Ethereum Staking Surges To Record Levels

After reclaiming the $2,700 mark—a level not seen in nearly two weeks—Ethereum has hit another major milestone: a record amount of ETH locked in staking.

According to Beacon Chain, the total amount of Ethereum staked reached 34.65 million ETH, surpassing the previous record set in November 2024. The number had remained relatively stable above 33 million for the past year but began to rise again in June, signaling renewed confidence from long-term holders.

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This trend indicates that more investors prefer staking rewards over potential short-term gains, opting to hold their Ethereum rather than sell at current prices.

Nearly 30% Of Circulating Supply Staked

Both Dune Analytics and Ultrasound.Money confirm that the total staked Ethereum has climbed to around 34.8 million ETH, representing roughly 28.7% of the current 120.8 million ETH circulating supply.

This record coincides with growing anticipation around the potential approval of spot Ethereum ETF staking in the U.S. REX Shares recently submitted a proposal that employs regulatory workarounds, suggesting we might see ETF-based staked ETH products launched in the coming weeks.

Institutional Demand And Price Movement Align

Institutional activity is also ramping up. BlackRock’s iShares Ethereum ETF (ETHA) has logged 23 consecutive trading days without a single outflow, reflecting bullish sentiment in anticipation of regulatory clarity.

The price of Ethereum surged more than 8% on Tuesday, touching $2,700 for the first time since May 29. This level has acted as a resistance point four times in the past month, so a breakout here could signal the beginning of a new upward trend.

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USD1 Sent To Thousands Of WLFI Wallets

World Liberty Financial, backed by former U.S. President Donald Trump, has distributed 47 USD1 tokens to each wallet that took part in the sale of the project’s native token, WLFI. Data from Etherscan, confirmed by Lookonchain and SlowMist, shows the tokens were sent in a bulk transaction late Tuesday night.

While the project has not made an official announcement, it had previously proposed this airdrop as a method to test its Ethereum-based distribution system and thank early supporters. A community vote held last month saw 99.96% approval for the airdrop.

According to earlier statements, more than 85,000 participants had completed the know-your-customer process during the WLFI sale.

Centralization And Controversy Cloud The Launch

Launched in March, USD1 is described as being fully backed by U.S. Treasury bills, USD deposits, and cash equivalents. Despite these assurances, centralization remains a key concern.

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Dune Analytics data reveals that two wallets hold 84.4% of the entire USD1 supply, with a third wallet holding 9.5%. It is unclear whether these wallets are managed by World Liberty Financial, strategic investors like Justin Sun, or third-party custodians such as BitGo.

Adding to the controversy is the Trump family’s deep involvement in the project. According to the whitepaper, Donald Trump and his three sons serve as ambassadors or public advocates for World Liberty. This has sparked conflict of interest concerns, especially among political opponents.

Senator Richard Blumenthal recently accused the Trump family of financially benefiting from WLFI, an allegation that World Liberty’s legal team has strongly denied.

Stablecoins Under Regulatory Spotlight

The airdrop comes amid increasing regulatory scrutiny. The proposed GENIUS Act in the U.S. aims to enforce strict transparency and safety requirements for stablecoin issuers. Meanwhile, dollar-backed stablecoins have exceeded $250 billion in global market cap, driven by both retail and institutional demand.

With such powerful names backing it, World Liberty’s next moves will be closely watched—not just by investors, but by regulators, too.

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Revolutionizing Memecoin Trading with PumpSwap

On March 19, Pump.fun launched its Solana-based DEX, PumpSwap, aiming to provide a seamless trading environment for memecoins. Previously, memecoins had to migrate to Raydium for liquidity, causing momentum loss and complexity for new users. With PumpSwap, these migrations are now instant and free.

PumpSwap’s Rapid Growth & Key Metrics

• First-day trading volume: $50 million
• March 24 trading volume: $425 million
• Total swap transactions: 11 million
• Total active users: 388,000
• Total protocol fees collected: $2.1 million
• Liquidity provider fees: $540,000

On March 24, PumpSwap generated $1 million in daily fees, matching Pump.fun’s revenue.

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Pump.fun vs. Raydium: Growing Competition

The launch of PumpSwap follows Raydium’s recent announcement of its LaunchLab memecoin platform. This move shifts the dynamic between Pump.fun and Raydium, making them direct competitors in the Solana ecosystem.

Declining Memecoin Hype on Solana

The launch of PumpSwap coincides with the cooling of the Solana memecoin frenzy. Solscan data shows:

• Daily token minting peaked at 95,578 on January 26 but dropped to 26,298 on March 22.
• Successful token listings on Pump.fun declined from 1,200 (January 23-24) to 149 on March 20.
• Solana’s weekly revenue fell from $55.3 million (mid-January) to $4 million (March 11), marking a 93% decrease.

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The vote, which opened on December 26, has seen all votes cast by decentralized finance (DeFi) lending protocol tokenholders in favor of the proposal so far. All comments in the discussion are also supportive. The vote will remain open until January 1, 2025.

Frax Finance tweet:

According to the vote summary, the benefits of passing the proposal for Frax USD may include creating income opportunities, deeper liquidity, transfer options, and reduced counterparty risk due to the backing of BlackRock.

In the December 22 discussion about the proposal, initiated by real-world asset tokenization platform Securitize, the broker-dealer for BlackRock’s BUIDL, a user named Achaffee said the move would help bridge traditional finance and DeFi.

According to Achaffee, tokenized real-world assets (RWAs) provide an excellent bridge between traditional finance and DeFi by bringing institutional-grade investments onchain.

Achaffee: “In the last 9 months alone, we’ve seen major players, including DAOs and decentralized protocols, put out large public RFPs to explore how they can most effectively strengthen their treasuries or back their stablecoins with RWAs.”

“These early explorations mark a significant evolution in how decentralized players manage their financial resources and consider cross-industry asset strategies,” added.

BUIDL, launched on March 15, surpassed half a billion dollars in assets under management (AUM) in less than four months.

BUIDL is pegged 1:1 with the US dollar and pays daily accrued dividends directly to investors each month through a partnership with Securitize. The fund invests in US government securities.

According to Dune Analytics data, $3.4 billion worth of tokenized treasury funds are now onchain.

Frax is not the first platform to consider a BUIDL-backed stablecoin. Ethena Labs, which is behind the USDe synthetic dollar, announced on September 26 that it was working on a BUIDL-backed stablecoin. This stablecoin, named USDtb, is a separate product offering from Ethena’s USDe. USDtb went live on December 16 and has accrued $89 million in total value locked (TVL), according to data from DefiLlama.

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