Overview

This report highlights the key developments in the blockchain industry from March 24 - 28, 2025. Gate.io Wallet has officially integrated support for Berachain, enhancing both security and liquidity; PancakeSwap topped the weekly trading volume among DEXs, with a remarkable increase of over 40% in weekly volume; Berachain launched its PoL system, enabling decentralized governance driven by liquidity; Nillion Alpha went live on its mainnet, advancing the development of privacy-preserving infrastructure for Web3; PumpSwap recorded a daily trading volume exceeding $580 million, capturing 19.2% of the Solana ecosystem’s market share; Hyperliquid experienced a manipulation attack, intensifying concerns over trust and security.

Projects

Gate.io Wallet Officially Supports Berachain, Enhancing Security and Liquidity

On March 25, 2025, Gate.io Wallet officially announced its support for Berachain, a Layer 1 blockchain renowned for its Proof of Liquidity (PoL) consensus mechanism. This integration enhances asset security and transaction liquidity for users while providing broader access to the Berachain ecosystem. Specifically, Gate.io Wallet now allows users to store, send, and receive Berachain’s native tokens, leveraging Gate.io’s cold storage and encryption technologies.

Supporting Berachain enables Gate.io Wallet to offer a wider range of blockchain asset choices, attracting users interested in emerging blockchain technologies. This move will also likely draw more attention to Berachain’s unique features, potentially increasing trading volume and the number of active users. With Gate.io’s robust security measures, including cold storage and multi-signature technology, Berachain users can enjoy enhanced asset protection, boosting trust in the platform.[1]

PancakeSwap Ranks First in Weekly DEX Trading Volume, Up Over 40%

PancakeSwap’s weekly trading volume surged from approximately $9.94 billion last week to $14.1 billion, reflecting a 41.93% increase, securing the top position in DEX trading volume. This performance starkly contrasts with Uniswap, which recorded a weekly trading volume of $8 billion (down 43.83% from the previous week), and Raydium, which posted $2.5 billion (down 17.32%), highlighting PancakeSwap’s strong momentum in the current market.

The surge in PancakeSwap’s volume is likely driven by the popularity of meme coins such as Four.meme. The launch of hot tokens like MUBARAK and BANANAS31 perpetual contracts has attracted traders seeking high returns. Moreover, the platform’s recent innovations, including the SpringBoard no-code token creation tool, the introduction of a new Telegram trading bot, and its expansion to Polygon zkEVM, have likely contributed to its growing user base and market dominance.[2]

Berachain Officially Launches PoL System to Enable Liquidity-Driven Decentralized Governance

On March 24, 2025, Berachain, an EVM-compatible Layer 1 blockchain, officially launched its Proof-of-Liquidity (PoL) system, marking the commencement of the first phase of its on-chain governance. This system aims to promote broader decentralized governance by distributing governance tokens (BGT) through DeFi liquidity pools while enhancing liquidity within the ecosystem. The initial incentives will focus on specific DEX liquidity pools, with plans to expand to more reward vaults in the future.

Berachain’s PoL model allows users to inject assets into liquidity pools without locking them, earning governance tokens (BGT) in return. Users can delegate their BGT to influence validator weight, effectively integrating governance and liquidity mechanisms. This innovative design improves capital efficiency, lowers user participation barriers, and is expected to attract a significant influx of DeFi liquidity into the ecosystem. This model introduces a more market-driven paradigm for public blockchain governance by increasing network activity and security.[3]

Nillion Alpha Mainnet Goes Live, Advancing Web3 Privacy Computing Infrastructure

The Nillion privacy-preserving computation network has announced the official launch of its Alpha mainnet, marking a significant milestone in its distributed secure computation technology development. Nillion specializes in privacy protection and secure computing, enabling multi-party computation and data collaboration without exposing sensitive data. The Alpha mainnet is primarily open to developers, supporting the creation of decentralized applications (dApps) built on the Nillion protocol and providing foundational support for data privacy and cross-chain collaboration.

Privacy computing is considered a critical component of Web3 infrastructure, and the launch of Nillion’s mainnet injects new momentum into this space. As demand for secure data processing, AI privacy training, and similar applications continues to rise, high-performance and compliance-ready privacy computing networks like Nillion will likely attract increased market attention and capital support.[4]

PumpSwap’s Daily Trading Volume Surpasses $580 Million, Capturing 19.2% of Solana’s Ecosystem

PumpSwap, a new decentralized exchange (DEX) launched by Pump.fun, has witnessed explosive growth since its debut on March 19 on the Solana network. On its first day, the platform recorded a trading volume of $50 million, which quickly surged to a daily peak of $580 million on March 25. The platform’s cumulative trading volume has exceeded $1.5 billion, with its market share within the Solana ecosystem rising to 22.4%. Additionally, PumpSwap has processed over 11 million transactions, with its active user base reaching 388,000. PumpSwap, launched by Pump.fun, aims to create a frictionless decentralized trading environment specifically tailored for memecoin trading, optimizing liquidity and user experience.

The platform’s rapid ascent can be attributed to its ability to reduce friction in memecoin trading. Previously, memecoins issued on Pump.fun had to be migrated to Raydium for trading, a complex process that hindered transaction efficiency. PumpSwap streamlined this process with an instant and fee-free migration mechanism, significantly improving the user experience. Moreover, the platform’s high trading activity has generated substantial revenue. PumpSwap has accrued over $2.1 million in fees, with $1.5 million allocated as protocol revenue and $540,000 distributed to liquidity providers, further enhancing its ecosystem’s attractiveness.[5]

Hyperliquid Faces Manipulation Attack, Trust Crisis Deepens

On March 26, 2025, a trader opened a $6 million short position on JELLYJELLY on Hyperliquid, only to drive the price up through large buy orders, triggering forced liquidation and shifting the burden onto Hyperliquid’s liquidity pool (HLP). This led to potential losses for the HLP pool, prompting Hyperliquid to delist the JELLYJELLY contract and commit to compensating affected users (excluding flagged addresses involved in manipulation). Although the platform reported a $700,000 USDC profit in the 24 hours preceding the event, net outflows of $140 million followed, signaling a severe erosion of trust.

The incident exposed vulnerabilities in Hyperliquid’s risk management when handling low-liquidity assets. While the delisting and compensation measures may have prevented immediate financial collapse, the platform’s commitment to decentralized governance has been called into question—especially given that validator nodes are primarily controlled by the Hyper Foundation. As user confidence diminishes and capital outflows increase, Hyperliquid faces long-term stability challenges.

Centralized exchanges (CEXs) may seize this opportunity to attract disillusioned users, particularly as Hyperliquid’s reputation takes a hit. Other DEXs may also learn valuable lessons from this event, prompting risk management and governance structure improvements. This incident underscores the challenges that DEXs face in mitigating market manipulation and ensuring platform stability, which may accelerate industry-wide improvements in risk assessment and governance frameworks. Regulatory authorities may also intensify oversight of DEXs, potentially driving the sector toward adopting more transparent governance standards.[6]

Notice
Users should exercise caution when participating, be mindful of risks, and conduct thorough research before involvement. Gate.io does not guarantee the future development of projects.


References：

1. X,https://x.com/GateWallet/status/1904443183163170873
2. Defillama,https://defillama.com/dexs
3. X,https://x.com/berachain/status/1903227859675623591
4. X,https://x.com/nillionnetwork/status/1904157582203207738
5. Dune,https://dune.com/adam_tehc/pumpswap
6. Defillama,https://defillama.com/protocol/hyperliquid-hlp

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Disclaimer
Investing in the cryptocurrency market involves high risk, and it is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages caused by such investment decisions.