Today in DeFi

Jumper's Legion Sale Live, Variational TGE Confirmed

Wed, 30 Sep 2026 08:02:21 GMT

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This week’s airdrop recap:

Live now: Jumper’s Legion sale runs through Oct 2 — paid, score-based, not an airdrop
Still farmable: Variational TGE confirmed Q4, but points keep accruing at 150k/week until then
Ending soon: Fables points stop Oct 5 — 5 days left to LP for allocation

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Upcoming Airdrop Claims 🪂:

Jumper ($JUMP) — Legion Sale Live, Not an Airdrop

Sale window: Sept 29, 13:00 UTC → Oct 2, 13:00 UTC. Pay in USDC on Ethereum. Target $2M / hard cap $3M at $75M FDV ($0.075/token) — ~4% of supply at cap. Not first-come, first-served — Legion scores allocations by Jumper XP, waitlist top-500 status, and referral quality.

TGE targets Q4 2026, with 50% unlock at TGE and the rest vesting over ~4 months.

Blocked: US, UK, UAE, plus sanctions list. EU faces per-country caps.

If holding Jumper XP, connect that wallet on Legion — it affects your priority score. Full tokenomics unpublished — treat community FDV math as speculation until official.

Official link: legion.cc

⚠️ If the sale is oversubscribed, your pledged USDC can return a much smaller fill than expected — score-based allocation means no guarantee. A 50% unlock at TGE on a $75M FDV token can create real sell pressure into a thin early order book. This token has no claim on LI.FI’s actual business or cash flow — Jumper is a separate spin-out, already funded independently. Perps (”coming soon”) is explicitly the growth pitch funding this raise, not a shipped product yet. Geo and KYC restrictions are strictly enforced — US/UK/UAE users cannot participate at all, and no compensation path for excluded XP holders has been announced. Only use official app.legion.cc/app/invest/jumper — phishing sites targeting Legion sale pages are already circulating.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often carry the most attractive airdrop odds, early TVL, thin points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.

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Airdrop News/Updates &

Saturn Credit ($STRN) — TGE Confirmed Q4 2026, S2 Pool Shrinks If Early

Saturn Credit locked $STRN TGE for Q4 2026. Structured credit protocol around USDat/sUSDat (BTC-adjacent yield), YZi Labs-incubated. Not a perp DEX.

Key mechanic: Season 2 pool is up to 5% of supply, but shrinks pro rata if TGE hits early. Season runs Aug 9 – Dec 8, or $1B TVL, whichever first — today is roughly halfway. Leftover from an early cutoff goes to ecosystem, not farmers. Season 1 allocations are separate. Season 3 starts right after S2 snapshot.

Points weight by activity: YT-USDat on Pendle (30x, decays to zero at maturity), Curve/Pancake LP (25x), holding USDat (5x). LP is generally cleaner than chasing max YT multiplier.

Restricted to non-US/EU/EEA. No tokenomics, claim mechanics, or FDV published yet — ignore any third-party “allocation checker” sites.

⚠️ 5% is a ceiling, not guaranteed — early TGE cuts the pool. Layered risk: USDat/sUSDat credit exposure, Curve/Pancake IL, Pendle YT decay. No FDV exists yet — don’t treat any checker number as real. “Disciples of Saylor” is marketing only; Strategy has no actual affiliation.⚠️

Fables — Points End Oct 5, TGE Terms Still Unpublished

Uniswap v4 hook DEX where markets (SPY/USDG, GLD/USDG) get calendar/volatility-aware fees — LPs earn more when risk is on. Points + $5,000 USDG rewards follow only in-range fees; idle liquidity earns nothing.

PROLOGUE (live token) ≠ FABLES (governance, not launched). PROLOGUE was slated to convert >40:1 into FABLES. October 5 is when points stop, not a guaranteed claim date — terms are still TBA.

Week 5: $636M volume, $1.47M to 10k LPs, ~$50M TVL. Points: 1B total (900M LP, 100M refs), no official conversion rate published.

Best plays: ETH/USDG (deepest liquidity, most points) or an actively-managed stock pair like SPY/USDG for the off-hours fee thesis. Partner pools add extra USDG — size small.

⚠️ Points don’t guarantee FABLES — TGE can slip. Out-of-range liquidity earns zero, requires active management. Stock pairs carry weekend/oracle basis risk. Only LP now if fees alone justify it — treat points as upside.

New Opportunities:

Lighter on Robinhood Wallet — 2x Boost Is Real, Not a New Farm

Recycled hook from August 13, not new. Lighter (zk perp DEX, $LIT already live) runs a separate book for Robinhood Wallet on Robinhood Chain — crypto and equity perps, 50/50 revenue split with Robinhood. Robinhood Ventures backed Lighter’s $68M/$1.5B round.

2x points for trades placed via Robinhood Wallet vs. standard Lighter web. Program since Aug 10; weekly Friday drops. 11M LIT is earmarked for this program — ~1.1% of total supply, not the full allocation. Weekly credits run ~75-90k points, not the larger “200k/week” figure sometimes quoted.

Restricted geo: US, UK, Canada, Switzerland, Singapore, UAE, China, plus sanctions list.

To farm: eligible geo, funded Robinhood Wallet with USDG, trade perps in-app. Referrals earn ~10%.

⚠️ No published points-to-LIT rate — weights can change, wash activity triggers clawback. 11M pool dilutes as more users join. Standard perp/funding/liquidation risk applies, plus weekend gap risk on equity markets. Real token unlock lands Dec 27, 2026 (26% team, 24% investors).

Variational ($VAR) — TGE Confirmed Q4 2026

Official tokenomics announced: $VAR launches Q4 2026. Arbitrum RFQ derivatives platform (Omni: 0% fee retail perps, Pro: institutional OTC). Backed by $62M, including Bain Capital and Dragonfly.

Tokenomics: 32% genesis airdrop (100% unlocked at TGE, pro-rata to points), 18% ecosystem reserve (not yours), 50% team/investors (12-month cliff). Older “50% to community” claims wrongly combined the 32% drop with the separate ecosystem bucket.

Points have been live since Dec 2025, currently 150k/week across 30k+ accounts. No official conversion rate — your share is simply points ÷ total points at snapshot. Must hold ≥1 point and sign ToS to claim, or your allocation burns.

Official link: omni.variational.io/points

⚠️ ⚠️ 32% unlocked with zero vesting at TGE means real day-one sell pressure. FDV unknown until launch — all points math is speculative. Continued weekly issuance dilutes existing holders unless you keep farming. “Q4” spans October to December — further delay is possible.

Today’s News Headlines:

Axiom charges fake “priority fee” on Robinhood Chain
Robinhood launches perpetual futures for US users
User alleges ~50 BTC stuck in Solv since July
SteakhouseFi partners with Loopr on Robinhood Chain
Aave V4 proposed for deployment on Monad
Morpho launches P2P Orders on Morpho Midnight

NEW Promising Airdrops

Farm Delta-Neutral RWA Perps With Strong Backing

Hyperliquid's USDC Pile Now Tops Solana's

Tue, 29 Sep 2026 08:01:49 GMT

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Today’s News Headlines:

Ari Paul alleges Coinbase covered up $1B+ in hacks
Bitget resumes BTC withdrawals post-$387.5M exploit
Jumper‘s JUMP token sale opens September 29
Aave mobile app adds direct Ethereum deposits
Ondo Perps launches spot trading for Ondo Stocks
Avant Protocol launches on Base via Morpho
WOO X launches dedicated MiCA-aligned EU platform
Maple Finance upgrades Syrup tokens to CCIP 2.0

Key Takeaways:

Leverage got about 40% cheaper to hold this week, and ETFs pulled in $2.39B, the highest weekly inflow in 2026.

Funding rates fell from ~7% to 4.42% below the average stablecoin borrow cost; BTC and ETH kept leaving exchanges; stablecoin supply grew $1.32B; and funding fell from ~7% to 4.42% — all reading as accumulation.

Solana and Hyperliquid L1 absorbed 93% of this week’s stablecoin growth

For opposite reasons: one is a minting rebound, the other is a brand-new lending market that just launched.

Six of the week’s seven biggest token gainers are tied to stocks moving onchain

ONDO gained 33% on a new BlackRock-designed portfolio product, ENA gained 31% on stock-backed collateral, and three others moved on related news.

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This Week’s Signal: Stocks Are Becoming DeFi’s Collateral

The single biggest thread this week wasn’t a chain or a token — it was stocks moving onchain, and it touched almost every section of this letter.

It started with regulation. On Sept 17, the SEC granted a temporary exemption letting onchain liquidity pools trade tokenized equities, clearing a legal hurdle that had kept most DeFi apps from listing them directly. Within days, five separate protocols built products on top of it.

Ondo launched Intelligent Portfolios on Sept 24 — three tokens, each wrapping a full BlackRock-designed portfolio strategy into one transferable onchain instrument. Ondo issues and manages the tokens; BlackRock supplied the strategy design only. ONDO rose 33.4% on the week.

Ethena began backing USDe with Binance’s tokenized stocks on Sept. 25, hedged with equity futures the same way it’s long-hedged crypto. Ethena says this expands its addressable collateral from $2.5T of crypto to $150T+ of real-world assets — its own framing, not an independent estimate. ENA rose 31.4%.

Raydium said Solana crossed 1 million tokenized stockholders on Sept. 24, a self-reported figure. RAY’s most-traded pairs this week included SPX and STONK, both memecoins that piggyback on the “stocks onchain” narrative rather than real equities. RAY rose 34.8%, extending a rally that started with a 97% jump in the week to Sept 12.

Aerodrome’s merger with Velodrome, going live Oct 21, is deploying on Robinhood Chain specifically because that’s where the tokenized-stock trading volume is landing. AERO rose 28.3%, mostly in one day.

Pyth, meanwhile, became an external distributor of Nasdaq’s real-time quote data on Sept 22 — the data layer underneath all of this. PYTH rose 44%.

Macro in 3 Lines

Rates and the dollar. The 2-year Treasury yield, the one most tied to Fed expectations, rose about 10bp to 4.86%. The dollar index gained 0.8% to 101.0, its first back-to-back weekly gain since June.

Both moved on the same Wednesday: business surveys came in far hotter than expected, Fed Governor Barr said more hikes are likely, and a weak 5-year auction pushed yields higher.

Week-Ahead Catalysts

Macro:

Wed Oct 1: August PCE and Q2 GDP, 8:30 AM ET. PCE is the Fed’s preferred inflation gauge — the first reading since markets moved to pricing in about a two-in-three chance of an October hike.
Fri Oct 2: September jobs report, 8:30 AM ET. Forecasts call for +100K jobs, down from 162K, with unemployment rising to 4.2%.

Three crypto events to watch:

Jumper (JUMP), Sept 29 to Oct 2: first token sale. The cross-chain trading app has processed $40B+ in lifetime volume with 100,000+ monthly users. Sale runs on Legion; no company equity, so the token is the only way in. US, UK, and UAE are excluded.
Hyperliquid (HYPE), Sat Oct 3: first buyback funded by USDC yield. ~90% of interest earned on USDC held on Hyperliquid funds a market buy of HYPE. Analysts estimate $135–160M/year, but the amount moves with USDC balances and rates.
Ethena (ENA), Mon Oct 5: all remaining investor tokens unlock at once. Ends the vesting schedule 17 months early. Ethena hasn’t disclosed the size; trackers estimate ~14% of circulating supply. ENA roughly doubled in September heading in. Buyback stays off until USDe supply hits $7.5B.

Capital On-Ramp

Spot Bitcoin ETFs took in $2.39B from Sept 21–25, their strongest week of 2026, beating the previous high of $1.92B in August. Every day was positive, but the pace fell sharply — from $999M Monday to $134.5M Friday. Ether ETFs added $689.8M, reversing last week’s −$140.9M outflow (their first since July). Solana ETFs added $188.1M.

Exchange balances fell at the same time. BTC held on exchanges dropped 1.4% to 2.689M BTC, reversing last week’s rise — coins moving off exchanges usually means holders are keeping them rather than preparing to sell. ETH on exchanges fell 1.1% to 14.64M, most of it on Sept 22–23.

Stablecoin supply grew $1.32B (+0.43%) to $306.4B — new stablecoins arriving onchain, though modest against the ETF number.

Verdict: Institutional demand was the strongest of the year and held Bitcoin up through a bond selloff, but it was front-loaded and didn’t carry price higher after Monday.

Onchain Risk Regime

USDC added $789M, and USDT added $388M. Tokenized Treasury funds, held mainly for yield rather than trading, split: Ondo’s USDY grew $333M and Circle’s USYC grew $229M, while BlackRock’s BUIDL fell another $201M (−24.4% over 30 days).

The cost of borrowing stablecoins was 4.82%, and lenders earned 3.72%. The funding rate — what leveraged perpetual-futures traders pay to hold positions — fell to 4.42% from about 7% around Sept 20, now sitting just under the borrow rate. The gap that made leverage expensive last week has closed.

ETH/BTC closed down about 2% at 0.0318, still above its 20-week average of 0.0304. ETH lost ground to BTC, even though Ether ETFs saw $690M in inflows compared with Bitcoin’s $2.39B.

Verdict: Trading cash is arriving, and leverage got cheaper to hold, while ETH lagged BTC and a top tokenized-Treasury fund shrank for a second straight week — MIXED, tilted risk-on.

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Chain Comparison: Solana and Hyperliquid L1 took 93% of the week’s growth

Stablecoin supply rose $1.32B (+0.43%) to $306.4B in the last 7 days. Solana added $835M and Hyperliquid L1 added $396M, together 93% of that. The two gains came from different coins, and Hyperliquid’s is all USDC, not USDT plus USDC as first thought.

Solana: +$835M (+5.35%), two-thirds of it USDT

Per coin:

USDT rose 26%, about +$550M, to $2.67B.
USDC added about $186M, to $7.24B.

This is a rebound. USDT on Solana fell about $720M over the prior three weeks, so this week recovered most of it.

The trigger was a burst of minting when issuers created new coins for a customer who deposited dollars. SolanaFloor reports that Tether minted $530M of USDT and Circle $751M of USDC on Sept 25, pushing supply to a record $17.3B by Solana’s own count. That is single-sourced, and DefiLlama’s total is lower. USDC’s net gain of $186M against $751M minted shows gross minting overstates growth, because redeemed coins are burned.

Where are the stables flowing?

Jupiter Lend hit a record $2.41B in deposits on Sept 22, up 27% from August over about six weeks. With $823M borrowed, utilization is 34%, meaning most supplied money is idle.
Kamino Lend holds about $2.6B supplied with $1.07B borrowed.
Kamino widened what stablecoins can be borrowed against. On Sept 22 it launched Fixed Rates, which lock a borrow rate for a term. The first vault, built with Hastra and Figure, charges 5.3% on rolling 30-day terms. It also opened a sterling market (tGBP) and, on Sept 24, a market for USD.AI’s sUSDai token. These add credit demand, but at these sizes they don’t account for a $550M USDT increase.

Hyperliquid L1: +$396M (+5.46%), all USDC

USDC on Hyperliquid is now $7.55B, more than Solana’s $7.24B. USDT there is only $85.5M and grew $1M.

On Sept 18, Hyperliquid launched a lending market built into its exchange. Users pledge HYPE or BTC as collateral to borrow USDC or USDT, and $269M was borrowed on day one. HYPE hit a record $94.45 the next day. The timing fits the USDC gain.

Only $634M, about 8%, sits in the separate HyperEVM lending apps (HyperLend $429M, Morpho $193M). Most of the rest is collateral for trading.

TVL Gainers ($50M+ filter) — Ranked by $ inflow

Aero Merging Across 7 Chains, Variational Confirms TGE

Mon, 28 Sep 2026 08:01:38 GMT

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TL;DR

Bitget was exploited for ~$387.5M across Ethereum, XRP Ledger, Zcash, and TRON — cold wallets unaffected; the $464M+ User Protection Fund covers the shortfall
FomoPeek, an iOS wallet monitor app, secretly stole private keys via versions 1.1-1.2 — delete immediately if installed
Aerodrome and Velodrome are merging into Aero, a unified cross-chain exchange launching October 21 across 7 chains
Coinbase Tokenized Stocks went live on Aave V4 on Base — deposit AAPLc, NVDAc, and others as collateral to borrow USDC

DeFi📈

Aerodrome and Velodrome are merging into Aero, a unified cross-chain exchange launching October 21 across Base, Ethereum, OP, Arc, Ink, Arbitrum, and Robinhood Chain — with all revenue routed to sAERO stakers, who can also direct liquidity incentives via Predictive Allocation.
Kamino launched Fixed Rates on Solana in collaboration with Hastra, developed by Figure — starting with the AUTO/wYLDS Fixed Rate Multiply vault offering rolling 30-day terms at a 5.3% fixed rate.
Aave DAO is considering deploying Aave V4 on Base with an initial tokenized equities market, leveraging Base’s low costs and existing $1B+ in Aave deposits.
Morpho launches tokenized-stock-backed loans on Base, enabling users to lend and borrow against Coinbase tokenized stocks at variable and fixed rates.

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Issues⚠️

Bitget was exploited for ~$351.6M initially, later revised to ~$387.5M after adding Zcash and TRON assets to the accounting — spanning Ethereum, EVM chains, XRP Ledger, Zcash, and TRON.
- Cold wallets are unaffected, and Bitget’s $464M+ User Protection Fund covers the shortfall.
- Withdrawals remain paused, with a withdrawal restoration plan promised by September 26, 4:00 AM UTC.
- Investigation ongoing with Mandiant and SlowMist; no further unauthorized transfers since containment.
FomoPeek, an iOS wallet monitor app, secretly stole private keys and recovery phrases via versions 1.1-1.2 (Sept 9 until patched in 1.3). If installed, delete now, update iOS, and move funds to a fresh wallet — exposed credentials stay compromised even after deletion.

Stablecoins/RWA🪙

Saturn announced STRN token TGE for Q4 2026 — up to 5% of total supply reserved for Season 2, with allocation reduced pro rata if the season ends early before December 8.
- Season 3 begins immediately after the Season 2 snapshot
- Not available to US, EU, or EEA participants.
Ondo launched Intelligent Portfolios: single-token onchain portfolios built on BlackRock strategies (High Income, Diversified Growth, High Growth). Open to eligible non-US investors and composable with DeFi.
Ethena is extending USDe's basis trade into equity perpetuals via Binance, using bStocks as spot collateral hedged with Binance equity perps.
Coinbase Tokenized Stocks (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) went live on Aave V4 on Base, enabling deposits as collateral and borrowing USDC.

Prediction Markets🔮

Trueo is migrating from Base to Ethereum mainnet, citing network effects and a neutral long-term roadmap. Base markets run to expiry with no disruption; token migration stays flexible.

Perps DEX📉📈

Variational set VAR’s TGE for Q4 2026 — 32% airdropped to points holders (unlocked at TGE), 50% to team/investors (12-month lock, 3-year vesting), 18% ecosystem reserve.
- 100% of treasury revenue will go to VAR buybacks and burns.
- Points accrual continues weekly until TGE; unclaimed genesis tokens get burned.
Robinhood Wallet traders can now earn double Lighter points for eligible perps trading activity.
Reya is launching v2 with a private beta opening September 28, alongside a short Season 2 incentive program rewarding early participants.

News🗞️

Coinbase launches its first fixed-rate loan product powered by Morpho Midnight, enabling users to borrow USDC against BTC at predictable rates and expanding borrowing options for millions of users.
Bitwise’s NEAR ETF ($NRR) received approval to list on NYSE Arca.
NYSE and Blockchain.com announced a collaboration to explore tokenized versions of NYSE stocks and ETFs, alongside a data-sharing agreement — following the SEC’s recent exemption enabling tokenized stock trading.
Strategy repurchased $139.3M worth of STRC shares (1.42M shares) but made no Bitcoin purchases or sales during the week, holding steady at 845,050 BTC. USD Reserve stands at $5.10B, USD Cash at $1.30B.

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Thu, 24 Sep 2026 08:02:10 GMT

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Morpho (Arbitrum – Lending vault) – Bitget x Steakhouse USDT0 – 10.10% APY

A Morpho vault curated by Steakhouse Financial, co-branded with exchange Bitget. You deposit USDT0 (LayerZero’s omnichain USDT); the vault auto-allocates across isolated Morpho markets pairing USDT0 against different collateral types. Yield comes from borrower interest at each market’s utilization-based rate — running near 95% utilization, so yield sits close to the max borrow rate.

Exposure breaks down as weETH (48.5%, Ether.fi’s restaked ETH backed by staked ETH plus EigenLayer restaking), WBTC (24.3%, custodied 1:1 by BitGo), wstETH (20.3%, Lido’s wrapped staked ETH), and sUSDS (4.7%, Sky’s savings token backed by USDS reserves of crypto and RWA/Treasuries). Everything else — XAUt0, sUSDe, bitgetUSDC, wsrUSD, syrupUSDC — is dust, not real exposure. TVL is $3.34M with only $156K available.

Risk — Medium ⚠️
You're lending USDT0 against ETH/BTC-linked collateral, not stables — if ETH or BTC crash faster than liquidations can clear (86% LLTV, ~95% utilization), the vault can absorb bad debt. Liquidity is thin, so a rush of withdrawals could leave you in a queue. Steakhouse is reputable ($2.33B curated TVL), but this specific vault is smaller and newer than their flagship products, and allocation can shift without your action.

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Pendle (Ethereum – Fixed yield) – PT reUSD, 10 Dec 2026 – 11.04% Fixed APY

This is Re Protocol’s reUSD (re.xyz) — not Resupply’s reUSD, a different token entirely. It’s a tokenized senior tranche of a reinsurance capital pool. Buying the PT means USDC converts to reUSD, and you lock a fixed 11.04% rate until Dec 10 by selling away the variable yield. This isn’t typical DeFi yield: reUSD capital funds licensed reinsurers backing real catastrophe/property insurance risk.

Offchain-deployed capital earns SOFR + 250bps; onchain-deployed capital earns the 7-day trailing sUSDe rate + 250bps — the yield source is genuinely uncorrelated to crypto.

reUSD sits at the top of a 3-layer capital stack: losses hit the reinsurer’s own equity (~$77M) first, then reUSDe (the mezzanine tranche), and only then reUSD. Re’s own stress test estimates ~0.03% probability of reUSD impairment even under a severe 135% combined-ratio loss scenario. TVL is $206.42M, underlying APY 7.06%.

Risk - Medium ⚠️

Tail/catastrophe risk is real — “estimated 0.03%” is a model, not a guarantee, and a large enough event could theoretically blow through both buffer layers. Redemptions are capped (20%/day protocol-wide, 10%/day per wallet) and can queue quarterly if the onchain buffer drops below 1% of supply. Fixed-rate duration risk applies on the Pendle side: if reUSD’s real yield rises above 11.04% before maturity, you underperform versus holding reUSD directly, and exiting early if Pendle’s TVL shrinks could mean selling at a discount. Re Protocol has a small track record versus a household name.

StakeDAO/Curve (Ethereum – Boosted LP) – USD3/scrvUSD – 9.76% APR

A Curve stable-pool LP between two yield-bearing tokens — neither side is raw USDC/USDT. scrvUSD is Curve’s “Savings crvUSD”: staked crvUSD (Curve’s decentralized, overcollateralized stablecoin minted via LLAMMA) that auto-compounds PegKeeper profits plus crvUSD borrower interest — one of the more battle-tested yield-stable wrappers in DeFi.

USD3 (”Web 3 Dollar”) is a Reserve Protocol RToken, not pegged 1:1 by design — it’s an overcollateralized basket of other yield-bearing stables whose composition Reserve’s DAO can change via governance, currently trading ~$1.11 as its redemption value accrues. Yield stacks three ways: Curve trading fees, CRV emissions boosted 2.27x via StakeDAO’s veCRV lock, and natural appreciation of both underlying tokens. TVL is $698K, with $332K of that deposited specifically through StakeDAO.

Risk — Low-Medium

This is genuinely one of the more sustainable, lower-risk LPs featured — both sides are overcollateralized and yield-bearing rather than relying purely on emissions. Impermanent loss or peg-slip risk applies if scrvUSD and USD3 drift in relative value. USD3's governance risk is real — Reserve's DAO can change the underlying basket. The 2.27x boost isn't guaranteed; it depends on StakeDAO's veCRV position and gauge weights, which shift with Curve governance. TVL is thin enough that larger trades can move the peg more than on blue-chip Curve pools.

IPOR – Liquity ETH Carry Vault – 5% Spot APY

The vault currently optimizes wstETH rates by collateralizing it in a Liquity Trove, borrowing BOLD at the branch-specific fixed rate, and deploying the BOLD into a Curve BOLD/USDC LP — all programmatic, with conservative LTV constraints and continuous monitoring of borrow spreads, peg stability, and unwind capacity.

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate.

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Risk — Medium-Low

(1) your WETH is converted to wstETH or rETH and deposited as collateral on Liquity V2 to mint/borrow BOLD — standard CDP liquidation risk applies here if wstETH’s value drops relative to the debt;

(2) the borrowed BOLD is then supplied into the BOLD/USDC Curve pool to farm BOLD from PIL emissions and CRV rewards — this adds impermanent loss exposure and CRV emissions risk on top of the borrowing position;

(3) LTV targets a relatively conservative 55%. BOLD itself carries peg risk as its a CDP stablecoin without strong arbitrage mechanisms.

This Week’s Farming News:

Venus Core launches negative APYs for borrowing USDT and USDC at rates reaching -23.4%, offering leverage opportunities through October 14.
Binance Wallet introduces a Hold to Earn program for USDe, offering up to 4.75% APR in promotional rewards.
Superform’s SuperTSLA launches pre-deposit on Base, offering up to 100% APY on tokenized Tesla stock.
Exponent Finance announces over $10K in renewed rewards for ONyc and srONyc markets on Solana, enabling up to 80% APY by placing limit orders or providing liquidity.
PancakeSwap launches Infinity pools on Robinhood Chain, offering a 90% fee share to LPs, enhancing LP incentives across pools like WETH/USDG and NVDA/USDG.
Hylo Vault's USDC cap is raised to $5M, allowing users to lend USDC for up to 11.2% APY, including hyUSD rewards.

Today’s News Headlines:

Variational sets VAR TGE for Q4 2026
Pendle lists PT tokens for Partners Group fund
NYSE/Blockchain.com explore tokenized NYSE stocks
Pyth becomes approved distributor of Nasdaq Basic
CME Group to launch Bitcoin Cash, Uniswap futures
Strategy repurchased $139.3M worth of STRC shares

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Loop Proven Yield Bearing Stablecoin for up to 30% APR

Jumper TGE Coming Soon

Wed, 23 Sep 2026 08:01:41 GMT

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This week’s airdrop recap:

Breaking: Jumper published its official ticker today — first confirmed token detail after a year of XP accrual
New: Liquid’s multi-venue aggregator lets one trade earn points on two platforms at once — if you verify the venue still credits it
Watch: Travix and SmartX are both pre-product — nothing to farm yet, just positioning

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Airdrop Updates 🪂

Jumper — Perps Coming Soon, TGE Coming Soon?

Jumper is spinning out from LI.FI into an independent company — LI.FI stays on backend infrastructure while Jumper becomes the consumer-facing "super-app."

The JUMP token sale is confirmed via Legion — Jumper’s first outside capital raise ever, with no separate equity round. CEO Marko Jurina framed it directly: “users, contributors and investors will hold the same asset.”

Jumper Perps launches “in the coming weeks” as a separate product story — no points program confirmed for it, and existing Jumper XP (from swaps/bridges) is a different, older ledger with no stated connection to the Legion sale.

⚠️ This is a paid token sale via Legion, not a free airdrop — participating means committing capital, with all the normal ICO-participation risks (allocation caps, KYC, price discovery post-launch). No tokenomics, supply, or sale terms were published in the announcement itself — check Legion’s official sale page directly before committing anything.

Existing XP holders have no confirmed treatment in this process — don’t assume prior farming automatically earns Legion allocation priority. Jumper Perps has no confirmed points program yet; anything claiming otherwise right now is unofficial speculation.

Only use jumper.xyz and Legion’s official platform — expect clone sale pages to appear fast given the scale of this announcement.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often carry the most attractive airdrop odds, early TVL, thin points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.

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Airdrop News/Updates &

Travix — AI Perp DEX, Still Pre-Mainnet

Travix pitches a perp venue for crypto, plus a genuinely interesting angle: 24/7 perps on compute (H100, memory) and KR/JP/HK semis/stocks — names TradFi already trades but with no continuous on-chain mark. Backed by Amber Group in the seed round (amount undisclosed). Still testnet, own timeline says mainnet is phased after upcoming Seoul/SG/Bangkok events. Homepage volume/OI numbers are placeholders — nothing is live yet.

No token, no points program, no live books. The “AI omnibroker/agent” layer is unproven marketing until they publish an open model audit and replayable trade logs. The actually differentiated part isn’t the AI — it’s whether they can list a real compute index with tight spreads and documented methodology.

Nothing to farm right now — early access waitlist only. Don’t pre-deposit into any vault; nothing here is documented enough to trust yet.

Official link: travix.finance

⚠️ Team is 4 months old with no public founder bios at the standard of comparable protocols. Off-chain matching means you’re trusting their sequencer like any other off-book DEX. Oracle/index risk is the entire protocol if they do launch compute perps — a bad index means rigged pricing. When incentives eventually start, expect a standard volume/OI points farm printed into empty books. Watch for: (1) a real market maker quoting compute pairs, (2) published index methodology, (3) replayable agent trade logs, (4) October audits landing. Until then, this is a watchlist item, not a farm.

New Opportunities:

Liquid — Multi-Venue Aggregator, No Token Yet

Liquid is a mobile-first, non-custodial frontend that routes one wallet into many books — crypto perps, US/KR stocks, pre-IPO names, commodities, FX, prediction markets — through venues like Hyperliquid, Lighter, and Ostium, up to ~40-50x leverage.

Backed by Paradigm across two rounds ($25.6M total equity, no token round), with Lighter’s Vlad and Opendoor’s Eric Wu as notable angels.

No token, no TGE, no confirmed supply allocation. Points “may” become a drop — that’s the entire official commitment. Season 1 has paid 100k points/week since November 18, 2025, nearly 10 months of continuous print already. Earlier S0 (600k) and S0.5 (200k) were the cheap-points window — you’re now farming into a diluted pool (~4.3M S1 points already distributed) rather than an early one.

The real edge here is distribution, not a new matching engine: one trade can potentially earn points on both Liquid and the underlying venue (Hyperliquid, Lighter, Ostium) simultaneously — but only if those venues still credit volume routed through Liquid, which changes and needs verifying per venue before you assume the double-dip works.

Official link: liquid.trade/markets

⚠️ Formula for points weighting is proprietary and can reweight wash activity after the fact, same risk as any other perps DEX. You’re taking on each underlying venue’s oracle, liquidation engine, and geo restrictions — “non-custodial” doesn’t mean Liquid owns a unified onchain book. Pre-IPO and equity perps are synthetic exposure with the same legal/oracle risk as any tokenized-equity product. Don’t spin up a dedicated wash-trading book chasing 100k/week this late — you’re heavily diluted vs early S0 farmers. Paradigm-backed apps sometimes never ship a user token at all; points here carry no guarantee.

SmartX — Waitlist Contest, Not a Product Yet

SmartX pitches a social trading terminal for memes, perps, stocks, and prediction markets — backed by YZi Labs (Binance Labs successor), which is the actually interesting part here. Not a DEX or AMM. The app itself is still “coming soon” — a prediction-market Alpha exists, but this current campaign is purely a pre-launch waitlist contest.

“Chapter One” is a referral quiz, not a farm. Take a 6-question trader-type test, post your invite link on X, paste the URL back to bind your account and unlock rank. Earlier joiners and completed referrals earn “Boost.” Prizes are cash and fee coupons, not token allocation: top spot gets 3 months of 50% fee discount plus a trip and iPhone, ranks 2-100 get smaller perks and discounts, and up to 10,000 USDT total is shared across a weighted pool.

No token, no points formula, no TGE. Waitlist rank is not a points system — it’s a referral leaderboard contest.

Official link: smartx.io

⚠️ This is an attention-farming growth loop (quiz → tweet → email), not product usage. “Permanently recorded on-chain” refers to a leaderboard list/NFT, not equity or token rights. Rank is purely referral-based and time-sensitive — falling outside the top 5,000 happens fast as more people join. Fee discounts only have value once the app actually launches and you trade real size. YZi Labs backing does not imply a Binance listing or any confirmed future token. Multi-accounting will likely get wiped — they’ve explicitly stated a “one person, one account” rule. Worth a free 3-minute signup if you’re already posting on X; not worth sizing capital or building multiple wallets for. Revisit once the app is live, and they publish how trading actually maps to any future token.

Today’s News Headlines:

Revert launches $25K LP rewards for tokenized stocks
Coinbase launches fixed-rate loans via Morpho Midnight
Aave DAO weighs V4 deployment on Base
Superform launches SuperUSDG on Robinhood Chain
Morpho launches tokenized-stock-backed loans on Base
Robinhood Wallet offers double Lighter points for traders

NEW Promising Airdrops

Robinhood Degens Are Now Trading Oil & Gold

Tue, 22 Sep 2026 08:02:46 GMT

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Today’s News Headlines:

Trueo migrates from Base to Ethereum mainnet
FomoPeek iOS app stole keys, delete if installed
Shadow Exchange teases V2 launch on Sonic
Kamino launches Fixed Rates on Solana with Hastra

Key Takeaways:

Crypto shrugged off a genuinely bad week.

The Fed hiked 25bp to 3.75–4.00%. Warsh’s hawkish forecast sent the S&P to six-week lows and the 10-year briefly above 5%. Add ETH’s first ETF outflow since July, and a 15% single-week BUIDL redemption, yet crypto has performed for several consecutive weeks now, absorbing hostile macro— not one lucky week.

The memecoin money re-levered into gold, oil, and a pre-IPO Anthropic perp.

Spot DEX volume fell across every chain that led August (Robinhood -22.5%, BSC -30.2%, Solana -7.9%, Base -8.1%) while perp volume grew on all four — and the new pairs are increasingly equity, index, and commodity underlyings rather than tokens. Full breakdown below.

Ethena’s rally has three supporting threads, not one.

ENA is up 52%, coinciding with continued USDe growth, a recovery in funding rates that supports higher protocol fees and revenue, and the Ethena Pay beta launch earlier this month.

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Macro Brief:

The Fed hiked rates for the first time in three years, and the dot plot signaled more hikes to come. 25bp, unanimous, to 3.75–4.00%. 16 of 19 FOMC members project at least one more hike this year.

The 10-year briefly touched 5.016%, its highest in over 19 years, and the S&P closed the week at six-week lows once Warsh’s press conference made clear the Fed isn’t done.

Crypto absorbed all of it and didn’t break. A real hike, a hawkish dot plot, ETH’s first ETF outflow since July, a 15% single-week BUIDL redemption — a genuine pile-up of bad-sentiment inputs — and BTC/NQ still closed roughly flat on the week, no structural break. Crypto has now shrugged off several consecutive weeks of hostile macro rather than one lucky week.

Crypto Capital On-Ramp

Total stablecoin supply was essentially flat, −$8.91M (~0%) — capital on the sidelines rather than moving either direction.

BTC and ETH diverged for the first time in a few issues. Bitcoin reserves climbed from ~2.7075M to 2.7267M in lockstep with price recovering from ~$76K to ~$81.3K — coins moving toward exchanges as the market rallied.

Ethereum reserves followed the same path through Sept 18, then plateaued and ticked down even as price kept climbing — holders pulling back once the rally extended, which BTC didn’t show.

ETF flows

Bitcoin ETFs were roughly flat at +$6.1M for the week. Solana ETFs had a strong week at +$60.7M. But Ethereum ETFs posted −$140.9M — the first weekly outflow since July, breaking one of the most consistent bright spots of the past several issues. The regulated bid soured on ETH even as its on-chain picture stayed intact.

Week-Ahead Catalysts

Tue, Sept 22 — AVAX’s Helicon mainnet upgrade: shortens minimum validator lockup from 14 days to 48 hours, starts a 90-day taper of minimum rewards from 10% to 7.5%.

Thu, Sept 24 — INJ’s Meridian upgrade: regulated token implementations tied to SEC transfer-agent registration, unified RWA/tokenized-stock perp markets.

Fri–Tue, Sept 25–29 — Balancer’s wind-down vote: pause development, move pools to withdrawals-only, distribute ~$9M of treasury to holders who burn BAL. A major protocol voting on shutdown is rare regardless of outcome.

Sept 29 — HYPE’s largest unlock of the month (14.2M HYPE, ~$1.2–1.3B notional) — though the comparable Sept 6 tranche saw only 0.19% of float actually claimed on-chain.

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Aave and Morpho set your borrow rate by utilization — it can spike overnight. Liquity V2 lets you set your own fixed rate, with up to 91% LTV and up to 11x multiplier on ETH exposure.

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This Week’s Signal: The Memecoin Money Went Into Oil and Gold

Spot DEX volume fell together on every chain that led August — Robinhood -22.5%, BSC -30.2%, Solana -7.9%, Base -8.1% — and in every case the drawdown sat in the speculative leg, not blue chips and major coins.

On Robinhood, GMGN (-57%) and Pons (-45%) led the decline. On BSC, the Binance Alpha wash-cycle deflated on schedule. Solana’s drop is the corporate-name memecoin frenzy normalizing.

Here’s the part that matters: perp volume grew on all four of those same chains — and the new pairs aren’t crypto.

Robinhood Perps Volume & TVL

On Robinhood, Lighter did $2.95B (+17%) on a book still led by BTC and ETH, but with a distinctly TradFi tail: WTI crude, gold, a Nasdaq-100 index market, and an ANTHROPIC pre-IPO perp each printing $13–22M a day, plus a $38M ZEC market. Arcus, the dYdX-team venue built with Robinhood Crypto, grew +52% to $601M.

Veranta Weekly Perps Volume

On Base, Avantis — freshly rebranded to Veranta — jumped +71% to $836M on zero-fee blue-chip and exotic markets (FX, commodities) plus a new “Upside Perps” product that only charges if you win. Solana’s growth came from GMTrade ($7.17B, +21%, running crypto alongside RWA markets) and Jupiter (+29%).

The read: the memecoin churn that left spot didn’t exit the system — it re-levered into perps, increasingly on equity, index, and commodity underlyings rather than tokens. Traders who were flipping corporate-name memecoins a month ago are now taking leveraged positions on crude oil and pre-IPO equity through the same venues.

Separately, three chains grew for three different reasons: Arbitrum (+33%) organically; Uniswap V3 and Pendle flow (Pendle V2 +117%) driven by ETH volatility. Polygon (+75%) almost entirely on one Uniswap V4 stable-stable pool (+422% WoW) — low-fee rotation, not retail. Ink (+46% spot, +36% perps) on its native CLOB, Nado, running 70x the chain’s spot volume.

Project & Protocol Discovery

Token Price Movers - Observations, not trade ideas.

Derive (DRV), +177.7%. We flagged Derive's V3 proposal in our Sept 15 letter —with planned mainnet custody on Ethereum, expanded buybacks, plus a weekly buyback program now in its 84th consecutive week, funded by 35% of protocol fees. Volume also spiked to 2x, from $145M to $315M on a volatile market week.

Ethena (ENA), +52%. ENA’s rally coincided with continued USDe growth, a recovery in funding rates that supports higher protocol fees and revenue, and the Ethena Pay beta launch earlier this month. Recent ENA unlocks added some supply but were a smaller factor than the underlying growth and improving funding environment.

Uniswap (UNI) - Uniswap sustained the volume from Robinhood’s tokenized stocks. We previously covered UNI and its exposure to the growth of tokenized-stock activity on Robinhood Chain in our Sept. 1 analysis, as well as the Arc-confirmed deployment.

This Week’s TVL Gainers and the drivers

Hyperliquid Launches Borrows, Neutrl Announces 49% Redemptions

Mon, 21 Sep 2026 08:00:24 GMT

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TL;DR:

Arc’s mainnet launched — BlackRock, DTCC, and Visa secure the network directly, with Aave, Uniswap, Kraken, and MetaMask in the launch ecosystem
Tera Portföy, a Turkish asset manager, failed to meet redemptions on ~$7.5B, threatening DeFi carry-trade products like Tori and Piku
Strata’s Neutrl Market unpaused at a 49% NUSD loss — jrNUSD wiped to zero, srNUSD absorbs the remainder
Nostra was exploited for ~$3.5M via a manipulated oracle price; market fully paused
The SEC granted a temporary exemption for onchain trading of tokenized US stocks — a major regulatory milestone

DeFi📈

Arc’s mainnet launched—BlackRock, DTCC, Visa, and others secure the network directly, with Aave, Uniswap, Kraken, and MetaMask among the launch ecosystem.
Hyperliquid launches manual borrows, allowing users to borrow quote assets (USDC and USDT) using HYPE and BTC as collateral.
Aero Lite launched on Arc — Aerodrome’s first deployment outside Base since launch, setting up liquidity infrastructure (swaps with USDC gas, LP rewards) ahead of a full launch.
Derive proposed V3 —a zkVM-based exchange replacing Derive Chain entirely — adds cross-margined portfolios and stronger self-custody. V2 balances migrate automatically.
Lighter is adding binary options and prediction markets, expanding its perps-only platform into event trading.
Metronome claimed it recovered its backing (6,367 msETH, 4.57M msUSD, ~$16-20M) within seven weeks — no token dilution, no outside recapitalization. Recovery was funded by protective loops built ahead of disclosure, an $8M USDC loan against treasury wstETH via Cap, and buybacks of synth assets at an average ~50% discount.
- msUSD is still trading below $1 even though backing is claimed to have fully recovered

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Issues⚠️

Tera Portföy, a Turkish asset manager, failed to meet redemptions on ~$7.5B in funds — including a money market fund, supposedly the safest corner of the market — following Pusula Portföy’s collapse days earlier.
- This threatens DeFi carry-trade products like Tori and Piku, whose Turkish lira exposure could turn a mark-to-market wobble into a real liquidity freeze if the underlying funds stay gated.
Strata’s Neutrl Market is unpausing following Neutrl’s redemption program deployment, which set NUSD’s reference value at $0.51 — a 49% loss that wipes out jrNUSD entirely (written to zero) while srNUSD absorbs the remainder, with srNUSD/NUSD now at 1.24.
- Withdrawals settle in sNUSD once the 48-hour timelock elapses; deposits remain disabled. Neutrl’s redemption program is expected to stay open until November 14.
Nostra’s money market on Starknet was exploited for ~$3.5M via a manipulated NSTR oracle price, letting an attacker borrow ETH, STRK, USDC, USDT, WBTC, and DAI against inflated NSTR collateral. The market is fully paused — lending, borrowing, withdrawals, and liquidations disabled — while the team traces funds and assesses total impact.
0x’s analysis found ~80% of 84,163 Uniswap v4 hooks are malicious — luring traders with attractive quotes while charging up to 18% in hidden fees or delivering up to 50% less value than advertised.
→ Verify hooks before trading against them; Uniswap runs a hook allowlist.
LayerZero reportedly lost control of a critical private key managing Wyoming’s FRNT stablecoin deployment, prompting a migration to Chainlink CCIP. Allegations include operational security failures and misrepresenting the incident to officials — unconfirmed by LayerZero directly.

Wind Downs:

A proposal to wind down Balancer and distribute its treasury to BAL holders is now live on the governance forum, with a Snapshot vote expected September 25-29. Nothing changes yet — pools and withdrawals function normally until the vote concludes.
CoinEx is shutting down after nine years, citing declining revenue and rising compliance costs. Spot trading ends September 29, withdrawals stay open until December 22, and the CEO confirmed reserves exceed 100% — all assets fully backed. CoinEx will buy back all CET at its original listing price of 0.005 USDT, uncapped. Unwithdrawn funds after the deadline face a 5% monthly fee.

Stablecoins/RWA🪙

PancakeSwap launched Pre-Access Portal, offering tokenized indirect exposure to pre-IPO private companies — fully onchain and self-custodial, accessible via Binance Wallet. First project reveal coming soon.
Kraken launched xStocks Vaults — deposit SPYx, QQQx, or NVDAx to earn ~1.8-2% yield via Kamino on Solana, while keeping full price exposure.
Euler and Uniswap are adding support for rTokens — Reality’s 1,700+ tokenized US stocks, 1:1 backed by custody, giving direct Nasdaq/NYSE liquidity 24/7.

Prediction Markets🔮

Pascal, a prediction market backed by Wintermute, launched Midterms Rewards through November 4 — 255K USDC split between trading on midterms prediction markets (15K USDC weekly pool) and referring active traders via a VIP referral program.

Perps DEX📉📈

NEAR integrated Hyperliquid perps directly into near.com with confidentiality by default — Confidential Intents hide the link between accounts and trades while keeping order books visible. Confidential TVL hit $70M at launch. Users still handle their own tax tracking.
Kraken’s parent Payward is building permissioned Hyperliquid HIP-3 markets specifically for US clients — a step toward compliant US access to Hyperliquid’s perpetuals infrastructure.

News🗞️

The CLARITY Act failed to advance in the Senate, but Coinbase CEO Brian Armstrong says the SEC and CFTC are moving to create clarity through existing regulatory authority instead — pointing to CFTC Chairman Mike Selig’s response as a signal that both agencies are stepping up.
- Seven Senate Democrats, including Gillibrand, Warner, Gallego, and Alsobrooks, issued a statement committing to bipartisan work on passing the CLARITY Act before year-end — an early signal of renewed talks after the bill’s earlier stall.
The SEC grants a temporary conditional exemption enabling onchain trading of tokenized US stocks, marking a major regulatory milestone for blockchain-based securities.
GM Labs established a $10M GMX market-making fund from the treasury, using the protocol’s combined Open Interest across all chains as its reference point.

For sponsorships, questions, or news tips, reach us at: support@todayindefi.com

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Farming Guide: Loop Stablecoins for up to 30% APR in 1 tx

Uniswap's Improved Pools Pay >10% — Here’s How it Works

Fri, 18 Sep 2026 08:00:55 GMT

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Today’s News Headlines:

Strata unpauses Neutrl Market; jrNUSD wiped to zero
SEC grants temporary exemption for tokenized stocks
NEAR integrates confidential Hyperliquid perps, $70M TVL
Kraken‘s Payward builds permissioned Hyperliquid markets for US
SWIFT provider launches Global Pay Connect via Chainlink CCIP
Pascal launches Midterms Rewards, 255K USDC pool
Pareto launches first WBTC-denominated Credit Vault
Nostra exploited for ~$3.5M via NSTR oracle manipulation
GM Labs establishes $10M GMX market-making fund
Metronome fully recovered their underbacking

TL;DR

A new Uniswap hook makes arbitrage bots bid for the right to fix a de-pegged stablecoin pair — and hands the winning bid to LPs instead of the bot.
Five days after launch, the USDC/USDT pool was reportedly the busiest on Ethereum, turning over its entire TVL almost seven times a day.
Two pools are live now — USDC/USDT and USDC/USDG — both paying 12–15% APR with zero token incentives, split among just $2–4M in TVL each.
The catch: that yield is high because almost nobody’s in yet. Once it’s noticed, the pie gets split thinner — and a real depeg still leaves you holding the bad asset, auction or not.

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Stablecoin LPing has always had a strange reputation. It is the “safe” corner of DeFi — no impermanent loss to speak of, two dollars trading against two dollars — and yet almost nobody got rich doing it. Fees on stable pairs are razor thin, and the little price movement that does exist gets picked clean by arbitrage bots before LPs see any of it. You provide the liquidity, the bots take the profit.

On September 10, Uniswap Labs shipped its answer: the StablePair Hook, a Uniswap v4 hook that bolts an auction mechanism onto a regular AMM pool. The pitch is simple: when a stable pair drifts off its peg, whoever pushes it back has to bid for the privilege — and the winning bid goes to LPs.

Five days after launch, the new USDC/USDT pool was reportedly the highest-volume pool on Ethereum. This piece goes through how the mechanism actually works, what it changes for anyone LPing stables, and what the two live pools look like as farms today.

How the yield is generated

A StablePair pool earns for its LPs in two distinct ways: a normal (tiny) spread when the pair trades near its peg, and an auction payment whenever the pair snaps back from a dislocation. The second one is the new part — it is arbitrage profit that used to leave the pool, now redirected to the people funding it.

Mechanically, each pool anchors on a reference price — for a dollar-stable pair, effectively 1:1 — and maintains a band around it, sized to the pair’s volatility and flow. Most LP liquidity sits inside that band, which is where virtually all stablecoin volume happens anyway. The hook then applies three different fee regimes depending on where the AMM price is:

Inside the band, the pool behaves like a normal v4 stable pool, except the fee recalibrates on every swap so that traders always see a fixed, predictable bid/ask spread around the reference price.
Price pushed out of the band, away from the peg: those swaps pay no fee at all. That sounds generous, but the seller is already handing the pool a good deal — they are selling into it at a growing discount to the reference price, so charging them a fee on top would just push the flow elsewhere.
Price coming back into the band: here is the catch. Swaps that correct the price from outside the band go through a Dutch auction. The fee starts high and drops every block until some arbitrageur decides the remaining profit is worth taking. The LPs keep whatever fee they accept

Play out a concrete round trip. Say a large seller dumps USDT and the pool’s USDT price slips below the band, to 0.998. The dumping swaps paid the pool nothing in fees, but they sold USDT to the pool at a discount.

Everyone knows the price will revert — USDT redeems at a dollar — so normally an arb bot would buy the cheap USDT and pocket the 20 bps. With the hook, that bot has to move through the auction: buy immediately and pay a fee that eats most of the 20 bps, or wait for the fee to decay and risk another bot stepping in first.

Competition between arbitrageurs pushes the trade toward “earliest block where it’s barely profitable” — which means most of the reversion profit ends up with the pool, not the bot. The LPs bought low on the way down and got paid on the way back up.

Two details worth knowing:

StablePair pools are created by Uniswap Labs, not permissionlessly — there are exactly two so far.
And it is Uniswap’s first upgradeable hook: pool parameters and fee logic can be tuned through Uniswap Governance without LPs having to migrate, a notable break from Uniswap’s immutable-contracts tradition, and something that cuts both ways (more on that below).

What it changes for stablecoin LPs

The problem this attacks is the quiet tax on every stable LP position. With a static fee, you are stuck between two bad options: set the fee low and arb bots snipe every tiny dislocation for free, or set it high and traders route around you.

Either way, the value created when a peg wobbles and reverts — real, recurring value on pairs that do $43.4 billion a quarter on Uniswap alone — flowed to whoever ran the fastest bot. Uniswap’s simulations, cited at launch, put LP returns under the dynamic-fee design roughly 1.9% higher than flat-fee equivalents.

On positions that historically earned low single digits, that is not a rounding error — it is the difference between stable LPing being dead money and being competitive with lending.

For the LP experience itself, three things change:

You do less work. The band does the thinking. You concentrate liquidity around the peg like you would in any stable pool, but you are no longer punished for not micromanaging the position when the pair dislocates — the auction claws value back for you while you sleep.
Depegs sting less. You still absorb the weaker asset on the way down (nothing changes that — it is the nature of LPing), but instead of arb bots capturing the entire recovery, the auction routes a large share of the round-trip profit back to you. Peg volatility shifts from being purely a cost to being partly a revenue source.
Your yield is flow-dependent and honest. There are no token incentives on these pools right now. The APR is swap fees plus auction proceeds, so it scales with volume and with how often the pair wobbles — and it will compress as TVL grows.

The bigger change is behavioral. In an ordinary concentrated stable pool, the moment price leaves your range you face a bad choice: rebalance and realize the loss — selling the weaker asset near the bottom, which is how stable LPs quietly bleed on every wobble — or sit in a position earning nothing, with no assurance the price comes back to you. StablePair tilts that decision firmly toward sitting still.

There is no reason to place liquidity outside the band in the first place, since outbound swaps through it pay zero fee, and the auction actively pays arbitrageurs to bring the price back to where your liquidity is waiting. Waiting becomes the rational default: you stop chasing the price and let the price come back to meet you.

That does not repeal impermanent loss — a true depeg still leaves band-concentrated LPs holding the bad asset — but it removes the realized losses of rebalancing into every transient dislocation, which for stable pairs is where much of the historical bleed came from.

The same geometry disciplines traders. With virtually all liquidity packed inside the band, execution outside it deteriorates fast — the zero fee on outbound swaps is real, but price impact ramps just as quickly, so what the fee waiver gives, slippage takes back.

The practical effect is that flow either stays inside the band, trading at a tight and predictable spread, or dislocates the pool briefly and gets pulled back through the auction, with LPs pocketing the difference either way.

If this works as designed, it is a flywheel: better LP economics draw more capital into the band, deeper in-band liquidity means lower price impact than competing venues, lower price impact attracts more flow, and more flow pays LPs more.

The first week’s turnover numbers are consistent with that story — but the reflexive part is exactly the part that needs a few more weeks of data, once launch attention fades, before it can be called proven.

This is exactly the kind of dynamic-fee mechanism we track every week in Farming — if you want the running list of stablecoin farms ranked by risk-adjusted yield, that’s where we keep it updated.

The farming opportunity today

Two pools are live, both on Ethereum mainnet: USDC/USDT and USDC/USDG:

What jumps out is the turnover. A normal stable pool turning over its entire TVL seven times a day would be extraordinary; here it is the design working as intended — tight, predictable spreads attract aggregator flow, and the pools are still small. Even at fractions of a basis point per swap, that kind of churn annualizes into double-digit fee APR on today’s TVL.

The USDC/USDG pool was showing around 12% APR in mid-September; the USDC/USDT pool turns over nearly twice as fast per dollar of TVL. For an unincentivized, blue-chip stable pair on mainnet, that is a rare setup — comparable stable LPs on Curve or in lending markets have mostly paid low-to-mid single digits this year.

The early-mover logic is straightforward: yield here is a fixed-ish pie (volume × captured spread) divided by TVL. At $2–4M TVL against $13–16M daily volume, the pie is being split among very few LPs. That will not last — if the APR holds, TVL will come. The window is being in before it does. These numbers are one week old, the launch buzz is inflating volume, and the sustainable run-rate is unknown.

Execution is plain Uniswap: open the pool page, add liquidity as a v4 position concentrated around the peg (the app’s default range for these pools is sensible), and you are earning from the next swap. Mainnet gas is the main friction — at typical position sizes under ~$10k, entry/exit costs eat a meaningful slice of the first months’ yield, so this farm suits five-figure-plus positions held for a while, not hot money.

Risks

Position-type risk (LP).

This is an LP position in a stable pair, and it behaves like one. If either asset truly depegs — not a 20 bps wobble but a real break — the pool converts your deposit into the failing asset as everyone sells it into your liquidity, and no fee mechanism compensates for holding a coin that does not come back. The auction improves your economics on mean-reverting moves; it is not insurance against a one-way move.

Beyond that, the hook itself is new: it is an additional smart contract layered on v4, live for one week, with a novel mechanism that sophisticated MEV actors are only starting to probe.

And because parameters are upgradeable through governance, what you signed up for can change — mostly a feature (fixes without migration), but also a trust assumption that immutable pools did not have.

Finally, expect APR volatility: quiet weeks with no peg wobbles and thinner volume will pay materially less than the launch-week snapshot.

Underlying asset risk.

Your real exposure is the basket. USDC is the de facto anchor of both pools and the least controversial leg.

USDT is the world’s largest stablecoin and its peg has been resilient for years, but it remains the leg with the least reserve transparency — attestations rather than full audits, and a long-running discount/premium cycle around risk events; in a USDT stress scenario, the USDC/USDT pool is precisely where sellers will unload it.

USDG (Global Dollar) is the newer name: issued by Paxos out of Singapore under MAS’s Major Payment Institution framework (and via a MiCA-authorized entity in the EU), roughly $3.2B in circulation, reserves held in money-market funds, T-bills and bank deposits at custodians including DBS and Standard Chartered, with quarterly KPMG attestations.

On paper it is one of the better-regulated stables; the trade-off is a shorter track record and shallower secondary liquidity than USDT — its band should be quieter, but a dislocation could take longer to arb back (which, ironically, is when the auction pays you most).

Our take

The StablePair Hook is the most interesting thing to happen to stablecoin LPing in a long time, because it fixes the actual problem — not “stable pools don’t earn enough fees” but “stable pools leak their most valuable flow to bots.”

Auctioning off the right to re-peg the pool is a clean way to have arbitrageurs compete against each other rather than against LPs, and the first week’s numbers suggest the flow is real. It is also a shot across Curve’s bow: Uniswap is coming for the stable-swap franchise with better LP economics as the weapon.

What to do right now

If you have $10k+ in idle stables: consider a concentrated v4 position in USDC/USDT or USDC/USDG — use the app’s default range, and expect entry/exit gas to eat into the first month’s yield.
If you’re under $10k: wait. Gas costs will outrun the yield edge at small sizes; watch TVL and APR for a few more weeks instead.
Either way: treat the 12–15% launch-week APR as a ceiling, not a baseline — it will compress as TVL scales.
Watch for: whether Uniswap Labs extends the hook to more pairs and chains, which the upgradeable design suggests is the plan.

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Lend GHO For 8% APR + 6.5% on Low-risk ETH Vault

Thu, 17 Sep 2026 08:02:31 GMT

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Curve Llamalend (Arbitrum – Lending) – crvUSD/WETH Market – 6.5% Net Supply APY

You’re supplying crvUSD into a Curve Lend market where WETH is posted as collateral. Borrowers deposit WETH and borrow crvUSD against it — often to open leveraged WETH longs, since the market offers up to 10x through its built-in leverage feature — and the interest they pay is what flows to you as the Net Supply APY.

Risk notes: the native risk in any lending market like this is that collateral value falls faster than the system can liquidate it. Llamalend uses a “soft liquidation” (LLAMMA) mechanism that gradually rebalances a borrower’s WETH into crvUSD as price drops, instead of a one-shot liquidation — gentler in an orderly decline, but it can still fall behind in a violent crash, leaving bad debt that suppliers absorb.

There’s also oracle risk (liquidations depend on price feeds staying accurate and timely) and liquidity risk — utilization is already at 72% here on a small market (~$513k TVL, ~$66k actually available), so if several suppliers want out at once, you may be waiting on borrowers to repay rather than withdrawing on demand.

Risk — Low ⚠️
The native risk in any lending market like this is that collateral value falls faster than the system can liquidate it. Llamalend uses a “soft liquidation” (LLAMMA) mechanism that gradually rebalances a borrower’s WETH into crvUSD as price drops, instead of a one-shot liquidation — gentler in an orderly decline, but it can still fall behind in a violent crash, leaving bad debt that suppliers absorb. There’s also oracle risk (liquidations depend on price feeds staying accurate and timely) and liquidity risk — utilization is already at 72% here on a small market (~$513k TVL, ~$66k actually available), so if several suppliers want out at once, you may be waiting on borrowers to repay rather than withdrawing on demand.

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Fluid (Plasma – Lending) – GHO – 8.05% Net APR

How the yield is generated: same basic shape, different venue. You supply GHO, and borrowers post collateral (whatever assets Fluid supports on its Plasma deployment) to borrow GHO against it, typically to lever up or free up stablecoin liquidity without selling their holdings.

On collateral exposure: as a GHO supplier, you are exposed to the underlying collateral, including, and mostly, sUSDai.

sUSDai is the yield-bearing token of USD.AI, a protocol that lends against GPU/AI-infrastructure hardware. sUSDai “is not a stablecoin” and “is not instantly redeemable at par” — unstaking runs on 30-day epochs processed FIFO, and the protocol will not liquidate its own active loans early just to meet redemptions.

Fluid’s liquidation process depends on being able to sell or unwind sUSDai quickly at a fair price. If a liquidation can’t clear cleanly under stress, GHO suppliers on this market are the ones who’d absorb that shortfall.

Risk - Medium ⚠️

The native lending risk is the same category as farm 1 — if collateral backing the GHO borrows drops faster than liquidations clear it, suppliers eat the shortfall.

That risk is arguably a bit higher here than on an Ethereum mainnet market simply because Plasma is new: less time for its oracle feeds and liquidation bots to be stress-tested, shorter track record generally.

Same utilization/withdrawal risk applies if a lot of GHO suppliers want out at once.

IPOR – Liquity ETH Carry Vault – 6.5% Spot APY

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate. Only 705 WETH is still available to deposit before caps are filled.

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Risk — Medium-Low

(1) your wstETH is deposited as collateral on Liquity to mint/borrow BOLD, targeting ~2x leverage — standard CDP liquidation risk applies here if wstETH's value drops relative to the debt, so LTV needs to be watched closely;
(2) BOLD borrowing cost is not fixed and can fluctuate by protocol design, meaning the wstETH/BOLD position can lose money from time to time even without liquidation;
(3) the borrowed BOLD is then supplied into the BOLD/USDC pool to farm CRV rewards — as the pool ratio shifts with market conditions, this adds PnL exposure to BOLD peg volatility, where the vault loses when the peg strengthens and gains when it weakens.

Convex (Ethereum – Boosted Curve LP) – ETH+/WETH LP – 7.5% Projected vAPR

You deposit into a Curve pool holding ETH+ and WETH and earn a cut of the trading fees generated when people swap between them. On top of that, Curve pays CRV emissions to the pool’s gauge, and staking your LP token on Convex adds CVX rewards on top, with your CRV leg boosted 2.21x through Convex’s pooled veCRV lock.

So the 7.67% is fees plus boosted CRV plus CVX combined — and since two of those three legs are token emissions rather than fee income, the rate moves with CRV/CVX prices and gauge-weight votes, not just trading activity.

ETH+ isn’t backed by a single asset — it’s 100% collateralized by a basket of four ETH liquid staking tokens:

Blended native yield across the basket is 2.35%, and there’s an 8% Staked RSR buffer sitting on top as a first-loss cushion — funded by RSR stakers, designed to absorb losses before ETH+ holders are affected. 1 ETH+ currently redeems for 1.10 ETH.

Risk notes⚠️: the native risk in any LP position like this is impermanent loss — if ETH+ and WETH drift apart in price, the pool automatically shifts you into more of whichever asset got weaker, so you can end up worse off than just holding the two separately. Because both sides are ETH-pegged, day-to-day divergence is usually small, similar to a stable pool, but it can widen fast and sharply if ETH+ comes under stress.

This Week’s Farming News:

Bitwise’s Premium RWA Vault (PAPY) surpassed $20M in deposits on Morpho within two weeks of launch — earning 7% yield by lending AUSD against RWA collateral from Huma Finance, USDai, and Hastra.
Maple launches syrupUSDC on Arc, establishing an institutional lending market with approximately $1B in loans.
Aave announces the launch of a specialized RWA lending market on Avalanche.
Aave plans to enable on-chain borrowing against assets held in qualified custodians, powered by Anchorage and Chainlink.
Strata’s Senior nOPAL launches on Pendle with a maturity date of January 7, 2027. Existing users can migrate to srnOPAL to continue earning >10% APYs.

Today’s News Headlines:

Arc Mainnet Launches With BlackRock, DTCC as Validators
Aerodrome Deploys on a New Chain for the First Time in 3 Years
Senate Democrats commit to passing CLARITY Act before year-end
Tera Portföy fails redemptions on ~$7.5B in funds, threatening DeFi carry trade products like Tori and Piku
Ostium faces lawsuit after unpaid $15M loan
Robinhood employees charged with insider trading on Hyperliquid
Federal Reserve raises interest rates by 25bps.

Curated Yields, Airdrop Opportunities, TVL Tracking Across Different Protocols + Full Archive of Past Letters

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Loop Proven Yield Bearing Stablecoin for up to 18% APR

This New Solana Perp DEX Just Launched — Get In Early

Wed, 16 Sep 2026 08:01:03 GMT

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This week’s airdrop recap:

New: BULK’s Solana perp DEX just went invite-only mainnet — 0-fee Genesis window through Oct 5
Watch: Strata Markets TGE already missed its April 2026 target — points still accruing with no new date
Mark your calendars: Apyx TGE confirmed for Oct 13 — Season 2 Pips end Oct 11, about 4 weeks out

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Airdrop Claims 🪂:

Apyx — TGE Confirmed 4 Weeks Out (Oct 13)

Apyx wraps listed perpetual preferreds (leaning on $STRC) into apxUSD (dividend-backed synthetic dollar) and apyUSD (yield-bearing version), targeting ~13% APY from the actual coupon, not funding rates. Dates are locked: Season 2 Pips end October 11; TGE and airdrop October 13.

Fixed 100M APYX supply, no emissions — Season 1 + Season 2 combined give the community 11% pre-TGE, with S1 wallets getting a +20% boost on S2 Pips. The 42x Solana apyUSD boost already ended Sept 14 — don’t pay a Solana premium chasing a dead multiplier.

To farm the final month: hold apxUSD/apyUSD, use Pendle PT/YT/LP, or Morpho supply/borrow loops on app.apyx.fi/rewards.

⚠️ Yield is issuer-preferred risk — STRC can trade under $100, and buybacks are policy, not a guarantee. “13%” is a target on the credit, not a fixed stablecoin APY. This is a dated ~1-month farm, not a multi-quarter play — size stable inventory you’re genuinely comfortable holding as STRC-credit risk through the TGE snap.Official link:

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often carry the most attractive airdrop odds, early TVL, thin points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.

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Airdrop News/Updates &

Tydro — Ink’s Native Aave v3, Farming for $INK

Tydro is Ink’s (Kraken’s OP-Stack L2) native Aave v3 white-label — supply stables, ETH, kBTC, or GHO, borrow against collateral, with standard eMode and liquidation mechanics.

Not a new money-market design, just Aave contracts deployed for the Ink ecosystem. TVL and fees has been growing lately, reflecting a rise in farming interest

No $TYDRO token exists. Points are Tydro Ink Points, which convert toward $INK — Kraken’s L2 token that hasn’t launched yet. This means you’re farming Ink, not Tydro specifically — if INK’s TGE slips or Tydro’s slice of the community allocation ends up small, the points APR here is largely marketing.

To farm: supply USDT0, USDG, USDC, GHO, WETH, or kBTC to earn Tydro Ink Points, tracked and claimed via Merkl from the same wallet. Season 1 snapshot already locked in January 2026; Season 2 is live now through the eventual Ink TGE.

S2 boosts (max 50%) favor Tydro OG users (before Sept 30, 2026), Aave OG holders (pre-2024), Ink OG users, larger deposit size, and kBTC holders — these boosts re-slice the same fixed points pool rather than minting extra points, so new small deposits share a pool with existing $10M+ lenders at base rate.

Official link: app.tydro.com

⚠️ No official INK TGE date exists — informal chatter pointed to Jul-Sep 2026, a window already passed as of mid-September. Points can keep accruing into a delayed TGE and get diluted the longer that takes. If the often-cited “45% airdrop” figure still holds, it’s whole-chain, not Tydro-specific — Kraken Pro activity could dominate that allocation over Tydro lenders. Standard Aave risks apply: oracle failures, utilization spikes, and newer isolated-listing collateral (SolvBTC, etc.) carry more risk than blue-chip assets. Ink ecosystem TVL has been volatile with exploit headlines earlier in 2026 — Tydro’s health is only as good as Ink itself. Don’t lever positions purely to chase boost optics; size what you’re comfortable leaving deposited through an uncertain TGE timeline. Only use tydro.com — lookalike domains like tydro-v2.com are already circulating.

New Opportunities:

BULK — Solana Perp DEX, AURA Points Post-Mainnet

Solana perp DEX with matching built into the validator client itself (BulkBFT) — 5-20ms fills, no gas, up to 20x margin. Mainnet went invite-only Sept 5. Genesis phase offers 0 bps maker fees through ~Oct 5. Backed by $8M seed (Robot Ventures, 6th Man Ventures, Anatoly as angel), audited by Zellic.

No $BULK token exists yet. Points are AURA — co-founder tweeted a 30% user allocation covering testnet, pre-deposit, and mainnet activity combined, but this isn’t published tokenomics.

Farm by trading on app.bulk.trade, holding BulkSOL for weekly AURA plus staking yield, or using referrals. Genesis 0-fee window makes volume cheapest right now. Day-1 had a real liquidation incident, reimbursed plus extra — messy ops, not an exit scam.

Official link: app.bulk.trade

⚠️ TGE timeline is vague — Discord chatter suggested late 2026 into 2027. A slipping TGE dilutes weekly AURA as the fixed print spreads across more users. Invite codes circulating on X are often recycled — get one from an active trader, not a KOL. Novel validator-level consensus carries infra risk beyond typical Solana program risk. No official AURA-to-BULK formula exists. No token or claim site exists currently — ignore any "TGE claim" links.

Strata Markets — srUSDe/jrUSDe Tranching, TGE Already Delayed

The “~5% APR + Strata + Ethena points” line refers to the Pendle LP-srUSDe pool, not simply holding srUSDe. Latest quote: Pendle LP-srUSDe-OCT26 ≈ 4.9% APY plus 60x Strata and 35x Ethena points.

Strata tranches sUSDe into risk levels: srUSDe (senior, targets Aave-like floor with junior absorbing first-loss) and jrUSDe (junior, eats shortfall or captures upside). Built by Frontera Labs, Ethena Foundation-incubated, $3M seed from Maven 11 and Lightspeed. Audited by Cyfrin and Quantstamp.

TGE flag: originally marketed for April 2026 — now mid-September with no new date given.

Points accrue via holding srUSDe/jrUSDe (base points), LP-srUSDe (highest tier — 60x Strata, 35x Ethena), LP-jrUSDe (~20x Strata only), and referrals (10% of referee points). No official points-to-token conversion formula published.

⚠️ “Protected” does not mean insured — junior TVL is the actual buffer, and if junior gets wiped out while sUSDe underperforms, senior simply earns raw sUSDe APY with no real floor.

Strata’s launch story cites Ethena’s October 2025 USDe depeg stress event as precedent. Pendle LP positions mature and die — the October 2026 maturity requires rolling or sitting in an expired position, with IL risk if you zap incorrectly.

The 5% headline yield is not the edge here — you can get comparable returns on vanilla stables; you’re being paid in points specifically for taking on the combined Ethena, Strata, and Pendle risk stack.

Looping PT-srUSDe on Aave (advertised 11-20%+) is a separate leveraged product with liquidation risk, distinct from the ~5% LP yield being discussed. TGE has already missed its original window — continued point accrual without a token launch means ongoing dilution risk.

Only use official strata. markets and @strata_markets — a completely unrelated Solana game called @play_strata exists under a similar name.

Today’s News Headlines:

MEV bot “Yoink” captures $7.8M rsETH exploit
Aave proposes institutional borrowing via Anchorage custody
Ethena completes SOC 2 Type II audit, zero exceptions
CoinEx shutting down after nine years
Euler/Uniswap add support for Reality’s rTokens
Bitwise PAPY vault tops $20M deposits on Morpho

NEW Promising Airdrops

AI Usage Is Turning Revenue Into Token Burns

Tue, 15 Sep 2026 08:02:10 GMT

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Today’s News Headlines:

Balancer proposes wind-down, Snapshot vote Sept 25-29
An Analyst finds ~80% of Uniswap v4 hooks malicious
Kraken launches xStocks Vaults on Solana via Kamino
DeFi Saver launches Morpho Midnight on Ethereum
Derive proposes V3, zkVM exchange on Ethereum
Saturn backs USDat ecosystem with PYUSDx
LayerZero reportedly lost key managing Wyoming’s FRNT
Robinhood clarifies Stock Tokens fully backed 1:1

Key Takeaways:

The Fed is now far more likely to hike than hold.

Oil topped $100, a hot PPI, then a hotter core CPI stacked in one week — even an expanded Treasury buyback couldn’t hold yields down. Hike odds for Wednesday sit at 88.5%.

BTC is showing distribution; ETH is accumulated

Bitcoin’s exchange reserves rose, and its ETFs bled −$462.7M. Meanwhile, ETH reserves fell and its ETFs pulled in +$196.9M. Two weeks ago, BTC led both stories — this week, ETH does.

One AI token is becoming structurally scarcer every month; another has only a small float.

VVV and DGAI have both performed strongly recently, with different tokenomic structures behind them. Venice has burned 41.84% of VVV’s supply using platform revenue, while only 15% of DGAI’s 1B-token supply currently circulates.

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Macro in 3 Lines:

Rates: US 2Y closed near 4.63%, one of its sharpest weekly moves on record. Oil topped $100/barrel for the first time since May, feeding a hot August PPI (+0.4%), then Friday’s core CPI came in hotter than consensus (0.3% vs 0.2%) — hike odds for Wednesday’s FOMC sit at 86.5%.
The buyback that didn’t work: Treasury ran an expanded operation specifically to ease yields — $5.2B repurchased against a $6B cap — and yields kept climbing anyway.
Watch this week: CLARITY Act cloture (Tue), Retail Sales and the FOMC dot-plot decision (Wed) — three catalysts in 48 hours.

Crypto Capital On-Ramp

Total stablecoin supply: −$224.09M, the first outflow in three weeks.

Modest and broadly in line with the week’s price action — not a signal of a real reversal in the on-ramp, more a reflection of the risk-off tone from the rate spike in the macro section above.

Exchange Flows: BTC and ETH pointed in opposite directions

Bitcoin reserves rose toward 2.709M as price fell to a low near $76.5K before a late recovery — coins moving onto exchanges into weakness, a reversal from recent weeks' accumulation.

Ethereum reserves fell from ~14.98M to ~14.80M even as ETH dipped before recovering to ~$2.51K — holders keeping coins through the dip.

ETF flows: Inversion from last week

Spot Bitcoin ETFs posted a −$462.7M outflow, breaking the streak that made BTC’s demand the strongest of 2026 across the prior two weeks. Ethereum ETFs took in +$196.9M the same week. Two weeks ago, BTC led both the on-chain and ETF story; this week, ETH does.

Verdict: ETH kept leaving exchanges and pulled in fresh ETF money — signs holders are keeping it, not preparing to sell. BTC saw the opposite on both counts, plus −$462.7M in ETF outflows. A real reversal from recent weeks.

1C. Week-Ahead Catalysts

Tue, Sept 15, 2:15 pm ET — CLARITY Act cloture vote. The Senate’s first procedural test for crypto market-structure legislation, needing 60 votes. Odds have deteriorated sharply — Galaxy Research now puts the odds of passage in 2026 at around 10%, down from ~20% a month ago. A failed cloture effectively kills the bill for 2026.

Wed, Sept 16, 2:00 pm ET — FOMC decision. A dot-plot meeting, so even a hold carries updated forward guidance. Hike odds sit near 88.5%; press conference follows at 2:30 pm ET.

Rates & Risk

Individual Stablecoin Flows: yield led hard, even into a hawkish week

USDY (+15.36%) and USYC (+12.87%) posted their strongest weeks in a while, with USDe, USDAI and USD1 growing alongside — the rotation into yield-bearing dollars didn't slow as rates spiked. The real outflow: USDC shed −$587.9M, the board's largest single move, with PYUSD (−5.16%) and BUIDL (−2.89%) also bleeding.

Aave / Sphere Rates: funding ticked up slightly, cooling trend intact

Sphere's borrow (4.57%) and supply (3.51%) held flat. Funding rose 0.13pp to 5.75% — within a multi-week decline from the 7.84% high, not a reversal.

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Chain Flows and Comparison

3A. Stablecoin flows by chain

Base and Solana — organic, tokenized-stock driven.

Base TVL and Stablecoin Market Cap

On Aerodrome ($3.01B 7d volume, +2.6%), Coinbase-wrapped stock tokens broke into the top-10 pools — GOOGLc/USDC alone turns over ~$9.8M/day at real fee tiers.

Solana TVL and Stablecoin Market Cap

Solana adds a twist: alongside genuine xStocks pairs on Raydium (+115% volume), unbacked “pre-stock” memecoins now dominate PumpSwap’s leaderboard — three separate Anthropic-themed pools alone clear $55–89M/day trading the narrative, not the equity.

BSC — volume without fees. BNB Chain’s growth is the most artificial: one PancakeSwap pool did $1.06B over 7 days — ~17% of Pancake’s entire BSC volume — on a 0.01% fee tier, users wash-cycling through Binance Alpha-listed tokens to farm points. Enormous volume, negligible fee yield, and it disappears the day Binance changes the rules.

Robinhood Chain decelerating, Plasma absorbing the carry trade. Robinhood’s growth slowed from double digits to +0.7% weekly volume as fees normalized off an elevated base. Meanwhile Plasma is the quiet gainer — as USDe borrow costs rise on Ethereum and Monad, loopers are migrating collateral to Plasma, where rates have held stable. Same carry trade, cheaper venue.

Two AI Tokens That Refuse to Bleed

Most AI tokens trade like memecoins with a slide deck — a listing pop, a bleed, a chart that never recovers. Two of them currently don’t: Venice’s VVV printed an all-time high of $29.19 on September 9, up 88% in a month and 24x from its December low, at a $1.09B market cap twenty months after launch. DGrid’s DGAI has held within 10% of its listing-day high for three weeks while turning over a quarter of its market cap daily. The prices hold for almost opposite reasons

Venice’s support is earned.

VVV is the metering system for Venice’s private AI inference: staking 1% of all staked VVV grants a permanent 1% of the network’s daily compute, and staked VVV committed to mint DIEM locks up indefinitely — each DIEM buys $1 of API usage forever.

Product demand converts directly into locked float. On the supply side, Venice buys VVV with platform revenue and burns it: the September 8 discretionary burn was $391K, the largest yet, taking cumulative burns to 41.84% of supply, while annual emissions fall from 14M at launch toward 2M by October — a 1.4% inflation rate against a revenue-funded burn engine. Usage rises, revenue rises, burns rise, supply falls — precisely when demand grows.

DGrid’s support is engineered.

Only 15% of DGAI’s 1B supply circulates; 50% sits on a ten-year vesting schedule for node operators, with team and investor tranches on their own locks. The $113.6M market cap is defended by the absence of unlockable sellers, not by burns. The underlying business is real — $20–23M of H1 revenue on a $5M seed — but that revenue isn’t wired to the token the way Venice’s is. Nothing burns yet, and node rewards will eventually emit.

The risk map follows the mechanism.

VVV’s exposure is revenue dependence — burns are discretionary, so a slow month at Venice shows up in the burn line first, and its $1.84B FDV prices the flywheel continuing. DGAI’s exposure is the other 85% of supply: shareholder-friendly vesting holds beautifully until an unlock or emission event puts pressure on just $2.8M of on-chain liquidity sitting behind $29M in daily volume. Full mechanics, fee tables, and venue-by-venue liquidity breakdown in this week’s TIDR thread.

Section 4 — Project & Protocol Discovery

4A. Token Price Movers - Observations, not trade ideas.

Renzo (REZ), +51%. Rebranded to Renzo Finance and shipped Renzo Basis, a self-custodial basis trade on Hyperliquid — long spot, short the perp, collect the funding rate. Live for BTC and HYPE. Not a new idea for the team (Renzo previously ran basis vaults with Superstate), but the first time it ships fully onchain — a real pivot, not just a rebrand.

Bedrock (BR), +38.6%. Optimism Splash Phase 2 (Sept 10–24): 25%+ streaming APR on uniBTC/WBTC LPs via Merkl, plus weekly raffles and an escalating VIP tier up to $50K. A well-designed but time-boxed incentive campaign.

Falcon Finance (FF), +19%. Falcon claims it’s approaching $40B in accepted collateral (treasuries, gold, tokenized stocks, credit) backing USDf, via an “El Salvador pipeline” for onboarding more. Self-reported — I couldn’t independently verify either figure.

Cap (CAP), +14.3%. Cap says ~85% of USDC deposits are lent to institutional borrowers, at a 30-day average 5.6% APR for depositors, each loan backed by a funded underwriter. Self-reported but specific.

Raydium (RAY), +13%. Riding Solana’s tokenized-equity wave, not one event: tokenized $GRND did $31M in volume in under 24 hours, ~2x its NYSE volume. Solana’s tokenized-equity supply crossed $684M this week, +47% in three weeks.4B. TVL Gainers ($50M+ filter) — Ranked by absolute $ inflow.

4B. TVL Gainers ($50M+ filter) — Ranked by absolute $ inflow.

With majors rangebound and the market cooling off a bit, this week’s growth is an RWA distribution story.

Uniswap Improves Stable LPs APR, Circle’s Arc Launches Sept 16

Mon, 14 Sep 2026 08:23:47 GMT

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TL;DR

Senate Republicans released revised CLARITY Act text with a Trump-backed ethics proposal — a “last, best and final” offer ahead of Tuesday’s cloture vote
Uniswap’s new StablePair Hook is live — dynamic fees route value back to LPs instead of arbitrage bots, boosting returns ~1.9% on USDC/USDT and USDC/USDG pairs
Circle’s Arc mainnet launches September 16 — a stablecoin-focused L1 using USDC for gas, with BlackRock, Visa, and Mastercard as institutional validators
Trezor and BitBox users hit with phishing emails sent from real, authenticated official addresses — no actual vulnerability, but attackers had access to a shared email provider

DeFi📈

Morpho Midnight is now live on Ethereum, enabling fixed-term, fixed-rate credit for as low as 2% via the Markets App.
Uniswap launched StablePair Hook on V4, a dynamic fee mechanism for stablecoin pairs that keeps fees tight near the peg but scales up when prices drift, routing the value that used to go to arbitrage bots back to LPs instead.
- Simulations show LP returns ~1.9% higher than flat fees; the USDC/USDG pool now yields 12% APR
USDe rewards are now available in the Ethena ecosystem market on Aave V4 on Ethereum. Users can supply USDe and borrow stablecoins while earning rewards, enhancing the utility of stable assets in DeFi.
Circle’s Arc, a stablecoin-focused Layer-1 that uses USDC for gas, launches its mainnet on September 16 with institutional validators including BlackRock, Visa, and Mastercard.
- Ahead of launch, multiple launchpads are racing to deploy on the chain, prompting jokes about launchpad saturation in the ecosystem.
Compound launches institutional USDC lending against major crypto assets with up to 87% LTV and an oversubscribed launch.
Tydro Season 2 launches with boost multipliers for users based on their Aave activity. This incentivizes participation and rewards loyal users, potentially increasing liquidity in the Tydro ecosystem.
TermMax launches new stock options markets, such as SPY and QQQ, on Robinhood Chain and BNB Chain.

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Issues⚠️

Trezor and BitBox users received phishing emails claiming a fake STM32 chip vulnerability, sent from legitimate help@trezor.io addresses after attackers breached a shared third-party email provider, which passed authentication checks and made the emails appear genuine.
- Both companies confirmed no actual vulnerability exists and have shut down the malicious domains.
- Never enter your seed phrase online or click links in these emails, even if they appear to come from an official address.
Revolut mistakenly handed over customer data — including names, addresses, ID copies, and transaction records — to attackers who impersonated a government request via a fraudulent email on a legitimate government domain.
- No systems were hacked and funds are safe, but attackers are now leaking data of high-profile customers online and demanding payment.
Liquid Network resumes block production after suffering a $320M exploit, though transactions and peg operations remain suspended as the team continues recovery efforts.

Stablecoins/RWA🪙

Pendle introduces tokenized stock dividends, with $NVDA and $PFE available to trade on Robinhood Crypto. This feature lets users buy stocks at a discount or gain leveraged exposure to dividends.
Pendle Finance lists XGLD, the first commodity-backed yield-bearing asset, expanding its offerings. This launch allows users to separate yield-bearing assets into principal and yield tokens for up to 5% APY.
Exponent Finance & OnRefinance introduce limited-time incentives for ONyc and srONyc markets on top of 10% implied APY.
Exponent Finance launches December maturities for Solstice’s USX and eUSX, offering >6% APY + a bonus Flares multiplier of 32x on YT-USX positions until September 23.

Prediction Markets🔮

Trade.xyz launched Events, adding prediction markets (starting with Up/Down contracts on equities, commodities, and pre-IPOs) resolved directly against trade.xyz’s own perpetual prices rather than external oracles — expanding into sports, politics, and economics, all within the same unified margin account as spot, perps, and lending.

Perps DEX📉📈

Velocity launched Private Beta Round 2 and detailed its DFX recovery plan — DFX tokens (one per verified USDT lost in April) redeemable against a recovery pool funded by 60-90% of protocol revenue, starting with ~3.1M USDT already onchain.
- Claims live now at dfx.drift.trade; unclaimed DFX will be burned at window close.
New accounts on Ondo Perps can earn up to $100 in rewards by meeting specific trading requirements from September 10-17.

News🗞️

Senate Republicans released revised CLARITY Act text with a Trump-backed ethics proposal, calling it their “last, best and final” offer ahead of Tuesday’s cloture vote. Democrats meet tonight to discuss their response.
Unconfirmed rumors suggest the SEC may be preparing a major ruling granting a major asset manager (possibly Fidelity, ARK, or BlackRock) an exemption to trade tokenized funds onchain, and that Nasdaq is in talks with a digital-asset exchange about a tokenization partnership — both unofficial for now.

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Farm Safer with These 5 DeFi Tools

Fri, 11 Sep 2026 08:01:52 GMT

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Today’s News Headlines:

Uniswap launches StablePair Hook, dynamic fees on V4
Liquid Network resumes blocks after $320M exploit
Exponent Finance launches December maturities, 32x Flares boost
Tydro Season 2 launches with Aave-based boosts
Liquity offers 7.6% APR on ETH via Carry Fusion

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TL;DR

Check any farm’s real risk in about 5 minutes, for free, using 5 public tools most farmers never open.
A tokenized T-bill fund just got flagged as “risky” — not because the bills are fake, but because nobody has been able to redeem it since July 9. These tools would’ve shown you that before you deposited.
Use TID Research to check the asset, Yearn’s checklist to check the protocol, Credora or Philidor to check the curator, and Sentora to catch trouble live.
The catch: a score is a snapshot from the day it was checked — bookmark the live dashboard too, not just the number.

In the last twelve months, seven assets sold to farmers as dollars stopped trading like dollars. Set MIM's older $3.6B high aside as unrepresentative and the remaining six still carried roughly $1.35 billion of peak supply between them. These are the five that destroyed the most capital.

Behind them: YU (~$154M) and msUSD ($1 → $0.06, ~$69M wiped across msUSD and Altura’s AVLT).

Now read the last column again. One of these was a contract exploit in the sense farmers actually worry about. One more was a stolen key. The other three are counterparty failures — the code did exactly what it promised, and the collateral was somewhere a block explorer could not follow.

msUSD is the purest case: the depeg began when the attestation disappeared, with Accountable terminating services, citing failure to provide adequate proof of reserves, before a single dollar of loss had been proven. The market repriced the absence of information, and it was right to.

The APY on the front of the box has never told you much about what is inside. What has changed is that there are now free, public tools that will open the box for you, and most farmers still do not use them

Four questions, five layers

Every yield position stacks the same layers of risk. The asset itself can depeg, trade below its redemption value, or quietly become non-redeemable. The market or pool it sits in can go from calm to crowded in a day because one whale borrowed to the cap. The curator, if there is one, decides where your money goes and when it comes back. The vault contract wraps all of that with its own timelocks, upgrade keys, and withdrawal delays. And the underlying base protocol can be exploited, paused, or poorly governed.

The layers fail at different speeds and use different tools to check them. Asset and protocol risk move slowly and are best handled by a rating or a written report. Market risk moves in hours and needs a live dashboard. Curator risk is somewhere in between, and mostly comes down to reading what they’ve actually done with other people’s money. Match the question to the layer and the right tool picks itself.

“How risky is this asset?”

This is the question most people actually have, and it’s the one the fewest tools answer. A vault rating indicates the vault is well-built; it doesn’t mean the token inside can be redeemed.

TID Research is built for exactly this. As of this week, the site carries 35 published risk reports on stablecoins, vault shares, wrapped tokens, and tokenized RWAs, 21 of them paired with live dashboards, plus a structured score feed covering 130+ assets and 60+ protocols for partners who want the numbers in JSON.

Every asset gets a 1-10 score (higher is safer) in three bands: safe at 7+, medium 4-7, risky below 4. A stablecoin is scored on peg mechanism, backing, liquidity, and issuer; a vault share or tokenized fund gets a different rubric — stability, contract and admin control, redemption, the underlying assets, liquidity, and issuer — because a fund token fails differently from a stablecoin.

What a live lookup tells you:

USDC scores 8.5, USDS and sUSDS 7.5, weETH 7.0. USDT and USDG both land on 7.0 for opposite reasons: USDT has the liquidity but weaker attestations; USDG has Paxos-grade backing but consortium-driven liquidity, with 49% of supply on X Layer. crvUSD and sUSDai sit at 5.0, frxUSD 5.5. Then the tail: apxUSD 3.0, STRCx 3.0, and thBILL 3.5 — revised down from 4.5 on August 23 after the redemption path went quiet. All three are being used as farm collateral somewhere right now.

Two other tools cover parts of this question.

Credora rates 68 assets on its A+ to D scale, with a stated Probability of Default per asset, though many individual pages are gated. For assets that are really a protocol in disguise — synthetic dollars like USDe, restaking tokens like weETH and rsETH, CDP stablecoins like GHO and crvUSD — Sentora Risk Radar has a dedicated page per issuing protocol with 16-28 live indicators each.

How to use it: look the asset up on TID first. Read the sub-scores, not just the headline — a 7.0 built on strong backing and weak liquidity is a different asset from a 7.0 built the other way round. If the asset has a dashboard, bookmark it: a report is a photograph, a dashboard is a window.

“Is this protocol safe?”

Protocol risk is the slow, catastrophic kind — and the best-documented. Three tools approach it from three directions.

Yearn doesn’t rate other people’s protocols, but publishes the rubric it applies before routing its own vaults through one — the clearest public checklist there is. Five categories, 1-5 each: audits, admin key ownership/timelock, TVL, longevity, and protocol type. Run any protocol through those five questions in ten minutes.

Philidor turns a similar checklist into a number at scale — over 1,000 vaults across 13 protocol modules and 12 chains, scored on asset composition (30%), platform/code maturity (30%), governance (20%), and incident history (20%), mapped to Prime (8.0+), Core (5.0-7.9), Edge (below 5.0). No commercial relationships with any protocol team, free to browse, with CLI and MCP access.

Sentora Risk Radar answers a different version of the question — not “is this well-built” but “how is it doing today.” Covers 40+ protocols, mostly lending, with live indicators grouped into liquidations, borrowing, lending, and whales.

What a live lookup tells you: Morpho on Ethereum showed $2.50B supplied, $2.25B borrowed, $254M free liquidity on a Tuesday morning UTC — high-risk loans well below the ~$900M peak from early 2025. On Philidor, that same protocol’s vaults range from 8.8 (Grove x Steakhouse USDC High Yield) down to 4.9 for Pendle Ecosystem USDC, which pays 8.93% precisely because it lends against Pendle principal tokens rather than plain stablecoins. Same protocol, wildly different risk depending on what’s inside.

How to use it: Yearn’s five questions first — if a protocol fails them, you don’t need the other tools. Then Philidor for the number and incident history. Then Sentora for whether it’s currently under strain.

“Can I trust this curator?”

The newest question, and the hardest — a curator is a person or a firm, not a contract. On Morpho, Euler, Kamino, and similar protocols, the curator picks the markets, sets the caps, and decides when to pull out.

Credora takes this most seriously. Its vault ratings aggregate the Probability of Significant Loss of every market the vault touches, then layer curator expertise and governance quality on top before assigning the letter. The dashboard also has a Curators tab listing 34 Morpho curators by AUM and vault count. Steakhouse Financial tops it at $1.97B across 218 vaults, followed by Gauntlet at $877M across 101 vaults, and Sentora at $735M across just 10 vaults. That last ratio matters: a curator running ten large mandates for PayPal, Ripple, and Kraken is a different animal from one running 218 small ones, and neither is automatically better.

Philidor shows the curator for every vault row alongside the score, so you can filter to a single curator and see how their entire book rates. That is the fastest way to answer “does this curator run anything I would not touch.”

What a live lookup tells you: two USDC vaults on Base, same curator, same asset. Steakhouse Prime USDC pays 4.27%, rated A by Credora / 8.1 (Prime) by Philidor. Steakhouse High Yield USDC Edition pays 2.82%, rated B+ / 7.6 (Core). The “high yield” vault is currently the lower-yielding, lower-rated of the pair — the name is a mandate, not a promise, and both frameworks agree on the ordering.

How to use it: check the curator’s whole book on Philidor, not just the vault you were shown. Then ask what no rating asks — does the curator earn a cut of yield, and from whom; how concentrated is their biggest vault; have they ever lent into a market run by an affiliate.

“I’m in. How will I know when to leave?”

A rating tells you what a position looked like on the day it was rated. Almost every DeFi loss happens between ratings.

Sentora Risk Radar is the live layer for markets — net liquidity flows, protocol-wide collateralization, a health factor distribution, and a High Risk Loans series recomputed as blocks arrive. Its public “Relevant Updates” feed recently flagged high-risk USDG loans on Aave v3 crossing $2.0M and high-risk AERO loans on Moonwell Base crossing $739K — not emergencies, exactly the kind of thing that tells you a market is getting crowded before the rate spike does.

TID’s dashboards are the live layer for assets — reading backing, peg, liquidity depth, and redemption activity from the chain every hour, including a redemption pulse that counts days since the last burn. The thBILL score didn’t drop because someone re-read the whitepaper. It dropped because the redemption pulse went flat.

How to use it: keep the Sentora page for your protocol and the TID dashboard for your asset open, and check them when yield jumps — a jumping yield usually means someone’s borrowing hard, or something’s leaving.

The five tools at a glance

TID Research (tidresearch.com) — asset risk reports, 1-10 rubric, hourly dashboards, score feed for integrators. Disclosure: this is our product.
Credora by RedStone (app.credora.network) — A+ to D ratings on 180 vaults, 399 markets, 68 assets across Morpho, Spark, Lista.
Philidor Analytics (analytics.philidor.io) — deterministic 0-10 scores on 1,000+ vaults, 12 chains, free, CLI/MCP access.
Yearn’s risk framework (docs.yearn.fi) — the best public protocol checklist, 11 categories, self-assessed.
Sentora Risk Radar (defirisk.sentora.com) — live indicators on 40+ protocols, public alert feed.

The point

None of the major stablecoin failures were invisible. Elixir’s concentration was a Morpho position anyone could read. Neutrl’s own dashboard showed a $137M book in June, and $27M of it became liquid in August. msUSD’s auditor quit publicly, citing a failure to provide adequate proof of reserves. thBILL’s redemption path has been dark since 9 July, and the NAV discount is quoted live, right now, to anyone who looks.

These were not failures of disclosure. They were failures of attention. Ask the right question, open the tool that answers it, and you can know most of what there is to know about a farm before you click deposit, for free, in about five minutes. Most people still do not. Be the one who does.

Disclosures

This article is for informational purposes only. It is not investment, financial, legal, or tax advice, nor is it a recommendation to buy, sell, or hold any asset. Nothing here accounts for your circumstances, and you should do your own research and consult your own advisers before deploying capital.

TID Research is our product, and we sell asset and protocol due diligence, continuous monitoring, and portfolio tracking. We have a commercial interest in you believing the asset layer matters. Assess the argument on its evidence, not on our say-so. The author is also a business development participant and vault operator at Prodigy.fi, a structured products protocol not otherwise discussed in this piece.

We have no commercial relationship with Credora, Philidor, Yearn, or Sentora, and none of them reviewed, funded, or approved this piece.

All figures, scores, prices, and on-chain data are as of 11 September 2026 and are subject to change. Risk scores reflect analyst judgment against a published rubric, refresh on review rather than every block, and do not guarantee safety or solvency. Descriptions of third-party protocols and their failures are drawn from public reporting and on-chain data cited inline; where we characterize causes rather than report documented facts, that is our opinion.

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Loop up to ~35% ROE on RWA stablecoin

Lock in 11% APR & Farm >5% ETH APR

Thu, 10 Sep 2026 08:02:24 GMT

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Find and execute 15%+ stablecoin yields in minutes
Save time without checking every protocol manually. DeFi Saver’s Discover page surfaces rates across Aave, Morpho, Spark, and more, lets you simulate leverage before committing, and handles the full loop in one click. Stop leaving yield on the table.

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Farming Benchmarks:

Every farm below beats that baseline. When a rate looks too good relative to this range, that gap is usually the incentive/emissions component, not organic yield — check the breakdown in each card.

Earn up to 11% on Stables and >5%on ETH:

Neverland – USDT0 Lending ~12% APR

What’s backing this: You’re lending USDT0, not native USDT — Tether’s omnichain token, issued by Everdawn Labs (licensed, not Tether itself) via LayerZero’s OFT standard. Backed 1:1 by USDT locked on Ethereum; USDT0 mints on Monad against that collateral. Risk stacks: Tether’s reserves + Everdawn’s operations + LayerZero’s messaging layer.

DUST rewards carry a claim penalty — instant claims burn 50%, dropping toward 0% only with a max veDUST lock. Treat the reward APY at roughly half value unless you’re locking.

The rate has swung 5–20%+ over the past year; current ~12% looks stable per DefiLlama’s 30d rating, but it moves.

Risk — Medium ⚠️
USDT0 adds two layers on top of standard Tether reserve risk: Everdawn Labs’ operational/custodial layer, and LayerZero’s OFT messaging/DVN verification layer — a smart contract or bridge issue at either point could affect USDT0 specifically even if native USDT is fine.

Neverland is built on Aave V3’s lending engine (Monad configuration), so the collateral pool spans blue-chip majors (WMON, WBTC, WETH, USDC, USDT0) plus Monad-native LSTs (gMON, sMON, shMON) and select ecosystem assets like syzUSD — a newer, yield-bearing wrapped version of Yuzu Money’s yzUSD.

As a USDT0 lender, your exposure isn’t to any single collateral type, but to the health of whichever assets borrowers post — if a thinner LST or newer ecosystem token depegs or gets liquidated in a fast market move, bad debt can affect the broader lending pool.

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Pendle – PT reUSD (USDC) – 11.2% Implied APY

What’s backing this: reUSD is Re Protocol’s senior-tranche, yield-accruing token backed by real reinsurance capital via legally structured surplus notes — not a crypto-native mechanism. Yield accrues daily as the greater of (SOFR + 250 bps) and (Ethena basis + 250 bps), reflected in a rising price.

reUSD is last to absorb losses — Re’s own equity (~$77M) and the reUSDe mezzanine layer absorb first. Re’s modeling puts the impairment probability at ~0.03% in a severe stress case, with combined ratios below 100% every year since inception.

Backing splits ~68% offchain (funding the reinsurer directly) / ~32% onchain (redemption buffer + reserves).

This PT locks in 11.2% to Dec 10 maturity (91 days), above reUSD’s own 6.88% — reflecting market demand for the fixed product, not a change in reUSD’s yield.

Risk - Low-Medium ⚠️

reUSD’s structural protection (junior + mezzanine layers absorbing losses first, ~0.03% modeled impairment probability) is genuinely one of the stronger backing stories we’ve featured — real regulated reinsurance collateral rather than a purely algorithmic or crypto-collateralized mechanism.

reUSD’s backing splits between onchain and offchain capital, and the split matters for your risk exposure: as of Re’s most recent public update, offchain capital (funding the reinsurer directly) made up roughly 68% of the total capital base, with onchain capital serving primarily as a redemption buffer plus reserves.

Base-token instant redemption depends on the onchain buffer staying above 1% of supply (throttles to quarterly windows otherwise), though PT trading on Pendle isn't directly subject to this.

PT price can move before maturity — only matters if you sell early.

Pendle smart contract risk applies.

IPOR – Liquity ETH Carry Vault – 5.95% Spot APY

Leverage expands only when net carry is positive and contracts automatically if spreads invert or liquidation buffers deteriorate.

Deposit caps are expected to rise soon

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Risk — Medium-Low

(1) your WETH is converted to wstETH or rETH and deposited as collateral on Liquity V2 to mint/borrow BOLD — standard CDP liquidation risk applies here if wstETH’s value drops relative to the debt;

(2) the borrowed BOLD is then supplied into the BOLD/USDC Curve pool to farm BOLD from PIL emissions and CRV rewards — this adds impermanent loss exposure and CRV emissions risk on top of the borrowing position;

(3) LTV targets a relatively conservative 55%. BOLD itself carries peg risk as its a CDP stablecoin without strong arbitrage mechanisms.

Balancer – WETH/rETH LP –5% APR

WETH paired with rETH — Rocket Pool’s liquid staking token, backed by a proportional claim on staked ETH across Rocket Pool’s validators, with node-operator ETH + RPL bonds absorbing slashing penalties before rETH holders would be. The WETH side is wrapped into waArbWETH, generating passive yield from Aave lending on Arbitrum.

Breakdown: 0.25% swap fees + 1.47% yield-bearing (rETH 1.12% + waArbWETH 0.35%) + 3.90% Merkl incentives, totaling 5.62%. TVL is $341,269, with genuine organic swap volume ($7,793.38 in 24h, and a healthy $339,592 over 30 days) — this pool sees real trading activity relative to its size.

Risk — Lower
Both assets are ETH-correlated, so impermanent loss is minimal. Rocket Pool’s dual-layer slashing protection is a genuine structural strength.

3.90% of the 5.62% APR is Merkl incentives — given the double-counting bug we flagged on other Balancer pools before, worth verifying this specific figure live rather than assuming it’s fully accurate.

Arbitrum network risk applies in addition to standard Balancer and Rocket Pool smart contract risk. Reasonably strong organic volume relative to TVL is a good sign versus pools running on incentives alone.

This Week’s Farming News:

Sky Money introduces three months of Fixed Yield with 4.9% APY on $81M deployed. Users can supply USDS, USDC, or sUSDS to lock in their rates until the maturity date of November 26, 2026.
Pendle launches tokenized stock dividends with $NVDA and $PFE on Robinhood Chain. This feature allows users to buy stocks at a discount or gain leveraged exposure to dividends.
Lido Finance launches a public ETH staking vault with Stakely, allowing users to stake ETH with Lido’s EarnETH strategy.
YT-USDat holders can now earn a $21k bonus per week in stables, with the potential to scale as TVL increases. Currently, YT-USDat nets 3.77% APY and 30x Saturn points, enhancing user incentives.
Exponent Finance, in collaboration with OnRefinance, introduces limited-time incentives for ONyc and srONyc markets.

Today’s News Headlines:

Trezor/BitBox users hit by fake vulnerability phishing emails
Aviya signs Anchorage as exclusive qualified custodian
MetaMask splits from ConsenSys, becomes independent
Pendle lists XGLD, first commodity-backed yield asset
YieldBasis proposes LTMigrator upgrade, passes unanimously
Exponent Finance launches incentives for ONyc, srONyc markets
Pump.fun lets creators launch coins priced in stocks
Renzo rebrands, launches basis trade product on Hyperliquid

Curated Yields, Airdrop Opportunities, TVL Tracking Across Different Protocols + Full Archive of Past Letters

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Loop Proven Yield Bearing Stablecoin for up to 30% APR

Farm Robinhood Chain's Top DEX, Claim GRVT

Wed, 09 Sep 2026 08:01:42 GMT

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Today’s News Headlines:

Nasdaq reportedly in talks for tokenization partnership
Etherscan launches Flow, visual transaction tracing tool
Velocity launches Beta Round 2 & DFX recovery plan
Compound launches institutional USDC lending, up to 87% LTV
Bybit launches 24/7 currency pair per petuals
Morpho Midnight goes live, fixed-term fixed-rate credit
Pendle adds second pool on Robinhood, sNUKE
TermMax launches options markets on RH Chain, BNB

Pick your section on news.todayindefi.com — News, Onchain Analysis, Airdrops, Farms, Guides — and get only the content relevant to what you actually trade.

This week’s airdrop recap:

Claim now: GRVT tranches unlock on a 30-day window — miss it, lose it permanently
Best farm: Fables’ 6-week points season on Robinhood Chain ends Oct 5 — LP in-range to earn
Watch: Polymarket just launched Perps at 20x leverage — still no confirmed token

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Airdrop Claims 🪂:

GRVT — Claim Your Tranche (30-Day Window, No Make-Up)

Required registration by mid-to-late July with a chosen multiplier plan (1x/2x/4x). Tokens unlock in tranches over ~12 months — each with a 30-day claim window that is permanently forfeited if missed; no recovery.

Official link: grvt.io/exchange/reward-portal

⚠️ Missing any 30-day claim window permanently forfeits that tranche with no recovery. Geo-blocked jurisdictions apply — VPN gaming can void your eligibility. Only use the official grvt.io/exchange/reward-portal and verify via @grvt_io.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often carry the most attractive airdrop odds, early TVL, thin points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.

Airdrop News/Updates &

Polymarket Perps — Launched, No Confirmed Airdrop

Polymarket launched Perps, adding leveraged perpetuals across crypto, equities, indices, and commodities with up to 20x leverage. Markets expanded from ~10 to 67 within days, while US and Canada users remain blocked and routed to the CFTC-regulated polymarket.us affiliate.

There is no official points program or confirmed airdrop. Polymarket’s docs explicitly deny a token or announced airdrop, despite CMO comments that a coin and airdrop are coming and recent POLY/$POLY trademark filings. Treat circulating “airdrop multiplier” claims as speculation.

What’s real is pUSD-denominated rewards: prediction-market makers can earn liquidity rewards and rebates, eligible positions receive ~4% annualized holding rewards, and Perps liquidity providers share a $75K/day maker rewards pool based on maker share, spread, two-sided quoting, and uptime.

For a potential future $POLY, focus on genuine recurring volume, maker activity, multiple markets, and early Perps usage rather than short-term wash volume. Account consistency may also matter if Polymarket adopts strict anti-sybil filtering

Official link: https://polymarket.com/perps/asset/btc

⚠️ No airdrop confirmed in writing — official docs actively deny one.

Regulatory risk is real and live: 20+ states are fighting over whether this constitutes gambling, with the Ninth Circuit already siding with states in that framing — Perps for US users could stay locked or get downgraded. Standard leverage risk applies at 20x with hourly funding — this becomes a liquidation farm fast if treated as free points.

Event market resolution carries oracle/dispute risk distinct from simple crypto mark pricing. Sybil filters will likely be harsh if Hyperliquid-style patterns are followed — wash volume and bot activity have already been alleged in earlier Polymarket periods.

Political key-man risk exists given the ICE and Trump-adjacent capital structure. Fake “$POLY claim” sites will proliferate — only use official polymarket.com and polymarket.us.

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New Opportunities:

Fables — Dynamic-Fee Hooks on Robinhood Chain (Points + Precursor Token)

Fables is a Uniswap v4 hook layer on Robinhood Chain that dynamically adjusts fees around stock-market closures and volatility. Live since mid-August across tokenized stocks, ETH, and gold, it has seen $10M+ in deposits and $200M in week-2 volume. The team is small and independent, without major institutional backing.

Two tokens exist: $PROLOGUE is live and acts as a precursor/warrant, designed to convert into $FABLES at TGE at a stated >40:1 ratio, representing 2.5% of the total FABLES supply.

$FABLES is the actual governance token and has not launched, with an October 5 TGE target that remains unconfirmed.

The actual farming opportunity is LPing on fables.fi. Chapter 1 distributes 1B points over six weeks, with 900M for LPs and 100M for referrals. Points are based on actual swap fees generated, meaning out-of-range liquidity earns nothing — active, high-fee pairs are the focus.

Official link: https://www.fables.fi/markets

⚠️ No named third-party audit exists for the hooks/AccessManager stack — a real gap. TGE date already softened from a target to “unconfirmed.”

PROLOGUE is a thin, volatile warrant token (50%+ moves in single days), not equivalent to holding FABLES — if TGE slips or the ratio changes, PROLOGUE eats that risk immediately while points farmers can just wait.

Note: the >40:1 conversion ratio and the 115M-liquid/25M-PROLOGUE-redemption breakdown come from third-party trackers, not Fables’ own docs, which reportedly haven’t finalized conversion terms — treat these as best-available estimates, not locked mechanics.

A separate, disavowed meme called $FABLE (no S) exists — verify ticker and contract address every time.

Only 115M FABLES is liquid at TGE (per current estimates), and PROLOGUE redemptions alone account for ~25M before points holders get their share. Uniswap still dominates Robinhood Chain volume, so Fables could lose the routing war once incentives end.

No redemption contract is deployed — any “claim FABLES” link right now is a scam. Only use official fables.fi and @fablesfi.

Arcus — Robinhood Chain RWA Perps DEX

Arcus is a Robinhood Chain DEX built by dYdX Labs and Robinhood Crypto, offering 24/7 tokenized stocks, cross-margined perps up to 50x, and pTokens for leveraged positions. Off-hours equity perps require extra margin, with restricted jurisdictions blocked.

Robinhood is a strategic investor and distribution partner, but Arcus is separate from dYdX Chain and $ DYDX. A future dYdX token may reward past traders, stakers, and validators, though details are unconfirmed. No official Arcus points program exists, but the team said a separate Arcus token is coming.

For farming, trade Stock Tokens with 0% spot fees, use available perps, or deploy pTokens. Waitlist scoring includes prior volume on dYdX, Hyperliquid, and Lighter, plus RWA volume and referrals. You can connect multiple wallets to aggregate history.

Perps Waitlist link: waitlist.arcus.xyz

Official link for spot trading: https://app.arcus.xyz/trade/spot/TSLA

⚠️ No points program and no confirmed allocation percentage for early Arcus activity specifically — dYdX’s own leadership has since confirmed a future token with allocation “prioritized” for the dYdX community (past traders/stakers/validators), but how that treats waitlist-only Arcus users is still unclear, and that slice could be small.

Tokenized equity plus 50x leverage plus offshore users is a genuine regulatory magnet — one ruling could affect the stock book or the entire front end.

Robinhood Chain concentration means bridge, USDG, and RH infrastructure all sit in one ecosystem. pTokens inherit the underlying perp account’s funding and liquidation risk plus additional ERC-20 DeFi risk on top.

Geo-restrictions are enforced — VPNing into a blocked region risks zero allocation and account bans. Trading empty stock tokens does nothing for the waitlist score; perps volume is what’s explicitly weighted.'

NEW Promising Airdrops

Robinhood Chain's Memes Are Moving Real Stocks

Tue, 08 Sep 2026 08:01:58 GMT

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Key Takeaways:

Crypto’s resilience beat the macro shock.

A blowout jobs report pushed the 2-year to a 20-month high and hike odds to 50/50 — the same data that hit equities hard on Friday. Crypto absorbed it and still closed the week up. Waller’s dovish counter-signal the day before keeps Sept 16 genuinely contested.

ETF and Exchange Flows Stayed Supportive

Spot Bitcoin ETFs took $986.9M last week, the third straight strong week, while exchange reserves fell specifically as price recovered to $79.6K. Ether kept accumulating too, but this week the bid favored BTC.

Robinhood Chain’s Memes Are Now Moving Real Stocks

The chain just printed $11.43B in weekly trading volume, and a big piece of it is memes paired directly against tokenized stocks — HIMS against BONER is the original template, where every meme buy routes through the stock token first, pulling it out of circulation and pushing its price up.

The Cheapest Way to Long ETH Right Now
Liquity V2 lets you set your own fixed borrow rate. Up to 11x leverage on ETH exposure, and rates on wstETH/rETH average 2-3%. Through Sept 16, DeFi Saver is also rewarding 8,000 BOLD to anyone who opens or migrates a leverage position on their platform — positions must stay open at least 30 days and get paid to borrow when going long on ETH!

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Macro in 3 Lines

US 2Y yield (Weekly Chart)

Rates: US 2Y hit ~4.38%, a fresh high since January 2025, as the jobs beat pushed September hike odds toward 50% — though Fed Governor Waller signaled he’d lean toward holding if inflation cools, keeping the Sept 16 meeting genuinely two-way.

BTC/NQ Weekly Chart

Crypto vs. equities: the S&P and Dow both fell Friday on the jobs data; bitcoin absorbed the same shock and still closed the week up.
Watch this week: Friday’s CPI is the last major data point before the Fed goes dark ahead of Sept 16 — the tiebreaker between Waller’s dovish case and the hawkish jobs number.

Capital On-Ramp:

Total stablecoin supply 7d change (level + WoW)

Total stablecoin supply: +$1.82B (+0.6%), to $305.6B. A third straight week of expansion, extending the on-ramp recovery.

BTC and ETH Exchange Flows (Net Reserve, NOT net flows per day)

Bitcoin reserves built to 2.716M as price dipped to its weekly low near $77K, then fell through the back half of the week to 2.703M — net down on the week, and falling specifically as price recovered to ~$79.6K. Coins left exchanges as the market strengthened, the cleanest accumulation signal of the last few weeks

. Ethereum reserves also fell, from ~15.02M to ~14.90M, extending its own multi-week decline, though with less synchronization to price along the way.

ETF flows

ETF flows: BTC’s best stretch of 2026, ETH’s flows collapsed.

Spot Bitcoin ETFs took $986.9M for the week, the third consecutive strong week and the strongest three-week run of 2026 at $3.8B combined — though BTC ETFs remain roughly $1B net-negative year to date. Ethereum ETF inflows, by contrast, fell about 74% week-over-week to roughly $215–218M. This is the first week this cycle BTC’s regulated bid has clearly outpaced ETH’s, even as ETH keeps winning the on-chain accumulation story.

Verdict: The on-ramp kept refilling and BTC’s ETF demand hit its strongest stretch of the year. On exchanges, bitcoin gave the cleaner signal — reserves fell specifically as price recovered, coins leaving into strength. Ether kept accumulating too, but paper demand this week favored BTC while on-chain accumulation held for both. First time this cycle BTC has led on both the regulated and the on-chain side at once.

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Week-Ahead Catalysts

Fri, Sept 11 — August CPI. The decisive event. Forecasts point to a small cooling (headline ~3.38% YoY vs. July’s 3.4%); a soft print backs Waller’s case for holding, a hot one makes the Sept 16 hike look likely.

Tue, Sept 15 — CLARITY Act vote. Senate procedural test requiring 60 votes the day before the Fed decision. Still short an estimated six Democratic votes.

Wed, Sept 16 — FOMC decision. The coin-flip meeting CPI sets up.

Rates and Risk

Stablecoin flows: USDC led, a reversal from two weeks ago. USDC added $778.6M (+1.05%), 2.3x the next name. USDY (+15.28%), USDe (+7.12%) and USYC (+7.3%) kept leading on percentage without draining the majors this time.

Funding: third straight week of cooling. Sphere’s borrow (5.08%) and supply (4.04%) held flat; the funding benchmark eased to 6.23% from the 7.84% quarter-high two weeks ago — the leverage from the early-September squeeze is unwinding.

ETHBTC: holding, not extending. The ratio sits on its flattened 20-week MA — the July reclaim is holding.

Verdict: Capital arriving broadly, leverage cooling steadily, ETHBTC holding its ground. A calm regime underneath an eventful week.

This Week’s Signal: The Meme-Stock Loop Just Moved a Real Ticker

On September 2, Farmmi Inc. — a mushroom producer trading at twenty cents, fresh off a Nasdaq delisting warning — rose 71% in a session on sixteen times its average volume. Nothing happened at the company.

Traders on Robinhood Chain found “Jinqian” (”money mushroom”) in Farmmi’s own filings, launched a meme coin, and paired it against tokenized FAMI. The meme pumped, screenshots went viral, penny-stock buyers finished the job. Memecoin to tokenized stock to actual equity — the week’s defining trade.

Robinhood Chain has printed three consecutive record weeks of DEX volume: $3.47B, $6.40B, then $11.43B for August 31 – September 6, with $18.6M of app fees in the last 24 hours and stablecoins up 25.4% to $964.6M.

Of 216 listed tokenized stocks, 27 now have verified meme pairs across 22 tickers, with stock-linked pools trading above $115M a day; MOO alone does roughly a quarter of all tokenized-Micron volume.

The pattern is exporting to BNB Chain, which did $9.34B of volume the same week (+32%), with BEN pairing against tokenized QQQ in a $37M-a-day pool.

The dynamics: a lottery ticket that settles in stock

A Robinhood stock token is an ERC-20 tracking the real share, minted 1:1 only by KYB'd market makers buying on the NYSE — so minting only works while the market's open, and the on-chain float is frozen at Friday's close.

BONER pairs against HIMS, not a stablecoin: every buy routes through the stock token first, locking it into the meme's pool and shrinking the float. The stock gives the meme a story; the meme gives the stock a reason to trade.

Off-hours, nobody can mint, so meme demand pulls stock tokens into LPs against that frozen float, and the tokenized price balloons above Friday's close — AMC and HIMS both did this. Monday's open resets it flat, and meme holders lose in dollars even when the ratio held. The professional trade runs the other way: LP the stock against USDG over weekends, collecting the spread while degens chase the next thousand-x.

For liquid names this stays noise

SAYLORMOON doesn’t move MicroStrategy. For small caps, the transmission is real: FAMI’s meme drove sixteen times normal volume in the actual listing, though the stock still needs ten sessions above $1 to survive delisting risk. One pair already targets the most-shorted tokenized stock directly — debt securities from a licensed broker’s affiliate used as squeeze ammunition, on a line the SEC hasn’t drawn.

The take: tokenized stocks were issuance without demand until meme pairs solved distribution. 27 pairs against 216 listed stocks — 194 tickers still await one. The flywheel spins until a Monday gap-down burns the buyers funding it, or a regulator decides the mushroom joke went too far.

Section 4 — Project & Protocol Discovery

4A. Token Price Movers - Observations, not trade ideas.

edgeX (EDGE) — the real Arc catalyst. Confirmed Day-1 Arc mainnet partner (Sept 3), launching 24/7 USD/JPY FX perps then 150+ TradFi and crypto markets, all settled in native USDC. Backed by daily fee-funded buybacks and Circle Ventures as an existing investor. This is the one name where Arc is the primary driver, not a footnote.

Raydium (RAY) Solana-native story: StonkFun plugging into LaunchLab to graduate new tokens into Raydium pools, layered on an existing buyback program (12% of swap fees) and growing tokenized-equity volume.

Uniswap (UNI) — Arc is a catalyst, but secondary. Confirmed to deploy v4 on Arc mainnet in September, one of only two dated chain launches in the basket — but the 7-day move is mostly sector risk-on plus a short-liquidation sweep near $5, not a single Arc-driven catalyst.

USD.AI (CHIP. Bitwise added sUSDai as one of three RWA collaterals in its Premium RWA Vault on Morpho (Sept 4–5), and USD.AI reported funding a $54.4M loan against 1,040 NVIDIA B300 GPUs for Hydra Host, with funds released from escrow after on-chain deployment verification. The Bitwise integration is the more significant catalyst — real institutional distribution, not just protocol-level news.

Today’s News Headlines:

Rumors suggest SEC weighing tokenized fund exemption
Orderly launches Omnivault, 9%+ APY since inception
Ethena USDe rewards now live on Aave V4
Kamino introduces ZEC-backed credit on Solana
DrakeExchange mainnet goes live, hybrid vAMM/CLOB model
Cozy Finance exploited for ~$160K via UMA oracle spoof

4B. TVL Gainers ($50M+ filter) — Ranked by absolute $ inflow.

Robinhood Chain’s record $11.3B volume week did not just enrich the incumbents — it minted two new DEXes:

Liquid Exploited For $320M BTC, Pendle on Robinhood Chain

Mon, 07 Sep 2026 08:01:46 GMT

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A Week at a Glance:

Cronos halted its entire chain after a confirmed $75M Tectonic exploit, trapping $60M of stolen funds onchain.
Liquid Network paused after ~4,000 BTC ($320M) exited via a suspected bug, allegedly by white-hat hackers.
Harmony is shutting down its mainnet entirely, and Orionx collapsed after $7M went missing years ago.
Pendle launched on Robinhood Chain and Jupiter killed the need for manual bridging with Universal Deposit.

DeFi📈

Pendle launched on Robinhood Chain, bringing fixed-yield locking, leveraged yield exposure, and LP fee/reward opportunities to the chain’s ecosystem.
- There’s currently 1 listed market, sNET, offering 15k% APR, with more strategies to be listed soon.
Uniswap Labs purchased PONS tokens as a long-term alignment move, deepening its partnership with Pons, which builds on Uniswap infrastructure.
Jupiter launched Universal Deposit, allowing users to send tokens from Ethereum, Base, Arbitrum, or Sui directly to a Solana wallet as USDC.
Raydium's LaunchLab now supports any token pair as the quote asset — not just SOL/USDC/RAY. New tokens can launch priced against another meme, a tokenized stock (NVDA, SPYx), or a custom mint
Morpho now lets Vault users redeem underlying market positions even when vault liquidity is low, allowing exits without curator approval.
Aave V4 is offering borrowers 2% back in USDC when borrowing against available collateral on Ethereum.
Venus launched Liquidity Hub on BNB Chain, allowing users to deposit once and receive a single VH token that automatically represents capital allocated across supported markets.

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Issues⚠️

Blockstream’s Liquid Network paused after ~4,000 BTC (~$320M) exited the Liquid Federation wallet via a suspected Elements software bug combined with SideSwap’s peg-out mechanism. Self-proclaimed white-hat hackers were involved.
- LBTC is paused across exchanges; other Liquid assets and Bitcoin mainnet are unaffected.
Cronos validators halted the entire chain via consensus, trapping $60M of the stolen funds onchain (only $6M made it out to Ethereum).
- The exploit total is now confirmed at ~$75M, higher than earlier estimates.
Term Labs published a postmortem on its $8.5M governance exploit — attackers used two Tornado Cash-funded wallets to submit proposals zeroing out timelock delays, then drained ETH and USDC strategies via a fake exit strategy and spoofed price adapter.
- All affected loan positions have now been recovered; Term V1/V2 contracts were never compromised.
Notional Finance was exploited for ~$1.7M via an integer overflow in its ERC1155 implementation — minting a pair of positions with an amount near 2^128 caused an overflow that let the attacker create a massive long position with no offsetting debt, then used it as collateral to drain the protocol.
- Stolen DAI and USDC were deposited into Tornado Cash.
Reddio was exploited for ~9.25 ETH via a cross-vault double-counting flaw — stETH deposited into one vault was also counted as backing in a separate ETH vault, letting an attacker use a flash loan to inflate share prices and redeem both vaults against the same underlying stETH.
An attacker attempted a governance takeover of Yam Finance by self-delegating ~504K YAM (just over quorum) and submitting a proposal to seize admin control of the Timelock — which would grant control over all YAM contracts and the DAO treasury (~$337K at risk).
- If you hold YAM, vote against before block 25897343 (~34 hours remaining).
- If you have funds in the Yam WETH pool, withdraw immediately.

Data Breach:

Trezor’s earlier shipping breach expanded — an additional 67,000 US customers who ordered between November 2019 and August 2021 had their names, emails, phone numbers, and addresses exposed, despite ShipMonk having previously (falsely) confirmed that the data had been deleted.
- Devices and wallet security remain unaffected.
- Affected users were emailed directly — stay alert for phishing attempts, and never share your wallet backup with anyone.
Ledger is facing a class-action lawsuit alleging it downplayed a December 2023 data breach — separate from a 2020 breach that exposed ~270,000 customers.
- The suit claims exposed data was later used in social-engineering attacks to steal crypto, and that Ledger failed to disclose it in time.

Wind Downs:

Harmony is shutting down its mainnet — a final snapshot will trigger an automatic ONE airdrop to Ethereum addresses. Smart contracts must be exited by September 10. This follows the earlier forged mint incident and the 2022 $100M bridge hack; the team is pivoting to an AI video business.
Sui DeFi protocol Full Sail is winding down after a security incident linked to Switchboard, resulting in the loss of approximately $91,000 from three vaults.

Orionx, a Chilean exchange backed by Tether, is shutting down after a forensic audit found over $7M in BTC, ETH, XRP, and MATIC moved to external wallets between 2018 and 2021. Withdrawals are frozen for 100,000+ users.
- Orionx filed criminal charges against former co-founders Roberto Zibert and Joaquín Díaz, who deny wrongdoing.

Stablecoins/RWA🪙

SoFi Bank launched the $SOFID stablecoin. This U.S. dollar payment stablecoin aims to combine traditional banking standards with the flexibility of crypto, enhancing the digital asset landscape.
Strata launched a tranched market for Black Opal’s LiquidStone II fund (Brazilian credit card receivables, FX-hedged), tokenized onchain via Plume’s nOPAL.

Prediction Markets🔮

Perps DEX📉📈

Bulk Trade launched an invite-only mainnet — predepositors get 5-15 weekly access codes to share, earning AURA points based on referral volume.
- The platform features SPAN-style portfolio margining (an onchain first), limit/conditional orders, sub-accounts, and full trade/position history.
EdgeX will launch on Arc mainnet, bringing FX, stocks, commodities, and crypto perps, margined and settled natively in USDC on Arc’s stablecoin-focused settlement layer.
Polymarket launched Perps on Polygon, offering up to 20x leverage on crypto, stocks, commodities, and indices using pUSD collateral — extending beyond prediction markets into leveraged trading, available to eligible international users.
Ondo Perps has launched new markets for trading perps in biotech, LLMs, and humanoid robots, including companies such as Moderna and Unitree Robotics.

News🗞️

GoPro ($GPRO) is now live on Solana through Sunrise, enabling users to access its action cameras and software in various Solana apps.
Ethena launches its Pay app on Avalanche, expanding its offerings in the DeFi space. This launch could enhance payment solutions for users on the Avalanche network.
OpenSea Mobile is now live for early access, allowing holders of @bodoggos to trade Solana NFTs.

For sponsorships, questions, or news tips, reach us at: support@todayindefi.com

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Loop Proven Yield-Bearing Stablecoin For up to 30% APY

Earn 11% Fixed APR From Funding Rates Arbitrage

Fri, 04 Sep 2026 08:00:31 GMT

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Today’s News Headlines:

- $SOFID stablecoin by SoFi launches September 4
- Zest Protocol introduces Levered Bitcoin Staking on Stacks
- Aave proposes Risk Stewards for V4 instances
- Superform now live on Robinhood Chain
- Polymarket launches Perps on Polygon, up to 20x
- Notional Finance exploited for ~$1.7M via overflow bug
- Coldcard exploit update: ~1,789 BTC (~$114.7M) confirmed drained

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TL;DR

What it is: Boros (by Pendle) turns the funding rate — crypto’s native interest rate, across $170B+ in perp open interest — into a market you can trade. A “Yield Unit” (YU) is effectively an interest rate swap: long YU pays fixed/receives floating, short YU does the reverse.
Why it matters: for the first time you can separate your rate view from your price view, convert floating funding into fixed (or back), and read a market-priced term structure of expected funding — information that didn’t exist before.
The five trades: (1) a pure capital-efficient rates punt, (2) locking your basis/cash-and-carry income at a fixed rate, (3) the cross-venue funding spread (where the flow is now — 30%+ fixed quoted on BTC recently), (4) fully-fixed carry by pairing with fixed-rate lending, (5) a looper’s hedge, since the force that spikes your borrow rate also spikes funding.
Biggest risks: leverage is capped at ~1.4x because funding gaps violently; implied APR is a price (exit early and you eat the mark); books are thin, so size moves the market and fees bite short tenors.
What’s new: a full dev stack (API, SDK, CLI, agent wallets, 256 sub-accounts) that turns these from “trades you click” into “systems you can run.”

Every cycle, the same trade dies the same death

You know the pattern. The market turns greedy, perp funding rips from 5% to 40% annualized, and for a few glorious weeks the delta-neutral basis trade prints like a machine. Then positioning flips, funding compresses — or goes negative — and the same trade bleeds while you decide whether to unwind. Meanwhile, every looper watching their Aave borrow rate triple overnight is living the mirror image of the same problem.

All of it traces back to one number: the funding rate. It’s crypto’s native interest rate — the price of leverage across a perp market running $170B+ in open interest. It sets Ethena’s yield. It drives the utilization spikes that nuke leveraged loops. It decides whether half of DeFi’s delta-neutral strategies make money this month. And until recently, you couldn’t trade it. You could only be exposed to it, and the only hedge was to close your position.

Boros is Pendle’s answer: funding rate markets, traded on margin. It launched in August 2025 on Arbitrum with just BTC and ETH funding on Binance and Hyperliquid. A year later it has cleared roughly $21.7B in notional across 180+ listed markets — 14 assets on 7 perp venues, stretching past crypto into equities and even Brent oil funding — with open interest around $150M as of August 2026. The pitch in one line: Boros turns “the funding rate on 1 BTC on Binance between now and December” into something you can buy, sell, and lock at a fixed rate.

If you’ve traded a perp, you already get Boros

Funding is the periodic payment that keeps a perp glued to spot: longs pay shorts when the crowd is levered long, shorts pay longs when it’s fearful. You’ve paid it, you’ve earned it, you’ve watched it annualize to absurd numbers at the top. Boros just takes that cash flow and gives it its own market.

The instrument is the Yield Unit (YU). One YU-BTCUSDT (Binance) maturing December 2026 represents the funding cash flows on a 1 BTC Binance perp from now until maturity. There’s no perp underneath — Boros reads the funding prints from the exchange and settles the difference between YU holders. Strip away the branding and a YU position is an interest rate swap:

Long YU: pay a fixed rate, receive the actual floating funding. You’re betting funding runs hotter than the market expects.
Short YU: receive the fixed rate, pay the floating funding. You’re betting it comes in cooler.

The fixed rate is the implied APR — the market’s consensus on what funding will average until maturity, and the number the entire order book is quoted in. Whatever it reads when you enter is your lock.

Settlement is where it becomes real. At every funding interval of the underlying market — every 8 hours for Binance, every hour for Hyperliquid — the gap between the actual funding print and your fixed rate settles straight into your margin. A YU decays as maturity approaches (less future yield left to claim) and dies at zero. Hold to maturity and your P&L is pure carry; exit early and you also wear the mark-to-market move in implied APR, which trades around like any other price.

The plumbing: a central limit order book quoted in implied APR, with liquidity vaults behind it. Margin looks like a perp exchange — isolated or cross, collateral posted in the market’s own denomination, take-profit/stop-loss included — except leverage is capped around 1.4x, deliberately, because funding can gap violently.

Maintenance requirements step down as settlements pass, so liquidation risk shrinks into maturity. Fees are a small swap fee per trade plus a settlement fee on the fixed side — trivial on long tenors, a real haircut on short ones.

The app has grown some size-friendly routes too: a P2P tab for negotiating swaps directly with a counterparty at zero price impact, an OTC desk pitched at $500k+ clips, and maker incentives on the book (advertised at up to 500% APR on resting orders inside the incentivized range) — Pendle paying people to solve its own depth problem.

A snapshot for texture (Boros app, 2 September 2026): 27 markets live — 13 ETH, 10 BTC, 3 other crypto, and Brent oil, which was trading at −21.7% underlying funding against −15% implied that day. The machine now prices rates well outside crypto. The trade-by-trade numbers from the same session are in the premium annex at the end of this piece.

Why any of this matters: it separates the rate view from the price view, it converts floating funding into fixed (and fixed into floating) in either direction, and it gives crypto something it has never had — a term structure. Implied APRs across maturities are now a market-priced curve of expected funding. That’s information nobody had before, even if you never place a trade.

Trade 1: The pure rates punt

The simplest expression. Funding is regime-driven and mean-reverting — it spikes in manias, compresses in chop, and rarely stays negative for long. If you think risk appetite is about to return, long YU while implied APR is still cheap and collect the spike. If implied is elevated after a squeeze and you think it fades, short it and clip the rich fixed rate while funding normalizes back down.

The kicker is capital efficiency. A YU position costs a fraction of running the equivalent delta-neutral perp position, so this is the cheapest pure expression of “leverage demand goes up” or “leverage demand goes down” anywhere in crypto — no delta, no basis legs, no spot inventory.

Trade 2: Locking the basis

This is the institutional-size use case, and it’s the one Boros was clearly built around. Anyone running cash-and-carry — long spot, short perp — earns floating funding, and floating funding has a habit of vanishing exactly when everything else is going wrong. Ethena is the canonical case: sUSDe’s yield is, to a large degree, funding income on short perps.

The fix: short YU on the matching market and notional.

Your perp leg receives floating funding; the short YU pays that same floating stream away and hands you the fixed implied APR instead. The floating legs cancel and fixed income is what remains. Pendle’s own worked example: short 50 BTC of Binance perps, short 50 YU-BTCUSDT at 5% implied, earn a flat 5% to maturity no matter what funding does.

The judgment call is entry, because this trade is you selling your floating income at the market’s price. Do it when implied looks rich against your view of where funding actually averages — after a mania, not in the depths of a risk-off — and the lock is a gift. Do it when implied is depressed and you’ve fixed yourself into the floor. The live screens make the price of certainty explicit — today’s numbers are in the premium annex.

Trade 3: The cross-venue spread (where the flow is now)

The same asset funds at persistently different rates on different venues. Hyperliquid, Binance, OKX and Lighter each have their own settlement schedules, user bases and risk parameters, and the gaps between their funding prints are structural, not noise. Everyone knew this; the problem was that farming the spread meant holding a floating position that could invert overnight. Boros makes the spread lockable. Four legs:

Long the perp on the cheap-funding venue, and long that venue’s YU — fixing what you pay.
Short the perp on the rich-funding venue, and short that venue’s YU — fixing what you receive.

The perp legs cancel each other’s delta, the YU legs swap both floating streams into fixed, and you hold the fixed spread between two venues to maturity — price-agnostic, rate-locked. Pendle’s backtest over September–November 2025 put the weighted average locked rate around 11.4% APR on BTC (October maturity) with peaks at 23.5%, and roughly 6% on ETH with peaks at 17.1%.

The opportunity hasn’t closed — the live board was quoting north of 11% fixed on BTC the day this was written, and the full construction, leg by leg with the day’s numbers, is the first setup in the premium annex.

Execution has also matured:

Pendle’s CrossEx tooling now runs both perp legs off a single shared collateral pool, killing the classic nightmare of one leg getting liquidated while its hedge sits on another exchange.

Why it isn’t free money: Boros order book depth caps clips at low-six-figure margin, four legs mean real execution risk, any leg that isn’t cross-collateralized can be liquidated on its own, and the fee stack — Boros swap and settlement fees plus CEX taker fees — takes a serious bite out of thin spreads on short tenors.

Trade 4: Going fully fixed with fixed-rate lending

Boros fixes the funding leg of a position. Most real positions also have a financing leg, and DeFi now has plenty of places to fix that too — fixed-term markets on Morpho V2, order-book lenders like Loopscale, or PTs as a fixed-rate deposit. Put the two together and you can build trades where nothing floats:

The fixed-fixed carry. A basis position plus a short YU is a synthetic fixed-income asset (trade 2). Finance it with a fixed-rate borrow whose term matches the YU maturity and the whole structure is locked end to end — fixed income in, fixed cost out, spread pocketed. What’s left is execution, venue and contract risk. Not rate risk.
Relative value between the two rate worlds. Once funding can be received fixed, it’s directly comparable with every other fixed rate in DeFi. Implied funding at 9% while fixed stablecoin lending pays 6%? The basis-plus-short-YU package is the better fixed deposit — or borrow fixed at 6% and fund the 9% receivable. Boros adds a new point to DeFi’s fixed-rate curve, and the gaps between that point and lending rates are themselves the trade.

One discipline makes all of this work: duration matching. Pick a loan term that matches the YU maturity, exactly the way a fixed-rate borrow gets matched to a PT maturity in PT loops. Mismatch the terms and you’ve reintroduced the rate risk you just paid to remove. And the pairing runs in both directions — the premium annex includes a defensive version built on Pendle PTs, where the fixed leg is the shelter and a long YU rents the upside back.

Trade 5: The looper’s hedge

Almost every leveraged position in DeFi is financed with a variable-rate borrow — stablecoins behind sUSDe and PT loops, WETH behind LST and LRT loops, floating legs on Morpho, Euler, Fluid and Aave everywhere.

That borrow rate is the position’s main floating liability, it reprices block by block with utilization, and its spike is the recurring tail event of the whole looping game: a loop printing 25% ROE flips to negative carry within hours, and at 5–10x leverage that bleeds fast.

Here’s the thing — the force that spikes borrow rates in a bull episode is the same force that spikes funding. Demand for leverage. When the market turns greedy, traders bid up perp funding, loop-borrow stablecoins and lever ETH all at once, so borrow rates and funding surge together.

Which means a long YU (pay fixed, receive floating) is a natural proxy hedge for any floating borrow leg: in exactly the episodes where your borrow cost explodes, funding prints far above your locked rate and Boros pays you the difference every settlement.

Entered in a quiet regime when implied is low, the hedge is cheap — and it can even carry positive if funding averages above implied. Match the market to the liability: BTC or ETH funding for a stablecoin borrow (both track the same leverage cycle), ETH funding for a WETH borrow.

Size it against what the spike actually hits — the borrowed notional, not your equity. A $100k-equity loop at 5x carries about $400k of borrowings; a borrow spike from 6% to 20% lasting a month costs roughly $4.7k extra.

A long YU with notional in the neighborhood of the borrowed amount, entered at low implied, pays out on a similar scale when funding makes a comparable move — which, in leverage-driven episodes, it historically does. The insurance can be priced straight off the live screen — the premium annex does exactly that, on a real sUSDe/USDC position.

The worked example: the sUSDe loop. Deposit sUSDe on Aave, borrow USDC or USDT, buy more sUSDe, repeat. This loop is unusually well suited to the hedge because of a timing mismatch: sUSDe’s yield arrives smoothed and lagged, while the borrow rate reprices instantly. When stablecoin utilization rips, the spread goes negative before the higher funding income ever shows up in sUSDe. A long YU on a Binance BTC or ETH market settles every 8 hours, so the payout lands while the squeeze is happening — not weeks later. The same logic carries to any loop whose collateral yield responds slowly to the leverage cycle while its borrow cost responds immediately. Which is most of them.

The newest layer: Boros goes programmatic

Everything above assumes a human clicking through the web app. Boros’s latest push removes that assumption. The team has been quietly building out a full developer stack — an open REST API (api-boros.pendle.finance), a TypeScript SDK, contract-level access through the Router — and the newest piece is the Boros CLI, which takes the whole platform out of the browser and into the terminal: markets, order placement and cancellation, position and margin management, all scriptable.

The design detail that makes this more than a convenience is the agent wallet architecture. You approve a separate key that can trade but cannot withdraw — so a bot, a script, or a server can run your strategy without ever holding the keys to your funds. Pair that with sub-accounts (up to 256 per wallet, each with its own margin and positions) and you have real strategy isolation: one sub-account market-making ETH funding, another running the cross-venue spread, a third holding your loop hedge, none able to blow up the others.

This is what expands the use case set from “trades a person can put on” to “systems a person can run”:

Algo trading on funding. Funding is one of the most regime-driven, mean-reverting series in crypto — exactly the kind of thing systematic strategies feed on. The rates punt from trade 1 becomes a rules-based book: fade implied when it stretches from its structural anchor, add long YU convexity when regimes go quiet, all without watching a screen.
Spread monitoring that never sleeps. The cross-venue arb’s constraint is that windows open and close fast and the four legs need tight execution. A bot watching implied APRs across venues around the clock, firing when the spread clears its fee hurdle, is the natural end state — the CrossEx terminal was the training wheels version.
Automated hedging. The looper’s hedge from trade 5 stops being a manual decision: a script can watch your live borrow rate and loop leverage, size the long YU against borrowed notional, and roll it at each maturity. Same for treasuries running basis books — short YU locks re-established automatically as old maturities expire.
Market making. Depth is Boros’s binding constraint, and thin young order books are precisely where early market makers get paid best. Programmatic access is the prerequisite; the CLI and API lower the barrier from “trading firm” to “anyone with a strategy and a server”.

What can go wrong

None of the above is free. The failure modes:

Implied APR is a price, not a promise. Exit before maturity and you realize whatever the curve says — possibly a loss on top of positive carry.
Liquidation at 1.4x is still liquidation. Implied can gap on a funding shock, and every leg of a multi-leg structure that isn’t cross-collateralized dies alone.
Depth. The books are young; size moves implied against you and stressed exits are expensive.
Venue dependence. Settlement runs on funding prints from centralized exchanges. A venue changing its funding mechanics, or an oracle fault, lands on YU holders.
Fee drag on short tenors. Swap plus settlement fees can eat a thin spread whole over a few weeks.
Protocol risk. Standard contract risk, plus a global deleveraging mechanism that can force-close profitable positions early to prevent bad debt.

Three live setups

Setup 1 — The locked venue spread: +32.4% fixed on BTC funding

Farm >10% on Morpho & >10% ETH APY on Uniswap

Thu, 03 Sep 2026 08:02:06 GMT

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This New DEX is Generating $2B Volume and Has No Token Yet.

Wed, 02 Sep 2026 08:01:22 GMT

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This week’s airdrop recap:

Claim/sale now: Umia claim opens Sept 2, Linera community sale live through Sept 8
Watch: Flop Labs AMA Sept 2 — eligibility weights finally get clarified
Dead: HyENA is shutting down — nothing left to claim, just a withdrawal checklist

| Today in DeFi is supported by DeFi Saver

Airdrop Claims 🪂:

Umia ($UMIA) — Sale Closed, Claim Sept 2

Onchain venture and token-launch platform on Base, incubated by Chainbound with a $4.6M raise led by cyber Fund. The public auction already closed on Aug 29 — hit its $0.36 cap ($18M FDV) in about 7 minutes, with ~678 wallets filling out of 2,700 connected. Claim and trading opens September 2, 12:00 UTC on Uniswap v4 (Base). Purchased tokens have no vesting; unspent USDC gets refunded.

If you bid, claim on Sept 2. If you didn’t bid, there’s nothing left here — no community airdrop was ever announced, and third-party trackers explicitly flagged this.

Official link: app.umia.finance

⚠️ High day-1 float — ~62% of the 40M launch supply unlocked immediately, meaning real sell pressure potential. Sale filled at the very top of its price range. This is a token purchase you’re now claiming, not a farmed reward.

Linera ($LNRA) — Community Sale Live Sept 1–8

L1 for real-time “gamified” markets with strong testnet traction (~50k traders, 80M+ predictions, 2B+ test txs). This week’s event is a paid community round, not a free airdrop — running Sept 1–8 via sale.linera.net at a $160M FDV.

Two pools: reserved (badge holders, activity-based priority) and open (pro rata, $100k cap, $100 min). Commitment Credits give $1 fee-free Season 1 volume per $1 committed. Allocations finalize ~Sept 15; unfilled amounts refunded.

Badges only improve priority — no free allocation. Without badges, this is just a public ICO at $160M FDV.

⚠️ You’re buying pre-mainnet at a set valuation — this is not low-risk DeFi. KYC/Sonar verification required. Open pool allocation can be diluted if oversubscribed. Team and investor tokens vest over 12-month cliff plus 24-36 months, but the sale tokens themselves are liquid at TGE unless you opt into a lock. A genuine points/airdrop path may exist later for Season 1, but that is not what’s live this week.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often carry the most attractive airdrop odds, early TVL, thin points competition, and generous multipliers. But that same immaturity is exactly what makes them risky.
Smart-contract exploits, depegs, insolvent yield strategies, and outright project failure happen disproportionately in a protocol’s first 3–6 months (we’ve seen it play out with Dango and others in this very letter). Nothing here has a multi-year track record.
Treat every entry below as capital-at-risk, not “free points”. Size positions like you could lose them entirely, and never deposit more than you’re fully prepared to write off.

Airdrop News/Updates &

Flop Labs ($FLOP) — Tokenomics First Look (Update)

Arthur Hayes-led network for the agentic economy, where AI agents pay for compute/inference using $FLOP under a “proof-of-useful-inference” design. Fair launch narrative — no VC allocation or presale — though team/Foundation still get 11.4% via block issuance.

The split heavily favors technical participants over social contributors — the DID + content path most people can do likely draws from the smaller reserve slice.

Confirmed activity: DID + genuine Technocore contribution (generate did:key, publish something useful, record it signed). Emerging but unofficial: GPU inference mining, running a validator, or agent-based inference spending.

Next catalyst: AMA Wednesday, Sept 2, 09:00–10:30 SGT with Hayes — where eligibility weights should get clarified.

Official X account: x.com/flop_labs
Official Website: flop.finance

⚠️ All numbers are draft and can change. Most of the pool goes to miners/agents/validators, not content contributors. Token targets Q4 2026, chain genesis not until Q1 2027 — you’d hold a claim to a network that doesn’t exist yet. Not a passive yield farm — size expectations accordingly.

HyENA — Product Shutdown, Nothing to Claim

HyENA was a HIP-3 perp DEX on Hyperliquid using Ethena USDe as margin, built on the thesis that idle USDe should earn yield while trading. Ethena rewards ended in June 2026; HyENA Points are final, with no snapshot, conversion, or distribution. No token was ever planned.

If you have exposure: open perp positions auto-settle via TWAP as markets delist Aug 31–Sept 2, no action needed. HLPe holders should withdraw 1:1 plus accrued rewards via Upshift (1-day queue) — final rewards issued Aug 27, last affiliate payout Sept 9.

Official link: hyena.trade

⚠️ Ignore any “claim HyENA token” sites — none exists, and any such site is a scam. Don’t wait for a retroactive airdrop; points have no confirmed monetary value.

New Opportunities:

Metric — Watchlist (No Confirmed Points Program Yet)

Multi-chain DEX with “active pools” that price against live oracle feeds (Chainlink + Pyth) instead of AMM pool ratios — single-asset LP, no pairing needed. Thin liquidity, high turnover: claims ~$2B monthly volume on under $4M LP capital, vs DeFiLlama’s ~$4.8M TVL. Already routing aggregator flow across HyperEVM, Monad, Base, and more.

No points program, Season, or TGE exists. Only signal: a wallet-submission form at metric.xyz “for a chance at early incentives.” Genuinely speculative — watchlist only.

Low-cost footprint: submit your wallet and follow @metricxyz for the public pool launch. If you have already swapped on HyperEVM/Base/Monad, some flow may already route through Metric.

Official X account: x.com/metricxyz

⚠️ No confirmed incentives — wallet submission may amount to nothing. High-volume, low-TVL design can mask real LP risk (inventory exposure, oracle risk, adverse selection). No tokenomics published, so any future airdrop size is pure guesswork. Product could remain gated indefinitely rather than transitioning to public. Watch for unofficial “Metric points” dashboards — only trust announcements directly from @metricxyz. Do not size meaningful capital purely on the hope of a future drop.

Today’s News Headlines:

- Aave proposes onboarding cirBTC as collateral
- 3Jane launches Levered Callable Capital, +20% APY
- NAVI launches 3-month USDC incentive campaign
- Pendle doubles PT-AUSD supply cap to 80M
- Aave hikes GHO Savings Rate to 4.50%
- Binance launches Stock Options for US equities
- YO Protocol launches BASKETS across Base, Ethereum, Arbitrum
- GoPro goes live on Solana via Sunrise
- Ethena launches Pay app on Avalanche