Rankings & Leaderboards

The market cap of tokenized assets reached $24.6B in January, led by tokenized treasuries and commodities. Treasuries made up 39% of this, while commodities surged due to rising gold prices. Stablecoins contributed to liquidity, with a market cap of $308B.

The prediction market is heating up, with the total trading volume in the latest week reaching $6.41 billion, a month-over-month increase of over 11%. Kalshi and Polymarket have become the market leaders with transaction volumes of $3 billion and $2.5 billion, respectively. The two have formed a "dual-track parallel" development due to their differentiated positioning in compliance and blockchain architecture. Overall activity levels show divergence, reflecting the sensitivity of the prediction market to external events. Future growth will depend on product innovation and regulatory clarity, which could become a bridge between traditional finance and blockchain.

According to data from loris.tools, since the beginning of this year, Trump's weekend actions have driven the trading volume of Trade.xyz, reaching a single-day trading volume of $5.31 billion on March 23. Although trading has recently declined, Trade.xyz still accounts for over 90% of the market share in HIP-3, with Dreamcash's daily trading volume reaching $159 million.

According to data from DefiLlama, approximately 97.6% of DeFi projects have failed to generate significant revenue, and income is highly concentrated. In the past 30 days, only 32 projects have earned over $2 million, with main revenue coming from stablecoin issuers and trading platforms, with Tether and Circle earning $490 million and $201 million respectively. Only a few protocols have revenue between $10 million and $50 million, while some projects are experiencing losses.

Bitcoin and Ethereum dominate the cryptocurrency market, holding approximately 67% and 13% of total market capitalization, respectively. This concentration indicates a strong preference for relatively stable assets among investors. Bitcoin is considered "digital gold," while Ethereum leads in decentralized applications and smart contracts. Their price movements significantly influence the overall market trends.

After launching on Binance, most tokens faced severe losses, with an average retracement of 71% to 80%. Listing is no longer seen as an investment opportunity but rather as an insider sell-off event. The main reasons include internal liquidity events, overvaluation, weak capital inflows, and market saturation. Only projects with genuine products and communities can survive in the future.

RootData will hold a project tour in the market maker field on March 30, showcasing the transparency rankings of market makers in the crypto industry and urging projects to claim their homepage to improve transparency and help users prevent market manipulation risks.

Goldman Sachs holds over $152 million in four spot XRP ETFs, remaining the largest institutional holder. Despite the decline in XRP prices, the ETFs still experienced net inflows, indicating cautious optimism in digital asset investments. Details of Goldman Sachs's buying and selling activities will be disclosed in the quarterly financial report.

On March 26th, the overall crypto market experienced gains, with the Meme sector up 5.09%. Bitcoin broke through $71,000, while Ethereum maintained levels above $2,100. AI, RWA, Layer 2, and Layer 1 all showed upward momentum, while GameFi and PayFi experienced slight declines. The overall crypto sector index also rose.

A fundamental change is occurring in the world of NFTs as the key metrics used to measure projects or value grow more fluid. Traditionally the value of an NFT has been defined by price and hype, but now value in terms of NFT creations will largely be based on how much they can generate community

Blockchain Layer-1 (L1) sees rising user activity with 18 million daily active addresses, led by BNB Chain. This trend reflects increased adoption in DeFi, gaming, and on-chain apps, signaling market recovery and innovation in cryptocurrency.

The crypto market has seen a 1.35% rise, reaching a $2.44T capitalization, despite a 21.65% drop in volume. Bitcoin and Ethereum experienced gains, while top gainers included $GPM, $TRUMP, and $PEPE. DeFi TVL and NFT sales also surged, with key purchases and services announced.

Mainstream Perp DEX platforms saw a slight decline in trading volume, while open interest rose. Hyperliquid and Aster led with trading volumes of $7.81 billion and $2.58 billion respectively. Latest trading volume and open interest figures have been updated across all platforms.

Bitmine has significantly increased its Ethereum holdings to 4.66 million ETH, representing 3.86% of the total supply, after purchasing over 65,000 ETH weekly. The company stakes 67% of these holdings, generating substantial revenue while expanding its crypto treasury to $11 billion.

On March 23, SWE-rebench published its latest benchmark rankings, with Claude Opus 4.6 topping the list. This update removed example demonstrations and step limitations, while adding auxiliary evaluation tasks. GLM-5 ranked third among open-source models, with Chinese models collectively occupying four positions.

Bloomberg analyst Eric Balchunas noted that Bitcoin spot ETFs saw net inflows of $2.5 billion this month, approaching to fill the year's funding outflow gap. Despite Bitcoin's price dropping about 40%, investors' willingness to hold remains strong, indicating market resilience.

Golden Finance reported that on March 24, according to Token Terminal data, the combined daily active addresses across Layer 1 blockchains reached 18 million, with BNB Chain ranking first.

# Source: Grayscale Research; Compiled by: Jinse Finance ## Key Points: ----- **2026 Q1 characterized by volatility:** Geopolitical risks and macroeconomic re-pricing drove sharp market swings. **Industry-wide decline:** Returns across six major crypto sectors were negative for the second consecutive quarter, as risk-off sentiment and deleveraging accelerated. **Financial applications and tokenization projects lead:** Supported by institutional adoption and improved regulatory clarity, these projects outperformed the broader market. **AI-related tokens stand out:** With increasing focus on artificial intelligence and clear on-chain financial settlement needs from agents, the AI sector emerged strongly. ## Overall Performance The first quarter of 2026 was another challenging period for the crypto market.

The crypto market shows recovery with a $2.4T capitalization and a notable 1.99% increase. Bitcoin rises by 2.43% and Ethereum by 3.49%. Significant gains are seen in select altcoins, while DeFi and NFT sectors also experience growth.

Bitmine has significantly increased its Ethereum holdings to 4.66 million ETH, representing 3.86% of the total supply, after purchasing over 65,000 ETH weekly. The company stakes 67% of these holdings, generating substantial revenue while expanding its crypto treasury to $11 billion.