CoinW Research Institute Weekly Report (Issue from 2026.2.23 to 2026.3.1)

2026-03-02 11:58:56

Collection

The total market value of global cryptocurrencies is $2.35 trillion, up from $2.30 trillion last week, an increase of approximately 2.17% this week.

Key Points

The total market capitalization of cryptocurrencies is $2.35 trillion, up from $2.30 trillion last week, representing an increase of approximately 2.17% this week. As of the time of writing, the cumulative net inflow of the U.S. Bitcoin Spot ETF is approximately $54.8 billion, with a net inflow of $787 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.6 billion, with a net inflow of $80.46 million this week.
The total market capitalization of stablecoins is $312 billion, down from $304.9 billion last week, a decrease of approximately 2.33%; among them, the market capitalization of USDT is $183.67 billion, accounting for 58.87% of the total stablecoin market capitalization, up from $183.57 billion last week, an increase of approximately 0.05%; followed by USDC with a market capitalization of $75.2 billion, accounting for 24.1%, up from $74.4 billion last week, an increase of approximately 1.08%; DAI has a market capitalization of $5.37 billion, accounting for 1.72%, unchanged from last week.
According to DeFiLlama, the total TVL of DeFi this week is $93.143 billion, up from $91.88 billion last week, an increase of approximately 1.37%. By public chain, the top three chains by TVL are Ethereum, accounting for 56.90%; Solana, accounting for 6.98%; and BNB Chain, accounting for 5.93%.
This week, the daily trading volume on on-chain DEXs has shown increased differentiation, with some public chains significantly increasing their volumes. Ethereum's volume is $1.36 billion, down approximately 10.9%; Solana's volume is $3.06 billion, up approximately 38.5%; BNB Chain's volume is $1.34 billion, up approximately 85.9%. Sui has risen to $100 million, up approximately 8.7%; Aptos has risen to $40 million, up approximately 29%; and TON has risen to $3 million, up approximately 42.9%. In terms of transaction fees, Ethereum remains at $0.01, Solana has risen to $0.002; Sui has risen to $0.002, while Aptos, BNB Chain, and TON remain unchanged from last week.
This week, the number of active addresses has seen an overall decline. Ethereum has 579,300 active addresses, down approximately 10.8%; Aptos has 1,089,400, down approximately 24.8%. Meanwhile, Solana has 2.04 million, down approximately 11.7%; BNB Chain has 2.67 million, up approximately 0.8%; Sui has 139,000, down approximately 56.3%; and TON has fallen to 111,600, down approximately 7.8%. In terms of TVL, there is slight overall pressure, with Ethereum at $53 billion, down approximately 1.5%; Solana at $6.51 billion, up approximately 2.5%; BNB Chain at $5.52 billion, down approximately 1.8%; Sui at $550 million, down approximately 0.5%; Aptos at $310 million, up approximately 14.4%; and TON at $60 million, down approximately 4.8%.
New project focus: Cash City is a degen-style chain game built on the Solana ecosystem, positioned as a speculative game with high volatility and high participation, emphasizing community-driven and on-chain asset interaction; Spirit Protocol is an on-chain autonomous agent economic infrastructure protocol deployed on the Base mainnet, dedicated to establishing a quantifiable and verifiable quality assessment and economic signal system for the Agent ecosystem; NUVA Finance is a DeFi protocol related to RWA co-developed by Animoca Brands and NUVA Labs, aimed at bringing institutional-grade asset investment opportunities onto the chain in a decentralized, composable, and transparent manner.

Key Points

Market Overview
Total Cryptocurrency Market Cap / Bitcoin Market Cap Share
Fear Index
ETF Inflow and Outflow Data
ETH/BTC and ETH/USD Exchange Rates
Decentralized Finance (DeFi)
On-Chain Data
Stablecoin Market Cap and Issuance
Hot Money Trends This Week
Top Five VC Coins and Meme Coins by Growth This Week
New Project Insights
New Industry Dynamics
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 Cap / Bitcoin Market Cap Share

The total market capitalization of cryptocurrencies is $2.35 trillion, up from $2.30 trillion last week, representing an increase of approximately 2.17%.

Data source: Cryptorank,https://cryptorank.io/charts/btc-dominance
Data as of March 1, 2026
As of the time of writing, the market capitalization of Bitcoin is $1.32 trillion, accounting for 56.09% of the total cryptocurrency market cap. Meanwhile, the market capitalization of stablecoins is $312 billion, accounting for 13.31% of the total cryptocurrency market cap.

Data source: Coingeck,https://www.coingecko.com/en/charts
Data as of March 1, 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 1, 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 $54.8 billion, with a net inflow of $787 million this week; the cumulative net inflow of the U.S. Ethereum Spot ETF is approximately $11.6 billion, with a net inflow of $80.46 million this week.

Data source: Sosovalue,https://sosovalue.com/assets/etf
Data as of March 1, 2026

4. ETH/BTC and ETH/USD Exchange Rates

ETHUSD: Current price is $1,949, with a historical high of $4,946.05, a decline of approximately 60.62% from the peak.
ETHBTC: Currently at 0.029488, with a historical high of 0.1238.

Data source: Ratiogang,https://ratiogang.com/
Data as of March 1, 2026

5. Decentralized Finance (DeFi)

According to DeFiLlama, the total TVL of DeFi this week is $93.143 billion, up from $91.88 billion last week, an increase of approximately 1.37%.

Data source: Defillama,https://defillama.com
Data as of March 1, 2026
By public chain, the top three chains by TVL are Ethereum, accounting for 56.90%; Solana, accounting for 6.98%; and BNB Chain, accounting for 5.93%.

Data source: CoinW Research Institute, Defillama,https://defillama.com
Data as of March 1, 2026

6. On-Chain Data

Layer 1 Related Data
Mainly analyzing the daily trading volume of on-chain DEXs, daily active addresses, and transaction fees for the main Layer 1s including ETH, SOL, BNB, TON, SUI, and APT.

Data source: CoinW Research Institute, Defillama,++https://defillama.com++
Data as of March 1, 2026
On-Chain DEX Daily Trading Volume and Transaction Fees: The daily trading volume and transaction fees of on-chain DEXs are core indicators of public chain activity and user experience. The daily trading volume on on-chain DEXs has shown increased differentiation, with some public chains significantly increasing their volumes. Ethereum's volume is $1.36 billion, down approximately 10.9%; Solana's volume is $3.06 billion, up approximately 38.5%; BNB Chain's volume is $1.34 billion, up approximately 85.9%. Sui has risen to $100 million, up approximately 8.7%; Aptos has risen to $40 million, up approximately 29%; and TON has risen to $3 million, up approximately 42.9%. In terms of transaction fees, Ethereum remains at $0.01, Solana has risen to $0.002; Sui has risen to $0.002, while Aptos, BNB Chain, and TON remain unchanged 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, overall activity has declined. Ethereum has 579,300, down approximately 10.8%; Aptos has 1,089,400, down approximately 24.8%. Meanwhile, Solana has 2.04 million, down approximately 11.7%; BNB Chain has 2.67 million, up approximately 0.8%; Sui has 139,000, down approximately 56.3%; and TON has fallen to 111,600, down approximately 7.8%. In terms of TVL, there is slight overall pressure, with Ethereum at $53 billion, down approximately 1.5%; Solana at $6.51 billion, up approximately 2.5%; BNB Chain at $5.52 billion, down approximately 1.8%; Sui at $550 million, down approximately 0.5%; Aptos at $310 million, up approximately 14.4%; and TON at $60 million, down approximately 4.8%.
Layer 2 Related Data
According to L2Beat, the total TVL of Ethereum Layer 2 is $31.81 billion, down approximately 3.49% from $32.96 billion last week.

Data source: L2Beat,https://l2beat.com/scaling/tvs
Data as of March 1, 2026
Base and Arbitrum occupy the top positions with market shares of 36.51% and 33.94%, respectively, with Base ranking first in TVL among Ethereum Layer 2s this week.

Data source: Footprint,https://www.footprint.network/public/research/chain/chain-ecosystem/layer-2-overview
Data as of March 1, 2026

7. Stablecoin Market Cap and Issuance

According to Coinglass, the total market capitalization of stablecoins is $312 billion, down from $304.9 billion last week, a decrease of approximately 2.33%; among them, the market capitalization of USDT is $183.67 billion, accounting for 58.87% of the total stablecoin market cap, up from $183.57 billion last week, an increase of approximately 0.05%; followed by USDC with a market capitalization of $75.2 billion, accounting for 24.1%, up from $74.4 billion last week, an increase of approximately 1.08%; DAI has a market capitalization of $5.37 billion, accounting for 1.72%, unchanged from last week.

Data source: CoinW Research Institute, Coinglass,https://www.coinglass.com/pro/stablecoin
Data as of March 1, 2026
According to Whale Alert, this week the USDC Treasury issued a total of 2.69 billion USDC, while the Tether Treasury did not issue any USDT. The total issuance of stablecoins this week is 2.69 billion, up approximately 28.83% from last week's total issuance of 2.088 billion.

Data source: Whale Alert,https://x.com/whale_alert
Data as of March 1, 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 1, 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 1, 2026

2. New Project Insights

Cash City is a degen-style chain game built on the Solana ecosystem, positioned as a speculative game with high volatility and high participation, emphasizing community-driven and on-chain asset interaction. The token has not yet been listed and is in the early development stage. In terms of track attributes, it belongs to lightweight on-chain entertainment applications under the Solana ecosystem, and its core competitiveness will depend on gameplay design, token economic model, and community activity.
Spirit Protocol is an on-chain autonomous agent economic infrastructure protocol deployed on the Base mainnet, dedicated to establishing a quantifiable and verifiable quality assessment and economic signal system for the Agent ecosystem. Its core product is the Spirit Index, which emphasizes long-term performance and real economic output by continuously scoring and structurally tracking selected agents, thereby providing a reference framework similar to ratings and benchmark indices for the agent economy.
NUVA Finance is a DeFi protocol related to RWA co-developed by Animoca Brands and NUVA Labs, positioned as a platform for bringing real-world asset on-chain and liquidity infrastructure to global users, aiming to introduce institutional-grade asset investment opportunities onto the chain in a decentralized, composable, and transparent manner. NUVA Finance emphasizes converting real-world assets into on-chain assets that can circulate and be composed in DeFi, enhancing liquidity and efficiency, and plans to allow holders to share protocol income and participate in governance through a token model, building a new RWA financial model that combines income distribution and community co-construction attributes.

3. New Industry Dynamics

1. Major Industry Events This Week

Huma Finance announced that the third quarter airdrop for the HUMA token is open for claims, which will close on March 26, with the snapshot taken on February 24. The fourth quarter has also been launched. Users in the third quarter can claim their entire quota at once, and after claiming, they can stake HUMA to earn an annualized yield of 4%. Locking PST or mPST during the claiming period will affect the quota distribution for the next quarter.
MetaMask announced that the first quarter LINEA token rewards are now open for claims, available from February 24 for the next two weeks, and users can claim through the MetaMask mobile app.
The Fabric Foundation stated that the ROBO token claim page is now open to eligible users who have signed the terms. Users can claim ROBO tokens before March 13. Fabric Protocol is a global open network supported by the Fabric Foundation, empowering the construction, governance, and collaboration of general-purpose robots through verifiable computing and agent-native infrastructure. The protocol coordinates data, computation, and regulation based on a public ledger, combining modular infrastructure to achieve safe collaboration between humans and machines. ROBO, as a native token, drives governance and economic incentives, allowing contributors to earn rewards through resource participation.
Arbitrum announced the launch of the Arbitrum Mentorship Program, which is set to officially start on April 13. The program is currently recruiting early teams in the MVP, Pre-seed, or Seed stages, with the application channel now open. The 15 selected early startup teams will receive: full-process support from idea to product launch; one-on-one practical guidance from top teams and developers in the Arbitrum ecosystem; and opportunities for meetings and introductions with venture capital firms. Additionally, the program will feature a Demo Day, where the top three teams will have the chance to compete for a $100,000 prize pool.
CoinList has opened the whitelist sale for USD.AI, which is limited to participants of the Allo Game and offers full refunds and discount options. Participants will receive guaranteed quotas based on their scores in the Allo Game and can apply for additional purchases beyond the guaranteed quota. If the sale does not reach full capacity, oversubscribed portions can receive CHIPs proportionally. The CHIP token will be 100% unlocked at TGE (expected in March 2026), and the sale period ended on February 27.

2. Major Upcoming Events Next Week

Rayls will launch RLS pre-staking lock on March 3, aiming to prepare for the mainnet launch in the third quarter of 2026. Users participating in pre-staking will receive up to a 50% APY yield boost for the first three months after the mainnet goes live, with the yield expected to remain around 20% thereafter. Earnings will be settled monthly. The total cap for this locking activity is 100 million RLS, with a minimum participation amount of 100,000 RLS, following a first-come, first-served model. Tokens locked will remain until the mainnet launch, with no early withdrawals supported. After the mainnet goes live, users will need to complete three steps to activate rewards: withdrawal, cross-chain to the Rayls mainnet, and delegation on the dashboard.
The 8004 Launch Day will be held on March 4 to celebrate the launch of the ERC-8004 mainnet and the end of the genesis month. The event will focus on developers and contributors building the first native agent systems on Ethereum, covering areas such as agent services, gaming, trading, and infrastructure. Each team will showcase their published results, learning experiences, and future development directions.
Imperial College London will host the AI Agent Hackathon EP4 from March 1 to 7. The AI model training and infrastructure platform FLock.io will participate as a Gold Sponsor alongside the Blockchain for Good Alliance, providing comprehensive technical support. Peter Steinberger, founder of OpenClaw, has also confirmed attendance and will engage in in-depth discussions with participating teams on-site. This hackathon focuses on the development of practical AI agent systems and automated task processes, emphasizing the transition of projects from the prototype stage to actual application deployment. During the event, the FLock API Platform will be fully open to participants, providing developers with a unified and secure interface to access various mainstream large models.
The decentralized exchange Grvt has released its roadmap for 2026, with core plans including the launch of unified margin, supporting BTC, ETH, and RWA tokens to earn yields while serving as collateral; integrating Aave and other Layer 1 liquidity through ZKsync Atlas starting in March; introducing global stocks, forex, and commodity TradFi perpetual contracts on the trading side, and launching a community-driven spot market. Additionally, Grvt will build an investment layer that includes AI agents and a payment layer that supports P2P payments and bank deposits and withdrawals. Furthermore, the GRVT token's complete tokenomics will be announced in March, with holders enjoying trading fee discounts, yield enhancements, protocol revenue sharing, and priority access to new products.
The decentralized network infrastructure layer DoubleZero has announced that the second phase of its delegation plan will launch on March 9, with the core goal of significantly expanding the Solana validator network beyond Europe and officially launching the Multicast feature. In terms of delegation incentives, the total delegation pool for DZDP has previously expanded from 3 million SOL to 13 million SOL. The second phase will allocate 2.4 million SOL in special incentives to validators in four strategic edge regions: São Paulo, Singapore, Hong Kong, and Tokyo, with each region eligible for up to 600,000 SOL in additional delegation rewards, distributed according to each validator's staking weight.

3. Important Financing and Investment from Last Week

Based has completed its Series A financing, raising $11.5 million, with a total funding amount of $18.2 million, with investors including Pantera Capital, Coinbase Ventures, and Wintermute. Based is a Singapore-based omnichannel crypto trading and consumption platform that supports users in spot and perpetual contract trading within the Hyperliquid ecosystem, and combines applications such as Crypto Card, positioning itself as a DeFi platform that integrates trading infrastructure and consumption functions. (February 23, 2026)
STS Digital has recently raised $30 million, with investors including CMT Digital, Kraken, and Arrington Capital. STS Digital is a CeFi trading company focused on digital asset OTC trading and market-making, with a core team that has a background in traditional derivatives markets and risk management, focusing on institutional-level liquidity provision, quote optimization, and cross-market risk hedging. (February 26, 2026)
JPYC has completed its Series B financing, raising approximately $11.478 million (1.78 billion yen), with investors including bitFlyer and Asteria, and previously supported by Headline and Circle. JPYC is a compliant stablecoin protocol pegged to the Japanese yen, supporting NFT payments and the exchange of crypto assets with real goods, emphasizing stablecoin issuance and operation under Japan's regulatory framework, and is currently deployed on Ethereum, Polygon, and Avalanche public chains. (February 28, 2026)