Blockchain

Attackers exploited a vulnerability in the USR stablecoin minting mechanism of the DeFi protocol Resolv, generating substantial uncollateralized tokens and rapidly converting them to cash. This led to a sharp market price depeg, affecting several DeFi platforms. The event underscores the inherent risks in stablecoin architecture and protocol permission management.

Amid the outbreak of war, why have stablecoin issuers emerged as the biggest winners? From February to March 2026, Circle’s stock price defied the broader market, soaring from $49 to $123. This article provides an in-depth analysis of the truth behind Circle’s “war dividend”: geopolitical tensions have locked in expectations of delayed interest rate cuts, allowing its $79 billion treasury bond reserve to generate sustained excess returns. Meanwhile, USDC’s ability to serve as a “physical safe haven” and facilitate “cross-border settlements” amid the Middle East turmoil has driven its trading volume to surpass that of USDT. However, beneath the surging stock price, structural concerns such as the profit-sharing agreement with Coinbase and a deep dependence on a high-interest-rate environment continue to weigh on Circle.

$500 Million Becomes $30 Billion: An “Investment Legend” Outside a Federal Prison In 2022, SBF funneled FTX customer funds into Anthropic, investing $500 million for an 8% equity stake. Four years later, as Anthropic’s valuation surged past $38 billion, this stake—liquidated due to fraud—reached a theoretical value of $30 billion. This article explores the “Effective Altruism (EA)” network linking SBF and Anthropic’s founders, exposing how the most audacious investment in AI history stemmed not from vision, but from a covert cycle of funds within the community. It stands as both a dark comedy of a 60x return and a sober account of EA philosophy’s unraveling amid the pursuit of wealth and power.

Lombard (BARD) is a decentralized finance platform designed for asset management and yield optimization. Its core objective is to enable efficient capital allocation and risk control through on-chain protocols and automated strategies.

ether.fi is a non-custodial liquid staking and restaking protocol built on Ethereum that enables users to stake ETH while retaining control over their assets and receiving liquid staking tokens such as eETH. With the expansion of Ethereum staking and decentralized finance, it has become part of a broader infrastructure that combines staking, liquidity, and extended security mechanisms.

Lombard (BARD) is a DeFi protocol focused on unlocking and reusing Bitcoin liquidity. Its core token, BARD, connects LBTC assets with on-chain financial activity through incentive mechanisms, governance participation, and value capture.

Lombard is a decentralized protocol focused on cross-chain asset liquidity and security infrastructure. Its core design uses the BARD token to establish a scalable governance system, gradually shifting control from the core team to the community while aligning on-chain decision-making with economic incentives.

In February 2026, the on-chain ecosystem exhibited more pronounced structural divergence amid price pressure. On-chain activity did not contract in tandem, but instead became further concentrated on high-frequency and high-efficiency networks. Solana maintained its dominance in high-frequency activity, while Base and Polygon continued to expand. Arbitrum saw a recovery in activity, but its capital retention and value capture weakened. Ethereum shifted from net outflows to significant net inflows, reinforcing its role as the primary settlement layer and a key hub for macro asset deployment. On the BTC side, the price pullback pushed short-term holders broadly into unrealized losses, with profit-taking cooling and sell pressure still concentrated among short-term positions, while the long-term holder structure remained intact. At the sector level, AI Agent, supply-side shocks, and institutional DeFi narratives coexisted. Short-term returns were driven by structural catalysts, while mid-term allocation continued

Despite continuous inflows of institutional and ETF capital, the Bitcoin market remains subject to its classic four-year cycle. SkyBridge founder Anthony Scaramucci attributes the current correction largely to long-term holders selling near the $100,000 psychological threshold. He anticipates that the market could enter a new bull cycle in the fourth quarter of 2026.

Katana is a DeFi-focused Layer 2 architecture designed to concentrate liquidity into a small number of core financial applications and recycle protocol-generated revenue back into those markets. With the development of modular blockchain infrastructure and liquidity fragmentation challenges, this model has emerged as a way to improve capital efficiency and sustainability in decentralized finance. Understanding how Katana works helps explain how coordinated incentives, liquidity ownership, and governance mechanisms interact within modern on-chain financial systems.

Katana (KAT) is a blockchain network designed to integrate multiple DeFi functions through chain level liquidity coordination. Its core objective is to improve capital efficiency and establish a closed loop yield system. Through its liquidity centric architecture and the vKAT incentive mechanism, Katana redefines how capital flows within DeFi.

In February, the overall crypto market showed a weak trend, with notable outflows from BTC ETFs. Major blockchains remained stable throughout the month, with Solana leading by a wide margin at over 100 million daily transactions. Ethereum recorded 13.34 million unique active addresses, maintaining its second-highest level in history. TradFi trading volume on Perp DEXs surged to $47.3 billion, largely driven by Hyperliquid’s HIP-3. The Web3 sector completed 46 funding rounds totaling $986 million, with the top 10 projects accounting for $793 million—three major deals were led by Tether. Meanwhile, Web3 security incidents declined significantly month-over-month, though smart contract vulnerabilities remained the primary risk source.

The SEC and CFTC have jointly released a groundbreaking document, bringing an end to ten years of regulatory ambiguity surrounding crypto assets. The document explicitly classifies 16 leading tokens—including BTC, ETH, SOL, XRP, and DOGE—as “digital commodities” instead of securities, and exempts key on-chain activities such as staking, mining, wrapping, and airdrops from being considered securities. Of particular significance, the document introduces an asset disaggregation mechanism, offering ICO projects a clear and compliant pathway to shift from securities to non-securities status. This represents a decisive triumph for native crypto logic within the framework of federal law.

Through case studies such as Morpho×Apollo and BlackRock×Uniswap, the article reveals the logic that 90% of projects overlook: holder quality matters more than price noise.

The article analyzes the potential of the pay-as-you-go model in the age of agents, while warning about the gray areas of web crawling and the balance between revenue and V2 dynamic routing.