Project Progress

Elena Verna, Head of Growth at Swedish AI startup Lovable, stated that tech giants like OpenAI and Google, which possess strong distribution capabilities, represent the primary competitive threat. She believes that market dominance in AI programming tools relies on distribution channels and user growth capabilities. Despite intense competition, Lovable's business maintains robust growth, with annual recurring revenue rising rapidly, and the company plans to expand its workforce to meet growing demand.

Mistral AI co-founder Chaplot joins xAI and SpaceX to participate in Grok large language model training and the integration of digital intelligence and physical hardware. Recently, xAI has recruited multiple key talents, forming a stark contrast with talent attrition elsewhere.

Gate News, on March 16, the decentralized contract exchange Grvt announced through its official Twitter an adjustment to its points multiplier policy. According to the announcement, the altcoin points multiplier will be reduced to 2x, and the RWA (Real World Assets) points multiplier will be adjusted to 3x.

Florida Governor Ron DeSantis may soon sign a bill allowing the state to create a stablecoin regulatory framework, despite his previous warnings against Central Bank Digital Currencies (CBDCs) posing financial surveillance risks. The bill, passed unanimously, requires stablecoin issuers to report transactions over $10,000, raising concerns among libertarian groups about potential oversight. The move could complicate DeSantis's anti-surveillance stance while aligning with federal legislation efforts on stablecoin regulation.

Gate News reported that on March 16, Bitcoin L1 native smart contract platform OP_NET announced that its mainnet launch has been postponed from the originally scheduled March 17 to March 19, with wallet registration time extended by 2 days. Previously, OP_NET completed a $5 million funding round in March, led by Further.

Tether CEO Paolo Ardoino announced that a major breakthrough from the AI division will be released this week, marking progress in decentralized intelligent infrastructure. The QVAC platform aims to enable AI models to run locally on consumer-grade devices with efficient inference and task automation capabilities. Supported by Tether's financial resources, QVAC continues to iterate and involves multiple cutting-edge technologies, though its future breakthroughs still require observation of actual results.

Pi Network has initiated the second phase of its mainnet migration, marking the first time that referral reward tokens are included in the migration scope and converted into "on-chain assets." KYC verification is a key condition for the migration, but delays in verification and transfers have caused user dissatisfaction. This migration aims to accelerate Pi Network's transition toward a complete blockchain ecosystem, enabling support for more applications in the future, such as merchant payments and decentralized applications.

Sky proposes allocating approximately 70 million USDS to the remaining Sky Agents, including 10 million for Keel, 25 million for new executing Agent Amatsu, 25 million for Ozone, and 10 million for an undisclosed Sky Agent. If the proposal is approved, the funds will be transferred in the voting on March 26.

On March 15, Aave and CoW Swap released different analysis reports regarding last week's swap disaster, with disagreements on responsibility attribution and problem assessment. Aave emphasized that users confirmed transactions despite warnings, while CoW Swap pointed to systemic failures. Neither report detailed the profit issues of MEV bots, reflecting the controversy over responsibility attribution. Future collaboration terms still require community discussion, and Aave has introduced new features to prevent similar losses.

Sky Protocol (formerly MakerDAO) has approved approximately 70 million USDS allocation for Genesis Capital to support the launch of Sky Agent, an initiative aimed at establishing a network of independent capital allocators. Despite an 87% reduction in buybacks, USDS and DAI supply continue to demonstrate strong demand, reflecting sustained market confidence in the Sky ecosystem.

Gate News, on March 16, rwa.xyz data shows that Circle's tokenized money market fund USYC reached a total market value of 2.2 billion dollars, growing 41.16% over the past 30 days. With a 19.88% market share, USYC has become the world's largest tokenized US Treasury fund.

Ethereum co-founder Vitalik Buterin proposed a layer consolidation plan aimed at merging the code structure of the Beacon Chain and the execution layer to reduce the technical complexity of running nodes, enabling ordinary users to independently manage Ethereum infrastructure. This initiative aims to address the decentralization risks of relying on a small number of RPC service providers and lower the threshold for running nodes, thereby realizing Ethereum's censorship resistance vision.

Aave released a report on March 16 stating that users incurred $110,368 in fees due to extreme price impact caused by large transactions being routed to illiquid markets. To prevent similar incidents, Aave will introduce a new feature called Aave Shield that automatically blocks transactions exceeding 25% price impact. Users must actively disable protection to conduct high-risk transactions.

Vitalik Buterin proposes merging Ethereum's consensus and execution layers into a unified code structure, simplifying node setup and reducing complexity for developers and validators. This could enhance efficiency, lower maintenance costs, and improve compatibility among clients, fostering greater decentralization. The proposal is still under discussion.

Tether's CEO announced a significant AI breakthrough coming soon, following the release of QVAC Workbench 0.4.1. This platform enables on-device AI operation without cloud servers, supported by Tether's substantial profits primarily from U.S. Treasury bonds.

On March 16, trading platform Ventuals experienced a bank run on HYPE withdrawals, causing vHYPE to briefly plunge to $9 before rebounding to $31. The current price stands at $37.5, still trading at an 18% discount. The CEO stated that withdrawals will be suspended to prevent disruption, and the team is working with private LPs to increase HYPE holdings. Users can exchange vHYPE through secondary liquidity pools at a 0.85:1 ratio, with up to 15% discounts available for instant liquidity.

Circle CEO Jeremy Allaire stated that stablecoin regulatory frameworks in the United States, Japan, Hong Kong, and Europe are accelerating in implementation, presenting important opportunities for compliant stablecoins. At the same time, Circle is building infrastructure for developers, with plans to transform internet finance platforms into global monetary public infrastructure over the next decade.

Circle CEO Jeremy Allaire pointed out in the program that artificial intelligence will significantly impact the labor market, with a large number of positions facing replacement risks. At the same time, he warned that quantum computing may threaten existing cryptographic systems. Circle is developing quantum-resistant technology and plans to achieve quantum defense capabilities between 2026 and 2027.

Venus Protocol on March 15th disclosed follow-up developments regarding abnormal activity in the THE liquidity pool, suspending borrowing and withdrawals of THE, and reducing collateral factors to 0 across 7 markets to prevent risks for certain users. Preliminary investigation shows that the attacker accumulated 84% of THE tokens through normal deposit methods and manipulated prices by exploiting on-chain liquidity constraints and oracle delays. The platform will maintain transparency and publish a comprehensive report upon completion of the investigation.

Circle Skills lets AI agents perform payments, wallet tasks, and smart contract actions using USDC and EURC. Tool integrates with AI platforms like Cursor, Claude Code, and Codex to build stablecoin apps faster. Circle tested AI agents with a $30K USDC hackathon that produced 204