Tron TRON Industry Weekly: The bottom range of BTC is gradually becoming clear, Defi+ Privacy Cost Weekly focuses on the focus

1. Forecast

1. Macro-level summary and future forecast

In the past week, due to tariff policies and recession concerns, U.S. stocks have continued to decline, risk aversion sentiment has heated up, and gold prices have hit record highs. The US CPI grew by 2.8% year-on-year in February, and the core CPI rose by 3.1% year-on-year. Institutions such as Goldman Sachs and Morgan Stanley predict that US GDP growth will slow down in 2025, down from 2.4% to 1.7% and 1.9% respectively. The U.S. economy is still facing the challenge of "high inflation and slow growth", with tariff policies and recession concerns exacerbating market volatility. In the future, the risk of recession increases and inflation expectations increase, and the Federal Reserve's monetary policy needs to be closely watched.

2. Market changes and early warnings in the crypto industry

Last week, Bitcoin price fell sharply due to macroeconomic uncertainty, geopolitical tensions and market sentiment. BTC once fell below the $80,000 mark, hitting a low of $76,600, and then rebounded to $83,000. After FUD, the overall cryptocurrency market once again opened a low-level oscillation mode, investor sentiment became cautious, market trading was relatively light, and the prices of various cryptocurrencies fluctuated around recent lows to varying degrees, indicating that the market is looking for a new balance point.

3. Industry and track hot spots

Institution-level DEX August was led by DragonFly and Foresight to provide security software solutions for digital asset management and settlement; raised $7 million, and A16z led the investment claim to be able to achieve "application-level encryption", Seismic, a blockchain platform that enables developers to build privacy-enhanced decentralized applications (dApps), supporting a variety of application scenarios including exchanges, lending platforms, auctions, stablecoins and startup platforms; Balmy is a decentralized banking platform designed to give users complete control of their financial assets.

2. Market hot tracks and weekly potential projects

1. Potential track performance

**1.1. A brief analysis of the institutional-level DEX August led by

DragonFly and the follow-up investment of Foresight US$10 million**

August Digital is an advanced institutional platform that provides security software solutions for digital asset management and settlement. The platform provides services including spot trading, derivative trading and decentralized finance (DeFi) trading. Users can exchange assets, pledge, provide liquidity on multiple blockchain networks, and access over-the-counter trading (OTC) products. In addition, August Digital also provides automated loan lifecycle and risk management software, allowing institutions to safely expand their lending business, monitor counterparty risks in real time, and automatically clear the bill.

Agreement Overview

The architecture consists of the following components:

1. On-chain loans

Institutional lenders provide off-the-counter loans to institutional borrowers. These loans are isolated loans, where lenders manage the whitelisted borrowing address, chain, collateral type, loan value ratio (LTV), interest rates, term, and contract calls for loan assets and determine whether these loans involve market makers and are hedge-neutral.

2. Loan pool

These are on-chain wallets and fund pools, and the specific types include:

• Quarantine Credit Pool : Permitted on-chain credit facilities with specific risk constraints, for example, we can create a credit facility that provides underwriting for only the hedge neutral basis strategy of the ETH mainnet.
• Integration based on DeFi native lending protocols : for example, integration of lending protocols such as Clearpool, Maple, Morpho, Term or Aave.
• Public pools operated by August (USDC, ETH, WBTC) : Unlicensed and composable DeFi pools.

3. Wallet (sub-account)

This is the core smart contract wallet, owned by the customer and exposed to the risk engine's specific features such as the ability to clear or emergency dismiss positions.

4. Strategy Contract

Adapters made on top of existing DeFi protocols, supported protocols include Aave, Compound, Curve, Convex, Uniswap, GMX, Paraswap, 1inch, and their forks on different EVM chains.

• Structured product contracts : Total return swaps, interest rate swaps, forwards and options. These contracts rely on off-chain pricing data between the two counterparties and automatically process margins.

5. Account abstraction

Similar to Gnosis Safe, August wallets can be abstractly connected to any DeFi protocol through wallet-connect account. Users can set whitelists and permissions at the contract call level and interact with DeFi protocols on any EVM chain.

6. Risk Engine

The Risk Engine is a software module that monitors the health of August wallets, triggers margin callbacks, and clears customer positions if necessary. This logic runs off-chain and has permission to perform the required operations on the chain. With the increase in maturity, the risk engine will become an oracle and relay network, storing data at the data availability layer, and establishing a fully-chain clearing market.

August builds an underwriting framework for each asset based on CME's SPAN methodology, combining parameters such as volatility, price range, cross-asset correlation, holder distribution and order book depth. The team plans to make these standardized ratings public and use them as a public marketing tool in the field.

Currently, the August team is running the risk engine, but once the risk engine SDK is opened, external partners will be invited to participate in the operation.

7. Insurance Pool

The initial capital comes from the lender/liquidity provider (LP) in exchange for income. As the network develops, some network expenses will be used to fund insurance pools until they achieve self-sufficiency.

__Comments

August is an advanced platform for institutions – all of our borrowers pass the KYC/KYB review. August provides capital efficiency for institutions that are currently on-chain, while providing a way for institutions that cannot directly participate in decentralized finance (DeFi) to unlock capital efficiency and increase transparency while maintaining institutional-level compliance.

August supports the promotion of institutional customers through the following methods:

• Cost of capital : Currently, on-chain finance is usually fully collateralized. By creating cross-margin mortgage tools, August reduces capital costs, making capital operations more efficient in this area. The value proposition of the cost of capital is universally applicable, whether it is an early stage fintech startup, a traditional or crypto-native fund, or a DAO finance.
• Credit acquisition : August's account structure and risk engine unlock the mortgage value of user assets and performs in a quarantine and controllable environment.
• Transparency of risk and reserves : August implements a fully transparent and programmable credit chain that provides better credit monitoring and builds trust between borrowers and lenders.

**1.2. With a financing of US$7 million, what is unique about Seismic,

a blockchain platform led by A16z, which claims to be able to achieve "application-level encryption"?**

Seismic is an encrypted blockchain platform that integrates secure hardware to provide encrypted global state, memory access and data flow. This architecture enables developers to build privacy-enhanced decentralized applications (dApps), supporting a variety of application scenarios including exchanges, lending platforms, auctions, stablecoins and startup platforms.

By rebuilding the blockchain technology stack around secure enclaves, Seismic provides a solid foundation for the next generation of applications that require confidentiality and data protection, breaking through the privacy limitations of traditional transparent chains.

Seismic 's product overview

Seismic is an crypto blockchain with all the key features required to build an encryption protocol:

• Global state of encryption : supports encrypted interaction between multiple users, suitable for exchanges, lending platforms and other scenarios.
• Encrypted memory access : supports encrypted pointers, suitable for auctions, stablecoins and other applications.
• Encrypted data flow : supports controlled exchange between encrypted state and transparent state, suitable for decentralized organizations, launching platforms and other needs.

Seismic eliminates the bottleneck of transparency , allowing developers to build new financial cooperation models, investment tools and social experiences.

Seismic has supported several early prototype applications:

• Nibble : Let you get your income share from your favorite restaurant .
• Level : Let you trade assets based on beliefs rather than price.
• Folio : Let you participate in the longest “pay first and enjoy” delivery chain in history .

Seismic: An open source blockchain technology stack

Seismic rebuilds modern blockchain technology stack with secure hardware . The main components are as follows:

• Smart contract language : a forked version based on Solidity , with a new type .
• Execution client : Forked versions based on reth, revm, and alloy , newly added secret storage and related opcodes .
• Consensus middleware : Use Omni and use it out of the box.
• Consensus client : Use CometBFT and use it out of the box.
• Secure hardware construction : Forked version of Yocto manifests based on Flashbots , adding proxies .
• Test framework : Based on the forked version of Foundry , newly added secret storage and related opcodes .
• Wallet client : Extended from Viem and add new transaction types .

99% of Seismic's code comes from the open source community, and we always adhere to this standard, so all code bases are fully open sourced under the MIT license.

Based on Secure Enclaves

The core of this technology stack is Secure Enclave. A secure isolation zone is a set of hardware components that protect the confidentiality of the data being used and prevent the host or external entity from reading the data. Seismic's safe isolation zone technology is Intel TDX.

Seismic uses TDX by cloning the main memory segments of the EVM, creating a set of encrypted segments and a set of transparent segments. The encryption segment can utilize the confidentiality of the underlying hardware to achieve secure data storage and computing.

Data flow management

Seismic extends EVM storage opcodes to manage encrypted data flows. For example:

• Native EVM manages storage elements through SLOAD/SSTORE.
• Seismic EVM additionally supports CLOAD/CSTORE to manage encrypted storage elements.
• Similar mechanisms are also applicable to calldata, transient storage and memory.

These mechanisms ensure that each data element is marked as transparent or encrypted and managed according to execution rules.

Comments

Seismic v0 is already open source on GitHub, but is still in its early stages and is still a big gap from the final version.

• The current version only clons buckets and has not tracked data status yet.
• The current "default all memory encryption" policy affects UX and availability, but is able to verify the core assumptions of the encryption protocol while accelerating market releases.

Trust Assumption: Challenges in Secure Quarantines

Using secure isolation means that Seismic relies on hardware confidentiality, but this also brings the risk of side channel attacks.

Short-term response strategies:

• Currently, Seismic only supports cloud validators to reduce risks.

Long-term Outlook:

• Past hardware confidentiality issues did present challenges, but Intel TDX and AMD SEV-SNP represent a new generation of VM-based enclaves that feature untrusted hypervisors and fix major vulnerabilities in earlier versions.
• These technologies are enough to support the complete blockchain ecosystem, and with the rapid development of the field of confidential computing, they will only be more perfect in the future.

1.3. **A brief analysis of Balmy, the first DCA logic-supported by

Genosis, an independent decision-making investment platform.**

Balmy is a decentralized banking platform designed to give users complete control of their financial assets. By integrating advanced decentralized technologies with a user-friendly interface, Balmy provides secure and intuitive investment management, including synthetic stocks, bonds and a wide range of cryptocurrencies. The platform has several features such as profit optimization through Balmy Earn, seamless asset exchange through aggregators in the aggregators, and automatic periodic investments to reduce market volatility risks.

Agreement design

The protocol is designed to ensure that users are protected from market volatility, while providing sufficient incentives for market makers to execute transactions:

User rights

• Enjoy market fluctuation protection
• Transactions are protected by MEV
• DCA transactions with zero gas fees

Market maker rights

• Transactions can be executed using the entire protocol balance (supports Flash-Swaps)
• Earn part of the transaction fee
• Arbitrage on the agreement fund pool

Blamy's design minimizes the impact of MEV-related activities on users.
When a demand match occurs in the protocol fund pool, the transaction will be matched within the same fund pool; if no match is reached, the market maker will execute the transaction at the price expected by the user.

Architecture analysis

Similar to Uniswap, Mean Finance v2 is also divided into two parts: Core and Periphery .

• Core : Contains all smart contracts required for the protocol to run, ensuring the execution of its basic functions.
• Periphery : Usually used to interact with users, providing convenient interfaces and additional functions without affecting the underlying security and decentralized features of the protocol.

Hub (Center Contract)

In v1 version, the protocol adopts Factory/Pairs (factory/transaction pair) architecture:

• Each Pair corresponds to an independent smart contract.
• A factory contract (Factory) is responsible for deploying new transaction pairs and tracking all created transaction pairs.

While this approach works, on the Ethereum mainnet, it is very costly to deploy contracts for new transaction pairs each time. In addition, this architecture is difficult to use the demand matching between different transaction pairs for more efficient exchange.

v2 version: The Hub

To solve the above problem, v2 introduces "Hub" (center contract):

• A single smart contract manages all trading pairs uniformly and no longer deploys new contracts for each trading pair.
• Reduce costs, reduce Gas fee expenditures, and make transactions more cost-effective.
• Improve efficiency, multiple trading pairs can be exchanged in one transaction, improving liquidity utilization.
• 

Hub main responsibilities

Since all trading pairs are integrated into the Hub, it becomes the core contract of the agreement and is responsible for the following functions:

1. Positions * Create/Modify/End Position * Withdraws
2. Transaction Execution (Swaps) * Calculate potential trading opportunities * Execute transactions
3. Protocol Configuration (Config) * Protocol parameter adjustment * Enable/pause protocol function

Permission Manager

The Permission Manager is a smart contract dedicated to handling ownership/transfers of NFTs and additional permissions. In theory, it should be integrated within the Hub, but it was eventually split into independent contracts due to contract space limitations.

Main responsibilities

1. NFT related management * Handle NFT ownership and transfer * Mint and Burn can only be executed by Hub (i.e. when a position is created or terminated) * Supports EIP-2612 license (Permit), allowing NFT operations to be approved without on-chain transactions
2. Additional permission management * Handle additional permission settings * Supports EIP-2612 license (Permit) for managing additional permissions

Comments

Mean Finance is the most advanced DCA (USD Cost Average) protocol that enables users to set up automated investment strategies such as: "Redeem 10 USDC for WBTC every day for 30 days". Users can perform such fixed-investment operations between almost all ERC20 tokens and freely choose the execution frequency. These token exchanges will be conducted at fixed time intervals without being affected by asset price fluctuations, thereby reducing the impact of market volatility on investment.

Balmy uses Mean Finance's DCA technology to achieve the above automated investment strategy. We know that it is extremely difficult to accurately grasp the market timing, and the core goal of DCA (USD Cost Average Method) is to reduce the impact of market volatility on the target asset price. Since the asset prices will vary every time they are regularly exchanged, DCA can effectively reduce the overall fluctuation risk of investment and avoid unfavorable price fluctuations when investing funds at one time.

Mean Finance provides DCA solutions with decentralized and zero-gas fees, meaning no account registration, no transaction limits, and no deposit or withdrawal fees.

2. Detailed explanation of the project that week

**2.1. Detailed explanation of the financing of more than US$28

million, and many well-known capitals followed up to eliminate L1 and L2 barriers DoubleZero**

Introduction

The DoubleZero protocol is a decentralized framework for creating and managing high-performance permissionless networks and optimizing distributed systems (such as blockchains). It creates a dynamic and vast network by allowing underutilized private fiber links to participate without permission. DoubleZero networks have low-level permissionless architectures that enable seamless connection of heterogeneous networks. Through this architecture, DoubleZero creates a mesh transport layer that enables filtering and transporting traffic through low latency and high bandwidth routes, allowing distributed systems to efficiently send and receive information.

Through a public blockchain-based permissionless controller, the protocol attracts new bandwidth contributors through incentives and manages network configuration and routing in the event of surge in demand, failures and other interference. This network infrastructure layer enables systems like the Layer 1 blockchain to escape communication bottlenecks and to maximize physical performance.

In short, the DoubleZero network is a new type of Internet optimized for distributed systems.

Technical analysis

The DoubleZero protocol is not just a technological innovation, it is also a new model of bandwidth and communications economy. On the supplier side, it allows private enterprises to monetize underutilized private links (which may be purchased or leased from telecom companies or network service providers). Instead of leaving these links idle, enterprises can contribute them to DoubleZero systems to open up new sources of revenue for themselves.

In both user and operational aspects, it enables distributed systems to enjoy the benefits of private networks without relying on centralized systems and long-term contracts. Instead, these systems can flexibly adjust their throughput requirements, network topology, or communication priorities. Most importantly, the DoubleZero protocol not only matches suppliers and users, but also brings individual contributions together into a unified global network. Individual links from suppliers—these are fixed in paths, limited in scope, and without global redundancy—may not be able to match the needs of modern systems that require flexibility, coverage, and resilience. The DoubleZero protocol weaves these separate links into a powerful and extensive system that leverages the same network effects as the development of the Internet and drives the Internet.

Like the public internet, the decentralized spirit of DoubleZero network is a strength, not a weakness, and multiple independent contributors work together to create something more valuable than the sum of each part. Ultimately, the protocol was born as the first "N1" protocol - a neutral and high-performance physical infrastructure underlying. On this N1, distributed systems and applications (whether network-related N2 or otherwise) can be established.

System architecture

Each node operator at DoubleZero (verifier, RPC, etc.) is not only responsible for the input and output of data, but by decoupling data filtering and verification from transaction inclusion, block production, and execution, it can create a parallel and protected transaction flow that allows node operators to optimize their network operations.

Although the role of a validator is often understood as a single operation, there are actually two basic steps: producing blocks and reaching block consensus. Block production starts with a large amount of unfiltered inbound data reaching the validator. Verifiers perform deduplication, filtering, and signature verification operations to reduce available transaction pools. The validator then selects a subset of feasible transactions for inclusion, builds the block, and propagates the proposed block to other validators for consensus. Other validators either approve the block and attach it to the chain or reject the block and move on.

In most networks today, these processes are handled by the resources of an x86 machine. The core of this CPU is interconnected through an on-chip network within the machine. We propose to expand it into one global network: the DoubleZero network. The DoubleZero network acts as a common shield for all local validators (that is, the validator downstream of the device connected to the internal ring of the DoubleZero network). These FPGA devices are able to handle orders of magnitude more traffic than validators, performing specific tasks such as removing spam, deduplication of transaction sets, and verifying signatures—all done with open source software that can be checked to ensure inbound transactions are handled fairly. The transaction set received by downstream verifiers is greatly reduced, and simply reverifies the signature of the transactions contained in the final block to keep the blockchain secure. Their resources—usually a single x86 machine—can be greatly released to perform tasks related to block production, transaction execution, indexing, and more.

If the filtering and execution links are decentralized to provide more flexibility, we can allocate inbound resources more efficiently and resiliently. Through resource sharing, we no longer need to equip each independent validator with sufficient resources to meet global needs; instead, global needs can be met through infrastructure sharing, which requires much less total resources.

The flow of traffic is further optimized by supporting multicasting of the inner ring, and the inner ring of the DoubleZero network operates as a single network domain under the joint control of the protocol participants. Value-added functions such as block or fragment propagation can be implemented through multicasting.

Low latency access to the latest state can provide significant advantages for high-performance applications. For example, under this model, denial of service attacks will become more difficult - it requires a lot of traffic (gigabits per second) to attack multiple geographically widely distributed sites simultaneously. It is no longer an attack on a single validator or a single blockchain, but an attack on hundreds of data centers and Internet service providers (ISPs) around the world. A successful attack will become more difficult and resource-intensive—and emphasizes that infrastructure sharing creates a stronger and more resilient network architecture for all participants.

Blockchain application scenarios

As the most representative distributed system prototype, blockchain generally represents the most powerful application scenario of DoubleZero network. The dual goals of blockchain - both maintaining openness and high performance -often restrict each other under the current state. In a variety of application scenarios such as L1 blockchain, RPC node, MEV system and L2 chain, the DoubleZero network can promote the balance between the two.

Summarize

Today’s decentralized applications are facing data flow bottlenecks, which limit their performance. And DoubleZero provides solutions to help decentralized applications get rid of the shackles through its powerful filtering capabilities, configurable routing and ample bandwidth. This is the new Internet of modern distributed systems.

What DoubleZero does is simple: increase bandwidth and reduce latency .

3. Industry data analysis

1. Overall market performance

1.1 Spot BTC&ETH ETF

ETF, November 1, ET) Ethereum spot ETF total net outflow of 10.925,600 US dollars

1.2. Spot BTC vs ETH Price Trend

BTC

Analysis

The rebound momentum of BTC was still weak last week. Although it quickly recovered the $80,000 mark, the subsequent upward trend has not been continued and has been hindered around $85,300. If the first half of this week cannot break through strongly and stand firm at this point, then users may continue to look down to the previous low of $77,000 to $78,000 support range again formed a double bottom pattern. If the retracement range is small and stops falling above 78,000, then there is a probability of forming a head and shoulders bottom reversal pattern. However, users need to note that BTC is always in the strong range of bears before the large-level trend fails to effectively break through the upper wedge edge.

ETH

Analysis

After falling below the key psychological threshold of $2,000, ETH has temporarily stopped falling near $1,750. Although this price has been used as an effective support resistance level and has a certain support effect on the current trend, the support intensity still needs time to verify. Therefore, if the subsequent retracement can stop falling and stabilize again near $1,750, a double bottom pattern will be formed in a short time and the resistance of $1,970 and $2,150 upwards will be tested. ETH is about to usher in a key Pectra upgrade in the near future. If we use this to benefit the bulls and make moderate efforts, it will be no difficult to get back to the $2,000 mark.

1.3. Panic & Greed Index

Analysis

Fundamental factors:

1. Regulatory policy changes: The Securities and Exchange Commission (SEC) said on March 10 that it plans to abandon proposals requiring certain cryptocurrency companies to register as alternative trading systems. This policy shift may be seen as loose regulation of the crypto industry, affecting market sentiment.
2. Government strategic reserve proposal: Former President Trump proposes to include cryptocurrencies such as XRP, Solana and Cardano in the US strategic reserves. This proposal has sparked criticism and doubt in the industry and may exacerbate market uncertainty.
3. Market Volatility: Bitcoin price fell back from a record six-digit high to about $80,000, a drop of nearly a quarter. This price volatility may have exacerbated investors' fears.

Industry News:

1. Market selling pressure: Due to economic uncertainty, the market value of the crypto market has evaporated by 25% since December. This massive sell-off could lead to the spread of fear.
2. Market sentiment indicators: On March 15, the market sentiment index rebounded to 46, indicating that market sentiment shifted from fear to neutral.

2. Public chain data

2.1. BTC Layer 2 Summary

Analysis

Combining multi-party industry reports and data, the main trends of the BTC Layer 2 ecosystem from March 10 to 14, 2025 include:

• Steady growth: The continued increase in network capacity and channel activity indicates that the Lightning Network is in a steadily expanding stage.
• Technology-driven reliability improvement: This week's routing optimization and upgrade will help improve transaction speed and success rate, ensuring that the network can support larger transaction volumes.
• Implementation of commercial applications: The active deployment of merchants and payment processors marks that Lightning Network is advancing to a wider range of realistic applications.
• Security enhancement: Developers' continued attention and upgrade of security vulnerabilities reflects the industry's high attention to network resilience and helps enhance user trust.
• Impact of regulatory environment: Although there are no direct regulatory changes in the short term, discussions around off-chain transactions still affect market sentiment, and some users maintain a wait-and-see attitude.

2.2. EVM &non-EVM Layer 1 Summary

Analysis

EVM Layer 1 Development News

• Ethereum and its upgrade progress: **
  **Ethereum continues to advance its upgrade roadmap, focusing on scalability and reducing transaction fees. Developer activity has increased, and multiple new dApps have been launched on the main network, driving the growth of on-chain activities.

• Other EVM chains: **
  **Network reports such as Binance Smart Chain, Avalanche and Polygon have said developer engagement remains strong. They are optimizing network performance and extending partnerships to further consolidate their competitive advantage in the EVM ecosystem.

• Institutional investment and DeFi integration: **
  **The growth of institutional interest and the continued development of DeFi projects provide positive momentum for the EVM Layer 1 platform. At the same time, these blockchains are further enhancing interoperability with Layer 2 solutions to improve overall availability.

Non-EVM Layer 1 Development News

• Solana 's network stability: **
  **Solana 's adoption rate in the NFT field remains strong, but it still faces intermittent network stability issues in the near future. The team is actively performing performance optimization and security audits to improve network reliability.

• Cardano 's smart contract extension: **
  **Cardano is expanding its smart contract capabilities to increase its appeal in enterprise-level applications. In addition, the project is working to attract more institutional investors to participate.

• Interoperability and cross-chain development: **
  **Projects such as Polkadot and Tezos are advancing new cross-chain communications initiatives aimed at building a more interconnected blockchain ecosystem that bridges the gap between different protocols.

• Security and protocol upgrades: **
  **Some non-EVM Layer 1 blockchains are prioritizing security enhancements and protocol audits after experiencing early challenges to boost developers and users’ confidence.

2.3. EVM Layer 2 Summary

Analysis

Key Highlights

• Milestones for Veda (Ordinals EVM Extension): **
  **The Ordinals EVM expansion protocol Veda broke through the $2 billion TVL mark and achieved an important milestone. This reflects strong investor confidence and the growing adoption of innovative EVM-based earnings solutions in the wider DeFi ecosystem.

• Preparations for the Ethereum Pectra upgrade: **
  **In sync with the EVM Layer‑2 event, the Ethereum community continues to improve its upcoming Pectra upgrade plan. Discussions and testnet activities on platforms such as Holesky – and the dedicated testnet “Hoodi” that will be launched soon – are designed to optimize validator performance, expand staking caps and reduce transaction fees. These improvements are expected to benefit the Layer‑2 aggregated solution by further reducing gas fees and increasing throughput.

4. Macro data review and key data release nodes next week

On March 12, data released by the U.S. Bureau of Labor Statistics showed that the year-on-year growth rate of CPI slowed to 2.8% in February, and the core CPI was 3.1% year-on-year, both lower than expected, indicating that inflationary pressure has eased. Among them, the price of energy commodities turned negative to -0.9% month-on-month, the price of air tickets fell sharply, and the increase in rent prices was moderate.

Despite the cooling of inflation data, the Federal Reserve's monetary policy uncertainty and economic growth prospects have severely hit investors' confidence in the market.

This week (March 17-March 21) important macro data nodes include:

March 17: US February retail sales monthly rate

March 20: Fed interest rate decision from the United States to March 19 (upper limit); the number of initial unemployment claims in the United States to March 15

V. Regulatory policy

After Trump announced that the United States would establish strategic reserves of cryptocurrencies such as Bitcoin, countries such as the United Kingdom and South Korea said they would not launch similar plans, which are both the negative factors that the U.S. cryptocurrency reserves are lower than expected. In the case of continued market sluggishness, the crypto industry must rely on displaying its availability to gain further growth momentum without more effective and positive incentives.

Argentina: Finalize the rules for virtual asset service providers

The Argentina National Securities Commission (CNV) formally approved General Resolution No. 1058 to establish final regulatory guidelines for Virtual Asset Service Providers (VASPs). The new regulations cover registration obligations, cybersecurity, asset custody, anti-money laundering measures and risk disclosure obligations, in order to maintain regulatory balance and avoid over-regulation or bring unnecessary costs to the industry, thereby promoting innovation. For non-compliance, CNV may suspend or revoke registration. In Argentina, unregistered virtual asset service providers may be seized under court orders and must undergo a systematic review every year and comply with preventive regulations.

Cayman Islands: New cryptocurrency regulation framework takes effect

early next month

The Cayman Islands has updated its cryptocurrency regulatory framework, with new licensing rules coming into effect on April 1, 2025. Under the Virtual Assets (Service Providers) (Amendment) Ordinance 2025, all entities that provide virtual asset custody and trading platform services are required to obtain permission from the Cayman Islands Financial Authority (CIMA). Existing Virtual Asset Service Providers (VASPs) must submit a license application within 90 days of the effective date.

Hong Kong, China: A digital asset trading and settlement platform may be

established

Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, said it was recommended to promote Hong Kong's licensed virtual asset trading platform to establish a blockchain unified transaction and settlement platform, promote the tokenization of physical assets, and achieve 7×24-hour uninterrupted transactions. He pointed out that in order to solve the bottlenecks of digital economy development such as financing difficulties for small and medium-sized enterprises in the mainland and inefficient cross-border transactions, he suggested establishing a digital asset foreign exchange fund in Hong Kong to provide digital asset mortgage financing for small and medium-sized enterprises in the mainland Greater Bay Area, and at the same time promote financial circulation in the Greater Bay Area.