Hyperliquid is generating $14M in weekly fees and leading DeFi growth, but analysts say HYPE still trades at a discount to its fee run‑rate and CEX-style positioning.

Hyperliquid (HYPE), a decentralized perpetuals exchange built around its own HyperEVM chain, has emerged as one of DeFi’s most aggressive fee‑generating protocols in early March 2026. In its latest weekly market brief, altFINS highlighted that “Hyperliquid generated $14.0M in fees over the past week, a +56% increase week‑on‑week, this is exceptional for a derivatives platform and confirms that on‑chain perps activity is picking up meaningfully.”

The same report singled out the underlying chain, noting that “HyperEVM deserves a specific mention, 55% transaction growth this week and a 25% uptick in active users. It’s the fastest‑growing chain by proportional activity, which correlates with HYPE’s strong price momentum.”

Off‑chain statistics mirror that acceleration. HyperEVM has processed roughly 97.8 million total transactions with average daily volume near 434,000, while cumulative on‑chain fees have surpassed $256.2 million since launch, according to analytics compiled by CoinLaw. Daily DEX volumes on HyperEVM peaked near $0.9 billion in late May 2025, with app fees topping $8 million in June and weekly active addresses recently pushing above 106,000 as TVL approached $1.9 billion. “Sustained growth signals that both traders and developers are participating in HyperEVM ecosystem activities,” the report concluded, underscoring how deeply Hyperliquid’s order books now anchor DeFi trading flows.​

That surge in usage is feeding directly into HYPE’s token economics. A recent daily market analysis from MEXC noted that Hyperliquid’s platform “generated $13M in weekly fees with TVL exceeding $6.2B, signaling strong institutional demand,” even as HYPE “is up 662% since its November 2024 launch, currently trading 44% below its all‑time high.” On March 3, the token “surged 17.1% to $31.86 as traders flocked to its 24/7 commodity derivatives during US‑Iran tensions,” with open interest hitting $1.23 billion and deflationary buybacks removing 17,146 tokens to offset an upcoming $316 million contributor unlock, according to a follow‑up report.

Key Highlights

• Shares of MGRX skyrocketed more than 129% during Monday’s trading following SEC disclosure of a 500,000-share bonus awarded to CEO Jacob Cohen.
• An additional 200,000 shares were transferred by Cohen to The Tiger Cub Trust, an entity under his control, increasing the trust’s holdings to 805,000 shares.
• Daily trading volume exploded to over 107 million shares, vastly exceeding the three-month average of approximately 208,000.
• Despite Monday’s surge, the stock declined 54.51% in Friday’s session and remains down 78.11% for the year.
• Analyst consensus remains at “Strong Sell” with no current price target coverage from major firms.

Shares of Mangoceuticals (MGRX) experienced a dramatic surge exceeding 129% during Monday’s trading session following the disclosure of regulatory filings showing CEO Jacob Cohen was granted 500,000 shares as bonus compensation.

Mangoceuticals, Inc., MGRX

In the same filing, Cohen relocated 200,000 shares into The Tiger Cub Trust, which operates under his direction, pushing the trust’s aggregate position to 805,000 shares. The simultaneous disclosure of both equity movements ignited significant market attention.

The rally represents a sharp reversal from Friday’s trading, when shares plummeted 54.51%. Year-to-date performance shows MGRX down 78.11%, while the 12-month decline stands at 96.59%.

Trading activity on Monday was extraordinary, with transaction volume surpassing 107 million shares—a massive increase compared to the typical three-month daily average of roughly 208,000 shares.

According to MarketBeat records, the most recent closing price stood at approximately $2.33 per share as of late October 2025. Currently, no active analyst price targets are available for the stock.

Legal Action and Intellectual Property Initiatives

Beyond executive compensation disclosures, Mangoceuticals has been active on multiple strategic fronts. The company announced it initiated litigation against Clarity Ventures, Inc., its former technology partner, pursuing damages in excess of $73 million. The legal action alleges breaches related to technology service delivery and platform development obligations.

Regarding intellectual property expansion, the company submitted a PCT international patent application in February for MGX-0024, described as an antiviral additive technology designed for incorporation into animal feed and water systems. The February 26, 2026 filing aims to secure worldwide patent protection.

Operational Highlights

The company’s $99 monthly injectable testosterone replacement therapy (TRT) subscription service has demonstrated strong performance. Company executives reported 336% month-over-month revenue growth beginning in mid-December, accompanied by a 54% reduction in customer acquisition expenses.

Mangoceuticals additionally launched MangoRx Direct and PeachesRx Direct in November 2025. These direct-to-consumer platforms offer access to GLP-1 weight management medications including Zepbound and Wegovy, with monthly pricing beginning around $499 on a cash-pay model.

However, despite operational developments, Wall Street coverage remains limited and unfavorable. MarketBeat data shows one Sell rating with no Buy or Hold recommendations currently assigned to the stock.

The overall analyst consensus stands at “Strong Sell,” with no major investment firms having issued upgrades, downgrades, or fresh price objectives in recent months.

The latest available closing price on record stands at roughly $2.33 per share from late October 2025.

NovaBay Pharmaceuticals (NBY) — a nanocap with a market capitalization of about $30 million — has renamed itself Stablecoin Development Corporation and changed its ticker to SDEV, marking a full shift from healthcare to crypto.

This follows a $134 million private placement backed by firms including Framework Ventures and Tether Investments, the company said.

The firm is using those funds to build a large position in SKY, the governance token tied to the Sky protocol, a decentralized finance protocol that issues the cryptocurrency-backed dollar-pegged stablecoin USDS..

The company currently holds about 2.06 billion SKY tokens, roughly 8.78% of the total supply, worth around $147 million. It acquired over half of that on the open market at an average price near $0.065. The rest came as part of the financing deal, which included cash and stablecoins.

The firm has also begun staking its holdings to earn rewards. It reports earning about 26.6 million SKY tokens so far, with these rewards varying based on network rules and participation.

CoinDesk has reached out to Stablecoin Development Corp for comments, but hasn’t heard back at the time of writing.

Sky, which evolved from MakerDAO, currently has a SKY staking rate of over 10%, according to the protocol’s website. The token’s value is down around 1.45% over the last 24 hours, while the broader crypto market rose 4% over the same period, as measured by the CoinDesk 20 (CD20) index.

NBY is higher by 5% on Monday.

SIGN’s 100M “Orange Basic Income” locks rewards on-chain and pays higher yields to wallets that keep SIGN in self-custody instead of on centralized exchanges.

Analysts are now watching how OBI affects metrics like token velocity, wallet counts and the proportion of SIGN held off exchanges, as these will reveal whether self-custody incentives meaningfully change investor behavior. At the same time, the move lands amid mounting policy debates over hardware wallets, DeFi oversight and self-custody rules, underscoring how programs that push assets off centralized platforms could become a focal point in the next phase of crypto regulation.

Key Highlights

• Super Micro Computer shares plunged 33% on March 20, settling at $20.53, following the unsealing of criminal indictments against three company-connected individuals, including co-founder Wally Liaw
• Federal prosecutors allege Liaw orchestrated the smuggling of approximately $2.5 billion worth of Nvidia-equipped AI servers to China in violation of U.S. export regulations
• Liaw stepped down from his board position immediately upon arrest; DeAnna Luna assumed the role of interim Chief Compliance Officer
• Northland Securities analyst Nehal Chokshi reduced SMCI’s rating to Hold while cutting the price target by 65%, from $63 down to $22
• Technical indicators show SMCI’s 14-day RSI dropping to approximately 24, indicating oversold territory, while short interest registers at 14.7%

Super Micro Computer (SMCI) experienced one of its worst trading sessions in recent memory. Shares collapsed 33% on March 20 following the Department of Justice’s unsealing of criminal indictments against three individuals connected to the server manufacturer.

Super Micro Computer, Inc., SMCI

The defendants include Yih-Shyan “Wally” Liaw, one of the company’s co-founders, who was taken into custody by federal authorities. Liaw tendered his resignation from the board of directors immediately after his arrest.

According to federal prosecutors, the accused individuals facilitated the illegal export of roughly $2.5 billion in Nvidia-based artificial intelligence servers to China, circumventing strict U.S. export control laws. The scheme allegedly involved routing the hardware through a Southeast Asian intermediary company for repackaging before final shipment to Chinese destinations.

Super Micro was not identified as a defendant in the criminal case. In response to the allegations, the company terminated one contract worker and placed two employees on suspension.

Board and Executive Restructuring

SMCI finished trading at $20.53 on March 20, a dramatic fall from its 2024 peak above $100. During pre-market hours on Monday, the stock traded near that closing price, briefly declining 0.88% before recovering to slightly positive territory.

With Liaw’s exit, the board of directors now consists of eight members. The company tapped DeAnna Luna to serve as interim Chief Compliance Officer. Luna, who came aboard in 2024, brings more than two decades of trade compliance expertise from previous positions at Intel and Teledyne Technologies.

Super Micro also revealed it has divided the previously combined Chief Compliance Officer and Chief Financial Officer positions into separate roles. The company offered no explanation for Liaw’s departure and has not indicated whether it intends to appoint a replacement to fill the vacant board seat.

Wall Street Downgrades Price Expectations

Nehal Chokshi of Northland Securities lowered his rating on SMCI from Buy to Hold on Monday. His price objective was slashed 65%, dropping from $63 to $22.

Chokshi acknowledged the separation of the CCO and CFO roles as a constructive step but characterized it as “reactionary rather than proactive.” He cautioned that the stock would likely experience stagnant revenue and earnings until the company addresses the dual role of Charles Liang, who currently serves as both Chairman and CEO.

Argus Research likewise downgraded SMCI to Hold in response to the criminal charges. According to TipRanks, the consensus rating stands at Hold, based on two Buy recommendations, eight Hold ratings, and three Sell calls. The mean price target among analysts is $34.33.

This development compounds an already challenging period for the organization. Late in 2024, auditing firm Ernst & Young abruptly resigned, citing alleged independence issues between the board and executive management. Super Micro has additionally struggled with delayed regulatory submissions and received compliance notifications from Nasdaq during this timeframe.

From a technical perspective, the chart presents concerning signals. The 14-day Relative Strength Index hovers around 24, indicating oversold conditions while also reflecting continued selling momentum. The stock is trading beneath all significant moving averages, including the 50-day average, confirming a sustained downward trend. Current short interest is approximately 14.7%.

The analyst consensus price target of $34.33 suggests potential upside of 67.2% from present levels, although the route to that valuation remains uncertain given the ongoing federal legal proceedings.

Key Highlights

• Nebius successfully completed a $4.34 billion convertible debt offering divided between two separate note tranches maturing in 2031 and 2033
• The financing follows major agreements including a $27 billion data center supply partnership with Meta and a $2 billion investment from Nvidia
• The company intends to finance 60% of expansion through customer prepayments from partners like Meta and Microsoft
• Equity and debt instruments will cover the remaining 40% of funding requirements
• Nebius has established a $16–20 billion capital expenditure goal for 2026

Nebius Group (NBIS) has successfully finalized a $4.34 billion convertible debt offering, securing substantial capital as the company accelerates its AI infrastructure expansion strategy.

The financing package comprised two distinct components. Nebius issued $2.58 billion in 1.250% convertible notes maturing in 2031 — which included an additional $337.5 million tranche exercised by investors — plus $1.75 billion in 2.625% notes with a 2033 maturity date. Investors also have the opportunity to purchase an additional $262.5 million in the longer-maturity notes.

Nebius Group N.V., NBIS

Tom Blackwell, Chief Communications Officer, noted the offering was expanded because of robust investor appetite. “We’ve managed to achieve a large amount of funding while really minimizing the dilution,” he stated.

The capital raise arrives during an exceptionally active period for Nebius. Just this March, the company completed a $2 billion share warrant transaction with Nvidia at a strike price of $94.94 per share. Additionally, it finalized an agreement valued at up to $27 billion to provide Meta with data center infrastructure. This builds on a $17.3 billion supply arrangement with Microsoft that was signed last September.

Nebius stock finished trading on Friday at $117.62, while the convertible notes issued Monday were priced at a conversion premium of approximately 90% above that closing price.

Capital Allocation Strategy

Nebius has outlined plans to secure 60% of expansion funding through customer advance payments — mainly from Microsoft and Meta — while the balance of 40% will be sourced through a combination of equity issuances and debt financing. Blackwell indicated the company remains open to additional large-scale supply agreements if the terms align properly. “They can be a very efficient source of capital,” he explained.

The organization has committed to a 2026 capital investment range of $16 billion to $20 billion. According to Blackwell, Nebius is now “well-funded” to execute on these objectives.

He dismissed worries about excessive expansion. “As long as enterprise AI adoption does continue to increase… the need for what we’re doing is going to make sense,” he remarked.

Cloud Services Strategy

Beyond physical infrastructure, Nebius views AI-focused cloud services as a critical long-term revenue opportunity. The strategy involves building software service layers atop its data center infrastructure — creating sustainable recurring revenue streams that extend beyond current infrastructure demand cycles.

Blackwell emphasized that the major contract victories also demonstrate the company’s technical credentials, not merely its financial capacity.

Nebius revealed that both the Meta partnership and the Nvidia investment materialized within the past month, highlighting the accelerated pace of its strategic deal flow.

The company has not provided detailed allocation plans for the convertible debt proceeds, though the primary objective is financing ongoing data center expansion initiatives.

Monday marked the official completion of the financing round, concluding a significant capital-raising period that has elevated the company’s standing within AI infrastructure investment communities.

The 2033-maturity convertible notes featured a 2.63% interest rate, while the 2031 notes were priced at 1.250%.

Backpack Exchange, a Solana-based cryptocurrency trading platform, launched on Monday its native token, BP, detailing a token generation event (TGE) that includes a mix of user distribution, lockups and a mechanism tied to company equity.

At launch, 25% of the token’s 1 billion total supply—around 250 million BP—will be distributed, primarily through an airdrop to existing users. Most of that allocation is set aside for participants in Backpack’s points program, with a smaller portion reserved for holders of its “Mad Lads NFT collection.”

The company said no tokens have been allocated to founders, team members or investors at inception, a departure from many exchange token rollouts. The structure places a larger share of the initial distribution with users rather than insiders.

The remaining supply will be released through a multi-phase unlock schedule tied to company growth and potential public listing plans. About 37.5% of tokens are set to unlock over time based on operational milestones, such as market expansion or product launches, while another 37.5% will remain locked in a corporate treasury until after a potential IPO.

Backpack also said long-term stakers may be able to convert BP into company equity, representing a share of the firm’s ownership. The mechanism links the token to the company’s broader capital markets plans, rather than limiting its role to trading incentives or governance.

“Backpack was founded by former FTX and Alameda Research employees and faced early scrutiny following the collapse of FTX in 2022. The company later acquired the defunct exchange’s European arm, relaunching it as Backpack EU as part of its push into regulated markets.

Read more: Backpack Opens Regulated Perpetuals Exchange in Europe After FTX EU Acquisition

Key Highlights

• PepsiCo transitions from pilot programs to comprehensive AI implementation across China
• Artificial intelligence applications span precision farming, production facilities, and logistics networks
• Approximately 95% of Asia Pacific raw materials sourced locally; AI optimizes supply chain resilience
• PEP shares advance 1.8% in premarket sessions, reaching $152.70
• China initiative aligns with global AI partnership involving Siemens and NVIDIA

PepsiCo has launched a comprehensive artificial intelligence integration throughout its Chinese business operations. The beverage and snack giant has transitioned beyond experimental phases, implementing AI technology across its entire value chain in China — encompassing agricultural operations, production facilities, and consumer engagement strategies.

PepsiCo, Inc., PEP

This initiative represents a fundamental operational transformation rather than merely a cost-reduction exercise.

Within agricultural operations, PepsiCo deploys AI technology to enhance harvest productivity and ingredient quality for domestically sourced materials. Given that roughly 95% of Asia Pacific ingredients originate locally, optimizing this segment carries significant strategic importance.

At the manufacturing level, artificial intelligence drives enhanced operational efficiency and production capacity expansion — all while maintaining current staffing levels. However, the company continues recruitment efforts as new production facilities come online throughout China.

Enhanced Consumer Intelligence Through AI

PepsiCo leverages AI-powered analytics platforms to decode Chinese consumer preferences and behaviors. These insights inform product development and targeted marketing initiatives designed for local market sensibilities.

The corporation indicates these consumer insights drive portfolio evolution toward premium offerings with reduced sugar and sodium content that complement Chinese cooking traditions. Given the intense competitive landscape in China’s consumer goods sector, this localization strategy proves essential.

PEP shares reached $152.70 during premarket activity, representing a 1.8% advance. This positions the stock within its 52-week trading band of $127.60 to $171.48. Current shareholders receive a 3.8% dividend yield.

Strategic Partnerships with Siemens and NVIDIA

The Chinese AI deployment connects to an expansive global technology initiative. PepsiCo maintains a multi-year strategic partnership with Siemens and NVIDIA to implement AI systems and digital twin technology for facility optimization and supply chain redesign worldwide.

Initial testing phases from this collaboration have already demonstrated improved operational throughput alongside reduced capital investment requirements, per company reports.

The Chinese AI implementation follows this established framework — leveraging technology to maximize existing asset utilization while simultaneously pursuing strategic physical expansion opportunities.

PepsiCo characterizes the China AI initiative as fundamental to its regional expansion strategy rather than an ancillary project. The company emphasizes that artificial intelligence now permeates every segment of its Chinese value chain.

The stock’s 1.8% premarket advance to $152.70 demonstrates investor enthusiasm regarding the announcement, though final closing prices will reflect broader market dynamics.