BeWater Weekly (March 19–March 25)
📰 Key News
(1) BlackRock and Securitize Expand $1.7B Tokenized Money Market Fund BUIDL to Solana
BlackRock's BUIDL fund, a $1.7B tokenized money market fund that first launched on Ethereum in 2023, has expanded to the Solana blockchain. The fund, composed of cash and U.S. Treasury bonds, is expected to reach $2B in size by April and is already live on seven blockchains, including Ethereum, Polygon, and Arbitrum. The expansion to Solana highlights the increasing adoption of blockchain-based financial products by major asset management firms, with Solana chosen for its speed, scalability, and cost efficiency. According to https://t.co/xDaa9mXwWf, despite the fund's size, only 62 wallets currently hold BUIDL on-chain.
(2) Trump Boosts $TRUMP Memecoin by $400M with Truth Social Post
President Trump mentioned the official Trump memecoin in a "Truth Social" post, calling it the "greatest memecoin," which temporarily increased its market cap by $400M. The token's price surged from $10.91 to $12.11, an 11% increase, before settling around $11.46, resulting in a net increase of approximately 5%, or $100M, in market capitalization. GeckoTerminal data showed trading volumes surged to their highest levels since March as traders reacted to Trump's endorsement.
(3) Metaplanet Increases Bitcoin Reserves to $293M with Latest Purchase
Japanese Bitcoin fund company Metaplanet Inc. recently purchased 150 BTC, increasing its Bitcoin holdings to 3,350 BTC, bringing its total Bitcoin holdings to approximately $293M (¥42.216B). According to CoinGecko, the price of Bitcoin has exceeded $88,000, up 3.5% in the past day. This acquisition follows Metaplanet becoming the tenth-largest corporate holder of Bitcoin globally.
(4) Report Says Tether Seeks Big Four Accounting Firm for First Full Financial Audit
Tether is reportedly engaging one of the Big Four accounting firms to conduct its first comprehensive financial audit, aiming to verify that its USDT stablecoin is pegged 1:1 with reserves. CEO Paolo Ardoino stated that the audit process may proceed more smoothly under a U.S. government that supports cryptocurrency, amid concerns about a potential FTX-like liquidity crisis. Tether currently provides quarterly reports but lacks a full, independent annual audit, which is crucial for investor and regulatory assurance.
(5) MegaETH Launches Public Testnet, Claims to Be Faster Than Base, Monad
Ethereum Layer 2 solution MegaETH has launched its public testnet, claiming to be 50 times faster than competitors like Base. The network boasts 10-millisecond block times, 20,000 transactions per second (TPS), and 1.7 teragas per second throughput. The testnet will feature 29 applications, with 16 available from day one, including decentralized exchanges and gaming platforms.
📊 Data Performance
(1) Pumpfun According to Dune Analytics, the new decentralized exchange PumpSwap at https://t.co/qg0CujoXgU, accumulated over $1B in trading volume within a week of its launch on March 19. The DEX was created to streamline memecoin trading on Solana, eliminating the need to migrate to Raydium, which previously slowed token momentum and increased complexity for users. On March 24, PumpSwap saw a significant surge in volume, with over $425M traded in a single day and daily swap transactions peaking at 4.2M.
(2) ETF U.S. spot Bitcoin ETFs saw a notable reversal, with net inflows of approximately $744M from March 17 to March 21, ending a five-week streak of outflows. These inflows resulted in Bitcoin ETFs absorbing 8,775 BTC, surpassing the 3,150 BTC mined during the same period. BlackRock's iShares Bitcoin Trust (IBIT) was the largest contributor, with inflows of $464M, followed by Fidelity's FBTC with $136M, and ARK 21Shares with $75M.
(3) MicroStrategy MicroStrategy acquired another 6,911 BTC for approximately $584.1M, bringing its total Bitcoin holdings to 506,137 BTC, valued at over $44B. The company's total Bitcoin holdings have an average purchase price of $66,608 per Bitcoin, with a total investment of approximately $33.7B, representing approximately 2.4% of the total Bitcoin supply. This acquisition follows Strategy increasing the offering size of its 10% Series A perpetual convertible preferred stock (STRF) from $500M to $722.5M.
📚 Recommended Reading
"Dragonfly Partner: How Did I Miss the $0.04 SOL Seed Round? The Worst Decision of My Life" — Hosseeb, translated by Shenchao TechFlow
Introduction: On the occasion of the fifth anniversary of Solana's birth, Hosseeb, a partner at Dragonfly Capital, published a tweet today, reviewing how he missed the opportunity to participate in Solana's seed round investment at a unit price of $0.04 in 2018, and missed out on more than a thousand times the return. He also attached the original investment memo to express his nostalgia. In addition, we have excerpted the discussion between Solana co-founder Toly and Hosseeb under this tweet.
Original link:
https://t.co/EG5ZF198XT
Read the full text ⬇️
https://t.co/ou5eMq5la9