Crypto Morning Brief: UAE Announces Exit from OPEC and OPEC+, Aave Unveils DeFi United Recovery Plan
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Crypto Morning Brief: UAE Announces Exit from OPEC and OPEC+, Aave Unveils DeFi United Recovery Plan
Pump.fun burns approximately $370 million worth of PUMP tokens and launches a programmable buyback-and-burn mechanism.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
The U.S. Senate Banking Committee to Vote Tomorrow on Walsh’s Nomination for Fed Chair and Board Member
According to the official website of the U.S. Senate Banking Committee, the committee will hold an executive meeting at 22:00 Beijing time on April 29 to vote on Walsh’s nomination for Federal Reserve Chair and Board member.
UAE Announces Exit from OPEC and OPEC+, Plans Gradual Increase in Oil Output
According to JINSHI Data, the UAE has officially issued a statement announcing its withdrawal from OPEC and OPEC+ effective May 1, and plans to gradually increase oil production. Both WTI and Brent crude oil prices plunged over $2 per barrel intraday before partially recovering; the latest prices stand at $101.38 and $104.18 per barrel, respectively.
Aave Announces DeFi United Recovery Plan: Proposes Restoring rsETH Backing and Executing Controlled Liquidations
According to official announcements, Aave stated that DeFi United has published a technical implementation plan. Upon completion of governance approval, scheduling, and final protocol execution, the plan aims to restore KelpDAO’s rsETH backing and liquidate attacker positions on both Aave and Compound.
The plan outlines phased conversion of committed ETH into rsETH, which will then be deposited into the bridged staking contract to reinstate rsETH backing at the current exchange rate of approximately 1.07 ETH.
Meanwhile, Aave will execute controlled liquidations via governance proposals on Ethereum and Arbitrum to recover excess collateral from roughly 107,000 rsETH and repair associated market damage. During this period, WETH and rsETH reserves on Ethereum Core, Arbitrum, Base, Mantle, and Linea will remain frozen.
LayerZero Labs Commits Over 10,000 ETH to DeFi United
According to an official disclosure by LayerZero, LayerZero Labs has announced a commitment of over 10,000 ETH to the Aave-led DeFi United initiative, comprising: a donation of 5,000 ETH to DeFi United, an additional deposit of 5,000 ETH into Aave markets to enhance liquidity, and deeper liquidity deployment for GHO.
Pump.fun Burns Approximately $370 Million Worth of PUMP Tokens and Launches Programmatic Buyback-and-Burn Mechanism
According to an official Pump.fun disclosure, Pump.fun has completed burning all previously repurchased PUMP tokens—valued at approximately $370 million, representing about 36% of circulating supply—via two on-chain transactions finalized at 20:52 UTC.
Simultaneously, Pump.fun has launched a programmatic buyback-and-burn mechanism, allocating 50% of net revenue over the next year toward open-market buybacks of $PUMP tokens, with 100% of purchased tokens burned immediately. This mechanism is enforced via an immutable smart contract covering revenues from Pump.fun’s bonding curve, PumpSwap, and Terminal product lines. Execution involves four steps: fee collection, intermediate wallet consolidation, buyback, and burn—trackable in real time at fees.pump.fun.
The remaining 50% of revenue will fund operational and ecosystem development—including team expansion, strategic investments, and marketing initiatives. Pump.fun stated this move responds to community concerns regarding long-term token value and transparency of the buyback mechanism, aiming to continuously reduce circulating supply.
RedStone Launches Settlement Layer to Address RWA Liquidity Gaps in DeFi Lending
According to Cointelegraph, decentralized oracle provider RedStone has officially launched RedStone Settle—a settlement layer for DeFi—designed to resolve structural barriers when tokenized real-world assets (RWAs) are used as collateral in lending protocols.
The core mechanism is on-chain auctions: when a lending protocol triggers a liquidation event, liquidity providers can immediately step in to purchase the relevant positions, supplying instant liquidity to the protocol while bearing the risk of delayed redemption of underlying assets themselves. This bridges the mismatch between near-instant liquidations required by DeFi platforms (e.g., Aave) and the typical 60–180-day redemption periods for RWAs—including tokenized funds and bonds.
RedStone stated this solution could activate over $30 billion worth of currently idle tokenized RWAs in DeFi, enabling users to borrow more efficiently against interest-bearing positions. According to RWA.xyz data, the current tokenized RWA market size—excluding stablecoins—exceeds $30 billion, dominated primarily by U.S. Treasury exposures and private credit products.
Paystand Launches Bitcoin-Ecosystem Stablecoin USDb
According to Businesswire, blockchain B2B payment network Paystand has announced the launch of USDb, a stablecoin built on the Bitcoin ecosystem, fully backed 1:1 by U.S. dollar reserves. USDb is natively deployed on the Bitcoin sidechain Rootstock and also compatible with the Liquid Network and Bitcoin Lightning Network. Notably, USDb targets traditional enterprise financial workflows—such as accounts receivable/payable, cross-border payroll, and treasury management—rather than crypto-native trading use cases.
Ondo Finance Launches Proxy Voting Functionality for Holders of Over 250 Tokenized Securities
According to CoinDesk, Ondo Finance, in collaboration with Broadridge, has introduced proxy voting functionality for holders of over 250 tokenized securities on its platform. Users may log into Broadridge’s ProxyVote system via their crypto wallets to review corporate documents and submit voting preferences. Its Global Markets platform currently issues stock- and ETF-backed tokens valued at over $700 million. Ondo noted that while these tokens do not confer direct shareholder rights, the platform will consider investor preferences when voting on underlying shares it holds.
Bitcoin Miner MARA Establishes Foundation to Support Bitcoin Network Health and Adoption
According to Cointelegraph, MARA Holdings (NASDAQ: MARA) officially launched the MARA Foundation at the Bitcoin 2026 conference on April 27, 2026. The foundation focuses on five key areas, including long-term security of the Bitcoin network and quantum-computing threat research.
As part of its launch initiative, the MARA Foundation has invited community voting to select one of three Bitcoin companies to receive a $100,000 grant. The foundation stated its first funding round will support open-source projects via community voting, aiming to foster Bitcoin network health and adoption. This marks a further strategic investment by the publicly listed miner into ecosystem development.
Galaxy Digital Releases Q1 2026 Financial Results, Reporting $216M Net Loss
According to Galaxy Digital Inc.’s official announcement, the company released its first-quarter 2026 financial results. Impacted by a roughly 20% decline in digital asset prices during the quarter, Galaxy reported a net loss of $216 million, adjusted EPS loss of $0.49, and adjusted EBITDA of -$188 million. As of March 31, total equity stood at $2.78 billion, with cash and stablecoin holdings totaling approximately $2.605 billion.
In its data center business, the first data hall at the Helios campus has been successfully delivered to CoreWeave. Full delivery of the 133 MW critical IT load is expected by end-Q2 2026, with ERCOT approving an additional 830 MW of power capacity—the campus’s total approved capacity now exceeding 1.6 GW. In asset management, assets under management totaled approximately $5 billion at quarter-end, with $69 million in net inflows during the quarter. Post-quarter, BlackRock announced Galaxy as the staking validator for its inaugural reward-based crypto ETF (iShares Staked Ethereum Trust ETF). Additionally, the company repurchased 3.2 million shares for $65 million this quarter and completed delisting from the Toronto Stock Exchange, now trading exclusively on Nasdaq.
Meta May Reverse $2.5B Acquisition of AI Startup Manus
According to The Wall Street Journal, Meta is preparing to reverse its acquisition of AI startup Manus. If Meta proceeds with unwinding the deal, several former Asian investors in Manus—including Tencent, Sequoia China, and ZhenFund—are expected to cooperate. Furthermore, both parties have been instructed to unwind the transaction and fully restore Manus’s assets in China to their original state—including retrieving any data or technology previously transferred to Meta.
Manus is a Singapore-headquartered startup with ties to China, focused on developing AI agents. Meta completed the $2.5 billion acquisition in December last year and rapidly integrated related technologies into its own systems. Should the deal ultimately be reversed, both parties will need to disentangle already-integrated technologies and systems.
Earlier reports indicated China banned the transaction on April 27 on national security grounds.
Market Data
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