The burn was conducted after the conclusion of Venice’s airdrop, which began at the end of January and ended on Wednesday. Crypto AI Startup Venice Burns $100M in Tokens Bitcoin and crypto entrepreneur Erik Voorhees’s Privacy- focused AI startup Venice concluded its airdrop on Wednesday after distributing 17.4 million Venice tokens (VVV) to more than 40,000 […]

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Gaming activity on some layer-2 blockchains rose by over 20,000% in February 
2025 while the number of daily unique active wallets (dUAWs) dropped, 
according to a report by DappRadar.
Abstract, an Ethereum layer-2 blockchain developed by Igloo, the parent 
company of NFT collection Pudgy Penguins, led all chains with a growth of over 
20,000% in daily active unique wallets (dAUWs). Soneium, Sony&#8217;s Ethereum L2 
blockchain, came in second with a growth of over 3,200%, and Linea, another L2 
blockchain, placed third with over 1,000% growth.
_Monthly growth of unique active wallets across blockchains. 
Source:__DappRadar_
On Abstract and Soneium, two games were the primary drivers of activity 
growth: Treasure Ship on Abstract, which currently has around 72,000 UAWs, and 
Evermoon on Soneium, with approximately 32,000 UAWs.
However, despite the rise of gaming activity on L2s, dUAWs overall dropped by 
16% compared to January, settling at around 5.8 million. The report notes that 
while blockchain gaming &#8220;has historically held strong market dominance, 
economic conditions have shifted investor focus back towards DeFi. With market 
uncertainty causing traders to exit positions, DeFi now leads as the most 
dominant sector.&#8221;
The most dominant blockchains for gaming in terms of dUAWs are opBNB, a 
layer-2 blockchain built on top of the BNB Smart Chain; independent layer-1 
blockchain Aptos built for decentralized applications; and Nebula, which is a 
Skale chain.
According to the report, blockchain gaming investments soared to $55 million 
in February, marking a 243% increase from January, with 92% of the funds 
allocated to infrastructure development.
## Blockchain gaming activity sees year-over-year growth, but challenges 
persist
As Cointelegraph reported in February, blockchain gaming activity saw a 
significant year-over-year surge, with daily unique active wallets soaring by 
386% to 7 million. The sharp rise led some industry observers to speculate 
about a potential blockchain gaming bull run in 2025 &#8212; though that prospect 
is now under debate.
One of the games that had been drawing attention to the use of blockchains in 
games was &#8220;Off The Grid.&#8221; The title, which plans to use an Avalanche subnet, 
generated more than 100 million transactions in its first month.
The sector, however, has faced challenges. Gunzilla Games Web3 director 
Theodore Agranat told Cointelegraph that there &#8220;is no new money coming into 
the system,&#8221; explaining that existing capital is just being recycled between 
gaming projects.
&#8220;They will just go from project to project and extract whatever value they can 
from that project,&#8221; he said. &#8220;And once there&#8217;s no more value to be had there, 
they are going to move on to another project.&#8221;
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L2 gaming activity spikes in February, but wallets decline — Report

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Hyperliquid, a blockchain network specializing in trading, has increased 
margin requirements for traders after its liquidity pool lost millions of 
dollars during a massive Ether (ETH) liquidation, the network said.
On March 12, a trader intentionally liquidated a roughly $200 million Ether 
long position, causing Hyperliquid&#8217;s liquidity pool, HLP, to lose $4 million, 
unwinding the trade.
Starting March 15, Hyperliquid will begin requiring traders to maintain a 
collateral margin of at least 20% on certain open positions to &#8220;reduce the 
systemic impact of large positions with hypothetical market impact upon 
closing,&#8221; Hyperliquid said in a March 13 X post.
The incident highlights the growing pains confronting Hyperliquid, which has 
emerged as Web3&#8217;s most popular platform for leveraged perpetual trading.
_Hyperliquid has adjusted margin requirements for traders. 
Source:__Hyperliquid_
Hyperliquid said the $4 million loss was not from an exploit but rather a 
predictable consequence of the mechanics of its trading platform under extreme 
conditions.
&#8220;[Y]esterday&#8217;s event highlighted an opportunity to strengthen the margining 
framework to address extreme conditions more robustly,&#8221; Hyperliquid said.
These changes only apply in certain circumstances, such as when traders are 
withdrawing collateral from open positions, Hyperliquid said. Traders can 
still take on new positions with up to 40 times leverage.
Perpetual futures, or &#8220;perps,&#8221; are leveraged futures contracts with no expiry 
date. Traders deposit margin collateral &#8212; typically USDC (USDC) for 
Hyperliquid &#8212; to secure open positions.
By withdrawing most of his collateral and liquidating his own position, the 
trader effectively cashed out of his trade without incurring slippage &#8212; or 
losses from selling a large position all at once.
Instead, those losses were borne by Hyperliquid&#8217;s HLP liquidity pool.
_Hyperliquid &#8216;s HLP has more than $350 million in TVL. Source: __DeFiLlama_
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## Leading perps exchange
As of March 13, HLP has a total value locked (TVL) of approximately $340 
million sourced from user deposits, according to DefiLlama.
Launched in 2024, Hyperliquid&#8217;s flagship perps exchange has captured 70% of 
the market share, surpassing rivals such as GMX and dYdX, according to a 
January report by asset manager VanEck.
Hyperliquid touts a trading experience comparable to a centralized exchange, 
featuring fast settlement times and low fees, but is less decentralized than 
other exchanges.
As of March 12, Hyperliquid has clocked approximately $180 million per day in 
transaction volume, according to DefiLlama.
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