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Gate Research: The re-staking stablecoin protocol Level TVL exceeded $80 million, and the market value of the Sui on-chain stablecoin exceeded $600 million
Summary
Quotes
BTC – BTC price has dropped by 3.62% over the past 24 hours and is currently priced at 82,454.3 USDT. Currently, BTC is in a clear downtrend with a brief rebound after forming support around 80,000 USDT, and the current key level is 82,500 USDT. At the moment, the moving average system is in a bearish arrangement. Although the price recovered slightly in the support area, the volume shrank significantly and the rebound was weak. 【1】
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ETH — ETH price has dropped by 4.98% over the past 24 hours and is currently trading at 2,071.02 USDT. The overall trend of ETH continues to be constrained by the descending trend line and remains running below it. At present, the price has started to rebound after gaining support around 1,990 USDT, but the trading volume is sluggish, the rebound momentum is insufficient, and the overall trend is weak, so it should be treated with caution. 【2】
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Popular Tokens
According to Gate.io market data[9], combined with the 24-hour trading volume and price performance, the popular altcoins are as follows:
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RARE (SuperRare) - A one-day increase of about 49.15%, with a market capitalization of $56.05 million.
SuperRare is a trading platform in the NFT art field, where users can easily create, sell, and collect rare digital artworks. 【10】
Recently, the platform is working on improving the $RARE staking mechanism to enhance the participation of holders; At the same time, actively expand the use cases of $RARE, collaborate with other platforms and integrate their tools. In addition, SuperRare is also redesigning its platform to enhance the user experience and expand its offline market and private sales services. These initiatives convey SuperRare's active investment in the development of the ecosystem and its determination to enhance the value of RARE, which may be interpreted by the market as a positive signal to drive the price of the token up.
**CVAULTCORE (cVault) - A one-day increase of approximately 30.48%, with an outstanding market capitalization of $55.41 million.
CVAULTCORE IS A NON-INFLATIONARY CRYPTOCURRENCY THAT OPERATES IN A FULLY DECENTRALIZED MANNER, WITH ALL MAJOR DECISIONS BEING VOTED ON BY THE COMMUNITY. The coin uses smart contracts to autonomously execute the profit strategy, that is, the system automatically manages and deploys locked funds to obtain income after pre-setting rules, and part of the profit (such as 5%) will be automatically used for market buyback, thus forming a deflationary effect. Its core product is the CORE Vault ecosystem, which offers a variety of features, chief among which is a deflationary farming mechanism implemented through CORE staking. 【11】
As a non-inflationary and fully community-driven cryptocurrency, the CVAULTCORE token's unique CORE Vault ecosystem and deflationary farming mechanism have boosted investor confidence in its long-term value, coupled with positive market sentiment and community discussions, have contributed to its recent strong performance.
**B3 (B3 Base) **—— A one-day increase of about 11.86%, with a circulating market capitalization of $117 million.
B3 is a horizontally scalable gaming ecosystem based on Base. Its goal is to use the advantages of technology to provide players with a high-speed, low-cost gaming experience, and build an open and interconnected platform to shorten the distance between developers and players, and promote the development of on-chain games. 【12】
Expectations for Sanctuary_B3 have been heating up recently, and it's been widely recognized for its excellent experience and gameplay. In particular, its appearance in the Parallel Tournament has further enhanced its professional recognition. At the same time, with the new game B3lievers set to launch in the third quarter, the market is full of anticipation for what lies ahead. The combination of these factors has boosted the market's confidence in the prospects of B3 projects and on-chain games, driving the price of the token up.
Highlight data
Level TVL surpasses $80 million
Level currently has a total value locked (TVL) of $87.76 million, and the market cap of its token, lvlUSD, reaches $63.58 million. From the beginning of January to mid-February, the TVL of the Level maintained a steady increase. Since the end of February, TVL has shown rapid growth, quickly surpassing $80 million. Level is a stablecoin protocol backed by re-staking USD tokens, dedicated to converting idle USD stablecoins into interest-bearing assets through its innovative stablecoin mechanism, allowing it to contribute economic security to the decentralized network while providing yield. Its core product is Level USD (lvlUSD), lvlUSD provides a solution for investors who want to earn re-staking yields but don't want to bear the price fluctuations of ETH or BTC. 【13】
The rapid growth of Level may be mainly attributed to the high yield it provides. The annualized yield of slvlUSD is about 13%, while sUSDe is about 9%, sUSDS is about 7%, and BFUSD is about 3%. Compared to traditional finance and other DeFi products, slvlUSD yields are extremely attractive.
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Fulcrom TVL surpasses $18 million
Fulcrom currently has a total value locked (TVL) of $18.8 million. Fulcrom has shown significant growth momentum since mid-February 2025. Its TVL grew rapidly from approximately $13 million to $18.8 million, an increase of more than 40%. Fulcrom is a cross-chain decentralized perpetual contract exchange designed for cryptocurrency leveraged trading. The advantage is to reduce transaction fees, reduce the impact of price fluctuations, and ensure that all transactions and collateral are transparently stored on-chain. Currently, Fulcrom has been deployed on the Cronos, zkSync Era, and Cronos zkEVM networks to support cross-chain transactions. 【14】
The recent trading contest event held by Fulcrom is likely to be the main catalyst for its TVL growth. The event offers high-value FUL token rewards, and this sizable prize pool incentivizes more users to deposit funds into the platform for trading.
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Sui's on-chain stablecoin market cap surpasses $600 million, hitting an all-time high
The Sui on-chain stablecoin market cap reached an all-time high of $648 million. As a high-performance Layer 1 blockchain, Sui aims to provide a high-throughput and low-latency transaction experience.
Recently, the Sui Foundation announced a strategic partnership with World Liberty Finance (WLFI) to create a more open and transparent financial world. Under the terms of the agreement, WLFI will include SUI tokens in its strategic token reserve to support Web3 projects. In addition, WLFI and Sui have already begun to explore collaboration opportunities in product development with a view to launching more innovative DeFi products in the future. 【15】
This information shows that the Sui ecosystem is growing rapidly and its potential in the stablecoin and DeFi space is becoming increasingly apparent. The partnership with WLFI will further Sui's growth and bring more value to users.
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Hot Reviews
White House Voice: The United States will become a Bitcoin superpower, and the golden age has begun
The official X account of the White House released a high-profile statement declaring that "the United States will become the world's Bitcoin superpower." America's Golden Age has begun! ”("America will be the Bitcoin superpower of the world. The Golden Age of America has BEGUN!" )。 The message, although brief, conveyed the US government's positive attitude and vision for the future of Bitcoin. 【16】
This statement by the White House is undoubtedly good news for the cryptocurrency industry. It may be a sign that the U.S. government will introduce more policies to support the development of Bitcoin and the crypto industry in the future. However, it remains to be seen how this strategy will affect the global financial landscape.
Utah Senate Passes Bitcoin Bill, Reserve Investment Clause Removes
The Utah State Senate recently passed Bill HB230 – the Blockchain and Digital Innovation Amendment – with a vote of 19 in favor, 7 against, and 3 abstentions. One of the highlights of the bill's original plan was to allow state treasury departments to invest up to 5% of their funds in digital assets worth more than $500 billion, with Bitcoin being the only eligible asset that could make Utah the first U.S. state to have bitcoin reserves. However, during the legislative process, this forward-looking provision was removed, and the House of Representatives accepted the revised version with 52 votes in favor, 19 against, and 4 abstentions. The current version mainly focuses on legally guaranteeing the basic rights of Utah residents in the cryptocurrency space, such as activities such as escrow, mining, node running, and staking of Bitcoin. 【17】
The changes reflect the balance between the state legislature's drive for innovation in the digital economy and the careful management of risk. While the original Bitcoin investment clause was groundbreaking, its removal reflects policymakers' concerns about the risks of investing directly in highly volatile assets. At the same time, by explicitly protecting the rights and interests of residents, the bill still provides a solid legal foundation for the development of the local crypto industry, and also provides a reference for other regions to find a balance between innovation and risk control.
Japanese Government Approves Crypto Brokerage and Stablecoin Reform, Strengthening User Protection and Promoting Innovation
The Japanese government recently approved a series of reform proposals for cryptocurrency brokerage and stablecoins, aimed at strengthening user protection and promoting innovation. These proposals were put forward by Japan's Financial Services Agency (FSA) and have now been submitted to the Diet for consideration. Under the current regime, companies engaged in cryptoasset intermediary business are required to register as virtual asset service providers (VASPs), which is a strict and lengthy process. The new proposal proposes to create an entirely new category of "intermediary" crypto businesses, allowing brokers to operate under a more streamlined regulatory framework. This will attract businesses such as gaming companies, communications companies, and others with a broad customer base to enter the space, driving the development of new businesses such as in-game NFT trading and crypto asset payments. 【18】
In addition, for the regulation of stablecoins, the proposal proposes to allow the use of high-security short-term treasury bonds and fixed deposits of a certain maturity as backing assets, and relax the current rules that are limited to fiat currency deposits. This will provide stablecoin issuers with more flexibility when managing their funds, while striking a balance between convenience and security. These reforms aim to learn the lessons of FTX's bankruptcy in 2022, strengthen user asset protection, and create an enabling environment for innovative businesses. In the future, the Financial Services Agency plans to concretize these reforms and formulate relevant amendments.
Financing Information
According to RootData, no project has publicly announced funding in the past 72 hours. 【19】
Airdrop Opportunity
Captain & Company
Captain & Company is a massively multiplayer online role-playing game based on a pirate adventure that offers players a unique sailing experience. In the game, players can choose to become a captain, own their own digital collection ship, and recruit a crew of real players, form a pirate company, and compete in battles at sea for tradable currency. 【20】
CNC tokens are the core currency of the Captain & Company gaming ecosystem, with a maximum supply of 100 billion. The token has four key in-game functions: players can share the War Chest rewards by correctly predicting the outcome of faction wars, holders can participate in governance voting to determine the development of new features, token balances determine guild levels to unlock more rewards, and serve as the ecosystem's universal currency for equipment purchases and upgrades.
How to Participate:
Prompt: The airdrop program and participation methods may be updated at any time, and users are advised to follow the official channels of Captain & Company for the latest information. At the same time, users should be cautious about participating, be aware of the risks, and do sufficient research before participating. Gate.io There is no guarantee that subsequent airdrop rewards will be distributed.
Resources:
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