Hot News

  • Last week, Bitcoin fell 4.88%, showing relative resilience compared to the 9.08% drop in the S&P 500. Compared to Bitcoin, the stock market is more subject to the impact of real economic fundamentals, global trade and tariffs. The magnitude of the "reciprocal tariffs" exceeded expectations, and the Trump administration has shown little sign of easing its stance, so concerns about changes in the global supply chain and expectations of rising prices may continue to put pressure on the market.

Macro Outlook

  • President Trump announced a new round of tariffs, including a 10% base tariff, a 25% tariff on all cars, and "reciprocal tariffs" on several countries, which will be implemented on April 9. Among them, a new 34% tariff on China (on top of the original 20% tariff), a 20% tariff on the EU, and a 46% tariff on Vietnam. Canada and Mexico were not included in the new "reciprocal tariffs". Trump also said that he would introduce a new tax reduction policy. After the announcement, US stocks fell.

  • China also announced that it would impose a 34% tariff on all US imports as a countermeasure.

  • According to Kalshi's data, the probability of the United States falling into a recession in 2025 has risen from 40% to 67%; Polymarket predicts it is 65%.

  • Fed Chairman Powell said the Fed does not need to act in a hurry. However, the market's expected probability of four rate cuts by the end of 2025 has increased from 18.7% to 53.6%. The probability of a 25 basis point rate cut in May has also increased from 18.5% to 36.5%.

  • The US ISM manufacturing PMI fell to 49 in March, returning to the contraction range and lower than the market expectation of 49.5. The service industry PMI also fell to 50.8 during the same period, far lower than the expected 53.

  • The number of non-farm payrolls in the United States increased by 228,000 in March, better than the market expectation of 135,000. At the same time, the unemployment rate rose to 4.2%, higher than the market forecast of 4.1%.

Upcoming economic calendars include:

  • Thursday, April 10, 2:00 AM: Fed Minutes

  • Thursday, April 10, 8:30 pm: US inflation rate for March

  • Friday, April 11, 8:30 pm: US Producer Price Index (PPI) for March

  • Friday, April 11, 10:00 PM: University of Michigan Consumer Confidence Index for April (preliminary)

Cryptocurrency Market Overview

  • Circle has filed an S-1 form with the U.S. SEC and plans to list on the New York Stock Exchange under the ticker CRCL.

  • The US SEC announced that shielded stablecoins are not considered securities . Such stablecoins are designed to maintain a 1:1 peg and are mainly used for payment, transfer and value storage.

  • Fidelity has launched a fee-free cryptocurrency individual retirement account that allows investments in Bitcoin, Ethereum and Litecoin.

  • The U.S. DTCC announced the launch of a new AppChain for cryptocurrency collateral management , further promoting the construction of institutional-level cryptocurrency collateral market infrastructure.

  • Binance announced that it would lower the leverage and margin levels of several small currencies (including ACT), triggering a large number of arbitrage trade liquidations, leading to significant selling pressure in the spot market. FDUSD was unpegged because Justin Sun accused First Digital Trust (FDT), the custodian of FDUSD, of being insolvent. FDT responded that the allegations were untrue and stated that it was currently in dispute with Justin Sun over TUSD.

Layer 1 and Layer 2 Public Chains

  • Babylon, the largest Bitcoin restaking protocol, announced the token economic model of its BABY token. BABY will be used as the network's gas token, a dual-collateral asset that is co-collateralized with Bitcoin to enhance network security, and for governance purposes. The locked-up portion can participate in staking, and the unlocking period is 3 to 4 years. The first major unlocking will be one year after the mainnet launch.

  • Everclear, as the settlement layer for cross-chain "intention" transactions, announced the launch of the CLEAR token repurchase plan , with the repurchase funds coming from 75% of the protocol's revenue. The protocol's current main transaction volume comes from Ethereum, Blast and Base, and it is estimated to have generated approximately $27,000 in fee revenue in March.

  • The Lens Chain mainnet is now online, using GHO as the Gas token and adopting a modular architecture that allows developers to plug into their SocialFi platform for construction and expansion.

  • Neura is a high-performance first-layer network powered by Ankr that aims to solve DeFi cross-chain interoperability and AI application scenarios. It has now released its first Litepaper . The document contains technical details and confirms ANKR as the token of its new chain.

Dapps

  • Payment Abstraction is launched on Chainlink mainnet, allowing users to pay fees in any token and automatically convert them into LINK. The fees collected from Chainlink SVR and its oracle MEV will also be converted into LINK.

  • Gensyn launched a testnet . The protocol uses a probabilistic proof-of-learning system to verify the accuracy of AI inferences and improves the quality and reliability of AI inference results by rewarding solvers, verifiers, and reporters.

  • Morpho launches Morpho Prime , providing a better user experience for vault managers and users through the new Curator App and Reward App.

  • Jupiter acquires NFT collection platform DRiP , which has minted over 200 million digital collectibles.

  • Kamino launched Meta-Swap , integrating multiple exchange paths on Solana, including Pyth Express Relay (RFQ), Jupiter, etc. The exchange aggregator adopts an "active simulation mechanism" to greatly improve the accuracy of quotes and reduce transaction failure rates.

  • Kaito has partnered with Noise to launch a mindshare marketplace, which is currently by invitation only.

  • ParaSwap was officially renamed Velora and refocused on "intention-driven" cross-chain transactions, providing hooks and advanced order functions.

  • 0x's decentralized trading aggregator Macha is launched on the Solana network and realizes cross-chain transaction integration of EVM and SVM.

  • The Barter team launched Superposition , a new decentralized trading and liquidity mining mechanism. Superposition allows token holders to provide liquidity without locking up positions/actual staking or paying gas, and delegates position management to asset managers. Traders enjoy a MEV-free trading experience.

  • 0xbow has launched a new privacy pool on the Ethereum mainnet. This mechanism reviews the address before depositing funds, and uses "Proof of Association" to prove that the withdrawn funds have not been mixed with illegal funds.

  • Superseed is a second-layer Ethereum network designed specifically for collateralized bond warehouses and is now live on the mainnet . The protocol uses sorter profits, interest income from non-super-prime collateralized asset lending, and income from PoR to repay the overall lending of collateralized bond warehouses. "Super-prime" over-collateralized assets enjoy a 500% collateralization rate with no interest. The annual 2% inflation issuance will be auctioned daily (PoR), and the proceeds from the auction will be used to repay the loan.

  • Flux releases ArcaneOS , a complete operating system for enhancing the security and privacy of the Flux Cloud network.

  • f(x) Protocol launches fxSAVE , a stablecoin that generates income and represents the v2 stability pool. Users holding fxSAVE can earn ETH staking rewards, FXN issuance rewards, and trading fee sharing at the same time.

  • Vertex has now launched Avalanche , aggregating cross-chain liquidity of its spot, contract and currency markets on chains such as Arbitrum and Blast and introducing it into the Avalanche ecosystem.

  • Definitive Finance, a non-custodial high-end exchange, issues EDGE tokens on the Base chain with an FDV of approximately $60 million. The next major unlock is expected to take place in April 2026. EDGE stakers can enjoy a discount on the transaction fee.

  • TreasureDAO announced that due to financial deterioration , it will stop game distribution and support for the Treasure Chain, and will focus on the development of its NFT market, Bridgeworld, Smolworld and AI intelligent agent technology in the future.

Governance/Project Updates

  • MultiversX expects to release the Andromeda upgrade this week, which will cut transaction finality in half.

  • IVX, a Berachain-based options strategy protocol, announced that it will conducta public sale on Ramen Finance on April 7. The token sale will be conducted at a fixed price with a FDV of $10 million.

  • Three Liquity V2 fork projects are expected to be launched in April, especially Felix Protocol, which is expected to be launched on HyperEVM on April 8 .

  • Neutron is expected to launch its biggest upgrade, Mercury, on April 9. This upgrade will transform Neutron from Interchain Security to an independent PoS network and enable the NTRN staking function.

  • EigenLayer is expected to enable AVS slashing on April 17.

  • Gearbox plans to release the v3.1 upgrade in April, which will add permissionless market vault management and publishing capabilities.

  • Vana proposed to reform the DataDAO incentive distribution mechanism. The team proposed VRC-14 proposal, suggesting that rewards should be distributed based on transaction volume, number of independent contributors, and data access fees, rather than directly distributing VANA to the top 16 DataDAOs. Half of the incentives will be used to purchase DLP tokens of individual DataDAOs and injected into the DEX liquidity pool.

  • Usual Protocol passed a proposal to increase the floor price of USD0++ from $0.87 to $0.92 .

  • Ethereum is expected to implement the Pectra upgrade on May 7.

  • The Sei network is expected to launch its v3 upgrade, Sei Giga, in the second quarter of 2025. Sei Giga aims to achieve 50 times the throughput, reaching a processing capacity of 5 GigaGas per second.

Token Unlock

  • JTO tokens will be unlocked on April 8th, accounting for 2.04% of the total token supply.

  • IO tokens will be unlocked on April 12th, accounting for 2.09% of the total token supply.

  • APT tokens will be unlocked on April 13th, accounting for 1.88% of the total token supply.

  • STRK tokens will be unlocked on April 16th, accounting for 4.65% of the total token supply.

  • ARB tokens will be unlocked on April 17th, accounting for 2.01% of the total token supply.

  • VANA tokens will be unlocked on April 17th, accounting for 1.47% of the total token supply.

  • IMX tokens will be unlocked on April 18th, accounting for 1.36% of the total token supply.

  • TRUMP tokens will be unlocked on April 18, accounting for 19.9% of the total token supply.

  • PLUME tokens will be unlocked on April 21, accounting for 5.48% of the total token supply.

  • RON tokens will be unlocked on April 27th, accounting for 5.28% of the total token supply.

  • GRASS tokens will be unlocked on April 30th, accounting for 1.35% of the total token supply.

  • OP tokens will be unlocked on April 30th, accounting for 1.99% of the total token supply.

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