What's Driving Token Prices? March 25, 2026

RESOLV/USR (-24%/-69%) - This weekend saw another stablecoin depegging event that had far-reaching implications for DeFi. Resolv Protocol issued USR, which is a stablecoin backed by a delta-neutral hedging strategy using BTC and ETH. The attacker exploited a vulnerability in USR’s code that allowed for unlimited minting of the stablecoin. The attacker then sold the newly minted coins, crushing USR's price and depegging it from $1. Ultimately, they were able to mint $80M of USR and extract $23M of proceeds from the hack. Resolv promptly halted withdrawals from the protocol, but the damage had already been done, with the price of USR now at $0.31. The hack's impact was felt across DeFi, with many protocols facing liquidations on loans with USR exposure, including Morpho, Euler, Fluid, and others. Supposedly, Steakhouse Financial identified the attack vector a few days earlier in a public blog post on the topic. The hack illustrates how DeFi needs to contain future hacks to mitigate widespread damage. If proper safeguards had been in place, liquidations on other DeFi protocols may not have occurred.
BP (-33%) - Solana-based exchange Backpack finally launched its token on Monday, releasing 25% in an airdrop to users. None of the released tokens went to team members, investors, or other insiders, and all tokens are expected to be released going forward based on operational milestones. Users can stake their BP tokens to earn fee discounts on the exchange and could potentially receive Backpack equity in the future in exchange for staking BP tokens. Backpack was founded in 2023 by the team behind the Mad Lads NFT collection and has since evolved from a simple wallet product into a regulated exchange.
BAL (-0.6%) - On Monday, decentralized exchange Balancer announced it is shutting down its Labs entity, BLabs. The decision comes after the protocol suffered a $110M hack last year, and the labs division was unable to support the resulting legal and financial burden. While the team considered shutting down the protocol as well, the founders wanted to give the team a chance to restructure, as the protocol still generates revenue. As part of the restructure, all BAL emissions will go to zero, and 100% of revenue will be redirected to the protocol vs. the current 17.5%. Balancer was once a DeFi stalwart with $2.6B in TVL at its peak in mid-2021. Since then, TVL has dwindled to $159M.

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