Weekly Preview | Gemini to cease operations in the UK; Federal Reserve releases Beige Book on economic conditions

Breaking News Preview:

• Bitway (BTW) will be available for trading on March 2nd and will be supported on Binance Alpha.
• MANTRA Chain plans to upgrade its software to v7.0.0 on March 3.
• Gemini will cease operations in the UK, and customer accounts in that country will only be able to withdraw cash from March 5th.
• HyperLiquid co-founder: 173,000 HYPE tokens will be unstaking and distributed to team members on March 6;
• RedStone (RED) will unlock approximately 40.85 million tokens at midnight Beijing time on March 7th, representing 16.13% of the current circulating supply, worth approximately $6.2 million.

March 2

Macroeconomics:

At 22:45 on March 2nd , the US will release the final S&P Global Manufacturing PMI for February; at 23:00, the ISM Manufacturing PMI for February will be released.

Exchange:

Binance: Bitway (BTW) tokens will begin circulating on March 2nd at 16:00.

Bitway (BTW) tokens will begin circulating on March 2, 2026 at 16:00 (UTC+8).

Project Updates:

ZEROBASE's staking functionality will be upgraded on March 2nd to improve performance and service stability.

Zero-knowledge proof infrastructure project ZEROBASE tweeted that its staking function will be upgraded from 23:00 to 1:00 on March 2nd to improve performance and service stability. During this period, the ZEROBASE front-end service will be temporarily suspended, but all smart contracts will still run fully on-chain.

Token unlocking:

Ethena (ENA) will unlock approximately 40.63 million tokens at 3 PM Beijing time on March 2nd, representing 0.53% of the current circulating supply, with a value of approximately $4.3 million.

March 3

Exchange:

Upbit will remove GoChain (GO) from its platform on March 3.

Upbit will delist GoChain (GO) on March 3. Upbit has assessed and confirmed that GoChain (GO) has many shortcomings in its current trading and adoption status within the framework of a model case for virtual asset trading support, and may cause losses to users.

Project Updates:

MANTRA Chain plans to upgrade its software to version 7.0.0 on March 3rd.

MANTRA Chain plans to upgrade its software to v7.0.0 at block height 13,000,000 (expected March 3, 2026). This upgrade will implement governance proposal 25, passed by the community, renaming the native token from $OM to $MANTRA and performing a non-dilutive token split at a ratio of 1:4, increasing the maximum supply from 2.5 billion to 10 billion while maintaining its economic value.

Following the upgrade, the token symbol changes from OM to MANTRA, the base unit changes from uom to amantra, and the token decimal places change from 6 (micro-units) to 18 (atto-units). The chain ID, fully diluted market capitalization (FDV), market capitalization, staking weight, governance weight, and other parameters remain unchanged. All balances, parameters, and rewards will be automatically migrated proportionally, requiring no manual intervention from token holders, stakers, or delegators. Funds in the IBC escrow account will be migrated after returning to the target chain.

Rayls will begin pre-staking on March 3rd, and the mainnet will launch in Q3 of this year.

Rayls will launch its RLS pre-staking lock-up at 21:00 UTC on March 3rd, in preparation for the mainnet launch in Q3 2026. Users participating in the pre-staking will receive up to 50% APY bonuses for the first three months after the mainnet launch, after which the yield is expected to remain around 20%. Yields will be settled monthly. The total lock-up amount is capped at 100 million RLS, with a minimum participation of 100,000 RLS, and is awarded on a first-come, first-served basis. Locked tokens will remain locked until the mainnet launch and cannot be withdrawn early. After the mainnet launch, users must complete three steps to activate their rewards: withdrawal, cross-chain transfer to the Rayls mainnet, and delegation on the dashboard.

SolCex has announced that its mobile app will launch on March 3.

Solana, listed on centralized exchange SolCex, announced that its mobile app will launch on March 3.

DeFi derivatives protocol Polynomial will cease operation of its blockchain on March 3.

DeFi derivatives protocol Polynomial tweeted that it has ceased operations and entered the final stages of its rollout starting February 14th (Beijing time). Both Polynomial Chain and Polynomial Trade will be shut down, forced liquidation will take place on February 18th, the liquidity layer will be closed on February 24th, and the chain will cease operation on March 3rd.

Polynomial announced that its previously announced TGE (Total Token Offering) program, scheduled for the first quarter, will be cancelled because it is unwilling to "issue tokens for a dying product." However, participant data will be retained, and early backers will have priority access to the new company's products. Polynomial also stated that technology is not the moat of the derivatives market; liquidity is, and Polynomial happens to lack liquidity, with its TVL (total value added) peaking at only $8 million. The team stated that the new company will still be related to derivatives.

March 4

Exchange:

Binance, Bybit, and OKX will support the OM and MANTRA token swap, and spot trading of the new tokens will open on March 4th.

Binance, Bybit, and OKX have announced specific plans for the MANTRA (OM) token swap, increment, and rebranding to MANTRA (OM). The old tokens will be exchanged at a ratio of 1 OM to 4 MANTRA, and spot trading of the new token MANTRA will open on March 4.

Project Updates:

Kraken's L2 Ink Open Echo program form submission deadline: March 4th.

Kraken's L2 Ink Open Echo program is collecting forms from early tool and project builders. Submissions will be reviewed by the team and ecosystem advisors, and some contributors will receive: stablecoin rewards and builder points; public recognition on Ink social media; invitations to private builder syncs; and early access to future programs. The deadline for form submission is March 4th.

March 5

Macroeconomics:

At 3:00 AM on Thursday, March 5th, the Federal Reserve will release its Beige Book on economic conditions.

Policy and regulation:

US senators sent a letter to Bessant, requesting him to assess whether to review the UAE company's investment in World Liberty Financial and respond by March 5.

Democratic Senators Elizabeth Warren and Andy Kim have written to Treasury Secretary Bessenter, requesting an assessment of whether the Committee on Foreign Investment in the United States (CFIUS) should review the UAE company's $500 million investment in World Liberty Financial. The two senators asked Bessenter to respond by March 5. The U.S. House of Representatives began investigating in early February whether World Liberty Financial, a cryptocurrency company linked to Trump and its dollar-pegged token, was connected to a member of the UAE royal family. Representative Ro Khanna has requested the company to provide ownership records, payment details, and internal communications records.

Exchange:

Gemini will cease operations in the UK, and customer accounts in the UK will only be able to withdraw cash from March 5th.

Gemini has announced that it will cease operations in the UK. From March 5, 2026, all UK customer accounts will be converted to a cash-out-only mode.

Project Updates:

idOS tokens will be auctioned through Tally and will be listed on March 5th.

The Web3 identity layer idOS will launch its IDOS token on March 5th. The token will be auctioned via the Uniswap CCA mechanism on the Tally platform. The event will run from February 25th to March 5th, with token allocation taking place after the auction. The first phase will last 2 days (with a discounted price, minimum subscription amount, and linear token unlocking), and the second phase will last 6 days (standard price, any subscription amount, and full token unlocking on the same day via TDE). Specific terms will be announced soon, and all phases are open to all users (KYC verification required).

March 6

Project Updates:

HyperLiquid co-founder: 173,000 HYPE tokens will be unstaking and distributed to team members on March 6.

Hyperliquid co-founder iliensinc announced that 173,000 HYPE tokens from Hyperliquid Labs were unstaking on February 25 and will be distributed to team members on March 6, with a value of approximately $5.4 million.

Token unlocking:

Hyperliquid (HYPE) will unlock approximately 173,000 tokens at 8:00 AM Beijing time on March 6th, representing 0.04% of the current circulating supply, with a value of approximately $5.4 million.

March 7

Token unlocking:

RedStone (RED) will unlock approximately 40.85 million tokens at midnight Beijing time on March 7th, representing 16.13% of the current circulating supply, with a value of approximately $6.2 million.

Optimism (OP) will unlock approximately 19.5 million tokens at 8:00 AM Beijing time on March 7th, representing 0.98% of the current circulating supply, with a value of approximately $2.4 million.

March 8

None available