DeFi Pulse — 2026-03-25

📊 Market Overview

Fresh chain-level TVL data from DeFi Llama shows continued divergence across ecosystems as of March 25, 2026.

Key highlights from available data:

• Ethereum: Shed over $4 billion in TVL during Q1 2026, driven by elevated gas costs and liquidity migration to cheaper alternatives.
• Hedera (HBAR): DeFi TVL grew 141% year-over-year to $208 million, with SaucerSwap controlling roughly two-thirds of on-chain liquidity as the network's dominant DEX.
• Solana: Gaining institutional momentum with major enterprise partnerships announced this week (see Top Stories).

Screenshot-based TVL extraction may be incomplete — please verify current figures directly on DeFi Llama.

🔥 Top Stories

1. Solana Foundation Taps Mastercard, Western Union & Worldpay for Institutional Developer Platform

The Solana Foundation launched a new enterprise developer toolkit on March 24, 2026, enabling corporations to build and scale financial applications on Solana without requiring deep crypto infrastructure expertise. The platform specifically targets Fortune 500-style integrations, with Mastercard, Western Union, and Worldpay signing on as launch partners — marking one of the most significant institutional DeFi partnerships announced this cycle.

2. Ethereum DeFi Loses $4B in TVL as Liquidity Flees to Cheaper Chains

Ethereum shed over $4 billion in total value locked across its DeFi ecosystem during Q1 2026 as gas costs spiked and liquidity migrated to cheaper alternatives. Analysts are watching AI-focused protocols and alternative L1s as potential beneficiaries of this capital rotation. The trend underscores a structural shift that has been building since late 2025 — users prioritizing cost efficiency over Ethereum's established security guarantees.

3. RIV Coin Launches on Solana to Bridge Institutional Capital With DeFi Infrastructure

Dubai-based RIV Coin launched on Solana on March 24, 2026, with an explicit mandate to connect institutional capital flows with DeFi infrastructure. The project positions itself as a regulated on-ramp for enterprise-grade participants seeking exposure to decentralized finance rails. The launch coincides with the broader Solana institutional push and reflects growing confidence in the network's ability to attract compliant capital.

1 sources

dailyhodl.com

RIV Coin Launches on Solana to Bridge Institutional Capital with DeFi Infrastructure - The Daily Hod

💰 Yield & Opportunities

Based on available fresh data, direct APY figures for newly launched programs are not confirmed within the 24-hour window. However, the following opportunities are noteworthy:

1. Hedera / SaucerSwap Liquidity Provision SaucerSwap now controls approximately two-thirds of Hedera's $208M DeFi TVL. With HBAR's ecosystem growing 141% YoY, liquidity providers on SaucerSwap may benefit from relatively lower competition for fees compared to saturated Ethereum DEXs. Readers interested in emerging L1 yield should monitor SaucerSwap's incentive programs as smart money continues shifting allocations.

2. Solana Institutional Ecosystem Staking & Liquidity With Mastercard, Western Union, and Worldpay now integrated into Solana's developer toolkit, on-chain liquidity demand on Solana is expected to grow. SOL staking and Solana-native DeFi protocols (Raydium, Orca, Jupiter) may see increased volume and fee revenue as institutional transaction flows come online.

3. Monitor Backpack Exchange BP Token Airdrop (Solana) Backpack Exchange launched its BP token on March 23, 2026, with 25% of the total supply allocated as an airdrop and no insider allocation — a notable tokenomics choice that rewards community participants. The remaining tokens are subject to long-term lockups tied to company milestones and a potential IPO. Users who have been active on Backpack Exchange should check eligibility now.

🔒 Security & Governance

No Major Exploits Confirmed in the Past 24 Hours

No fresh exploit reports from within the past 24 hours have been confirmed in the research results. The most recent relevant security event retrieved is from The Block's DeFi category, which notes ongoing coverage of hacks and vulnerabilities, but no specific incidents dated after 2026-03-23 were available.

Hedera DeFi Governance: Smart Money Watching Decentralized Hedge Funds

With Hedera's DeFi TVL now at $208M and growing, analysts note a governance shift: capital is increasingly flowing into decentralized hedge fund structures on the network. SaucerSwap's dominance (~$138M of the $208M TVL) means that a governance disruption or incentive change at SaucerSwap could materially impact the entire Hedera DeFi ecosystem. Users exposed to Hedera DeFi should monitor SaucerSwap governance proposals closely.

👀 What to Watch This Week

1. Backpack BP Token Airdrop Claiming — The Backpack Exchange BP token launched March 23. Airdrop-eligible users should act promptly as claiming windows typically close within days of launch. Verify eligibility at the Backpack Exchange platform.

2. Solana Institutional Platform Onboarding — Watch for Mastercard, Western Union, and Worldpay's first live use cases on Solana's new enterprise developer platform. Initial transaction volumes could signal near-term TVL and fee growth across Solana DeFi.

3. Ethereum Gas Costs & TVL Recovery — With $4B having left Ethereum DeFi in Q1 2026, watch for any gas optimization proposals (e.g., Glamsterdam upgrade progress) or protocol fee adjustments that could stem the outflow. The upcoming Glamsterdam upgrade — targeting mid-2026 — would extend PeerDAS with advanced networking improvements.

4. Hedera SaucerSwap Incentive Changes — With TVL growing rapidly at $208M (141% YoY), SaucerSwap may announce new liquidity incentive programs to sustain momentum. Any governance votes or emission schedule changes could affect yield for existing LPs.