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Good Morning.
DeFi just pulled off its biggest rescue mission yet: a coalition led by Aave is mobilizing over $300M to make rsETH holders whole after the $292M Kelp DAO exploit, and the playbook for how the industry handles nation-state attacks is being written in real time.
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In Today's Email:
What Matters: DeFi United Plans rsETH Restoration 👀
Case Study: How to Farm MegaETH's $40M Drop 🪂
Governance & Features: Pump.fun Burns $370M 🔥
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Narratives: Saylor's perpetual machine
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WHAT MATTERS
DeFi United Plans rsETH Restoration
State of play: A coalition of DeFi protocols led by Aave has unveiled a technical plan to fully restore rsETH backing after the $292M Kelp DAO exploit attributed to Lazarus Group.
DeFi United raised over $300M in ETH commitments and will convert it into rsETH in tranches before transferring to the affected lockbox contract.
The plan includes a controlled liquidation of eight attacker-controlled positions on Aave to recover ~13,000 ETH, with Compound expected to follow for another 16,776 ETH.
Execution depends on governance approvals and final agreements, with risks including potential attacker interference and untested post-exploit security measures on LayerZero and Kelp DAO.
Why it matters: This is the largest coordinated DeFi bailout to date, setting a precedent for how the industry absorbs nation-state attacks without socializing losses to end users.
Our take: The optics of a multi-protocol rescue are reassuring, but the deeper signal is that DeFi's interconnected collateral graph keeps producing single points of failure that require manual, governance-heavy cleanup every time something breaks.
For builders and investors: LRT bridges are now a proven attack surface, and any protocol accepting restaked collateral should treat oracle manipulation as part of the base threat model.
CASE STUDY
How to Farm MegaETH's $40M Drop
MegaETH's 8-week Terminal season is live, distributing 2.5% of $MEGA supply to users who rack up points by using featured apps, joining clans, and applying weekly boosters.
Set up at terminal.megaeth.com, bridge funds via rabbithole.megaeth.com, and join a clan like BadBunnz, WCNetizens, or Meganacci to stack pledges.
The safest play is providing USDm/USDT0 liquidity on Kumbaya, MegaETH's main DEX, which can sit untouched for the full 8 weeks.
Higher-variance options include HitOne perps, Monster and Nextrare card packs, Topstrike fantasy football, and ITS trading card boosters where pack prices rise with each purchase.
Megamafia accelerator apps PrismFi, Cap (cUSD yield), and World Markets offer additional farming surface beyond the week-one featured set.
Holding MegaETH NFTs like Bad Bunnz, Nacci Cartel, or WCNetizens unlocks farming bonuses and clan utility, with floor prices already up sharply since March.
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INSIGHTS
Strategy's STRC Could Fuel Bitcoin Rally
State of play: Bitwise CIO Matt Hougan says Bitcoin's 20% rebound off February lows can extend further as Strategy keeps tapping its STRC perpetual preferred stock to fund new BTC buys.
Bitcoin trades around $76,173 after recovering from sub-$65,000 levels in February, with ETFs adding $3.8B since March 1 and long-term holders re-accumulating.
Strategy has been the single biggest driver, adding $7.2B in BTC over the past eight weeks and now holding 818,334 BTC after last week's $255M purchase.
STRC's 11.5% yield looks attractive against sub-7% junk bonds, and Hougan expects Strategy to raise billions more through the instrument to keep buying.
FEATURES & GOVERNANCE UPDATE
Pump.fun Burns $370M, Commits 50% Revenue
Pump.fun burned $370M in PUMP tokens and launched a programmatic buyback-and-burn program funded by 50% of net revenue from the bonding curve, PumpSwap, and Terminal for one year.
The burned tokens represent 36% of PUMP's circulating supply, with the buyback now hardcoded into an irreversible locked smart contract.
The remaining 50% of revenue will fund hiring, marketing, and "big bets" over a 5 to 10 year horizon as co-founder Alon Cohen positions Pump beyond memecoins into a broader tokenization platform.
PUMP rose 7.1% in 24 hours to $0.0019, while Pump has generated nearly $150M in revenue this year after crossing $1B cumulative last month.
Other notable feature updates:
Catalysis launched on mainnet.
Zest Protocol is launching mainnet soon.
Upshift partnered with Securitize Fund Services.
MegaETH has set its MEGA token launch for April 30.
Base announced its first independent network upgrade.
Arkham launched decentralized trading on its platform.
Solana Foundation lent USDT to Aave to support its recovery efforts.
QUICK BITES
Galaxy posts $216M Q1 loss.
Canada moves to ban crypto ATMs.
Pump.fun burns $370M in PUMP token.
Bitcoin ETF outflows snap nine-day streak.
Polymarket eyes return of main exchange to the US.
Robinhood's crypto revenue and volume fall nearly 50%.
Strategy-fueled bitcoin rally could last 'for some time to come.’
US court sentences Cartier descendant to 8 years in $470M crypto case.
DeFi United unveils plan to restore rsETH after $292M Kelp DAO exploit.
NOTEWORTHY READS & MEME
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