto functionalities into applications. It enables developers to easily create and manage self-custodial wallets, execute on-chain transactions, and integrate blockchain functionalities through a single API.

II. Market Hotspot Tracks and Potential Projects of the Week

1. Performance of Potential Tracks

1.1. Brief Analysis of L1 Domin Network, which Monetizes User Consumption Data and is Invested by Animoca, Kucoin, and DWF

The design of Domin Network aims to address the lack of secure and transparent consumer data aggregation and verification systems while ensuring data ownership and consent. In an era where data privacy issues are becoming increasingly serious, traditional data exchange models often fail to provide sufficient transparency and consumer control.

Given the urgency of this issue, Domin Network proposes a solution that leverages blockchain technology to revolutionize data exchange dynamics. By securely aggregating consumer data on-chain and establishing a redemption system that grants consumers data ownership, Domin Network introduces an innovative approach to data management. The project incentivizes data sharing, encourages consumer participation, and provides tangible benefits to businesses. Through this innovative solution, Domin Network aims to address fundamental challenges in data authorization and ownership, thereby creating a win-win value for both consumers and businesses.

++Solution Overview++

Domin Network offers innovative solutions to overcome the challenges of standardization and high development costs, facilitating the integration of the real world (IRL) with blockchain technology.

• Breaking Data Silos

Domin Network is committed to bridging the gap between decentralized applications (dApps) and traditional applications, utilizing non-fungible tokens (NFTs) to promote collaboration within the ecosystem. By connecting dApps and traditional apps with NFTs, Domin Network breaks down system silos, achieving seamless collaboration and data exchange across platforms.

• Multiple Data Utilization

Domin Network empowers various formats of real-world (IRL) data, integrating over 10,000 application devices to drive on-chain business development. This model ensures that different types of data can be effectively utilized within the blockchain network, enhancing the multifunctionality and practicality of blockchain applications.

• Modular DePIN Functionality

Domin Network provides open-source technology that allows real-world data to be tokenized and driven on any DePIN (Decentralized Private Information Network). By offering modular DePIN functionality, Domin Network encourages developers to build applications on its platform, fostering innovation and enhancing the flexible application of IRL data within the blockchain ecosystem.

• Trusted Data Rollup Process

With its node structure, Domin Network ensures the integrity and reliability of consumer data through a trusted data rollup process. dApps within the network can access verified consumer data through authorization proofs, enhancing trust and transparency in the data exchange process.

++DOP Rollup++

The DOP Rollup consensus mechanism bridges the application layer and the blockchain layer. Its underlying protocol supports connecting Web2 platforms through APIs/SDKs and linking with Web3 infrastructure via smart contracts. This cross-network processing method maintains the integrity of transactions and processing in a hybrid version of optimistic rollups.

Its key design lies in maintaining traceability and allowing proof of transaction proposals to be submitted under strong demand. This can be indicated by the presence of staked tokens from nodes or network participants, who continuously earn rewards by processing real-world transactions.

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Submission Phase

1. Step 0: The processing entity must ensure that it can provide Consumer Authorization Proof (CAP) when needed. Implementation methods include: pre-generation, partial generation, custodial services, account abstraction, or delegation. Future CAP generation or verification may become more complex to meet additional requirements, but this will not change the processing framework.
2. Step 1: Application endpoints submit transactions directly to authorized nodes (Authorizer) or delegate operational nodes (Operator) to submit on their behalf, simplifying the onboarding process for network users.
3. Step 2: The authorized node broadcasts the planned transactions. Based on transaction priority, it decides whether to directly provide CAP.
4. Step 3: The authorized node returns the Domin transaction hash (dotxId) to the operational node.

Challenge Phase (Contextual)

5. Step 4: If certain nodes suspect that the broadcasted transaction is invalid, they can challenge it during the challenge period. The operational node needs to provide additional staking for the challenge to prevent excessive challenges.
6. Step 5: The authorized node initiates the CAP generation process and broadcasts it to the network for verification.
7. Step 6: The authorized node verifies the CAP and votes on the transaction:

• Pass: The challenging proposer suffers a staking loss or reduction for causing additional work for other nodes, and the processing node will receive additional rewards.
• Fail: All processing nodes will not receive rewards, and the authorized node's staked tokens will be reduced.

Final Phase

8. Step 7: After voting passes, expires, or the challenge period ends, the transaction is considered valid, and the operational and authorized nodes receive rewards, with the authorized node notifying the operational node for subsequent transaction processing.
9. Step 8: The authorized node sends the blockchain transaction to the target chain based on transaction priority.
10. Step 9: The authorized node broadcasts the blockchain transaction hash (txHash) along with the Domin transaction hash (dotxHash) to the Domin network.

++Commentary++

Domin's mission is to drive innovation, empower consumers, and fundamentally change the way consumer data is utilized on the blockchain, ultimately shaping the future of digital commerce and interaction. Its features include:

• Aggregating and verifying commercial and consumer data
• Ensuring consumer authorization
• Providing unparalleled value
• Setting new standards for consumer data utilization

1.2. Can the Decentralized Stablecoin Protocol Level, Led by Polychain and Dragonfly, Become a New Star in the Track?

Level is a decentralized stablecoin protocol that issues lvlUSD—a fully collateralized stablecoin with native DeFi yields. Level enhances the composability and usability of permissionless finance through deep integration with leading DeFi protocols.

lvlUSD is designed to be fully backed by USDC and USDT, the two most liquid fiat-backed stablecoins in the market. lvlUSD can only be minted permissionlessly using USDC and USDT, which constitute the reserves of lvlUSD and are used to generate yields in lending protocols. The yield certificates from some lending protocols (representing Level's lending positions) are deposited into re-staking protocols to generate additional rewards.

Lending yields are returned to users through the ERC-4626 staking mechanism. lvlUSD can be staked to receive slvlUSD, which appreciates as the protocol allocates yields to the staking contract, thus accumulating rewards.

Both lvlUSD and slvlUSD can be freely transferred, traded, exchanged, and used in integrated DeFi protocols.

As a decentralized stablecoin, lvlUSD aims to provide scalable, risk-adjusted yield solutions while maintaining complete on-chain transparency and minimizing counterparty and operational risks.

++Key Factors++

• lvlUSD: A Stablecoin Fully Backed by USDC and USDT

Minting and Redemption: lvlUSD can only be minted permissionlessly using USDC and USDT, which constitute the reserves of lvlUSD. Redemption is currently restricted and requires permission approval.

Yield and Reward Generation: The USDC and USDT in lvlUSD reserves are used in DeFi lending protocols to generate yields. Currently, all reserve funds are deposited in Aave, with plans to diversify into other lending protocols like Morpho in the future. The yield certificates from these lending protocols (such as Aave's aUSDC and aUSDT) are wrapped as waUSDC and waUSDT, becoming yield-accumulating assets. Additionally, some waUSDC and waUSDT are re-staked into Symbiotic to earn extra re-staking rewards.

Re-staked assets serve as economic security guarantees for EigenLayer's AVS (Actively Validated Services), providing shared security yield.

Yield and Reward Distribution: All lending yields and re-staking rewards are initially aggregated by Level. Currently, Level returns all yields to users:

• Lending yields are distributed to slvlUSD holders through staking contracts.
• Re-staking rewards are distributed to lvlUSD holders through farming contracts.
• slvlUSD: The Yield-Accumulating Version of lvlUSD

Yield Acquisition

slvlUSD represents staked lvlUSD and can accumulate yields. Users need to stake lvlUSD in the staking contract/treasury to receive slvlUSD, which represents their share in the treasury.

slvlUSD appreciates as yields are distributed, ensuring that staked users achieve stable yield growth.

Yield Amplification Mechanism

All lvlUSD reserves are used to generate yields in lending protocols, but only slvlUSD holders can enjoy these yields. Therefore, the yield rate of slvlUSD is higher than the base yield rate of the lending protocols.

When fewer lvlUSD are staked, the yield rate of slvlUSD is higher, and vice versa.

Unstaking and Redemption

When users unstake, slvlUSD will be burned, and users will receive lvlUSD proportionally. The amount of redeemed lvlUSD depends on the total lvlUSD balance in the staking contract relative to the issued slvlUSD supply. After unstaking, there is a 7-day cooling-off period before lvlUSD can be withdrawn.

++Commentary++

The Tron Research Institute believes that stablecoins built on lending protocols can not only provide better risk-adjusted yields but also enhance user composability and usability. Since the distribution of yields began in December 2024, slvlUSD's annualized yield rate (APY) has consistently outperformed most mainstream yield-bearing stablecoin competitors. Please note that past performance does not guarantee future returns.

Moreover, anyone can easily verify the reserve status of lvlUSD and its yield generation mechanism, ensuring transparency.

Reserve assets are held in smart contracts rather than relying on centralized counterparties or custodians, fundamentally reducing centralization risks.

Reserve management is executed automatically by audited and open-source smart contracts, minimizing operational risks from human intervention.

Unlike yield certificates from traditional lending protocols, lvlUSD has been deeply integrated into leading DeFi protocols, including Pendle, Spectra, Morpho, and LayerZero, enhancing asset liquidity and use cases. With Level, users can not only enjoy the yields from lending protocols but also gain higher yield potential and broader DeFi usability.

1.3. Understanding the Highly Scalable Wallet Infra Protocol Privy, Backed by Coinbase's Secondary Investment and Paradigm's Follow-up Investment

Privy is a wallet infrastructure platform designed to seamlessly integrate crypto functionalities into applications. It enables developers to easily create and manage self-custodial wallets, execute on-chain transactions, and integrate blockchain functionalities through a single API.

Privy supports multiple authentication methods, including email, SMS, and social logins, optimizing users' on-chain experience and onboarding process. The platform is compatible with multiple blockchain networks, such as EVM-compatible chains and Solana, and offers enhanced features like gas fee payment and portable accounts.

++Core Features++

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User Onboarding

Privy helps developers seamlessly onboard users, regardless of their crypto experience.

• Provides an authentication library that supports connecting existing wallets or automatically creating self-custodial wallets.
• Ensures users smoothly enter the Web3 ecosystem without complex on-chain operations.

Wallet Infrastructure

Privy allows developers to flexibly create user wallets or universal wallets, supporting various cross-chain application scenarios.

• Provides user-centric abstraction for user authentication and wallet generation.
• Provides wallet-centric abstraction, allowing developers to create wallets with authorization keys for control and management.

Engineering Principles

Technical decisions are ethical decisions. Privy adheres to the following engineering philosophies:

Security First

• Utilizes distributed key sharding to ensure that Privy cannot access user keys, which only the user can use.
• Keys are only reassembled in a secure execution environment (SGX/TEE) and are used solely for signing messages or executing transactions.
• Regularly undergoes rigorous security audits to ensure users have complete control and privacy over their wallets.

Highly Flexible

• Privy allows applications to deeply access user and wallet data, supporting highly customizable product experiences.
• Directly calls Privy through APIs, supporting multiple wallets for each user to meet various business needs.

Easy Integration

• Out-of-the-box UI components enable applications to support authentication and wallet functionalities within minutes.
• UI can be highly customized, even fully white-labeled, allowing the Privy experience to seamlessly integrate into your application.
• Provides convenient fund management methods, supporting advanced features like smart wallet creation.

Cross-Chain Compatibility

• Supports all EVM-compatible chains and Solana, and can link external wallets to Privy accounts.
• Privy is at the forefront of distributed systems, ready to support you when you want to build on new public chains.

Privy offers a powerful customizable layer to meet various Web3 application scenarios, making crypto applications more competitive.

++Commentary++

According to the official documentation, Privy is primarily built around authentication and wallet infrastructure, enabling developers to easily create higher-quality crypto products.

Users can quickly integrate Privy in minutes to achieve:

• Convenient User Onboarding: Create embedded self-custodial wallets, connect existing wallets, and securely sign on-chain transactions.
• Robust Wallet Infrastructure: Frontend directly generates user wallets or backend creates universal wallets, supporting cross-chain management.

2. Detailed Explanation of Projects to Watch This Week

2.1. Unlocking the Deep Value of Memecoins! What Innovations Does the Industry's First PoM (Proof of Meme) Consensus Mechanism of EVM-Compatible L1 Chain Memecore Bring?

++Introduction++

MemeCore mainnet is an EVM-compatible L1 cross-chain mainnet that employs a Meme verification mechanism for security. Through collaboration with different mainnets and meme coin communities, MemeCore ensures security through the Proof of Meme mechanism, allowing users to delegate their meme coins to validators, thereby enhancing security and earning dual block rewards.

Key Features

• EVM-compatible: The MemeCore network is compatible with the Ethereum Virtual Machine (EVM). Users and developers familiar with the Ethereum network can easily access MemeCore.
• Cross-chain consensus: The PoM (Proof of Meme) algorithm is based on a cross-chain staking architecture that enhances security through cross-chain collaboration.
• Dual rewards: MemeCore is the first mainnet to offer a dual block reward system. PoM participants earn both $M and ERC-20 token rewards for creating valid blocks.

++Technical Analysis++

Consensus Architecture (PoM)

• Epoch
  Epoch is a new concept introduced relative to Ethereum's Proof of Stake (PoS). An Epoch is a parameter set in a configuration file within the Geth code that can be modified if necessary. The initial setting for an Epoch is one day. During each Epoch, selected validators use a PoA consensus algorithm similar to Clique to generate blocks. At the end of each Epoch, a new set of validators will be selected from the governance delegation contract.
• Consensus Time
  The newly designed consensus mechanism can reduce block time, thereby increasing transaction throughput. The current block time for the network is 7 seconds.
• Reward Generation
  The $M token is the native token of the Memecore ecosystem. Each time a block is generated, the core Geth code mints this token and allocates it to the reward contract. The number of tokens awarded will be adjusted according to future hard forks, with specific adjustments depending on community consensus.
• Penalty Mechanism (TBA)
  Memecore has implemented a penalty mechanism responsible for monitoring network performance metrics, including block generation counts, node downtime, and other important parameters. Designated monitoring roles will be responsible for transmitting this performance data to the penalty contract. If performance does not meet established standards, the penalty contract will execute the Slash function in the Validator Candidate contract.
  This penalty process consists of two stages: first, a deduction of the $M tokens staked at registration as a direct economic penalty; second, the penalized validator node will be excluded from the next round of validation. This exclusion will reduce the $M rewards that the validator would have otherwise earned.

Validators MemeCore chain operates using the Proof of Meme (PoM) consensus mechanism, aiming for shorter block times and lower transaction fees. Validators with the highest staking amounts have the opportunity to generate blocks. By implementing penalty mechanisms such as double-signature detection, the network's security, stability, and finality are ensured.

The chain employs a real-time election process, selecting the top 7 active validators based on staking rankings for block production. This list of validators is updated every 10 blocks, approximately every 70 seconds. To become an election candidate, validators must first stake a certain amount of assets in the system contract.

• What is a Validator? Validators on the MemeCore network play a key role in maintaining security and generating blocks. They process transaction packaging and block validation using the PoM consensus mechanism, ensuring network stability. In return, validators receive $M token rewards for their contributions to securing the system.
• Economic Model Validators and delegators earn two types of rewards: $M tokens and ERC-20 tokens. For example, if the reward for generating a block is 1,000 $M tokens, these tokens are not directly given to the block proposer. Instead, they are proportionally distributed between validators and delegators based on their respective staking ratios.

Staking and Delegation

The MemeCore chain also has a reward contract for distributing non-$M rewards to validators and delegators.

• Validator Election Validators are divided into two different roles:
• Active Validators: These are the top 7 validators at any given time, selected based on their rankings. Active validators have the right to generate blocks and receive block rewards. The number of validators in the contract is set to 7, but this number can be modified through the governance system in the future.
• Candidate Validators: These are validators ranked below the top 7. While they are not eligible to generate blocks or receive block rewards, they can still accept delegation to improve their ranking in the next election.

Rankings are updated every 10 blocks and are determined by the total number of tokens staked by delegators.

• System Contracts
• System Reward Contract: Delegators can stake $M and meme coins through this contract to help validators reach the top 7 rankings. This contract acts as a treasury, collecting rewards for each block and distributing them to delegators according to system rules.
• Additional Reward Contract: This contract allows external project teams to store ERC-20 rewards, which are then distributed to delegators according to the system reward formula. The system has multiple contracts (i.e., system contracts) to support staking operations, allowing delegators to stake $M and meme coins.
• Validator Collection Contract: Responsible for regularly electing validators, this contract also temporarily holds validator rewards.
• Reward Distribution The 7 active validators share 99% of the rewards, with the validator generating the block receiving an additional 1% reward. Of the rewards received by validators, 25% is distributed to delegators staking meme coins, and 75% is distributed to delegators staking $M tokens. The remaining 1% reward is a bonus for the current block-generating validator and their delegators.
• Validator Operations
• Registering as a Validator: To ensure network security, becoming a validator on the MemeCore chain requires a minimum self-delegation of $M. $M holders can initiate a RegisterValidator transaction through the Validator Set contract to become validators.
• Reward Collection: When delegators collect their rewards, validators deduct a certain percentage as a fee. Validators can withdraw these fee rewards.
• Delegator Operations Delegators are holders of $M or meme coins who stake their tokens with validators to share rewards. Delegators can flexibly choose any active or candidate validator, switch between them, withdraw delegation, and collect rewards at any time. In return, delegators receive X tokens (X$M or Xmemecoin) as proof of their delegation, which can be used within the MemeCore ecosystem.

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++Summary++

In summary, the advantages of Memecore include:

• EVM-compatible: The MemeCore network is compatible with the Ethereum Virtual Machine (EVM). Users and developers familiar with the Ethereum network can easily access MemeCore.
• Cross-chain consensus: The PoM (Proof of Meme) algorithm is based on a cross-chain staking architecture that enhances security through cross-chain collaboration.
• Dual rewards: MemeCore is the first mainnet to offer a dual block reward system. PoM participants earn both $M and ERC-20 token rewards for creating valid blocks.

III. Industry Data Analysis

1. Overall Market Performance

1.1 Spot BTC & ETH ETF

As of November 1 (Eastern Time), the total net outflow of Ethereum spot ETFs was $10,925,600.

1.2. Spot BTC vs ETH Price Trends

BTC

Analysis

Last week, BTC effectively broke through the resistance level of $84,700, despite facing challenges. However, after forming an upward channel on the hourly chart, the rebound momentum weakened again. As of the time of writing, the price has stabilized above $85,000, but according to the chart, BTC is approaching its strongest resistance, which is the intersection of the upper boundary of the upward channel, the upper boundary of the descending wedge, and the Fibonacci retracement line, approximately around $89,300. Given the current bullish rebound momentum, the probability of breaking through this resistance area in the short term is low. Therefore, the likelihood of a peak and a pullback to around $84,000 in the latter half of this week is increasing. Thus, users can temporarily formulate short-term trading strategies based on the three effective indicators shown in the chart.

ETH

Analysis

For ETH, the rebound continues to show weakness, but it can still aim for the resistance level around $2,310. During this period, as long as the price continues to operate within the range of the upward channel, the short-term rebound can be considered healthy and sustained. Only a valid drop below the lower boundary of the channel would shift the outlook to bearish, which would mean that ETH might continue to seek a second bottom around $1,800 in the coming period.

Conversely, if the rebound can break through and stabilize around $2,310, then continuing to look bullish towards the range of $2,610 to $2,660 would be more appropriate.

1.3. Fear & Greed Index

Analysis

Changes in the Index This Week:

• March 18, 2025: The index was at 34, indicating that investor sentiment was in a state of fear.
• March 19, 2025: The index slightly decreased to 32, continuing to maintain a fearful sentiment.
• March 20, 2025: The index rebounded to 49, reflecting a shift towards neutral market sentiment.
• March 21, 2025: The index returned to 31, indicating an increase in fearful sentiment.
• March 22, 2025: The index remained at 32, consistent with the trend of the week.

These fluctuations highlight the market's sensitivity to various factors, including regulatory changes and macroeconomic indicators. Phases of fear may indicate potential buying opportunities, as they could suggest that assets are undervalued. However, investors still need to conduct thorough research and consider multiple indicators before making investment decisions.

2. Public Chain Data

2.1. BTC Layer 2 Summary

Analysis

From March 17 to March 23, 2025, there were several significant developments in the Bitcoin Layer 2 ecosystem:

1. Starknet Mainnet Launch: As an important Layer 2 scaling solution for Ethereum, Starknet successfully launched its mainnet from March 17 to 24. This upgrade aims to enhance Ethereum's scalability and decentralization by introducing staking mechanisms and improved governance features.
2. Bitget Wallet Partners with Cryptorefills: On March 19, Bitget Wallet partnered with Cryptorefills, allowing users in over 180 countries to pay for travel services using cryptocurrencies. This partnership enables users to seamlessly book flights, hotels, and purchase gift cards through Layer 2 solutions, promoting the adoption of crypto payments.
3. CME Group Launches Solana Futures: On March 17, the CME Group launched Solana futures contracts, making Solana the third cryptocurrency to be included in the CME's regulated derivatives market after Bitcoin and Ethereum. This release is expected to increase institutional investor interest and liquidity in the Solana ecosystem, indirectly promoting the development of Layer 2 solutions on Solana.
4. Regulatory Dynamics: The U.S. Securities and Exchange Commission (SEC) held its first roundtable meeting of the cryptocurrency working group on March 21 to discuss regulatory approaches to digital assets. Although the meeting did not specifically focus on Layer 2 solutions, such regulatory dynamics may impact the entire cryptocurrency ecosystem, including the development of Layer 2 projects.

2.2. EVM & Non-EVM Layer 1 Summary

Analysis

From March 17 to March 23, 2025, several important developments occurred in the EVM (Ethereum Virtual Machine) and non-EVM Layer 1 blockchain sectors:

EVM Layer 1 Developments:

1. Converge Blockchain Launch: Securitize and Ethena Labs launched Converge, an Ethereum-compatible blockchain aimed at integrating traditional finance with decentralized finance (DeFi). Converge supports smart contracts and decentralized applications (dApps) on Ethereum without modification. Initial partners include Pendle, Avara, Ethereal, Morpho, and Maple Finance.
2. Ethereum "Hoodi" Testnet Deployment: Ethereum developers launched the "Hoodi" testnet on March 17 for final testing of the Pectra upgrade. This upgrade aims to enhance Ethereum's scalability and usability by reducing Layer 2 data availability costs, increasing staking limits, and introducing account abstraction. If successful, the upgrade may be deployed to the Ethereum mainnet around April 25.
3. Starknet Mainnet Launch: Starknet, as a Layer 2 scaling solution for Ethereum, plans to launch its mainnet between March 17 and 24. This launch focuses on staking mechanisms, operational decentralization, and governance independence, aiming to enhance Ethereum's scalability and decentralization features.

Non-EVM Layer 1 Developments:

1. TRX Integrated into Solana: Justin Sun announced that TRX (the native token of the TRON blockchain) will be integrated into the Solana blockchain. This integration aims to enhance the capabilities of smart contracts, NFTs, and DeFi applications by combining Solana's fast infrastructure with TRON's active ecosystem.
2. CME Group Launches Solana Futures Contracts: The CME Group launched Solana (SOL) futures contracts on March 17, awaiting regulatory review. These futures provide market participants with opportunities to hedge or speculate on Solana's price fluctuations. The futures contracts are cash-settled and based on the CME CF Solana USD reference price.
3. XDC Network Developments: XDC Network, an enterprise-grade Layer 1 blockchain, continues to make progress in trade finance and enterprise solutions. Its EVM-compatible architecture supports a range of decentralized applications, aiming to revolutionize and decentralize trade finance through the tokenization of real-world assets and financial instruments.

2.3. EVM Layer 2 Summary

Analysis

During the period from March 17 to March 23, 2025, the Ethereum Layer 2 (L2) ecosystem witnessed several significant advancements:

1. Starknet Mainnet Official Launch: Starknet, as a leading Layer 2 scaling solution, successfully launched its mainnet between March 17 and 24. This initiative aims to enhance Ethereum's scalability and decentralization through the implementation of staking mechanisms and governance independence. The mainnet launch marks a key step towards a fully decentralized Layer 2 network.
2. Ethereum Pectra Upgrade Testing: The Ethereum Foundation's development team initiated the "Hoodi" testnet on March 17 for final testing of the Pectra upgrade. The Pectra upgrade aims to enhance smart contract and wallet functionalities by reducing Layer 2 data availability costs, increasing staking limits, and introducing account abstraction. Successful testing lays the groundwork for mainnet deployment as early as April 25.
3. ZKsync Ignite Program Termination: ZKsync announced the termination of the Ignite program on March 17, ceasing reward distribution and deciding not to launch a second season. This decision stems from a strategic adjustment, with the team focusing on developing the Elastic Network to address interoperability challenges and adjusting funding strategies based on market conditions. A summary report detailing these changes and future plans is scheduled for release on March 30.
4. Gitcoin GG23 Community Grant Rounds Announced: Gitcoin announced six community grant rounds for GG23 on March 17, including Regen Coordination, GoodDollar GoodBuilders, Token Engineering the Superchain Retro Round, Regen Rio de Janeiro, Gitcoin Grants Garden, and Web3 for Universities. Each round offers approximately $21,000 in funding. Additionally, the application period for the open-source software project OSS Program began on March 17, with QF donation periods set for April 2 to 16.
5. Hemi Network Mainnet Launch: Hemi launched its mainnet on March 12, aiming to integrate Bitcoin and Ethereum into a super network, enhancing scalability, security, and interoperability. The mainnet launch attracted over $300 million in total value locked (TVL) and deployed over 50 protocols, marking a significant milestone in cross-chain integration.

IV. Macroeconomic Data Review and Key Data Release Nodes for Next Week

Last week, the Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the second consecutive decision to keep rates unchanged since the meeting at the end of January.

Starting in April, the Federal Reserve will slow the pace of its securities holdings reduction, specifically by lowering the monthly redemption cap for U.S. Treasuries from $25 billion to $5 billion. Meanwhile, the committee will maintain the monthly redemption cap for agency debt and agency mortgage-backed securities at $35 billion.

This week (March 24-28), important macroeconomic data release nodes include:

March 26: U.S. EIA Crude Oil Inventory for the week ending March 21

March 27: U.S. Initial Jobless Claims for the week ending March 22

March 28: U.S. Core PCE Price Index Year-on-Year for February

V. Regulatory Policies

During the week, U.S. President Trump reiterated in a video speech at the Digital Asset Summit that he would end the government's regulatory war on cryptocurrencies and Bitcoin. Market news also suggests that the U.S. may utilize its gold reserves to increase funding for Bitcoin reserves, indicating a warming trend in cryptocurrency movements. Additionally, the U.S. may introduce historic legislation on stablecoins, creating a good precedent for regulatory policies in other countries and regions.

U.S.: Trump to End Cryptocurrency Regulatory War

In a video speech at the Digital Asset Summit, U.S. President Trump stated, "The U.S. is leading in the field of cryptocurrencies and next-generation financial technology. We are ending the previous government's regulatory war on cryptocurrencies and Bitcoin." He also called on Congress to pass landmark legislation to establish simple, common-sense rules for stablecoins and market structure, stating that this would expand the dominance of the U.S. dollar. Trump further claimed, "We will make America the undisputed Bitcoin superpower and the world's crypto capital."

Switzerland: Central Bank Exploring Synthetic CBDC

The Swiss National Bank (SNB) has launched its pilot wholesale central bank digital currency (wCBDC) for settling tokenized securities transactions on the SIX Digital Exchange (SDX). The SNB recently released its annual report, outlining other related activities, including exploring what is sometimes referred to as synthetic CBDC—a privately tokenized currency backed by central bank funds.

Germany: Ban on Further Issuance of USDe Tokens

The Federal Financial Supervisory Authority of Germany announced that it found serious flaws in Ethena GmbH's approval process for the USDe token and ordered immediate enforcement measures to prohibit Ethena GmbH from further offering its USDe tokens to the public, instructing the company to have custodians freeze the corresponding asset reserves.

South Korea: Plans to Sanction Exchanges like BitMEX and KuCoin

South Korean financial authorities are planning to impose sanctions on unregistered cryptocurrency exchanges such as BitMEX, KuCoin, CoinW, Bitunix, and KCEX, which provide Korean-language services. The Financial Intelligence Unit (FIU) stated that these exchanges have not registered as Virtual Asset Service Providers (VASP) as required, and are therefore considered illegal operations. Relevant officials indicated that they are negotiating with the Korea Communications Standards Commission to review plans to block access to these unregistered overseas exchanges, with specific measures expected to be introduced within the year.