The crypto market capitalization in March showed a clear pattern of oscillating upward before pulling back, with capital inflows into BTC and ETH exhibiting notable volatility. In terms of transaction count, Solana maintained a dominant lead, consistently exceeding 100 million transactions. At the protocol level, Aave and Lido remained the top two in TVL rankings. On-chain transfer volume of tokenized stocks reached a new high in March, approaching $3 billion, up more than 80% compared to February. The Web3 industry completed 67 funding rounds during the month, totaling approximately $5.847 billion. Losses from Web3 security incidents reached about $31.94 million, up roughly 165% month-over-month, with smart contract vulnerabilities remaining the primary cause.

Key Insights

Cryptocurrency Market Performance: In February, the cryptocurrency market remained subdued overall, with BTC and ETH filled amounts exhibiting a “high open, low close” pattern. Significant capital outflows from BTC ETFs intensified downward price pressure. Major assets showed notable volatility and increased correlation, with market movements largely driven by short-term sentiment and no sustained trend emerging.

Mainstream Blockchain Data: Leading blockchains remained stable overall. Solana’s average daily trades exceeded 1 billion, ranking first among peers. Ethereum Gas fees spiked on February 5, likely due to the Meme coin surge or on-chain events. Tron’s Gas fees remained consistently high, highlighting its robust processing capability.
Hot Sector Trends: Ethereum’s unique active addresses reached 13.34 million, approaching a historical high. TradFi filled amount on Perp DEXs climbed to $47.3 billion, marking a roughly 125% increase from December over two months, primarily driven by Hyperliquid HIP-3.

Funding and Security Incidents: In March, the Web3 sector completed 67 funding rounds totaling approximately $5.847 billion, with CeFi and blockchain services accounting for the majority of funding volume. Top-tier fundraising showed a clear trend toward financialization and trading infrastructure. Web3 security-related losses reached approximately $31.94 million, up about 165% month-over-month. A single incident involving Resolv Labs accounted for $25 million, with smart contract vulnerabilities remaining the primary source of losses.
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Author: Akane, Kieran, Puffy

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