TD Highlights

• Tether’s USDT Stablecoin Surpasses $100 Billion Market Cap Milestone
• Astar Network Unveils Astar zkEVM on Polygon AggLayer
• Pantera Capital Raises $250 Million to Acquire SOL from FTX Estate
• Optimism Sells $90 Million in Tokens Through Private Placement 
• TVL in DeFi Hits $100 Billion as Bitcoin Rally Boosts Sentiment 

Tether’s USDT Stablecoin Surpasses $100 Billion Market Cap Milestone

Tether’s USDT stablecoin, the largest stablecoin by market capitalization, reached a historic $100 billion MCap. This is a significant milestone, representing a 9% growth year-to-date. The achievement further widens the gap between USDT and its closest stablecoin competitor, USDC, solidifying Tether’s position as the leading stablecoin. In terms of market cap, Tether now stands on par with British oil titan BP and slightly above e-commerce giant Shopify, highlighting the growing influence of cryptocurrencies in the global economy.

Astar Network Unveils Astar zkEVM on Polygon AggLayer

Astar Network, a Japan-based blockchain firm, made a significant move on March 6. The company launched Astar zkEVM on Polygon’s AggLayer. This zero-knowledge layer-2 chain is designed to enable cross-chain transactions between the Astar and Polygon blockchains, enhancing the interoperability and efficiency of these networks. 

Pantera Capital Raises $250 Million to Acquire $SOL tokens from FTX Estate

Pantera Capital, a leading name in the crypto VC world, is reportedly raising funds to buy up to $250 million worth of Solana (SOL) tokens. These tokens are being purchased from the estate of the bankrupt FTX exchange which reportedly holds 41.1 million SOL tokens, approximately  10% of the total Solana token supply. 

Optimism Sells $90 Million in Tokens Through Private Sale 

The Optimism Foundation, a key player in the Ethereum ecosystem, announced a private sale of about 19.5 million of its governance tokens, worth around $90 million. The sale included a vesting period of two years, prohibiting the buyer from selling the tokens before then. However, the buyer can still use the tokens for governance participation, allowing them to influence the future direction of the Optimism platform.

TVL in DeFi Hits $100 Billion as Bitcoin Rally Boosts Sentiment  

On March 9, the global TVL in decentralized finance (DeFi) protocols hit $100.1 billion, reaching this level for the first time in nearly two years. The increase appears to be due to a return of positive sentiment to the crypto markets since the launch of spot Bitcoin ETFs in January. This suggests that the growth of DeFi is closely tied to the overall health of the cryptocurrency market.

Conclusion

The previous week showcased several pivotal developments across various sectors. The milestone of $100 billion in DeFi TVL mirrored renewed optimism driven by the broader cryptocurrency market sentiment, particularly buoyed by the introduction of Bitcoin ETFs. These developments collectively highlight the ongoing evolution and maturation of the crypto space, demonstrating increased institutional participation, technological innovation, and the resilience of decentralized finance amidst market fluctuations.