CoinW Research Institute Weekly Report (March 9, 2026 - March 15, 2026)

Key Points

The total market value of global cryptocurrency is $2.54 trillion, up from $2.37 trillion last week, a rise of about 7.17% this week. As of the time of writing, the US Bitcoin Spot ETF has accumulated a total net inflow of approximately $56.14 billion, with a net inflow of $767 million this week; the US Ethereum Spot ETF has accumulated a total net inflow of approximately $11.79 billion, with a net inflow of $160 million this week.

The total market value of stablecoins is $308.3 billion, up from $306.6 billion last week, an increase of about 0.55%; among them, USDT has a market value of $184.06 billion, accounting for 59.7% of the total market value of stablecoins, up from $183.89 billion last week, a rise of about 0.09%; next is USDC with a market value of $79.1 billion, accounting for 25.65%, up from $77.2 billion last week, an increase of about 2.46%; DAI has a market value of $5.37 billion, accounting for 1.75%, unchanged from last week.

According to DeFiLlama data, the total TVL (Total Value Locked) in DeFi this week is $96.847 billion, up from $95.505 billion last week, an increase of about 1.41%. By public blockchain, the top three blockchains by TVL are Ethereum at 59.27%; Solana at 7.29%; and BNB Chain at 6.02%.

This week's core data from public blockchains shows a revival in activity and funding scale. In terms of daily trading volume on on-chain DEXes, Solana trades $1.143B (+17.96%), BNB Chain trades $0.787B (+22.02%), and Sui trades $0.065B (+33.18%) increased, while Ethereum trades $0.813B (-5.68%), Ton trades $0.0015B (-38.52%), and Aptos trades $0.011B (-67.87%) declined. Overall transaction fees remain stable, with Ethereum, BNB Chain, Ton all around $0.01, and Aptos around $0.000001, basically unchanged from last week; Solana dropped to $0.001 (-69.01%), while Sui rose to $0.0024 (+41.75%). In terms of user activity, daily active addresses have generally rebounded, with Aptos at 1.07 million (+15.32%) and Sui at 317,000 (+11.23%) leading the growth, and other chains also seeing slight increases. In terms of funding scale, TVL overall is recovering, with Ethereum's TVL at $57.23B (+5.60%) continuing to lead, followed by Solana at $7.12B (+8.86%), BNB Chain at $5.86B (+1.91%), and Sui with the largest increase this week at $0.618B (+10.2%).

New project focus: Kled AI is a blockchain-based AI data marketplace platform aimed at building a data supply network directly involving users, allowing individuals and institutions to upload original data such as photos, videos, documents, etc., and earn income by authorizing AI companies to use this data. Superpower Health is a digital health technology company dedicated to building an AI-driven "Health Super-App". Utexo is a stablecoin payment infrastructure project based on the Bitcoin ecosystem, aimed at providing a Bitcoin-based USDT settlement network for wallets, exchanges, and payment institutions.

Key Points

I. Market Overview

1. Total Market Value of Cryptocurrency/Percentage of Bitcoin Market Value

2. Fear Index

3. ETF Inflows and Outflows Data

4. ETH/BTC and ETH/USD Exchange Rate

5. Decentralized Finance (DeFi)

6. On-chain Data

7. Stablecoin Market Value and Issuance Status

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins by Growth This Week

2. New Project Insights

III. New Industry Developments

1. Major Industry Events This Week

2. Major Upcoming Events Next Week

3. Important Investment and Financing from Last Week

IV. Reference Links

I. Market Overview

1. Total Market Value of Cryptocurrency/Percentage of Bitcoin Market Value

The global Total Market Value of Cryptocurrency is $2.54 trillion, up from $2.37 trillion last week, an increase of about 7.17% this week.

Data source: Bitcoin dominance from cryptorank, https://cryptorank.io/charts/btc-dominance

Data as of March 15, 2026

As of the time of writing, the market value of Bitcoin is $1.45 trillion, accounting for 57.08% of the total cryptocurrency market value. Meanwhile, the market value of stablecoins stands at $308.3 billion, accounting for 12.13% of the total cryptocurrency market value.

Data source: coingecko, https://www.coingecko.com/en/charts

Data as of March 15, 2026

2. Fear Index

The cryptocurrency fear index is at 24, indicating fear.

Data source: coinglass, https://www.coinglass.com/pro/i/FearGreedIndex

Data as of March 15, 2026

3. ETF Inflows and Outflows Data

As of the time of writing, the US Bitcoin spot ETF has accumulated a total net inflow of approximately $56.14 billion, with a net inflow of $767 million this week; the US Ethereum spot ETF has accumulated a total net inflow of approximately $11.79 billion, with a net inflow of $160 million this week.

Data source: sosovalue, https://sosovalue.com/zh/assets/etf

Data as of March 15, 2026

4. ETH/BTC and ETH/USD Exchange Rate

ETHUSD: Current Price $2,178.50, Historical Highest Price $4,946.05, a decline of approximately 55.95% from the highest price.

ETHBTC: Currently at 0.030012, Historical Highest at 0.1238.

Data source: ratiogang, https://ratiogang.com/

Data as of March 15, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL in DeFi this week is $96.847 billion, up from $95.505 billion last week, an increase of about 1.41%.

Data source: defillama, https://defillama.com

Data as of March 15, 2026

Classified by public chains, the top three blockchains by TVL are Ethereum, accounting for 59.27%; Solana, accounting for 7.29%; and BNB Chain, accounting for 6.02%.

Data source: CoinW Research Institute, defillama, https://defillama.com

Data as of March 15, 2026

6. On-Chain Data

Layer 1 Related Data

Mainly analyzing day trading volume, daily active addresses, and transaction fees related data for current major Layer 1 including ETH, SOL, BNB, TON, SUI, and APTOS.

Data source: CoinW Research Institute, defillama, https://defillama.com

Data as of March 15, 2026

On-chain DEX Daily Trading Volume and Transaction Fees: On-chain DEX daily trading volume and transaction fees are core indicators for measuring public chain activity and user experience. This week, Solana ( $1.143B, +17.96%), BNB Chain ( $0.787B, +22.02%), and Sui ( $0.065B, +33.18%) saw increases. The others saw declines, respectively for Ethereum ( $0.813B, -5.68%), Ton ( $0.0015B, -38.52%), and Aptos ( $0.011B, -67.87%). In terms of transaction fees, this week Ethereum ( $0.01), BNB chain ( $0.01), Ton ( $0.01) and Aptos ( $0.000001) remained stable; Solana ( $0.001) decreased by 69.01% from last week; Sui ( $0.0024) increased by 41.75% from last week.

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL reflects user trust in the platform. This week, daily active addresses generally rebounded. Aptos (1.07 million) and Sui (317,000) led growth at 15.32% and 11.23%; other chains were as follows – Ethereum (575,000, +9.60%), BNB Chain (2.5 million, +8.23%), Ton (124,000, +6.39%), and Solana (1.92 million, +0.52%). This week, TVL overall saw recovery. Sui ( $0.618B) led with 10.2%; followed by Solana ( $7.12B) up 8.86%; others were Ethereum ( $57.23B, +5.60%), BNB Chain ( $5.86B, +1.91%), Aptos ( $0.322B, +1.90%), and Ton ( $0.061B, +0.13%).

Layer 2 Related Data

According to L2Beat data, the total TVL of Ethereum Layer 2 this week is $33.21 billion, up from $31.90 billion last week, an overall increase of 4.16%.

Data source: L2Beat, https://l2beat.com/scaling/tvs

Data as of March 15, 2026

This week, Base and Arbitrum have market shares of 37.28% and 18.17%, ranking first and second.

Data source: CoinGecko, https://www.coingecko.com/en/chains/layer-2

Data as of March 15, 2026

7. Stablecoin Market Value and Issuance Status

According to Coinglass data, the total market value of stablecoins is $308.3 billion, up from $306.6 billion last week, an increase of about 0.55%; among them, the market value of USDT is $184.06 billion, accounting for 59.7% of the total market value of stablecoins, up from $183.89 billion last week, an increase of about 0.09%; next, USDC has a market value of $79.1 billion, accounting for 25.65%, up from $77.2 billion last week, an increase of about 2.46%; DAI has a market value of $5.37 billion, accounting for 1.75%, unchanged from last week.

Data source: CoinW Research Institute, Coinglass, https://www.coinglass.com/pro/stablecoin

Data as of March 15, 2026

According to Whale Alert data, this week USDC Treasury has issued a total of 4.302 billion USDC, and Tether Treasury has issued 1 billion USDT. The total issuance of stablecoins this week is 5.302 billion, an increase of 59.07% from last week's total issuance of stablecoins (3.333 billion).

Data source: Whale Alert, https://x.com/whale_alert

Data as of March 15, 2026

II. This Week's Hot Money Trends

1. Top Five VC Coins and Meme Coins by Growth This Week

Top Five VC Coins by Growth in the Past Week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of March 15, 2026

Top Five Meme Coins by Growth in the Past Week

Data source: CoinW Research Institute, coinmarketcap, https://coinmarketcap.com/

Data as of March 15, 2026

2. New Project Insights

Kled AI is a blockchain-based AI data marketplace platform aimed at building a user-participating data supply network, enabling individuals and institutions to upload raw data such as photos, videos, documents, etc., and earn income by authorizing AI companies to use such data. The platform collects and verifies real-world data through mobile applications, anonymizes and structures the data into licenseable datasets for AI companies to use for model training and evaluation, thus ensuring data copyright and compliance while providing high-quality and diverse data sources for the AI industry.

Superpower Health is a digital health technology company dedicated to building an AI-driven "Health Super-App". By integrating blood biomarker testing, health data management, and personalized medical advice, it helps users achieve proactive health management. The platform offers annual or semi-annual blood tests covering over 100 biological indicators for members and generates personalized health reports, health scoring, and action plans based on medical records, wearable device data, and AI analysis, alongside support from an online doctor team and health consultants, aiming to transform traditional passive healthcare into a digital healthcare service system focused on prevention and long-term health optimization.

Utexo is a stablecoin payment infrastructure project built on the Bitcoin ecosystem, aimed at providing a Bitcoin-based USDT settlement network for wallets, exchanges, and payment institutions. The platform offers immediate settlement, fixed fees, and privacy-executed payment infrastructure by combining the RGB protocol, Lightning Network, and Bitcoin main chain security. It helps enterprises route USDT transactions directly to the Bitcoin network for settlement without needing to manage intricate underlying technology through a unified API interface.

III. New Industry Developments

1. Major Industry Events This Week

On March 10, 2026, the omni-channel trading platform Based announced that the BASED token airdrop query tool is officially online, allowing users to check their token allocation in the upcoming airdrop distribution. The project had previously announced the BASED token economic model: a total token supply of 1 billion, with 36% allocated to the community, 23.64% for ecosystem and community rewards, 20.36% allocated to investors, and 20% allocated to core contributors. The launch of the airdrop query tool is seen as an important step before the Genesis airdrop distribution, confirming the airdrop eligibility and allocation status for early users and ecosystem participants.

On March 11, 2026, Unitas Labs (UP) launched a Token Generation Event (TGE), with public subscription opening on March 13 at an issuance price of about $0.005/UP, setting aside around 10 million UP as the TGE reward pool, with another approximately 10 million UP reserved for future ecosystem incentives. Prior to the token issuance, the project launched Season 1 Points program, where users can earn points by participating in the USDu ecosystem, providing liquidity, and inviting users. The official stated that about 45% of the token supply will be allocated to the ecosystem and community, with some expected to be distributed to early participants and points holders via airdrops.

Nebula3 (SN3) completed its Token Generation Event (TGE) on March 11, 2026, and officially launched token circulation. The project simultaneously launched a community airdrop: starting at 16:00 (UTC+8) on March 11, 2026, eligible users can use points to exchange for airdrop rewards, with each eligible wallet being able to claim about 1,000 SN3, distributed on a first-come, first-served basis. This token issuance and airdrop are viewed as significant steps for Nebula3's ecosystem launch, aiming to expand community engagement in its GameFi and multi-chain gaming ecosystem through early user incentives.

2. Major Upcoming Events Next Week

Backpack recently announced its native token issuance and airdrop plan. According to the project, the total token supply is 1 billion, releasing 25% of the token supply (about 250 million) into circulation during the Token Generation Event (TGE), with 24% allocated to users who previously participated in the platform's Points program, and 1% allocated to Mad Lads NFT holders as early ecosystem contributors' airdrop rewards. The TGE date is currently expected to take place on March 23, 2026, with the specific date to be confirmed by the team. This points system previously accumulated points based on user activity in wallets and ecosystems to determine airdrop distribution ratios.

EarnPark (PARK) is advancing its token issuance plan through multi-stage token sales. According to project arrangements, Tier 5 token sale is expected to start on April 13, 2026, with a token price of about $0.018/PARK, marking a new phase after prior sales launched in Q2 2025 (at $0.01), as well as Tier 3 on October 29, 2025, and Tier 4 on February 3, 2026. The project employs a phased Token Sale strategy, while the specific time for the Token Generation Event (TGE) has not yet been officially announced.

WorldX (WLDX) plans to conduct an IDO (Initial DEX Offering) from March 15, 2026 to March 20, 2026, publicly selling about 1.8 billion WLDX (18% of the total supply) at a price of $0.0025, targeting to raise around $4.5 million, corresponding to a project FDV of about $25 million. Currently, public information indicates that the specific time for the TGE (Token Generation Event) has not yet been officially announced.

3. Important Investment and Financing from Last Week

KAST announced the completion of an $80 million Series A financing led by QED Investors and Left Lane Capital, with follow-up investments from Peak XV, HongShan Capital, and DST Global among others. The funds will primarily be used for product development, compliance construction, and global market expansion. KAST is a fintech platform based on stablecoin infrastructure, dedicated to building a global payment and account system similar to a “stablecoin bank”, providing users with dollar-denominated accounts, stablecoin payments, and debit card services for global consumption, allowing individuals and enterprises to achieve cross-border payments and capital management through stablecoins. (March 9, 2026)

Zcash Open Development Lab announced the completion of over $25 million in seed round financing, with investors including Paradigm, a16z crypto, Winklevoss Capital, Coinbase Ventures, Cypherpunk Technologies, Chapter One, and several prominent individuals from the crypto industry. These funds will mainly be used to expand the engineering team, continue developing the Zcash protocol, and improve the Zodl wallet ecosystem. Zodl is a crypto wallet project focused on privacy payments, with the core goal of promoting the large-scale application of Zcash (ZEC) privacy payments. This product was originally named Zashi and officially completed its rebranding to Zodl in February 2026, with wallet functionalities and user assets remaining unaffected. (March 9, 2026)

The crypto accounting infrastructure company Cryptio announced the completion of $45 million in Series B financing, led by BlackFin Capital Partners and Sentinel Global, with participation from 1kx, BlueYard Capital, Ledger Cathay Capital, and others. Cryptio is a digital asset financial infrastructure platform for enterprises and financial institutions, mainly providing back-office software for on-chain asset tracking, accounting and auditing, tax and compliance reports, and loan management, helping businesses convert complex on-chain transaction data into financial statements that meet traditional financial standards and satisfy global regulatory and audit requirements. (March 12, 2026)