I. Outlook

1. Summary of Macroeconomic Environment and Future Predictions

The core change in the macro environment this week is that geopolitical risks have re-emerged as the main theme in the market. The escalation of the situation in the Middle East has driven a significant rise in oil prices, leading to concerns about energy supply and secondary inflation risks. At the same time, European inflation data exceeded expectations, and signs of cooling in U.S. employment data have created a contradictory situation of "slowing growth + persistent inflation pressure" in the global economy. Against this backdrop, market expectations for a rate cut by the Federal Reserve have been significantly delayed, global financial market risk appetite has declined, stock markets have experienced volatility, while safe-haven assets like energy and gold have relatively strengthened.

Looking ahead to the coming week, the key variables for the market remain oil prices, inflation expectations, and interest rate paths. If oil prices continue to stay high or even break through key levels, inflation concerns may further strengthen, thereby suppressing the performance of risk assets; conversely, if geopolitical risks ease, the market may re-trade the logic of an economic soft landing.

2. Market Movements and Warnings in the Cryptocurrency Industry

This week, the cryptocurrency market has shown a "rise followed by a fall" structural trend. At the beginning of March, Bitcoin rebounded from around $65,000 to above $70,000, briefly touching $73,000, mainly driven by the return of institutional funds and positive policy expectations, such as the U.S. advancing legislation for cryptocurrency regulation and institutions continuously increasing their holdings of BTC, which boosted market confidence. However, the market was subsequently affected by geopolitical tensions, mining company sell-offs, and some liquidation pressures, leading to significant volatility and triggering hundreds of millions of dollars in leveraged liquidations, with prices falling back to above $67,000.

Overall, the short-term market may continue to oscillate within the $60,000 - $72,000 range, awaiting further clarity on macro liquidity and regulatory policies.

3. Industry and Sector Hotspots

A brief analysis of a total financing of $13.5 million, led by GSR and Selini—Fogo, a Layer 1 blockchain compatible with Solana SVM, designed for high-speed transactions. Led by Tron and Yzi Labs, with participation from HTX Ventures and Hashkey—Bitway, a strategy engine that converts on-chain assets into sustainable income. Additionally, led by Road and CSX, with follow-on investments from BitGo and Gate—Cork, a programmable risk layer for on-chain assets.

II. Market Hotspot Sectors and Potential Projects of the Week

1. Overview of Potential Projects

1.1. A brief analysis of a total financing of $13.5 million, led by GSR and Selini—Fogo, a Layer 1 blockchain compatible with Solana SVM, designed for high-speed transactions.

Introduction

Fogo is a next-generation Layer 1 blockchain built for speed, fairness, and performance. It runs on the same virtual machine (SVM) as Solana, meaning developers and users can seamlessly migrate their familiar Solana applications to Fogo while enjoying faster execution speeds and a smoother user experience.

From the outset, Fogo has been designed with traders and DeFi users as the core target—making everything effective instantly and operating naturally.

With a block time of 40 milliseconds and a final confirmation time of 1.3 seconds, the transaction experience on Fogo is nearly real-time:
No delays, no waiting, never miss any opportunities.

Core Mechanism Overview

The Fogo protocol introduces a series of architectural innovations that work in synergy to significantly enhance the system's throughput and latency performance.

Inheritance of Solana Foundation Architecture

Fogo is built on the proven blockchain architecture of Solana, inheriting its core technical components, including:

• Proof of History (PoH): Provides cryptographic timestamps for the entire network, achieving global clock synchronization.

• Tower BFT: A consensus mechanism for rapid finality and fork selection.

• Turbine: An efficient block propagation protocol for quickly distributing blocks across the network.

• Solana Virtual Machine (SVM): The execution environment responsible for processing transactions and smart contracts.

• Leader Rotation: A deterministic scheduling mechanism for rotating block producer roles.

Compatibility Strategy

Fogo maintains complete compatibility at the SVM execution layer, ensuring that existing Solana programs, development tools, and infrastructure can be seamlessly migrated without any modifications.

On this basis, the protocol retains all core network and consensus components while implementing performance-oriented deep optimizations.

This compatibility strategy allows Fogo to continuously benefit from upstream improvements in the Solana ecosystem while providing developers and users with a clear, low-cost migration path.

Unified Client Implementation

Traditional blockchain networks are often limited by the bottleneck of client diversity:
While multi-client implementations theoretically enhance security, in practice, network performance is often dragged down by the slowest client, and the system must maintain compatibility across different implementations and optimization levels.

Fogo addresses this issue by adopting a single standardized client. This client is based on the high-performance Solana-compatible implementation Firedancer developed by Jump Crypto.

Firedancer significantly enhances transaction processing throughput through the following technologies:

• Highly optimized parallel processing architecture.

• Advanced memory management techniques.

• Extensive use of SIMD instruction sets.

• Complete C language rewrite of the network stack.

In the early stages of the network, Fogo will be deployed in a Frankendancer (hybrid implementation) form, gradually transitioning to a complete Firedancer client once development is completed.

Performance Impact

By uniformly adopting the most performance-optimized client implementation, Fogo eliminates the compatibility overhead that limits the performance ceiling of other networks.

In Fogo's high-performance operating environment, the protocol naturally forms economic incentives that encourage validators to adopt the optimal client implementation—running a slower client will lead to missed block production opportunities and reduced rewards.

Multi-Local Consensus

Zone-Based Architecture

Fogo implements an innovative multi-local consensus system: validators operate in environments that are physically close to each other to maximize performance while maintaining the advantages of decentralization.

Zone represents the geographical area where validators co-locate, ideally a single data center. In this environment, the network latency between validators approaches hardware limits, achieving consensus block times of under 100 milliseconds.

Dynamic Zone Rotation

Fogo maintains decentralization through a cross-epoch Zone rotation mechanism, which brings the following advantages:

• Jurisdictional decentralization: Avoids control by a single country or regulatory body.

• Infrastructure resilience: Defends against regional failures, natural disasters, or infrastructure interruptions.

• Strategic optimization capability: Reliable deployment close to price-sensitive financial information sources.

The selection of Zones is completed through on-chain voting, requiring validators to reach a supermajority consensus on the deployment location for the upcoming epoch. Pre-determined mechanisms ensure that validators have ample time to deploy secure and reliable infrastructure within the selected Zone.

Curated Validator Set

Fogo adopts a curated validator set model to ensure sustained high-performance operation and prevent the entire network from being slowed down by under-resourced nodes.

Validators must meet the following two requirements:

• Minimum staking threshold to maintain economic security.

• Approval of the validator set to ensure necessary operational and performance capabilities.

This model is based on a realistic judgment: even a small number of underperforming validators can prevent the network from reaching its physical performance limits.

Network Quality Control

The curated validator set allows the protocol to enforce some constraints on the social layer that are difficult to fully encode into protocol rules but are crucial for network health, including:

• Preventing MEV abuse: Expelling validators engaged in harmful value extraction behaviors.

• Maintaining performance standards: Removing nodes that consistently underperform.

• Ensuring network stability: Preventing behaviors that disrupt consensus or block propagation stability.

This governance mechanism aligns the long-term incentives of validators with the overall health of the network while still maintaining a level of decentralization comparable to traditional PoS networks—in the latter, two-thirds of the staking weight already has a decisive impact on the protocol.

Tron Commentary

Fogo is a high-performance Layer 1 blockchain designed with speed and transaction experience as core goals. By being fully compatible with Solana's SVM, utilizing a unified high-performance client Firedancer, and implementing a multi-local consensus (Zone) architecture, it achieves a block time of 40ms and approximately 1.3 seconds of finality, providing a near real-time trading experience, particularly suitable for high-frequency trading and DeFi scenarios. Its advantages lie in extremely low latency, the ability to directly migrate from the mature Solana ecosystem, and avoiding performance degradation from under-resourced nodes through a curated validator set.

However, corresponding disadvantages are also evident: high entry and operational requirements for validators, and the high degree of uniformity in client and topology somewhat weakens traditional notions of client diversity and openness of node participation. Additionally, the co-location of Zones and governance relies more heavily on social layer coordination, raising higher demands for long-term decentralization narratives.

1.2. Interpretation of a total financing of $6.98 million, led by Tron and Yzi Labs, with participation from HTX Ventures and Hashkey—Bitway, a strategy engine that converts on-chain assets into sustainable income.

Introduction

Bitway is building a key infrastructure layer that connects on-chain liquidity with global financial markets. It serves as a set of on-chain strategy infrastructure, allowing digital capital to seamlessly flow into a transparent, risk-controlled strategy system covering both traditional finance (TradFi) and decentralized finance (DeFi).

By combining on-chain transparency with off-chain execution efficiency, Bitway enables anyone, anywhere, to access institutional-grade financial strategies, transforming idle digital assets into efficiently operating capital that continuously generates income.

Workflow Overview

As a DeTraFi (DeFi × TradFi) product, Bitway Earn aims to continuously introduce diversified sources of income and make them available to global users. In the current phase, Bitway Earn offers a market-neutral trading strategy that is executed solely on the Binance exchange, providing users with delta-neutral returns.

Strategy Introduction: Bitway Binance Market Neutral Strategy

User Staking Process

Users deposit on-chain assets (such as USDT or USDC) into the Staking Vault deployed on the BNB Chain by Bitway and receive corresponding vault certificate tokens (for example, bwUSDT). This token represents the user's share of assets in the vault and the accumulated earnings over time.

Most of the assets deposited by users will be transferred to secure custody accounts, including:

• Multi-signature wallets

• Regulated centralized exchanges

• Third-party professional custodians

This ensures institutional-level asset security.

At the same time, the vault will retain a small portion of liquidity on-chain to support user redemption needs. Users can unstake through two methods:

• Normal Unstake: Typically completed within about 7 days

• Flash Unstake: Completed instantly

Fund Operations and Earnings Settlement

Staked assets will be deployed into market-neutral strategies to optimize returns through non-directional trading. All earnings generated by the strategy will be settled regularly and returned to the staking vault, allowing users to unstake their assets at any time while also receiving accumulated earnings.

Architecture Analysis

Bitcoin Compatibility Layer

Bitway Ledger is designed for native Bitcoin compatibility, aiming to provide a seamless, low-friction user experience:

• Bitcoin Address Compatibility:
  Natively supports Bech32 / Bech32m address formats, allowing users to directly interact with Bitway Ledger using Bitcoin mainnet's Taproot or Native SegWit addresses without creating new wallets or managing multiple address systems.

• Bitcoin Wallet Compatibility:
  All Bitway Ledger transactions can be directly signed through mainstream Bitcoin wallets, including OKX Wallet, Unisat, and hardware wallets like Ledger.

• Built-in Bitcoin Light Client:
  Bitway Ledger includes an SPV (Simplified Payment Verification) client that can verify Bitcoin mainnet transactions with 6 confirmations on-chain.

Oracle++ (Decentralized DLC Oracle System)

In the DLC-based lending system, oracles need to cryptographically sign events to support the automatic liquidation of BTC collateral. Oracle++ is a decentralized oracle system designed by Bitway, consisting of the following two parts:

Data Provider Network (DPN)

• Composed of Bitway validators

• Core Responsibilities:

• Synchronize Bitcoin block headers through a weighted voting mechanism (requires ≥ 2/3 voting power)

• Aggregate price data from multiple mainstream exchanges, calculating a weighted average based on validators' voting power

• Securely introduce off-chain data into on-chain consensus through Cosmos Vote Extensions (ABCI++)

Event Signature Network (ESN)

• Designed specifically for DLC scenarios

• Based on FROST threshold Schnorr signatures

• 15-of-21 threshold

• 21 signers randomly selected from the top 50 active validators

• Uses Distributed Key Generation (DKG)

• Generates a one-time signing key and nonce for each event

• Private keys are never held by a single point and exist only in secret sharing form

• Allows up to 1/3 of signers to be offline while still completing event proofs

Event Types

• Price Event
  Maps continuous price ranges to discrete intervals through a numerical compression mechanism, enabling continuous, verifiable tracking of prices like BTC/USD.

• Date Event
  Maintains a 365-day rolling event calendar aligned with the maximum loan term, automatically updating.

• Loan Event
  Initialized at the creation of a loan, used to cryptographically bind Bitcoin main chain DLC with Bitway Ledger state, enabling non-custodial collateral redemption.

Event Attestation

When an event matures, the ESN generates a threshold signature and publishes the result on-chain, allowing DLC participants to deterministically unlock CET through an adapter signature mechanism.

Trustless Relayer

The trustless relayer achieves automatic cross-chain interaction between Bitcoin and Bitway Ledger through cryptographic state verification:

• Listens for 6 confirmations of Bitcoin blocks

• Only processes transactions related to predefined vault addresses

• Core verification mechanisms:

• Merkle inclusion proof

• Stateless transaction validity checks

The relayer has two main attributes:

• Permissionless: Anyone can run it, fully open-source

• Verifiable: Each relay must include an SPV proof, independently verifying the authenticity and finality of transactions by Bitway Ledger

Native BTC Collateral Lending System

1 Participant Roles

• Borrower: Uses native BTC as collateral to obtain loans

• Liquidity Provider (LP): Provides funds to the lending contract and earns returns

• DCM (Distributed Collateral Manager):

• A threshold signature network composed of multiple parties

• Co-signs Bitcoin 2-of-2 multi-signature transactions on behalf of the lending contract and the borrower

• Responsible for managing liquidated assets during liquidation

• Lending Contract:

• Deployed on Bitway Ledger

• Automatically manages lending pool logic

• Does not directly hold private keys but entrusts DCM to perform signing operations

Tron Commentary

Bitway is designed with native Bitcoin compatibility as its core goal, building a verifiable, non-custodial Bitcoin financial infrastructure aimed at stablecoins and yield scenarios through its own L1 (Bitway Ledger), DLC-driven BTC collateral lending, decentralized Oracle++, and trustless cross-chain relayer. Its advantages include maximizing the reuse of Bitcoin addresses and wallet systems, avoiding the trust assumptions of traditional bridges, and introducing institutional-level strategies and risk management on-chain.

However, the corresponding disadvantage lies in the high complexity of the system architecture, strong reliance on the collaboration of validators, oracles, and DCM, and the security and user experience being highly dependent on the long-term stable operation of multiple components. Additionally, the execution capacity limitations of the Bitcoin ecosystem itself slow the application expansion speed compared to general high-performance L1.

2. Key Project Details of the Week

2.1. Detailed Explanation of Total Financing of $5.5 Million, Led by Road and CSX, with Follow-on Investment from BitGo and Gate—Programmable Risk Layer for On-chain Assets: Cork

Introduction

Cork introduces a new "tokenized risk" primitive as a programmable risk layer for on-chain assets, applicable to vault tokens, yield-bearing stablecoins, and liquid (re)staking tokens.
The core primitive of Cork enables asset managers and issuers to create customized swap markets, thereby enhancing the redemption liquidity, risk transparency, and overall market confidence of their on-chain assets.

With the support of a16z crypto, OrangeDAO, Road Capital, BitGo, G-20, and Steakhouse Financial, Cork is building the necessary risk infrastructure to bring institutional capital into the on-chain credit market.

Architecture Overview

1. Cork Pool Mechanism

Cork Pool is the core financial infrastructure of the Cork protocol, used to transform the latent, non-directly tradable liquidity risks and de-pegging risks of on-chain assets into a market that can be priced, hedged, and arbitraged. It is built around a pair of assets: a highly liquid, low-risk collateral asset (Collateral Asset, CA), and a reference asset (Reference Asset, REF) that is more fragile in terms of liquidity, credit, or structure.

1. Risk Segmentation: Principal vs. Risk Exposure

When users deposit CA into the Cork Pool, the system mints and returns two types of tokens:

• Cork Principal Token (cPT)
  Represents ownership of the CA principal and its ongoing earnings while bearing the risk of REF depreciating or de-pegging relative to CA. cPT holders can obtain risk premiums by selling cST, and if REF remains stable without significant redemption pressure, cPT holders can earn additional returns.

• Cork Swap Token (cST)
  A swap option that can be executed before maturity, allowing holders to exchange REF + cST 1:1 for CA. cST provides REF with certain redemption liquidity, holding significant value in liquidity crises or de-pegging scenarios, with its price reflecting market expectations of REF risk.

The separation of cPT and cST allows risks to be stripped from the principal and traded separately, which is the core innovation of Cork Pool.

2. Exchange Rate: Anti-arbitrage Yield Alignment Mechanism

Since CA and REF are often interest-bearing or derivative assets, Cork Pool introduces an Exchange Rate to dynamically adjust their exchange relationship.
The exchange rate will continuously adjust based on the yield rate differences between CA and REF to ensure:

• The additional earnings of CA are not siphoned off through exercise arbitrage

• cPT holders can continuously accumulate their entitled earnings within the pool

Economically, the Exchange Rate allows Cork Pool to support complex asset forms like stETH, wstETH, sDAI, LRT without sacrificing security.

3. Liquidity Inheritance and Redemption Assurance

Through the existence of cST, REF effectively inherits the liquidity of CA:
Regardless of how deep REF is in the secondary market, cST guarantees its exchange for CA in the Cork Pool according to the agreed relationship.

This feature is particularly critical for vaults, bridges, and lending protocols:

• Provides early redemption in high utilization, low available liquidity scenarios

• Addresses extreme concentrated redemption risks without reducing capital efficiency

• Significantly enhances user confidence in the system's robustness

4. Market Pricing of De-pegging Risks

When the Reference Asset (REF) becomes unpegged relative to the Collateral Asset (CA), the Cork Swap Token (cST) quickly accumulates value, with its price essentially reflecting the market's expectations of the probability and extent of further unpegging.
This makes cST a tool similar to on-chain Credit Default Swaps (CDS):

• Provides highly leveraged upside when risks occur

• When risks do not occur, the risk premium belongs to the holders of the Collateral Principal Token (cPT)

From a systemic perspective, the unpegging risk is externalized for the first time as a continuous, observable market price signal.

5. Repurchase Mechanism: Automatic Stabilization and Arbitrage Loop

When the swap is executed and REF and cST enter the Cork Pool, the repurchase mechanism allows market participants to repurchase these assets using CA (after deducting fees that decrease over time).
This design:

• Provides arbitrageurs with a risk-free correction path

• Automatically pulls the prices of cPT / cST back to a reasonable range

• Creates additional profits for the system during the temporary unpegging and recovery of REF

Arbitrage activities thus become an endogenous force to maintain the healthy operation of the Cork Pool.

6. System-Level Significance

The Cork Pool is not just a single product but a primitive of risk infrastructure:

• For issuers: Enhances the redeemability and institutional acceptability of assets

• For liquidity providers (LP): Obtains risk premiums while assuming clear risks

• For the DeFi market: Transforms "black-box risks" into priceable, hedgeable, and governable financial structures

2. Swap Token (cST)

The Cork Swap Token (cST) is a tokenized risk tool used for pricing, hedging, and trading various risks contained in the Reference Asset. It transforms the originally fragmented and implicit DeFi risks (such as liquidity, duration, unpegging, or credit risk) into a standardized, composable on-chain financial primitive.

Working Mechanism of Swap Token

In Cork, each market is built around a pair of assets:

• Reference Asset (REF):
  Assets that may have insufficient liquidity, long redemption periods, or credit/unpegging risks (such as Real World Asset (RWA) funds, Vault Tokens, re-staked assets, etc.)

• Collateral Asset (CA):
  Highly liquid, low-risk collateral assets (such as sUSDS, ETH, stablecoins, etc.)

The Swap Token (cST) grants holders a right:
At any time before maturity, holders can use

cST + Reference Asset → Collateral Asset

to instantaneously exchange REF for CA according to pre-agreed rules. From a financial attribute perspective, cST is similar to an on-chain, executable liquidity/credit swap tool.

Core Value: Addressing Duration Risk

A key application of the Swap Token is to hedge against duration and liquidity mismatch risks.

In DeFi, many assets (especially RWAs):

• Have long redemption periods (such as over 30-40 days)

• Have limited secondary market liquidity

• Are difficult to use as collateral or participate in leveraged strategies

By using such assets as Reference Assets and introducing sufficiently liquid Collateral Assets, the Cork Pool can:

• Provide immediate liquidity for assets that cannot be redeemed instantly through cST

• Allow these assets to safely access lending markets, Vaults, bridges, and other DeFi components

• Significantly reduce duration risk without sacrificing capital efficiency

Main Application Scenarios of Swap Token

1. Looping and Leverage

• Build looping strategies on low liquidity assets like Vaults and RWAs

• cST serves as a liquidity buffer, reducing liquidation and run risks

1. Duration Risk Management

• Common asset/liability duration mismatches in Vaults, cross-chain bridges, and yield strategies

• cST provides a more capital-efficient layer of liquidity insurance

1. Unpegging Risk

• Temporary or permanent unpegging of stablecoins, LSTs/LRTs, etc.

• cST can serve as a complete hedging tool

1. Credit Risk

• Assets with credit exposure (such as credit funds, certain stablecoins)

• cST externalizes credit risk into a tradable price signal

Principal Token (cPT)

The Cork Principal Token (cPT) is the core token for risk underwriting and yield in the Cork protocol, representing proportional ownership of the principal in the Cork Pool.
Liquidity providers (LPs / underwriters) deposit Collateral Assets (CA), simultaneously mint Principal Tokens and Swap Tokens, and underwrite the risk of the Reference Asset by selling Swap Tokens to earn a fixed risk premium.

Working Mechanism of Principal Token

In a Cork Pool:

1. Users deposit Collateral Assets (CA)

2. Mint and receive:

• Principal Token (cPT)

• Swap Token (cST)

1. Users can choose:

• Sell cST to lock in a fixed risk premium

• Hold cPT until maturity

Settlement Logic at Maturity

• If the Swap Token is not exercised
  cPT holders retrieve the original CA + accumulated earnings

• If the Swap Token is exercised
  cPT holders may receive:

• Part of CA

• Part of REF (which may have unpegging or duration risks)

Thus, cPT holders are ultimately exposed to the combined risk performance of CA and REF.

Reversibility and Risk Management

At any time before maturity:

Principal Token + Swap Token = Collateral Asset

This design allows underwriters to:

• Close positions at any time

• Actively manage risk exposure

• Exit strategies during market volatility

Sources of Yield for Principal Token

The yield of cPT is multi-layered and has institutional appeal:

1. Native yield from collateral assets
   Such as earnings generated by sUSDS, wstETH, etc.

2. Swap Token premium (core yield)
   The price paid by Swap Token holders for risk hedging

3. Protocol fee sharing (depending on Pool configuration)
   Including Swap exercise fees, repurchase fees, etc.

4. Incentive mechanisms
   Token incentives from Cork or partners

5. Rehypothecation / Combinatorial Yield
   cPT can serve as high-quality collateral, combined with lending, Vaults, and other DeFi components to amplify yields

Tron Commentary

Cork, through Principal Token (cPT) and Swap Token (cST), splits and tokenizes the originally implicit and difficult-to-manage liquidity, duration, unpegging, and credit risks in on-chain assets, building a priceable, hedgeable, and arbitrageable on-chain risk infrastructure. Its core advantage lies in significantly enhancing the redeemable liquidity and institutional usability of yield-bearing stablecoins, Vault Tokens, RWAs, etc., while forming self-healing market stability through endogenous arbitrage and repurchase mechanisms;

However, its disadvantages are also clear: the protocol structure and economic mechanisms are relatively complex, requiring a high level of risk understanding and market-making depth from participants, and in extreme, long-term failure scenarios of reference asset risks, Principal Token holders must bear tail losses and are highly sensitive to risk pricing and governance parameter settings.

3. Industry Data Analysis

1. Overall Market Performance

1.1. Spot BTC vs ETH Price Trends

BTC

ETH

2. Summary of Hot Sectors

4. Macroeconomic Data Review and Key Data Release Points for Next Week

Macroeconomic Review (3.1---3.8)

• U.S. February non-farm employment -92,000, unemployment rate rises to 4.4%

• Middle East conflict escalates, Brent crude oil surpasses $90/barrel

• Global markets reprice inflation risks

Next Week Focus (3.9---3.15)

• 3/10 China CPI, PPI

• 3/11 U.S. CPI

• 3/12 U.S. PPI

• 3/13 U.S. PCE

5. Regulatory Policies

United States

2026/03/02 --- OCC releases proposed rules for stablecoin implementation under the GENIUS Act.
The Office of the Comptroller of the Currency (OCC) has published proposed rules in the Federal Register, officially initiating the public comment period for the implementation details of the GENIUS Act under OCC jurisdiction. The document clarifies that this rule establishes a specific regulatory framework for the issuance of payment stablecoins and related activities, with a comment deadline of 2026/05/01. This means that U.S. stablecoin regulation has moved from the "legislative approval" phase to the "rule implementation" phase, with subsequent focus shifting to reserves, redemptions, compliance, audits, and ongoing regulatory requirements.

European Union

2026/03/06 --- ESMA Updates the Interim MiCA Register.
The European Securities and Markets Authority (ESMA) has updated the "Last update" of the Interim MiCA Register on the MiCA webpage to 2026/03/06. This register covers 5 categories of key information: general crypto asset white papers, ART issuers, EMT issuers, authorized CASPs, and non-compliant entities. ESMA also states that this register will be updated weekly until it is officially integrated into its IT system in mid-2026. For the industry, this signifies that MiCA has further transitioned from the "rules text" to the operational phase of "unified registry, unified disclosure, unified enforcement base."