Uniswap’s newly launched Ethereum layer-2 network, Unichain, was the fastest-growing blockchain in its debut month, according to blockchain data firm Nansen.

Unichain, which launched its mainnet on Feb. 11, saw 236,452 active addresses in its first month, according to blockchain analytics firm Nansen. While impressive for a new network, Unichain’s user base remains small compared to Solana’s 112 million total users and the roughly 19 million active users on Base and BNB Chain.

Berachain has more active addresses, but Unichain’s DEX volume dominates. Source: Nansen

However, Unichain has already emerged as a major player in decentralized exchange (DEX) volume, recording $217.7 billion — ranking third in the industry and surpassing Ethereum’s base layer at $91.2 billion.

Uniswap surges to industry’s top three in DEX volume in the month after debut. Source: Nansen

Berachain, which debuted in early February, reported a 30-day DEX volume of $3.78 billion, placing it eighth in the industry. It had a much higher number of active addresses than Unichain, which had 1.7 million.

Among established networks, BNB Chain saw the only DEX volume increase, surging 161% to $233.9 billion, making it the second-largest by volume.

Uniswap’s layer 2 launch reclaims DEX throne

Uniswap had been the largest DEX for most of its existence, but high Ethereum gas fees drove users toward cheaper alternatives like Solana and BNB Chain — especially during the recent memecoin frenzy. Uniswap conceded the top DEX spot to Solana-based Raydium in October and November 2024 as a result.

Related: Uniswap debuts Unichain mainnet, joins crowded ETH L2 ecosystem

With the rise of Ethereum layer-2 solutions and the launch of Unichain, users can now access Uniswap’s services with lower fees and faster transactions. On launch, Uniswap waived all interface fees for swaps, and the network boasted one-second block times, with plans to reduce them to 250 milliseconds.

As of March 10, Uniswap has reclaimed its position as the top DEX by total value locked (TVL), according to DefiLlama.

Uniswap’s DEX TVL leads despite industry-wide struggles. Source: DefiLlama

Solana’s cools amid memecoin decline

Industry-wide TVL has dropped from $138 billion in mid-December 2024 to $91.8 billion as of March 10, per DefiLlama.

DeFi activities slow as memecoin hype quiets down. Source: DefiLlama

Meanwhile, Solana remained the leader in active addresses, transactions and DEX volume, but its key metrics have declined in the past 30 days, Nansen data shows. Active addresses are down 19%, transactions have dropped 70% and DEX volume has fallen 27%.

Solana has been the go-to network for memecoin trading, with celebrities and even political figures launching tokens. However, declining investor appetite, bot activity and scam allegations — such as the controversy surrounding the Argentine president-backed token linked to Hayden Davis and Libra — have weighed on sentiment. Solana’s token launch activity and overall market sentiment on memecoins have since dropped.

Magazine: What Solana’s critics get right… and what they get wrong

Uniswap L2 Unichain’s DEX volume has been the third-highest in the industry in the past 30 days, according to Nansen data.

Cryptocurrency companies spent more than $134 million on the 2024 US elections, fueling concerns about their growing political influence and potential risks to regulatory stability, according to a report by the Center for Political Accountability (CPA).

The growing connection of crypto firms with US politics is raising newfound concerns for regulators, investors and the wider financial system, according to a report released by the Center for Political Accountability (CPA).

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report stated.

“While the companies making these contributions may be seeking a favorable regulatory environment, these political donations further erode public trust and expose companies to legal, reputational, and business risks that cannot be ignored,” the report added.

Cryptocurrency regulation has taken center stage over the past week following a historic executive order from US President Donald Trump to create a Strategic Bitcoin (BTC) Reserve ahead of the first White House Crypto Summit on March 7.

Source: politicalaccountability.net

Fairshake, a political action committee (PAC) backed by major crypto firms including Coinbase, Ripple and Andreessen Horowitz, was one of the largest contributors, spending more than $40 million to support candidates aligned with pro-crypto policies.

Fairshake and affiliated PACs were active in key congressional races, attempting to shape legislation favorable to digital assets.

“As the industry continues to seek influence through vast contributions and opaque financial maneuvers, the risks of instability, regulatory backlash, and public distrust only grow,” the report said.

Fairshake donations. Source: politicalaccountability.net

The influx of crypto money into politics did not go unnoticed by regulators. In August 2024, the consumer advocacy group Public Citizen filed a complaint with the Federal Election Commission (FEC), alleging that Coinbase’s corporate contributions to Fairshake and the Congressional Leadership Fund constituted a violation of federal election law due to their status as a federal contractor.

Related: Bitcoin reserve backlash signals unrealistic industry expectations

Coinbase has committed an additional $25 million to Fairshake for the 2026 midterm election cycle.

Coinbase commits $25 million to Fairshake. Source: Coinbase

“The stakes are too high for us to stand on the sidelines, and that’s why we at Coinbase are proud to help do our part,” the company wrote in an October 2024 blog post.

Related: Bitcoin risks deeper drop if $75K support fails amid macro concerns

Crypto’s political donations may be necessary for regulatory clarity

Despite the risks highlighted by the report, some regulatory experts see the donations as necessary for advancing more innovation-friendly regulations.

“As someone deeply involved in crypto, I see this spending as necessary for regulatory clarity, crucial for stability and growth,” according to Anndy Lian, author and intergovernmental blockchain expert:

“It seems likely to boost investor confidence by reducing uncertainty, as seen in pro-crypto candidate wins boosting market sentiment, like bitcoin’s post-election high.”

Still, risks, including “regulatory capture,” where the interests of large firms take priority, may present challenges and erode crypto investor trust. Still, this is part of the organic growth of the emerging crypto industry, Lian said, adding:

“The crypto community’s transparency and decentralization might mitigate this, ensuring fair regulations. While controversial, I don’t find it problematic, viewing it as the industry’s maturation, though public backlash could destabilize politics if seen as buying favor.”

The debate over crypto’s role in politics follows the high-profile collapse of the Libra (LIBRA) token, a memecoin endorsed by Argentine President Javier Milei. The project’s insiders allegedly siphoned over $107 million worth of liquidity in a rug pull, triggering a 94% price collapse within hours and wiping out $4 billion.

Over 100 governmental fraud complaints have been opened in Argentina since the Libra memecoin’s scandal, illustrating the risks of a country’s executive branch promoting “any kind of unregulated security,” the CPA’s report states.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

The statistical tool highlighted a broad price target for Bitcoin, which ranged between $51,430 and $713,000, with a mean average of $258,445 by September 2025.

Cryptocurrency exchange-traded products (ETPs) recorded a fourth straight week of outflows, with $876 million in losses during the past trading week.

After posting record weekly outflows of $2.9 billion last week, crypto ETPs continued their downward trend, bringing the four-week total outflows to $4.75 billion, CoinShares reported on March 10.

While the pace of outflows slowed, investor sentiment remained bearish, according to James Butterfill, head of research at CoinShares.

The analyst also suggested that the market has shown signs of capitulation.

Bitcoin ETP selling accounted for 86% of total outflows

Bitcoin (BTC) ETPs were the primary driver of outflows, accounting for $756 million, or 85% of last week’s total. Short-Bitcoin ETPs also saw outflows of $19.8 million, the most since December 2024. 

With cumulative outflows reaching $4.75 billion over the past four weeks, the year-to-date inflows dropped to $2.6 billion.

Weekly crypto ETP flows since late 2024. Source: CoinShares

Total assets under management (AUM) declined by $39 billion to $142 billion, the lowest point since mid-November 2024, driven by both negative price movements and sustained outflows, Butterfill noted.

Most altcoins shared bleeding sentiment

This bearish sentiment was also observed among a wide range of altcoins last week, with Ether (ETH) ETPs seeing $89 million of outflows.

Tron (TRX) and Aave (AAVE) were also among the most notable ETP losers, seeing $32 million and $2.4 million in outflows, respectively, according to the report.

Flows by asset (in millions of US dollars). Source: CoinShares

Conversely, Solana (SOL), XRP (XRP) and Sui (SUI) continued to see inflows totaling $16.4 million, $5.6 million and $2.7 million, respectively, Butterfill wrote.

Fidelity sees the largest outflows among ETP providers

Among crypto ETP issuers, Fidelity Investments saw the largest outflows last week at $201 million, bringing its YTD outflows to $159 million.

BlackRock’s iShares exchange-traded funds (ETF) were the second largest loser, with weekly outflows amounting to $193 million.

Related: US Bitcoin reserve prompts $370 million in ETF outflows: Farside

Despite seeing significant selling in the past few weeks, BlackRock is still the biggest crypto holder among other issuers, with $52.8 billion in AuM and $3 billion in YTD outflows.

Flows by issuer (in millions of US dollars). Source: CoinShares

Other major losses in the United States were seen by ARK Invest and 21Shares, which recorded $164 million in outflows, with YTD flows still standing positive at $110 million.

ProShares ETFs were again among the few US crypto ETFs that did not see outflows, recording $15 million of inflows.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

Banco Bilbao Vizcaya Argentaria (BBVA) announced on March 10 that it had received the nod from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to offer Bitcoin (BTC) and Ether (ETH) trading services to its customers. 

Spain’s second-largest bank’s crypto offerings in Spain will enable users to buy, sell and manage digital assets through its mobile app. The lender said it will use its own cryptographic key custody platform to maintain full control over customer holdings without third-party involvement. 

Initially, the rollout will be limited to a select group of users before gradually expanding to all private customers across the Iberian nation in the coming months.

Related: Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA

BBVA’s crypto journey began in Switzerland

BBVA’s foray into crypto began in Switzerland, where it launched Bitcoin custody and trading services for private banking clients in June 2021. The Swiss branch has since broadened its offerings to include Ether and the USDC (USDC) stablecoin.

In January 2025, BBVA’s Turkish subsidiary Garanti BBVA Kripto launched its crypto trading services to the public. With Spain now entering the fold, BBVA is broadening its crypto services in line with evolving European regulations.

TradFi and crypto firms scramble for MiCA permit

BBVA’s expansion comes as the Markets in Crypto-Assets Regulation (MiCA) reached full implementation at the end of 2024. While the framework is now in effect, crypto companies in the EU have until July 2026 to fully comply with its requirements under an 18-month transitional phase.

The grandfather period, or transitional phase, for crypto firms to become MiCA-compliant lasts until July 2026. Source: ESMA

Since MiCA’s rollout, traditional finance firms have accelerated their efforts to secure MiCA licenses and integrate crypto services. Prime brokerage Hidden Road obtained its MiCA license in the Netherlands on Dec. 30, 2024. Standard Chartered followed on Jan. 9, receiving approval in Luxembourg, while Boerse Stuttgart Digital Custody became Germany’s first MiCA-licensed crypto service provider on Jan. 17.

Crypto-native companies are also adjusting to the new regulatory landscape. In January 2025, major exchanges OKX, Crypto.com and HashKey all secured MiCA approval. Bybit, which suffered the largest hack in crypto history, was recently removed from France’s blacklist and has expressed intent to obtain a MiCA license next.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered 

Bitcoin sees a bigger US dollar drop in a single week than ever before as risk-asset traders run for the exit.

An Ethereum developer says the recent Pectra upgrade of the Sepolia testnet ran into errors, which was made worse after an attacker used an “edge case” to cause the mining of empty blocks.

Pectra rolled out on its final testnet, Sepolia, at 7:29 am on March 5, but Ethereum developer Marius van der Wijden said in a March 8 post that the team immediately started seeing error messages on their geth node and empty blocks being mined.

The error was because the deposit contract triggered the wrong type of event — a transfer event instead of a deposit, according to Van der Wijden.

A fix was rolled out, but van der Wijden says they missed one edge case, and an unknown user exploited it by sending a 0-token transfer to the deposit address, which triggered the error again. 

“After a few minutes we saw a lot of empty blocks again, so we looked again into the transaction pools and found another offending transaction that triggered the same edge cases,” he said.

Source: Marius van der Wijden

“First we thought that someone from the trusted validators has made a mistake, but we quickly realized that this transaction originated from a new account recently funded by the faucet.”  

The ERC-20 standard does not forbid a zero token transfer; this allows anyone, even if they don’t own any tokens, to transfer to another address, which the unknown user realized, van der Wijden said.

“The only way to stop the attack would be to filter out all transactions that interact with the deposit contract. So we made the following private fix, which we deployed to a few of the DevOps nodes.”

“We suspected that the attacker was reading some of our chats, so we decided not to publicize the fix, but only update a few nodes that we controlled in order to get more full blocks on the network,” he added. 

Source: Marius van der Wijden

By 2 pm, all the nodes had been updated with the fix, and the unknown user transaction was mined successfully.

Van der Wijden said they never lost finalization during the incident, and the issue was isolated to Sepolia because they were using a token-gated deposit contract instead of the normal mainnet deposit contract.

Previously, the developers tested the Pectra upgrade on the Holesky testnet on Feb. 26, which also encountered issues.

As a result, the developers have decided to postpone the Pectra upgrade until more tests can be done.

Related: Ether sentiment hits yearly low but that could be a good thing: Santiment

The Pectra fork follows the network’s Dencun upgrade, which slashed transaction fees for layer-2 networks and improved the economics of Ethereum rollups. The Dencun hard fork rolled out on March 13, 2024.

The Ethereum Foundation recently a new leadership structure with two co-directors of the foundation, Hsiao-Wei Wang and Tomasz Stańczak, taking the helm. 

Magazine: MegaETH launch could save Ethereum… but at what cost?

Ethereum’s recent Pectra test on the Sepolia fork encountered an issue that was made worse by an unknown user sending zero-token transfers.

Crypto scammers are using fake news articles and the likeness of government figures to capitalize on trade war fears, according to securities regulators in the Canadian provinces of Alberta and New Brunswick.

The Alberta Securities Commission said in a March 7 alert that a “crypto investment scam called CanCap” faked an endorsement from then-Prime Minister Justin Trudeau through a fake news article from Canada’s national public broadcaster, the CBC.

“The fake article notes that the Prime Minister is purportedly responding to US tariffs by endorsing an investment program involving digital currencies,” it said. 

Source: Alberta Securities Commission

The Financial and Consumer Services Commission of New Brunswick on March 5 also warned that CanCap used a fake news article claiming that New Brunswick Premier Susan Holt endorsed the platform.

“The fake article, crafted to look like a Telegraph-Journal web article, claims that the Premier is endorsing this ‘provincial investment program’ in response to the US tariff hikes,” the commission said.

It added the article had a fake transcript of an interview Holt supposedly had with the CBC where she promoted CanCap and featured doctored photos of her unveiling the new platform.

Related: ‘Victim-blaming’ Americans can deter crypto scams reporting — Regulator 

US President Donald Trump’s policies have caused major uncertainty for Canadians. His 25% tariffs on Canada, announced in February, came into force early this month, but he partially rolled them back days later, only to then quickly threaten a 250% tariff on lumber and dairy.

Mark Carney replaced Trudeau as prime minister on March 9 and slammed Trump for “attacking Canadian families” with the tariffs and vowed the country “will win” a trade war.

“The uncertainty that the US tariffs place on our economy is causing some New Brunswickers increased anxiety and concern about their financial security, and they may be looking for other means of income,” the commission’s communications director, Marissa Sollows, said in a statement. “Scammers are taking advantage of the situation, preying on individuals when they are at their most vulnerable.” 

The Albertan and New Brunswicker watchdogs both noted that scammers are increasingly leveraging current events to target potential victims’ fears and are using artificial intelligence to fake endorsements and generate content to give the scheme a sense of legitimacy.

They added that scammers can quickly change the name and look of the scheme. They have already used the names “CanCentra” and “Immediate Flectinium” and have linked it to at least six other websites under varying domains.

Global losses to crypto scams, exploits and hacks totaled nearly $1.53 billion in February, a figure largely due to a $1.4 billion hack on the crypto exchange Bybit, according to CertiK.

Excluding Bybit, February’s crypto losses totaled over $126 million, still a 28.5% jump from the $98 million lost in January.

Magazine: Influencers shilling memecoin scams face severe legal consequences