Weekly preview | Movement launches mainnet; SBI VC Trade, a crypto exchange under SBI, launches stablecoin “USDC” service

News preview:

• Movement will launch the mainnet on March 10;
• Two U.S. congressmen plan to release an “important plan” on Bitcoin on March 11 (next Tuesday) local time;
• On-chain data visualization platform Bubblemaps announced that it will launch the platform token BMT on March 11;
• The modular blockchain network Hemi Mainnet will be officially launched on March 12, 2025;
• SBI VC Trade, a crypto exchange under SBI, will launch stablecoin "USDC" service on March 12;
• Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8:00 a.m. Beijing time on March 13, worth approximately $162 million;
• Aptos (APT) will unlock approximately 11.31 million tokens at 6:00 a.m. Beijing time on March 13, accounting for 1.92% of the current circulation and worth approximately US$67.4 million.

March 10

Project dynamics:

Movement will launch mainnet on March 10

Movement released a video trailer on the X platform, and it will be launched on the mainnet on March 10.

MegaETH will start accepting users from March 10 after deploying the testnet

MegaETH announced on the X platform that it will deploy a testnet on March 6, provide exclusive access support for application and infrastructure teams from March 6 to March 10, and start accepting users on March 10. The current testnet will provide users with 1.68 Ggas/second single-thread performance and 15 milliseconds effective block time, and more functions will be expanded in the future. In order to reduce the problem of public faucets, the testnet ETH will be distributed directly to the wallets of participants during the access phase (March 10).

MegaETH said that it will not provide airdrop rewards to users who participate in the testnet . MegaETH said that the main purpose of the public testnet is to conduct technical stress testing, allow developers to explore new technological breakthroughs, and allow users to experience real-time applications for the first time. It emphasized that although they are not opposed to the point-based incentive model, this does not conform to the concept of the project.

PancakeSwap: Simple staking products will be closed on March 10, 2025, and users need to withdraw funds in time

PancakeSwap said on the X platform that its simple staking product will be retired at 08:00 on March 10, 2025 (GMT+8). PancakeSwap said this is part of its ongoing efforts to simplify products and focus on providing more sustainable and impactful products to the community. Users are requested to withdraw funds before 08:00 on March 10, 2025.

Token unlocking:

Staika (STIK) will unlock about 1.5 million tokens at 8:00 a.m. Beijing time on March 10, worth about $7.8 million;

March 11

Policy supervision:

Two U.S. congressmen plan to release a "major plan" on Bitcoin on March 11 (next Tuesday) local time

U.S. Congressman Nick Begich posted on the X platform: "It's time for the United States to become the first Bitcoin superpower. We are working with U.S. crypto-friendly Senator Cynthia Lummis to advance important plans on Bitcoin. Stay tuned for the release next Tuesday."

Project dynamics:

Bubblemaps: Will launch platform token BMT on March 11

On-chain data visualization platform Bubblemaps announced that it will launch the platform token BMT on March 11.

According to previous news , Bubblemaps will launch BMT tokens to provide support for the on-chain survey platform Intel Desk.

March 12

Macroeconomics:

At 8:30 pm on Wednesday, the US February unadjusted CPI annual rate, the US February seasonally adjusted CPI monthly rate, the US February seasonally adjusted core CPI monthly rate, and the US February unadjusted core CPI annual rate will be announced.

Project dynamics:

SBI VC Trade, a crypto exchange under SBI, will launch stablecoin "USDC" service on March 12

SBI VC Trade, a crypto exchange under the Japanese financial giant SBI Group, announced on March 4 that it has completed the first registration of "electronic payment methods and other trading practitioners" related to stablecoin transactions in Japan. After approval, the company will start processing the stablecoin "USDC" issued by the US company Circle on March 12. However, this function will currently be in the testing phase and the circulation scope will be limited to the group. With this latest approval, SVI VC Trade now has three licenses: cryptocurrency exchange business, first-class financial instrument business, and electronic payment instrument trading business.

Hemi mainnet will be launched on March 12, integrating Bitcoin and Ethereum ecosystems

The modular blockchain network Hemi Mainnet will be officially launched on March 12, 2025, aiming to achieve deep integration of Bitcoin and Ethereum through Hemi Virtual Machine (hVM). At present, Hemi has locked in more than $300 million TVL and received $15 million in seed round financing support from investment institutions such as Binance Labs and Breyer Capital .

Hemi's core features:

• EVM has a built-in Bitcoin node to implement Bitcoin smart contract functions

• Inheriting Bitcoin security and providing a “super-final” transaction confirmation mechanism

• Trustless cross-chain asset transfer, seamlessly move assets between Bitcoin and Ethereum through "Tunnels"

• Compatible with Ethereum development tools, supporting various DeFi applications such as DEX, lending, LST/LRT staking, perpetual trading, etc.

Hemi was founded by Jeff Garzik, an early Bitcoin developer, and Max Sanchez, a blockchain security expert. It is committed to building a super network that integrates Bitcoin and Ethereum, providing efficient, secure, and scalable Web3 infrastructure.

Lombard Finance to launch its Bitcoin liquid staking token LBTC on Sui blockchain on March 12

Lombard Finance announced that its Bitcoin liquid staking token LBTC will be launched on the Sui blockchain on March 12, marking the first time that LBTC has been integrated into a non-EVM-compatible chain. Currently, LBTC has been deployed on EVM-compatible networks such as Ethereum, Base, and BNB Chain, with a circulation of nearly $2 billion, of which 70% has been used in DeFi protocols such as Aave and Morpho. LBTC will be supported by Sui Wallet and Phantom Wallet, and will be first integrated into Sui protocols with the highest TVL, such as Cetus, Navi Protocol, and SuiLend. In addition, Lombard Finance plans to introduce incentives to encourage Bitcoin adoption in the Sui ecosystem, and hints that it may expand to more non-EVM networks in the future.

March 13

Token unlocking:

Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8:00 a.m. Beijing time on March 13, worth approximately $162 million;

Aptos (APT) will unlock approximately 11.31 million tokens at 6:00 a.m. Beijing time on March 13, accounting for 1.92% of the current circulation, with a value of approximately US$67.4 million;

March 14

Market analysis:

Analyst: SOL spot ETF may be approved as early as March 14 and as late as October 10

Sosovalue macro analysts said that according to the current SEC regulatory framework, cryptocurrency spot ETFs must undergo dual review of the S-1 registration document and the 19b-4 exchange rule adjustment document. The SEC must announce the preliminary review results within 45 days after accepting the 19b-4 document and make a final decision within 240 days at the latest.

Take Grayscale Solana Trust as an example. Its 19b-4 filing was accepted by the SEC on February 12. The SEC can reject or postpone it within the first 30 days, but cannot approve it directly. Therefore, the earliest approval window is March 14, and the preliminary review deadline is March 29. This time point may release key regulatory signals. If Grayscale Solana Trust is approved, Bitwise Solana ETF and other SOL spot ETFs that adopt the same exchange rule adjustment plan may be approved at the same time, and market liquidity expectations will start pricing reactions at this stage. Referring to the approval time of Bitcoin spot ETF (up to 240 days), the latest approval date of SOL spot ETF is October 10, 2025. However, under the current regulatory environment, the market generally expects that the SEC's approval process may be accelerated.

Token unlocking:

Polyhedra Network (ZKJ) will unlock approximately 17.22 million tokens at 8:00 am Beijing time on March 14, accounting for 28.52% of the current circulation, with a value of approximately US$35.3 million;

March 15

Project dynamics:

Babylon Foundation airdrop registration will end on March 15

The Babylon Foundation has previously opened an airdrop registration page, which will end on March 15. The airdrop targets the first phase stakers, the first phase finality providers, and eligible Github repository contributors.

Token unlocking:

Connex (CONX) will unlock approximately 4.33 million tokens at 8:00 a.m. Beijing time on March 15, accounting for 376.3% of the current circulation, with a value of approximately US$78 million;

Sei (SEI) will unlock approximately 55.56 million tokens at 8:00 pm Beijing time on March 15, accounting for 1.19% of the current circulation and worth approximately US$11.8 million;

Starknet (STRK) will unlock approximately 64 million tokens at 8:00 a.m. Beijing time on March 15, accounting for 2.33% of the current circulation, worth approximately $11 million.

March 16

Project dynamics:

Circle: Linea will realize the upgrade of bridging USDC to native USDC, and it is expected to suspend the USDC.e bridge on March 16

According to Circle's official blog, Linea will become the first blockchain to upgrade from bridged USDC (USDC.e) to native USDC (USDC), and will support Circle's cross-chain transfer protocol CCTP V2 in the upcoming mainnet. The upgrade is expected to suspend the bridging of USDC.e on March 16 and complete the conversion within 1-2 weeks without any action by users or developers. After the upgrade, the existing USDC.e will be automatically converted to USDC, and the contract address will remain unchanged. Currently, more than $19 million of bridged USDC has been circulated on the Linea chain, accounting for 71% of its stablecoin supply.

EigenLayer: The second quarter airdrop application is scheduled to end on March 16

The Eigen Foundation announced in a post on X that the second season airdrop application will open on September 16, and the application window will last until March 16, 2025. In addition, a programmatic incentive plan will be launched soon, which will distribute EIGEN every week and reward stakers and operators.