On March 26, the European Central Bank published a working paper studying the governance concentration of four major DeFi protocols: Aave, MakerDAO, Ampleforth, and Uniswap. Based on position snapshots from November 2022 and May 2023, the paper found that although governance tokens are distributed across tens of thousands of addresses, the top 100 holders in each protocol control over 80% of the supply. Furthermore, a significant amount of governance tokens can be linked to the protocols themselves or centralized and decentralized exchanges (DEXs), with Binance being the largest identified centralized exchange holder among the four protocols. Regarding voting participation, the paper indicates that actual voters are primarily representatives who have obtained delegated voting rights from smaller holders. The top 20 voters in Ampleforth control 96% of the delegated voting rights, the top 10 voters in MakerDAO hold 66%, and the top 18 voters in Uniswap hold 52%. Approximately one-third of the major voters cannot be publicly identified. The paper argues that these findings challenge the inherent decentralized assumption of DAOs, making it more difficult to determine regulatory anchors under the EU's MiCA framework. MiCA currently excludes "fully decentralized" services from its scope. The paper also points out that publicly available data alone cannot determine whether protocol-linked holdings belong to the founders, developers, or treasury, nor can it determine whether exchange wallets are voting for themselves or their customers. This paper represents the authors' views and does not represent the official position of the European Central Bank.

According to the latest data from Gate, gold prices rose to $4,420.93 per ounce, a daily increase of 0.97%. Silver prices rose to $67.874 per ounce, a daily decrease of 0.08%. The BVIX (BTC Volatility Index) is currently quoted at 53.65, a daily increase of 2.15%. The EVIX (ETH Volatility Index) is currently quoted at 74.81, a daily increase of 1.93%. In the foreign exchange market, the USD/CNH exchange rate rose 0.06% to 6.92158. The USD/JPY exchange rate rose 0.17% to 159.931. In global stock indices, the Euro Stoxx 50 fell 0.99% to 5,499.66 points; the UK FTSE 100 fell 0.27% to 9,915.92 points; and the German DAX 40 fell 1.43% to 22,295.40 points. In commodities, WTI crude oil rose 3.39% to $97.57 per barrel, while Brent crude oil rose 2.69% to $108.08 per barrel. Gate allows users to directly trade traditional financial market products on its platform, providing a one-stop solution for precious metals, forex, global equity CFDs, major indices, and commodities, achieving deep integration of crypto assets and traditional financial assets. Gate TradFi features have been fully integrated into the Gate App and Web platform, allowing users to easily participate in global asset price trading without switching platforms, unlocking more strategies and opportunities outside the crypto market, and continuously enhancing their diversified asset allocation experience.

According to data from msx.com, at the opening of the US stock market, the Dow Jones Industrial Average fell 0.76%, the S&P 500 fell 0.60%, and the Nasdaq Composite fell 0.71%. The crypto sector collectively weakened, with Coinbase falling 3.71%, Strategy (MSTR) falling 3.18%, Solana falling 2.99%, Bitmine falling 2.49%, SharpLink falling 1.84%, and Circle falling 1.80%. msx.com is a decentralized RWA trading platform that has listed hundreds of RWA tokens, covering US stock and ETF tokens such as AAPL, AMZN, GOOGL, META, MSFT, NFLX, and NVDA.

Brent crude futures were trading close to $103 at the time of reporting, following a surge of over 40% in the past month. According to NS3.AI, a 4-hour head and shoulders pattern, coupled with RSI divergence, suggests a potential weakening in momentum. The article notes that this bearish setup could diminish if prices rise above $104.37.

Hyperliquid capitalized on this geopolitical market trend with its commodity contracts. Decentralized exchanges are moving from internal competition within the crypto industry to becoming a true alternative to traditional financial infrastructure, and this trend is only just beginning.

According to Arkham's monitoring, Grayscale transferred approximately 9,787 ETH, worth about $19.46 million, and approximately 446 BTC, worth about $29.43 million, to Coinbase Prime in the past 10 minutes.

Investinglive analyst Adam Button stated that the Iranian Revolutionary Guard today clarified the rules for passage through the Strait of Hormuz: any ships traveling to or from ports of countries "supporting or allied with the Zionist-American camp," regardless of their final destination or route, will be prohibited from passage. The emphasis on "port ownership" is crucial. Previously, the market had envisioned a scenario where crude oil could still flow through the Strait of Hormuz to "friendly countries" like India, thereby reducing the daily supply gap to 2-3 million barrels through supply restructuring. However, based on the current statement, the Iranian Revolutionary Guard appears to be preparing for a larger-scale conflict with other Gulf states, including the UAE and Saudi Arabia. Furthermore, weekend risks are gradually escalating in the market. Trump's statements are not always credible, and he has a history of launching military actions on weekends. Currently, the US is massing troops in the region, and the market is concerned that Trump might launch an attack on Kharg Island or other Iranian targets after today's close or early Saturday morning. Whether this will lead to an escalation of the conflict or a substantial blow to Iran remains highly uncertain. (Jinshi)

Grayscale's Chief Legal Officer, Craig Salm, highlighted a significant shift in the regulatory landscape for cryptocurrencies. Grayscale posted on X. Salm noted that the environment has transitioned from a negative stance characterized by enforcement to a more positive one focused on guidance and rule-making. He shared these insights during the Blockworks Digital Asset Summit.

The CoinDesk 20 index experienced a decline, trading at 1,912.59, marking a decrease of 2.4% or 47.98 points since 4 p.m. ET on Thursday. According to NS3.AI, nineteen out of the twenty assets in the index saw a downturn. Notably, Bitcoin Cash (BCH) was the only asset to rise, gaining 0.8%. In contrast, Aptos (APT) fell by 4.6%, and Aave (AAVE) decreased by 3.2%.

The yield on 30-year U.S. Treasury bonds rose to 4.986%, a new high since September of last year. (Jinshi)

The release of the guidelines has ushered in a new phase for US crypto regulation.

When the United States decided to replace the 50 states with Washington, AI entrepreneurs gained a wider door—but no one told them who held the key to that door.

SpaceX is reshaping Wall Street's traditional underwriting logic with an unprecedented IPO plan.

When the U.S. District Court for the Southern District of New York dismissed Binance's "aiding and abetting terrorism" lawsuit on the grounds of "failure to prove a direct link," the significance of this case went far beyond a mere judgment.

Claude, Claude's Comprehensive User Guide (Golden Finance): Claude's capabilities have long since extended beyond just chatting.

Elon Musk’s X has hired Benji Taylor, a designer with extensive crypto experience, as its new head of design. Taylor previously led product and design at Aave Labs and Coinbase’s Base, bringing deep expertise in crypto and financial products to X.

Tether's suspension of its fundraising plans, the initiation of a comprehensive audit, and the advancement of the latest draft of the Clarity Act all indicate that the stablecoin market will become increasingly competitive in terms of compliance.

Regulation, SEC, CFTC, CLARITY Act: Amidst market crash, regulators finally provide an answer. Golden Finance: Clear and costless, but permanent implementation requires a Senate vote.

Coinbase and Better Home are launching a mortgage that lets buyers use Bitcoin or USDC as collateral for their down payment without selling their crypto. The mortgage is backed by Fannie Mae, keeps standard terms, and only risks the crypto if payments are missed for 60 days.