PA Daily | CZ "calls" Mubarak on Binance Square; VanEck applies to the US SEC to launch Avalanche ETF

Today's news tips:

1. VanEck applies to the US SEC to launch Avalanche ETF

2. CZ rose more than 150% after posting a meme picture with Mubarak on Binance Square

3. "Crypto Tsar" David Sacks sold more than $200 million in digital assets through individuals and companies before taking office

4. Hong Kong Asia Holdings changes its board of directors and senior executives. The new CEO has over 10 years of experience in the crypto industry

5. Shardeum launches airdrop activity before mainnet launch, and airdrop registration is now online

6. RedStone announced the launch of the DRILL plan, intending to allocate 4.5% of the RED supply to its core users

7. Binance Wallet announces exclusive TGE, early project applications now open

8.IOST: Snapshot has been taken, and the airdrop query portal is planned to be launched on April 1

Regulatory/Macro

Brazil to propose using cryptocurrencies for BRICS trade as a priority during its presidency

Brazil plans to simplify international financial transactions for import and export contracts between BRICS member countries by using blockchain technology, according to Brazilian media O Globo. This topic will be one of the priorities during Brazil's rotating presidency, which will start in January 2025 and last for one year. The proposal is different from the previous idea of creating a common currency for BRICS countries. Sources said the move is not aimed at creating a standard transaction currency for foreign trade that competes with the US dollar. The focus this time is on improving the efficiency of international transactions, which can be achieved through a technology that is closer to the immediacy and programmability of cryptocurrencies, and stablecoins are already widely used in informal settings.

One of the main practical initiatives to introduce blockchain into the regulated traditional financial system is the Central Bank of Brazil (BC) pilot project Drex. The project creates a tokenized infrastructure for trading financial assets. One of the use cases that Drex is working on is cross-border transactions. However, the project faces a dilemma of how to ensure the control of the Brazilian central bank over transactions while maintaining privacy in a decentralized digital environment. If blockchain technology is not adopted, another option is to create an integrated network system similar to Pix. However, this approach raises concerns about the governance and sovereignty of the countries involved.

David Sacks, the “Crypto Czar”, sold more than $200 million in digital assets through individuals and companies before taking office

According to a memorandum dated March 5 issued by the White House, American AI and cryptocurrency czar David Sacks sold more than $200 million in digital assets through his personal and company Craft Ventures before taking office to reduce potential conflicts of interest. Of this, at least $85 million directly belonged to David Sacks, but Craft Ventures still holds some fund investments involving crypto assets.

Sacks sold all his Bitcoin, Ethereum and Solana holdings, and cleared his stakes in the Bitwise 10 Crypto Index Fund, Coinbase and Robinhood. In addition, he has begun to exit limited partnership interests in crypto investment funds such as Multicoin Capital and Blockchain Capital. He is also divesting his minority stakes in Animoca Brands Co., Open Deal Inc. and Amalgamated Token Services Inc.

Earlier news , "Crypto Czar" David Sacks confirmed that he had sold all his cryptocurrency holdings before taking office in the US government.

Kentucky Cryptocurrency Bill HB701 Passed Senate and Sends to Governor for Signature

According to market news, Kentucky's cryptocurrency bill HB701 has been passed by the Senate and sent to the governor for signature. The bill protects custody rights, exempts nodes from currency transfer rules, and prohibits new taxes on payments. The bill was passed in both houses without a single vote against it.

Viewpoint

Zhao Changpeng: Giggle Academy will soon launch a feature to earn points through referrals, but it will not involve cryptocurrency

Zhao Changpeng posted on the X platform that his Web3 education platform GiggleAcademy will soon launch the "recommendation earning points" function, but it will not involve cryptocurrency.

Analysis: Stablecoin supply growth suggests Bitcoin bull cycle may not be over yet

IntoTheBlock posted on the X platform: "Stablecoin data shows that the crypto market has not peaked. Historically, stablecoin supply peaks coincide with cycle highs. In April 2022, supply reached $187 billion - just as the bear market began. Now it has reached $219 billion and is still rising, which suggests that we may still be in the middle of the cycle."

CryptoQuant: Bitcoin demand has continued to weaken since December last year

On-chain analysis platform CryptoQuant tweeted that it is witnessing the weakest period of Bitcoin demand this year. Compare the new supply with the supply that has been idle for more than a year to understand the current demand dynamics. When the ratio is below 0, it indicates that demand has turned negative, which means that the number of Bitcoins actively acquired has decreased. It can be seen that demand has been weakening since December and has continued to decline over time. This suggests that investors have become more cautious amid ongoing political and economic uncertainty and may turn to lower-risk assets.

Former Ethereum Foundation engineer: Ethereum and EVM lack a clear, cohesive vision and need more decisive leadership

Hari, a former Ethereum Foundation engineer, said that the lack of a clear, cohesive vision for Ethereum and the EVM has prevented the EVM from making progress. He believes that Ethereum needs more decisive leadership, and without such improvements, the only viable path is "rigidity. In addition, Ethereum needs to focus less on research and more on delivery. At this time, Ethereum should reflect on what went wrong in the past five years and work to solve it. If Ethereum operates in exactly the same way as it has in the past five years, without any changes, it will produce exactly the same results.

10x Research: Bitcoin is "very likely" to consolidate for another 8 months

Markus Thielen, chief cryptocurrency researcher at 10x Research, said it is "very likely" that Bitcoin will repeat its 2024 trend and enter a long period of consolidation after hitting a record high. It hit a record high of $73,679 in March last year, then entered a consolidation phase, fluctuating in a range of around $20,000 until Donald Trump was elected president of the United States in November. Bitcoin's technical chart resembles a "high and tight flag," which, although usually a bullish continuation pattern, is also showing signs of weakness. At the same time, the spot Bitcoin exchange-traded fund (ETF) market shows no signs of a "buy on dips" mentality.

Project News

Shardeum launches airdrop activity before mainnet launch, airdrop registration is now online

Layer1 blockchain Shardeum is preparing for the launch of its mainnet and has launched a structured airdrop campaign for early contributors. A total of 5.5 million SHM tokens will be distributed to 63,000 eligible wallets, and the airdrop is divided into two different phases, each targeting a different group of contributors: Phase 1 rewards users who participated in the Liberty Alphanet and Sphinx Betanet between February 2022 and June 2024, with a snapshot taken on June 22, 2024, with a total allocation of 3.3 million SHM. Phase 2 is mainly aimed at those who participated in Shardeum's Atomium incentivized testnet between June 2024 and March 2025, and a snapshot was taken on March 1, 2025, with a total allocation of 2.1 million SHM.

In addition, Layer1 blockchain Shardeum announced today on the X platform that the SHM token airdrop registration is now live. Eligible users who register within the first 7 days will receive the allocation at the TGE. The SHM airdrop registration ends at 07:59 Beijing time on April 14, 2025. According to its recently announced updated token economics , SHM's uses include staking functions, rewards, and gas functions. Its initial supply is 249 million, of which 36.72% is used for sales (after a 3-month lock-up period, daily linear unlocking within 2 years), 30.6% is allocated to the team (after a 3-month lock-up period, daily linear unlocking within 2 years), 22.44% is allocated to the foundation (unlocked at TGE), and 10.23% is allocated to the ecosystem and airdrop (unlocked at TGE). Similar to Ethereum, validator rewards will be dynamically generated based on network demand. Since all fees are 100% destroyed, SHM is expected to show a deflationary trend over time.

RedStone announces the launch of the DRILL program, intending to allocate 4.5% of RED supply to its core users

DeFi oracle RedStone announced the launch of the RedStone DRILL program on the X platform, which will allocate 4.5% of the RED supply to RedStone's core users to reward early adopters of RedStone technology and incentivize the rapid growth of the RedStone ecosystem. The DRILL program is built through five strategic pillars to create a lasting impact: Develop, Reinforce, Innovate, Launch, and Learn.

1. The Development pillar accounts for 15% of DRILL's allocation, which is used to incentivize early adopters and reward the community for embracing cutting-edge assets; these tokens will flow into the distribution contract six months after the RED Token Generation Event (TGE); partner protocols can connect their capital pools, and the token distribution rate will scale according to their total locked value (TVL). 2. The Strengthening pillar accounts for 60% of DRILL's allocation, which is used to strengthen the security and robustness of data sources throughout the ecosystem; these funds will be deployed to the Eigen staking vault six months after the TGE to enhance security while gradually releasing returns to users of the protected capital pool; in the potential case of damage caused by the failure of the recorded price source, this part of the funds can serve as potential insurance compensation. 3. The Innovation pillar accounts for 20% of DRILL's allocation. These funds will enter the distribution contract six months after the TGE, and partner protocols can be allocated according to their TVL. 4. The Launch pillar accounts for 5% of DRILL's allocation, dedicated to helping new protocols get started. This allocation will begin six months after the TGE and continue according to the potential of early projects applying for and using the RedStone data source. 5. The learning pillar has no direct token allocation, but advocates the creation of research, dashboards, tools, and learning resources to highlight the critical role of high-quality data sources and oracles in DeFi.

DRILL plans to extract its 4.5% allocation from the "Community & Genesis" portion of RedStone's tokenomics. To qualify, projects must use RedStone products to secure their protocol TVL. But there is a catch: eligible projects need to airdrop their allocation to users of products directly secured by RedStone. The allocation split will depend on factors such as TVL protection, innovation, and the project's preference for RedStone as its oracle provider.

Binance Wallet announces exclusive TGE, early project applications now open

According to the official announcement, Binance Wallet announced the launch of an exclusive TGE (Token Generation Event), and early project applications are now open; Binance Wallet is committed to helping small and medium-sized potential projects launch their tokens fairly through exclusive TGE events and reach an active real user base. After the token is launched, the token will be included in Binance Alpha. As the Binance platform listing observation selection pool, Binance Alpha is a platform for showcasing early crypto projects with growth potential. In addition, projects can also obtain liquidity support from Binance Wallet to start on-chain liquidity.

Regarding Binance Wallet's exclusive TGE project screening rules, priority will be given to projects with the following characteristics: products with high market adoption, a strong and active community, a focused and tenacious founding team, a business model and token economic design with a sustainable value accumulation system, embracing the Binance ecosystem and BNB chain, and early-stage projects with growth potential.

REX Shares Launches Bitcoin Corporate Treasury Convertible Bond ETF

According to Businesswire, asset management company REX Financial announced the launch of the REX Bitcoin Corporate Treasury Convertible Bond ETF through its subsidiary REX Shares. The ETF is listed on the Nasdaq with the code BMAX. It is mainly aimed at retail investors and investment advisors. It is a convertible bond issued by a company that supports incorporating Bitcoin into its financial strategy.

Bubblemaps: Determines how to evenly distribute the total supply of BMT tokens between Solana and BNB Chain

Bubblemaps posted on the X platform that because the BNB chain has become the main chain for BMT in terms of trading volume, liquidity and coin holders, it was decided to evenly distribute the total supply between Solana and BNB Chain to promote stronger development of the communities on both chains.

Previously, BMT's deployment address held 757 million BMT on Solana (75.7% of the total supply), of which: 348.8 million have been deposited with the lock contract operator on Solana to ensure future distribution according to the lock schedule; the remaining number (408.1 million) has been bridged to BNB Chain using LayerZero OFT (cross-chain communication protocol) and has been locked. The lock contract has successfully processed thousands of withdrawals under high pressure. With the release going smoothly, the remaining supply of the deployer has been transferred to the lock contract to ensure that the tokens are distributed as planned. The supply on BNB Chain has been allocated according to the token economics and fully locked on Unicrypt, including 60 million for protocol development/R&D, 90 million for the team, 206.7 million for the ecosystem, and 51.45 million for liquidity.

The current aggregated token economics of the two chains are as follows: 1. Solana Chain: The deployment address transfers all tokens to the vesting contract, which currently holds 384 million BMT. 2. BNB Chain: The allocations for the team, protocol, and ecosystem have been locked through Unicrypt, and the remaining supply is composed of the holders and the unlocked portion of the ecosystem and community supply.

VanEck files with SEC to launch Avalanche ETF

VanEck has filed an S-1 application with the SEC to launch the Avalanche ETF. The application states: "The investment objective of the trust is to reflect the price performance of the Avalanche network's native token 'AVAX' less the expenses of the trust's operations."

Earlier news , according to Delaware company registration information, VanEck registered the "VanEck Avalanche ETF" on March 10, 2025. The company type is Statutory Trust and the registered agent is CSC Delaware Trust Company.

Coinbase Derivatives plans to launch natural gas and ADA futures

Coinbase Derivatives has submitted an application to the CFTC to self-certify Natural Gas (NGS) futures and Cardano (ADA) futures, thereby expanding its product range in the energy and cryptocurrency derivatives markets. The products are expected to go live on March 31.

Goldman Sachs mentions cryptocurrencies in annual shareholder letter for the first time, acknowledging their growing role

Goldman Sachs mentioned cryptocurrencies in its annual shareholder letter, acknowledging their growing role in financial markets and competition. "The growth of electronic trading and the introduction of new products and technologies, including trading and distributed ledger technologies (such as cryptocurrencies) and artificial intelligence technologies, have increased competition," Goldman Sachs said in the letter. "In some cases, our competitors may offer financial products that we do not offer and that our customers may prefer, including cryptocurrencies and other digital assets that we cannot or may choose not to offer."

While highlighting the growing popularity of blockchain and digital assets, the company warned of potential risks, including cybersecurity breaches and market volatility. "While the popularity and application of distributed ledger technology, cryptocurrencies, and similar technologies are growing, these technologies are still in their infancy and may be vulnerable to cyberattacks or have other inherent weaknesses." The letter also warned of risks faced by the company in assisting clients with activities involving blockchain financial products, investing in related companies, and accepting digital assets as collateral.

CZ surges over 150% after posting a meme with Mubarak on Binance Square

CZ posted a message on Binance Square saying "I'm going to meet a friend this weekend" and attached a Mubarak-related meme picture. According to GMGN data, after the post, Mubarak rose by more than 150%, with a market value of over $20 million and now at $24 million.

Base ecosystem game project Henlo Kart has a contract loophole, and HENLO tokens fell 96.5%

The Base ecosystem game project Henlo Kart tweeted, "A snapshot of all HENLO holders and LP positions has been taken. A vulnerability was found in the HENLO contract. The team is actively looking for a solution. Henlo has withdrawn the LP of all team tokens. All liquidity removed from current LP positions will be redeposited into new LP positions." The market shows that Henlo Kart's token HENLO has fallen 96.5% in the past 24 hours.

IOST: Snapshotting has been executed, and the airdrop query portal is planned to be launched on April 1

IOST announced that the IOST 3.0 mainnet is now operational. In order to protect the rights of token holders, a snapshot has been executed at 0:00 UTC on March 15 (8:00 Beijing time today) to ensure the upcoming TGE. According to the subsequent plan, the airdrop query portal is scheduled to be launched on April 1, when users can check their token application qualifications. In addition, the equity pledge portal is scheduled to be launched in early April.

Hong Kong Asia Holdings changes its board of directors and senior executives. The new CEO has over 10 years of experience in the crypto industry

Hong Kong-listed company Hong Kong Asia Holdings (1723.HK) announced a series of new appointments to the board and senior management positions, including director, chairman, CEO, CFO and CIO. New CEO John Riggins said that the company's comprehensive changes in directors have been completed and Bitcoin-related (₿ig) products are about to enter the most important market in Asia.

New CEO John Riggins has over 10 years of experience in the cryptocurrency industry and is a founding partner of the UTXO Bitcoin Ecosystem Fund. Since February 2016, he has also served as the head of international operations for BTC Inc. (publisher of Bitcoin Magazine and organizer of the annual Bitcoin Conference).

Earlier news , Hong Kong Asia Holdings disclosed that it spent HK$5.9369 million to increase its holdings of 7.88 bitcoins.

Important data

“Hyperliquid 50x Whale” places another order to buy $5 million of LINK

According to the monitoring of on-chain analyst @ai_9684xtpa, "Hyperliquid 50x Whale" once again placed a limit buy order of $5 million for LINK, and about 5% of it has been traded. Perhaps affected by this, LINK rose above $14 in a short period of time, and the combined positions of the whale on the two platforms are already in a floating profit state.

The "graduation rate" of Meme coins on the Pump.fun platform has been below 1% for four consecutive weeks

The meme coin craze on Pump.fun is hitting a wall, with the platform’s “graduation rate” remaining below 1% for four weeks in a row. “Graduation rate” is a term used by the meme coin launch platform to describe the time it takes for tokens to pass the incubation stage and become fully tradable on the Solana decentralized exchange (DEX). To graduate, a token must meet specific liquidity and trading requirements.

Dune Analytics data shows that over the past four weeks, Pump.fun's graduation rate has remained below 1% for the first time since February 17. Pump.fun's graduation rate has never been high, and the platform's best week was in November last year, when 1.67% of Meme coins entered the open market. However, the large number of tokens launched on the platform at that time made this percentage more significant than it is now. In the week starting November 11 last year, 323,000 tokens were created on Pump.fun, which means that a graduation rate of 1.67% is equivalent to approximately 5,400 tokens entering Solana's DeFi economy in a week.

As token creation on Pump.fun and Solana declines, weekly token graduations have plummeted to a four-week average of around 1,500 tokens as of this writing, according to data from Dune.

“Hyperliquid 50x Whale” closed its LINK position 4 hours ago and shorted BTC with 40x leverage, with a position value of $160 million

According to the monitoring of on-chain analyst Yu Jin, the "Hyperliquid 50x Whale" closed its long LINK positions in both spot and contract positions 4 hours ago, with a loss of $1.27 million. Subsequently, it shorted 1,937 BTC with 40x leverage on the Hyperliquid platform with a margin of $3.75 million, opening at $84,287, with a position value of $160 million and a liquidation price of $85,158.