BeWater Weekly (March 5 – March 11)
🐟 Collaboration Ecosystem
1/ BeWater Insight | dTAO Upgrade: Bittensor's Ecosystem Self-Rescue Experiment @0xMaiaa
📰 Key News
(1) Kraken Plans IPO After SEC Agrees to Drop Lawsuit
Major cryptocurrency exchange Kraken plans to go public in 2026 after the SEC decided to drop its lawsuit against the company. The SEC had previously accused Kraken of operating as an unregistered securities exchange and commingling customer assets with company funds. The change in the regulatory environment during Donald Trump's presidency, which led to a more favorable stance on cryptocurrencies, influenced the SEC's dismissal of several investigations and lawsuits. Kraken's IPO would make it the second cryptocurrency exchange to go public in the US, following Coinbase's listing in April 2021.
(2) Coinbase Considers Tokenizing $COIN, DeFi Community Debates On-Chain Stocks
Coinbase CFO Alesia Haas discussed the possibility of tokenizing its COIN stock in a fireside chat with Morgan Stanley, highlighting the regulatory challenges that security tokens have faced in the past. The SEC's recent crypto-friendly stance, including dropping actions against major crypto entities, has renewed interest in tokenized securities. Tokenized securities have struggled to gain traction in the past, partly due to regulatory pressure under former SEC Chair Gary Gensler. Opinions within the DeFi community are mixed, with some seeing the potential of on-chain stocks, while others point to the failures of similar initiatives in the past.
(3) Ripple CEO Chris Larsen Loses $150M in XRP After LastPass Hack
Ripple co-founder Chris Larsen lost $150M worth of XRP due to a hack of private keys stored in password manager LastPass. Cryptocurrency investigator ZachXBT disclosed a forfeiture complaint filed in the Northern District of California, detailing the seizure of over $23.6M worth of cryptocurrency from exchanges like OKX and Kraken. The hack occurred in January 2024, stealing over 283M XRP, with the stolen assets reportedly being laundered through multiple exchanges, including Binance and Kraken.
(4) Trump Signs Strategic Bitcoin Reserve Agreement, No New Tokens to Be Purchased at This Time
President Donald Trump signed an executive order establishing a strategic Bitcoin reserve and a US digital asset inventory, both containing tokens already seized by US law enforcement. The reserves will not immediately purchase new tokens but may include Bitcoin acquired through other means in the future. The reserve will include Bitcoin, Ethereum, Solana, Cardano, and Ripple's XRP, an idea initially proposed by Trump at a Bitcoin conference in Nashville last year.
(5) https://t.co/qg0CujoXgU Trading Volume Plummets 94% as Memecoin Frenzy Cools
https://t.co/qg0CujoXgU's trading volume plummeted 94% from a peak of $3B in January 2024 to $170M, reflecting an overall market cooling and a shift in trader sentiment. The platform's token graduation rate has also slowed, dropping from 1.85% to 0.83% weekly, indicating fewer tokens reaching the $100K market cap required to graduate to Raydium. The decline in trading volume suggests trader fatigue within the Solana memecoin ecosystem, exacerbated by issues such as rug pulls and questionable promotions.
📊 Data Performance
(1) Solana network transaction fees fell to 53.8K SOL last week, the lowest weekly amount since September 2024, with 77% being non-vote transaction fees tipped to validators by users. Fees decreased by 10% from the previous week, a smaller drop compared to the average weekly decrease of 25% over the past six weeks, and down 85% from the peak during the $TRUMP and $MELANIA memecoin launches in January. Jito validator tips have significantly decreased, averaging $11.3K per day last week, compared to $62K during the $TRUMP launch week. The 7-day moving average of active addresses on Solana has decreased by 35% since the $TRUMP launch, impacting the SOL token price, which has fallen by approximately 50% since January 20.
(2) DeFi Total Value Locked (TVL) in DeFi protocols decreased by $45B, erasing gains since Donald Trump's election in November 2024, with TVL falling from a peak of $138B to $92.6B by March 10. Despite Bitcoin breaking $109K on Trump's inauguration day and positive developments such as US spot ETFs and strategic Bitcoin reserves, Ethereum's TVL has significantly declined, down $45B from its cycle high. Ethereum has seen significant net exchange outflows weekly since March 3, with nearly 800K ETH, worth approximately $1.8B, marking the highest outflows since December 2022, indicating strategic buying despite a 10% price decrease.
(3) Fundraising According to data from TIE Terminal, crypto projects raised $1.11B across 137 companies in February, down from $1.57B raised across 132 companies in January. DeFi projects led fundraising, with 20 companies raising approximately $175M, continuing the trend from January, where 21 DeFi companies raised $339M. Notable funding rounds include Bitwise's $70M equity round led by Electric Capital and Raise's $63M funding to enhance its blockchain-based gift card offerings. Despite a decrease in the size of funding rounds compared to January, deals over $50M continued, with companies like Raise and Bitwise.
📚 Recommended Reading
《How to See Through the Conspiracy of Market Makers Pumping and Dumping by Looking at the Pool》 — — @wsjack_eth
Introduction: wsjack.eth delves into how to analyze market manipulation in cryptocurrency trading through mathematical models and liquidity pool data, specifically targeting the meme coin Grokcoin on Solana. The article combines practical trading experience, demonstrating how to use the real-time liquidity pool monitoring function of the platform https://t.co/Rp35g2zvYl to identify the intentions of "market makers" to pump or dump, and reveals how small amounts of capital can drive huge market cap growth through detailed calculations.
Original Link:
https://t.co/1BjddRC9GR
Read the full article ⬇️
https://t.co/LBovSljbjM
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