Crypto Events Worth Noting In March. Will Ethereum Have A Good Chance To Explode Again?
- Ethereum will be able to regain its position if the Shanghai upgrade goes through successfully.
- In addition, DeFi also has names like yearn.finance, dYdX, Synthetix, … with equally important events.
- NFT and GameFi in March have projects starting to develop.
March promises to be a volatile period for the crypto market, from macroeconomics to niches like DeFi, Layer 1, Layer 2 and Ethereum Shanghai upgrade. Explore projects and their important events with Coincu that will take place this month.
The Yearn team recently stated in the community that as investors favor the LSD industry, the upcoming yETH token will give users direct access to a basket of Ethereum Liquid Collateral Derivatives (LSD ).
yETH essentially helps users diversify the risk of a single LSD and, at the same time, obtains additional income through Yearn’s large veCRV positions in Curve Pools. With the subsequent launch of yETH, it is expected to bring additional income to veYFI stakeholders. It should be noted that the specific launch time of yETH products has not been disclosed yet.
The development of the v4 version is divided into five phases. It is currently in the second phase milestone (M2). It is expected to launch the personal testnet (M3) at the end of March and complete the third milestone.
Nexus Mutual (NXM, wNXM) – The first phase of the Neuxs Mutual v2 upgrade has been completed, and entered the second phase on February 27th and will continue until the end of March 5, during the upgrade period, the claim application will be closed until the upgrade is completed reopen.
The final stage of the v2 version upgrade will start on March 6, when smart contracts will be migrated from v1 to v2. In addition, the user interface UI will also be upgraded, and all upgrades are expected to be completed on March 10.
The v3 upgrade scheduled for March was deployed on the Ethereum mainnet and Optimism on February 23. The main iterations of v3 include: adopting the CDP model, increasing the depth of on-chain transactions through atomic conversions, supporting the establishment of a license-free spot and futures market, and improvements in clearing and rewards.
Ondo Finance (ONDO)
Ondo Finance officially launched its new agreement Flux Finance in February and issued OUSG (US short-term treasury bond fund) to officially introduce off-chain bond products into the blockchain, which is expected to follow in March/April. Launched OSTB (short-term investment grade bond fund) and OHYG (high-yield corporate bond fund).
Ethereum Shanghai Upgrade
The Shanghai upgrade is the biggest story and public expectation in the market in the near future.
Before the mainnet upgrade in Shanghai, there will be 3 testnet upgrade tests (Zhejiang → Sepolia → Goerli). Today, the Shanghai upgrade of Sepolia was successfully activated.
If the previous 3-weekly testnet promotion rhythm continues, then Goerli, as the most followed and most engaged testnet, will trigger the upgrade on March 21. which means the mainnet upgrade in Shanghai could take place in April.
Layers 1 and Layers 2
FEVM will be released on March 14. Developers will be able to deploy EVM contracts on the Filecoin mainnet through FEVM. Existing Ethereum tools will be compatible with Filecoin, and actors deployed by users can interact with Filecoin built-in actors and Access Filecoin functions.
The previously released proposal on activating the Replicated Security function has been passed, and the Cosmos Hub is expected to undergo a v9 lambda upgrade on March 15, which will enforce the operating rules of inter-chain security (ICS), allows other consumer chains to benefit from the security of the Cosmos Hub without having to maintain their own validators.
In exchange for this service, consumer chains are expected to send a portion of their fees and inflation to Cosmos Hub validators and delegators, and these tokens will be included in Cosmos Hub’s staking rewards. If multiple subsequent consumption chains start to rely on the Cosmos Hub’s validator network, it will be beneficial for ATOM to gain more value.
Optimism created Bedrock, a rollup architecture. Rollups allow for the batching and publication of hundreds of transactions into a single mainnet block. In other words, they combine several transactions into a single transaction, which speeds up the blockchain.
The Bedrock update will assist Optimism in improving transaction costs and speed, as well as laying the groundwork for future enhancements such as decentralized sequencing, allowing it to compete with its major competition, Arbitrum.
GamesFi & NFT
Parallel Life (PRIME)
PRIME token circulation will begin on March 1. Parallel Life is a collectible card game with a sci-fi setting. It previously completed a $50 million funding round led by Paradigm at a $500 million valuation. This is also one of the few scenes shot on the field of Paradigm.
Parallel Life conducted a token airdrop to 60,000 addresses holding its NFT tokens. As of March 3, the total circulating supply of PRIME tokens is around 20 million (~110 million total supply). Please check the SGD Express series of first-class warehouses for more background information.
Yuga Labs (APE)
Yuga Labs has announced that it will launch the TwelveFold NFT chain on the Bitcoin blockchain based on the Ordinals protocol. The collection includes 300 limited-edition generation artworks engraved on the Bitcoin blockchain, each on a 12×12 grid, designed and created by Yuga Labs’ in-house art team, incorporating elements of 3D elements and hand-drawn features.
The company claims that TwelveFold has no connection to its Ethereum-based IP, nor will there be any interaction or utility in this regard in the future. The TwelveFold Auction will begin later this week with 24 hours’ notice for auction details and exact timing. Additionally, APE will unlock 40 million tokens on March 17, representing 4% of the total, for $232 million.
Illuvium will launch a new NFT collectible game, Beyond, on March 7, an interactive and competitive card game based on Illuvtar (a PFP project published by Illuvium), players can improve their rankings.
Leaderboard to earn more in-game rewards in the Illuvium universe, which includes the three main Illuvium games: Overworld, Arena, and Zero. Beyond is currently open for registration, and the game’s launch could enrich the game’s playability and more social properties of the Illuvium universe.
Looks Rare (LOOKS)
Approximately $12.5 million LOOKS will be unlocked on March 25, representing 1.25% of the total supply. All tokens unlocked this time come from the treasury.
Stargate Finance (STG)
Stargate will implement an STG token 1:1 replacement plan on March 15, aiming to replace the original STG tokens with the newly issued STG tokens 1:1 to eliminate the risk of illegal transfer of STG from Alameda addresses.
Previously, Alamada purchased 10% of the total supply of STG tokens in the Stargate community sale on March 17, 2023, and verbally promised to lock them until March 2025. However, recent on-chain transfer data of the Alameda wallet suggests that Alameda does not have full control over its wallet and that someone is moving funds illegally.
Helium Network will begin migrating to the Solana chain on March 27. This upgrade will affect all wallets, Hotspots, and Helium network status and will occur within a 24-hour transition period. The existing Helium blockchain will cease functioning during a 24-hour transition period on March 27. Data transfer and Proof-of-Coverage activities will not be affected.
Umee, the Cosmos ecological cross-chain DeFi protocol, announced that it would launch the first phase of the closure of the Umee Gravity Bridge before the end of March. In the future, it will cooperate with Axelar, and Axelar Bridge will become the official bridge connecting Ethereum and Cosmos.
It is still possible to transfer tokens back to Umee using Gravity Bridge, but it is officially not recommended to use Gravity Bridge to transfer any tokens from Umee to Ethereum. On April 1st, the function of transferring assets from Gravity Bridge Umee to Ethereum will be disabled. It also plans to close Gravity Bridge completely by the end of May.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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