$KAITO Holders Are Playing the Long Game

The $KAITO airdrop closed on March 22, and the stats paint a picture of optimism. Of the 100 million $KAITO tokens up for grabs, 40 million (40%) were claimed, leaving 60 million (60%) unclaimed. Most winners kept it small—71% received between 1 and 50 tokens, under 15% got 50-100, and 9.5% scored 100-500. The real kicker? Holders have staked over 13.9 million $KAITO, bucking the dump-and-run trend and showing serious faith in the project’s long-term potential. This airdrop’s less about quick flips and more about building belief.

PumpSwap and Solana's Thucydides Trap

PumpSwap, Pump.Fun’s AMM launched last week, is surging—over $2 billion in trading volume, 200K daily users, and over 3 million daily swaps (22 million total). At a 0.25% fee (0.20% to LPs, 0.05% to protocol), it’s racked up $7 million in LP fees and $1.7 million for the protocol, claiming a large share of Solana’s DEX market. In a classic power-shift dynamic, the rising newcomer forced the dominant player to respond. Raydium, the incumbent with ∼40% market share and over $1 billion in daily volume, is soon launching its own memecoin launchpad, LaunchLab. Raydium’s liquidity is deep, but PumpSwap controls the funnel; owning the entry point may beat backbuilding demand. With revenue-sharing teased, PumpSwap’s giving Raydium a real run.

USDtb Surges, Backed by BlackRock

Ethena Labs’ second stablecoin, USDtb, has surged past $1 billion in supply as of March 21 and is now nearing $1.5 billion—part of a broader upswing in stablecoin growth this week. Unlike Ethena’s synthetic dollar USDe, USDtb is backed by tokenized U.S. Treasuries, with over $1 billion of BlackRock’s BUIDL fund as collateral—making USDtb BUIDL’s largest holder. BUIDL itself is approaching $2 billion in supply and launched on Solana on March 25, further underscoring the momentum behind both assets.

Maple Keeps Cooking with Syrup

Maple Finance is cementing its role as DeFi’s institutional lending powerhouse, with March 2025 marking a major leap—$200M added to TVL, now at $789M, and daily loans more than doubling to $120M. At the heart of this growth is syrupUSDC, Maple’s liquid, yield-bearing LP token. Following its integration with Morpho on March 25, users can now supply syrupUSDC as collateral to borrow USDC. Backed by Gauntlet and MEV Capital, this integration expands syrupUSDC’s utility across DeFi, enhances capital efficiency, and reinforces Maple’s position as source for yield.

Berachain’s PoL Ignites Liquidity Surge

On March 24, Berachain’s Proof of Liquidity (PoL) went live, kicking off a dynamic economic shift and a capital inflow rally. This mechanism, blending Proof-of-Stake principles with liquidity-driven incentives, aligns validators, users, and applications by rewarding ecosystem participation. On the same day, stablecoin supply surged from $1 billion to nearly $1.4 billion—driven in part by USDC jumping from $725 million to $1 billion—before stabilizing at $1.2 billion. Meanwhile, Berachain’s native stablecoin, $HONEY, rose from $550 million to $740 million, signaling robust adoption.

Nothing in this newsletter constitutes financial advice. Always do your own research.

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Dune Team