Project Progress

Tether announces an agreement with the Big Four accounting firms to conduct a comprehensive audit of its USDT reserves, marking the largest-scale inaugural audit in financial market history and signifying significant progress in reserve transparency. This initiative will boost market confidence and promote stablecoin compliance and mainstream adoption.

Fluid officially announced that the debt repayment work for the Resolv hacker incident is still ongoing, with approximately 70 million USD in debt already repaid, and the remaining portion expected to be settled in the near term. Simultaneously, a governance proposal has been issued to transfer the remaining debt to the team's multisig address for liquidation, a compensation plan will be announced soon, platform operations are normal, and user funds are secure.

Bittensor subnet ecosystem is expanding rapidly, with TAO token staking growing from $74,400 to $620 million, an increase of 833,000%. The number of subnets has grown from 80 to 120, with a market cap exceeding $1.5 billion, with some subnets performing exceptionally. It is expected that after market cap breaks through $1 billion, more staking will flow into subnets. TAO has recently experienced continuous price increases, reaching new highs, outperforming most cryptocurrencies.

Fluid has officially updated the progress of the Resolv security incident: $70 million USD of USR debt has been repaid, with the remaining balance to be settled within a few days. Additionally, a governance proposal has been released, planning to transfer the remaining debt to a multi-signature address for further liquidation. The compensation plan will be announced as soon as possible, and the platform is operating normally.

Gate News report: On March 25, Elon Musk posted that the next version of xAI's image generation tool Grok Imagine "will be epic, we're doubling down on it." The official Grok account subsequently replied confirming the new version is called Grok Imagine.

The Ethereum Foundation released a quantum-safe roadmap, planning to introduce quantum-resistant mechanisms through a hard fork before 2029 to address the threat quantum computing poses to blockchain encryption. This upgrade includes optimizing public key support and enhancing layer 2 network security to ensure long-term security. The risk of quantum computing breaking existing encryption algorithms has already drawn attention from the Bitcoin ecosystem and institutions.

Ripple is testing its RLUSD stablecoin in Singapore's regulatory sandbox to automate trade finance payments, enhancing efficiency by triggering instant payments upon shipment verification, and supporting its institutional strategy for stablecoin use.

Agent economic infrastructure TermiX launched and open-sourced the Agent Autonomous Commercial Protocol (AACP) on March 25, addressing core issues in task posting, bidding, and execution for commercial tasks. It defines four industry standards aimed at enhancing security and dispute resolution capabilities, while providing intelligent trading services for Crypto users.

Safeheron launched its AML/KYT product on March 25, integrating Chainalysis, Elliptic, and MistTrack with a multi-dimensional hybrid screening mechanism to achieve precise risk identification. The product supports customizable risk control strategies and visual reports to help institutions make rapid decisions while maintaining continuous compliance with SOC 2 Level security standards.

Backpack founder Armani recently stated that the witch hunt investigation team is reassessing complex cases and has opened an appeals channel. Eligible users can have 50% or more of their tokens returned through manual verification. Meanwhile, the team will launch a token buyback plan to compensate users.

Cursor released the Composer 2 technical report on March 25, revealing the training scheme of the Kimi K2.5 model, which adopts a MoE architecture with parameters reaching 10.4 billion. Training is divided into two stages, using real-world scenario simulation for reinforcement learning. The model ultimately achieved 61.3 points on the CursorBench benchmark, a 70% improvement, with inference costs lower than other large language model APIs.

Ripple's CTO David Schwartz criticizes the idea of artificially subsidizing XRP use to drive adoption, likening it to unsustainable tactics used by startups like Uber. He emphasizes focusing on removing barriers to adoption rather than offering financial incentives.

As Iran tensions escalate, Wintermute launches WTI crude oil CFD over-the-counter trading services to meet around-the-clock trading demands. CFDs allow traders to participate without holding physical crude oil while meeting institutional hedging needs. Wintermute is expanding its business into commodities, driving convergence between the crypto market and traditional finance.

Coixa Wallet has submitted a KYB authentication application to Pi Network. If approved, it will be able to provide compliant DeFi services within the Pi ecosystem. KYB authentication is an important verification mechanism for compliant platforms and helps enhance user trust. Currently, rumors have circulated regarding the transfer of billions of Pi tokens on Pi Network. Developers have clarified that this was an internal testing activity and there is no need for concern.

Ripple is testing its stablecoin RLUSD in Singapore's regulatory sandbox to automate cross-border payments, partnering with Unloq to enhance trade finance. This initiative aims to streamline processes by utilizing tokenized bank liabilities, moving beyond traditional manual verification methods.

Ripple announced its participation in the Monetary Authority of Singapore's BLOOM program, where it will test an automated cross-border trade finance settlement solution powered by stablecoin RLUSD within a regulatory sandbox. In collaboration with Unloq, Ripple is building a payment system based on the XRP Ledger to simplify procedures and reduce settlement cycles.