24H Hot Cryptocurrencies and Key News｜Circle's Stock Price Plummets 18% at One Point; US Proposes One-Month Ceasefire (March 25)
- Core View: The market shows a diverging trend, with mainstream cryptocurrencies performing flat while some altcoins and crypto-equities see significant gains. In industry developments, the US draft "Clarity Act" proposing restrictions on stablecoin rewards has caused stock price volatility for related companies. Public chains like Ethereum and Solana continue to advance their technical and platform developments.
- Key Elements:
- Diverging Market Performance: Major CEX-listed cryptocurrencies show mixed performance over 24 hours, with TAO up 16.71%; altcoins like ONT and HUMA surge over 19%; crypto-equity QNTM.M records a single-day gain of 56.13%.
- Regulatory Draft Impact: The new US "Clarity Act" draft proposes banning rewards for stablecoin balances, directly impacting the current business models of Circle and Coinbase, leading to their stock prices dropping by up to 18% and approximately 8%, respectively, at one point.
- Ethereum Ecosystem Positioning: The Ethereum Foundation published an article clarifying L1's role as a settlement and liquidity layer, with L2s shifting towards differentiated services, and established a new team to improve platform experience.
- Solana Launches Developer Platform: The Solana Foundation launched the Solana Developer Platform (SDP) for enterprises, integrating multiple services, and has already secured initial adoption from institutions like Mastercard.
- Lido Revenue Declines: The Lido protocol's 2025 revenue was $40.5 million, a 23% year-on-year decrease, primarily due to user net outflow, declining yields, and market share contraction. The protocol is evaluating an LDO buyback plan.
- Active Investment and Financing: Ethereum block builder Eureka Labs completed a $6.7 million funding round; AI video application Mirage secured $75 million in growth-stage financing.
1. Hot Tokens on CEXs
Top 10 CEX Trading Volume and 24-hour Price Change:
- BNB: -0.12%
- BTC: -0.37%
- ETH: +0.04%
- SOL: -1.43%
- TAO: +16.71%
- XRP: -1.31%
- DOGE: +0.20%
- FET: +6.40%
- PEPE: +0.87%
- ZEC: +5.87%
24-hour Top Gainers (Data Source: OKX):
- ONT: +44.44%
- HUMA: +19.55%
- BAT: +13.18%
- ALLO: +11.23%
- TRA: +11.04%
- KITE: +9.62%
- MON: +9.49%
- GAS: +8.74%
- HYPE: +8.46%
- VIRTUAL: +7.71%
24-hour Top Gainers for Tokenized Stocks (Data Source: msx.com):
- QNTM.M: +56.13%
- ORBS.M: +23%
- AAOI.M: +22.39%
- CONI.M: +16.49%
- DXYZ.M: +12.77%
- LITE.M: +12.1%
- TRON.M: +11.89%
- FN.M: +11.42%
- VVPR.M: +11.23%
- AMKR.M: +10.36%
2. Top 5 On-Chain Meme Tokens (Data Source: GMGN):
- GEM
- BUBBLE
- Stable
- VELON
- Altcoin
Headlines
Circle's Stock Price Plunges 18% as U.S. Clarity Act Draft Seeks to Limit Stablecoin Rewards
In early U.S. trading, the stock price of USDC issuer Circle (CRCL) fell by as much as 18%, while Coinbase (COIN) dropped about 8%. The trigger was the latest draft of the Clarity Act, which aims to restrict rewards on stablecoin balances, including prohibiting rewards on passive stablecoin balances and structures "economically equivalent to interest." The draft directly targets the current model between Circle and Coinbase, where users receive rewards from a share of reserve asset yields. Analysts noted that this decline occurred after Circle's stock had surged 170% since early February, suggesting the market reaction may be overdone.
Israeli Media: U.S. Plans to Propose a One-Month Ceasefire
According to Israel's Channel 12, the U.S. may soon announce a one-month ceasefire in the Iran war, pushed by envoys Witkoff and Kushner. Analysts point out that this move implies a short-term reduction in geopolitical risk, with oil prices already declining, reflecting market expectations for a potential de-escalation of the situation.
U.S. Media: Justice Department Admits Lack of Evidence in Powell Investigation
According to The Washington Post, court records show that a senior aide to Justice Department official Jeannie Pirro admitted during a closed-door hearing that the department has no evidence of wrongdoing in its criminal investigation into Federal Reserve Chair Jerome Powell regarding the renovation costs of the Fed building.
Key Macro News
Iran's Revolutionary Guard: All Transit Vessels Must Fully Coordinate with Us
According to Al Jazeera, the naval force of Iran's Revolutionary Guard stated that the container ship "Selin" was forcibly diverted for not having a permit to pass through the Strait of Hormuz, reiterating that all transit vessels must fully coordinate with Iran's maritime sovereignty authorities.
Source: Iran Willing to Listen to "Sustainable" Proposals Aimed at Ending the War
An Iranian source stated that there have been "contacts" between the U.S. and Iran, and Iran is willing to listen to "sustainable" proposals aimed at ending the war. (Jin10)
Project News
Ethereum Foundation Outlines Vision for L1 and L2 Collaboration, Clarifying Roles
The Ethereum Foundation outlined the positioning for L1 and L2 collaboration: L1 should continue scaling as a permissionless global settlement and shared liquidity hub, while L2s should shift towards providing differentiated functionalities and customized services. The Foundation recommended that L2s pursuing the tightest integration should advance synchronous composability, full interoperability, and Stage 2 validation, ensuring users can safely exit by passing at least the "walkaway" test. The Foundation also announced the formation of a Platform team led by Josh Rudolf to improve the overall platform experience.
Solana Foundation Launches AI-Supported Developer Platform SDP
The Solana Foundation announced the launch of the Solana Developer Platform (SDP), targeting enterprises and financial institutions, supporting the building and deployment of Solana-based financial products via APIs, integrating services like node infrastructure, wallets, compliance, and fiat on/off-ramps. Mastercard, Worldpay, and Western Union are among the first users, exploring use cases such as stablecoin settlement, merchant payments, and cross-border payments, respectively.
Lido: Revenue Was $40.5 Million Last Year, Down 23% Year-on-Year
Lido reported total revenue of $40.5 million for 2025, a 23% year-on-year decrease, attributed to factors including net user staking outflows, declining staking yields, and market share contraction. The protocol stated it is evaluating an LDO buyback program, potentially launching in Q2 this year, which would involve purchasing LDO on the open market using protocol-generated staking rewards. It also disclosed that WisdomTree, with $140 billion in assets under management, launched an Ethereum-based ETP in Europe that obtains staking rewards through the Lido protocol.
SIREN Falls Nearly 60% in 24 Hours, Market Cap Drops to $740 Million
According to market data, SIREN fell 59.38% in 24 hours, with its price dropping to $1.01 and its market capitalization falling to $740 million.
Financing
Ethereum Block Builder Eureka Labs Raises $6.7 Million, Led by Spark Capital and Collider Ventures
Ethereum block builder Eureka Labs announced the completion of a $6.7 million seed funding round, led by Spark Capital and Collider Ventures. The company introduced the concept of "programmable blocks," incorporating executable logic during the block building phase to support more complex functionalities. Founded in December 2024, Eureka Labs is now the fourth-largest block builder on Ethereum, with approximately 1.5% market share. The funding will be used to expand its block building technology capabilities.
AI Video Editing App Mirage Raises $75 Million, General Catalyst Participates
Mirage, the parent company of the AI video editing app Captions, has raised $75 million in growth funding from General Catalyst's Customer Value Fund. Mirage has transitioned from the "Captions" brand to an AI lab focused on proprietary models, targeting the advertising and marketing industries. Data shows that Captions had over 3.2 million downloads in the past year, with in-app revenue of approximately $28.4 million, and has generated over 200 million videos cumulatively.
YZi Labs Launches Atlas Scout Program, Establishes $1 Million Fund to Support Student Investments
YZi Labs announced the launch of the Atlas Scout program, which will recruit 5 to 10 students from global universities to form student-managed investment vehicles, providing up to $1 million in funding to invest in early-stage projects in Web3, AI, and biotech. The first batch covers universities including Stanford, Harvard, and MIT. YZi Labs currently manages over $10 billion in assets.
Voices
Martins, a member of the KalshiData team, posted that as of March 22, Kalshi's monthly notional trading volume has exceeded $9 billion. At this pace, the full-month volume for March will surpass $12.7 billion, representing a 21.5% increase month-on-month and equivalent to 53.4% of Kalshi's total trading volume for the entire year of 2025.
