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A proposal to dramatically change Solana’s inflation system has been rejected by stakeholders but is being hailed as a victory for the network’s governance process.

“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.

Around 74% of the staked supply voted on proposal SIMD-228 across 910 validators, but just 43.6% voted in favor of it, with 27.4% voting against it and 3.3% abstaining, according to Dune Analytics. It needed 66.67% approval from participating votes to pass and only received 61.4%.

Jain added that this was the biggest crypto governance vote ever, by both the number of participants and the participating market cap, of any ecosystem, chain or network.

“This was a meaningful scaling stress test — a social, rather than technical, stress test — and the network passed despite a wide stratification of diverging opinions and interests.”

“Solana SIMD-228 voter turnout was higher than every US presidential election in the last 100 years,” claimed the team behind Solana’s X account. 

SIMD-228 is a proposal to change Solana’s (SOL) inflation system from a fixed schedule to a dynamic, market-based model. Instead of a pre-set decrease in inflation, this new system would dynamically adjust based on staking participation.

Currently, supply inflation begins at 8% annually, decreasing by 15% per year until it reaches 1.5%. The new mechanism may have reduced it by as much as 80%, according to some estimates. Solana inflation is currently 4.66%, and just 3% of the total supply is staked, according to Solana Compass. 

However, such high inflation can increase selling pressure, reduce SOL’s price and discourage network use. The proposed system would have adjusted inflation based on staking levels to stabilize the network and minimize unnecessary token issuance.

Benefits would have included increased network security due to dynamically increasing inflation if staking participation drops, reaction to real-time staking levels rather than following a fixed, inflexible schedule, and encouraging more active use of SOL in DeFi, according to Solana developer tools provider Helius. 

However, lower inflation could have made it harder for smaller validators to stay profitable, the proposed model increased complexity, and unexpected shifts in staking rates might have led to instability.

Related: Solana price bottom below $100? Death cross hints at 30% drop

There was little reaction in SOL prices, with the asset dipping 1.5% on the day to just below $125 at the time of writing. 

However, it has tanked by almost 60% in just two months as the memecoin bubble burst. Solana network revenue has also slumped over 90% since it was primarily used to mint and trade memecoins. 

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The upcoming launch of Solana (SOL) futures on the Chicago Mercantile Exchange (CME), a US derivatives exchange, signals that the first US SOL exchange-traded fund (ETF) listings are coming soon, Chris Chung, founder of Solana-based swap platform Titan, told Cointelegraph. 

On March 17, CME is preparing to launch SOL futures contracts. They will be among the first regulated Solana futures to hit the US market after Coinbase’s launched in February. 

The listing “paves the way for the eventual approval of SOL ETFs,” Chung told Cointelegraph.

Chung said he expects the US Securities and Exchange Commission (SEC) to approve asset managers VanEck and Canary Capital’s proposed spot Solana ETFs as soon as May.

The existence of regulated Solana futures “signals to regulators that Solana is maturing as an asset, making it easier for them to greenlight additional financial products of similar risk and type,” Chung said. 

Futures contracts are standardized agreements to buy or sell an underlying asset at a future date. They play a crucial supporting role for spot cryptocurrency ETFs because regulated futures markets provide a stable benchmark for measuring a digital asset’s performance.

CME already lists futures contracts for Bitcoin (BTC) and Ether (ETH). US regulators approved ETFs for both of those cryptocurrencies last year. 

Related: CME Group reports record crypto volumes for Q4

Beyond memecoins

Additionally, Solana futures and ETFs will help expand Solana’s growth story beyond memecoins, which were central to the blockchain network’s success in 2024, Chung said.

These products “will bring more serious, sticky capital and pave the way for the development of other real-world use cases, such as payments and remittances,” according to Chung. 

Those use cases are “[f]ar more boring than memecoins, perhaps, but a reliable source of long-term revenue that will buoy Solana’s price in the next bear market.”

Memecoin trading, largely tied to the popular Pump.fun platform, comprises roughly 80% of the Solana blockchain network’s revenues, according to asset manager VanEck.

However, activity on the Solana network declined in February after a series of memecoin-related scandals soured sentiment among retail traders. 

Rivaling Ethereum

Still, cryptocurrency trading volumes on Solana continue to rival those of the entire Ethereum ecosystem, including its layer-2 scaling chains, VanEck said on March 6. 

Chung said he expects Solana ETFs to take off among retail investors, partly because of the challenges facing rival smart contract platform Ethereum. 

Solana’s native SOL token has performed about twice as well as Ether since early 2024, according to TradingView. 

Ethereum’s spot price has struggled since March 2024, when the network’s Dencun upgrade cut transaction fees by approximately 95%. 

“With the extremely weak price action we’re seeing in ETH, Solana is now the only option for retail investors wanting to get exposure to crypto beyond Bitcoin, but not willing to go full degen,” Chung said.

Bloomberg Intelligence has set the odds of the SEC approving spot Solana and Litecoin ETFs at 70%.

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Bankers and their allies in the US Senate are pushing back against the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act over fears that stablecoins will disintermediate banks and erode banking market share.

According to an article from American Banker, the bill requires 60 votes to pass in the Senate, meaning that at least seven Democrats will have to vote with Republicans to push through the Act.

This could prove a difficult proposition, as US Senator Elizabeth Warren, one of crypto’s staunchest political critics, is proposing an amendment prohibiting tech firms from issuing stablecoins. Warren wrote:

“If these firms want to engage in payments, they must partner with, or facilitate transactions among, regulated financial institutions. But this stablecoin bill breaks that status quo by green-lighting big tech companies and other commercial conglomerates to issue their own stablecoins.”

Digital assets continue to be a disruptive force in finance and banking due to near-instant settlement times and cheaper transaction fees, which significantly reduce the burden of cross-border payments and introduce peer-to-peer transactions.

Related: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

Stablecoins: The way forward for USD in the 21st century?

The GENIUS stablecoin bill was introduced by Senator Bill Hagerty on Feb. 4 as a comprehensive regulatory framework for tokenized US dollars.

Shortly after the bill was introduced to the US Senate, Federal Reserve Bank Governor Christopher Waller said non-banks should be allowed to issue stablecoins.

Waller argued that stablecoins could expand payment use cases, particularly in the developing world, due to their cost-savings and efficiency.

Bank of America CEO Brian Moynihan told an audience at the Economic Club of Washington DC that the bank may enter the stablecoin business — likely launching its own dollar-pegged stable token.

During the first White House Crypto Summit on March 7, Treasury Secretary Scott Bessent said the US will use stablecoins to extend US dollar dominance.

Overcollateralized stablecoin issuers are collectively the 18th largest buyers of US government debt in the world — putting these firms ahead of countries like Germany and South Korea.

By adopting pro-stablecoin policies and promoting stablecoin usage worldwide, the US government can use stablecoins as a sponge to soak up inflation and protect the dollar’s status as the global reserve currency.

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If the price of Ether (ETH) falls by a further 20%, the price decline could trigger a cascade of up to $336 million in decentralized finance (DeFi) liquidations, according to Kevin Rusher, founder of the real-world asset (RWA) lending platform RAAC.

The executive warned that a decline to $1,857 would trigger $136 million in liquidations, and a price drop to $1,780 could potentially trigger an additional $117 million in loan liquidations — making these the next price levels to watch.

Rusher added that the worst-case scenario would be a 20% drop in ETH’s price to around the $1,500 price level, which could liquidate $336 million in DeFi loans, sending the markets tumbling. In a written statement shared with Cointelegraph, Rusher said:

“The main catalyst of this crisis is a single $130m ETH-backed loan in Sky, formerly Maker, which is on the verge of collapse despite the borrower scrambling to add more collateral. Every cycle, crypto-backed loans suffer from extreme volatility, leading to cascading liquidations that crash the price of assets.”

The executive called for integrating RWAs, such as real estate and gold, which feature much stabler values, into the DeFi ecosystem to offset volatility and prevent cascading liquidations due to overleveraging.

Related: 3 reasons why Ethereum can outperform its rivals after crashing to 17-month lows

ETH price crumbles; more pain coming?

Ether has dropped to multi-year lows against Bitcoin (BTC), signaling another potential 30% drop against the supply-capped asset, and led to some analysts predicting a potential $1,600 price bottom for ETH.

ETH’s price has declined by over 15% in the past seven days and has been trading well below its 200-day exponential moving average (EMA) since February.

The relative strength index (RSI) is currently at 31, which is almost in oversold territory, potentially representing a local bottom and could signal an impending price reversal.

Ether’s disappointing price action prompted calls from some market analysts to shift into higher-performing altcoins to maximize profit potential.

“If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin,” trader Alex Krüger said in a March 12 X post.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana (SOL) price completed a “death cross” on the one-day chart on March 12, as the altcoin consolidated near its long-term support level at $125.

This could potentially accelerate the SOL price sell-off in the near term for a drop below $100 for the first time since February 2024.

A death cross occurs when a bearish crossover occurs between the 50-day and 200-day simple moving averages (SMAs), with the long-term indicator above the short-term indicator.

Last month, the 50-day and 200-day exponential moving averages (EMAs) triggered a death cross on Solana’s one-day chart, after which prices dropped 17%, from $137 to $122.

While the SMA and EMA death crosses carry similar implications, the EMA triggers the death cross faster since it responds more quickly to price changes. A double death cross from the SMA and EMA will likely increase the possibility of a correction.

Historically, the odds are neutral for Solana. Since its inception, SOL’s price has witnessed a death cross three times (including 2025) when prices have been on a 90-day or higher downtrend.

The first death cross in 2022 triggered a 90% collapse, but the FTX’s fiasco escalated its severity. The second death cross occurred in September 2024, but it reversed within a month, leading to the Trump rally.

Related: 3 reasons why Ethereum can outperform its rivals after crashing to 17-month lows

Yet, the current structure and sentiment mirror the 2022 death cross when we compare market conditions. On both occasions, a new all-time high preceded the downtrend, which led to the death cross.

As Cointelegraph reported, Solana’s revenue dropped 93% since January, dropping from $238 million to $32 million. This indicates a current lack of activity on Solana’s network after the end of the memecoin frenzy.

Can Solana traders defend $125?

Based on its technicals, Solana remains in a tricky spot when comparing previous death cross returns and collective market sentiment.

Solana must hold support between $125 and $110 for a bullish reversal. Since March 2024, SOL prices have rebounded six times after testing the support range, closing above $125 on each weekly retest.

A weekly close below $125 will signal market weakness, potentially increasing the likelihood of a drop below $100. The immediate price target after $110 is around $80 for Solana, which is a significant 30% correction. The downtrend target carries confluence with the weekly 0.5 Fibonacci retracement line.

However, the bulls will pin their hopes on a bullish divergence between the price and relative strength index (RSI) on the 1-day and 4-hour charts.

If Solana manages to avoid another lower low, the divergences will remain valid, which can push prices higher above $125, enabling Solana to avoid a drop below $100 and possibly establish a bottom at $112.

Related: Will Bitcoin price reclaim $95K before the end of March?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Wallet in Telegram, a third-party cryptocurrency wallet Mini App on Telegram, is set to expand its custodial crypto services, adding at least 50 new cryptocurrencies and launching an earn feature for users.

The Open Platform (TOP), the largest venture builder in The Open Network (TON) ecosystem, which manages Wallet in Telegram as one of its portfolio businesses, announced the rollout of the next wallet generation on March 13, introducing a wide range of new features.

With the rollout, Wallet in Telegram will add at least 50 new crypto assets, including major cryptocurrencies Ether (ETH) and XRP (XRP), as well as memecoins like Dogecoin (DOGE) and Pepe (PEPE), a spokesperson for Wallet told Cointelegraph.

Wallet’s new generation is set to be rolled out within the next two months and will also introduce an “Earn” feature, which will allow users to gain yields on assets including Tether’s USDt (USDT).

Initial rollout limited to in-app transactions

Initially, Wallet users will be able to buy, sell and hold non-TON tokens without onchain deposits or withdrawals, meaning altcoin transactions to other wallets and exchanges will not be allowed.

“The current stage of the rollout is only available for in-app transactions for non-TON tokens,” Wallet’s spokesperson said, adding that the altcoin option is only available for trading within the custodial wallet. The spokesperson added:

“We focus primarily on the TON Ecosystem and maintain a full range of operations for TON-native tokens within the custodial Wallet. At the same time, we see consumer interest in expanding the portfolio with other assets and want to provide them with such an option in trade-only mode.”

“The list of tokens is not final yet, as it will be rolling out gradually within the next two months,” the spokesperson said, adding that the first release will feature 50 assets, with a full list now being finalized.

Wallet’s Earn: Minimum deposit is 0.1 TON

In addition to expanding Wallet with a large number of altcoins, TOP is working to introduce the new “Trade” section and the “Earn” section.

Starting with Toncoin (TON), the first Earn campaign will provide a “flexible yield” on TON deposits, with a minimum deposit amount of 0.1 TON.

“The yield is generated from TON staking,” the spokesperson for Wallet said.

In addition to Toncoin, Wallet plans to expand the earn offering to more altcoins and stablecoins, including Tether’s USDt (USDT), the announcement stated.

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The average Ethereum gas fee has dropped by 95% in the year following the Dencun upgrade, one of Ethereum’s most significant network improvements.

On March 13, 2024, Ethereum’s Dencun upgrade was rolled out. The upgrade combined the Cancun upgrade on the execution layer and the Deneb upgrade on the consensus layer. It also introduced nine Ethereum Improvement Proposals (EIPs).

The primary goal was to enhance Ethereum’s scalability and reduce transaction costs for layer-2 networks. According to YCharts data, Ethereum’s average gas fee has fallen from 72 gwei in 2024 to just 2.7 gwei as of March 12, 2025.

Last year, an average swap cost users $86 in fees, while non-fungible token sales averaged $145 in gas fees. At the time of writing, Etherscan data showed that an average swap would cost $0.39, while an NFT sale would average $0.65.  

Ether price has dropped 53% since the Dencun Upgrade

Despite the sharp drop in gas fees, Ether (ETH) price has declined by 53% since the Dencun upgrade.

During the upgrade in March 2024, ETH was trading above $4,070. One year later, as of March 13, 2025, ETH was valued at around $1,891, according to CoinGecko data.

In a statement sent to Cointelegraph, Dominik Harz, the co-founder of hybrid layer-2 Build on Bitcoin (BOB), said Ethereum has “underperformed” recently:

“Monday’s price drop erased all DeFi TVL gains since Trump’s election. Between Solana’s memecoin frenzy and Ethereum’s fractured few months, it’s clear the industry is searching for a new, more sustainable and secure frontier for DeFi.” 

Related: More than 50% of validators signal to increase ETH gas limit

Upcoming Pectra upgrade sees hiccups

On March 5, Ethereum’s next major upgrade, Pectra, rolled out on its final testnet, Sepolia. However, the team started seeing error messages and empty blocks being mined.

Ethereum developer Marius van der Wijden confirmed that a fix was deployed, but an unknown user later triggered the same error, leading to further issues. The development team has since managed to stabilize the testnet and successfully process transactions.

Harz said that while these testnet issues are “disrupting the mainnet launch,” they are far from Ethereum’s biggest problems. The executive said that once Pectra goes live, it will double the available data space for layer-2s, reduce costs and increase execution capacity. 

“While that’s a step in the right direction, the reality is that Ethereum is quickly losing its position as the go-to chain for builders, and Pectra isn’t the fix-all solution to its deeper issues,” Harz said. 

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Bybit CEO Ben Zhou commented on a recent $4 million loss suffered by decentralized exchange (DEX) Hyperliquid due to an Ether whale’s high-leverage trade, noting that centralized exchanges (CEXs) face similar challenges.

On March 12, a crypto investor walked away with $1.8 million and forced the Hyperliquidity Pool (HLP) to bear a $4 million loss after a trade that used leverage on the Hyperliquid decentralized exchange (DEX). 

The trader used about 50x leverage to turn $10 million into a $270 million Ether (ETH) long position. However, the trader couldn’t exit without tanking their own position. Instead, they withdrew collateral, offloading assets without triggering a self-inflicted price drop, leaving Hyperliquid to cover the losses.

Smart contract auditor Three Sigma said the trade was a “brutal game of liquidity mechanics,” not a bug or an exploit. Hyperliquid also clarified that this was not a protocol exploit or a hack. 

Hyperliquid lowers leverage trading for BTC and ETH

In response to the trade, Hyperliquid lowered its Bitcoin (BTC) leverage to 40x and its ETH leverage allowance to 25x. This increases the maintenance margin requirements for larger positions on the DEX. “This will provide a better buffer for backstop liquidations of larger positions,” Hyperliquid stated. 

In an X post, the Bybit CEO commented on the trade, saying that CEXs are also subjected to the same situation. Zhou said their liquidation engine takes over whale positions when they get liquidated. While lowering the leverage may be an effective solution, Zhou said this could be bad for business: 

“I see that HP has already lowered their overall leverage; that’s one way to do it and probably the most effective one, however, this will hurt business as users would want higher leverage.”

Zhou suggested a more dynamic risk limit mechanism that reduces the overall leverage as the position grows. The executive said that in a centralized platform, the whale would go down to a leverage of 1.5x with the huge amount of open positions. Despite this, the executive recognized that users could still use multiple accounts to achieve the same results.

The Bybit CEO added that even the lowered leverage capabilities could still be “abused” unless the DEX implements risk management measures such as surveillance and monitoring to spot “market manipulators” on the same level as a CEX. 

Related: Crypto trader gets sandwich attacked in stablecoin swap, loses $215K

Hyperliquid sees $166 million net outflow

Following the liquidation event of the ETH whale and the losses the HLP Vault suffered, the protocol experienced a massive outflow of its assets under management. Dune Analytics data shows that Hyperliquid had a net outflow of $166 million on March 12, the same day as the trade. 

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Crypto trading volumes and dwindling digital asset prices are flashing signs of trader exhaustion and potentially weaker market momentum, according to analysts. 

Crypto-wide trading volume has been dropping since it peaked in February amid dip-buying opportunities. According to CoinGecko data, daily trading volume hit its highest level this year in early February when it reached $440 billion. It has since sunk by 63% to $163 billion on March 12. 

Market data firm CoinMarketCap has slightly lower figures but they show the same trend — that volume peaked in 2025 in early March before falling back 52% to current levels.  

Analytics firm Santiment said on X on March 13 that this decline in volume suggests that trader enthusiasm for the asset class is diminishing.

“When trading volume for major cryptocurrencies consistently drops, even during slight price recoveries, it typically points toward diminishing trader enthusiasm.”

Santiment added that trader behavior “indicates a mix of exhaustion, hopelessness, and capitulation” following further market capitalization declines over the past fortnight. 

Total market capitalization has declined almost 25% since the beginning of February, shrinking by $900 billion as the crypto market correction deepens. 

Those declines have accelerated over the past 10 days when markets have lost 15% as fears of a recession in the United States increased amid escalating global trade tensions.

Santiment stated that traders are becoming cautious, suggesting they might not believe that the current upward price movements will last. “Essentially, reduced trading activity reflects uncertainty, as fewer traders are convinced that buying at current levels will yield profitable outcomes,” the analysts added.

Weakening trading volume amid minor price bounces can serve as an “early warning sign of weakening market momentum,” Santiment reported, adding that without robust buying participation, price gains can quickly lose steam, “as there simply isn’t enough underlying support to sustain the upward trend.”

“This leads to the possibility that any rebound could be temporary, with prices vulnerable to another downturn.”

Related: Bitcoin high-entry buyers are driving sell pressure, price may ‘floor’ at $70K

However, shrinking volume during minor rebounds isn’t necessarily a direct bearish signal, it said, adding that volume is a metric that measures participation from both retail and institutional traders and it needs to start rising before prices do.

 “To signal a healthier and more sustainable recovery, bulls generally will want to see both rising prices and rising volumes simultaneously.”

Crypto market capitalization is currently around $2.8 trillion, which is where it was this time last year before seven months of consolidation followed. 

Meanwhile, the Crypto Fear & Greed Index remains in “fear” territory, below 50, where it has been since Feb. 21. 

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Onchain activity for Tether has hit a sixth-month high, possibly indicating traders are gearing up to jump back into the market, according to analysts.  

Data shared by the blockchain data platform Santiment in a March 12 X post shows Tether’s (USDT) onchain activity has been on the rise, peaking with over 143,000 wallets making transfers on March 11, the highest in six months.

“When USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering,” Santiment said.

It comes as Bitcoin (BTC) dropped to a four-month low of $76,700 on March 11, as the wider crypto market shed even more of the gains made post-US election amid macroeconomic uncertainty and an escalating tariff war.

Speaking to Cointelegraph, Vincent Liu, chief investment officer at Kronos Research, said traders often accumulate Tether during dips to position themselves for buying opportunities, adding buy pressure that can help crypto prices recover.

He speculates the uptick in USDT wallet activity likely reflects traders capitalizing on recent market volatility.

“Possible causes include broader economic uncertainties, crypto-specific events like regulatory developments or post-election sentiment shifts, and Tether’s role as a stable haven, making it an ideal holding for investors preparing to deploy capital strategically,” Liu said.

Related: Bitcoin, crypto ‘dip buy hype’ is now at its highest level in 7 months

Liu says the surge in USDT activity is a bullish indicator, suggesting significant buying power on the sidelines, but the crypto market’s recovery will likely depend on factors like macroeconomic conditions, regulatory clarity, and investor confidence.

“However, with the inflation rate easing to 2.8% in February, lower than expected in recent CPI data, this could reduce pressure on crypto prices and signal a more favorable environment,” he said.

“Additionally, the upcoming Federal Open Market Committee (FOMC) on March 18th may provide further indications on interest rates and monetary policy, potentially influencing market development and recovery,” Liu added. 

A key Bitcoin and crypto sentiment tracker, the Crypto Fear & Greed Index, hit its lowest score in over two years on Feb. 26 as it slipped deeper into “Extreme Fear,” reaching a score of 10.

Crypto sentiment has staged a recovery since, but the index has still registered a score of 45 on March 13, still in fear territory.

Tether CEO Paolo Ardoino touring the US 

Meanwhile, Tether CEO Paolo Ardoino is currently on a tour of the US as lawmakers move to regulate the sector.

During a March 12 speech at the Cantor Fitzgerald Global Technology Conference, he said that as it stands, around 37% of USDT users are using it as a savings account to store value.

“They don’t have bank accounts. The only thing that they have in their life is usually cash,” Ardoino said.

“Now they finally can hold the most used and most important stable currency in the world, that is the US dollar, but they keep it in their smartphones as their savings account.”

CEO of @Tether_to, @paoloardoino, speaks at Cantor’s Global Tech Conference. #CantorTechhttps://t.co/2z8d46WDMG

— Cantor (@Official_Cantor) March 12, 2025

At the same time, Ardoino said, Tether is acting as one of the “last strongholds for the US dollar” amid growing concerns that the US dollar could lose dominance as the world’s reserve currency and a go-to for international transactions and commodity trades.

The stablecoin issuer has also been working to curb bad actors in the space, collaborating on more than 170 law enforcement operations and freezing $2.5 billion in illicit funds, according to Ardoino.

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