PoS

Coingecko: In Q1 of this year, the total market capitalization of the crypto market fell by 18.6% to $2.8 trillion, while Bitcoin strengthened its dominant position against the trend

ChainCatcher news, according to the Coingecko quarterly report, the total market capitalization of cryptocurrencies fell by 18.6% to $2.8 trillion in the first quarter of 2025. Bitcoin further solidified its dominance in the market downturn, with its market share rising to 59.1% (a new high since 2021), while altcoins generally performed poorly. The shares of stablecoins USDT and USDC increased, while Ethereum's market share dropped to a five-year low of 7.9%.​1. Bitcoin outperforms traditional risk assetsBitcoin broke through $100,000 in January, reaching an all-time high, but ended the quarter at $82,514 (a decline of 11.8%). Its performance outpaced the Nasdaq index (down 10.3%), but lagged behind gold (up 18%) and U.S. Treasury bonds. Analysts pointed out that the strengthening of the yen and euro, adjustments in monetary policy, and geopolitical uncertainties have intensified market volatility.​2. Ethereum and altcoins under pressureEthereum's price plummeted 45.3% to $1,805, erasing all gains made in 2024, with daily trading volume shrinking to $2.44 billion. Leading altcoins like Solana (SOL), XRP, and BNB experienced smaller pullbacks, highlighting Ethereum's relative weakness. Meme coins suffered a significant setback due to the exit of Argentine President Javier Milei's related project LIBRA, with daily token deployment on the Pump.fun platform dropping by 56.3%.​3. Changes in exchange landscapeThe spot trading volume of centralized exchanges (CEX) decreased by 16.3% to $5.4 trillion, with Binance maintaining a market share of 40.7%; HTX became the only platform in the top ten to see growth (+11.4%), while Bybit's trading volume was halved due to a hacking incident in February. Among decentralized exchanges (DEX), Solana led Q1 with a 39.6% share, but Ethereum briefly reclaimed the top spot in March. The total value locked (TVL) in DeFi fell by 27.5% to $12.86 billion, while the new public chain Berachain's TVL rose against the trend to $5.2 billion.

Galaxy proposed the MESA consensus method to address the inflation governance issue of Solana

ChainCatcher message, recently, Galaxy Research submitted a new proposal to the Solana community aimed at reforming the network's inflation governance discussion through a method called Multi-Election Staking Weight Aggregation (MESA). This mechanism attempts to introduce a market-driven process to optimize the SOL emission curve without relying on a single outcome vote. The proposed method will not change Solana's ultimate goal of achieving a 1.5% final inflation rate, but it may significantly shorten the timeline to reach that goal based on community voting results.According to Galaxy's predictions, if the current 15% deflation rate is maintained, the network will reach its final inflation rate at epoch 2,135. Increasing the deflation rate will bring this point forward. In the current Solana system, inflation follows a fixed, time-related curve, aiming for a final inflation rate of 1.5%. However, Galaxy points out that previous votes indicated that while there is a general consensus that the inflation rate is above necessary levels, reaching an agreement on adjusting parameters has been challenging. Galaxy's new proposal offers an alternative that allows validators to choose from multiple predetermined deflation rates, with the result determined by the weighted average of these votes. MESA voting will not dynamically adjust inflation based on real-time metrics but will enforce a fixed anti-inflation trajectory, and once approved, the deflation rate will be adjusted according to the collective opinion of validators.It is reported that this mechanism is inspired by the previous proposal SIMD-228. Although the community generally supports lowering the SOL inflation rate, the binary voting mechanism has made it difficult to reach a consensus on specific parameters, resulting in the proposal's failure to pass.
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