Weekly Preview | Movement launches mainnet; SBI's cryptocurrency exchange SBI VC Trade introduces stablecoin "USDC" service

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14 hours ago

News Forecast:

  • Movement will launch its mainnet on March 10;
  • Two U.S. lawmakers plan to announce an "important plan" regarding Bitcoin on March 11 (next Tuesday) local time;
  • On-chain data visualization platform Bubblemaps announced it will launch its platform token BMT on March 11;
  • The modular blockchain network Hemi mainnet will officially launch on March 12, 2025;
  • SBI's cryptocurrency exchange SBI VC Trade will launch stablecoin "USDC" services on March 12;
  • Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8 AM Beijing time on March 13, valued at about $162 million;
  • Aptos (APT) will unlock approximately 11.31 million tokens at 6 AM Beijing time on March 13, representing 1.92% of the current circulation, valued at about $67.4 million.

March 10

Project Updates:

Movement will launch its mainnet on March 10

Movement released a video preview on platform X, announcing its mainnet launch on March 10.

MegaETH will start accepting user participation from March 10 after deploying its testnet

MegaETH announced on platform X that it deployed its testnet on March 6, and from March 6 to March 10, it will provide exclusive access support for application and infrastructure teams, starting to accept user participation on March 10. The current testnet will offer users a single-thread performance of 1.68 Ggas/second and an effective block time of 15 milliseconds, with plans to expand more features in the future. To reduce issues with public faucets, testnet ETH will be directly distributed to participants' wallets during the access phase (March 10).

MegaETH states it will not provide airdrop rewards for users participating in the testnet. MegaETH emphasized that the main purpose of the public testnet is to conduct technical stress tests, allow developers to explore new technological breakthroughs, and provide users with their first experience of real-time applications. They stressed that while they do not oppose incentive models, it does not align with the project's philosophy.

PancakeSwap: Simple staking product will close on March 10, 2025; users need to withdraw funds in time

PancakeSwap stated on platform X that its simple staking product will be retired at 08:00 Beijing time on March 10, 2025. PancakeSwap mentioned that this is part of its ongoing efforts to simplify products and focus on providing more sustainable and impactful products for the community. Users are advised to withdraw funds before 08:00 on March 10, 2025.

Token Unlocking:

Staika (STIK) will unlock approximately 1.5 million tokens at 8 AM Beijing time on March 10, valued at about $7.8 million;

March 11

Policy Regulation:

Two U.S. lawmakers plan to announce an "important plan" regarding Bitcoin on March 11 (next Tuesday) local time

U.S. Congressman Nick Begich posted on platform X: "It's time for America to become the first Bitcoin superpower. Working with crypto-friendly Senator Cynthia Lummis to advance an important plan regarding Bitcoin. Stay tuned for the release next Tuesday."

Project Updates:

Bubblemaps: Platform token BMT will launch on March 11

On-chain data visualization platform Bubblemaps announced it will launch its platform token BMT on March 11.

Previous news indicated that Bubblemaps will launch the BMT token to support the on-chain investigation platform Intel Desk.

March 12

Macroeconomics:

At 8:30 PM on Wednesday, the U.S. will release the February unadjusted CPI year-on-year, February adjusted CPI month-on-month, February adjusted core CPI month-on-month, and February unadjusted core CPI year-on-year.

Project Updates:

SBI's cryptocurrency exchange SBI VC Trade will launch stablecoin "USDC" services on March 12

Japan's financial giant SBI Group's cryptocurrency exchange SBI VC Trade announced on March 4 that it has completed the registration as the first "electronic payment method and transaction practitioner" related to stablecoin trading in Japan. After obtaining approval, the company will start processing the stablecoin "USDC" issued by U.S. Circle on March 12. However, this feature will currently be in a testing phase, with circulation limited to within the group. With this latest approval, SBI VC Trade now holds three licenses: cryptocurrency exchange business, Type I financial instruments business, and electronic payment tool transaction business.

Hemi mainnet will launch on March 12, integrating Bitcoin and Ethereum ecosystems

The modular blockchain network Hemi mainnet will officially launch on March 12, 2025, aiming to achieve deep integration of Bitcoin and Ethereum through the Hemi Virtual Machine (hVM). Currently, Hemi has locked over $300 million in TVL and has received $15 million in seed round financing support from investors such as Binance Labs and Breyer Capital.

Key features of Hemi:

• EVM-integrated Bitcoin nodes to enable Bitcoin smart contract functionality

• Inherits Bitcoin's security, providing an "ultra-finality" transaction confirmation mechanism

• Trustless cross-chain asset transfers, seamlessly moving assets between Bitcoin and Ethereum through "Tunnels"

• Compatible with Ethereum development tools, supporting various DeFi applications such as DEX, lending, LST/LRT staking, and perpetual trading

Hemi was founded by early Bitcoin developer Jeff Garzik and blockchain security expert Max Sanchez, dedicated to creating a super network that integrates Bitcoin and Ethereum, providing efficient, secure, and scalable Web3 infrastructure.

Lombard Finance will launch its Bitcoin liquid staking token LBTC on the Sui blockchain on March 12

Lombard Finance announced that its Bitcoin liquid staking token LBTC will launch on the Sui blockchain on March 12, marking LBTC's first integration into a non-EVM compatible chain. Currently, LBTC has been deployed on EVM-compatible networks such as Ethereum, Base, and BNB Chain, with a circulation close to $2 billion, of which 70% has been used in DeFi protocols like Aave and Morpho. LBTC will be supported by Sui Wallet and Phantom Wallet, and will first integrate with the highest TVL Sui protocols such as Cetus, Navi Protocol, and SuiLend. Additionally, Lombard Finance plans to introduce incentives to encourage Bitcoin adoption in the Sui ecosystem and hinted at potential expansion to more non-EVM networks in the future.

March 13

Exchanges:

Coinbase International will launch perpetual contracts for VVV, COOKIE, and BIO on March 13

Coinbase International announced that it will launch perpetual contracts for Venice Token (VVV), Cookie DAO (COOKIE), and Bio Protocol (BIO) on March 13 at 17:30 (UTC+8) or later, supporting trading on Coinbase International Exchange and Coinbase Advanced trading platform.

Token Unlocking:

Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8 AM Beijing time on March 13, valued at about $162 million;

Aptos (APT) will unlock approximately 11.31 million tokens at 6 AM Beijing time on March 13, representing 1.92% of the current circulation, valued at about $67.4 million;

March 14

Exchanges:

Binance will stop supporting partial network deposits and withdrawals for CTXC, NULS, and UFT on March 14

Binance announced that it will stop supporting deposits and withdrawals for the following tokens through specified networks starting at 16:00 on March 14, 2025:

  • Cortex (CTXC) via Ethereum Network
  • NULS (NULS) via BNB Smart Chain
  • UniLend (UFT) via BNB Smart Chain

From the above time, tokens deposited through these networks will not be credited, which may lead to asset loss. Users can still deposit and withdraw tokens through other networks supported by Binance.

Market Analysis:

Analyst: SOL Spot ETF May Be Approved as Early as March 14, Latest by October 10

Sosovalue macro analyst stated that according to the SEC's current regulatory framework, cryptocurrency spot ETFs must undergo dual reviews of the S-1 registration document and the 19b-4 exchange rule adjustment document. The SEC must publish the preliminary review results within 45 days after accepting the 19b-4 document, and make a final decision within a maximum of 240 days.

Taking the Grayscale Solana Trust as an example, its 19b-4 document was accepted by the SEC on February 12. The SEC can reject or delay within the first 30 days, but cannot approve directly, so the earliest approval window is March 14, with the preliminary review deadline on March 29, which may release key regulatory signals. If the Grayscale Solana Trust is approved, SOL spot ETFs like Bitwise Solana ETF that adopt the same exchange rule adjustment plan may also be approved simultaneously, and market liquidity expectations may start to react to pricing at this stage. If we refer to the approval duration of Bitcoin spot ETFs (up to 240 days), the latest approval date for the SOL spot ETF would be October 10, 2025. However, under the current regulatory environment, the market generally expects the SEC's approval process to accelerate.

Token Unlocking:

Polyhedra Network (ZKJ) will unlock approximately 17.22 million tokens at 8 AM Beijing time on March 14, representing 28.52% of the current circulation, valued at about $35.3 million;

March 15

Project Updates:

Babylon Foundation Airdrop Registration Will End on March 15

Babylon Foundation previously opened an airdrop registration page, which will end on March 15. This airdrop is primarily aimed at first-phase stakers, first-phase finality providers, and contributors to eligible GitHub repositories.

Token Unlocking:

Connex (CONX) will unlock approximately 4.33 million tokens at 8 AM Beijing time on March 15, representing 376.3% of the current circulation, valued at about $78 million;

Sei (SEI) will unlock approximately 55.56 million tokens at 8 PM Beijing time on March 15, representing 1.19% of the current circulation, valued at about $11.8 million;

Starknet (STRK) will unlock approximately 64 million tokens at 8 AM Beijing time on March 15, representing 2.33% of the current circulation, valued at about $11 million;

March 16

Project Updates:

Circle: Linea Will Bridge USDC to Native USDC Upgrade, Expected to Suspend USDC.e Bridging on March 16

According to Circle's official blog, Linea will be the first blockchain to upgrade from bridged USDC (USDC.e) to native USDC (USDC) and will support Circle's cross-chain transfer protocol CCTP V2 in the upcoming mainnet. This upgrade is expected to suspend USDC.e bridging on March 16 and complete the conversion within 1-2 weeks without requiring any action from users or developers. After the upgrade, existing USDC.e will be automatically converted to USDC, with the contract address remaining unchanged. Currently, over $19 million of bridged USDC is circulating on the Linea chain, accounting for 71% of its stablecoin supply.

EigenLayer: Second Quarter Airdrop Claiming is Expected to End on March 16

The Eigen Foundation announced on X that the second quarter airdrop claiming opened on September 16 and will continue until March 16, 2025. Additionally, a programmatic incentive plan is about to be launched, which will distribute EIGEN weekly and reward stakers and operators.

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