Important news from last night and this morning (March 10-11)

Multicoin: The Internet Labor Market Will Drive the Next Wave of Cryptocurrency Adoption

According to CoinDesk, investment firm Multicoin Capital has proposed the concept of an "internet labor market," arguing that the next wave of cryptocurrency adoption will be driven by users earning crypto assets through contributing work, rather than directly purchasing tokens. In this model, users earn token rewards by contributing data annotation, bandwidth, or other online tasks, transforming the crypto ecosystem from speculative trading into a global digital labor market. A Multicoin partner points out that in the future, people will acquire their first crypto asset by "earning" rather than "buying." Blockchain infrastructure enables the automation of work verification and settlement, replacing invoices, approvals, and delays in traditional payments.

Ranger Finance token holders decided to liquidate the project through a governance vote.

According to SolanaFloor, token holders of the Solana ecosystem project Ranger Finance voted last week to liquidate the project through on-chain governance. This is a rare case where investors used on-chain governance mechanisms to dissolve the project and return funds to the treasury just two months after the token's launch. The decision stemmed from a proposal submitted on March 3rd by a group of RNGR token holders, accusing the team of making material misrepresentations about the business prior to fundraising. The proposal was ultimately passed, removing 5,047,250 USDC from the Ranger treasury and liquidity pools, which will be distributed to RNGR token holders. Ranger initially launched its token using MetaDAO's futarchy governance system, a model designed to allow the market to guide governance decisions.

Bernstein: Driven by the adoption of stablecoins and AI-powered agent finance, Circle's stock price may still have 60% upside potential.

According to CoinDesk, analysts at brokerage firm Bernstein maintained their "outperform" rating on USDC issuer Circle stock with a target price of $190, representing approximately 60% upside from the current $120 level. The report points out that stablecoin adoption is increasingly detached from the crypto market cycle. Despite the bear market, USDC supply has rebounded to nearly a record $78 billion, and the total market capitalization of USD stablecoins has stabilized at approximately $270 billion. Adjusted stablecoin trading volume has increased by over 90% year-over-year, with improved transaction turnover, indicating that stablecoins are increasingly being used in scenarios beyond crypto transactions. Payment adoption is a major driver, with stablecoins gradually being embedded in traditional card networks. Visa now supports over 130 stablecoin-linked cards in more than 50 countries, with an annualized settlement volume of approximately $4.6 billion.

US SEC Chairman: Cooperation with the CFTC will include joint meetings and joint inspections.

According to CoinDesk, U.S. SEC Chairman Paul Atkins stated that the SEC and CFTC are developing a memorandum of understanding to strengthen coordination and cooperation between the two regulatory agencies. Speaking at the FIA ​​Global Clearing Markets Conference, Atkins said the two sides are "repositioning themselves for a golden age of regulatory coordination," with cooperation covering joint meetings, rule interpretation, enforcement decisions, and joint inspections of regulated entities. Atkins pointed out that companies should not be passed back and forth when their products touch upon the regulatory frameworks of both agencies, nor should they rely on which agency speaks first for clarity. The two sides will establish a joint meeting mechanism to handle product applications and launch a "coordination" website for companies to request collaborative discussions with both agencies. The coordination and cooperation will also extend to enforcement decisions and regulatory inspections, avoiding duplicate reviews of entities under dual regulation.

Chaos Labs: Aave's approximately $27 million liquidation event was caused by a CAPO oracle configuration problem.

According to an analysis report released by Chaos Labs, the recent $27 million liquidation event on Aave was caused by a configuration issue with the CAPO risk oracle. The root cause lies in the inconsistency of update constraints at the smart contract level: the `snapshotRatio` parameter, limited by an on-chain constraint of only 3% growth every 3 days, could not be directly updated from approximately 1.1572 to the target value of approximately 1.2282, but could only increase to approximately 1.1919; while `snapshotTimestamp` successfully updated to a timestamp from 7 days prior. This misalignment between the ratio and the timestamp caused the CAPO-calculated exchange rate ceiling (approximately 1.1939) to be about 2.85% lower than the actual market exchange rate, triggering the liquidation of approximately 10,938 wstETH. No bad debts were incurred in the event.

A whale/institution withdrew 44,888 ETH from Kraken 9 hours ago, equivalent to approximately $92.97 million.

According to on-chain analyst Ember, a whale/institution withdrew 44,888 ETH ($92.97 million) from Kraken 9 hours ago at a price of $2,071. This 44,888 ETH was then distributed to two wallets for storage.

Musk: X Money, the digital payment system, will begin early testing next month.

According to Securities Times, cited by Jinshi, Elon Musk announced that X Money, the digital payment system for his social media platform X, will begin early public testing next month, initially in the US market, and then rolled out globally. Musk's ultimate goal is to transform X into a one-stop platform similar to WeChat, integrating streaming media, messaging, images, videos, and financial services. Users will be able to complete all their financial transactions on X, including purchasing goods, storing value, tipping creators, and investing. X partnered with Visa last year to leverage its massive user base to drive the implementation of in-app direct payment services.

Goldman Sachs has become the largest holder of the spot XRP ETF; analysts say a large number of "super fan" investors have not yet been disclosed.

According to The Block, data shared by Bloomberg Intelligence analyst James Seyffart shows that as of the end of 2025, the top 30 holders of the spot XRP ETF held approximately $211 million, with Goldman Sachs being the largest holder at nearly $154 million. Seyffart noted that only a “small fraction” of these investors are visible in the 13F filings because “the vast majority do not file 13F documents.” Another Bloomberg Intelligence analyst, Eric Balchunas, speculated that this primarily comes from XRP “superfans” rather than ordinary retail investors. Data shows that by the end of last year, the spot XRP ETF had seen inflows exceeding $1 billion, and as of last week, total assets under management reached $1.44 billion.

SlowMist CISO: Speculators should not blindly follow OpenClaw; lacking the necessary skills will only create new risks.

23pds, Chief Information Security Officer of SlowMist Technology, stated in an article on the X platform: "OpenClaw is a filter. Companies with computing power and security capabilities will turn it into productivity, while teams lacking technical foundations will only turn it into new risks. Companies that want to profit from the chaos and individuals who want to ride the wave should first examine their true needs. If their original business system and security capabilities are a mess, there is no need to blindly follow the trend. Real opportunities always belong to those who understand the industry, not speculators."

Bitwise's CIO reiterated that Bitcoin has the potential to reach $1 million, stating that it will compete with gold in the global store of value market.

According to The Block, Bitwise Chief Investment Officer Matt Hougan reiterated in a recent memo that Bitcoin's price could reach $1 million per coin. He pointed out that Bitcoin's long-term potential becomes clearer when viewed as a competitor to gold in the global store of value market. Currently, the global store of value market is close to $38 trillion, with gold at approximately $36 trillion and Bitcoin at approximately $1.4 trillion, accounting for less than 4%. Hougan believes that if this market continues to expand at a compound annual growth rate of approximately 13% over the past 20 years, it could reach approximately $121 trillion in the next decade, at which point Bitcoin would only need to capture about 17% of the market share to achieve a price of $1 million.

US senators are seeking a compromise on stablecoin yields to push through the stalled CLARITY bill.

According to CoinDesk, US senators are attempting to push forward the stalled CLARITY bill, a crypto market structure legislation, through a compromise on stablecoin yields. The banking industry had previously successfully lobbied for a halt to the bill, citing concerns that stablecoin yields would siphon off bank deposits. Maryland Senator Angela Alsobrooks, involved in the negotiations, stated at a banking summit that both sides may need to make "some compromises" to allow for innovative growth while preventing deposit outflows. Senator Mike Rounds pointed out that yields should be linked to account activity rather than the amount held. JPMorgan Chase CEO Jamie Dimon hinted at accepting a transaction-based yield model, a position also raised by the crypto industry at a White House meeting. Recent rules proposed by the Office of the Comptroller of the Currency (OCC) leave considerable room for customer-incentivized yield programs.

WTI crude oil fell more than 5% intraday, reportedly after the IEA proposed the largest release of strategic oil reserves in history.

According to Bybit, WTI crude oil has fallen below $82 per barrel, down 5.20% on the day. Reports indicate that the IEA has proposed the largest release of strategic petroleum reserves in history, exceeding 182 million barrels.

Aave founders called for reforms to DAO governance and streamlining processes to improve execution.

According to The Block, Aave founder Stani Kulechov published an article on the X platform calling for reform of the DAO governance model. He pointed out that the current way DAOs operate is extremely difficult, with decision-making processes slowed down by forum discussions, temperature checks, and multiple rounds of voting. Furthermore, DAOs are prone to politicization, with participants forming political alliances, ultimately leading to the victory of "politicians" rather than builders. Kulechov argues that governance should focus on areas that truly require collective participation, such as major agreement changes and treasury strategies, while the rest should fall under the execution level and require leadership to drive. He stated that Aave needs to remain agile and streamline its governance processes to capture opportunities in the global lending market.

Forbes: Changpeng Zhao's wealth surpasses Bill Gates, with his net worth rising to $110 billion.

According to Forbes, Binance founder Changpeng Zhao's net worth is currently estimated at $110 billion, ranking him 17th on the annual list of the world's billionaires, surpassing Bill Gates ($108 billion) who ranks 19th. Since last year, Zhao's wealth has surged by $47 billion, primarily driven by his approximately 90% stake in Binance. Binance is estimated to be worth around $100 billion, a significant rebound from previous levels, with revenue projected to reach $16-17 billion in 2024-2025 and annual trading volume exceeding $30 trillion, remaining the world's largest cryptocurrency exchange with a market share of approximately 38%.

Foreign media reports: Tencent is secretly developing a WeChat AI agent, which may be rolled out to all users this year.

According to Jinshi News, The Information, citing four sources familiar with the matter, reported on Tuesday that Tencent (00700.HK) is secretly developing an AI agent for its WeChat app, planning to launch it to all users in the third quarter of this year. This Tencent agent will be embedded in WeChat, connecting to millions of mini-programs through conversations. It can replace users in completing tasks such as ordering rides and food delivery, replacing 1.4 billion monthly active users in completing these tasks autonomously, directly challenging the first-mover advantage of Alibaba (BABA.N) and ByteDance. The report quoted two people familiar with Tencent's senior management as saying that Tencent cannot risk damaging WeChat's massive user experience with immature technology. In May 2024, Tencent launched its standalone AI application, Yuanbao, but the market response was lukewarm.

Trump: Demands Iran clear any mines it may have laid, or face unprecedented military consequences.

According to Jinshi News, CNN, citing two sources familiar with US intelligence, reported that Iran has begun laying mines in the Strait of Hormuz. The current scale of the mine-laying is small, with only a few dozen mines laid recently. One source stated that Iran still retains 80% to 90% of its small boats and mine-laying vessels, making it entirely possible for its forces to lay hundreds of mines in the waterway. A CBS reporter, citing sources, also reported that Iran is using small boats in the Hormuz waterway, each carrying two to three mines. While the exact number of mines Iran possesses has not been publicly disclosed, estimates over the years suggest between 2,000 and 6,000 mines.

The USDC Treasury has minted a total of 500 million USDC in two separate transactions on the Solana blockchain.

At 23:36 and 23:41 Beijing time, USDC Treasury, the issuer of USDC, minted an additional 250 million USDC on the Solana chain, for a total of $500 million.

Hyperliquid upgrades portfolio margin to alpha stage and adjusts asset cap.

Hyperliquid will transition portfolio margining from pre-alpha to alpha in its next network upgrade, expanding its applicability from test accounts to portfolios under approximately $500,000. The new rules require a master account with a weighted trading volume exceeding $5 million to enable portfolio margining, and set supply and lending caps for each asset: USDH and USDC both have a global supply cap of 500 million and a global lending cap of 100 million, with a single-user supply cap of 5 million and a single-user lending cap of 1 million; HYPE has a global supply cap of 1 million and a single-user supply cap of 50,000; BTC has a global supply cap of 400 and a single-user supply cap of 20.

SolanaFloor was acquired by the Jito Foundation and resumed operations.

SolanaFloor, an independent media outlet within the Solana ecosystem, has announced its acquisition by the Jito Foundation and will resume operations while maintaining complete editorial independence. It was previously shut down in February 2026 due to an attack related to its parent company. SolanaFloor stated that although it will be under the ownership of the Jito Foundation, its topic selection, data presentation, and reporting priorities will remain separate from the Jito Foundation's business and partnerships. Jito Foundation President Brian Smith stated that the acquisition aims to fill the gap in independent reporting of Solana on-chain events, and further details regarding the editorial structure and business arrangements will be announced later.

Kraken's affiliated platform xStocks launched the xPoints program, potentially paving the way for token issuance.

According to CoinDesk, xStocks, a tokenized US stock platform affiliated with Kraken, will launch the xPoints program to reward users who trade tokenized US stocks, provide liquidity, and use related assets in DeFi. Points will be recorded based on multi-chain integration and trading scenarios. Participants may receive benefits related to the platform's ecosystem in the future, but specific details have not yet been announced. The report points out that the tokenized stock sector currently has over $1 billion in locked value, having grown approximately threefold in the past six months; xStocks has processed over $25 billion in trading volume since its launch eight months ago and has partnered with Nasdaq to distribute some tokenized stocks outside the US.

Sky's new proposal suggests temporarily reducing the SKY buyback ratio to strengthen the USDS capital buffer.

Sky Protocol governance has proposed temporarily reducing the proportion of programmatic SKY buybacks based on net profit from 75% to approximately 7.5% over about three months to strengthen the protocol's capital base and the backing of USDS. During this period, SKY staking rewards will remain unchanged and will continue to be paid in SKY, funded by the protocol's existing reserves. The current circulating supply of USDS has exceeded approximately $11 billion. The Sky Savings Rate has also been reduced by 25 basis points to 3.75% to align with recent changes in the interest rate environment. Voting will be open until 16:00 (UTC) on March 12th.

Nanjing's Qixia and Jiangning districts have released policies on crayfish farming.

Nanjing's Qixia District has released "Several Measures to Support the Integration and Development of Open Source AI Agent Tools such as OpenClaw with OPC." These measures include providing free deployment services and supporting development toolkits for OpenClaw and other open-source AI agent tools to developers through the Qixia OPC cloud platform, integrating mainstream AI development frameworks and open-source code libraries to enable rapid access to production resources. Developers joining the OPC community will receive corresponding amounts of free computing power resources and subsidies for API calls to leading domestic large-scale models, supporting hourly and daily rentals of "elastic computing power" to reduce initial development costs.

Polymarket partners with Palantir to develop a sports betting market compliance monitoring platform.

According to The Block, prediction market platform Polymarket is partnering with US data analytics firm Palantir to launch a sports betting integrity monitoring platform based on the Vergence AI engine co-developed by Palantir and TWG AI. This platform will be used to monitor sports prediction market transactions in real time, screen restricted users, generate compliance reports, and identify abnormal behaviors such as manipulation and insider trading to improve market transparency and fairness. The report notes that Polymarket and Kalshi continue to expand in the sports-related prediction market; Kalshi's trading volume exceeded $1 billion on Super Bowl day this year. The two platforms are in talks with potential investors for a new round of funding, with a valuation target approaching $20 billion.

Sharplink: Ethereum Treasury staking yields nearly 15,000 ETH.

Sharplink announced that since launching the Ethereum Treasury, it has generated nearly 15,000 ETH staking rewards, equivalent to approximately $30.8 million. The project team stated that almost 100% of its ETH holdings are staked.

Foreign media: Tencent is developing a brand new AI intelligent agent for its WeChat application.

According to The Information, Tencent is developing a brand-new AI agent for its WeChat app.

Starknet will deploy the STRK20 framework to support the issuance of assets such as privacy-oriented stablecoins.

Starknet has released STRK20 privacy capabilities, providing confidential account balances and private transfers for any ERC-20 token (including BTC, stablecoins, ETH, etc.), and supporting free switching between "masked/public" states and private DeFi operations within the same asset. Any team can integrate this capability for ERC-20 tokens on Starknet, avoiding the isolation of assets in a separate privacy pool. STRK20 also incorporates compliance design, allowing selective disclosure of transaction information to auditors or regulators when legally required. The official description calls it the new default form of "privacy-native tokens" on Starknet.

The National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) issued a risk warning regarding the security applications of OpenClaw.

The National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) has issued a security risk warning for OpenClaw applications. Previously, due to improper installation and use of OpenClaw agents, some serious security risks have emerged. It is recommended that relevant organizations and individual users take the following security measures when deploying and applying OpenClaw: 1. Strengthen network control; do not expose the default OpenClaw management port directly to the public internet; manage access services securely through security control measures such as identity authentication and access control. Strictly isolate the operating environment and use technologies such as containers to limit excessive OpenClaw privileges; 2. Strengthen credential management; avoid storing keys in plaintext in environment variables; establish a complete operation log auditing mechanism; 3. Strictly manage plugin sources; disable automatic update functions; only install signed and verified extensions from trusted channels.

Strategy accelerates fundraising by issuing STRC and added 1,420 bitcoins to its holdings on Monday.

According to CoinDesk, Strategy recorded the largest single-day STRC stock offering in history on Monday, raising funds to purchase approximately 1,420 Bitcoins. STRC trading volume that day approached $300 million, more than double the nearly 30-day average of $124 million. The company also amended its Omnibus Sales Agreement, allowing multiple agents to execute stock sales outside of normal trading hours to enhance financing flexibility for acquiring BTC through STRC.

Trust Wallet launches automatic address poisoning protection feature, covering 32 EVM chains.

According to The Block, decentralized wallet Trust Wallet has launched an automated Address Poisoning Protection feature to combat the increasingly common "address poisoning" scams. This feature will initially support 32 EVM public chains on mobile devices. By scanning user transactions, comparing addresses, and generating discrepancies, it automatically alerts users to incorrect addresses when they copy or enter a receiving address. Trust Wallet stated that this tool integrates intelligence from HashDit and Binance Security to identify spoofed addresses, complementing its transaction-level risk scanning tool launched in 2023.

SpaceX prefers a Nasdaq listing, provided it is included in the Nasdaq 100 index as soon as possible.

According to Reuters, four people familiar with the company's thinking said that Elon Musk's SpaceX is leaning towards a Nasdaq listing. SpaceX hopes to be included in the Nasdaq 100 index as soon as possible, which is considered a prerequisite for listing on the exchange. Previous reports indicated that SpaceX was planning an IPO, possibly as early as June. Sources said the New York Stock Exchange is also vying for the listing, and neither exchange has yet been informed of a final decision. Last month, Nasdaq proposed a new rule that could expedite the inclusion of newly listed large companies in the Nasdaq 100 index. Under the "fast-track inclusion" rule, if a newly listed company's market capitalization ranks among the top 40 existing constituents of the index, it could qualify for accelerated inclusion in less than a month after listing.