Liquid Capital founder Yi Lihua pointed out that the cryptocurrency market is in a bear market, the war is not over, and the rebound is weak. The market's performance over the past four years has been disappointing, with crashes and regulatory impacts causing harm to all parties; only Wall Street's ETFs and a small number of believers continue to provide support, while innovation in the crypto space is progressing slowly.

Cardano's ecosystem has made progress, with Midnight reaching an agreement with the UK bank Monument to tokenize £250 million in deposits on-chain. This marks a new step in the integration of traditional finance and blockchain, while also promoting the development of tokenized assets. However, Cardano still faces challenges in the DeFi space, and the ecosystem's activity level needs to be improved.

The Solana Foundation has launched a new proxy payment gateway based on the X402 protocol, aimed at lowering the barriers for merchants to adopt crypto payments and promoting stablecoin usage. The system supports real-time settlement, reducing price volatility risks and helping traditional businesses enter the blockchain payment space. The market response has been positive, but challenges remain in regulation and user growth, marking a trend of blockchain transitioning into commercial applications.

Privacy computing protocol Primus Labs partners with Brevis and BNB Chain to build a privacy-preserving identity layer on BNB Chain, aiming to introduce real-world credit into the DeFi space. The identity layer leverages zkTLS technology to authenticate Web2 data while protecting user privacy and improving lending efficiency.

Decentralized RWA trading platform MSX achieves full coverage of commercial space sector, launches 5 tokenized stocks with average opening gains exceeding 10%. Among 39 newly listed assets in Q1, 38 gained value, effectively hedging geopolitical risks and helping users achieve asset appreciation.

Morgan Stanley's Head of Digital Asset Strategy Amy Oldenburg stated at the New York Summit that major banks' entry into the cryptocurrency space is the result of years of infrastructure modernization. The firm plans to support tokenized equity trading by 2026 and is upgrading core systems to enable faster settlement. She emphasized that collaboration among financial institutions is critical for modernization.

BNY Mellon CEO Robin Vince stated at the Digital Asset Summit that the next phase of the crypto industry will depend on large financial institutions, emphasizing the importance of tokenization and digital asset custody. He pointed out that trust and regulation are key to development and mentioned the progress of relevant regulations. Morgan Stanley's Amy Oldenburg believes that banks' entry into the crypto space stems from mature infrastructure development, rather than hype.

RootData has mapped out Stripe's partnership network in the crypto sector, forming a closed-loop architecture of "three layers of in-house development + external ecosystem." With Tempo mainnet launching and introducing an AI payment protocol, this marks the evolution of Stripe's crypto strategy. RootData will continue tracking project relationships to enhance transparency and market trust.

Aave Protocol's upcoming v4 version passed by an overwhelming majority in the DAO vote, laying the foundation for its launch on Ethereum. The new version will improve capital efficiency, provide customized lending markets, and prioritize security, marking a significant upgrade for Aave in the DeFi space and is expected to attract more attention from users and institutional investors.

Former US SEC Enforcement Chief Margaret Ryan resigned on March 16 following disagreements with senior leadership over the handling of sensitive cases, with the controversy centered on matters involving individuals connected to Trump. Ryan had pushed for more stringent fraud charges but faced opposition, leading to internal tensions. This incident highlights intensifying policy divisions within the SEC regarding enforcement in the crypto space, with future regulatory direction remaining uncertain.