Last Week in DeFi - Hyperliquid Links HyperCore and HyperEVM, Term Labs & Kelp DAO Season 1 Airdrop, MegaETH Launches Public Testnet, and more...
Recap of last week of March
Launches 🚀
Walrus has officially launched its mainnet, aiming to transform how applications use and interact with data. Developers can now begin building on Walrus to unlock new data capabilities—blob by blob. Mainnet access is live at walrus.xyz.
TaoFi launched on Bittensor, enabling users to bridge USDC from Ethereum to taoUSD via Hyperlane, stake TAO for yield-bearing sTAO, and swap or provide liquidity in the taoUSD–sTAO pool. The protocol aims to establish core DeFi infrastructure on Bittensor.
Rysk launched V12, introducing a new primitive for scalable, tradable covered calls that generate upfront USDC yield on ETH, BTC, and other volatile assets. Unlike past pooled models, Rysk enables users to set custom strike prices with full liquidity, no lockups, and no front-running through an RFQ system.
The platform supports yield-bearing assets beyond ETH/BTC and is built by a team with prior experience in options AMMs and high-volume orderbook exchanges.
BlackRock’s $1.7 billion USD Institutional Digital Liquidity Fund ($BUIDL) is now accessible on Solana through tokenization by Securitize and cross-chain interoperability enabled by Wormhole. This marks a major milestone in bringing real-world assets onchain with institutional backing.
Nillion officially launched its Alpha Mainnet and $NIL token, marking the start of its privacy-focused ecosystem. Users can now build with Blind Modules, stake with Genesis Validators, and transact $NIL across wallets. The network aims to redefine the internet with privacy as a foundational principle.
Berachain's Proof of Liquidity is now live, enabling block rewards to fuel ecosystem activity and reward users. 37 new reward vaults have been approved, distributing BGT emissions to various applications. Incentives update every 5 hours and are distributed over 3 days. Users can track emissions and optimize rewards via BeraHub.
WOO X launched “MY WOO,” a new staking model offering real yield via revenue share from both CeFi and DeFi, without inflationary emissions. Users earn benefits by holding or staking WOO, with no lockups and daily auto-compounding buybacks. In Q1, stakers earned over $1M in USDC, with 6.4M WOO bought back and 5.3M burned. Nearly 17% of supply is on track to be staked.
More updates, including an investor report and AI-powered trading platform, are set for early April.
Superform Labs launched Superform v2, aiming to streamline onchain yield generation. The upgrade introduces SuperUSD for optimized USD yield, SuperVaults for multiple assets, and features like a mobile app, fiat onramps, passkey login, and smart accounts for a seamless user experience across chains.
Updates 📰
Wintermute unveiled a new visual identity to reflect its growth and evolving role across crypto and traditional finance. While keeping its name and core DNA, the refresh emphasizes its ability to bring order to fragmented markets and connect liquidity across 100+ venues.
The rebrand targets both crypto natives and institutions, signaling its position at the intersection of finance and digital assets in 2025.
Hyperliquid has launched ETH spot trading, along with support for direct ETH deposits and withdrawals from Ethereum mainnet. Users can now trade spot ETH and manage ETH balances via Hyperliquid’s main app or Hyperunit.
Kamino launched the USDG Growth Initiative to boost adoption of USDG, a USD-backed stablecoin by Global Dollar, on Solana. Users borrowing USDG against JLP or JitoSOL now earn dual rewards in USDG and JTO, with over $85K in incentives in the first month. A USDG-JitoSOL Liquidity Vault is also live, offering 2,000+ JTO in rewards.
Wyoming selected LayerZero to issue WYST, the first fiat-backed stablecoin from a U.S. public entity, using its Omnichain Fungible Token (OFT) standard. WYST will launch multichain across ecosystems like Ethereum, Solana, and Base, enabling instant, low-cost global payments.
A test transaction via Stargate showcased its interoperability, backed by LayerZero’s infrastructure that has processed over 145M messages and $60B in value.
Napier launched on Sonic with new markets for $scETH, $scUSD, and $stS, offering rewards in Sonic, Napier, Rings, and Veda Points for LPing or holding YT. Curated by MEV Capital, the platform supports fixed yield, trading, and looping strategies with near-zero gas and fast execution.
Users can earn Napier Points, convertible to 15% of $NPR at TGE in Q2 2025, with 80M points allocated this week.
Circle launched CCTP V2 on Linea, enabling fast, secure USDC transfers across Linea, Ethereum, Base, and Avalanche using a native burn-and-mint model. Supported by apps like Socket and Bungee, it improves capital efficiency and multi-chain usability.
Clearpool’s Ozean partnered with Maple Finance to integrate SyrupUSDC—Maple’s yield-bearing stablecoin—into its Pre-Deposit Campaign and Port, the platform’s first exchange-traded product.
Superform added stSYRUP from Maple Finance, allowing users to zap in with any asset to earn SYRUP yield sourced from loan-related fees. Participants also receive 10x CRED, amplifying rewards within the Superform ecosystem.
Jupiter Mobile now supports Ledger integration, enabling users to trade with enhanced security using their hardware wallet. The update brings one of the most requested features to the platform’s mobile experience.
Hyperliquid launched mainnet linking between HyperCore and HyperEVM, enabling spot assets from HyperCore to be used natively in HyperEVM applications. Developers can now list tokens directly on HyperCore's high-volume order books, unlocking seamless composability across DeFi functions—building, launching, and trading—all onchain.
DIA introduced Spectra, a custom Hyperlane-powered messaging layer within its Lumina framework to enable trustless oracle data delivery across 100+ blockchains. Spectra facilitates both push- and pull-based transfers between DIA’s Lasernet and external chains, using a modular tech stack that includes OracleTriggers, PushOracleReceivers, and on-demand RequestOracles.
By leveraging Hyperlane's permissionless and scalable architecture, DIA removes integration barriers while maintaining customizable security.
Mizu, HyperBeat, and Veda Labs launched HyperEVM Vaults on Hyperliquid, enabling automated, risk-adjusted yield strategies for stablecoins, BTC, ETH, and major LSTs/LRTs. Users can deposit directly from Ethereum to earn HyperEVM-native DeFi yields and access issuer rewards via Royco markets.
Vaults are now live and accessible through Mizu's dApp.
Jupiter upgraded its perps platform with enhanced flexibility, transparency, and safety features, including support for up to 5 limit orders per token, $250k order size caps, and detailed transaction fee breakdowns.
Safety upgrades include visible slippage and leverage controls, auto-optimized priority fees, and warnings for risky limit orders near liquidation.
RISC Zero introduced OP Kailua, a modular ZK upgrade path for OP chains, offering both ZK fraud and validity proofs. Chains can choose between fast, low-collateral Hybrid Mode or secure 1-hour finality Validity Mode, with seamless switching.
Cost analysis shows Base could run as a ZK Rollup for as low as $0.00012 per transaction.
Akash Network announced support for deploying DeepSeek-R1 on its Supercloud, offering users full privacy, self-custody, and dedicated access.
Term Labs unveiled $TERM tokenomics with a 100M supply. 56.04% is allocated to the community, including 46.04% for ecosystem growth and 10% for the Foundation. Founders, contributors, and investors hold 43.96% with a 1-year cliff and 3-year vesting.
Governance is community-driven with veto power, and staking follows the Unistaker model with fee-sharing as protocol activity grows.
DIA confirmed Lumina is built using the Arbitrum stack, citing its speed, modularity, and flexibility as essential for a fully on-chain, trustless oracle rollup.
Arbitrum Orbit enables ultra-fast blocks, custom performance, and Ethereum-aligned decentralization—key to DIA’s vision ahead of Lumina’s mainnet launch.
Shogun is now live on Sonic, enabling 1-click token swaps across Solana, Ethereum, and more. The launch includes support via Shogun’s trading bot, web app, and API.
Drift introduced updates to its Vaults, including verified manager badges, FUEL rewards for deposits, and improved tracking of vault positions. Users can now deposit more confidently and monitor performance more easily.
Binance launched a community-driven delisting mechanism, allowing users to vote on the removal of projects carrying the Monitoring Tag. Voting is now open on Binance Square for the first batch under the new “Vote to Delist” initiative.
Frax highlighted NILE, the leading DEX on Linea from the Kingdom team behind RA on Fraxtal. With Linea set to expand via MetaMask card integration, Frax is encouraging users to support $frxUSD growth on Linea by providing liquidity.
Usual raised the cap for its USL stablecoin by $14.5M to $186M amid continued demand. The increase enhances available liquidity while maintaining stability. USL is accessible via Euler Finance on Ethereum.
Issues ⚠️
Linear Finance announced it is ceasing operations due to sustained financial challenges and the recent delisting of its LINA token by Binance, which led to a 65% market cap drop. Funded primarily by personal contributions and token sales, the model is no longer viable. Users with active positions will receive step-by-step closure instructions soon.
A trader attempted to exploit Hyperliquid by depositing $7.17M across three accounts and opening opposing long and short positions on illiquid token JELLYJELLY. The $4.1M short was too large to liquidate normally and was passed to HLP, while the trader withdrew over $6M in unrealized PnL as JELLYJELLY pumped 400%. Hyperliquid force-closed the market at the short’s entry price, nullifying gains. The trader now holds ~$900K in stuck funds and faces either a $4K net cost or a $1M loss, depending on withdrawal access.
PeckShield reported that GMX and MIM-related contracts were exploited for approximately 6,260 ETH, valued at around $13 million. The attack appears to have targeted shared infrastructure or integrations between the two protocols, though specifics remain under investigation.
Upcoming ⏳
Sonic Labs introduced SonicCS 2.0, a major consensus upgrade delivering 2x faster speeds and 68% lower memory usage. The new protocol is set to go live on mainnet soon, enhancing performance across the Sonic network.
Ondo Finance announced Ondo Global Markets, a platform bringing publicly traded stocks, bonds, and ETFs onchain. The initiative aims to make U.S. securities globally accessible, tradable 24/7, and DeFi-integrated—mirroring what stablecoins did for the dollar.
dYdX released a video explaining its $DYDX Buyback Program, which outlines how buybacks are executed and their impact on token holders. The initiative is aimed at enhancing long-term value for $DYDX participants.
World Liberty announced USD1, a new stablecoin backed by U.S. dollars and custodied by BitGo, targeting both institutional and retail users. Positioned as a transparent and gimmick-free product, USD1 aims to offer dependable stability without complex mechanics.
Ethena submitted a temp check proposal to onboard USDtb to Aave, aiming to layer overcollateralized lending yields on top of USDtb’s existing structure. If approved by both governance frameworks, the move would expand Ethena’s yield sources while integrating with Aave’s lending markets.
Curvance teased its upcoming launch with the phrase “Mainnet is a mindset,” hinting at progress toward deployment while reinforcing its brand identity.
PancakeSwap and Binance Wallet are hosting an exclusive TGE for Particle Network on March 25 from 10:00 AM to 11:00 AM UTC. Users can subscribe during the event window, with full activity rules available on Binance.
TaoFi will launch an Ethereum to Bittensor EVM stablecoin bridge on March 26, powered by Hyperlane. The bridge aims to simplify onboarding to the Bittensor ecosystem, with an initial TVL cap of $10 million.
Eclipse Labs unveiled its Giga Scale Virtual Machine (GSVM), a new SVM client designed for high-performance blockchain computing. GSVM combines software-hardware co-design, cross-layer optimization, workload isolation, and dynamic scaling to overcome current scalability limits.
Leveraging technologies like SmartNICs and NVMe storage, GSVM aims to deliver application-specific sequencing and efficient large-scale compute for blockchain apps.
Term Labs teased an upcoming announcement, urging users to stay tuned to official channels for details. The team warned against fake accounts and phishing attempts, emphasizing they will never request personal information via DM.
DIA introduced Lumina, a next-gen oracle architecture built to be fully on-chain, verifiable, and permissionless. Powered by Lasernet—a custom L2 using Arbitrum Orbit and AnyTrust DA—Lumina enables ultra-fast, auditable oracle data with decentralized participation through Feeder Nodes and Aggregators.
The upcoming mainnet launch marks DIA’s shift from Nexus to a modular, community-driven ecosystem with upcoming staking and integrations.
🎥Resupply Launches Stablecoin, Pump.fun Launches DEX
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Airdrops 🪂
Corn launched $CORN with a 2.1B supply, 25% unlocked at TGE for users, builders, and security. Rewards flow through popCORN voting, with new incentives via Cornfields and token locking. Staking will direct $BTCN and $CORN rewards, and BTC-backed loans using USDT0 are coming soon.
Kaito AI announced Yapper Payouts, a weekly $5,000 rewards program starting in April, distributing $sKAITO to the top 50 Yappers and top 50 Emerging Yappers. The initiative supports high-impact crypto content and is backed by Kaito’s Strategic Reserve, which also funds 17% APR staking.
Bonus multipliers apply for Genesis NFT holders, KAITO Hodler badges, and leaderboard rankings.
ApePro launched Jupuary claims, distributing 5M $JUP to 6,904 eligible wallets based on trading activity. Users with at least $1,000 in swap volume as of the Jan 14 snapshot can now claim ~13.4 $JUP per $1k volume. Claims are open until April 30, 2025.
KelpDAO launched the early checker for the $KERNEL Season 1 airdrop, with 10% of the total supply allocated to users who earned Points or Miles by Dec 31, 2024. The token unifies Kelp’s $1.2B rsETH, Gain’s $120M in vaults, and Kernel’s $660M security layer. TGE is planned for early April, and Season 2 rewards are ongoing for restakers.
Term Labs announced the $TERM Season One airdrop, allocating 5M tokens to early users and community contributors who engaged via lending, auctions, and ecosystem participation. Eligibility is based on Term Points earned before the March 22 snapshot, with Sybil protections in place.
Claims open March 26 to April 26 via the Term app, and holdings will influence Season 2 rewards.
Babylon Labs launched its Genesis chain and BABY token, marking a new phase for BTC staking. BABY rewards can be claimed by LBTC holders (via Lombard's upcoming Staking Yield Pool) or those who delegated BTC to Lombard’s Finality Provider (via Babylon’s portal). Claiming requires a Genesis-compatible wallet like Keplr or Leap.
Lombard, as Babylon’s largest Finality Provider, continues to play a key role in Phase 2. Full claim timelines and setup guides are available.
mETH Protocol launched Season 3: Methamorphosis, expanding cmETH across chains with new adoption opportunities and continued $COOK rewards. Following a 214% supply surge in Season 2, cmETH now offers multi-stream yield from ETH staking, restaking protocols like EigenLayer, and Powder points. The 180-day season runs until Sept. 22, 2025.
Particle Network opened $PARTI claims via UniversalX for users who participated in campaigns like Particle Pioneer, ALLY, CAPYBARA, or used the embedded wallet. $PARTI powers the Particle Chain and supports Universal Accounts by fueling chain abstraction. Users can log in, link wallets, and claim directly on UniversalX.
Sonic Labs updated its dashboard to show Activity Points and Gems earned by apps. Users earn 2x AP by providing liquidity on supported apps, with retroactive credit if apps integrate OpenBlock before season end. Gems can be redeemed for $S and used in app reward programs.
mETH Protocol teased the launch of Season 3, set to begin this week. Further details are expected soon.
Clearpool introduced Droplets, Ozean’s new points system for earning rewards. Users can earn Droplets by joining the pre-deposit campaign on Ethereum, depositing assets like USDC, USDX, wBTC, and wstETH, and receiving bonus multipliers when bridging to Ozean Mainnet.
Droplet holders will be eligible for future airdrops, boosted APYs, governance influence, and early access to RWA opportunities.
MegaETH launched its public testnet, showcasing 20,000 TPS, 1.7 gigagas/s throughput, and 10ms block times on a single-threaded architecture. Settled on Ethereum, the testnet supports real-time apps like GTE and GuessBest, with features including a custom state trie, streaming EVM, and efficient state sync.
Soneium announced the final countdown for the AI BoBy NFT mint, ending March 24 at 11 AM JST / 10 PM EST. Minting is live on OpenSea and will close once the collection is fully claimed.
Farms 🧑🏻🌾
Superform has whitelisted Smokehouse USDC from SteakhouseFi as a yield source for SuperUSDC on Base, offering users access to a current APY of 10.4%.
OpenEden increased the Bills Campaign multiplier for Spectra activities from 3x to 5x, boosting rewards for users deploying cUSDO on Spectra. The update offers greater incentives to participate and maximize point earnings during the campaign.
Native LBTC is now live on Sonic, allowing BTC holders to upgrade to a liquid, yield-bearing asset onchain. Users can earn yield via Sonic Vault, trade and lend with Silo and Beethoven, and access dual-staking with scBTC.
LBTC also boosts airdrop rewards—earning 4x Sonic points, Babylon Points, and Lombard Lux. With over 90,000 users and 0.1% of all BTC staked, LBTC is emerging as the leading Bitcoin LST.
Contango highlighted a yield loop using Maple’s syrupUSDC (~7.3%) paired with low-cost borrowing (~3.5%) at 9x leverage on Morpho. SyrupUSDC offers permissionless access to institutional-grade, overcollateralized lending yields via Maple Finance.
Pendle launched on Berachain with new pools for Infrared’s iBGT and iBERA, offering high-yield opportunities like 219% APY on iBGT and yield strategies on Berachain’s gas token $BERA.
Classic pools with Ethena and EtherFi are also live, including 30x Sats on sUSDe, 50x on USDe, and eBTC with layered rewards from six protocols. Pendle plans to tokenize all Berachain yields going forward.
Silo launched the PT-wstkscETH-scETH market on Sonic, combining Pendle’s fixed-yield wstkscETH with Rings Protocol’s native ETH.
Users can loop for leveraged fixed yield while earning multiple layers of points, making it a high-reward strategy for ETH holders on Sonic.
Resolv launched rstUSR on Mellow Protocol, enabling users to restake wstUSR into Symbiotic-powered networks. The vault earns native wstUSR yield, plus Resolv, Symbiotic, and Mellow points.
Built on a delta-neutral design, rstUSR offers modular restaking with automated capital deployment via Mellow.
Maple’s SyrupUSDC/USDC loop strategy is now live on Morpho, with USDC liquidity available from Gauntlet and MEV Capital vaults. Users can mint SyrupUSDC, supply it as collateral at ~11–12% APY, borrow USDC at ~5–6%, and repeat the loop for compounding yields.
The strategy enables an incremental ~5% net yield per cycle.
Pendle launched a new sUSDe (July 31, 2025) pool in collaboration with Ethena, offering users multiple strategies to maximize points and yield. LPs earn from swap fees, $PENDLE incentives, and 30x Sats boosts, while traders can access fixed yield via PTs or leveraged yield exposure via YTs.
The pool supports Ethena’s synthetic dollar, sUSDe, which generates yield through funding rate arbitrage.
Sonic Labs updated its points system, increasing the USDC.e multiplier to 6x and whitelisting aUSDC and bUSDC.e-20. Point values are now displayed 1000x smaller for clarity, with no change to actual value.
Kamino is offering a 73% discount on USDC borrowing via its $cbBTC Growth Initiative. Users supplying cbBTC and borrowing USDC can earn a share of $300K in monthly rewards, distributed in real time and claimable through the Kamino UI.
Pendle outlined a rollover strategy for matured PT-USDe positions. Users can now redeem 1:1 for USDe, swap into PT-sUSDe (29 May) for 10.46% APY, and deposit into Morpho’s new PT-sUSDe/DAI pool to borrow DAI.
The borrowed DAI can be used to repay earlier loans, enabling a looped yield strategy across Pendle, Ethena, and Morpho.
Beefy introduced updated naming for its @beets_fi vaults, highlighting new strategies with current APYs: Super Silo Sonic (80%), Smooth Eth Sailing 1400-3000 (75%), Staked and Volatile Ringing Melodies 0.4-1.1 (70%), Concentrated Ringing Notes 1400-3000 (50%), and Sonic Quartet Audition Act II (25%).
Aevo announced Epoch 9 rewards totaling 9,600 $EIGEN, with a current weETH APY of ~30.3%. Users can qualify by depositing weETH or by depositing and trading perps. Each path receives 4,800 $EIGEN in rewards. Claims are available at Eigen’s loyalty portal.
Stride LPs are now eligible for BGT emissions on Berachain. Starting Monday, users can earn BGT by depositing into the stBGT/BERA pool on Kodiak.
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