Crypto Morning Brief: Lido DAO Proposes Using 10,000 stETH to Repurchase LDO Tokens; Major Token Unlocks for SUI, OPN, ENA, and Others This Week

Author: TechFlow

Market Highlights — Yesterday

Trump: Indirect negotiations with Iran progressing smoothly; agreement expected soon

According to the Financial Times, although U.S. President Trump threatened to seize Iran’s oil production assets, he simultaneously emphasized that indirect negotiations with Iran—facilitated by Pakistan’s “envoy”—are proceeding smoothly. When asked whether a ceasefire agreement and the reopening of the Strait of Hormuz might be reached within the coming days, Trump declined to provide specific details. He stated: “We still have about 3,000 targets left to strike—we’ve already struck 13,000—and several thousand more remain on the list.

An agreement is expected soon.” Last week, Trump noted that Iran had permitted 10 oil tankers flying the Pakistani flag to pass through the Strait of Hormuz—a gesture he described as “a gift to the White House.” He added that this number has now increased to 20, with the first batch already en route, “sailing straight down the center of the strait.” He also claimed that Iranian Parliament Speaker Ali Larijani personally authorized their passage.

Trump: Cuba will collapse imminently; we will go there to provide aid

U.S. President Trump stated that Cuba will collapse shortly, and that the U.S. will dispatch assistance.

Vance wins CPAC 2028 presidential preference poll

According to JIN10 Data, a straw poll conducted at this year’s Conservative Political Action Conference (CPAC) showed U.S. Vice President JD Vance emerging as the top choice among Republican attendees for the party’s next presidential nominee. Among over 1,600 participants who cast ballots, approximately 53% selected Vance, while U.S. Secretary of State Marco Rubio ranked second with 35%. CPAC is an annual gathering of Republican lawmakers, activists, and presidential candidates. This year’s conference was held in Grapevine, Texas, drawing primarily conservative Republican attendees. While CPAC’s annual straw poll is not a reliable predictor of the final nominee, this year’s results reflect current support trends among core adherents of Trump’s “Make America Great Again” (MAGA) movement.

U.S. Senator’s office to release stablecoin yield regulation draft next week; industry preparing counter-proposal

According to crypto journalist Eleanor Terrett, staff from U.S. Senator Thom Tillis’s (R-NC) office revealed that the office plans to publish a detailed legislative text outlining stablecoin yield/reward provisions next week, following ongoing consultations with stakeholders.

This move follows dissatisfaction expressed by Coinbase and other crypto-industry stakeholders regarding parameters of an earlier, limited-scope proposal presented earlier this week. David Duong, Global Head of Investment Research at Coinbase, stated that industry leaders are currently developing a coordinated counter-proposal “to explain why targeted amendments are needed—to protect customers and sustain viable reward programs.”

Lido DAO proposal: Use up to 10,000 stETH to repurchase LDO tokens

As disclosed on the Lido Community Forum, the Lido Growth Committee has proposed authorizing the use of up to 10,000 stETH (valued at approximately current market price) from the Lido DAO treasury to purchase LDO tokens in batches—both on-chain and off-chain—in response to the current historically low LDO/ETH exchange ratio.

Background: The LDO/ETH ratio currently stands at ~0.00016, representing a ~63% discount relative to its two-year median of 0.00043. Meanwhile, protocol net revenue has declined only ~20% over the same period—highlighting a significant divergence between fundamentals and price performance.

Execution mechanism: Each batch is capped at 1,000 stETH, with a strict price ceiling and a maximum slippage tolerance of 3%. A public report must be posted on the forum upon completion of each batch before the next batch may proceed. Purchase channels include on-chain DEXs (CoW Swap, 1inch, Uniswap) and centralized exchanges (Binance, OKX, Bybit, etc.), and market makers may be engaged to execute purchases. All acquired LDO tokens will be returned to the DAO treasury and may not participate in any governance voting during the holding period.

Risk considerations: The proposal identifies primary risks—including front-running attacks, smart contract vulnerabilities, market volatility, and CEX fund freezes—and proposes mitigation measures such as diversifying execution venues, imposing strict thresholds, and reserving the DAO’s right to terminate authorization at any time.

21Shares to distribute staking rewards to ETH and SOL ETF investors

According to GlobeNewswire, cryptocurrency ETP issuer 21Shares announced it will distribute staking rewards to investors in its Ethereum ETF (TETH) and Solana ETF (TSOL) on March 31. TETH investors will receive $0.012530 per share, while TSOL investors will receive $0.016962 per share.

Caixin: Hu Xiaowei, linked to Cambodia’s太子 Group, sanctioned by UK

According to Caixin, following the detention of Chen Zhi—the founder of Cambodia’s太子 Group—for over two months, the UK imposed additional sanctions targeting Southeast Asian fraud networks, including Hu Xiaowei, who maintains close ties with Chen Zhi and the太子 Group. The UK’s official sanction document refers to Hu Xiaowei as “Wu Anming,” describing him as “a long-time collaborator of Chen Zhi,” who provided financial services, economic resources, and technical support to the group.

Notably, the cryptocurrency exchange “NewCoin” was also sanctioned. NewCoin is reportedly one of Southeast Asia’s largest illegal markets, offering cryptocurrency-related services to scam operations—including the sale of stolen personal data and satellite internet equipment used to contact victims.

Goliath Ventures files for Chapter 11 bankruptcy reorganization; allegedly linked to $328M Ponzi scheme

According to The Street, Florida-based crypto firm Goliath Ventures filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the Southern District of Florida. The company is allegedly connected to a $328 million Ponzi scheme affecting over 2,000 investors—including Gregory Wilson, who lost approximately $8.74 million, and John Euliano, who lost roughly $1.28 million. Additionally, plaintiffs filed a class-action lawsuit against JPMorgan Chase earlier this month, accusing the bank of ignoring suspicious transactions linked to Goliath Ventures.

Earlier reports indicated that Christopher Alexander Delgado, former CEO of Goliath Ventures, was arrested on charges related to the alleged $328 million Ponzi scheme and faces counts of wire fraud and money laundering. Delgado allegedly lured victims under the guise of investing in crypto liquidity pools, promising monthly returns—while instead using funds to pay early investors, purchase luxury real estate, and finance lavish activities.

Intercontinental Exchange announces $600M investment in Polymarket

According to The Wall Street Journal, Intercontinental Exchange (ICE, NYSE: ICE) announced on March 27, 2026, the completion of a $600 million direct cash investment in prediction market platform Polymarket. This investment fulfills a previously announced commitment and forms part of Polymarket’s latest equity financing round. ICE also plans to acquire up to $40 million worth of Polymarket securities from certain existing shareholders.

Solana treasury company Artelo Biosciences to raise $11M via private placement

According to GlobeNewswire, Nasdaq-listed Solana treasury company Artelo Biosciences announced a private placement of 3,188,407 ordinary shares at $3.45 per share, raising $11 million in total. The company also disclosed plans to issue warrants exercisable for up to 6,376,814 ordinary shares at $3.20 per share. If all warrants are exercised for cash, total proceeds would reach approximately $20.4 million. The transaction is expected to close around March 30. According to the latest data from StrategicSolanaReserve, Artelo currently holds 45,883 SOL.

Major token unlocks scheduled this week for SUI, OPN, ENA, and others

This week sees major token unlocks for SUI, OPN, ENA, and others:

• REZ: ~425 million tokens unlock on March 30, valued at ~$1.4 million (6.08% of circulating supply);
• KMNO: ~229 million tokens unlock on March 30, valued at ~$3.89 million (3.37% of circulating supply);
• GUN: ~436 million tokens unlock within the next 7 days, valued at ~$6.97 million (26.58% of circulating supply);
• OP: ~31.27 million tokens unlock on March 31, valued at ~$3.19 million (1.55% of circulating supply);
• SUI: ~42.94 million tokens unlock on April 1, valued at ~$38.32 million (1.16% of circulating supply);
• ZETA: ~44.26 million tokens unlock within the next 7 days, valued at ~$2.13 million (3.45% of circulating supply);
• EIGEN: ~36.82 million tokens unlock on April 1, valued at ~$6.23 million (7.54% of circulating supply);
• ENA: ~40.63 million tokens unlock on April 2, valued at ~$3.64 million (0.52% of circulating supply);
• OPN: ~32.09 million tokens unlock on April 5, valued at ~$6.44 million (13.91% of circulating supply).

Market Data

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