Token Events

_Hyperliquid burns $1B in tokens and integrates Ripple Prime, while reporting $1.4M daily fees and expanding trading markets._ Hyperliquid has announced a major supply reduction alongside a new institutional access route. The network confirmed a governance-approved burn of about $1 billion in

Bittensor subnet ecosystem is expanding rapidly, with TAO token staking growing from $74,400 to $620 million, an increase of 833,000%. The number of subnets has grown from 80 to 120, with a market cap exceeding $1.5 billion, with some subnets performing exceptionally. It is expected that after market cap breaks through $1 billion, more staking will flow into subnets. TAO has recently experienced continuous price increases, reaching new highs, outperforming most cryptocurrencies.

Backpack founder Armani stated on March 25 that the team is reassessing witch hunt cases and will establish an appeal channel to protect user interests, returning at least 50% of tokens to eligible users and conducting token buyback compensation.

Backpack founder Armani recently stated that the witch hunt investigation team is reassessing complex cases and has opened an appeals channel. Eligible users can have 50% or more of their tokens returned through manual verification. Meanwhile, the team will launch a token buyback plan to compensate users.

Gate News, on March 25, the Perle Foundation announced that it will launch the PRL token claim portal today (March 25) at 19:00. Previously, Perle completed a 9 million dollar seed round of financing, led by Framework Ventures.

Enlivex announced raising $21 million through a debt financing agreement with The Lind Partners to purchase 3 billion RAIN tokens at a 62% discount. The company plans to continue accumulating tokens through the end of 2027 while launching a $20 million stock repurchase program, seeking to balance crypto reserves and shareholder returns. The RAIN platform has performed well in prediction markets, attracting investor attention.

Backpack official on 3/25 revealed that external traders manipulated the BP price upward through the spot market to profit from bets on "BP FDV exceeding $200 million" on Polymarket. The investigation confirmed the operators were not insiders. The official emphasized zero tolerance for market manipulation, while Polymarket updated rules to prohibit related manipulation. The BP token declined over 25% since its 3/23 TGE.

The essay highlights challenges in direct RWA token exposure, emphasizes the potential in leverage opportunities amid settlement delays, critiques Morpho's governance token structure, and presents Fluid as a more effective token model with stablecoin links.

Gate News bot message: According to the official announcement from the OpenVPP project, OpenVPP (OVPP) tokens have been exchanged at a 1:1 ratio for new contract tokens. Gate has completed this token exchange, with the new OVPP contract address at 0x8C0d3ADCF8Ce094E1aE437557Ec90A6374dC9BDD (BASE). The old OVPP contract tokens are no longer supported and cannot be traded, deposited, or withdrawn. Users holding unredeemed OVPP can now withdraw the new contract tokens.

Pi Network launched its second token migration, enabling users to transfer more Pi coins from the testnet to the mainnet. Participation requires completing 2FA authentication and KYC verification. Analysts predict the potential value of 21,000 Pi held by early miners under different price scenarios, ranging from $4,200 to $63,000. This move faces real market tests.

Gate News: On March 25, according to Gate's market data, as of press time, BR (Bedrock) was trading at $0.1648, up 51.68% in the past 24 hours, with a high of $0.1841 and a low of $0.1036. The 24-hour trading volume reached $3.6153 million. The current market cap is approximately $43.0566 million. Bedrock is the world's first liquidity restaking protocol supporting multiple assets, pioneering the Bitcoin staking product uniBTC. As a leading BTC liquid staking asset, uniBTC allows users to earn staking rewards while maintaining asset liquidity, unlocking new yield opportunities in Bitcoin's trillion-dollar market. Bedrock, based on an innovative BTCFi 2.0 solution, has redefined Bitcoin in D

Lido released its 2025 annual report showing full-year revenue declined to $40.50 million, down 23% from 2024. The primary reasons were user withdrawals causing net outflows of staked funds and continuous compression of network-wide APR. Lido is implementing workforce reductions, considering token buyback programs, and expanding into institutional markets to address these challenges.

TAO price continues to rise, reaching new highs at $337.84, with a 24-hour gain of 13.6%. Well-known investor Jason Calacanis expressed bullish sentiment on TAO and invested in its ecosystem projects. Bittensor subnets completed important pre-training, demonstrating their practical application capabilities.

Lido Protocol released its 2025 financial data, with total revenue of $40.5 million, down 23% year-over-year. Gross revenue declined 18.2%, driven by user withdrawals and declining staking yields. Lido will evaluate its LDO buyback plan, with a goal to expand new services, particularly targeting institutional investors.

Backpack triggered strong backlash after launching its native token $BP due to airdrop distribution issues. Numerous KOLs and users expressed disappointment with its handling approach and criticized the project for deviating from community principles. Although the project team stated it would open an appeals process and provide compensation, user trust has been severely damaged, and the token price has dropped significantly.

Author: KarenZ, Foresight News On November 3, 2025, a security incident resulting in losses exceeding $120 million largely shattered the growth illusions of DeFi legacy protocol Balancer. This was Balancer's largest security incident in history. But the deeper wound is not in those astronomical figures. Looking at the financial data attached in Balancer's latest proposal, its fundamentals have already become concerning: the protocol's annualized fees are approximately $1.65 million, with DAO's estimated annualized revenue at only $290,000, representing 17.5% of the total. The remaining funds flowed to veBAL holders, core pools, Balancer

Ripple's RLUSD stablecoin has undergone significant token burns on Ethereum, with 40 million RLUSD permanently removed from circulation. These burns reflect normal operations associated with a fully backed stablecoin, maintaining supply integrity. Despite concerns about falling demand, recent burns indicate consistent institutional usage and liquidity management. RLUSD continues to show strong market presence, currently valued at approximately $1.48 billion.

The Backpack trading platform has underperformed since its TGE, causing a community trust crisis. Many core users had their points reduced or zeroed out, triggering strong dissatisfaction, particularly hitting the Chinese-speaking community hard. Opaque platform rules have intensified user frustration over sybil-cleaning measures. Although Backpack has launched an appeals channel and token buyback program, rebuilding trust remains difficult. Facing a bear market, Backpack is still betting on a listing and plans to tie its token to company valuation, but specific details remain unclear.