on-chain

Due to the全面升级 of the US-Iran conflict, on-chain gold prices represented by PAXG and XAUT have surged dramatically. Among them, PAXG reached a high of $5,600, with a daily trading volume exceeding $1 billion, fully reflecting investors' demand for gold trading during black swan events. In contrast, the gold market under the traditional financial system remains closed.

Recently, according to on-chain analyst Ai Yi (@ai_9684xtpa), the gold token XAUT has seen the largest single transaction amount in nearly three weeks. A transfer of 28,723 XAUT, valued at $151 million, was made from the Tether treasury address to the UK asset management company Abraxas Capital Mgmt.Heka Funds (Abraxas Capital) is one of Tether's largest and most important institutional clients, having once held 1.5% of the total USDT issuance. Currently, it is also the second entity in terms of transaction amount among the publicly disclosed on-chain addresses of Tether.

OKX will delist the PYTH (Pyth Network) on-chain earning product on March 16, 2026, at 11:00. New subscriptions for related products have now been suspended. After the delisting, users' funds and all pending rewards will be automatically redeemed to their funding accounts, with an expected arrival time of about 1 day. Users are advised to redeem their funds before the delisting time.

On February 26, Anything Labs announced a strategic partnership with the on-chain exchange UXUY. As the world's first crypto incubation institution to enter the AI stablecoin sector, Anything Labs will leverage UXUY's multi-chain ecosystem advantages to accelerate the expansion and application of AI stablecoins, exploring a new AI trading paradigm aimed at high-frequency, asymmetric trading scenarios.It is reported that the AI-native stablecoin UUSD launched by Anything Labs has seen rapid market attention just one week after its release. The UUSD team stated that they are currently accelerating penetration into the AI developer community, including OpenClaw, and addressing issues such as the native insufficiency of AI assets based on the X402 protocol.Patrick, the founder of Anything Labs, stated: "The application scenarios for AI Agents are continuously expanding, and the recent surge of Elsp further confirms the vast opportunities that AI holds in the social domain. Social scenarios will gradually generate payment demands, which will further extend to trading demands. The core value of UUSD lies in enabling stablecoins to serve not only transactions between humans but also applications in on-chain interactions of AI, building a peer-to-peer electronic cash system for the AI era."

According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that there may currently be structural valuation errors in crypto assets, primarily due to investors' "anchoring bias," which keeps them focused on old narratives while ignoring the reality that Wall Street is accelerating its shift towards on-chain infrastructure.Hougan emphasized that although the market size for tokenized assets is currently only about $20 billion, the vast scale of traditional financial markets indicates significant growth potential. He cited examples such as BlackRock launching a tokenized government bond fund, JPMorgan issuing deposit tokens on the Base network, and Apollo's tokenized credit fund, arguing that the lagging consensus narrative compared to actual developments provides investors with opportunities to achieve excess returns (Alpha). He suggested that investors should establish broad market exposure to navigate the ongoing structural changes in finance.

According to Hyperbot data, Brother Ma Ji Huang Li Cheng currently has a total account asset of approximately $14,731, with about $14,730 in the perpetual contract account and less than $1 in spot assets.He currently holds 300 ETH perpetual long positions, with a position value of approximately $547,000, 25x leverage, an unrealized loss of about $9,167, and a liquidation price of approximately $1,807.

On-chain data shows that on February 24 at 02:38 (UTC+8), an address marked as Coinbase hot wallet transferred 4,079,141 ONDO to a Gate user deposit address. Based on the on-chain price at that time, the asset was valued at approximately $1,019,564.

IoTex has released an update on the recent hacker attack involving private key leaks on the X platform, stating that the team has controlled the related security incident. IoTeX Chain is currently reinforcing security, and it has been confirmed that the loss from this attack is approximately $2 million, involving assets such as USDC, USDT, IOTX, and WBTC.It is reported that this was a complex attack planned for a long time by professional attackers, targeting multiple blockchain networks. IoTeX is working closely with exchanges and law enforcement agencies to attempt to freeze the stolen funds and advance the investigation and recovery efforts. On-chain operations and deposit functions will be restored within 24-48 hours after the completion of security upgrades, and it has also promised to maintain transparency in disclosing progress going forward.

According to CoinDesk, Japan's SBI Holdings has announced the launch of an on-chain bond issuance plan worth 10 billion yen (approximately 64.5 million USD).According to the disclosed information, the bond will complete the issuance and management process on-chain, and investors will receive XRP as a reward in addition to the regular returns. This move marks a further exploration by traditional financial institutions into blockchain bonds and digital asset incentive mechanisms.

VanEck released its on-chain Bitcoin report in mid-February 2026. The report noted, "BTC continues to decline, and market sentiment is weakening: Bitcoin has dropped 29% in the past 30 days, pushing the NUPL (Net Unrealized Profit/Loss) indicator close to the 'anxiety zone' and briefly entering the 'fear zone'.Meanwhile, leverage has completed its reset, and the size of open contracts has fallen back to levels not seen since September 2024. Mid-term holders dominate the distribution, but selling is slowing down: realized selling is still mainly concentrated among those holding for 1 to 5 years, although in the past month, the distribution speed of coins held for over 1 year has noticeably slowed.Miner profit margins are under pressure, and hash rate is contracting: over the past 90 days, the total network hash rate has decreased by about 14%, reflecting tightening mining economics. Historically, similar situations often herald stronger subsequent returns for Bitcoin."

According to The Block, on-chain analytics firm Glassnode has pointed out that Bitcoin has fallen below the "True Market Mean," which historically serves as a dividing line between expansion and contraction cycles. The current structural support level below may look towards $54,900.Additionally, the net flow of the U.S. spot Bitcoin ETF has shifted back to continuous outflows, weakening the previously supportive marginal demand. In the derivatives market, panic sentiment has eased somewhat, but has not turned optimistic. Implied volatility has retreated from high levels, indicating that traders are unwinding their downside protection positions, but have not yet significantly established long positions.

According to disclosures from the GoPlus Chinese community, the prediction market platform Polymarket was hacked due to a design flaw in the synchronization mechanism between off-chain and on-chain trading results in its order system.The attacker manipulated the nonce, causing on-chain matched trades to be canceled or invalidated before execution, while off-chain records remained valid, leading to API false reports that affected trading behaviors of bots like Negrisk, resulting in user losses. The analysis of the attack process is as follows:The attacker submitted/matched large reverse trades with the market-making bot on the Polymarket off-chain orderbook.The attacker constructed transactions with forged/repeated nonces or utilized on-chain nonce competition, causing the on-chain transactions to inevitably revert.The Polymarket API returned "transaction successful" to the bot before on-chain confirmation, leading the bot to believe that the position had been hedged, while the actual on-chain state had not changed.The attacker then executed real on-chain trades to take advantage of the direction exposed by the bot, thus profiting "risk-free."Since the revert occurred at the chain level, Polymarket fees would not explode, making the attack cost controllable and executable continuously.GoPlus recommends that users pause automated trading tools, verify on-chain trading statuses, enhance wallet security, and closely monitor official announcements from Polymarket.

According to The Block, the on-chain analytics tool Parsec has announced that after 5 years of operation, it has ceased services and is processing refunds and canceling active subscriptions. Parsec provided on-chain analytics terminals that allowed users to build custom dashboards and data visualizations for DeFi and NFTs.Parsec launched in early 2021, raising $1.25 million in seed funding and $4 million in seed extension funding from investors such as Galaxy Digital, Polychain Capital, Robot Ventures, and Uniswap Ventures.

Tether CEO Paolo Ardoino posted on the X platform that in the past 6 months, a total of 94 tons of tokenized gold XAUT has been transferred on-chain, with a total fee of only 0.0016%.In contrast, transporting physical gold by central banks in traditional systems often incurs logistics and security costs amounting to millions of dollars, while tokenized gold allows for near-instant settlement and extremely low-cost transfers, highlighting the advantages of on-chain assets in terms of cross-border flow efficiency.It is reported that XAUT is a tokenized asset issued by Tether that is pegged to physical gold, allowing users to transfer ownership of gold on the blockchain.

Vitalik Buterin posted on the X platform, stating that there is an important synergy between the FOCIL mechanism and the account abstraction proposal Ethereum's EIP-8141 (based on 7701). EIP-8141 elevates smart accounts (including multi-signature, quantum-resistant signatures, key changes, Gas sponsorship, etc.) to "first-class citizens," meaning that operations from these accounts can be directly packaged as on-chain transactions without additional encapsulation.At the same time, privacy protocols can achieve a multi-tenant account model through the paymaster or 2D nonce mechanism, thereby gaining the same level of native support. FOCIL provides a censorship-resistant fast transaction inclusion mechanism. With the combination of both, various transactions, including smart wallet transactions, Gas sponsorship transactions, and privacy protocol transactions, can be included in blocks by one of the 17 roles (proposers or inclusions) randomly selected for each time slot.Vitalik stated that this design can ensure that transactions are almost guaranteed to be completed on-chain within 1-2 time slots in adversarial environments. In the current version, each FOCIL volume is approximately 8kB, which is relatively small, but there is a path for future expansion that could support most transactions in a block entering through the FOCIL channel. This architecture is similar in characteristics to the multi-parallel proposer (MCP) design, but differs in that FOCIL does not control the "last look" related to MEV, which is still allocated through the ePBS auction mechanism.Vitalik emphasized that even if 100% of block time slots are monopolized by adversarial parties through the proposer-builder separation (PBS) mechanism, refusing to connect to the public mempool or discriminating against specific applications, FOCIL can still ensure that all transactions receive fast inclusion. Although this design does not eliminate the centralization risk of the proposer role, it significantly weakens its power. Under the EIP-8141 framework, transactions from smart wallets or privacy protocols can be directly received by FOCIL inclusions through the public mempool without additional intermediaries or encapsulation processes.Vitalik concluded that Ethereum is accelerating the advancement of core architecture upgrades.

According to FinanceFeeds, crypto bank Anchorage Digital has announced the launch of "Stablecoin Solutions" aimed at international banks, designed to provide non-U.S. financial institutions with a U.S.-regulated digital dollar infrastructure as an alternative to traditional correspondent banking systems.The solution integrates stablecoin issuance, compliant custody, fiat fund management, and blockchain-native settlement functions, allowing banks to achieve cross-border circulation of dollar assets without relying on traditional correspondent banking networks.Anchorage stated that institutions can hold and settle tokenized dollar assets under its federal banking license framework. Anchorage is the first crypto-native institution to obtain a U.S. federal banking license, regulated by the Office of the Comptroller of the Currency (OCC).Company CEO Nathan McCauley stated that stablecoins are gradually becoming core financial infrastructure, and this solution provides banks with a pathway to achieve global dollar flows through blockchain rails while ensuring custody, compliance, and operational control. Anchorage's move is seen as an attempt to replace the traditional correspondent banking cross-border clearing system with a regulated stablecoin framework.If adopted by international banks, dollar stablecoins may further embed themselves into mainstream cross-border payment and fund management processes. However, the ultimate implementation still depends on the clarity of regulatory details and the global banking sector's acceptance of tokenized liability structures.

Figure Technology Solutions will issue a tokenized version of its stock on-chain this Thursday. The stock token, named FGRD, will be issued, traded, and settled on the Onchain Public Equity Network (OPEN), a platform under Figure, without relying on traditional clearing and custody systems. Stock token holders will be able to lend through Figure's DeFi market.The listing of the tokenized stock coincides with its secondary public offering, which has been expanded to $150 million, with venture capital firms participating in the transaction.

According to The Block, Coinbase announced that it has added XRP, Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC) as collateral assets for its on-chain crypto collateralized lending product provided by the DeFi protocol Morpho. Eligible U.S. users (excluding New York State) can now borrow up to $100,000 USDC without having to sell the aforementioned tokens.Previously, the product supported Bitcoin and Ethereum as collateral, with Bitcoin allowing a maximum loan of $5 million USDC and Ethereum allowing a maximum loan of $1 million USDC.Coinbase stated that the on-chain lending service operates on the Morpho protocol on the Base network, and to date, the total loan issuance has exceeded $1.9 billion. The company charges a one-time borrowing fee, which is included in the loan principal.

According to Cointelegraph, analyst Yashu Gola stated that the current technical indicators and on-chain data both point to short-term downside risks for Bitcoin.A typical "bear flag" pattern is forming on the Bitcoin daily chart. This structure began with a "flagpole" that dropped sharply to the $60,000 area, followed by price consolidation within a converging trend line, consistently pressured by key moving averages, with weak momentum.If the price clearly breaks below the lower boundary of the flag, it could further test the $56,000 level within two months, representing a decline of about 20% from the current level. Conversely, if it breaks above the upper boundary around $72,700 (coinciding with the 20-day moving average), it could invalidate this bearish structure.On-chain data platform CryptoQuant shows that the Bitcoin "whale inflow ratio" (7-day average) has surged to a historic high of 0.619, well above the 0.40 at the beginning of the month. This indicator tracks the total inflow of the top ten transactions, and its rise is typically interpreted as increased selling pressure from whales.Meanwhile, the Greed and Fear Index is signaling a potential "bottoming signal": the 21-day moving average has crossed below the zero line and is now turning upwards. Historically, this combination often appears alongside a "sustained bottom," and while a brief downturn cannot be ruled out, the possibility of a rebound is accumulating.