Blockworks: Solana - March 2025 Update

Solana onchain activity declined across all fronts in March, with the exception of stablecoins.

> Real Economic Value: $71M, -64% MoM
> App Revenue: $131M, -62% MoM
> DEX Volumes: $97B, -50% MoM
> Stablecoin Supply: $12.2B, +8.5% MoM

Source: https://x.com/blockworksres/status/1909216068134191158?s=52&t=txFAbiSPTdLLDlAYj9X_AA

Wintermute Launches QuoteChain, A "Twitter L2" That Distributes Based On Social Activity

🔗 velo.xyz

JUST IN: World's largest asset manager BlackRock says it's increasingly cautious about US stocks.

@WatcherGuru

USTR GREER: CHINA HAS NOT INDICATED THAT IT WANTS TO WORK TOWARDS RECIPROCITY
(@WalterBloomberg)

• White House announces 104% tariffs on China effective at noon - [IH]

WHITE HOUSE SAYS 104% TARIFFS ON CHINA WENT INTO EFFECT NOON BECAUSE CHINA HAS NOT REMOVED ITS RETALIATION: FOX SOURCE

The introduction of global trade tariffs has marked a change in world order we have not seen in more than 50 years. Free trade has been the key component that has spurred increases in productivity and economic growth that has led to the biggest secular bull run the world has ever seen. Marking a shift from an open to a protectionist stance will have ramifications that will take years to play out, unless Trump is to fully U-turn on his tariff plans. I view this as a very low possibility. This will be a considerable headwind to global risk on assets over the giga long term.

Crypto wise, the structural decline of active devs in recent times is probably the most worrying thing to me. Back in the last cycle we could look at developer activity and take solace knowing that our industry was still benefiting from a secular tailwind. Fast forward 2-3 years and not only have we produced nothing of particular interest or importance, but the outlook for the future is even worse than it was then.

In the past cycle we had the promise of ETFs to look forward to, a better regulatory regime under a pro-crypto administration as light at the end of the tunnel. Now that it’s here and it’s (once again) underwhelmed expectations, i see very little on the horizon that can generate escape velocity from crypto’s natural Ouroboros.

Over the next few weeks to months i hope to do less in crypto, both on the long or short side as I believe that to be the wisest thing to do. It’s no longer contrarian to be a believer waiting for the new bull market. It is however contrarian to begin exploring new greenfields.

CHINA FINANCE MINISTRY: TO IMPOSE ADDITIONAL TARIFFS OF 84% ON U.S. GOODS FROM APRIL 10

who blinks first?

Source: https://www.straitstimes.com/business/more-people-own-crypto-in-singapore-with-younger-users-leading-the-way-survey