Crypto enthusiasts celebrated this week as the U.S. Securities and Exchange Commission (SEC) dismissed a highly contentious lawsuit that had been a source of turmoil for Ripple Labs, lasting over four years. In a separate but notable regulatory event, the launch of futures exchange-traded funds (ETFs) based on Solana marks a potential turning point, hinting at forthcoming approvals for spot Solana (SOL) ETFs, which many see as a natural progression for regulatory bodies.
SEC’s Dismissal of XRP Lawsuit Seen as Industry Win
The SEC’s decision to drop its lengthy legal proceedings against Ripple Labs, the firm behind the XRP Ledger blockchain, has been hailed as a significant triumph for the entire cryptocurrency sector, according to Ripple CEO Brad Garlinghouse. Speaking at the 2025 Digital Asset Summit in New York, Garlinghouse announced that the SEC’s withdrawal of its case, which accused Ripple of conducting an unregistered securities sale worth $1.3 billion in 2020, marks the conclusion of a protracted legal struggle. “This feels like a win for the industry and the start of a new era,” Garlinghouse stated during the event attended by Cointelegraph.
Institutional Adoption Expected with New Solana Futures ETFs
The introduction of the first Solana futures ETF is anticipated to significantly enhance institutional interest in the SOL token. This milestone could lead to the eventual approval of spot SOL ETFs, which industry experts view as the next logical advancement in crypto trading products. Volatility Shares is set to roll out two new Solana futures ETFs, specifically the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), starting March 20. Ryan Lee, chief analyst at Bitget Research, remarked that this launch could elevate Solana’s standing in the market by boosting demand and liquidity for SOL, potentially closing the gap with Ethereum’s market capitalization. He emphasized that the regulated nature of these ETFs could draw substantial investment and enhance Solana’s competitive edge, despite Ethereum’s well-established ecosystem.
Pump.fun Introduces New DEX, Challenges Raydium
Pump.fun has unveiled its own decentralized exchange (DEX), dubbed PumpSwap, which could rival Raydium as the leading platform for trading Solana-based memecoins. As of March 20, memecoins that establish liquidity on Pump.fun will transition directly to PumpSwap, according to the platform’s announcement. Previously, tokens bonded on Pump.fun migrated to Raydium, which gained prominence primarily through memecoin trading. Pump.fun indicated that PumpSwap operates similarly to Raydium V4 and Uniswap V2, designed to facilitate smoother transactions. They noted that previous migration processes often hindered momentum and added unnecessary complexity for newcomers. “Now, migrations are instantaneous and cost-free,” Pump.fun stated.
Bybit Reports Majority of Hacked Funds Still Traceable
Following the unprecedented hack at Bybit, where over $1.4 billion in digital assets were stolen, a significant portion of the funds remains traceable, as blockchain analysts work to recover the lost amounts. The crypto community was shaken on February 21 when Bybit reported the massive theft involving liquid-staked Ether (stETH) and other assets. Investigators have pointed to North Korea’s Lazarus Group as the suspected perpetrators, who are actively attempting to obscure the stolen funds. As reported by Bybit’s co-founder and CEO Ben Zhou, approximately 88% of the misappropriated funds are still traceable. In a recent update, Zhou stated that 440,091 ETH, valued at about $1.23 billion, had been converted into Bitcoin across various wallets, with the stolen assets being funneled through numerous Bitcoin mixers.
New Memecoin from Libra Creator Faces Dramatic Fall
Hayden Davis, known for co-creating the Libra token, has recently launched another memecoin, which has exhibited alarming signs of insider trading activity and subsequently plummeted in value by more than 99%. Dubbed Wolf (WOLF), this new Solana-based token was introduced on March 8, with speculation surrounding its ties to Jordan Belfort, the notorious “Wolf of Wall Street.” The token surged to a market cap of $42 million but saw a rapid decline, dropping to just $570,000 within a week. Blockchain analytics firm Bubblemaps revealed that 82% of WOLF’s supply was controlled by a single entity, raising concerns about potential insider manipulation, similar to previous patterns observed with Davis’s other projects.
DeFi Market Analysis
Data from Cointelegraph Markets Pro and TradingView indicates that the majority of the top 100 cryptocurrencies experienced gains over the past week. Among these, the Four (FORM) token from the BNB Chain was the standout performer, skyrocketing by over 110%, followed closely by PancakeSwap’s CAKE token, which rose more than 48%. The total value locked in the DeFi sector has shown promising growth, highlighting the continued evolution and interest in decentralized finance. Thank you for following our summary of this week’s key developments in the DeFi landscape. We look forward to bringing you more insights and updates next Friday as this dynamic sector progresses.
