In Uncommonlab Weekly Alpha, we compile and share newly emerging crypto alpha opportunities each week.

• NFT marketplace Magic Eden announced that it will focus on Solana and the on-chain casino and sports betting platform Dicey.

• As a result, the company stated that it will gradually phase out the Bitcoin and EVM-based marketplaces and wallets it has supported so far.

• CEO Jack explained that more than 85% of NFT trading volume occurs on Solana, and the decision aims to reduce the complexity and operational costs of maintaining a multi-chain infrastructure. The services will remain available only until March 9.

• While EVM-based NFTs are unlikely to be significantly affected due to the presence of platforms like OpenSea, the situation is different for Bitcoin Runes and Ordinals. Since Magic Eden has been the most accessible and convenient platform for trading them, it may become much harder to trade these NFTs going forward.

Magic Eden CEO Jack announced that the platform will shut down the Bitcoin and EVM-based NFT marketplaces that Magic Eden has supported so far.

Most of the NFT trading volume on Magic Eden has historically come from Solana, so the company stated that maintaining a multi-chain marketplace required significant resources and costs, making it inefficient. The shutdown is intended to reduce that operational burden.

For Bitcoin NFTs, Magic Eden had been the most convenient and accessible platform for trading. With the marketplace now closing, traders suddenly have fewer places to trade, which has already had a noticeable impact on the market, with NFT prices dropping.

While many users are disappointed by Magic Eden’s decision to discontinue support for these marketplaces, the project team explained that the move is meant to focus on its most profitable segments—Solana and the on-chain casino platform Dicey.

With both Magic Eden and OpenSea pivoting toward token swap platforms, it seems increasingly unlikely that the NFT sector will recover the trading volumes it once had.

• Opinion, which previously recorded the largest trading volume on the BNB Chain, successfully launched its token and secured listings on multiple exchanges, including Binance.

• Following this, the BNB Chain prediction market was expected to see increasing competition between Predict.fun and Probable.

• However, Predict.fun — a BNB Chain–based prediction market — announced that it will acquire Probable, a prediction market project that had been incubated by PancakeSwap.

• It is believed that the two teams reached an internal agreement and decided on the acquisition in order to grow the BNB-based prediction market ecosystem together. As part of the integration, points will be merged at a 1:2 ratio, and a fee rebate event will also be held.

Opinion, which received investment from YZi Labs, has completed its token launch and successfully secured a Binance listing. As a result, it was expected that the BNB Chain prediction market would see intensifying competition between the remaining platforms, Predict.fun and Probable.

However, Predict.fun suddenly announced the acquisition of Probable, stating that the two platforms will now operate as a unified service under Predict.fun.

While the exact reason behind the acquisition has not been clearly disclosed, some speculate that Opinion’s performance turned out to be weaker than expected, leading to lower activity in BNB Chain prediction markets. As a result, the teams may have concluded internally that merging to survive in the market would be the better strategy, which likely led to the integration of Predict.fun and Probable.

• Power Protocol is a blockchain gaming project that operates the game Fableborne.

• Recently, the price of the POWER token dropped sharply from $2.3 to $0.14 within a week, sparking controversy and allegations of dumping.

• According to reports, Power Protocol restricted the daily bridge limit for POWER tokens while simultaneously accumulating POWER on the Ethereum chain, which drove up the token’s price.

• Most of the circulating supply exists on the Ronin chain, but POWER on the Ethereum chain is required to deposit tokens to exchanges. By restricting the bridge and manipulating the price of the relatively small supply of POWER on Ethereum mainnet, the team allegedly pushed the price up and encouraged users to buy.

• A few days later, just one day before the staking reward distribution, a large amount of POWER tokens was sold, triggering a sharp price crash.

• The team claims that the market maker (MM) withdrew and sold tokens allocated for market making without permission. However, since the process requires multi-signature approvals, many believe the dumping likely occurred with the team’s consent.

The gaming project Power Protocol has sparked controversy after allegedly dumping its own token.

To transfer POWER tokens to exchanges, users needed POWER on Ethereum mainnet. However, since most of the circulating supply existed on the Ronin chain, users had to go through a bridge process to move tokens between chains.

The problem was that the bridge had a daily transfer limit, which prevented most users from moving their tokens. As a result, the relatively small supply of POWER on Ethereum mainnet surged to around $2.3, creating a significant price discrepancy between Ronin and Ethereum.

During this period, the team reportedly sent POWER tokens to a market maker (MM) under the pretext of market making. The MM then deposited the tokens to exchanges and sold them all, causing the price to crash to $0.14.

The Power team claims that the MM sold the tokens without permission, but since the transfer process required multi-signature approval, it is widely believed that the dumping likely occurred with the team’s consent.

Because the price gap between Ronin and Ethereum POWER tokens had already widened significantly once the bridge restrictions were in place, many consider this a clear case of price manipulation. The fact that the team ultimately blamed the MM while the tokens were fully sold off suggests that, although the project briefly gained attention in the gaming sector, the real objective may have been to dump the token

• PancakeSwap recently introduced an update aimed at offering better pricing for StableSwap exchanges. However, during the implementation process, it was revealed that code from Curve Finance had been copied without authorization.

• After discovering this, Curve Finance publicly stated on social media that PancakeSwap had replicated its code without permission, arguing that this constitutes a violation of the license.

• In response, PancakeSwap said it would reach out directly to the Curve team to resolve the issue regarding the code.

• Although the technology is open source, it still requires proper attribution and compliance with licensing terms. As a result, this incident is likely to be resolved through discussions between the teams rather than through legal disputes.

PancakeSwap Used Curve Finance’s AMM Open-Source Code Without Attribution

PancakeSwap used AMM-related open-source code developed by Curve Finance without providing attribution or coordinating with the Curve team beforehand.

In response, Curve Finance publicly addressed the issue on social media, informing PancakeSwap that this constitutes a violation of the code’s license. Curve also stated that if PancakeSwap wishes to use the code without legal issues, they are welcome to reach out and discuss proper licensing.

PancakeSwap acknowledged the issue and replied that it would review the situation and contact the Curve team. As a result, the matter is expected to be resolved through licensing cooperation rather than legal disputes.

• Out of Bitcoin’s total supply of 21 million, the 20 millionth BTC was successfully mined on March 9, 2026, marking a historic milestone.

• This achievement occurred 6,267 days after the Genesis Block in January 2009, meaning that approximately 95.2% of Bitcoin’s total supply has now been mined.

• The remaining 1 million BTC will be mined gradually over the next ~114 years due to Bitcoin’s halving mechanism, which continuously reduces block rewards over time.

• While the event did not have an immediate market impact, it serves as a reminder to long-term holders that the amount of mineable Bitcoin remaining is becoming increasingly scarce.

Out of Bitcoin’s total supply of 21 million, the 20 millionth BTC has now been mined. As a result, about 95.2% of all Bitcoin has already been mined, and the remaining 1 million BTC will be gradually mined over the next 114 years.

Considering the 2.3–3.7 million BTC that are estimated to be permanently lost, the amount of Bitcoin that is actually available for trading in the market is likely only around 15.8–17.5 million BTC, making it even scarcer in effective supply.

While I don’t fully agree with the argument that Bitcoin still behaves like “digital gold,” since it no longer closely tracks the price of gold as it once did, it has clearly established itself as a reliable hedge against inflation. In particular, in an environment where global liquidity is expanding rapidly, Bitcoin tends to be one of the fastest assets to respond to changes in liquidity, which is why I believe it has firmly positioned itself as a legitimate investment asset.

• Forbes has estimated the net worth of Binance founder CZ (Changpeng Zhao) at $110 billion, ranking him as the 17th richest person in the world.

• This represents an increase of $47 billion compared to the previous year, surpassing Bill Gates. However, the figure largely reflects CZ’s ownership stake in Binance and the company’s estimated valuation.

• CZ pushed back on the estimate, arguing that such a large increase in his net worth is unrealistic, especially given that most crypto assets, including Bitcoin, have fallen by more than half from their previous highs.

• Since Forbes has not publicly disclosed in detail how it calculates these valuations or what specific data it uses, the figure should not necessarily be considered an exact measure of CZ’s actual wealth.

Binance founder CZ has been ranked the 17th richest person in the world by Forbes.

In response, CZ questioned the estimate, pointing out that most crypto assets, including Bitcoin, are still down about 50% from their highs, and asked how his net worth could have increased under such conditions.

It appears that the valuation largely reflects the estimated value of Binance, in which CZ holds a significant ownership stake. Unlike typical crypto assets, exchanges can generate revenue through trading fees regardless of whether crypto prices are rising or falling.

In other words, even if overall market sentiment is weak, people continue to buy and sell cryptocurrencies through Binance, and the fees generated from those transactions flow into the exchange. This means the exchange itself can continue to grow, which could in turn increase the estimated value of CZ’s holdings.

While the exact accuracy of the estimate is uncertain, it is clear that CZ is believed to control a substantial amount of wealth, so the figure is best taken as a rough reference rather than a precise measure.

• Kraken’s Wyoming SPDI subsidiary, Kraken Finance, has received approval for a Federal Reserve master account from the Federal Reserve Bank of Kansas City.

• A master account grants direct access to Fedwire, the real-time gross settlement system used by banks and credit unions, allowing institutions to process large-scale dollar payments without relying on intermediary banks.

• Most crypto companies that applied for a master account had their requests rejected in court, but Kraken succeeded after more than five years of ongoing engagement with regulators.

• However, this is a restricted master account, meaning certain features—such as earning interest on reserves or access to the discount window—are excluded. Even so, the approval is expected to positively impact the valuation of Kraken’s upcoming IPO.

Kraken, which is preparing for an IPO, has received approval for a Federal Reserve master account.

More specifically, Kraken Finance, Kraken’s Wyoming SPDI subsidiary, was granted the master account by the Federal Reserve Bank of Kansas City after more than five years of continuous engagement with regulators.

With this approval, Kraken can process large-scale U.S. dollar settlements directly without relying on intermediary banks, which is expected to make fiat deposits and withdrawals in the crypto market more stable and efficient.

As a result, the development is expected to positively impact the valuation of Kraken’s upcoming IPO, as well as the native token planned for issuance on its L2 network.

• ZODL (Zcash Open Development Lab) is a Zcash-based mobile wallet project created by early members of the Zcash protocol.

• The project has raised $25 million in funding from major venture capital firms including Paradigm, a16z Crypto, Coinbase Ventures, and Maelstrom.

• Leveraging Zcash’s strong privacy features, ZODL plans to build a mobile wallet aimed at broader mainstream adoption.

• As demand for privacy increases amid evolving regulatory environments, ZODL aims to develop into a self-custodial privacy-focused financial platform through its wallet ecosystem.

The entire team from Electric Coin Company has joined ZODL to develop a mobile wallet that can be used within the Zcash ecosystem.

For Zcash, growing regulatory pressures have increased the demand for privacy-focused solutions, and the ecosystem is positioning this as a key strength. ZODL aims to evolve into a self-custodial privacy financial platform built around this vision.

Thanks to the involvement of OG team members, the project was able to secure $25 million in funding from top-tier venture capital firms. Moving forward, the key question will be how effectively the team can build the wallet and drive broader mainstream adoption of Zcash.

• Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has made a strategic investment in OKX.

• ICE reportedly valued OKX at $25 billion as part of the investment, although the specific terms of the deal were not disclosed.

• Through this investment, ICE will join OKX’s board of directors and collaborate with the exchange to support U.S. futures markets and tokenized stock trading for NYSE-listed equities on OKX.

• Following the announcement, OKX’s exchange token, OKB, surged by more than 50%. The investment from a major Wall Street institution is expected to further accelerate the development of the tokenized equities market within the crypto industry.

OKX has raised a strategic investment from ICE, the parent company of the New York Stock Exchange, at a $25B valuation.

Through this investment, ICE will secure a seat on OKX’s board, while OKX plans to support trading of tokenized versions of NYSE-listed equities and derivatives on its platform.

Investments by Wall Street institutions into crypto exchanges are still relatively uncommon, but as the crypto industry gradually moves into clearer regulatory frameworks, it appears that traditional financial firms are beginning to establish early exposure despite the remaining uncertainty.

Following the announcement, OKX’s exchange token, OKB, surged by around 50%. Despite the $25B valuation assigned to OKX, the market capitalization of the OKB token remains relatively small at around $2B, suggesting that it may be worth monitoring going forward.

• Solv Protocol suffered a $2.7 million exploit in its Bitcoin Reserve Offering (BRO) vault due to a double-minting vulnerability.

• The attacker exploited a bug that allowed 135 BRO to be increased to 567 million BRO, repeating the attack 22 times and amplifying the amount by about 4,200x, before swapping the inflated BRO for Solv BTC.

• Fewer than 10 users were affected, and the Solv team covered all losses using treasury funds.

• Solv officially disclosed the incident and stated that if the attacker returns the funds, they will face no legal consequences and will receive a 10% bounty.

Solv Protocol was attacked through a vulnerability in its Bitcoin Reserve Offering.

The exploit resulted in the loss of 38 BTC, worth approximately $2.7 million, and the Solv team has stated that it will fully cover the losses. Funds belonging to users of other vaults remain safe, and the SolvBTC TVL still stands at around $500 million.

The SOLV token is listed not only on international exchanges but also on Korean exchanges such as Bithumb and Coinone. Due to the exploit, the token has been designated as an investment caution asset.

Although the scale of the exploit is not small, the team has committed to compensating all losses, and the incident does not appear to significantly impact the token’s price. For this reason, it is unlikely that the token will face delisting.

• In 2023, the SEC filed a lawsuit against Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc., alleging unregistered securities sales of TRX and BTT tokens as well as wash trading.

• However, in March 2026, the case was settled after Justin Sun agreed to pay a $10 million fine. As part of the settlement, the matter was concluded in a way that prevents the SEC from bringing the same claims again against Justin Sun personally, as well as the Tron and BitTorrent foundations.

• Justin Sun currently holds Lighter’s LIT token and had also provided liquidity in the LLP liquidity pool, but he recently withdrew his funds.

• Following the withdrawal, many people asked Justin Sun about the reason, and he explained that it was part of a wallet rebalancing process and that he plans to redeposit the funds later.

Justin Sun, Tron, and BTT had all faced lawsuits from the SEC, but after Donald Trump’s election, the case was settled in 2026 with a $10 million fine. Although Justin Sun did not admit to the allegations during the settlement, it is notable that the case was resolved through a settlement without him going to prison, unlike what happened with CZ.

Separately, Justin Sun recently became the center of attention after withdrawing funds from Lighter. The LIT token has been steadily declining, and with holder sentiment already weak, Justin Sun—who holds a large amount of the token—transferred funds to the HTX exchange, which accelerated the price decline.

As the LIT price continued to fall, many holders demanded an explanation. Justin responded through his social media account, stating that he does not plan to sell his LIT tokens and that the transfer to HTX was only for wallet rebalancing purposes.

Despite the explanation, the price of LIT has continued to decline, now approaching $1.

• A $27 million liquidation event occurred on Aave due to an issue with the Collateralized Asset Price Oracle used in the protocol.

• The oracle calculates the price of wstETH by retrieving the wstETH/stETH ratio from Lido, applying a price cap through the WstETHPriceCapAdapter, and then multiplying it by the ETH price. During this process, the collateral value was evaluated lower than the actual market price, causing some users’ positions to be liquidated.

• The CAPO system is designed as an additional defense mechanism to protect against oracle manipulation or price attacks. However, due to a technical configuration error, positions that were already close to liquidation thresholds ended up being incorrectly liquidated.

• Although the incident did not create any bad debt for the protocol, users with otherwise healthy positions were liquidated, so the losses are expected to be compensated by the Aave treasury and DAO.

A $27M loss occurred on Aave due to forced liquidations of wstETH caused by a CAPO oracle configuration error.

Fortunately, no bad debt was created during the process, and all affected users are expected to be compensated using funds from the Aave treasury and DAO.

After identifying the issue, the Aave team worked with Chaos Labs and BGD Labs to mitigate the problem by reducing the wstETH borrowing cap to 1 and manually realigning parameters through the Risk Steward, which helped restore the correct exchange ratio.

Although Aave’s core protocol itself was not compromised, the incident shows that issues in oracle systems can still be critical. If such problems occur, users need to be aware that they can lead to significant fund losses.

• KAST is a neobank project that supports stablecoin-based payments in more than 30 countries.

• The company has raised a total of $90 million in funding from venture capital firms including QED, HongShan, and Left Lane Capital.

• Users can complete KYC, deposit USDT or USDC, and activate a virtual card, allowing them to make payments anywhere that accepts Visa.

• KAST also offers benefits such as earning interest on stablecoins held within the app and cashback rewards proportional to spending amounts.

KAST has raised an additional $80M in funding.

The project has surpassed 1 million users within 18 months, and it appears to have received strong market recognition because it supports real-world payments based on the growing demand for stablecoin payments.

KAST also plans to launch its own native token. Currently, users can earn and accumulate points in-app based on card spending, which are expected to be related to the upcoming token.

The token’s valuation is currently indicated at around a $1B FDV, and the TGE is expected to take place sometime between Q2 and Q3.

One of KAST’s biggest advantages is that stablecoins can be directly used for payments through a Visa card, making it highly practical for everyday use.

• Limit Break is a project that started in Web3 gaming and has since evolved toward programmable tokens and AMM infrastructure.

• In 2022, the project raised $200 million in funding from investors including Paradigm, Standard Crypto, and Buckley Ventures. Based on this funding, it launched the DigiDaigaku NFT collection through an early Free-to-Own model.

• So far, there has been no official announcement regarding a token launch, and the project has remained relatively quiet while transitioning from a game-focused project to token and infrastructure development.

• However, the team recently announced the upcoming launch of its own testnet and began accepting pre-registrations. They are also running a $100,000 bounty program for finding vulnerabilities in Guardian Defender, a component related to their AMM protocol.

Limit Break has recently announced the upcoming launch of its own testnet and has begun accepting pre-registrations.

Until now, the team has been relatively quiet while focusing on building its technology, including ERC-20C and ERC-721C programmable token standards, Apptokens that enforce logic during token transfers and trades, and LBAMM, a programmable AMM designed to overcome some of the limitations of traditional models like Uniswap.

With pre-registration now open, it appears that the project is finally preparing to launch its testnet while building anticipation within the community.

Limit Break previously raised $200 million in funding from multiple venture capital firms, including Paradigm, in 2022, so there is a possibility that the project could launch its own token. Participating in the upcoming testnet may provide more insight into the project and its potential token plans.

Limit Break also has an NFT collection called DigiDaigaku. As the likelihood of a native token launch increases, demand driven by expectations of potential token allocations could push the price of DigiDaigaku higher.

• A proposal has been submitted to transition Across Protocol, which currently operates as a DAO, into a U.S. corporate structure.

• As part of the transition, ACX token holders would have two options:

• Exchange their tokens for company shares at a 1:1 ratio, or

• Redeem their tokens for USDC with a 25% premium.

• The final decision will be determined through a formal vote by ACX token holders in two weeks.

• However, nothing has been finalized yet, and the proposal could still change depending on the community’s response and discussions.

A proposal has been submitted within Across Protocol to transition the project from its current DAO structure to a U.S. corporate structure. As part of this process, ACX token holders would have two options: exchanging their tokens for company shares or redeeming them for USDC.

However, if the project converts into a U.S. corporate entity, it cannot necessarily be considered an entirely positive change. In practice, it would mean purchasing equity in a private company, which may require Accredited Investor status. Unlike tokens, such shares would not be freely tradable anywhere in the world, and they would also be subject to stricter legal and regulatory requirements.

Given this, if the Across team believes that the ACX token is currently undervalued, it might have made more sense to first propose measures aimed at improving the token’s valuation before suggesting a structural transition like this.

• As Binance expands its stock trading support, users can now trade more than 10 stocks—including Apple, Nvidia, and Tesla—24/7 using USDT.

• Recently, Binance also launched a perpetual futures product based on the EWY index, which tracks the iShares MSCI Korea ETF as its underlying asset.

• This ETF is listed on NYSE Arca and tracks major Korean companies such as Samsung Electronics and SK Hynix. The product allows users to trade with up to 10x leverage using USDT.

• The launch reflects the growing expansion of TradFi asset-based derivatives in crypto markets, enabling traders to access assets that may otherwise be restricted under domestic regulatory environments.

Binance has listed the iShares MSCI South Korea ETF, which tracks major KOSPI stocks such as Samsung Electronics and SK Hynix.

The product is called EWY and is based on the ETF listed on NYSE Arca in the United States. On Binance, it can be traded as a USDT-based perpetual futures contract with up to 10x leverage.

Perpetual futures have no expiration date and are settled through a funding rate mechanism, which adjusts the price gap between the spot market and the futures market.

From the perspective of Korean investors, this product offers the advantage of being able to trade KOSPI exposure even during weekends and nighttime hours. Additionally, if the funding rate is high, a strategy may be possible where investors buy the actual KOSPI exposure in the traditional market and short the equivalent position on Binance to farm funding payments.

However, traders should be cautious about the liquidity of the EWY product on Binance. Moreover, if taxation on trading profits in Korea begins in 2027 as planned, the overall advantage of such strategies may end up being less significant than expected.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Investments in cryptocurrencies and digital assets carry a high level of risk, so please conduct your own research and make decisions carefully.

• All research comments reflect the views of Uncommonlab Research interns and should not be considered financial or legal advice, nor should they be interpreted as a recommendation to trade any specific asset.

In Uncommonlab Weekly Alpha, we compile and share newly emerging crypto alpha opportunities each week.

• NFT marketplace Magic Eden announced that it will focus on Solana and the on-chain casino and sports betting platform Dicey.

• As a result, the company stated that it will gradually phase out the Bitcoin and EVM-based marketplaces and wallets it has supported so far.

• CEO Jack explained that more than 85% of NFT trading volume occurs on Solana, and the decision aims to reduce the complexity and operational costs of maintaining a multi-chain infrastructure. The services will remain available only until March 9.

• While EVM-based NFTs are unlikely to be significantly affected due to the presence of platforms like OpenSea, the situation is different for Bitcoin Runes and Ordinals. Since Magic Eden has been the most accessible and convenient platform for trading them, it may become much harder to trade these NFTs going forward.

Magic Eden CEO Jack announced that the platform will shut down the Bitcoin and EVM-based NFT marketplaces that Magic Eden has supported so far.

Most of the NFT trading volume on Magic Eden has historically come from Solana, so the company stated that maintaining a multi-chain marketplace required significant resources and costs, making it inefficient. The shutdown is intended to reduce that operational burden.

For Bitcoin NFTs, Magic Eden had been the most convenient and accessible platform for trading. With the marketplace now closing, traders suddenly have fewer places to trade, which has already had a noticeable impact on the market, with NFT prices dropping.

While many users are disappointed by Magic Eden’s decision to discontinue support for these marketplaces, the project team explained that the move is meant to focus on its most profitable segments—Solana and the on-chain casino platform Dicey.

With both Magic Eden and OpenSea pivoting toward token swap platforms, it seems increasingly unlikely that the NFT sector will recover the trading volumes it once had.

• Opinion, which previously recorded the largest trading volume on the BNB Chain, successfully launched its token and secured listings on multiple exchanges, including Binance.

• Following this, the BNB Chain prediction market was expected to see increasing competition between Predict.fun and Probable.

• However, Predict.fun — a BNB Chain–based prediction market — announced that it will acquire Probable, a prediction market project that had been incubated by PancakeSwap.

• It is believed that the two teams reached an internal agreement and decided on the acquisition in order to grow the BNB-based prediction market ecosystem together. As part of the integration, points will be merged at a 1:2 ratio, and a fee rebate event will also be held.

Opinion, which received investment from YZi Labs, has completed its token launch and successfully secured a Binance listing. As a result, it was expected that the BNB Chain prediction market would see intensifying competition between the remaining platforms, Predict.fun and Probable.

However, Predict.fun suddenly announced the acquisition of Probable, stating that the two platforms will now operate as a unified service under Predict.fun.

While the exact reason behind the acquisition has not been clearly disclosed, some speculate that Opinion’s performance turned out to be weaker than expected, leading to lower activity in BNB Chain prediction markets. As a result, the teams may have concluded internally that merging to survive in the market would be the better strategy, which likely led to the integration of Predict.fun and Probable.

• Power Protocol is a blockchain gaming project that operates the game Fableborne.

• Recently, the price of the POWER token dropped sharply from $2.3 to $0.14 within a week, sparking controversy and allegations of dumping.

• According to reports, Power Protocol restricted the daily bridge limit for POWER tokens while simultaneously accumulating POWER on the Ethereum chain, which drove up the token’s price.

• Most of the circulating supply exists on the Ronin chain, but POWER on the Ethereum chain is required to deposit tokens to exchanges. By restricting the bridge and manipulating the price of the relatively small supply of POWER on Ethereum mainnet, the team allegedly pushed the price up and encouraged users to buy.

• A few days later, just one day before the staking reward distribution, a large amount of POWER tokens was sold, triggering a sharp price crash.

• The team claims that the market maker (MM) withdrew and sold tokens allocated for market making without permission. However, since the process requires multi-signature approvals, many believe the dumping likely occurred with the team’s consent.

The gaming project Power Protocol has sparked controversy after allegedly dumping its own token.

To transfer POWER tokens to exchanges, users needed POWER on Ethereum mainnet. However, since most of the circulating supply existed on the Ronin chain, users had to go through a bridge process to move tokens between chains.

The problem was that the bridge had a daily transfer limit, which prevented most users from moving their tokens. As a result, the relatively small supply of POWER on Ethereum mainnet surged to around $2.3, creating a significant price discrepancy between Ronin and Ethereum.

During this period, the team reportedly sent POWER tokens to a market maker (MM) under the pretext of market making. The MM then deposited the tokens to exchanges and sold them all, causing the price to crash to $0.14.

The Power team claims that the MM sold the tokens without permission, but since the transfer process required multi-signature approval, it is widely believed that the dumping likely occurred with the team’s consent.

Because the price gap between Ronin and Ethereum POWER tokens had already widened significantly once the bridge restrictions were in place, many consider this a clear case of price manipulation. The fact that the team ultimately blamed the MM while the tokens were fully sold off suggests that, although the project briefly gained attention in the gaming sector, the real objective may have been to dump the token

• PancakeSwap recently introduced an update aimed at offering better pricing for StableSwap exchanges. However, during the implementation process, it was revealed that code from Curve Finance had been copied without authorization.

• After discovering this, Curve Finance publicly stated on social media that PancakeSwap had replicated its code without permission, arguing that this constitutes a violation of the license.

• In response, PancakeSwap said it would reach out directly to the Curve team to resolve the issue regarding the code.

• Although the technology is open source, it still requires proper attribution and compliance with licensing terms. As a result, this incident is likely to be resolved through discussions between the teams rather than through legal disputes.

PancakeSwap Used Curve Finance’s AMM Open-Source Code Without Attribution

PancakeSwap used AMM-related open-source code developed by Curve Finance without providing attribution or coordinating with the Curve team beforehand.

In response, Curve Finance publicly addressed the issue on social media, informing PancakeSwap that this constitutes a violation of the code’s license. Curve also stated that if PancakeSwap wishes to use the code without legal issues, they are welcome to reach out and discuss proper licensing.

PancakeSwap acknowledged the issue and replied that it would review the situation and contact the Curve team. As a result, the matter is expected to be resolved through licensing cooperation rather than legal disputes.

• Out of Bitcoin’s total supply of 21 million, the 20 millionth BTC was successfully mined on March 9, 2026, marking a historic milestone.

• This achievement occurred 6,267 days after the Genesis Block in January 2009, meaning that approximately 95.2% of Bitcoin’s total supply has now been mined.

• The remaining 1 million BTC will be mined gradually over the next ~114 years due to Bitcoin’s halving mechanism, which continuously reduces block rewards over time.

• While the event did not have an immediate market impact, it serves as a reminder to long-term holders that the amount of mineable Bitcoin remaining is becoming increasingly scarce.

Out of Bitcoin’s total supply of 21 million, the 20 millionth BTC has now been mined. As a result, about 95.2% of all Bitcoin has already been mined, and the remaining 1 million BTC will be gradually mined over the next 114 years.

Considering the 2.3–3.7 million BTC that are estimated to be permanently lost, the amount of Bitcoin that is actually available for trading in the market is likely only around 15.8–17.5 million BTC, making it even scarcer in effective supply.

While I don’t fully agree with the argument that Bitcoin still behaves like “digital gold,” since it no longer closely tracks the price of gold as it once did, it has clearly established itself as a reliable hedge against inflation. In particular, in an environment where global liquidity is expanding rapidly, Bitcoin tends to be one of the fastest assets to respond to changes in liquidity, which is why I believe it has firmly positioned itself as a legitimate investment asset.

• Forbes has estimated the net worth of Binance founder CZ (Changpeng Zhao) at $110 billion, ranking him as the 17th richest person in the world.

• This represents an increase of $47 billion compared to the previous year, surpassing Bill Gates. However, the figure largely reflects CZ’s ownership stake in Binance and the company’s estimated valuation.

• CZ pushed back on the estimate, arguing that such a large increase in his net worth is unrealistic, especially given that most crypto assets, including Bitcoin, have fallen by more than half from their previous highs.

• Since Forbes has not publicly disclosed in detail how it calculates these valuations or what specific data it uses, the figure should not necessarily be considered an exact measure of CZ’s actual wealth.

Binance founder CZ has been ranked the 17th richest person in the world by Forbes.

In response, CZ questioned the estimate, pointing out that most crypto assets, including Bitcoin, are still down about 50% from their highs, and asked how his net worth could have increased under such conditions.

It appears that the valuation largely reflects the estimated value of Binance, in which CZ holds a significant ownership stake. Unlike typical crypto assets, exchanges can generate revenue through trading fees regardless of whether crypto prices are rising or falling.

In other words, even if overall market sentiment is weak, people continue to buy and sell cryptocurrencies through Binance, and the fees generated from those transactions flow into the exchange. This means the exchange itself can continue to grow, which could in turn increase the estimated value of CZ’s holdings.

While the exact accuracy of the estimate is uncertain, it is clear that CZ is believed to control a substantial amount of wealth, so the figure is best taken as a rough reference rather than a precise measure.

• Kraken’s Wyoming SPDI subsidiary, Kraken Finance, has received approval for a Federal Reserve master account from the Federal Reserve Bank of Kansas City.

• A master account grants direct access to Fedwire, the real-time gross settlement system used by banks and credit unions, allowing institutions to process large-scale dollar payments without relying on intermediary banks.

• Most crypto companies that applied for a master account had their requests rejected in court, but Kraken succeeded after more than five years of ongoing engagement with regulators.

• However, this is a restricted master account, meaning certain features—such as earning interest on reserves or access to the discount window—are excluded. Even so, the approval is expected to positively impact the valuation of Kraken’s upcoming IPO.

Kraken, which is preparing for an IPO, has received approval for a Federal Reserve master account.

More specifically, Kraken Finance, Kraken’s Wyoming SPDI subsidiary, was granted the master account by the Federal Reserve Bank of Kansas City after more than five years of continuous engagement with regulators.

With this approval, Kraken can process large-scale U.S. dollar settlements directly without relying on intermediary banks, which is expected to make fiat deposits and withdrawals in the crypto market more stable and efficient.

As a result, the development is expected to positively impact the valuation of Kraken’s upcoming IPO, as well as the native token planned for issuance on its L2 network.

• ZODL (Zcash Open Development Lab) is a Zcash-based mobile wallet project created by early members of the Zcash protocol.

• The project has raised $25 million in funding from major venture capital firms including Paradigm, a16z Crypto, Coinbase Ventures, and Maelstrom.

• Leveraging Zcash’s strong privacy features, ZODL plans to build a mobile wallet aimed at broader mainstream adoption.

• As demand for privacy increases amid evolving regulatory environments, ZODL aims to develop into a self-custodial privacy-focused financial platform through its wallet ecosystem.

The entire team from Electric Coin Company has joined ZODL to develop a mobile wallet that can be used within the Zcash ecosystem.

For Zcash, growing regulatory pressures have increased the demand for privacy-focused solutions, and the ecosystem is positioning this as a key strength. ZODL aims to evolve into a self-custodial privacy financial platform built around this vision.

Thanks to the involvement of OG team members, the project was able to secure $25 million in funding from top-tier venture capital firms. Moving forward, the key question will be how effectively the team can build the wallet and drive broader mainstream adoption of Zcash.

• Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has made a strategic investment in OKX.

• ICE reportedly valued OKX at $25 billion as part of the investment, although the specific terms of the deal were not disclosed.

• Through this investment, ICE will join OKX’s board of directors and collaborate with the exchange to support U.S. futures markets and tokenized stock trading for NYSE-listed equities on OKX.

• Following the announcement, OKX’s exchange token, OKB, surged by more than 50%. The investment from a major Wall Street institution is expected to further accelerate the development of the tokenized equities market within the crypto industry.

OKX has raised a strategic investment from ICE, the parent company of the New York Stock Exchange, at a $25B valuation.

Through this investment, ICE will secure a seat on OKX’s board, while OKX plans to support trading of tokenized versions of NYSE-listed equities and derivatives on its platform.

Investments by Wall Street institutions into crypto exchanges are still relatively uncommon, but as the crypto industry gradually moves into clearer regulatory frameworks, it appears that traditional financial firms are beginning to establish early exposure despite the remaining uncertainty.

Following the announcement, OKX’s exchange token, OKB, surged by around 50%. Despite the $25B valuation assigned to OKX, the market capitalization of the OKB token remains relatively small at around $2B, suggesting that it may be worth monitoring going forward.

• Solv Protocol suffered a $2.7 million exploit in its Bitcoin Reserve Offering (BRO) vault due to a double-minting vulnerability.

• The attacker exploited a bug that allowed 135 BRO to be increased to 567 million BRO, repeating the attack 22 times and amplifying the amount by about 4,200x, before swapping the inflated BRO for Solv BTC.

• Fewer than 10 users were affected, and the Solv team covered all losses using treasury funds.

• Solv officially disclosed the incident and stated that if the attacker returns the funds, they will face no legal consequences and will receive a 10% bounty.

Solv Protocol was attacked through a vulnerability in its Bitcoin Reserve Offering.

The exploit resulted in the loss of 38 BTC, worth approximately $2.7 million, and the Solv team has stated that it will fully cover the losses. Funds belonging to users of other vaults remain safe, and the SolvBTC TVL still stands at around $500 million.

The SOLV token is listed not only on international exchanges but also on Korean exchanges such as Bithumb and Coinone. Due to the exploit, the token has been designated as an investment caution asset.

Although the scale of the exploit is not small, the team has committed to compensating all losses, and the incident does not appear to significantly impact the token’s price. For this reason, it is unlikely that the token will face delisting.

• In 2023, the SEC filed a lawsuit against Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc., alleging unregistered securities sales of TRX and BTT tokens as well as wash trading.

• However, in March 2026, the case was settled after Justin Sun agreed to pay a $10 million fine. As part of the settlement, the matter was concluded in a way that prevents the SEC from bringing the same claims again against Justin Sun personally, as well as the Tron and BitTorrent foundations.

• Justin Sun currently holds Lighter’s LIT token and had also provided liquidity in the LLP liquidity pool, but he recently withdrew his funds.

• Following the withdrawal, many people asked Justin Sun about the reason, and he explained that it was part of a wallet rebalancing process and that he plans to redeposit the funds later.

Justin Sun, Tron, and BTT had all faced lawsuits from the SEC, but after Donald Trump’s election, the case was settled in 2026 with a $10 million fine. Although Justin Sun did not admit to the allegations during the settlement, it is notable that the case was resolved through a settlement without him going to prison, unlike what happened with CZ.

Separately, Justin Sun recently became the center of attention after withdrawing funds from Lighter. The LIT token has been steadily declining, and with holder sentiment already weak, Justin Sun—who holds a large amount of the token—transferred funds to the HTX exchange, which accelerated the price decline.

As the LIT price continued to fall, many holders demanded an explanation. Justin responded through his social media account, stating that he does not plan to sell his LIT tokens and that the transfer to HTX was only for wallet rebalancing purposes.

Despite the explanation, the price of LIT has continued to decline, now approaching $1.

• A $27 million liquidation event occurred on Aave due to an issue with the Collateralized Asset Price Oracle used in the protocol.

• The oracle calculates the price of wstETH by retrieving the wstETH/stETH ratio from Lido, applying a price cap through the WstETHPriceCapAdapter, and then multiplying it by the ETH price. During this process, the collateral value was evaluated lower than the actual market price, causing some users’ positions to be liquidated.

• The CAPO system is designed as an additional defense mechanism to protect against oracle manipulation or price attacks. However, due to a technical configuration error, positions that were already close to liquidation thresholds ended up being incorrectly liquidated.

• Although the incident did not create any bad debt for the protocol, users with otherwise healthy positions were liquidated, so the losses are expected to be compensated by the Aave treasury and DAO.

A $27M loss occurred on Aave due to forced liquidations of wstETH caused by a CAPO oracle configuration error.

Fortunately, no bad debt was created during the process, and all affected users are expected to be compensated using funds from the Aave treasury and DAO.

After identifying the issue, the Aave team worked with Chaos Labs and BGD Labs to mitigate the problem by reducing the wstETH borrowing cap to 1 and manually realigning parameters through the Risk Steward, which helped restore the correct exchange ratio.

Although Aave’s core protocol itself was not compromised, the incident shows that issues in oracle systems can still be critical. If such problems occur, users need to be aware that they can lead to significant fund losses.

• KAST is a neobank project that supports stablecoin-based payments in more than 30 countries.

• The company has raised a total of $90 million in funding from venture capital firms including QED, HongShan, and Left Lane Capital.

• Users can complete KYC, deposit USDT or USDC, and activate a virtual card, allowing them to make payments anywhere that accepts Visa.

• KAST also offers benefits such as earning interest on stablecoins held within the app and cashback rewards proportional to spending amounts.

KAST has raised an additional $80M in funding.

The project has surpassed 1 million users within 18 months, and it appears to have received strong market recognition because it supports real-world payments based on the growing demand for stablecoin payments.

KAST also plans to launch its own native token. Currently, users can earn and accumulate points in-app based on card spending, which are expected to be related to the upcoming token.

The token’s valuation is currently indicated at around a $1B FDV, and the TGE is expected to take place sometime between Q2 and Q3.

One of KAST’s biggest advantages is that stablecoins can be directly used for payments through a Visa card, making it highly practical for everyday use.

• Limit Break is a project that started in Web3 gaming and has since evolved toward programmable tokens and AMM infrastructure.

• In 2022, the project raised $200 million in funding from investors including Paradigm, Standard Crypto, and Buckley Ventures. Based on this funding, it launched the DigiDaigaku NFT collection through an early Free-to-Own model.

• So far, there has been no official announcement regarding a token launch, and the project has remained relatively quiet while transitioning from a game-focused project to token and infrastructure development.

• However, the team recently announced the upcoming launch of its own testnet and began accepting pre-registrations. They are also running a $100,000 bounty program for finding vulnerabilities in Guardian Defender, a component related to their AMM protocol.

Limit Break has recently announced the upcoming launch of its own testnet and has begun accepting pre-registrations.

Until now, the team has been relatively quiet while focusing on building its technology, including ERC-20C and ERC-721C programmable token standards, Apptokens that enforce logic during token transfers and trades, and LBAMM, a programmable AMM designed to overcome some of the limitations of traditional models like Uniswap.

With pre-registration now open, it appears that the project is finally preparing to launch its testnet while building anticipation within the community.

Limit Break previously raised $200 million in funding from multiple venture capital firms, including Paradigm, in 2022, so there is a possibility that the project could launch its own token. Participating in the upcoming testnet may provide more insight into the project and its potential token plans.

Limit Break also has an NFT collection called DigiDaigaku. As the likelihood of a native token launch increases, demand driven by expectations of potential token allocations could push the price of DigiDaigaku higher.

• A proposal has been submitted to transition Across Protocol, which currently operates as a DAO, into a U.S. corporate structure.

• As part of the transition, ACX token holders would have two options:

• Exchange their tokens for company shares at a 1:1 ratio, or

• Redeem their tokens for USDC with a 25% premium.

• The final decision will be determined through a formal vote by ACX token holders in two weeks.

• However, nothing has been finalized yet, and the proposal could still change depending on the community’s response and discussions.

A proposal has been submitted within Across Protocol to transition the project from its current DAO structure to a U.S. corporate structure. As part of this process, ACX token holders would have two options: exchanging their tokens for company shares or redeeming them for USDC.

However, if the project converts into a U.S. corporate entity, it cannot necessarily be considered an entirely positive change. In practice, it would mean purchasing equity in a private company, which may require Accredited Investor status. Unlike tokens, such shares would not be freely tradable anywhere in the world, and they would also be subject to stricter legal and regulatory requirements.

Given this, if the Across team believes that the ACX token is currently undervalued, it might have made more sense to first propose measures aimed at improving the token’s valuation before suggesting a structural transition like this.

• As Binance expands its stock trading support, users can now trade more than 10 stocks—including Apple, Nvidia, and Tesla—24/7 using USDT.

• Recently, Binance also launched a perpetual futures product based on the EWY index, which tracks the iShares MSCI Korea ETF as its underlying asset.

• This ETF is listed on NYSE Arca and tracks major Korean companies such as Samsung Electronics and SK Hynix. The product allows users to trade with up to 10x leverage using USDT.

• The launch reflects the growing expansion of TradFi asset-based derivatives in crypto markets, enabling traders to access assets that may otherwise be restricted under domestic regulatory environments.

Binance has listed the iShares MSCI South Korea ETF, which tracks major KOSPI stocks such as Samsung Electronics and SK Hynix.

The product is called EWY and is based on the ETF listed on NYSE Arca in the United States. On Binance, it can be traded as a USDT-based perpetual futures contract with up to 10x leverage.

Perpetual futures have no expiration date and are settled through a funding rate mechanism, which adjusts the price gap between the spot market and the futures market.

From the perspective of Korean investors, this product offers the advantage of being able to trade KOSPI exposure even during weekends and nighttime hours. Additionally, if the funding rate is high, a strategy may be possible where investors buy the actual KOSPI exposure in the traditional market and short the equivalent position on Binance to farm funding payments.

However, traders should be cautious about the liquidity of the EWY product on Binance. Moreover, if taxation on trading profits in Korea begins in 2027 as planned, the overall advantage of such strategies may end up being less significant than expected.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any specific asset. Investments in cryptocurrencies and digital assets carry a high level of risk, so please conduct your own research and make decisions carefully.

• All research comments reflect the views of Uncommonlab Research interns and should not be considered financial or legal advice, nor should they be interpreted as a recommendation to trade any specific asset.