FTX Starts $11.4B Repayment Plan

BTC Dominance Hits 58% | PumpSwap $10B DEX Volume

Marco Manoppo & Karon Pangestu
March 31, 2025

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Good Morning.

The market puked over the weekend with many fearing more uncertainty this week. Brace for a volatile week as we have tariff announcements on the 2nd, unemployment data on the 4th, and inflation data on the 10th. Good luck!

In Today's Email:

What Matters: FTX $11.4B Repayment 💰️
Product: Japan FSA on Crypto 👀
Charts: BTC Dominance 58%, PumpSwap $10B Volume 📈

Check out our latest podcast episode with Sign!

Narratives: Touch grass.

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You read and share. We listen and improve. Send us feedback at marco@launchy.app.

TOGETHER WITH

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WHAT MATTERS

FTX to Begin $11.4B Creditor Payouts

State of play: FTX, the defunct CEX from 2022, has gathered $11.4B in cash to repay creditors.

Payments will begin on May 30th.
It will start with major creditors, which include institutional investors and firms that held crypto on FTX.
Smaller creditors with less than $50,000 have already begun receiving distribution.

What’s next: With this, we may finally close the chapter on FTX and SBF.

For builders and investors: Understand that the number one rule is to never touch your customers’ assets; comingling and sisterly relationships between companies are an absolute no-no.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Japan Mulls Classifying Crypto Product

Japan’s financial regulator considers reclassifying crypto assets as financial products by 2026.

The proposal is a part of new regulations on crypto insider trading.
The FSA aims to propose amendments as early as 2026.
With the rule change, the FSA plans to tighten its grip on local crypto service providers.

Other cool products:

URnetwork, a crypto VPN.
Paymento, a crypto payments software.
FolioFm, a DEX creator to turn address to into a frontend.
subsdotfun, a Solana app to trade tokenized subforums.
takesdotfun, an app to share takes and earn trading fees.

CHARTS OF THE WEEK

Bitcoin Dominance Hits 58%

State of play: Bitcoin dominance hits 58% as altcoin remains… well, dead.

BTC dominance has steadily increased despite expectations of a potential alt season.
In the past 18 months, a period where alt seasons outperformed Bitcoin didn’t really happen, except for a few select verticals.
Factors such as spot ETFs and corporate accumulation helped BTC cement itself as a true global asset.

Our take: It’s clear that in our space there’s BTC, and there’s everything else.

PumpSwap DEX Cross $10B Volume

State of play: PumpSwap, the new DEX by the biggest winner of our current cycle, PumpFun, has accumulated $10B in volume in its first 10 days of launch.

Before this launch, all graduated tokens went to Raydium instead, benefitting the DEX instead of PumpFun’s own entity.
Rumor of this move to an internal DEX has caused Raydium to launch its own version of PumpFun.
As of Saturday, PumpSwap processed 14.5% of leading Solana DEXs, with Raydium claiming the largest market share at 47.5%.

Our Take: Protocols will vertical integrate and make decisions based on business considerations, not ideologies.

QUICK BITES

FTX to begin major repayments on May 30th.
Galaxy reaches $200M settlement with NYAG.
Kalshi sues Nevada, New Jersey gaming boards.
Grayscale files for spot Avalanche ETF on Nasdaq.
Elon said the US Govt has no plans to use Dogecoin.
Terraform Labs to open claims portal on March 31st.
Japan mulls classifying crypto as a financial product.
BTC Miner Mara starts $2B stock sale plan to buy BTC.
Crypto trading volume has plunged 70% from the peak.
Coinbase users reportedly scammed out of $34M in BTC.
Bitcoin dominance hits 58% as alt season remains elusive.
Trump pardons BitmEX co-founders, including Arthur Hayes.
Pumpswap crosses $10B in cumulative volume 10 days after launch.
FDIC will allow financial institutions to engage without getting a sign-off.
Uniswap’s app store rank dropped as user activity and volume declined.
SEC dismisses enforcement against Kraken, Consensys, and Cumberland.

NOTEWORTHY READS & MEME

Kydo’s read on the hidden economics of L2s.
Page One’s read on DAOs as regulatory arbitrage entities.
Shawn’s read on stablecoins and the parallels with money market funds.

I really loved the idea of reindustrializing America until I saw what it did to my governance tokens
— Gwart (@GwartyGwart)
9:01 PM • Mar 30, 2025

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.