CoinW Research Institute Weekly Report (March 23, 2026 - March 29, 2026)

Key Points

The total market value of global cryptocurrencies is $2.37 trillion, down from $2.41 trillion last week, representing a decrease of about 1.66% this week. As of the time of writing, the United States Bitcoin Spot ETF has a cumulative net inflow of approximately $55.93 billion, with a net outflow of $296 million this week; the United States Ethereum Spot ETF has a cumulative net inflow of approximately $11.52 billion, with a net outflow of $206 million this week.

The total market value of stablecoins is $308.7 billion, down from $309.1 billion last week, a decrease of about 0.13%; among them, USDT has a market value of $184.07 billion, accounting for 59.63% of the total stablecoin market value, slightly down from last week; followed by USDC with a market value of $77.7 billion, accounting for 25.17% of the total stablecoin market value, down from $78.9 billion last week, a decrease of about 1.52%; DAI has a market value of $5.36 billion, accounting for 1.75% of the total stablecoin market value, unchanged from last week.

According to data from DeFiLlama, the total TVL of DeFi this week is $92.769 billion, down from $92.973 billion last week, a decrease of about 0.22%. By public chain breakdown, the three public chains with the highest TVL are Ethereum, accounting for 57.03%; Solana, accounting for 6.85%; BNB Chain, accounting for 5.69%.

This week, on-chain data shows characteristics of trading diversification, user recovery, but a slight withdrawal of funds. In terms of Dex trading volume, Solana ($1.075B, +1.70%) and BNB Chain ($0.784B, +20.06%) performed well, while Ton, although smaller in size, rose, and Ethereum fell back to $0.73B (-39.67%), with Sui and Aptos also declining. On the transaction fee front, Ethereum remains around $0.01, Solana rises to $0.003, and other chains generally decline. In terms of user metrics, active addresses significantly increased for Solana (3.725 million, +3.93%), BNB Chain (2.42 million, +2.11%), and Aptos (1.302 million, +60.41%), while Ethereum, Sui, and Ton saw some decline. With respect to funds, TVL across all chains has slightly decreased, with Ethereum still leading at $52.80B (-3.17%).

New projects in focus: Tori Finance is a decentralized yield protocol aimed at bringing market-neutral, institutional-grade yield strategies that have long been accessible only to institutional investors onto the chain, allowing ordinary users to participate in these strategies through a Web3 wallet without high barriers or regional restrictions. Kairos Swap is a cross-chain decentralized trading protocol dedicated to providing users with efficient and secure multi-chain asset exchange and liquidity mining services, emphasizing the aggregation of on-chain depth through a permissionless AMM mechanism, reducing the cost and friction of cross-chain transactions. Eureka Builder is a decentralized development and collaboration platform for Web3 developers, aimed at providing tools and infrastructure for teams and individuals to build, deploy, and manage blockchain applications.

Key Points

I. Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

2. Fear index

3. ETF inflow/outflow data

4. ETH/BTC and ETH/USD exchange ratios

5. Decentralized Finance (DeFi)

6. On-chain data

7. Market value and issuance of stablecoins

II. Hot Money Trends This Week

1. Top five VC coins and Meme coins by growth this week

2. Insights on new projects

III. New Developments in the Industry

1. Major industry events this week

2. Upcoming major events next week

3. Significant investment and financing from last week

IV. Reference Links

I. Market Overview

1. Total cryptocurrency market capitalization/Bitcoin market capitalization ratio

The global total cryptocurrency market capitalization is $2.37 trillion, down from $2.41 trillion last week, this week the total cryptocurrency market capitalization has decreased by about 1.66%.

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

Data as of March 29, 2026

As of the time of writing, Bitcoin has a market capitalization of $1.33 trillion, accounting for 56.12% of the total cryptocurrency market value. Meanwhile, the market value of stablecoins is $308.7 billion, accounting for 13.03% of the total cryptocurrency market value.

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

Data as of March 29, 2026

2. Fear Index

The cryptocurrency fear index is 9, indicating extreme fear.

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

Data as of March 29, 2026

3. ETF Inflow/Outflow Data

As of the time of writing, the US Bitcoin spot ETF has a cumulative net inflow of about $55.93 billion, with a net outflow of $296 million this week; the US Ethereum spot ETF has a cumulative net inflow of approximately $11.52 billion, with a net outflow of $206 million this week.

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

Data as of March 29, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $2,003.94, historical highest price $4,946.05, down about 59.50% from the highest price.

ETHBTC: Currently at 0.030144, historical high of 0.1238.

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

Data as of March 29, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $92.769 billion, down from $92.973 billion last week, a decrease of about 0.22%.

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

Data as of March 29, 2026

By public chain segmentation, the three public chains with the highest TVL are Ethereum, accounting for 57.03%; Solana, accounting for 6.85%; and BNB Chain, accounting for 5.69%.

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

Data as of March 29, 2026

6. On-Chain Data

Layer 1 Related Data

This analysis focuses on daily trading volume, daily active addresses, and transaction fees of the main Layer 1 including ETH, SOL, BNB, TON, SUI, and APTOS.

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

Data as of March 29, 2026

On-Chain Dex Daily Trading Volume and Transaction Fees: On-chain Dex daily trading volume and transaction fees are key indicators to measure the activity of public chains and user experience. In terms of on-chain Dex daily trading volume, this week saw increases for Solana ($1.075B, +1.70%), BNB Chain ($0.784B, +20.06%), and Ton ($0.0022B, +22.60%); other chains declined, including Ethereum ($0.73B, -39.67%), Aptos ($0.021B, -10.29%), and Sui ($0.032B, -21.42%). For transaction fees, Ethereum continued to hover around $0.01 this week; Solana ($0.003) increased by 288.70% compared to last week; other chains experienced varying degrees of decline, including BNB ($0.00001, -99.90%), Ton ($0.0032, -68.00%), Sui ($0.00119, -29.82%), and Aptos ($0.000001, -2.02%).

Daily Active Addresses and TVL: Daily active addresses reflect the ecological participation and user stickiness of public chains, while TVL indicates user trust in the platform. Regarding daily active addresses, Ethereum (509,000), Ton (112,000), and Sui (248,000) saw declines of 10.06%, 1.48%, and 10.93% respectively compared to last week; other chains saw increases, including BNB Chain (2.42 million, +2.11%), Solana (3.725 million, +3.93%), and Aptos (1.302 million, +60.41%). Overall TVL saw a slight pullback this week, with figures including Sui ($0.561B, -3.77%), Solana ($6.32B, -5.13%), Ethereum ($52.80B, -3.17%), BNB Chain ($5.24B, -3.07%), Aptos ($0.293B, -3.63%), and Ton ($0.056B, -3.89%).

Layer 2 Related Data

According to L2Beat data, the total Layer 2 TVL for Ethereum this week is $30.97 billion, down from $31.54 billion last week, an overall decline of 1.81%.

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

Data as of March 29, 2026

This week, the market shares of Base and Arbitrum are 35.35% and 17.01%, ranking first and second respectively.

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

Data as of March 29, 2026

7. Market Value and Issuance of Stablecoins

According to Coinglass data, the total market value of stablecoins is $308.7 billion, down from $309.1 billion last week, a decrease of about 0.13%; among them, USDT has a market value of $184.07 billion, accounting for 59.63% of the total market value of stablecoins, down from $184.15 billion last week, a reduction of about 0.04%; followed by USDC with a market value of $77.7 billion, accounting for 25.17% of the total market value of stablecoins, down from $78.9 billion last week, a decrease of approximately 1.52%; DAI has a market value of $5.36 billion, accounting for 1.75% of the total market value of stablecoins, which remains unchanged from last week.

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

Data as of March 29, 2026

According to Whale Alert data, this week the USDC Treasury issued a total of 2.34 billion USDC, and the Tether Treasury issued a total of 0.6 billion USDT this week. The total issuance of stablecoins this week is 2.4 billion, down 51.33% from last week's total issuance of stablecoins (4.931 billion).

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

Data as of March 29, 2026

II. Hot Money Trends This Week

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

Top five VC coins by growth over the past week

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

Data as of March 29, 2026

Top five Meme coins by growth over the past week

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

Data as of March 29, 2026

2. Insights on New Projects

Tori Finance is a decentralized yield protocol aimed at bringing market-neutral, institutional-grade yield strategies that have long been accessible only to institutional investors onto the chain, allowing ordinary users to participate in these strategies through a Web3 wallet without high barriers or regional restrictions. The protocol achieves this goal through two core assets: trUSD, a synthetic dollar supported by trading positions, different from USDC/USDT; and strUSD, a yield-bearing token that automatically accumulates yield, obtained by users who stake trUSD. Tori's yields come from various delta-neutral strategies, including short-term money markets, spot and futures arbitrage, futures contract calendar spreads, and options arbitrage, which are dedicated to capturing pricing opportunities even when market directions change.

Kairos Swap is a cross-chain decentralized trading protocol dedicated to providing users with efficient and secure multi-chain asset exchange and liquidity mining services, emphasizing the aggregation of on-chain depth through a permissionless AMM mechanism and reducing the cost and friction of cross-chain transactions. The platform supports multi-chain asset swaps, including Ethereum and multiple Layer-1/Layer-2 networks, improving trading efficiency using automated market making (AMM) and routing optimization strategies, while incentivizing liquidity providers through LP rewards, token incentives, and community governance mechanisms. The design goal of Kairos Swap is to construct a truly decentralized, highly interoperable cross-chain liquidity network, allowing users to freely exchange assets across chains without relying on centralized intermediaries and participate in ecological governance and profit sharing through the protocol token, thereby enhancing on-chain capital efficiency and developing the cross-chain financial ecosystem.

Eureka Builder is a decentralized development and collaboration platform for Web3 developers, aimed at providing tools and infrastructure for teams and individuals to build, deploy, and manage blockchain applications. The platform supports quick deployment of smart contracts, modular component integration, and cross-chain project management while incorporating community collaboration and incentive mechanisms to help developers efficiently collaborate, share resources, and experiences on-chain. Eureka Builder incentivizes participants to contribute code, complete tasks, and participate in governance through a native token, enabling developers not only to quickly ground projects but also to gain value returns as the ecosystem grows, promoting the entire process of blockchain application development from concept to deployment.

III. New Developments in the Industry

1. Major Industry Events This Week

On March 23, 2026, Backpack, a Web3 wallet and trading platform in the Solana ecosystem, officially launched the token generation event (TGE) for its native token BP (Backpack Token). The total supply of BP is set at 1 billion, with 25% (about 250 million) unlocked directly at TGE and all allocated to community users, of which the majority (about 24%) is distributed to Backpack point holders, 1% to Mad Lads NFT holders, with no team, investors, or internal allocations participating in the initial circulation. Future token unlocks will be tied to business milestones, with 37.5% unlocked progressively before the IPO, another 37.5% unlocked after the listing, with at least a one-year lock-up, reflecting the project’s emphasis on long-term development and value growth strategies. The BP token model also innovatively introduces a "staking for equity" mechanism, allowing long-term stakers to proportionally convert into a share of Backpack company equity, thereby establishing a connection between token holding and corporate ownership.

On March 25, 2026, Perle Labs officially launched the token generation event (TGE) for its native token PRL. The initial circulating supply of this TGE accounts for about 17.5% of the total. The overall token distribution is as follows: 40% for ecosystem incentives and community rewards, 20% for the team, 15% for investors, 15% for reserves, and 10% for liquidity support, covering key links such as network construction, ecological incentives, and market liquidity. Perle Labs itself provides high-quality on-chain data infrastructure primarily for AI model training and optimization; the PRL token is used in the ecosystem to reward contributors, governance decisions, and network collaboration, making it not only a trading tool but also an important carrier of ecological participation and value flow.

Avantis ($AVNT) recently launched a participation-based airdrop event, running from March 23, 2026, to March 30, 2026. During this period, users can gain eligibility for an AVNT airdrop by trading in the protocol, providing liquidity, or interacting with partner ecosystems, including accumulating trading experience points and liquidity experience points in designated activities. The redemption process connects wallets through the official airdrop portal for automatic eligibility recognition, aiming to reward active users, promote long-term growth of the protocol, and encourage deeper on-chain participation. Avantis is a decentralized perpetual derivatives trading protocol built on the Base network, positioned as a "Universal Leverage Layer", integrating leveraged trading of various assets including cryptocurrencies, forex, commodities, and indices into a single on-chain ecosystem while providing incentives, governance rights, and fee discounts for liquidity providers and traders.

2. Upcoming Major Events Next Week

The decentralized derivatives trading platform edgeX announced that its native token EDGE's token generation event (TGE) and launch plan will take place on March 31, 2026. The TGE will allow EDGE to enter the public distribution and circulation stage, with EDGE expected to take on multiple functions after listing, including governance, fee discounts, incentives, and liquidity incentives. The launch of the EDGE token is closely related to the platform's transformation towards community governance and incentive mechanisms and is seen as a key step in promoting the further development of the decentralized derivatives ecosystem. edgeX is a decentralized derivatives trading protocol focused on perpetual contracts, aimed at providing users with a non-custodial, low-friction on-chain leveraged derivatives trading experience, combining the liquidity of centralized exchanges with the transparency of DeFi.

The token generation event (TGE) for BASED tokens is scheduled for March 30, 2026, when the tokens will enter the public distribution and activation phase. The project team has launched a point incentive system to encourage users to trade on the protocol, provide liquidity, and participate in prediction markets, thereby meeting the conditions for future airdrop distribution. In order to enhance user experience and reduce participation barriers, the project announced it will directly distribute airdropped tokens to users' specified Hyperliquid wallet addresses on the day of the TGE, and users need to set or update their receiving address in advance to ensure eligibility for receiving. This airdrop distribution mechanism is based on users' previous on-chain activity points within the protocol and not simply on registration or token holding snapshots, aimed at rewarding early participants and ecological contributors. Based is a derivatives trading protocol based on the Base chain (an Ethereum scaling solution), integrating perpetual contracts, spot trading, prediction markets, and payment modules, aiming to provide users with a more complete on-chain trading experience through a "multi-channel trading + prediction market" model.

Orexn plans to start its IDO on March 28, 2026, continuing until March 30, 2026 (UTC time), beginning public sales of OXN tokens, with an expected fundraising of approximately $200,000, priced at about $0.0069 per token, offering limited shares for community participation. The token is the native utility asset of the Orexn ecosystem, used to activate task and reward mechanisms within the platform, participate in community governance, and enhance users' rights levels in ecological activities such as launchpad and launchpool. The platform itself is positioned as a decentralized Web3 launch space and ecological platform, providing users with access to early participation in new projects through launchpads, launchpools, tasks (quests), farms, and community activities, and using OXN to incentivize community interaction and value sharing.

3. Significant Investment and Financing from Last Week

Intercontinental Exchange (ICE) announced a direct investment of $600 million into the decentralized prediction market platform Polymarket as part of its equity financing, and also plans to acquire part of existing shareholders' stakes to increase its ownership position. This investment is not an isolated event but continues a major landing of its strategic investment plan of up to $2 billion that began in 2025, marking ICE's shift from financial investment to a deep binding and long-term layout with Polymarket. Polymarket is a blockchain-based prediction market platform where users can place bets and trade probabilities around real-world events in politics, economics, technology, etc., and its price essentially reflects the market consensus expectation of future outcomes, thus also being seen as a "real-time probability pricing system." (March 27, 2026)

The forex trading startup XFX, which supports stablecoin transactions, announced the completion of a $17 million Series A financing round, led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures. XFX is a financial technology company focused on the exchange of stablecoins and fiat currencies, its products achieve multi-currency exchange and settlement services through on-chain and off-chain integration, providing a faster and lower-cost alternative to the current pain points of inefficiency and high costs in cross-border payments and remittances. This model not only involves exchange functions within stablecoins but also directly touches FX settlement operations between the US dollar and several national currencies in Latin America, thus building an infrastructure that matches the liquidity of stablecoins in the global payment and forex arena. (March 26, 2026)

Singapore-based Web3 infrastructure company Startale Labs (also referred to as Startale Group) announced the completion of its $63 million Series A financing round. This round of financing is divided into two phases: an initial investment of about $13 million led by Sony Innovation Fund in January, followed by a second close in March with about $50 million from SBI Group, bringing the total to $63 million. This round of financing has also received support from other strategic investors, aiming to accelerate the company's construction and implementation in the Web3 infrastructure field. Startale Labs is focused on building on-chain financial infrastructure, particularly concentrating on the development of tokenized securities, stablecoins, Layer-2 networks, and settlement infrastructure. (March 26, 2026)

The Web3 luxury watch raffle platform watch.fun (running a raffle/drop platform within the Solana ecosystem) announced the completion of $8.6 million in financing, led by Crypto.com Capital and Solana Ventures, with other participating institutions not fully disclosed. This round of financing aims to support the platform's expansion of its luxury watch drop and raffle products and promote the implementation of its on-chain provably fair random selection mechanism and user growth. watch.fun aims to provide users with the chance to win high-end watches such as Rolex and Audemars Piguet at a lower cost through on-chain random drops and raffle events and utilizes blockchain mechanisms to ensure transparent and fair draw processes. Although the official valuation has not been detailed, the project's attention from the Solana ecosystem and cryptocurrency investment institutions indicates its investment potential in the "luxury + on-chain experience" field. (March 26, 2026)