Morning Report | YZi Labs strategically increases investment in Predict.fun; Drift Protocol suffers an attack with losses of at least $200 million; Coinbase's x402 joins the Linux Foundation

整理：ChainCatcher

Important News:

• Stablecoin payment card infrastructure provider Kulipa completes $6.2 million seed round financing, led by Flourish Ventures and 1kx
• Solana ecosystem Drift Protocol attacked, losing at least $200 million
• Metaplanet increases holdings by 5,075 BTC in the first quarter, total holdings reach 40,177 BTC
• YZi Labs announces strategic additional investment in Predict.fun
• Coinbase's AI payment protocol x402 joins the Linux Foundation, supported by Google, Stripe, AWS, and other institutions
• Telegram crypto wallet announces launch of perpetual contract trading
• Polymarket integrates Pyth Pro to provide traditional asset data sources

What important events happened in the past 24 hours?

Telegram crypto wallet announces launch of perpetual contract trading
According to ChainCatcher, Telegram's built-in crypto wallet "Wallet in Telegram" announced the launch of perpetual contract trading, with technical support from Lighter. It supports over 50 markets, including metals, stocks, oil, and cryptocurrency with leverage up to 50 times.

YZi Labs announces strategic additional investment in Predict.fun

According to ChainCatcher, YZi Labs announced a strategic additional investment in Predict.fun after the second season of EASY Residency, with participation from global leading digital asset trading company Susquehanna Crypto.

Since graduating from YZi Labs' incubated project EASY Residency, Predict.fun has experienced rapid growth, facilitating over 4 million orders and surpassing $1.8 billion in trading volume.

Coinbase's AI payment protocol x402 joins the Linux Foundation, supported by Google, Stripe, AWS, and other institutions

According to ChainCatcher, Coinbase's smart business payment protocol x402 has officially joined the Linux Foundation, promoting it as an open, standardized infrastructure.

The protocol has established an initial governance body, the x402 Foundation, with founding members including Cloudflare and Stripe, and other institutions such as Adyen, Amazon Web Services, American Express, Ant International, Base, Circle, Google, KakaoPay, Mastercard, Microsoft, Polygon Labs, Shopify, Solana Foundation, and Visa expressing interest in participation.

Linux Foundation CEO Jim Zemlin stated that the x402 Foundation will promote the development of related capabilities in an open, community-governed manner, ensuring its evolution under the principles of transparency, interoperability, and broad participation.

James Tromans, Managing Director of Google Cloud Web3 and Digital Asset Business, also stated that joining the x402 Foundation reflects Google's commitment to supporting interoperable, AI-driven trading standards.

Polymarket integrates Pyth Pro to provide traditional asset data sources

According to ChainCatcher, the prediction market platform Polymarket has integrated Pyth Pro as its new data source for traditional asset contracts. Relying on Pyth Pro data, Polymarket provides daily price changes and daily closing markets for assets ranging from gold and silver to major stock index ETFs, ensuring full transparency with real-time price charts updated every second.

X product head: Automatic locking and verification mechanism for accounts that first publish cryptocurrency content

According to ChainCatcher, Nikita Bier, product head of the X platform, disclosed that the platform is advancing a countermeasure against cryptocurrency phishing scams: if an account publishes cryptocurrency-related content for the first time in its history, the platform will automatically trigger an account lock and require identity verification.

Nikita Bier stated that this move is expected to eliminate 99% of malicious motives. He also pointed out that Google has currently failed to effectively intercept related phishing emails, which remain one of the significant channels for current scam activities.

Stablecoin payment card infrastructure provider Kulipa completes $6.2 million seed round financing, led by Flourish Ventures and 1kx

According to ChainCatcher, Kulipa, a stablecoin payment card infrastructure provider, announced the completion of a $6.2 million seed round financing, led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures. The company helps fintech firms issue white-label stablecoin payment cards without having to manage card operations themselves.

According to Kulipa's founder and CEO Axel Cateland, this round of financing was actually completed in December last year, using a Simple Agreement for Future Equity (SAFE) financing model, but he declined to disclose details such as when the financing process began, the financing installment structure, company valuation, and board seat allocation.

Solana ecosystem Drift Protocol attacked, losing at least $200 million

According to ChainCatcher, the derivatives trading platform Drift Protocol based on Solana experienced a security incident, with on-chain data indicating losses of at least approximately $200 million, with some estimates nearing $270 million.

The project team stated that they have detected abnormal activity and are investigating, reminding users not to deposit funds into the protocol and emphasizing that "this is not an April Fool's joke."

The attack involved multiple liquidity pools, including JLP Delta Neutral, SOL Super Staking, and BTC Super Staking. A single transfer of approximately 41.7 million JLP tokens was valued at about $155 million, and assets such as SOL, USDC, cbBTC, and wBTC were also transferred out.

Statistics indicate that this incident may become one of the largest DeFi attacks in the Solana ecosystem since the Wormhole bridge exploit.
Solana Foundation Chair: Drift attack stemmed from human vulnerabilities, not smart contracts

According to ChainCatcher, Lily Liu, Chair of the Solana Foundation, stated, "The Drift incident has far-reaching impacts, affecting the entire ecosystem. The Drift team is investigating and controlling the situation around the clock, and we are doing our best to provide support. The smart contracts themselves have withstood the test.

The real target of the attack is 'people'—more vulnerabilities in social engineering and operational security rather than code-level exploitation. Solana has repeatedly emerged from difficulties, advancing through faster iterations, better construction, mutual support, and enhanced security. Please remain vigilant, check your security settings, and continue building. We will continue to update as new developments arise."

U.S. stablecoin yield proposal text to be reviewed by banking and crypto industry groups on April 2-3

According to ChainCatcher, Politico reported that three informed sources revealed that cryptocurrency companies and Wall Street firms will review the new stablecoin yield agreement text on April 2-3, drafted by Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks.

Currently, the plan limits the text review to relevant parties without broader public disclosure. Last week, parties visiting Capitol Hill were allowed to read the text on-site but were not permitted to take copies out.
Gulf countries plan to invest heavily in pipeline export plans to bypass the Strait of Hormuz
According to ChainCatcher, the Financial Times reported that due to Iran's potential long-term control over the Strait of Hormuz posing a threat, Gulf countries are re-evaluating costly pipeline plans to bypass this shipping chokepoint and ensure oil and gas exports. Government officials and industry executives pointed out that although pipeline projects are expensive, politically complex, and time-consuming, this may be the only way to reduce Gulf countries' dependence on the strait. The current conflict further highlights the strategic value of Saudi Arabia's 1,200-kilometer "East-West Pipeline." Built in the 1980s to address concerns over the closure of the strait due to the Iran-Iraq "tanker war," it has now become a critical lifeline, transporting 7 million barrels of crude oil daily to the Red Sea port of Yanbu, completely bypassing the Strait of Hormuz.

Saudi Arabia is currently considering how to export more crude oil via pipelines, with specific plans including expanding the capacity of the "East-West Pipeline" or opening new routes.

Polymarket enters full charging era, latest full daily fee is $927,000

According to ChainCatcher, data from @defioasis shows that Polymarket has entered a full charging era, with fees significantly rising in the past two days. The latest full daily fee on April 1 was $927,000, and it is expected that daily fees may exceed one million dollars in the coming days. Based on the April 1 daily fee, this translates to an annualized rate of $338 million.

U.S. Treasury officially implements stablecoin "GENIUS Act," issuers under $10 billion can choose state-level regulation

According to ChainCatcher, the U.S. Treasury has officially launched the implementation of the stablecoin innovation "GENIUS Act," issuing a proposed rulemaking notice for the first implementing regulation of the act, totaling 87 pages, with a public comment period of 60 days.

Under the "GENIUS Act," issuers of payment stablecoins with a total issuance of no more than $10 billion can choose to accept state-level regulatory systems, provided that the state's regulatory framework is "substantially similar" to the federal regulatory framework. The U.S. Treasury will establish broad principles for determining "substantial similarity" through this notice.

Blockstream CEO: Will purchase $1.5 billion in Bitcoin within weeks, about 21,000 BTC
According to ChainCatcher, The Bitcoin Historian reported that Blockstream (BSTR) CEO Adam Back revealed in an interview with CNBC that he will purchase $1.5 billion in Bitcoin within weeks, equivalent to about 21,000 BTC.
U.S. stablecoin yield bill text reportedly will not be published as planned this week
According to ChainCatcher, Cointelegraph reported that crypto journalist Eleanor Terrett disclosed that the stablecoin yield bill text will not be published as planned this week, due to concerns that it would provide opponents with an opportunity to delay the bill before Senate deliberation.
March DEX overall trading volume falls back to last year's March level, Solana DEX trading volume hits 2024 low
According to ChainCatcher, data from Defillama shows that in March this year, the overall trading volume of DEX reached $20.2 billion, nearly falling back to last year's March level ($251.3 billion); in March, Solana DEX trading volume reached approximately $57.3 billion, hitting a low since September 2024.
Metaplanet increases holdings by 5,075 BTC in the first quarter, total holdings reach 40,177 BTC
According to ChainCatcher, Metaplanet CEO Simon Gerovich stated that the company purchased 5,075 BTC at an average price of approximately $79,898 in the first quarter of 2026, with a total investment of approximately $405.48 million, and the year-to-date Bitcoin yield is 2.8%.

As of March 31, the company held a total of 40,177 BTC, with a total cost of approximately $4.18 billion and an average cost of approximately $104,106.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN market data, as of April 3, 09:00,

The top five popular tokens in the past 24 hours for ETH are: HEX, SHIB, LINK, PEPE, UNI

The top five popular tokens in the past 24 hours for Solana are: VDOR, swarms, Punch, 114514, neet

The top five popular tokens in the past 24 hours for Base are: SKITTEN, PEPE, BASED, B3, SKYA

What are some interesting articles worth reading in the past 24 hours?

DeFi lending protocol Drift stolen over $200 million in 10 seconds, affecting over 15 projects

Around 1 AM today, another large-scale theft occurred in the DeFi space, with the Solana lending protocol Drift being attacked by hackers, resulting in over $220 million in user assets being stolen within ten seconds.

After the incident, Drift tokens dropped over 40% in a short time, with the current FDV at approximately $44 million. Due to the involvement of many assets in the Solana ecosystem, tokens such as SOL and JUP also experienced varying degrees of abnormal declines.

Drift was previously one of the largest lending protocols in the Solana ecosystem, and according to RootData, the protocol has raised over $52 million, with investors including Multicoin Capital, Polychain, Robot Ventures, Blockchain Capital, Ethereal Ventures, Jump Capital, and other top VCs.

What does Wall Street want DeFi to look like?

For years, tokenization has been positioned as the bridge for cryptocurrency to Wall Street. Putting government bonds on-chain, issuing tokenized funds, digitizing stocks—all point to the logic that as long as assets are on-chain, institutional funds will naturally follow.

However, tokenization itself has never been the endgame. DWF Ventures believes that the key to unlocking the institutional market is not asset digitization, but yield financialization.

Since 2025, the total value locked (TVL) in DeFi has risen from about $115 billion to over $237 billion, with the main driving force no longer being purely speculative retail investors, but real institutional funds and RWA. Institutions are no longer just observing but are beginning to view DeFi as infrastructure for deployable capital.

It can be said that what Wall Street truly wants to see in DeFi has shifted from "putting assets on-chain" to "programmable, reconfigurable, and hedging interest rate risks" fixed income infrastructure. We can now glimpse this transformation through TVL and RWA data, examples of institutional protocols, theories of yield tokenization, and the implementation of privacy and compliance measures.