CoinW Research Institute Weekly Report (March 16, 2026 - March 22, 2026)

3月 23, 2026 15:13:25

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Key Points

The total market capitalization of cryptocurrencies worldwide is $2.41 trillion, down from $2.54 trillion last week, representing a decrease of approximately 5.12% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $56.23 billion, with a net inflow of $9.518 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.73 billion, with a net outflow of $5.994 million this week.

The total market capitalization of stablecoins is $30.91 billion, nearly unchanged from last week; among them, the market capitalization of USDT is $18.415 billion, accounting for 59.57% of the total stablecoin market capitalization, which is almost unchanged from last week; followed by USDC with a market capitalization of $7.89 billion, accounting for 25.52%, down from $7.91 billion last week, a decrease of about 1.01%; the market capitalization of DAI is $536 million, accounting for 1.75% of the total stablecoin market capitalization, nearly unchanged from last week.

According to DeFiLlama data, the total TVL of DeFi this week is $92.973 billion, down from $96.847 billion last week, a decrease of approximately 4.0%. By public chain classification, the top three public chains by TVL are Ethereum, accounting for 58.57%; Solana, accounting for 7.02%; and BNB Chain, accounting for 5.80%.

This week, on-chain data shows a characteristic of "active trading differentiation, funds and users overall decline": In terms of daily trading volume on on-chain Dex, Ethereum ($1.21B, +48.83%), Aptos ($0.024B, +46.62%), and TON saw growth, while Solana ($1.057B, -7.52%), BNB Chain ($0.653B, -17.03%), and Sui ($0.041B, -37.33%) experienced declines; overall transaction fees remain low, with most public chains around $0.01 or below, with Solana and Sui dropping to about $0.001. User and funding levels generally weakened: in terms of daily active users, Solana (3.584 million, -17.41%), Aptos (812,000, -24.16%) declined, with only TON showing slight growth (113,000, +1.76%); TVL saw a comprehensive adjustment, with Ethereum ($54.52B, -4.72%), Solana ($6.66B, -6.44%), BNB Chain ($5.41B, -7.72%) all showing declines.

New project focus: Genpaid is a stablecoin payment and financial infrastructure platform aimed at merchants and payment service providers, featuring a multi-chain (EVM, Solana, etc.) and non-custodial architecture, allowing users to always control asset private keys and fund settlements. Current is a fintech company that primarily provides mobile-based digital banking services, offering account management, payments, debit cards, credit building, and early salary withdrawal features through partnerships with licensed banks. Myriad Markets is a blockchain-based decentralized prediction market platform that allows users to engage in "probability trading" around real-world events in crypto, politics, sports, etc., expressing expectations and earning profits by buying and selling shares of different outcomes.

Key Points

Market Overview
Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Ratios
Decentralized Finance (DeFi)
On-Chain Data
Stablecoin Market Capitalization and Issuance
Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
Industry News
Major Industry Events This Week
Major Upcoming Events Next Week
Important Financing and Investment from Last Week
Reference Links

1. Market Overview

1. Total Cryptocurrency Market Capitalization / Bitcoin Market Capitalization Ratio

The global total cryptocurrency market capitalization is $2.41 trillion, down from $2.54 trillion last week, representing a decrease of approximately 5.12% this week.

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

Data as of March 22, 2026

As of the time of writing, the market capitalization of Bitcoin is $1.35 trillion, accounting for 56.02% of the total cryptocurrency market capitalization. Meanwhile, the market capitalization of stablecoins is $30.91 billion, accounting for 12.83% of the total cryptocurrency market capitalization.

Data Source: coingeck, https://www.coingecko.com/en/charts

Data as of March 22, 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 22, 2026

3. ETF Inflow and Outflow Data

As of the time of writing, the cumulative net inflow of the U.S. Bitcoin spot ETF is approximately $56.23 billion, with a net inflow of $9.518 million this week; the cumulative net inflow of the U.S. Ethereum spot ETF is approximately $11.73 billion, with a net outflow of $5.994 million this week.

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

Data as of March 22, 2026

4. ETH/BTC and ETH/USD Exchange Ratios

ETHUSD: Current price $2,056.33, all-time high $4,946.05, down approximately 58.42% from the peak.

ETHBTC: Currently at 0.030218, all-time high 0.1238.

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

Data as of March 22, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama data, the total TVL of DeFi this week is $92.973 billion, down from $96.847 billion last week, a decrease of approximately 4.0%.

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

Data as of March 22, 2026

By public chain classification, the top three public chains by TVL are Ethereum, accounting for 58.57%; Solana, accounting for 7.02%; and BNB Chain, accounting for 5.80%.

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

Data as of March 22, 2026

6. On-Chain Data

Layer 1 related data

Mainly analyzing current Layer 1 data including ETH, SOL, BNB, TON, SUI, and APTOS based on daily trading volume, daily active addresses, and transaction fees.

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

Data as of March 22, 2026

On-chain Dex daily trading volume and transaction fees: On-chain Dex daily trading volume and transaction fees are core indicators of public chain activity and user experience. In terms of daily trading volume, this week Ethereum ($1.21B, +48.83%), Ton ($0.0018B, +15.69%), and Aptos ($0.024B, +46.62%) saw increases; other chains experienced declines, with Solana ($1.057B, -7.52%), BNB Chain ($0.653B, -17.03%), and Sui ($0.041B, -37.33%). In terms of transaction fees, this week Ethereum, BNB Chain, and Ton all maintained around $0.01; Solana ($0.001) decreased by 3.77% from last week; Sui ($0.00169) decreased by 17.26% from last week; Aptos ($0.000001) decreased by 2.70% 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. In terms of daily active addresses, Aptos (812,000), Sui (279,000), and Solana (3.584 million) saw declines of 24.16%, 12.22%, and 17.41% respectively; Ethereum (566,000, -1.65%) and BNB Chain (2.37 million, -5.20%) saw slight pullbacks; Ton (113,000, +1.76%) saw slight increases. This week, TVL overall saw slight adjustments, with Sui ($0.583B, -5.66%), Solana ($6.66B, -6.44%), Ethereum ($54.52B, -4.72%), BNB Chain ($5.41B, -7.72%), Aptos ($0.304B, -5.59%), and Ton ($0.058B, -3.38%).

Layer 2 related data

According to L2Beat data, the total TVL of Ethereum Layer 2 this week is $31.54 billion, down from $33.21 billion last week, with an overall decline of 5.02%.

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

Data as of March 22, 2026

This week, Base and Arbitrum's market shares are 35.05% and 17.25%, ranking first and second.

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

Data as of March 22, 2026

7. Stablecoin Market Capitalization and Issuance

According to Coinglass data, the total market capitalization of stablecoins is $30.91 billion, up from $30.83 billion last week, an increase of approximately 0.25%; among them, the market capitalization of USDT is $18.415 billion, accounting for 59.57% of the total stablecoin market capitalization, up from $18.406 billion last week, an increase of approximately 0.05%; followed by USDC with a market capitalization of $7.89 billion, accounting for 25.52%, down from $7.91 billion last week, a decrease of approximately 1.01%; DAI has a market capitalization of $536 million, accounting for 1.75%, nearly unchanged from $537 million last week.

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

Data as of March 22, 2026

According to Whale Alert data, this week USDC Treasury issued a total of 3.931 billion USDC, and Tether Treasury issued a total of 1 billion USDT this week. The total issuance of stablecoins this week is 4.931 billion, a decrease of 6.99% from last week's total issuance of 5.302 billion.

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

Data as of March 22, 2026

2. Hot Money Trends This Week

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

The top five VC coins by growth in the past week

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

Data as of March 22, 2026

The top five Meme coins by growth in the past week

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

Data as of March 22, 2026

2. New Project Insights

Genpaid is a stablecoin payment and financial infrastructure platform aimed at merchants and payment service providers, featuring a multi-chain (EVM, Solana, etc.) and non-custodial architecture, allowing users to always control asset private keys and fund settlements. The platform supports businesses in accepting, managing, and paying stablecoins like USDT, USDC, DAI globally, and implements an integrated payment process through API, payment links, invoices, and subscriptions, while providing instant settlement, gas-free experience, and multi-chain compatibility. Genpaid also includes compliance and risk control modules (such as KYT/sanctions screening, audit reports) and supports AI Agent to initiate payments directly, positioning itself as the next-generation cross-border payment infrastructure connecting crypto assets and traditional payment systems, especially suitable for high-frequency cross-border, e-commerce, and emerging market scenarios.

Current (Current Finance) is a fintech company that primarily provides mobile-based digital banking services, offering account management, payments, debit cards, credit building, and early salary withdrawal features through partnerships with licensed banks. Its product is positioned as a "branchless digital bank," emphasizing low fees or even no fees, and connects traditional finance and digital asset services through integrated cryptocurrency trading features, providing users with an integrated consumption and asset management experience.

Myriad Markets is a blockchain-based decentralized prediction market platform that allows users to engage in "probability trading" around real-world events in crypto, politics, sports, etc., expressing expectations and earning profits by buying and selling shares of different outcomes; its core feature is embedding prediction markets into web pages, social media, and news content, allowing users to participate in trading without switching contexts, while relying on smart contracts for self-custody of funds and on-chain settlement, thus transforming "information and opinions" into tradable assets and achieving a more efficient price discovery mechanism.

3. Industry News

1. Major Industry Events This Week

USD.AI opened the governance token CHIP's ICO and airdrop allocation query on March 16, 2026, allowing users to view specific allocation results in the USD.AI app; on March 17, the project confirmed the launch of this feature again and clarified that if users submit an ICO refund request through CoinList, they will automatically forfeit all CHIP airdrop and subscription allocations, and this operation is irreversible. The TGE is planned for March 2026 (Q1), at which time the tokens will complete final distribution and circulation. USD.AI is a stablecoin protocol providing on-chain credit support for AI.

The Katana token KAT officially launched (TGE) on March 18, 2026 (around 12:00 UTC), entering the circulation phase. Prior to this, the project completed multi-phase pre-distribution and airdrop preparations: from March 3 to March 17, a Pre-TGE airdrop event distributed approximately 50 million KAT (accounting for 0.5% of total supply) to early participants. On March 16, a limited-time pre-sale/subscription (Prime Sale) was opened, allowing users to lock in shares by obtaining a "KAT Key," which will automatically convert to tokens on the day of TGE. Katana is a DeFi-oriented Layer 2 network co-incubated by Polygon Labs and GSR, focusing on "liquidity flywheel" and real yields.

On March 20, the omnichannel trading platform Based announced that its token BASED will be directly airdropped to users' wallets on Hyperliquid on the day of TGE, without requiring users to manually claim, to avoid common congestion and operational friction in traditional airdrops; eligible users can set their receiving wallets on the airdrop query page and must complete the update by March 25 at 12:00 UTC, otherwise the tokens will be sent to the system-recorded address by default. Specific TGE events are to be announced.

2. Major Upcoming Events Next Week

The crypto wallet and trading infrastructure project Backpack announced that its token will undergo TGE on March 23, 2026. The tokens will primarily be allocated to ecological and community incentives, team and early contributors, investors, and foundation reserves, with a high proportion allocated to community and ecological-related distributions (approximately 30%-40%), used for airdrops, user incentives, and ecological growth. Backpack was founded by Armani Ferrante, building a user base around wallet and on-chain interaction ecology.

NOYA.ai's private placement will take place from March 18 to 25, with IDO and pre-sale starting sequentially from March 25 to 31, with a public offering price of approximately $0.012 to $0.014, adopting a "TGE unlock 20% + 6 months linear release" mechanism. The TGE is expected to occur after this round of IDO (around the end of March), but the exact time has not been disclosed. NOYA.ai is an on-chain research and execution protocol combining AI and DeFi, positioned as an "automated institutional-level investment research assistant," helping users extract trading opportunities from prediction markets and multi-chain data and execute strategies automatically.

tagSpace plans to launch multiple rounds of IDO in late March 2026, with one round starting from March 24 to 26 and another from March 26 to 28, with a single round issuance price of approximately $0.0001, raising a total of about $150,000 to $300,000, with some rounds adopting a "TGE unlock about 40% + 3 months linear release" mechanism. The TGE is expected to occur after the IDO ends, but no specific time has been announced. tagSpace is an AI/content tagging and data network project based on the Base ecosystem, aiming to enhance the organizational efficiency of on-chain content and data through tagged information and AI analysis.

3. Important Financing and Investment from Last Week

Prediction market platform Kalshi completed a new round of financing exceeding $1 billion, with a valuation of $22 billion, doubling from $11 billion in December 2024; this round was led by Coatue Management, and the company's annual revenue has reached approximately $1.5 billion. Kalshi was founded in 2018 and, as a compliant exchange regulated by the U.S. Commodity Futures Trading Commission, saw rapid growth in users and trading volume after receiving court approval to launch U.S. election-related trading in 2024. (March 20, 2026)

Tokenized securities infrastructure development company Ironlight Group announced the completion of a $21 million Series A financing. This round of financing was participated in by various institutions and individuals, including former TD Bank CEO Greg Braca, Sei Development Foundation, and Laidlaw Private Equity. Ironlight Group focuses on building tokenized securities infrastructure, with its core product Ironlight Markets being an alternative trading system (ATS) designed to integrate core capital market functions within the U.S. regulatory framework, supporting on-chain issuance and trading of various asset classes including private equity, structured products, fixed income, private credit, and real estate. (March 16, 2026)

YZi Labs announced it led a $52 million financing for Silicon Valley AI robotics company RoboForce. RoboForce focuses on Physical AI robotic systems, with its flagship product TITAN aimed at high-intensity industrial scenarios, covering applications in solar energy, data centers, shipping, mining, and manufacturing, featuring millimeter-level operational precision and dual-arm load capacity of about 40 kg, aiming to alleviate industrial labor shortages. The company has currently received over 11,000 robot intention orders and is collaborating with NVIDIA on computing and simulation platforms. Following this financing, YZi Labs managing partner Ella Zhang will join the board, and the new funds will primarily be used for research and development of robot foundational models, capacity expansion, and commercialization efforts. (March 17, 2026)

Crypto market-making and trading firm GSR announced the acquisition of consulting firms Autonomous and Architech for approximately $57 million, to integrate and launch a unified crypto capital market and treasury management platform. Autonomous is a consulting firm focused on the financial and digital asset sectors, providing services such as token issuance, capital market strategies, and financial management; after the transaction, it will continue to retain its independent brand and undertake token issuance operations and infrastructure support functions within the GSR system; Architech will become the core of its digital asset consulting business, synergizing with GSR's institutional trading, liquidity, and asset management capabilities. (March 17, 2026)

Global payment infrastructure company TransFi Inc. announced the completion of a total financing of $19.2 million, led by Turing Financial Group, which includes $14.2 million in Series A equity financing and $5 million in liquidity support. TransFi is dedicated to building cross-border payment and settlement infrastructure, connecting crypto assets with traditional fiat systems, and providing efficient and compliant global payment solutions for businesses. This round of funding will primarily be used to expand business in emerging markets (covering Southeast Asia, South Asia, the Middle East, Latin America, and Africa), advance regulatory licensing arrangements, and further strengthen its global liquidity network and settlement capabilities. (March 18, 2026)