Today in DeFi

Lock 8% Stable Yield, Earn 11% From Low Risk LP

Thu, 12 Nov 2026 08:00:56 GMT

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Today’s News Headlines:

Hyperwave announced it is shutting down.
Aave launched V3.8 across 15 V3 markets, approved by the DAO and developed by Aave Labs. Its V4 stock-backed loan market on Base reached $25M in deposits.
Uniswap went live on Hyperliquid’s Elysium with v2, v3, and v4, citing $200M in all-time volume. Jupiter also opened a bridge between Elysium and Solana.
Arbitrum launched a stablecoin growth program for lending, DEX, and yield projects, stating Morpho’s USDG grew 13x in four weeks.
Variational opened Omni mainnet to the public and dropped its invite gate.
Maple said co-founder Joe Flanagan stepped down, reportedly over a strategy split with the CEO.
Pyth added NYSE reference data for tokenized stocks to its Data Marketplace. The NYSE BQT feed gives real-time top-of-book quotes.
Katana plans to fund KAT buybacks for stakers from revenue.

Earn up to 30% APR with BOLD/USDC on Aero

Estimated APR is about 14% for ranges covering the historical weekly price, or about 30% for aggressive ranges, on two of the lowest-risk stablecoins: BOLD (ETH-backed) and USDC (cash and Treasuries).

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Farming News:

GMX launched the GMX Dollar Vault, offering an estimated 7% to 12% base APR plus an 8%+ boost for 8 weeks.
Frax launched the Frax Ecosystem Accelerator, a frxUSD vault on Morpho curated by Crossworlds.
Exponent opened pre-deposits for the OnRe Yield Plus Vault, with up to $10K in incentives.
RockawayX launched the limUSD Lending Vault on Morpho’s HyperEVM, paying USDC depositors lending yield.
ether.fi introduced Liquid Bold USD, a higher-reward vault launched with Cap App.
Saturn raised weekly USDat distributions on Pendle, projecting $37,500 on Monad and $17,500 on Ethereum.
infiniFi said adding TVL, for example via YTs, shortens INFI airdrop vesting.

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:

Stable: PT USDat on Pendle, 7.55% fixed

Buy the PT USDat 14 Jan 2027 token at a discount of about 1.3%, and it redeems for 1 USDat at maturity, 64 days from now. That locks in 7.55% a year if you hold to the end. USDat is Saturn’s dollar stablecoin and holds no STRC; that exposure sits only in its staked version, sUSDat.

Stablecoin risk: USDat is backed 1:1 by PYUSDx (MoonPay), which is backed by Paxos’s PYUSD, whose reserves are Treasuries and cash. Only Paxos is independently attested, so the two layers above it rest on trust. Redemption is limited to eligible counterparties, and most holders exit through Curve, about $19M deep. Admin keys can upgrade or freeze the token with no timelock.

Farm risk: The 7.55% is fixed only to maturity. Selling early costs slippage, as PT liquidity is only $1.3M. At the end, you get USDat, not USDC, and part of the discount reflects demand for Saturn’s points.

How to enter

Open the market below, connect your wallet, and choose Buy PT.
Enter your amount (USDC if offered), check the 14 Jan 2027 maturity and fixed rate, then approve and confirm.
After maturity, redeem the PT for USDat in your Pendle portfolio.

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LP: PYUSD/crvUSD on Stake DAO, about 14%

This is a Curve pool of two dollar stablecoins, deposited through Stake DAO’s boosted vault. The rate is mostly CRV rewards, and the pool is small.

Stablecoin risk: PYUSD is issued by Paxos and backed by dollar deposits, Treasuries and cash equivalents, with monthly KPMG attestations. Paxos can freeze addresses. crvUSD is the riskier side: it is minted against ETH, staked ETH and BTC collateral, and held near $1 by soft liquidations (LLAMMA) and PegKeepers. It fell to $0.949 in Aug 2023 and spiked to $1.11 in Jun 2024, and Webacy rates it B+.

Farm risk: About 11 of the 13.8 points come from a Merkl campaign paying a fixed $194 a day to everyone staked here, until 24 Jul 2027. The vault holds only about $632K, so more deposits dilute it: at $2M staked it would be about 3.5%. The reward is a Yield Basis crvUSD wrapper priced near $1, and I could not confirm what it redeems into. If either coin depegs, you end up holding the weaker one.

How to enter

Get PYUSD and crvUSD and add them to the Curve PYUSD/crvUSD pool for the LP token. The vault page also has a Zap tab.
Deposit the LP token in the Stake DAO vault below. Claim rewards from its Claim tab; the Merkl reward may show up on Merkl instead.
To leave, withdraw from the vault, then remove liquidity on Curve.

Find and execute the 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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Premium Guide: Loop Proven Yield-Bearing Stable for 10% APY

Solana Labs Backed Trading App, Saturn Registration Live - Airdrop Alpha

Wed, 11 Nov 2026 08:02:15 GMT

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Today’s News Headlines:

Across reports a suspected domain hack. About $294K has been drained, and the team says not to visit the app or approve sign-ins.
iOS sandbox-escape exploit is now public. SlowMist says a proof of concept is out, and Binance warns it could expose seed phrases on iOS 26.7.1, 27.0.1, and 27.2.
FinCEN named MEXC a primary money laundering concern. Binance now rejects outgoing transfers to MEXC and holds incoming deposits for review, while ZachXBT questions the $16B allegation.
Aave DAO voted 100% to bring native Bitcoin collateral to V4 via Babylon. V4 has also passed $600M in active loans.
Initia halted its L1 after a $615K outflow. Early findings point to compromised rollup keys used to fake cross-chain transfers.
IRIS launched fixed-rate borrowing on SparkLend. Solvers compete to quote a fixed rate for your chosen duration, and a failed solver reverts the loan to SparkLend’s floating rate.
Pendle listed four USDe fixed-term markets. 2027 terms were first quoted around 5.24%–6%, and PT-USDe can be exited before maturity.
LlamaRisk proposed trimming Aave V3 Core. It would remove $1.33B of riskier collateral and freeze new deposits without forced liquidations.
zkSync launched Prividium Connect for institutions. It lets them privately link their existing chains.
X added Fomo as a trading partner for Solana tokens. Users tap “Trade” on a cashtag and finish in Fomo’s wallet app.

Find and execute the 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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Airdrop Claims 🪂:

Saturn: Season 1 and 2 Registration Open Until Nov 16

Saturn is a Bitcoin-linked digital credit protocol with the USDat stablecoin and a yield-bearing sUSDat. Registration for the Season 1 and Season 2 airdrop opened Nov 9 and closes Nov 16 at 9:00 AM EST (14:00 UTC). It’s free, and it is not a claim. It only confirms your eligibility and receiving address; claiming opens separately at TGE. Press reports put TGE in Q4 2026 with no date, and the Season 2 pool at up to 5% of supply.

To register, connect the wallet that earned Saturn Points, sign a message, verify Discord, and confirm. The registered wallet must be the one that earned the points. It’s not offered in the US, EU, or EEA.

Official link: claim.saturn.credit

⚠️ Registration does not guarantee an allocation, because final eligibility is set at TGE. Register the wrong wallet and you get nothing. Saturn says the registration link is published only from its official X account, and that it never DMs first or asks for keys or funds, so treat any other “Saturn claim” link as fake. Sign the message and nothing else.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often offer 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.

Earn Up to 30% APR with BOLD/USDC on Aero

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Airdrop Updates:

Predict Fun: Choose 35% Now or 100% After a Year, Deadline Nov 26

Binance postponed its PREDICT listing, but the airdrop election is open to Predict Points holders. Option A pays 35% in weekly batches through Nov 27. Option B pays 100% after a one-year stake and is the default. The deadline is Nov 26 at 09:00 UTC.

⚠️ The choice is one-time, and Option A forfeits the other 65%. Option B locks your tokens for a year with no listed price. Check your points only in Binance’s Prediction Account or the Predict dApp in Binance Wallet, and treat any other claim page as fake.

Extended ($XTEN): Final Rate About 4.29 XTEN per Xpoint

Extended has ended its points program and set the final rate at about 1 Xpoint = 4.29 XTEN. It comes from the 300M XTEN (30%) community allocation, fully unlocked at TGE. There’s no TGE date and no EU spot at launch.

⚠️ The 4.29 rate comes from Extended’s post and serves as an estimate, not a guaranteed fixed statement. Insiders reportedly hold about 53.88% of supply. Fake XTEN checkers are circulating, so use only Extended’s official pages.

New Opportunities:

Leap: Solana Labs’ Stock and Crypto Trading App

Leap is a self-custodial mobile app from Solana Labs, built by the team behind Dialect, that lets you trade tokenized stocks, ETFs, metals, currencies and Solana tokens in one place. It opened in early access on iOS on Nov 5, with a waitlist and Founders Club at leap.xyz.

There are no Leap fees at launch, and future fees are planned to buy and burn SOL and fund a referral program. Founders Club members get referral rewards once fees start. No Leap token or airdrop has been announced, so this is one to watch, not farm.

Official link: leap.xyz

⚠️ Tokenized stocks and ETFs aren’t available in the US, UK, EEA, and many other regions, and VPN workarounds aren’t allowed. A tokenized asset gives no ownership, voting rights, or dividends, and its price can drift from the real one. Trades on-chain can’t be reversed, so check the amount before you confirm. Use only the official leap.xyz link.

New yield tranche protocol with yields up to 30% + points:

Arc Grew Amidst Capital Leaving Crypto

Tue, 10 Nov 2026 08:05:34 GMT

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Today’s News Headlines:

Elysium goes live on Hyperliquid with 100ms blocks
Galxe consolidates team and brand under Gravity
Liminal’s limUSD goes live as collateral on Morpho
Aptos turns on opt-in encrypted transactions on mainnet
MetaMask adds new 2FA, will trade Anthropic on day one
PNC Bank begins testing USDC payments on Ethereum
Stripe partners with MiPlata on Visa prepaid stablecoin card
Circle moves USYC’s fund into longer T-bills

Key Takeaways:

Regime: risk-off and not improving.

Stablecoin supply fell for a fifth straight week to $293.0B, and holding leveraged longs costs 8.32% annualized against 5.34% to borrow; capital is flowing out of crypto, and traders are still crowded in longs while the market bled.

Arc grew while the market shrank

Arc added $212M in stablecoins (+19%) while the total fell $4.6B, so new money is choosing where to sit. Base’s $1.19B volume spike looks big, but Curve did nearly all of it in two days.

Single-name news moved tokens, not the market

CAP, FLUID, UP, KMNO and MET each had their own announcement behind the move. FLUID gained on Jupiter Lend fees, and Kamino on a CEO statement.

Earn Up to 30% APR with BOLD/USDC on Aero

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Macro Brief

The 2-year yield, which tracks Fed expectations, closed the week at 4.51%, down about 9bp from 4.61%. A jobs gain of 165K kept rate-hike bets alive, and December hike odds sit at roughly 77–81% depending on the source. A market pricing a hike pays less for risk.

Crypto vs stocks:

The Nasdaq fell 3.4% and the S&P 500 fell 2.7%. Bitcoin fell 4.5% and Ether fell 6.5%, so crypto traded with stocks this week and fell harder.

Crypto Capital On-Ramp

Total stablecoin supply 7d change (level + WoW)

Cash kept leaving crypto last week. Total stablecoin supply fell about $4.6B (−1.5%) to $293.0B, the fifth straight weekly decline and bigger than the prior week’s $4.7B drop

USDT lost $2.45B and USDC $1.10B. USDS (Sky’s coin) fell 15% to $5.43B, and USD1 fell 11.8% to $3.43B. USDe (Ethena’s coin) grew 9.7% to $4.97B, and RLUSD (Ripple’s coin) grew 11.3%. Both trading-focused stables and yield-bearing stables are losing in supply; capital isn’t rotating between stablecoins and crypto, it’s leaving the ecosystem.

BTC and ETH Exchange Flows

Exchange reserves show where coins are sitting. A rising balance usually means more coins positioned to be sold. Bitcoin held steady: all-exchange reserves ended the week near 2.828M BTC, about 2,000 BTC (0.07%) below the Nov 2 level of about 2.830M. They briefly jumped to about 2.844M on Nov 3 and fell back.

Ether went the other way: reserves rose about 120,000 ETH (+0.8%) to about 14.62M, peaking near 14.67M on Nov 6, around $260M at the current price (CryptoQuant). ETH is the weaker of the two. It has fewer buyers, ETF outflows for a sixth week, and more coins on exchanges.

ETF flows

Bitcoin funds lost $1.28B Mon–Fri, the largest weekly outflow since June, with only Nov 4 positive. Ether funds lost $365M, the 6th straight week of outflows. The biggest days were Nov 5 and 6, as Nasdaq-led tech selling hit and the jobs report landed.

Week-Ahead Catalysts

Tue Nov 10, 8:30 AM, October CPI: This is the last inflation reading before the Dec 8–9 FOMC.
Thu Nov 12: Jobless claims at 8:30 AM. Barr, Hammack, Daly, Goolsbee, and Williams all speak.
Fri Nov 13, 8:30 AM, October PPI: September was +1.3% month over month. Daly and Jefferson speak.

Crypto:

Mon Nov 9, Polymarket Protocol V2: Release moved from Nov 2, with timing and migration order still to come. Single-sourced (Odaily).
Thu Nov 12, 06:00 UTC, PUMP unlock: About $32.9M, 1.95% of market cap. This is the largest in dollar terms among tokens with a known size.
Sun Nov 15, STRK unlock: About 127M tokens (about $5M) at 12:00 UTC. Solana Breakpoint opens in London the same day and runs through Nov 17.

Onchain Risk Regime

Aave / Sphere Rates

Leverage is building even as prices fall. Perp funding (the fee leveraged traders pay to hold perp positions) rose to 8.32% annualized, up from 6.88% and the highest since late August.

That is about 3 points above the stablecoin borrow rate of 5.34%. Traders are paying more to stay long as credit gets cheaper, which is how leverage builds in a weak market

ETHBTC vs 20W MA

ETH/BTC closed the week at 0.02842, down 2.2% and 5.1% below its 20-week average of 0.02995. ETH fell 6.5%, and BTC fell 4.5% at the Sunday close; higher-beta assets are hit harder.

Find and execute the 15%+ stablecoin yields in minutes
Save time without manually checking every protocol. 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.

| Today in DeFi is supported by DeFi Saver

Chain Comparison

Stablecoin flows by chain

Stablecoin supply by chain tells the same story as the activity data. Ethereum lost about $4.9B (−3.5%) in seven days and $8.6B (−6%) over 30 days, which is more than the whole market’s net drop. Solana lost $507M (−3.3%), and Arbitrum, Tron, and Hyperliquid each lost $73–117M.

Of the gainers, Arc is the only new-money story that has held up over a month, staying consistent over the last 30 days, mostly driven by Stablecoin farming opportunities on Aave, like the syrupUSDC looping opportunity, as Aave on Arc offers relatively lower borrow rates than other protocols.

3B. Structural Shifts- DEX Volumes

Ethereum and Tron returned to normal after their hack-driven spikes. Ethereum’s DEX volume fell 28.5% (approximately −$4.8B), app fees dropped 42.7%, and chain fees fell 80%. Tron’s DEX volume declined 71%. Both chains spiked on October 29–30, and that activity has now largely disappeared.

Base is the only large chain showing growth, but it is heavily concentrated in Curve. DEX volume rose to about $1.38B (+20.2%), with Curve contributing $1.19B over just two days: $667M on November 2 and $518M on November 5. Excluding Curve, Base’s DEX volume is up just 2.8%. Curve also accounts for roughly 90% of Base’s app fee increase.

Polygon’s fee growth is almost entirely Polymarket-driven.

App fees rose 26.2%, but Polymarket alone added $2.5M (+33%), more than the chain’s total net gain. Interestingly, Polymarket’s Polygon TVL fell 12% over the same period, suggesting higher activity despite lower capital deployed.

Monad and Arc remain small, concentrated stories.

Monad’s DEX volume rose 47.7%, but Kuru’s November 4–6 burst ($19.5M, $48.5M and $26.6M) exceeded the net gain and has already faded to roughly $3M daily. Uniswap’s Monad TVL jumped from $30M to $46M on November 7, while its volume fell 12%, pointing to a liquidity deposit rather than increased trading demand.

Project & Protocol Discovery

Token Price Movers - Observations, not trade ideas.

CAP, +36.7%: Product launch and expansion

Cap announced a partnership with ether.fi, which launched Liquid Bold USD, a vault powered by Cap and Midas offering a promotional yield with instant entry and exit. In addition, Cap announced it expanded its on-chain credit marketplace into film and media financing, including a loan for the feature film Wake. CAP rose 30.9% that day, as the market also rallied on relief.

FLUID, +12.5%: Fees milestone

Jupiter Lend, which runs on Fluid, recorded record monthly fees in October: $4.7M (+18% month-on-month, $56.7M annualized, 2x year-on-year).

UP, +12.7%: Yield Strategies innovation

On Nov 4 (21:47 UTC), Superform activated its SuperSPCX strategy, which lets users put SpaceX-linked exposure to work on Base with borrowing through Aave. Parameters are a 31% target LTV, a partial auto-deleverage threshold of 35%, and a full one of 38%.

KMNO, +10.4%: catalyst on Nov 3, product news on Nov 6.

The main catalyst was the Nov 3 CEO statement on the token (KMNO as the only token, at least $20M committed over 24 months). Two later posts on Nov 6 were secondary: over $40M of fixed-rate loans rolled automatically into new 30-day terms, and a USDG High Yield Vault curated by SteakhouseFi paying up to 10% APY. KMNO’s gains came on Nov 3–4, before those posts. Weekly fees are down 18%.

MET, +10.0%: $1WIN token launch.

The $1WIN token debuted on Meteora after a $61M public sale, and MET rose 19.6% on Nov 7, with volume at 5.5x the average on Nov 8. Meteora also announced a new DLMM Pro preset on Nov 6. Fees are up 19.4% to $4.82M, and DEX volume is up 11.4%, with Nov 2 accounting for 32.5% of the week’s fees.

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

Hyperliquid L2 Elysium Launches, US Approves Stock Perps

Mon, 09 Nov 2026 08:03:19 GMT

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DeFi📈

Elysium, Kinetiq’s Layer 2 for Hyperliquid, launches its public mainnet on Nov 9. It uses HYPE for gas and runs 100 ms blocks; day-one apps include Nest DEX, pump.fun, and Derive.
- Sequencer fees are reportedly 50% directed to KNTQ buybacks, and native HyperCore order placement is planned about four weeks later.
Aave V4 added collateral swaps on Aave Pro for Ethereum, Base, and Avalanche, so you can swap collateral without closing positions.
Aave set a vote on native BTC as collateral for V4 stablecoin loans, covering Babylon vaults, and Babylon says the Snapshot is live.
Kraken’s parent Payward and its clients bought an undisclosed amount of AAVE on the secondary market and may buy more.
Base Denim is live on mainnet with 200ms blocks, five complete blocks per second (Alchemix).

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Issues ⚠️

FinCEN ordered US banks and payment firms to stop processing transfers with MEXC, citing $16.7B in suspect flows from May 2021 to May 2026. The order binds US institutions, not MEXC itself, and users report deposit restrictions at OKX, Binance, and other exchanges.
- If you hold funds on MEXC, check withdrawal and deposit rules before moving them.
Mercado Bitcoin, Brazil’s exchange, was hacked, with Hypernative estimating $40M+ across 10+ chains (unconfirmed). Arkham shows the hacker holding about $46M, and Tether froze over 4.5M USDT. The exchange says no customer will lose funds, blocked $12.9M in affected assets, and plans a view-only reopening.
Binance says a fake job interview opened the path into its $6.34B hack. CZ says it covered the full loss from its own balance sheet, a Binance-side claim, and net outflows hit $14.1B over the week. North Korea denied the attribution.
Trade.xyz reported unauthorized activity on its GitBook docs, restored as of 9:15 AM ET, and hasn’t said what changed or whether funds were affected (Cointelegraph).
Anza urged a Solana patch: unpatched nodes risk forking off, and the fix is in Agave 4.4.1.

Stablecoins/RWA🪙

Kamino launched PT-reUSD and PT-ONyc USDG markets, both curated by Steakhouse; you can also borrow USDG against PT-ONyc.
Exponent launches ONycSOL pre-deposits; a SOL token earning staking yield plus reinsurance returns from OnRe’s ONyc, managed by RockawayX.
- Pre-deposits come with $20K and 4x OnRe Points in rewards.
Aave V4 listed SPCXc on the Coinbase Tokenized Stocks market on Base, though the post doesn’t define SPCXc beyond the ticker.

Perps DEX📉📈

The CFTC says perpetual futures on individual stocks can now trade on CFTC-registered exchanges that are also registered with the SEC for security futures. Only CFTC-registered exchanges like Kalshi and Coinbase Perps are SEC-registered for security futures.
Hyperliquid filed for US regulatory approval for perps futures trading, and Hyperliquid Strategies seeks FCM registration. The filing specifics are unverified.

News🗞️

Binance Names Justin Yek as New CFO After the Theft. Bloomberg reports Kaiser Ng plans to leave, and Binance says handover planning predates the theft.
Democrats won the House and Senate in the Nov. 3 midterms, and Elizabeth Warren is in line to chair Senate Banking. TD Cowen expects the CLARITY Act not to pass over the next two years. The White House is also reviewing an SEC plan to rewrite crypto broker capital and custody rules.
Strategy bought 811 BTC (~$65.5M) and repurchased $208.2M of STRC, holding 849,327 BTC and $4.9B in USD assets as of Nov 1 (Saylor, Wu). WatcherGuru reports 810 BTC, a slight difference.

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Earn >10% LP APY on Proven Stablecoins

16% on Stablecoins: How to Loop sfrxUSD on Curve’s LlamaLend

Fri, 06 Nov 2026 08:01:12 GMT

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Today’s News Headlines:

Base Denim goes live on mainnet with 200ms blocks
Aave sets vote on native BTC as V4 collateral
Payward reportedly acquires AAVE
Stacks opens Bond 3 with Bullish and 21Shares
Loopscale partly reopens loans, vault withdrawals frozen
Anza urges Solana patch, unpatched nodes risk forking
Hyperliquid files for US approval for perps futures trading
Hyperliquid Strategies reports $620.6M Q3 profit from HYPE gains
US crypto policy: White House reviews SEC broker rules, CLARITY Act looks dead

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TL;DR

LlamaLend is Curve’s lending protocol. You deposit a yield-bearing stablecoin, borrow crvUSD against it, buy more of the stablecoin, and repeat. That’s a loop.
The yield on a loop comes from a small spread multiplied by leverage. sfrxUSD earns 4.93% and borrowing crvUSD against it costs 3.67%. At 3x, that’s about 7.5%; at 10x, it’s about 16%.
Instead of liquidating you all at once, LlamaLend’s “soft liquidation” sells your collateral gradually as the price falls and buys it back as the price recovers. That’s kinder in a short dip, but it costs you a little each time the price moves through your range.
Each market is isolated. The CRV market’s bad debt in 2025–26 never touched the stablecoin markets. But a March 2026 attack on the sDOLA market cost its own borrowers about $822K.

Why LlamaLend

LlamaLend also has markets for volatile collateral (WETH, wstETH, WBTC, tBTC, CRV). This guide focuses on yield-bearing stablecoins, where price risk is lowest and the loop math is simplest.

1. A mechanism that helps keep the spread positive

On most lending protocols, popular loops get crowded. Everyone borrows, utilization (the share of deposits that are lent out) jumps, the borrow rate spikes, and the trade stops paying. LlamaLend has two things working against that:

CRV rewards for lenders. Curve’s governance (veCRV holders, through “gauge” votes) can send CRV emissions to lenders in a market. In the sDOLA market, lenders earn 3.7% base plus 1% in CRV. Because the CRV makes up the difference, lenders accept a lower base rate, so borrowers pay less. In effect, CRV is subsidizing your spread. You get it as a lower borrow rate, so there’s nothing to claim.
Rate models built for yield-bearing collateral. Some newer markets set the borrow rate by reference to the collateral’s own yield. That keeps the spread small but positive instead of letting it swing.

It isn't guaranteed. Three of the six markets below have a negative spread today

2. Collateral you can’t easily loop elsewhere

Aave lists sUSDe. It doesn’t list sDOLA, fxSAVE or svZCHF. LlamaLend’s menu is built around exactly this kind of collateral, and according to LlamaRisk, Curve’s risk manager, yield-bearing stablecoin markets attract the most organic borrowing demand on the platform.

3. Isolation

Each market has one collateral and one borrowable asset (almost always crvUSD). Lenders deposit only crvUSD, and your collateral is never lent to anyone else. If one market goes bad, the others don’t feel it. We’ll see below that this held up in practice.

4. High leverage, and why you shouldn’t use all of it

The sfrxUSD and sDOLA markets allow up to about 50x. That’s the protocol’s limit, not a recommendation. Past about 10x, a small rate change or depeg can wipe out a year of yield.

How the Loop Works

A loop is: deposit collateral → borrow crvUSD → swap it into more collateral → deposit → repeat.

Curve’s interface does all of this in one transaction when you choose a leverage level.

Your net yield = collateral yield × leverage − borrow rate × (leverage − 1)

Worked example: $10,000 of sfrxUSD at 3x

$30,000 of sfrxUSD earning 4.93% = $1,479 a year
20,000 of crvUSD debt at 3.67%=-734 a year
Net: $801 on $10,000 = 8.0%

Leverage cuts both ways. At 10x, every 0.1% rise in the borrow rate takes about 0.9% off your yield. If the spread turns negative, more leverage means losing money faster.

Native yield vs. reward tokens. All the yields in the table below are native: they build up in the token’s exchange rate and compound automatically. Some markets also advertise borrower rewards (CRV, OP or Merkl campaigns) that make the headline APR look higher. Those are good on paper, but you can’t set and forget them:

Your debt grows every block, but reward tokens sit unclaimed until you claim them. Until you claim, sell and put them back into the position, the borrow cost is eating into your equity.
Reward tokens are volatile. If you wait a month to harvest and the token drops 30%, your real APR drops with it.
Each harvest costs gas, so on small positions frequent harvesting can wipe out the gain.

If a loop only works with rewards included, plan to harvest and compound at least weekly, and work out the APR without the rewards too.

Live LlamaLend stablecoin markets:

Free liquidity matters. With only $0.06–2.35M available to borrow per market, a large loop can push the borrow rate up on its own. Check the rate again after you enter.

Soft Liquidation: The Good and the Bad

This is the biggest difference between LlamaLend and Aave or Morpho.

On Aave or Morpho, liquidation is a single event. Once your health factor drops below 1, a liquidator repays part of your debt and takes your collateral plus a 5–10% bonus.

On LlamaLend, your collateral sits in a built-in market maker called LLAMMA, spread across a price range divided into “bands” (you choose 4–50 when you open the loan). If the price falls into your range, arbitrageurs gradually swap your collateral into crvUSD. If the price recovers, they swap it back. You’re only fully (”hard”) liquidated when your remaining equity runs out.

The good

A short dip doesn’t end your position. A brief depeg might convert some collateral, but you get it back when the price recovers.
Losses come gradually, with no single 5–10% liquidation penalty.
You can self-liquidate. If you’re in soft liquidation, you can close the position yourself, repaying only the net debt (the crvUSD already sitting in your bands counts toward it), and keep the remaining collateral. That beats waiting for a hard liquidation.

The bad

A price that hovers in your range bleeds you. Each trip through your bands sells low and buys back high. Over days, those small losses add up, even though you were never “liquidated.”
Once you’re in soft liquidation, your options narrow. You can’t add collateral, withdraw or borrow more. You can still repay, but repaying doesn’t move your range, even if you repay 99% of the debt. On Aave, adding collateral fixes things instantly. Here, only a price recovery or closing the loan gets you out.
You can’t change your band count on an open loan. The number of bands you choose when you open is your main risk decision.
High leverage cancels out the benefit. At high leverage the range is narrow with few bands, so soft liquidation behaves much like a normal one.

How LlamaLend compares

Oracles: Why a Depeg Counts Here

To value your sfrxUSD, LlamaLend combines two numbers: the market price of the underlying stablecoin (frxUSD, taken from Curve pools and smoothed over time) × the vault’s exchange rate (how much frxUSD one sfrxUSD is worth).

Aave and many Morpho markets lean mostly on the exchange rate and treat the underlying as $1. In practice:

If DOLA, frxUSD or USDe trades at $0.98, LlamaLend sees it. Your health drops and soft liquidation can start. On Aave, the same depeg might not register at all. LlamaLend’s pricing is more honest, and more sensitive.
The smoothing filters out brief wicks, so a one-block dip won’t trigger anything.
The exchange-rate half can be manipulated, as the sDOLA incident below showed.

Track Record: Isolation Has Held

LlamaLend has had problems, and each one stayed inside its own market:

CRV market bad debt (2025–26): CRV’s crash left the CRV-long market with about $754K of bad debt. Lenders in that one market took the loss; the stablecoin markets were untouched.
sDOLA oracle attack (March 2026): an attacker manipulated sDOLA’s exchange rate and liquidated about $822K of borrower positions. The DAO proposed full compensation, and today’s sDOLA market runs on v2 with hardened oracles.

The takeaway: isolation protects you from other markets, not from your own, so pick collateral you trust and keep leverage moderate.

Risk Checklist

Spread turns negative: sUSDe’s yield swings with funding rates, and borrow rates rise with utilization.
CRV rewards move: if gauge votes send CRV elsewhere, lenders leave, rates rise and your spread shrinks.
Unharvested rewards: if your APR depends on borrower reward tokens, they must be claimed and compounded regularly, and their price can fall while you wait.
Collateral depegs: it shows up in your health right away (see the oracles section).
crvUSD peg: every loop here borrows crvUSD, so if it trades above $1, your debt costs more to repay. A slow PegKeeper response briefly caused that in June 2024. It has since been fixed, and crvUSD has traded between $0.998 and $1.000 over the past 30 days.
Shallow markets: $0.06–2.35M of free liquidity per market.
Contract version: v1 is older and battle-tested but has the older oracle design; v2 is newer and curated by LlamaRisk.
General smart contract risk across Curve, the collateral’s issuer and any interface you use.

How To: Open and Manage a Loop

Opening a loop on Curve

Go to Curve’s LlamaLend page and filter for stablecoin collateral. [SCREENSHOT: market list]
Pick a market and choose Borrow, then switch on leverage.
Enter your collateral amount and the leverage you want. Curve shows your total position and debt.
Choose the number of bands. More bands give you a wider range and smaller losses per band, but lower maximum leverage. You can’t change this later.
Check the liquidation range and health before you confirm. The top of the range is the price at which soft liquidation starts.
Approve and confirm. The whole loop runs in one transaction.

Managing it on Curve

To reduce leverage: use Repay → with collateral. It sells some collateral to pay down debt, in any amount, and moves your liquidation range lower.
To increase leverage: Curve doesn’t have a one-click option for existing loans. “Borrow more” adds debt, but it doesn’t buy more collateral for you.
If you’re in soft liquidation, you can only repay or self-liquidate (see above).

One-click leverage increases: if you run an sUSDe or volatile pair(btc,eth) loop and want to raise leverage without closing and reopening, DeFi Saver supports LlamaLend’s sUSDe markets. Its Boost does Borrow crvUSD → Swap → Supply sUSDe in one transaction, and you can simulate the result first.

Bottom Line

LlamaLend is the best place right now to loop yield-bearing stablecoins, as long as you go in knowing what the trade is: a 1–2.6% spread, multiplied by leverage, partly paid for by CRV, and protected by a liquidation system that’s gentler than Aave’s but has its own costs. Start at 3x, check the spread weekly, and never assume the rate you entered at is the rate you’ll keep. If you hold sDOLA from our FiRM guide, LlamaLend’s sDOLA market is a natural next step.

🔒 The LlamaLend Loop Playbook

Lend USDC For 9%, LP for 14% APY - Farming Alpha

Thu, 05 Nov 2026 08:01:47 GMT

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Today’s News Headlines:

Democrats win House and Senate, Warren set to lead Senate Banking
onycSOL introduced by Exponent, pre-deposits open with 4x OnRe Points
Aave V4 lists SPCXc on Coinbase Tokenized Stocks Market
Blast shuts down L2, sends users to mainnet
Mercado Bitcoin plans view-only reopening, pledges own funds
Liquity advertises 33.5% APR for BOLD/USDC on Aerodrome
Polygon member proposes hard fork to recover 70.49M POL

Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

While variable-rate loops get squeezed when borrow costs spike, Inverse’s FiRM locks your rate at 4.69%, just 1.02% after Merkl rewards through Dec 12. Loop Liquity’s ysyBOLD earns 5.00% from real liquidation gains and borrower interest, at ~5x leverage, for about 20% net APY.

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

This Week’s Farming News:

Lista DAO’s Saturn Vault offers 10.87% APY on USDT, with vault yield, LISTA emissions, and 5x Saturn Credit Orbital Points. Deposits passed $1.47M.
Aave’s app offers up to 7.25% APY on several stablecoins, paid every second.
Kamino launched a PT-ONyc USDG market, so you can borrow USDG against Exponent’s PT-ONyc.
Aave V4 added collateral swaps on Ethereum, Base, and Avalanche, letting users swap collateral without closing positions.
Mezzanine launches Nov 5, letting users choose their own yield strategies.
FalconX’s Structured Credit Facility now accepts cbBTC on Ethereum at an initial 2.32% APY. The minimum deposit is 3 cbBTC.
Re’s reUSD is live on Monad with Pendle and Morpho: buy PT-reUSD for a fixed rate, take YT-reUSD for ~7% plus 30x Re Points, or borrow USDC against the PT.
SPCXc is now live on the Aave V4 market for Coinbase Tokenized Stocks on @base. Users can borrow USDC against it.

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 14% on Stables:

Stake DAO (Ethereum) — Curve crvUSD/sUSDe LP - 14.66% APR

This strategy stakes the Curve crvUSD/sUSDe LP in its gauge and boosts CRV rewards through Stake DAO’s veCRV position, currently 2.30x. The page labels 11.86% as “Trading APY” and doesn’t break out the rest. The remaining ~2.8% would be boosted CRV (my subtraction). There’s no APR history yet. The pool is small: $818K of underlying TVL, with $220K deposited through Stake DAO. Rewards fees total about 16.5%.

What you hold: sUSDe is Ethena’s staked USDe, a vault share that rises against USDe (about $1.25 here), not a $1 coin. Per TID’s sUSDe report, its yield now comes mainly from lending, stable spreads, and RWAs after perp funding fell from about 93% to 11% of the mix. crvUSD is Curve’s overcollateralized stablecoin, held at $0.9987 now, backed by borrowers’ crypto and soft-liquidated through LLAMMA.

How to farm: Deposit the crvUSD/sUSDe LP token on the Stake DAO page (the Zap tab can start with one token) and claim CRV from the Claim tab.

Risk — Medium: The LP holds both coins, so a depeg of either leaves you holding more of the weaker one. sUSDe has shown small secondary-market discounts in stress, and its primary redemption has a 7-day cooldown, so exits go through the market.

Most of the yield depends on the CRV boost and gauge votes, and with no APR history and such a small pool, a $20K deposit is a large share. On the protocol side, LlamaRisk’s liquid-locker assessment flagged elevated multisig rights (unlimited minting, arbitrary code execution), partly mitigated by audits.

Inverse’s review of four public Stake DAO audits found two Critical Pashov findings in a different Stake DAO product (lending). Your funds also pass through the Curve pool, the gauge, the Stake DAO vault and a Convex implementation.

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Morpho (Monad) — SharpByte USDC High Yield - 8.87% APY

Lend USDC to SharpByte’s USDC High Yield vault on Morpho. It lends against two markets: PT-USDat (96.65%, matures 14 Jan 2027) and PT-reUSD (3.35%, matures 10 Dec 2026), and a third market against eTPLUS is enabled but empty.

USDat is Saturn’s Treasury-backed stablecoin, and reUSD is Re’s reinsurance-backed token. The 8.87% includes 6.92% from borrower interest and 1.95% from WMON rewards. The 7-day APY is 9.32%, and the 30-day is 7.33%. The vault launched on 16 Sep 2026, holds $1.49M, and charges a 10% performance fee.

How to farm: Bridge USDC to Monad, open the vault on Morpho, connect your wallet, and deposit. Withdrawals are instant up to the liquid balance, currently all $1.49M. Claim WMON from Morpho’s rewards page (I didn’t test this).

Risk — Medium to High. About 97% sits in PT-USDat, and Hyperithm’s Saturn vault lends into the same market (same $2.99M of liquidity at about 90% utilization), so exits compete for it. Both PT collaterals mature within weeks, so the curator has to roll into new markets, and PT-reUSD on Monad only launched on 3 Nov (about $190K of market liquidity, hence the small 3.35% slice). The vault is seven weeks old with no 90-day history. The curator hasn’t submitted a risk disclosure, Morpho lists no rating, and Morpho shows the owner as a plain address (also the sentinel and allocator) rather than a Safe multisig. Cap increases take 3 days (7 is recommended), and neither PT market has an absolute cap.

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Premium Guide: Loop Proven PT for 20% APY on Solana

InfiniFi Airdrop Registration, Trade Stocks for Points on StableStock - Airdrop Alpha

Wed, 04 Nov 2026 08:01:22 GMT

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

Today’s News Headlines:

Aave V4 adds collateral swaps on Aave Pro
Kamino launches PT-reUSD and PT-ONyc USDG markets
Pendle and Centrifuge bring fixed-rate RWA markets to Base
Drake proposes Ethereum quantum defenses by December 2028
Binance says fake job interview opened path to $6.34B hack
Mercado Bitcoin blocks $12.9M, pauses services
Liquity shows 36% APR on ysyBOLD
CFTC approves first equity perpetual futures contracts

This week’s airdrop recap:

Register: infiniFi’s INFI airdrop registration is open until Nov 10 (15:30 UTC), but only for wallets that earned Season 1 or 2 points.
Deadlines: Ondo Perps referrals close Nov 11 and MetaMask’s perps contest closes Nov 12. Both need real funds, and Predict Fun’s token launch is postponed with no new date.
New: StableStock launched its points program for tokenized stocks, and STRATO has Season 2 points live, both in New Opportunities.

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Airdrop Claims 🪂:

infiniFi: INFI Airdrop Registration Open Until Nov 10

infiniFi is a yield protocol built around the iUSD stablecoin (siUSD stakes it for yield and liUSD locks it). Registration is now open for the Season 1 and Season 2 INFI airdrop. It is only for wallets that earned points in either season. Both snapshots are complete, so new activity doesn’t change those allocations. Registration closes Nov 10 at 15:30 UTC.

Eligibility: points came from minting and holding iUSD, staking to siUSD, locking to liUSD, Pendle positions (YT and LP), curated vaults on Morpho, Euler and Tau, and the Katana event. Referrals added 10% of your referrals’ points.

To check, connect the wallet you farmed with at app.infinifi.xyz/infi. It should show any Season 1 or 2 allocation. Season 3 points are now live, but they don’t affect this airdrop.

Official link: app.infinifi.xyz/infi

⚠️ Registration only covers Season 1 and 2 wallets, so a new wallet has nothing to register. Points are not a promised payout until the page shows your allocation. Fake “infiniFi claim” sites are likely, so open only the official site, check the domain, and approve nothing beyond registering. Chasing Season 3 means real capital in a stablecoin and yield stack, with depeg and smart-contract risk, and Pendle yield-token positions can lose value as they approach maturity.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often offer 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.

Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

Airdrop News/Updates &

Predict Fun: Token Launch Postponed

The Season 1 claim is delayed (70M tokens, 7% of supply). Wait for an official date.

⚠️ The old Oct 30 claim time is void, and the launch is tied to a Binance listing with no new date. Treat any claim page before an official announcement as fake. When it opens, you choose 35% instantly or 100% over a 12-month vest, and the vest leaves you exposed to price moves for a year. Unclaimed tokens are forfeited after roughly a month.

Ondo Perps: Referral Campaign Ends Nov 11

This is a cash campaign, not a token airdrop, because ONDO already exists. You earn up to $60 USDC per qualified referral (tiers of $20, $40 and $60 by referral volume) plus 10% of their fees, and referred users get $20.

A referral qualifies with a net deposit of at least $500 held through the campaign and at least $2K in volume. A separate points program runs on volume and open interest.

⚠️ This is a cash campaign, not a token airdrop, so the upside is capped at $20, $40 or $60 per qualified referral. A referral counts only if they keep at least $500 net deposited through the campaign and trade $2K, and leveraged perps can liquidate that deposit in a volatile market. Don’t open positions just to qualify, and don’t push friends into trades they can’t afford to lose. The separate points program has no stated conversion.

MetaMask: Perps Contest Ends Nov 12

Opt in through the Rewards tab. The top 30 by realized PnL share up to $100K in mUSD, and the pool scales with volume. You need about $10K in perps notional volume, and only positions opened and closed in the window count. Winners need KYC and tax forms.

⚠️ Ranking is by realized PnL, so the contest rewards large leveraged bets, and one liquidation can cost more than the prize. Only positions opened and closed inside the window count, so anything still open at the deadline scores nothing. Winners need KYC and tax forms, and prizes are paid in mUSD with claim deadlines. Opt in only through the Rewards tab of the official app.

New Opportunities:

StableStock: Genesis Points Just Launched

StableStock is a mobile app for trading tokenized US, Hong Kong and South Korean stocks and ETFs with stablecoins. It closed a strategic round at a $75M valuation (Amber, Nomad Capital, Flow Traders, Gate), and YZi Labs backed it earlier.

Genesis points launched Nov 2. You earn by holding or trading (spot or leveraged spot) eligible stocks and ETFs, with daily distributions by 02:00 UTC. Pre-launch activity gets retroactive points, and early users get OG Boosts. Cash balances earn nothing. No token or conversion rate is announced.

Official site: stablestock.finance

⚠️ Points are a participation metric only, with no token or conversion rate announced, and they can be revoked for wash trading, self-trading or forced liquidations. Cash balances earn nothing, so farming means holding stock exposure, and a drop in the stock can cost more than the points are worth. Leveraged spot adds liquidation risk, and liquidated positions earn no points. I couldn’t confirm the custody and issuer structure behind its tokenized stocks, so read the docs, and check restricted regions before depositing.

STRATO: Season 2 Points, Token Planned

STRATO is a platform for vaulted gold and silver (claimed 1:1 physical backing in NYC), plus the USDST stablecoin, lending, swaps, and CDP minting. It was built by BlockApps, which raised $41M in a 2022 Series B (Liberty City, Morgan Creek, ConsenSys).

Season 2 points come from minting, LPs, the savings vault, lending and swaps. Points are expected to map to $STRATO at a TGE tentatively set for Q4 2026, with no public conversion rate. To start, bridge in (ETH, USDC, USDT or WBTC) and check the Rewards dashboard. New users get free transaction vouchers.

Official site: strato.nexus

⚠️ The 1:1 physical backing in NYC vaults is the company’s own claim, and I found no independent attestation. CDP positions can be liquidated, LPs face impermanent loss, and the USDST stablecoin carries depeg risk. The Q4 2026 TGE comes from dated pages with no conversion rate, and a prior sale is noted, so points may convert into a diluted allocation. Size it like a DeFi position, not a free farm.

NEW Promising Airdrops

HYPE Rallied on Wall Street Catalysts While Crypto Bleeds

Tue, 03 Nov 2026 08:02:05 GMT

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Today’s News Headlines:

Consensys announces Sovereign Network interoperability, Besu 26.11.0
North Korea rejects Binance-hack attribution as “fabrication”
CZ says Binance covered full loss from own balance sheet
Binance sees $14.1B net outflows over the week
Mercado Bitcoin hacked, ~$40M+ across 10+ chains
Trade.xyz warns users not to click docs links after unauthorized activity
50 US companies block tokenized shares on OKX
Strategy buys 811 BTC, repurchases $208.2M STRC

Key Takeaways:

The Binance hack drove the spike in activity.

Ethereum DEX volume jumped 128% to $17.3B, but $10B came on Oct 29–30, and every other chain combined rose just 0.3%. Attackers moved freezable stablecoins into ETH and arbitrageurs fed on the price gap, so the fees went mostly to block builders, not apps.

Dollars are leaving crypto.

Stablecoin supply fell for a fourth week, from $4.5B to $297.8B, and ETFs bled again, which means less buying power and fits ETH/BTC’s sixth weekly decline.

radFi and CeFi are moving DeFi tokens.

HYPE jumped 15% on a Wall Street-backed announcement and GROVE moved on Sky’s earnings, which highlighted its Galaxy deal, while the other movers rode the hack, an old story, or nothing at all. Which token was which is below.

Cheapest borrow on mainnet against ETH

Aave and Morpho set your borrow rate based on 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.

<Open a position now on DeFi Saver> | Today in DeFi is supported by Liquity

Macro Brief

Yields eased even though the Fed sounded hawkish, and crypto still sold off with equities. BTC and ETH both slipped, and Bitcoin briefly dropped on the $6.3B Binance hack before recovering once withdrawals resumed, though Binance still saw heavy net outflows. Bitcoin held steady against the Nasdaq, which suggests it tracked equities rather than outperforming them.

Stablecoin supply and exchange flows

Stablecoin supply declined by $4.5B, or 1.5%, to $297.8B, marking the fourth consecutive weekly contraction.

USDT accounted for most of the decline, falling $3B to $179.3B. USDC supply fell by $68M, while USDS, USDD, USDG, and PYUSD also declined. BUIDL supply fell by $158M.

Exchange reserves fell, with Bitcoin reserves down about 50,000 BTC and Ethereum reserves down 415,000 ETH. View the decline in ETH reserves alongside the Binance exploit and related customer withdrawals, rather than interpreting it entirely as accumulation.

ETF flows remained weak. Spot Ethereum ETFs recorded $431M in net outflows for a fifth consecutive week, while spot Bitcoin ETFs saw $202M in outflows. Friday alone accounted for $643M in Bitcoin ETF outflows.

Week Ahead Catalysts:

Tue Nov 3, US midterm elections. First results come Wednesday, and close races can take days.
Tue Nov 3, Binance proof-of-reserves. The full report is due by Nov 3 (UTC) after slipping from Monday, with withdrawals restarting in phases.
Fri Nov 6, US jobs report (Oct). Payrolls and unemployment, ahead of the next FOMC on Dec 8–9.

Upcoming Token Unlocks:

HYPE, Fri Nov 6 (notable). About an estimate of $924M, 9.9M tokens, 4.1% of circulating and 1.0% of total supply.
ENA, Mon Nov 2 and Thu Nov 5 (minor). $7.7M and $17.7M, 40.6M and 93.8M tokens, about 0.3% and 0.6% of total supply.
AVAX, Sun Nov 8, 00:00 UTC (minor). $14.7M, 1.67M tokens, 0.30% of circulating and 0.23% of total supply.

Onchain Risk Regime

Funding rates edged up to 6.88% from 6.82% the previous week and remained above the 30-day average of 5.45%.

Stablecoin borrowing costs also increased. Borrow APY rose to 5.75% from 4.71%, while supply APY climbed to 4.56% from 3.63%. Borrow rates briefly hit 8.3% on October 30 after the Binance exploit, then moved back toward pre-hack levels.

The spread between funding and stablecoin borrowing costs narrowed to around 1.1 percentage points, down from 2.1 points. That reduced the relative appeal of leveraged carry strategies.

ETH/BTC fell to 0.02903, marking its sixth consecutive weekly decline and leaving the pair 2.8% below its 20-week moving average.

Overall, leverage remained relatively expensive and market breadth was weak. The data does not yet point to a broad return of risk appetite.

Find and execute the 15%+ stablecoin yields in minutes

Save time without manually checking every protocol. 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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Structural Shifts on Chains

DEX volume across 19 tracked chains rose 21% to $55.5B, but almost all of the increase came from Ethereum. Ethereum volume climbed 128% to $17.3B, including roughly $10B in activity on October 29–30. Excluding Ethereum, aggregate volume across the other chains was nearly flat, up just 0.3%.

The Ethereum spike closely tracked the Binance exploit. Stolen stablecoins were converted into ETH because they were frozen, pushing on-chain prices above other venues and creating arbitrage opportunities. The resulting swaps drove higher DEX volume, fees, and gas usage.

Tron volume increased 354% to $1.5B as roughly $242M in exploit-related funds moved through bridges and cross-chain services, including THORChain, Relay, Chainflip, and Symbiosis. This activity reflects fund movement after the exploit, not increased organic demand.

Hyperliquid volume rose 46% to $2.6B, supported by stronger trading activity and the announcement of an ICE integration plan. Solana DEX volume declined 17%, while Robinhood Chain volume fell 14%.

Project & Protocol Discovery

Token movers - Observations, not a trade idea

HYPE: ICE deal drives the rally

On Oct 29, Trade.xyz announced that Intercontinental Exchange, the owner of the NYSE, is investing in a regulated US venue for 24/7 perps on stocks, indices, commodities, and crypto, built on Hyperliquid. The product needs CFTC approval.

Stan Druckenmiller then confirmed on X that he is an investor in trade(xyz) and plans to use the product himself, which put a well-known macro investor behind the story. HYPE held up while the rest of crypto fell roughly 7% after the hack.

GROVE: Sky earnings report

Sky’s Q3 2026 report on Oct 29 named the $500M Galaxy warehouse facility financed through Grove as a defining development of the quarter. Grove contributed $26.68M, about 27% of Sky’s $99.29M gross revenue, and Sky’s net revenue reached $37.19M, up 11% from last quarter

UNI: Hack activity drives volume, while the fee switch adds support

Saw elevated activity as the attacker converted stablecoins into ETH through Uniswap and UniswapX. Uniswap recorded $5.97B in DEX volume and $9.6M in fees on October 29, accounting for 37.7% of that day’s fees. The attacker reportedly sold 7.02M UNI, worth around $39.6M. UNI fell from $7.24 to $6.46 before recovering above $7.08. Reports also pointed to fee-switch and burn developments, though those details require further confirmation.

LIT: CFTC filing plans remain the main narrative

Moved higher following renewed attention on Lighter’s US regulatory plans. Its founder said during an October 21 investor call that the project planned to file with the CFTC in November. That is a planned filing, not an approval.

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

Most of last week’s TVL gains were HYPE’s price. Of the $431M added across seven protocols, about $269M is token price and only about $85M is new money. The real inflows went to yield products, and the one live event ahead is Kinetiq’s new layer 2.

Binance Covers Losses, ICE Launching Perps on Hyperliquid

Mon, 02 Nov 2026 08:01:42 GMT

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Issues ⚠️

The FBI attributed Binance’s record $6.3B hack on Oct 29 to North Korea’s TraderTraitor. Binance has replenished around 95% of the $3.3B in losses using SAFU funds and market purchases, including 7,499 BTC ($581M), and resumed withdrawals on Nov 1, recording $3.64B in net outflows.
Polymarket was drained of about $2.7M across 700+ wallets on Oct 29 after a compromised DebugBear monitoring script put a wallet drainer on polymarket.com. The script sold users’ positions and swept cash to an attacker wallet, and one trader reported losing $800K. Polymarket halted trading, restored it that evening, and reportedly promised compensation.
Bloom Trading reimbursed users after a $947K Solana hack. A remote code execution flaw in a third-party module drained 9,408 SOL from 49 wallets. No private keys were stolen; the company paused services and refunded users in nine transactions.
Keystone’s hardware wallet breach leaked names, addresses, and order data for about 26K buyers, and a device key may allow spoofed units. Keystone confirmed the breach and is destroying 18,835 units.
predict.Fun reported about 400,000 USDT in unauthorized wallet transfers hitting a small number of users over a short period. It suspects its third-party-hosted API documentation site was compromised and took the site offline.
Ostium opens Stage 2 of its recovery portal on Oct 31, with about 257,000 USDC becoming available. → If you were hit by the July exploit, check the post for eligibility.

| Today in DeFi is Supported by DeFi Saver

Wind Downs ⌛

Balancer moved most pools to withdrawals-only under BIP-928 and BIP-936. User funds remain accessible through the legacy interface. LPs should withdraw their positions.

Perps DEX 📉📈

ICE and trade[XYZ] plan to launch US perpetual futures on Hyperliquid, covering crypto, equities, commodities, and FX. ICE will operate the regulated market and clearing, while trade[XYZ] handles market design. The launch remains subject to regulatory approval.
Kraken's parent company plans to launch CFTC-regulated markets on Hyperliquid. No launch date or regulatory approval has been announced.
MetaMask launched Pro Mode for perps, adding pro-style order types inside the wallet. It follows MetaMask’s Anthropic pre-IPO perps from Oct 26.

DeFi 📈

BNB Chain is building a new high-performance L1 that runs alongside BSC, per a docs update from Oct 22. It will use BNB for gas, staking and governance with no new token, and targets 200ms blocks and ~20ms pre-confirmations.
- A testnet is planned for late 2026 and mainnet for early 2027.
Elysium, a Kinetiq layer 2 settling to HyperEVM, targets a Nov 9 mainnet. HYPE is the gas token; 35,000 HYPE (about $3M) is already bridged, and 50% of sequencer fees are slated for KNTQ buybacks and burns.
Aerodrome completed its first AERO buyback, burning 174K AERO through its Momentum Fund.
Pendle’s cumulative buyback passed 3 million PENDLE, and it posted H2 2026 highlights, including PendleLoop.
Jupiter partnered with BitGo to launch an institutional validator.
Base launched Trencher Grants of $1,000–$5,000 for meme community leaders and event hosts, and Creator Grants Season 2 is coming soon. Denim mainnet arrives Nov 5, with native 200ms blocks coming later.

Stablecoins/RWA 🪙

Soneium launched ipUSD and an IP Vault with Asseto, backed by a $549M intellectual property royalties fund managed by Partners Group. It also outlined plans for a tokenized IP ecosystem and a future $SONEIUM token.
Ripple and Robinhood announced a strategic partnership. RLUSD is now available on Robinhood Chain and Bitstamp, with an app launch planned for later this year.
Ondo Finance brought 15 tokenized stocks and ETFs to Robinhood Chain with 11 Uniswap StablePair pools connecting Ondo Stocks with Robinhood Stock Tokens
Kamino introduced tokenized-stock lending through a Backpack market on Solana. Users can deposit stock tokens to borrow USDC at up to 40% LTV.

(Want the full yield breakdown? Thursday’s Farming Guide covers it.)

News 🗞️

Strategy disclosed it sold about $431.8M of BTC year to date, funding part of its preferred dividends and STRC repurchases. CFO Andrew Kang steps down Nov 5, and Reza Virasteh takes over Jan 1, 2027. It also reported Q3 net income of $19.53B, mostly from $20.91B in digital asset gains, with holdings of 848,517 BTC, up 26% year to date.
Anthropic filed a public S-1 with the SEC on Oct 26. The filing shows no ticker or price terms, and a WatcherGuru post says the ticker is $ANT, which is unverified.
The Fed held rates at 3.75%–4% in a 10–2 vote, with Cook and Hammack dissenting for a hike, following September’s hike. BTC traded around $81,100 afterward.
Canton Strategic Holdings plans to trade its tokenized shares on the Canton Network through an issuer-sponsored model with Fairmint and TSV LLC.
BNB Standard rang the Nasdaq bell with CZ. The former CEA Industries holds about 515K BNB and plans its own validator.

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Binance Hacked for $6.3 Billion in Largest Crypto Hack Ever

Fri, 30 Oct 2026 07:40:38 GMT

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Binance has pledged to cover all losses after two of its hot wallets were drained. Around $3B has been frozen, withdrawals remain suspended, and the incident has put both centralized and decentralized finance under scrutiny.

Other News Headlines:

Base says Denim mainnet arrives Nov 5
Ostium opens Stage 2 of recovery portal Oct 31
Canton Strategic Holdings plans tokenized share trading on Canton Network
Strategy sold ~$431.8M of BTC year-to-date
Strategy reports Q3 net income of $19.53B
ICE and trade[XYZ] plan US perps on Hyperliquid

TL;DR

Two Binance hot wallets were drained in an incident estimated to have cost around $6.3B. The funds were moved across multiple networks, with much of the initial activity unfolding in roughly 40 minutes.
Binance and its partners have frozen around $3B. The exchange says it will cover all losses, but it has suspended deposits and withdrawals.
The attacker converted much of the stolen stablecoins into ETH, which stablecoin issuers can’t freeze. DeFi protocols also took emergency measures to contain the fallout.

What happened?

Attackers drained two Binance hot wallets in a coordinated attack, and Binance estimates the total impact at around $6.3B. The initial outflows occurred over roughly 40 minutes, making it one of the largest thefts in crypto history—potentially around four times the size of the Bybit hack.

The response was unusually fast. Tether and Circle moved to freeze affected stablecoin addresses, with billions of dollars in assets ultimately frozen across issuers and other ecosystem participants. But the attacker had already begun swapping stablecoins for ETH, moving funds into an asset a centralized issuer can't freeze.

The scale of the incident is still being assessed. Binance has pledged to cover all losses, while investigators and blockchain analytics firms continue tracing the remaining funds.

Where things stand

Binance’s preliminary estimate puts the impact at approximately $6.3B, with around $3B frozen on-chain, according to its latest update. On-chain analysis shows that at least $5.912B had been stolen as of its reporting cutoff. These figures are not directly interchangeable: stolen funds, frozen funds, and funds ultimately recovered are different measures.

Deposits and withdrawals remain temporarily suspended, with no firm reopening time announced. Binance says it will cover all losses using its SAFU fund and company funds.

The remaining balance is not necessarily a final loss figure. Some assets may still be traceable or recoverable, while the full extent of the incident remains under investigation.

How the attack unfolded

The first major outflows were identified from Binance hot wallets on October 29. On-chain activity shows a rapid series of transfers across multiple networks, with the initial Ethereum movements concentrated in a window of roughly 40 minutes.

Before Binance publicly confirmed the incident, CZ said the activity looked like a hack. Binance initially said it was investigating a potential security issue, then later confirmed unauthorized withdrawals.

The attacker had prepared infrastructure in advance. TRM Labs identified small withdrawals from Tornado Cash that funded an operator wallet used in the attack. That wallet then deployed contracts and began moving the stolen assets.

Once the funds left Binance’s wallets, the attacker split and routed them through different addresses and protocols. Stablecoins were moved quickly, with some funds reaching addresses that issuers would later blacklist. Other assets were converted into ETH and moved across chains.

The speed mattered. Freezing an address only helps if the funds are still there when the freeze takes effect. By the time some blacklists were activated, portions of the stolen stablecoins had already moved onward.

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How did the attacker get in?

Binance’s preliminary investigation points to a DevOps engineer’s compromised laptop. The attacker allegedly used that access to reach a service container and submit unauthorized withdrawal requests.

Binance says it has found no evidence that wallet private keys were leaked. It has revoked authorization for the affected address while continuing its investigation.

Blockaid described the incident as a case of “key misuse.” That distinction matters: it suggests the attacker may have manipulated the signing process without necessarily extracting the underlying private keys.

The exact technical path has not yet been confirmed. TRM Labs has also highlighted the use of EIP-7702 in the Ethereum portion of the attack, where pre-signed authorizations helped facilitate the transfers. Binance has not yet published a full technical post-mortem.

The race to freeze the funds

Stablecoin issuers can blacklist addresses and freeze tokens held there. ETH lacks the same issuer-level control, which incentivized the attacker to swap stablecoins as quickly as possible.

On Aave, the attacker supplied around $60M in USDT and borrowed approximately $45M in WETH. This allowed the funds to move into ETH exposure while using the lending market as part of the route.

Around $700M in USDT reportedly moved out of targeted addresses before Tether’s blacklist took effect. Tether and Circle ultimately froze billions in assets, alongside other ecosystem participants.

The Aave borrowing also introduced liquidation risk. If collateral value falls far enough below the debt, the position can be liquidated. In this case, the immediate concern was not just the attacker’s position, but the possibility that unusual activity could create knock-on effects for the wider market.

DeFi’s awkward night

The incident quickly spilled into DeFi. Aave froze 292 markets across its V3 and V4 deployments as a precaution, while the Arbitrum Security Council took emergency action to move assets linked to the attacker into a frozen wallet.

The response highlighted a tension in crypto: centralized issuers can freeze stablecoins, while decentralized protocols have different and sometimes more limited emergency controls. Those controls can still be used when governance or security mechanisms allow it, but they come with trade-offs.

The Arbitrum action was narrowly targeted at assets associated with the attacker. The Security Council said other user funds and applications were not affected.

The majority of the roughly $3B frozen so far came through centralized issuers and ecosystem partners. Several protocols also reported no direct exposure to the incident.

Can Binance cover the losses?

Binance says it will cover all losses using its SAFU fund and its own company funds. It has done this before: after the 2019 hot-wallet theft, Binance said SAFU would cover the incident in full.

SAFU holds 15,000 BTC, worth about $1.16B at current prices. If about $3.0B of the stolen funds are frozen and eventually returned, the net loss would be about $3.3B. SAFU would cover roughly a third, and Binance has said it will top the fund up if it falls below $800M.

The rest would have to come from Binance’s own money. Binance has not said how much company money it holds. As a private company, it publishes no accounts, so its capacity can only be judged from outside signals:

The pledge is not the same as recovery. The frozen funds are not back with Binance yet; the attacker still controls about $3.3B, and Binance plans to publish an updated proof of reserves once it finishes its fixes.

What users should do now?

Check: If you have positions on Aave, review your health factor and borrowing rates. Frozen markets and changing utilization can affect borrowing conditions.

Watch: Follow Binance’s official updates to confirm deposits and withdrawals have resumed. Avoid relying on unofficial reopening claims.

Avoid: Be alert for phishing attempts posing as Binance refunds, compensation claims, or recovery services. Binance will not need your seed phrase or private key to return funds.

What we still don’t know

The final amount stolen, frozen, and recovered remains unconfirmed. Binance has not yet published a full technical post-mortem, so the precise attack vector remains unconfirmed.

Attribution is also still developing. TRM Labs has linked the incident to North Korea’s TraderTraitor group with high confidence, but that assessment is not an official confirmation from Binance.

The timing of the exchange’s reopening remains unclear, as does the fate of the assets that have not been frozen.

For now, the incident is a reminder that even the largest exchanges remain exposed to operational security failures — and that the response can be just as consequential as the exploit itself.

We will update this report as Binance publishes its post-mortem and investigators provide a clearer picture of where the remaining funds went.

Sources

Follow @todayindefi to keep up with the latest DeFi news on Twitter.

Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.

Lock 12%, Lend For 10%: Risk-Rated Stablecoin Farms

Thu, 29 Oct 2026 08:02:49 GMT

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Today’s News Headlines:

Allium discloses breach, tells customers to rotate API keys
Crypto platforms and Korean firms report customer-data leaks
Kamino launches Backpack Market for tokenized-stock lending
Jupiter partners with BitGo on institutional validator
Aero executes first buyback, burns 174K AERO
Ripple RLUSD goes live on Bitstamp and Robinhood Chain
DTC-held stocks, ETFs, Treasuries can now be minted as tokens
Fed holds at 3.75%–4% in 10–2 vote

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:

Pendle (Ethereum) — PT reUSD, matures Dec. 10, 2026 - 12.05% fixed APY

Buying PT at a discount locks 12.05% until maturity in 41 days, when each PT is worth 1 USDC staked in re.xyz. reUSD is the senior tranche of Re Protocol, which routes stablecoin deposits into fully collateralized reinsurance contracts. Its underlying APY is 6.99%, so the fixed rate sits about 5 points above what the token earns today.

The market holds $285.2M in TVL and $14.87M of depth within ±10% implied yield.

How to farm: Open the market on Pendle, choose PT, and swap USDC for PT reUSD. Hold to Dec. 10 and redeem, or sell earlier at the quoted price.

Risk:

Cushion unclear: Re capital and reUSDe absorb losses first, but TID found no supportable current figure for that cushion.

Exit: reUSD has no peg and its NAV comes from issuer valuation. Primary redemption excludes U.S. holders; Ethereum secondary depth tested at $10M+ before 2% price impact.

Admin: Token upgrades have a 48-hour timelock, but the controlling Safe can mint without delay.

Early sale: Selling PT before Dec. 10 gets the market price, not 12.05%.

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Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

Loopscale (Solana) — OnRe Growth Vault - 10.03% APY

The vault lends USDC against ONyc, OnRe’s reinsurance token, and also loops ONyc and trades fixed-yield ONyc on Exponent. The 10.03% APY is organic, with no token rewards listed, and the realized return was 9.55% over 30 days.

The vault holds $4.31M against a $10M cap, with 98.44% deployed. Fees are 0.30% management, 0% for standard withdrawals and 0.45% for instant ones.

How to farm: Connect a Solana wallet (e.g., Phantom), open the OnRe Growth vault on Loopscale, and deposit USDC.

Risk:

First loss: ONyc holders absorb claims before anyone else, and the book hasn't had a major claims year.

Exit: Primary redemption needs KYC and is capped near 2.5% of NAV per period. Secondary liquidity was about $2.7M, roughly 1.1% of the book. The vault pays out in Wednesday and Saturday windows unless you pay the instant fee.

Ethena underneath: The collateral float is sUSDe.

Admin keys: Solana upgrade and freeze authority are single wallets, not a multisig.

Stake DAO (Fraxtal) — Curve crvUSD/frxUSD LP - 10.84% APR

This strategy stakes the crvUSD/frxUSD Curve LP token in its gauge and boosts rewards through Stake DAO’s veCRV position, currently 1.72x. Trading fees add only 0.05%, so almost all of the 10.84% APR comes from rewards.

The pool is relatively small, with $306.2K of underlying TVL and $158.7K deposited through Stake DAO and Convex, which holds 55% under OnlyBoost. Fees total 17.00%: 5.10% to sdCRV stakers, 6.20% to vlSDT holders and 5.70% to the treasury.

Risks

Reward-driven: Nearly all of the yield depends on reward emissions, which can fall. The strategy page shows no APR history yet.

Stablecoin Risks: The LP holds both. If one slips from its peg, you end up holding more of it. At the time of reading, crvUSD was $0.9986 and frxUSD $0.9999.

Chain and contracts: Fraxtal adds chain and bridge risk, and the Stake DAO and Convex contracts add their own.

How to farm: You’ll need to bridge to Fraxtal using their native bridge and obtain frxUSD. Add liquidity to Curve’s crvUSD/frxUSD pool on Fraxtal to get the crvUSDFRAX LP token, then deposit it in the Stake DAO strategy. Claim rewards from the Claim tab.

| Today in DeFi is Supported by DeFi Saver

Notable Mentions:

Hyperliquid — USDC lending on Earn - 3-5% APY

Suppliers earn variable interest paid by borrowers, who post HYPE (65% LTV) or BTC (50% LTV) and pay 6.65% on USDC. The USDC pool has $562.5M supplied and $452.0M borrowed, for 80% utilization, leaving about $110.5M available to withdraw. Supplied HYPE and BTC are roughly three times the borrowed amount at oracle prices, based on my calculation from the Earn page.

Risk: The rate is variable. About 86% of the collateral is HYPE, so a sharp drop could stress liquidations, and a large HYPE unlock is reported for October. Borrowing launched on Sept. 18, so the history is about six weeks. Funds sit on Hyperliquid’s own L1. TID Research’s index scores USDC 7.5/10, so the asset is the smaller risk here.

How to farm: Fund your Hyperliquid account with USDC, open the Earn page and choose Supply on USDC.

This Week’s Farming News:

Pendle’s High-Yield USDC vault on Morpho, co-curated with Wintermute’s Armitage, shows 8.31% net APY by lending USDC against PT collateral, including PT-reUSD, PT-USD3, and PT-USDat.
Yield Basis introduced market-priced pools, starting with its WETH pool, so trades follow the live ETH price instead of lagging behind it. Its own backtest shows WETH yield of +8.5% a year vs +3.6% today.
PendleLoop is live with zero fees on Earn and Long/Short loops until Dec. 31, but PT looping is excluded from the waiver.
Ethena launched Earn+, offering up to 12% rewards on dollars in one click, available only on Ethena Pay.

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

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Farm auto-managed 25% APR on Stablecoins

Jumper xPerps Points Live, StandX Checker Live - Airdrop Alpha

Wed, 28 Oct 2026 08:02:19 GMT

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

Today’s News Headlines:

MetaMask launches Pro Mode for perps
Soneium launches ipUSD and IP Vault with Asseto
Aave V4 passes $500M in active loans
Robinhood Chain adds Ondo tokenized stocks with Uniswap pools
Pendle cumulative buyback passes 3M PENDLE
Morpho teases new design space for vaults
predict.fun reports ~400K USDT in unauthorized transfers
Balancer moves most pools to withdrawals-only Oct 30
Ripple and Robinhood announce strategic partnership

This week’s airdrop recap:

Check now: StandX’s DUSD checker is live. Claims run Nov 1 to Dec 31.
Register: Avant’s Season 1 points buyback is open at $0.025 per AVANT until Nov 16.
Opt in: Extended’s “Final Arc” competition closes Nov 3, and tokenomics for $XTEN follow from Oct 31.
Watch only: Soneium plans a token but has published no details.
Paid section: Jumper’s xPerps points are live, and Silhouette opens RFQ block trading for BTC and HYPE perps.

| Today in DeFi is Supported by DeFi Saver

Airdrop Claims 🪂:

StandX: Checker Live, Claims Open Nov 1

StandX is shutting down and has canceled its token. Instead, it is giving eligible users DUSD (its stablecoin) with no lockup. The checker went live Oct 26.

Eligibility: activity counts, meaning pre-deposits, Alpha, mainnet trading, market making, and referrals, on the BNB Chain or Solana wallet you used. Claims run Nov 1 (00:00 UTC) to Dec 31, and unclaimed amounts are lost. Total pool and per-user amounts are not disclosed, and Pranjal says allocations look low.

Separate from the airdrop: withdraw funds and submit any DUSD redemptions before Jan 31, 2027. Official checker: standx.com/airdrop.

⚠️ This is a wind-down, not a token launch. Anti-sybil and wash checks can cut or cancel allocations, and DUSD liquidity on PancakeSwap and Raydium is removed Jan 31. Fake “StandX claim” sites are likely, so only use the official domain.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often offer 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.

Your Rate Doesn’t Move Unless You Move It

Aave and Morpho set your borrow rate based on 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.

<Open a position now on DeFi Saver> | Today in DeFi is supported by Liquity

Airdrop News/Updates &

Avant: Season 1 Points Buyback Open

Avant is a yield protocol with tranched products (savUSD, savBTC) and about $158M TVL. It is buying Season 1 points at a fixed $0.025 per AVANT, which is a $25M FDV. At least $250K is set aside.

Eligibility: wallets in the Season 1 snapshot only, and not the US or other restricted regions. Register until Nov 16, 23:59 UTC. Payout is in avUSD after registration closes.

Signing moves no tokens and approves no contracts. You pick a percentage with a slider and can change it until close. Doing nothing keeps your full allocation.

Official page: app.avantprotocol.com/buyback.

⚠️ Orders may be filled fully, partly or not at all, and sold AVANT is removed permanently. $0.025 is a floor-style exit price, not a prediction of the TGE price. Avant says the page never asks for approvals or a seed phrase, so treat any page that does as fake.

Extended ($XTEN): Token Confirmed, Tokenomics Oct 31

Extended is a self-custodial perp and spot exchange that moved from Starknet to Circle’s Arc on Oct 22. $XTEN has a 1B genesis supply, with 300M (30%) for eligible points participants, paid into a self-hosted Arc wallet. Launch is planned for November, and tokenomics follow from Oct 31. Official wording: this is not an offer to claim.

Weekly points have ended, and a “Final Arc” competition (750K points plus $250K USDC for the top 500) needs opt-in by Nov 3. Funding is about $19M, including a round led by eToro.

⚠️ No conversion rate or eligibility rules are published. US, UK and Canada are restricted. Wash trading can zero your points.

Soneium ($SONEIUM): Token Planned, No Details Yet

Soneium, the Sony-backed L2, said it will issue SONEIUM as an “economic layer” for creators, IP owners, and fans, alongside a new Tokenized IP product. No TGE date, supply, or eligibility details. The official thread says it will share more details soon.

⚠️ An announcement is not an airdrop. Ignore any checker or claim site until Soneium publishes rules.

New Opportunities:

Silhouette: RFQ Block Trading for BTC and HYPE Perps

Silhouette lets you trade large sizes on Hyperliquid at a single price. Market makers compete to quote your full order, so you don’t slice it across the book. BTC and HYPE perps opened Oct 19 (up to $100K per quote), after tokenized stocks launched Sept 1. HIP-3 markets are next.

You sign to accept a quote, and the trade settles in your own Hyperliquid account. The fee is 1.4 bps for takers, plus Hyperliquid’s usual fees. Backed by a $3M pre-seed led by RockawayX. No points or token, so this is one to watch, not farm.

Official link: app.silhouette.exchange

⚠️ Fills can be partial, so check your Hyperliquid account after each trade. Only approve the signing key and fee on the official app. Leverage and liquidation risk apply.

Jumper Perps: xPerps Points Are Live

Jumper has launched a perps aggregator that routes you to several perp venues from one interface, with a new points system called xPerps. Each week, a pool of points is shared among traders by activity relative to everyone else. Weeks run Monday to Monday (UTC), starting Oct 19. Pranjal reports 1M points a week, but Jumper’s post gives no pool size, so treat that as unverified.

Three multipliers apply. Existing Loyalty Pass holders get a boost that rises with their level, but only if they trade from their Pass wallet. Selected venues can carry extra points (Jumper doesn’t name them, so check the app). And consistent weekly trading earns up to 1.25x. A tiered referral program also pays a share of your referrals’ trading fees.

xPerps are separate from the old XP, so newcomers start fresh. Not for US persons.

Official link: perps.jumper.xyz

⚠️ No conversion from xPerps to $JUMP is stated, and the $JUMP TGE is still unconfirmed (Q4). Points are not a promised airdrop. Perps are leveraged and you can lose all your funds. Wash trading and sybil farming can get you excluded.

NEW Promising Airdrops

This Small $17M DEX did $1.5B in Weekly Volume

Tue, 27 Oct 2026 08:02:26 GMT

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Today’s News Headlines:

Anthropic files public S-1 with the SEC
Base launches Trencher Grants of $1,000–$5,000
Soneium unveils tokenized IP vision, planned $SONEIUM token
Bloom Trading reimburses users after $947K Solana hack
JPMorgan brings JPM Coin to Ethereum
Ripple launches 24/7 AI-powered treasury management
Keystone hardware wallet breach leaks ~26K buyers’ data
Kraken parent to launch CFTC-regulated markets on Hyperliquid
BNB Standard rings Nasdaq bell with CZ
Avant opens Season 1 buyback at $0.025 per AVANT

Key Takeaways:

Regime: risk-off and not improving.

Stablecoin supply fell for a third straight week, and the cost of holding leveraged longs rose to 6.8% annualized while stablecoin borrowing sits at 4.7%. Leverage is building even as prices fall ahead of Wednesday’s Fed decision. CHECK: your workbook’s “Verdict” line was blank. This is my read from the numbers. Change it if your read differs.

Activity fell everywhere this week

DEX volume fell 12.9% to $44.7B, with 16 of 19 chains lower and gas fees down everywhere. Plasma (+28.6%) and Polygon (+12.2%) went the other way, but one app is behind much of Polygon’s gain.

Product expansions won the attention

REZ ran 39% on product launches, BABY surged after a proposal on product expansion. Beyond the price charts, the best find is a DEX with $17.6M in TVL and $1.5B in weekly volume.

| Today in DeFi is Supported by DeFi Saver

Macro Brief:

Rates and the dollar:

The 2-year yield, the market’s read on where the Fed rate is heading, fell to about 4.69%, and the 10-year slipped to 4.99%. Almost all of that came on Thursday, when a tech selloff sent money into Treasuries. The Fed’s rate is 3.75–4.00% after September’s hike. It decides on Wednesday (Oct 28), and CME FedWatch prices in a hike at only about 7%. The market prices in a December hike at about 78%.

Crypto vs stocks:

The S&P 500 fell 0.5%, and the Nasdaq Composite fell 0.7%, a second weekly loss. Thursday’s trigger was worry about how AI buildouts are financed, with Meta down about 7% and chip stocks down about 6.7%.

Brent oil rose about 6% to roughly $117 on Middle East escalation. Bitcoin fell 2.4% to about $80K, and Ether fell 3.4%, so BTC/NQ slipped 1.5% after the prior week’s 3.7% gain.

Crypto Capital On-Ramp

Total stablecoin supply 7d change (level + WoW)

Total stablecoin supply fell $2.2B (−0.7%) to $302.4B, the third straight weekly drop. USDT (−$1.1B) and USDC (−$0.9B), the two coins that best show new trading cash, account for about 91% of the weekly drop. CHECK: your draft said supply is “down 4.9B” since Oct 5 and also “91% of the drop”. $2.0B is 91% of the $2.2B weekly drop, but only 41% of $4.9B. I used the weekly figure.

Yield-bearing stablecoins also dropped: USDS (−2.2%), USDe (−2.1%), and USD1 (−2.0%), though the dollar amounts were small. The signal is mixed and less obvious than last week’s, when risk-averse stablecoins gained, and trading-capital stablecoins lost. Two of the few that grew are used for yield farming: PYUSD (+3.8%) and USDG (+1.7%), but they didn't offset the losses.

ETF flows

Spot ETFs split. Bitcoin funds took in $301M, their first inflow in three weeks, after −$228M last week. Two days carried it: Monday (+$527M) and Wednesday (+$525M). Thursday’s tech selloff reversed much of that with −$636M. Ether funds lost $221M, the fourth straight weekly outflow, for a total of −$ 1.2 B.

Week-Ahead Catalysts

Wed, Oct 28, 2:00 PM: Fed decision. Hold at 3.75–4.00% expected. The Warsh press conference at 2:30 PM matters most. Fed calendar
Wed, Oct 28: PancakeSwap “Flip” snapshot vote. Source
Thu, Oct 29, 8:30 AM: Q3 GDP and September PCE. GDP is expected at 3.0% (prior 2.2%). PCE is expected at 3.6% y/y headline and 3.1% core (prior 3.4% and 3.0%). A hot print makes a December hike easier.
Thu, Oct 29: Falcon (FF) unlock, 11:52 and 20:58 UTC. About $21M, 6% of circulating supply. A scheduled release, not a confirmed sale. Source
Thu, Oct 29, after the close: Strategy and Coinbase earnings, both confirmed. Watch Strategy’s bitcoin holdings. Coinbase, Strategy
Fri, Oct 30: Kamino (KMNO) unlock. About $9.6M, 3.9% of supply, to Core Contributors. The time isn’t published. Tokenomist
Sun, Nov 1: SUI (~12M) and EIGEN (~7M) unlocks. CHECK: units (tokens or dollars) were lost when you pasted. SUI, EIGEN

Onchain Risk Regime

Aave / Sphere Rates

Borrowing cost barely moved, but the cost of holding leveraged longs jumped. The perpetual-futures funding rate (the fee leveraged traders pay to hold perp positions) rose to 6.8% annualized, from 5.3% a week earlier and above its 30-day average of 5.0%. Stablecoin borrow rates across lending markets slipped to 4.7% (4.8% prior), and supply rates fell to 3.6% (3.7% prior). Funding now sits 2.1 points above borrow cost, so leverage is building even as prices fall.

Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

<Loop ysyBOLD at a Fixed Rate on Liquity> | Today in DeFi is supported by Liquity

ETHBTC vs 20W MA

ETH continues to underperform Bitcoin for the 5th straight week. Historically not a good sign since most altcoins are trailing ETH’s movement

Verdict: Onchain regime is risk-off and not improving. Falling stablecoin supply and rising funding point the same way.

Section 3 — Chain Comparison

DEX volume across the 19 chains I tracked fell 12.9% to $44.7B, down about $6.6B, with 16 of 19 chains lower. Chain fees (gas) fell on every chain with data, so usage is clearly weaker, and app fees were mixed, with six of the eight biggest chains down. The chains that rose are worth a closer look, mostly for the projects behind them.

Plasma, DEX volume +28.6% to $47.4M: a move into stablecoin yield.

Pendle (+$11.45M), Curve (+$3.05M) and Fluid (+$3.59M) all peaked on Oct 22, the day of the market-wide selloff. What these have in common on Plasma is that they are mostly stablecoin products.

Pendle’s markets on Plasma are mostly stablecoin yields, and Curve on Plasma is known for stablecoin pairs (USDT0 against USDe, sUSDe, USDai, USDO and syrupUSDT), not token trading.

So this volume reads as people rotating into stablecoin yields during the selloff, a risk-averse move, not speculation.

Polygon, DEX volume +12.2% to about $1.27B: mostly Polymarket.

About $106M of the rise is Polymarket, measured by payouts to winners, not trading volume. Sports make up about 55% of its recent volume, and midterm markets are building toward November.

This week adds big macro events: the Fed decision on Wednesday and Q3 GDP and PCE on Thursday. Traders tend to pile into bets like these, so expect Polymarket activity to stay high. Without Polymarket, Polygon is +6%.

The project to know: Metric

Metric (+$61.7M) is a “propAMM” for bStocks (Binance-issued tokenized stocks). It prices around an external reference price rather than pool balances. Its public DEX launched on BNB Chain on Oct 14.

Volume mostly comes through aggregators: Delphi reported 61% of bStocks volume over the month to Sep 16 routed through Binance Wallet, with a large share through one wallet. DefiLlama shows Metric at only $17.6M TVL against $1.5B of weekly volume, roughly 86 times turnover.

Another mechanism to watch: Aethir (on Arbitrum)

Arbitrum’s app fees went up, and Aethir is one of the protocols behind it. Aethir is a decentralized GPU cloud where customers rent compute from independent hosts, so its fees come from real customers paying for capacity, not from token incentives.

On Oct 21 Aethir announced daily ATH burns funded by network fees, plus a floating fee that falls when the market weakens and can drop to zero. Burns start in November, so the new mechanism can’t explain the Oct 23 spike. Under the new model, payments like these will fund the burns, so track those monthly lumps from November.

Section 4 — Project & Protocol Discovery

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

REZ, +39%: real launches, weak numbers. Renzo Finance shipped three updates for its Basis product (automated yield trades): Hyperliquid and Lighter support (Oct 22), Portfolio Margin (Oct 23), and a teaser for a new “high-yield asset category” (Oct 21).

CVX, +20%: real catalyst, an airdrop. Convex told vlCVX holders (people who lock CVX to vote) on Oct 20 that they qualify for Monolith’s swanUSD launch airdrop: 100,000 SWAN (1% of supply), shared equally among eligible wallets. Monolith launched swanUSD on Oct 22, and Convex confirmed the airdrop live on Oct 23.

ENA, +10%: distribution news plus a rising yield. Ethena put USDe on X Layer and in OKX Wallet on Oct 23, starting with an Aave v3 instance, with one-click looping coming soon. Funding rose to 6.82% from 5.28% (Sphere), and fees rose 5.5% to $4.4M, improving sUSDe’s yield.

BABY, +14%: a live proposal, not a launch. Babylon Labs proposed on Oct 18 that Aave V4 accept native Bitcoin as collateral. It is not approved yet, and I only have single-source confirmation that it passed a temperature check.

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

Aero Launches Across 7 Chains, DeFillama Integrated Trueo

Mon, 26 Oct 2026 08:02:50 GMT

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DeFi📈

Aerodrome and Velodrome merged into Aero across Base, Ethereum, Optimism, Arbitrum, Ink, Arc, and Robinhood Chain. Continuous allocation replaces weekly reward votes, and token conversion is not automatic or reversible.
- veAERO (locked NFT) can now be upgraded to sAERO, which accrues daily rewards instead of weekly epochs.
Uniswap v4 became an aggregator with Aggregator Hooks on Ethereum, Base, and Robinhood Chain. Uniswap says 7 sources are live at launch, covering more than 90% of DEX activity. Swaps routed through the hooks pay protocol fees that contribute to UNI burns.
Pendle launched PendleLoop for leveraged trades and yield loops. It supports long and short positions on any token, including tokenized stocks, and looping of PT yields.
Aave V4 opened its first externally curated markets, run by Sentora. Users can borrow RLUSD, PYUSD, and OUSD against yield-bearing and blue-chip collateral. Aave also made USDC and USDT deposits from Monad live in its mobile app.
Morpho’s P2P orders now support any loan asset. Users can create custom lend and borrow orders across supported networks, settled on Morpho Midnight.

| Today in DeFi is Supported by DeFi Saver

Issues ⚠️

Keystone confirmed hackers breached its website. Names, contact details, home addresses, and order info were exposed. Seed phrases and keys were not touched, and Keystone has since apologized
ZachXBT says $15.8M of CoinDCX user deposits remain unaccounted for after its 2025 incident. CoinDCX denies a new breach and says the flagged addresses are old wallets compromised in July 2025.
A THORChain bug triggered node bond penalties. THORChain deducted about 140 RUNE from 18 node bonds, and said no funds were lost. ZEC swaps stay halted until a fix scheduled around Oct 23. CHECK: confirm ZEC swaps are back before sending
Obol released a Charon security patch after certificate-authority keys were compromised. Unpatched HTTPS connections could let attackers impersonate peers. → Mainnet operators should upgrade.
BloomTrading, a Solana trading bot, lost more than $950K across at least 48 wallets, with funds sent to a single address. Victims had imported private keys into the bot.

Stablecoins/RWA🪙

Robinhood Stock Tokens went live as collateral on Morpho to borrow stablecoins. Curators set markets that lend USDG. Not available to US persons.
Aave V4’s Coinbase Tokenized Stocks hub got USDC supplier incentives on Base.
JPMorgan brought JPM Coin to Ethereum, a deposit token for institutional clients, and put tokenized money market funds MONY and JLTXX on Solana for qualified U.S. investors.
Frax launched on-chain FX on Base with six local-currency stablecoins that trade against frxUSD on Aerodrome.

Prediction Markets🔮

DefiLlama partnered with Trueo to launch prediction markets settled on DefiLlama data, covering protocol revenue, exploit odds for Aave and Morpho, and Solana vs Base TVL. Users can now hedge exploit risk or trade revenue narratives directly.

Perps DEX📉📈

Extended moved settlement from Starknet to Arc on Oct 22. Users with over $1 of USDT or wBTC per sub-account had to approve conversion or withdraw by Oct 21, 12:00 UTC to avoid forced closures.
Intel. trade is opening its Hyperliquid analytics platform beyond its friends-and-family phase, letting traders track wallets and market-moving events in real time. Access comes through first-come, first-served drops.

News🗞️

The OCC finalized its first GENIUS Act rule on Oct 21, setting standards for stablecoin issuers’ reserve backing, redemption, and risk management. The OCC says requirements are tailored to each issuer’s business model and risk profile, with examination cycles based on size and complexity.
Solana activates alpenglow on mainnet, replacing the old consensus with a target of 150ms finality, about 40× faster than the 12.8 seconds before. Co-founders Toly and Raj Gokal then called for dropping the “beta” label.

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Loop Proven Yield Bearing Stablecoin For 14% APR

Earn Yield on Tokenized Stocks: 3 Ways to Farm TSLA, NVDA, and more...

Fri, 23 Oct 2026 08:01:49 GMT

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Today’s News Headlines:

Uniswap v4 becomes aggregator with Aggregator Hooks
Morpho adds Robinhood Stock Tokens as collateral
Aave V4 opens first externally curated markets via Sentora
Aero liquidity migration rolls on across chains
Ethereum devs cancel Oct 26 Hoodi upgrade for Glamsterdam
ZachXBT says $15.8M of CoinDCX deposits unaccounted for
OCC final GENIUS rule drops presumption against third-party rewards
J.P. Morgan brings tokenized money market funds to Solana

| Today in DeFi is Supported by DeFi Saver

So you’re tired of token rugpulls and want to hold a real business. Welcome to the club. Tokenized stocks went from about $28.6M in active assets in June 2025 to $2.85B today, roughly 100x in 16 months (DefiLlama).

Here’s the interesting part: only $353M of that, about 12%, is actually deposited in DeFi. The other ~88% sits in wallets and exchange accounts doing nothing. That’s the opportunity.

One honest caveat before we start: you mostly don’t own the business. Coinbase’s tokens are SPV certificates, with the real shares held at a broker. Robinhood says its Stock Tokens give no legal or beneficial rights in the underlying stock. You’re trading token rug risk for issuer risk. That’s a fine trade for farming, as long as you know you’re making it.

So why hold stocks onchain at all? Access matters if you’re outside the US, and 24/7 trading is nice. But the real reason is composability: onchain, a stock can be collateral, LP inventory or vault capital. That means yield. Here are three ways to farm it, and one I’d skip.

Where the action is

Two chains matter right now.

Base. Coinbase issues tokenized stocks under its own B20 standard. Tickers carry a “c” suffix: NVDAc, METAc, GOOGLc. Aerodrome is the main DEX, and Aave V4 accepts seven of them as collateral.
Robinhood Chain. Robinhood’s own L2, live since July 1, with 1:1-backed Stock Tokens. Uniswap holds nearly all stock liquidity. The chain sits at about $1.15B TVL with $331M in tokenized assets.

Solana has xStocks, with Kamino as the main lending market, but most new farming activity is on the two chains above.

Tip: liquidity is concentrated in a handful of megacaps. Coinbase issues 173 stocks on Base, but only about a dozen have pools deep enough to trade at size. Start there.

Access note: nearly all of these products are for non-US users only. US readers can look at Dinari, which opened tokenized stocks to eligible US investors in August.

Strategy 1: The carry trade

How it works: deposit your stock as collateral, borrow USDC against it, and put that USDC into a stablecoin yield. You keep full exposure to the stock and earn the spread between what the USDC earns and what you pay to borrow it.

Aave V4 Coinbase Stocks Hub

On top of that, deposits on the Aave V4 Coinbase Stocks Hub also earn about 3% in rewards, which adds to your return and widens the spread. On Base, Aave V4 is the venue; on Solana, Kamino.

Who pays you: stablecoin borrowers elsewhere in DeFi, minus your own borrow cost.

What to check:

The spread. Check your borrow APR against what you’re earning on your USD farm and make sure you have a good buffer.
Your loan-to-value. You’re borrowing against a volatile asset. A 20% drawdown on a stock is a normal bad month.
Oracle hours. Aave prices these stocks with Chainlink feeds, not DEX prices. The feeds pause from Friday 8pm to Sunday 8pm ET. The token keeps trading on DEXs all weekend, but Aave holds Friday’s price, then reprices everything at once when the feed restarts.

Tips:

Borrow well below the max. Leave room for an earnings gap plus a weekend.
Be careful — consider cutting your loan before earnings on the names you hold.
Use a vault that rebalances for you if you won’t watch the position. Several now package this trade with extra rewards on top (see the paid section for the ones I’d look at).

Strategy 2: LP your stocks

How it works: pair a stock with a stablecoin in a concentrated liquidity pool and earn from traders swapping through your range. You’re market making a stock, something that used to be a closed club.

Who pays you: traders. On Robinhood Chain (Uniswap), that’s swap fees. On Aerodrome it’s mostly AERO emissions, because staked LPs give up swap fees to sAERO voters.

APY fluctuates: the APY column “lies”. One vault dashboard currently shows a METAc–USDC vault on Base at 83 quadrillion percent. That’s one day’s rate compounded over a year on a tiny base. Check the APR or volume/TVL over several days to get more accurate numbers.

Tips:

Only LP stocks you’d own anyway. A concentrated range buys as the price falls and sells as it rises. If a stock dumps, you end up holding more of it. Make sure you want more of that stock.
Filter by liquidity before yield. Before you enter, check what it would cost to swap your full position size on exit. If it’s more than a few weeks of fees, the pool is too thin for you.
Stick to high-volume names. NVDA, META, GOOGL and TSLA have the deepest pools. A thin pool with a big APY is usually a trap.
Read daily rate, volume and pool TVL, not APY. Fees earned per day relative to pool size is the honest number.
Watch the gaps. Weekend trading onchain tracks Monday’s open fairly well. Earnings gaps are what hurt LPs.
Automate it. Managed vaults rebalance your range around the clock, including weekends while you sleep.

One way to think about it: a concentrated LP is a lot like selling options. You’re paid for taking on volatility, and you end up holding more of the stock if price runs through your range. That brings us to strategy 3.

Strategy 3: Options vaults

How it works: pick a price you’d happily sell at (above today’s) or buy at (below today’s). You earn a fixed yield while you wait. If the price hits your target at expiry, the trade executes at your price. If not, you keep your original asset plus the yield. In TradFi terms, these are covered calls and cash-secured puts.

Who pays you: option buyers. Of the four strategies, this one has the clearest answer.

Where: Prodigy.Fi launched tokenized stock vaults on October 1, starting with NVDAx on Ethereum, with more tickers planned.

A real example: with NVDAx at $241, Prodigy’s sell-high vaults on the same expiry paid:

For both buy and sell vaults, closer to the current price means higher yield and a better chance you'll actually trade into, or out of the asset. That’s the risk - but also the source of yield.

Tips:

Pick a price you genuinely want. Only sell at a price you’d be happy to take profit at, and only buy at a price you’d be happy to own the stock at.
Check the expiry. Prodigy’s stock vaults expire on weekdays, while the real market is open. That avoids settling on a stale weekend price.
Compare it to LPing. An LP pays variable fees and rebalances constantly, with slippage every time. An options vault pays a fixed rate at one price you chose, settled once.

Disclosure: I’m an advisor for Prodigy.fi

The one I’d skip: delta-neutral funding

Hold the stock, short the same amount on a perp like Hyperliquid’s HIP-3 equity markets, and collect funding. It looks like free money. Perps are where the speculation is: RWA perp open interest is about $18.3B, roughly 6x the tokenized stock spot market, and longs often pay big rates to stay in.

Here’s the catch. The perp trades 24/7, but after hours and on weekends liquidity is thin and there’s no real stock price anchoring it. A weekend pump on a thin book can liquidate your short, and your spot leg can’t save you: moving collateral between venues takes time, and selling spot into a thin weekend pool costs you. Funding swings hard too. In July, the Seoul-listed SK Hynix perp ran a +37% monthly median funding rate while the ADR version ran −4%.

Those juicy rates are partly alpha, but a lot of it is risk premium. You’re getting paid to take a risk most people don’t want. Unless you run it professionally, with heavy margin and someone watching on weekends, this strategy is much riskier than it looks.

Before you farm: a checklist

Know what you hold. Check whether your token is a certificate, a derivative or a real share, and whether you can redeem it (usually only with KYC).
Know the oracle hours. Lending oracles pause from Friday 8pm to Sunday 8pm ET while DEXs keep trading. Your DEX price, oracle price and perp price can all disagree over a weekend.
Check exit liquidity first. Size your position to the pool, not to the APY.
Check access. Most of these products block US users.
Count the layers. Issuer, chain, DEX, lender, vault: each one is another thing that can break. A 14% yield across five protocols is not the same as 14% on one.
Watch corporate actions. Lenders like Aave pause a stock’s market during splits until the token is adjusted.

The yield is real, but the tokenized stock market is early. Pools are thin, and the most interesting opportunities are small. That’s exactly when it pays to be early, and to be careful.

Paid: Specific opportunities

Earn >10% lending and 11% LPing - Farming Alpha

Thu, 22 Oct 2026 08:00:45 GMT

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Today’s News Headlines:

Aerodrome and Velodrome merge into Aero across seven chains
Fhenix mainnet goes live on Arbitrum
Pendle launches PendleLoop for leveraged trades
Aave V4 adds USDC supplier incentives for tokenized stocks hub
Morpho P2P Orders now supports any loan asset
Obol releases Charon security patch after key compromise
Papertrade schedules 5-minute order halt at 22:00 UTC
Lighter plans US derivatives licenses, Robinhood integration
OCC finalizes GENIUS Act rules, effective Jan 18, 2027

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 (Ethereum) — Flowdesk Confidential High Yield USDT - 12.19% APY

The vault lends USDT against collateral across Morpho markets, mainly PT-USDat (28.4%), sUSDai (25.5%), wstETH (24.5%), and PT-reUSD (14.1%). PT-USDat is tied to Saturn’s USDat stablecoin, while sUSDai reflects USD.AI’s GPU-backed lending strategy and exposes holders to borrower defaults and collateral-recovery risks. wstETH adds ETH price and staking risk; smaller exposures include cbBTC, PST, and gold-backed XAUt.

The APY comprises 3.54% lending yield and 8.65% ZAMA rewards from a Merkl campaign ending Nov. 8. Realized APY was 3.98% over seven days and 5.23% over 30 days. Rewards come from a fixed budget of about $8,597 daily, so returns decline as deposits grow and fluctuate with ZAMA’s price. The vault held $36.27M, with $16.47M withdrawable from markets.

Risk: If incentives end, expect lending yields closer to 3.5%, not 12%. Deposits are exposed to seven collateral markets, led by PT-USDat (28.4%), sUSDai (25.5%) and wstETH (24.5%). Bad debt is shared across the vault. Deposits and withdrawals pass through batchers rather than settling instantly, and the curator has no published risk disclosure or Morpho rating.

How to farm: Shield USDT into cUSDT in the Zama app, deposit into the vault, and opt in to Merkl’s Confidential Incentives Program to qualify for ZAMA rewards. Batches run periodically, so check the estimated wait before depositing or withdrawing. Test a small withdrawal first.

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Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

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Stake DAO (Ethereum) — frxUSD/sGHO Curve LP - 11.08% APR

The strategy earns 3.56% from Curve trading fees and roughly 7.5% from CRV rewards, boosted 2.10x through Stake DAO’s veCRV position. The vault holds $173K against $539K in pool liquidity.

frxUSD is a Frax stablecoin backed by cash-equivalent reserves, including tokenized Treasury funds held with custodians. You obtain sGHO by depositing GHO into Aave’s savings vault; GHO is an overcollateralized stablecoin, and sGHO accrues value through Aave’s savings mechanism.

Risk: frxUSD carries reserve, custodian and redemption risks; sGHO depends on GHO maintaining its peg and Aave’s protocol. The pool is 76% sGHO, increasing exposure to that side if a depeg occurs. Thin liquidity can worsen exit prices, and roughly two-thirds of the APR comes from variable CRV incentives. Curve, Stake DAO and Convex add smart-contract risk.

How to farm: Acquire frxUSD and GHO, deposit GHO into Aave’s sGHO vault, then supply both assets to Curve and deposit the LP tokens into Stake DAO. Alternatively, use Stake DAO’s Zap feature after checking the route and fees. Compare withdrawal quotes before exiting.

| Today in DeFi is Supported by DeFi Saver

This Week’s Farming News:

Yo Protocol introduces stablecoin looping with up to 7x leverage and an ROE of 32%. Users can earn a native APY of 4.5% on yoUSD.
Makina’s USDC incentives for Mag7 Tokenized Stock Machines are set to end in three weeks, offering up to +10% APR in rewards.
Lista DAO offers USDC Savings at 6.13% APY on Ethereum and BNB Chain.
Avalon Finance's Super Earn USDC vault targets a market-neutral strategy with an APY of up to 15

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

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Farm Auto-managed 25% APR on Stablecoins

USD.AI Claims Open, Fables TGE - Airdrop Alpha

Wed, 21 Oct 2026 08:02:08 GMT

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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:

USD.AI ($CHIP): Season 2 claims open around Oct 20–22 with no lockup, and Season 3 is live with multipliers up to 15x.
StandX: shutting down. Withdraw first, then check the DUSD airdrop when the checker opens Oct 26.
Fables ($FABLES): launched Oct 20 on Robinhood Chain. Claims close Nov 20.
Papertrade ($PAPER): new minting curve, still can’t be transferred.

| Today in DeFi is Supported by DeFi Saver

Airdrop Claims 🪂:

USD.AI ($CHIP): Season 2 Claims Open, Season 3 Live

USD.AI lends against GPUs to AI infrastructure operators. You can mint USDai (backed 1:1 by PYUSD) or stake it as sUSDai to earn yield from GPU loan interest.

Season 2 distributes 225M CHIP (2.25% of the 10B supply) to points holders: USDai stakers, LPs and holders. Claims open around Oct 20–22 on Arbitrum, with no lockup or vesting. Unclaimed tokens are forfeited after Jan 31, 2027.

Season 3 runs to Apr 14, 2027, with points reset, referrals removed and multipliers up to 15x across USDai, sUSDai, Pendle positions and CHIP LPs. Its CHIP allocation hasn’t been disclosed.

Official link: app.usd.ai/dashboard

Risk note: The 7% hurdle depends on a finite reserve, not a guarantee. sUSDai has an epoch-based unstaking queue of roughly 30 days and an exchange rate exposed to loan performance. GPU lending carries credit and collateral risks, while leveraged LPs and YT positions add liquidation and expiry risks. Season 3’s CHIP allocation remains undisclosed, and multipliers may change. Use only the official app to claim.

Fables ($FABLES): TGE Today, Claims Close Nov. 20

Fables launches on Robinhood Chain on Oct. 20, with points and PROLOGUE claims open until Nov. 20. Points claims are only available to wallets that saved a selection before the Oct. 19 deadline. Each point converts to 0.08 FABLES, with the final choice determining the payout: 30–60% liquid, 80% as veFABLES with a six-month lock, or 100% as veFABLES with a rolling two-year lock.

PROLOGUE holders can redeem at least 1 liquid FABLES per 40 eligible tokens if they held them in a self-custodial wallet through the Oct. 17–18 snapshot and have not transferred them since. Total supply is 1B, with liquid supply capped at around 75M at TGE. ve(3,3) voting, staking, and emissions also launch today.

Official link: Fables.fi

⚠️ The selection choice is final, and locking pays more but ties up the tokens. If you miss the window, you can't claim points. The unclaimed 45M cap means the liquid supply is small, so the early price can be volatile. Robinhood Chain is new, so expect liquidity and technical risk around launch. Only use fables.fi. The team has warned against claim links in replies and DMs, and fake claim sites spike on TGE day.

⚠️DISCLAIMER NOTICE⚠️ A note before the next section:

New protocols often offer 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.

Earn 20% APY with a Fixed-Rate Borrow Loop on Liquity

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Airdrop News/Updates &

Papertrade ($PAPER): Minting Curve Changed, Token Still Non-Transferable

Papertrade revised its minting curve and trading fees on Oct. 19–20, roughly 10 days after launch. PAPER remains non-transferable with no timeline for tradability, leaving staking for USDC distributions as its only use.

The new curve mints about 0.1% of current supply per $1M lost, replacing the previous flat rate and gradually diluting earlier holders. New fees penalize closes within 6 bps of entry during market hours and 10 bps off-hours; the team claims tight-scalp bots face 15x the impact of normal traders, based on its own backtest. Additional contract protections and builder codes are also being introduced through a timelock.

Community reaction is mixed to negative, with some criticizing the changes as rule shifts after losses.

⚠️ Our Oct 10 entry described minting at 100 PAPER per $1 lost under a $2M LP. That mechanic is outdated, so don’t rely on it. PAPER has no market and no transfer path, and dilution now works against earlier holders. The system still depends on Hyperliquid’s price data. Treat any losses as money you’ve already donated to the pool, and check the docs for the timelock announcement before trading.

StandX: Platform Shuts Down, DUSD Airdrop Replaces Token Launch

StandX is shutting down and canceling its native token launch, replacing it with a one-time DUSD airdrop funded by remaining revenue and team capital, with no lockup. The checker opens Oct. 26, claims start Nov. 1 using the same BNB Chain or Solana wallet, and close Dec. 31 at 08:00 UTC. Kaito participants with prior token allocations are also eligible.

Perps enter reduce-only mode on Oct. 20, with remaining positions force-closed Jan. 15, 2027. Final withdrawals and DUSD redemptions close Jan. 31.

Check eligibility when the checker launches, claim before the deadline, and withdraw remaining funds before the shutdown dates. Use only standx.com and verified official channels.

Official link: standx.com

⚠️ A missed claim or withdrawal deadline forfeits your funds. Premarket prices for a hypothetical StandX token collapsed on the news, and there is no token to farm now. Yield programs and new deposits have already stopped. Fake checker and claim sites will appear around Oct 26 and Nov 1, so only use standx.com and the verified @StandX_Official account.

New Opportunities:

Elysium (Kinetiq): Hyperliquid L2 Sets Nov. 9 Mainnet Launch

Kinetiq’s Elysium L2 is scheduled to launch on Hyperliquid on Nov. 9, using HYPE for gas and settling to HyperEVM. The Arbitrum Orbit chain targets ~100 ms blocks and ~300 Mgas/s, with sequencer fees allocated to builders (25%), Kinetiq’s treasury (25%), and KNTQ buybacks (50%). That makes this a value play for KNTQ and HYPE, not a new-token play.

The testnet is live, but no Elysium-native token, points program or airdrop has been confirmed. Testnet activity remains speculative; the project is designed to accrue value to HYPE and KNTQ instead. Initial sequencer centralization, delayed fraud proofs and bridging risks remain key caveats.

Testnet: elysium.kinetiq.xyz

⚠️ Nothing here is a confirmed reward, so don’t size capital for it. The initial sequencer is centralized, fraud proofs come later, and HyperCore integration arrives after mainnet, so timelines can shift. Competition across Hyperliquid-related farms is heavy and liquidity may fragment across new apps. Standard bridge and smart-contract risk applies.

Today’s News Headlines:

Solana Alpenglow upgrade nears activation, 90%+ validators ready
Aptos turns on encrypted mempool for Decibel traders
Hylo raises $1M led by Solana Ventures
Aptos governance approves 10x gas fees, halved staking rewards
Citi calls Aave likely financing layer for tokenized assets
Extended moves settlement from Starknet to Arc on Oct 22
NEAR opens vote to cut issuance from 2.5% to 1.6%
Ethereum Glamsterdam heads to Hoodi testnet Oct 26

NEW Promising Airdrops

CAKE’s Flip Cuts Emissions by 69%, Kamino Rose 15% - Onchain Outlook

Tue, 20 Oct 2026 08:00:59 GMT

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Today’s News Headlines:

Uniswap UNI becomes the first DeFi token with CME futures
Frax launches on-chain FX on Base, six stablecoins
Lighter launches binary options on Lighter Core
Echo Protocol winds down, withdrawals and repayments open
Papertrade says PAPER will not be transferable
Strategy buys 267 BTC, raises buyback to $3B
Silhouette launches RFQ system for Hyperliquid perps

Key Takeaways:

Crypto held up better in a risk-off environment

Bitcoin fell 2% while NQ fell 5.5% amidst a higher-than-expected inflation report. Funding rose to 5.59% from 2.63%, above the 4.79% cost to borrow stablecoins. Stablecoin supply fell $1.5B and spot ETFs lost about $550M in a second week of outflows, with the Nasdaq down about 4% and ETH/BTC below its 20-week average.

BSC added $1.5B of weekly DEX volume (+29.5%), the most of any chain.

A PancakeSwap proposal to give liquidity providers 88% of swap fees and cut CAKE emissions by 69% passed the same week. Ethereum’s 17% volume drop and Arbitrum’s 122% fee jump, each traced to a single day.

Kamino rose 15% in a week of product news, while Aster’s buyback barely moved its token.

Kamino Fixed Rates passed $55M in active loans, and tokenized-equity supply passed $50M. Aster says 99% of daily fees now go to buybacks, plus an extra $100K a day, yet the token is up only 3% on a $1.9B market cap.

Your Rate Doesn’t Move Unless You Move It

Aave and Morpho set your borrow rate based on 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.

<Open a position now on DeFi Saver> | Today in DeFi is supported by Liquity

Macro brief: stocks fell, bonds sold off, Bitcoin lost less

The Nasdaq fell about 5% and the S&P 500 about 2%, the worst week since June. Hot CPI (3.7% against 3.6% expected) and PPI, Brent oil near $110, and AI-debt worries did the damage.

The 2-year yield, a read on Fed expectations, spiked to about 4.95% on CPI day and closed near 4.72% (down 7 bps), still above its 20-week average of 4.43%. The dollar index closed near 101.8, also above its 20-week average of 100.48.

Fed Chair Warsh gave no rate guidance on Oct 16. October hike odds fell from about 60% after CPI to 16-20%, while December hike odds sit near 89%. The next decision is Oct 28.

1B. Crypto Capital On-Ramp

Total stablecoin supply 7d change (level + WoW)

Stablecoin supply fell about $1.7B (−0.5%) to roughly $304B, marking the second consecutive week of declines.

USDT lost $644M (- 0.35%), and USDC lost $466M (- 0.64%), the clearest sign of less fresh trading cash. Meanwhile, Sky’s USDS grew $105M (+1.5%), continuing its traction after raising sUSDS yields to 3.8% from 3.6%. Last week’s stance clearly signals de-risking, as trading capital shrank and yield-bearing stables like USDS and USDf gained traction.

BTC and ETH Exchange Flows

Exchange reserves edged up, which adds sell-side supply: bitcoin on exchanges rose about 7K BTC to 2.686M, and ether about 22K ETH to 14.928M.

ETF flows:

US spot ETFs lost money for a second week. Bitcoin funds had net outflows of $228M (Oct 5-9: $679M) and Ether funds lost $320M (Oct 5-9: $542M). CPI day, Oct 14, was the worst for both: Bitcoin lost $261M and Ether lost $ 130 M. Bitcoin funds took in money only on Oct 13 (+$176M) and Oct 15 (+$5M). Outflows are smaller than last week’s, but they have not stopped. (Farside BTC, Farside ETH)

1C. Week-Ahead Catalysts

Tue Oct 20: The SEC’s comment period on its proposed “Regulation Crypto Assets” framework ends, which does not make its fundraising exemptions effective. A final decision on Zcash’s NU7 activation is expected (target Nov 5).
Wed Oct 21: Solana targets its Alpenglow consensus upgrade (finality from about 12.8 seconds to 150 milliseconds). Fhenix targets its mainnet launch. Tesla reports, so any change to its Bitcoin holdings could show up.
Wed–Thu Oct 21–22: Bitwise’s liquidated Dogecoin ETF (BWOW) sets its net asset value, then pays remaining investors in cash.
Thu Oct 22: Aerodrome and Velodrome target merging into one “Aero” network across seven chains. AERO converts 1:1 and VELO at about 0.044 AERO.
Fri Oct 23: REX-Osprey targets an effective date for its SEI staking ETF and 24 other crypto ETFs.
Upcoming promising launch: Kinetiq’s Elysium Layer 2 launch on Nov 9

| Today in DeFi is Supported by DeFi Saver

Onchain Risk Regime

Aave / Sphere Rates

Across Aave, Spark, Morpho, and others, the average cost to borrow stablecoins eased to 4.79% (5.01% last week), and suppliers earned 3.70% (vs 3.93% last week). Cheaper borrowing suggests demand for on-chain leverage is cooling. (Sphere)

Perpetual futures say the opposite. The funding rate, the fee longs pay to hold a leveraged position, jumped to 5.59% from 2.63%. It now sits above the borrowing cost, so traders are paying more to stay long even as prices fall. That is a crowded trade, and crowded longs are where sharp drops start.

ETHBTC vs 20W MA

ETH/BTC fell again, closing near 0.0294, down about 2.8% after last week’s 3.9% drop. It is now below its 20-week average of about 0.0304, where it was level last week. Ether is losing to Bitcoin, which favors Bitcoin over alts. (TradingView ETHBTC)

Structural Shifts on Onchain activity: BSC is the real story

DEX volume held up this week.

Across the 19 chains with data, weekly volume rose 1.1% to $52.2B (up about $0.6B), with 11 chains up and 8 down. BSC added the most (+$1.5B, +29.5% to $6.7B), then Base (+$0.6B) and Robinhood Chain (+$0.5B).

Where activity fell: Solana is weaker underneath.

DEX volume was flat (-1.1% to $15.0B), but perp volume fell 16.8% to $8.0B, nearly all GMX on Solana (-$1.65B, -20%). Trading terminals keep sliding: Axiom Pro is down 45% and FOMO 36%. App fees fell 21.6% to $74M, and chain fees fell on Ethereum (-41.5%), Hyperliquid L1 (-38.8%) and Solana (-17.1%). (DefiLlama fees)

BSC has a catalyst, and the data backs it.

BSC is the only large chain with rising volume and TVL (+2.9% to $5.75B), though app fees fell 4.1% to $15.6M. PancakeSwap drives it.

The catalyst is “The Flip” proposal (Oct 14, still in discussion): v3 and Infinity liquidity providers would keep 88% of swap fees, up from 66-68%, and daily CAKE emissions would fall from 22,500 to 7,000 (-69%), with the 7,000 going to an ecosystem fund. v2 is unchanged.

Plasma’s TVL gain is mostly a rebound.

Plasma TVL rose 6.3% to $555M. Aave added $36M (+8%) to $487M after falling on Oct 1, and it is back near late-September levels, so this is recovery, not new money. Plasma One, the stablecoin card and savings app, is up 3.5% on the week and 21.6% over 30 days to $15.2M. Chain transactions rose 20.2% while daily users fell 1.6%, so activity per user rose rather than the user base. (Plasma on DefiLlama)

Arbitrum is growing, led by Spiko, and incentives should add more.

App fees rose 122% to $4.3M. Spiko, which tokenizes euro and dollar money-market and T-bill funds, accounts for about $2.06M of that, including $1.9M on Oct 15 alone, up from roughly $19K on a normal day.

Spiko TVL and Fees

The same-day spike appears on every chain Spiko is on, so it looks like a step in the funds’ price feed, not a sudden rush of users. Spiko’s fees are yield from tokenized funds rather than trading demand, so read it as growth in tokenized assets, not in usage. Take Spiko out and Arbitrum’s app fees still grew about 13%.

The next push is DRIP, Arbitrum’s incentive program. Season 2 began on Oct 6 and focuses on USDG, and the DRIP page lists USDG vaults on GMX and Morpho paying about 8% APR. A separate proposal to add 100M ARB to the program has not been voted on. If the rewards keep flowing, expect more deposits to land on Arbitrum.

Project & Protocol Discovery

Token Price Movers - Observations, not trade ideas.

Fluid (FLUID), +5.0%

USDGO, the OCC-regulated stablecoin from OSL, launched with trading liquidity on Jupiter Lend’s AMM, which Fluid powers. That same day, it said the AMM had passed $1B in volume over two months, with only five pairs live. Fluid’s Ethereum DEX volume also rose about $205M over the week. (DefiLlama: Fluid)

Kamino (KMNO), +14.6%

Kamino’s Fixed Rates passed $55M in active loans, its AUTO market reached $150M, and tokenized-equity supply on Kamino passed $50M. It also launched Confidential SOL Yield on NEAR, run through a Gauntlet-curated vault. (Kamino on X)

Aster (ASTER), +3.0%

99% of its daily platform fees went to buybacks between Oct 5 and Oct 19, buying back 2.72M ASTER and burning an equal amount. A second post on Oct 14 added an extra buyback of about 1.4M USDT, at roughly $100K a day for 14 days starting Oct 15. (Aster on X)

Curve (CRV), +5.9%

Curve’s DEX fees hit $1.01M, up 61.7% from $623K the week before. But $374K of that came on Oct 12 alone, and fees were back to about $40K a day by the weekend. The week before had a similar one-day spike ($273K on Oct 7). The jump comes from a few big days, not a steady climb. (DefiLlama: Curve)

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

Pump.fun Integrates Hyperliquid, Pendle Incentivize Tokenized Stocks

Mon, 19 Oct 2026 08:02:40 GMT

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TL;DR:

Pump.fun launched Hyperliquid-backed perps with up to 40x BTC and 25x ETH leverage, while Ripple introduced 24/7 institutional perps.
Pendle added GOOGLc and NVDAc pools with $20K USDC rewards each, as EQX Labs brings tokenized US stocks and ETFs to Hyperliquid.
Qubic halted its network after 1,404 wallets lost 2.94T QU. Ledger confirmed seed-stealing implants in resold devices, though reported $72–93M losses remain unconfirmed.
PancakeSwap proposed boosting v3 LP fee shares to 88% and cutting CAKE emissions 69%. Jupiter launched unaudited YOLO binary trading with up to 1,000x leverage.
StandX is shutting down, while Revert is winding down its Base Aerodrome vault; exposed users should withdraw. USD.AI claims open on Arbitrum Oct. 22 at 11 AM ET.

DeFi📈

PancakeSwap proposed “The Flip,” raising the LP share of swap fees to 88% on v3, an estimated increase from 66 - 68% on most pools, and daily CAKE emissions would drop from 22,500 to 7,000 (about 69%).
Lido launched direct ETH staking on Arbitrum, Base, and other L2S. Users stake in the Lido UI and receive wstETH from a dedicated liquidity pool, removing the need for manual bridging.
Derive finished its V3 migration, with custody staying on Ethereum and ZK proofs handling margin and settlement. The upgrade enables users to launch no-code vaults and borrow against ETH, WBTC, HYPE, and USDC.
- It also opened a governance vote on expanding into US-regulated derivatives.
Orca and Loopscale merged into Formation, a new platform for raising and allocating capital for tokenized assets. $ORCA becomes the Formation token, and Loopscale won’t launch its own.

| Today in DeFi is Supported by DeFi Saver

Issues ⚠️

Ledger confirmed that criminals implanted seed-stealing hardware into genuine devices before resale. It says an organized syndicate infiltrated the supply chain for months. Reported losses run roughly $72-93M and are still unconfirmed.
- Trezor trimmed its reseller list as a precaution, saying it has no evidence its own devices are compromised.
Qubic halted its network after an attacker drained 1,404 wallets of about 2.94T QU. Qubic says 87.1% of the stolen funds were frozen on-chain

Wind Downs ⌛

StandX, a perp DEX from a former Binance Futures head, is shutting down and scrapping its token launch. The exchange announced the closure.
→ Check any open positions or deposits and withdraw.
Revert is winding down its Aerodrome lending vault on Base. New borrowing and LP deposits are disabled, and it's preparing a new Aero vault.
→ Recommended action: repay debt and withdraw.

Stablecoins/RWA🪙

Pendle added GOOGLc and NVDAc tokenized-stock pools. LPs earn swap fees, PENDLE incentives, and $20K of USDC rewards per pool.
USD.AI ended Season 2 and allocated 225M CHIP (2.25% of supply) to participants. Final allocations were set Oct 19, and claims open on Arbitrum Oct 22 at 11 AM ET with no lockup or vesting.
JPY DeFi launched JPYdf, a yen stablecoin you can mint permissionlessly against ETH, wstETH, or USDC. It also runs a Stability Pool that earns yield from two onchain sources.
EQX Labs launched EQX, tokenized US stocks and ETFs issued as HIP-1 tokens on Hyperliquid. The first 11 markets open soon for 24/7 spot trading, backed 1:1 by shares at DTC-connected custodians with no issuer fees.

Prediction Markets🔮

Jupiter launched YOLO binary trading offering up to 1,000x leverage on SOL, BTC, and ETH. Jupiter says it’s in beta and unaudited, and that traders face the house.

Perps DEX📉📈

Pump.fun launched Hyperliquid-backed perps with up to 40x on BTC and 25x on ETH. US and Ontario users are restricted.
Variational opened a points claim for traders with on-chain perps history. A second app, Pro, is coming next.
Ripple launched 24/7 perpetual futures for institutions, plus RWA perps on Ripple Prime.

Privacy🔓

Starknet is exploring a path to becoming an independent post-quantum L1, and opened a governance post with a non-binding poll for STRK holders.
Aptos claimed layers of confidentiality are live on mainnet, including Keyless Accounts and confidential amounts. Confidential $APT is available in Petra and is opt-in.

News🗞️

Strive offered $SATS, a 15% fixed-rate perpetual preferred with dividends every business day. It’s junior to SATA and is offered through an IPO available to select investors via Fidelity. Strive said it would file an 8-K on final warrant exercises and extra Bitcoin purchases.

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

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Farm >6% BTC LP Yield

Earn 20%+ with Fixed Rate Borrowing - Inverse Finance

Fri, 16 Oct 2026 08:01:47 GMT

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Today’s News Headlines:

Starknet opens 7-day poll on becoming independent L1
Ledger confirms seed-stealing implants in genuine devices
StandX shuts down, scraps token launch
Jupiter launches YOLO, up to 1,000x leverage
MSCI rules could remove Strategy, Metaplanet from indexes
JPY DeFi launched a yen stablecoin, JPYdf.
EQX Labs launches tokenized US stocks on Hyperliquid
Lido launches direct ETH staking on L2s
Aave enables USDC, USDT deposits from HyperEVM

| Today in DeFi is Supported by DeFi Saver

TL;DR

FiRM is a fixed-rate lending protocol on Ethereum with $87.7M in TVL and $70M borrowed
You buy DBR tokens upfront to lock your borrow cost — currently ~4.69% fixed, unlimited duration
Your collateral sits in an isolated personal escrow — not pooled, not rehypothecated, not lendable
One-click leverage up to 12.5x on stablecoin positions via the Accelerated Leverage Engine
The ysyBOLD market currently pays 3.67% in Merkl borrow rewards, cutting the effective fixed rate to just 1.02% — ending Dec 12

How Fixed Rates Actually Work in DeFi

Every major lending protocol — Aave, Compound, Morpho — charges a variable rate. You deposit collateral, borrow, and hope the rate stays reasonable. It usually doesn’t. A borrow at 3% in the morning can be 8% by evening if utilization spikes.

FiRM works differently. Instead of paying interest continuously at a floating rate, you buy a token called DBR (DOLA Borrowing Right) upfront.

The mechanic:

1 DBR = the right to borrow 1 DOLA (Inverse’s stablecoin) for one year
While your loan is open, your DBR balance streams down continuously — like a subscription ticking away
If you borrow 5,000 DOLA, you consume ~13.7 DBR per day
Your cost is whatever you paid for DBR on the open market — currently ~$0.047 per token, which translates to a 4.69% annualized fixed rate

The key insight: your rate is locked at the moment you buy DBR. If market rates spike to 10% tomorrow, you’re still paying 4.69%. If rates drop to 2%, you overpaid — but you had certainty.

This is not a fixed-term loan. Unlike protocols that lock you into 30- or 90-day windows, FiRM loans run indefinitely. When your DBR runs low, you buy more to keep the loan open. Your rate on the new DBR reflects current market pricing, but your existing position’s cost is already paid.

The catch: if your DBR balance hits zero while you still have debt, anyone can trigger a “forced replenishment” — buying DBR on your behalf at a punitive 54.75% APR and adding the cost to your debt. Set a reminder to top up.

Your Collateral Sits in Its Own Vault

Most lending protocols pool your collateral with everyone else’s. Your wstETH sits next to thousands of other deposits in one big contract. If something goes wrong with that contract or another collateral type in the pool, your position is at risk.

FiRM uses Personal Collateral Escrows (PCE). When you deposit, the protocol deploys a dedicated smart contract that holds only your collateral, only that asset type. Your wstETH escrow is completely separate from your sUSDe escrow, and each is separate from every other user’s escrow.

What this means in practice:

No rehypothecation. Your collateral is never lent out to other borrowers. It sits in your escrow until you withdraw it.
Isolated exploit risk. If a vulnerability is found in the sUSDe market, it cannot cascade into the wstETH market. Each market is a separate contract.
Governance rights preserved. If you deposit CVX as collateral, you can still vote on Curve proposals. The escrow holds your tokens but doesn’t strip their functionality.

This is a fundamentally different security model from pooled lending. It doesn’t eliminate smart contract risk — your individual escrow contract could still have a bug — but it prevents the cascading failures that have hit pooled protocols in the past.

One-Click Leverage: The Accelerated Leverage Engine

Leverage in DeFi lending normally means looping: borrow stablecoins → swap to collateral → redeposit → borrow more → repeat. This takes 8–10 separate transactions, 15–20 minutes of gas costs, and a lot of patience.

FiRM’s Accelerated Leverage Engine (ALE) does the entire loop atomically in one transaction:

Flash-mints DOLA
Swaps it to your chosen collateral via approved routers (Enso or KyberSwap)
Deposits the collateral into your escrow
Borrows DOLA to repay the flash mint
Repeats until your target leverage is reached

No protocol fee. You pay gas and swap slippage, but Inverse charges nothing for ALE.

Available leverage depends on the market. Stablecoin positions allow up to 12.5x. ETH and BTC markets allow up to 6.67x. The collateral factor (how much you can borrow against your deposit) determines the maximum — an 85% CF means each loop retains 85% of the prior step’s value, compounding up to the theoretical max.

The core trade: you’re leveraging yield-bearing collateral against a known, fixed borrow cost. If your collateral yields more than your effective rate, every turn of leverage adds to your net return. If it yields less, leverage works against you.

A Worked Example: ysyBOLD on FiRM

Let’s make this concrete with a position you can examine today.

ysyBOLD is a vault token representing a position in Liquity’s BOLD stability pool. The stability pool earns yield from liquidations and borrower interest — currently paying 5.00% APY. The vault auto-compounds this yield.

On FiRM, ysyBOLD is listed as collateral with:

Collateral factor: 85%
Max leverage: 6.67x
Oracle: Chainlink + CurveLP (pessimistic pricing)
Current TVL: $1.03M
DOLA liquidity: $1.15M
24H borrow limit: 500K DOLA (ramping up — currently ~95K available, resets daily)
Min debt: 3K DOLA

The incentive that changes the math:

The ysyBOLD market currently offers a 3.67% Merkl borrow reward, ending December 12, 2026. This reward is paid to borrowers on top of the vault yield, effectively subsidizing your borrow cost.

The base fixed rate is 4.69%. After the 3.67% borrow reward, your effective fixed rate drops to 1.02%.

That transforms the spread. Instead of earning 5.00% against a 4.69% cost (a thin 31bp margin), you’re earning 5.00% against a 1.02% effective cost — a 3.98% spread per turn of leverage.

At 3x leverage, you’re earning nearly 13% on a stablecoin-denominated position with a fixed, known borrow cost. At the max 6.67x, it reaches 27.58%.

Why this matters beyond the numbers:

The borrow cost is fixed. If BOLD stability pool yields rise (they fluctuate with liquidation activity), your net return improves while your cost stays locked. On a variable-rate protocol, rising yields would likely pull borrow rates up with them, eating the spread.
The Merkl borrow reward is temporary — it ends December 12, 2026. After that, the effective rate reverts to the full 4.69%, compressing the spread back to 31bp per turn. This is a time-limited window.
The borrow limit resets daily at 500K DOLA. You may need to enter across multiple days for larger positions, but the capacity is growing.

Risks specific to this position:

Incentive expiry — the 3.67% Merkl reward ends Dec 12, 2026. After that, the position economics change significantly. Plan your exit or deleveraging before the incentive drops off
New market — ysyBOLD was recently added to FiRM, with borrow capacity still ramping up
BOLD stability pool risk — yield depends on liquidation volume; quiet markets mean lower returns
DOLA liquidity — $1.15M available in this market; large positions face exit friction
Leverage amplifies losses — a 10% drop in ysyBOLD value at 3x means 30% position loss

< Farm 20% Fixed Yield on Liquity’s yBOLD on Inverse>

What Can Go Wrong

Every leveraged lending position shares the same failure modes.
Here’s what’s specific to FiRM:

Liquidation. When your debt exceeds your collateral value × collateral factor, anyone can repay your debt and seize your collateral (plus a ~5% bonus). At 5x leverage on a stablecoin position, a ~5-8% collateral decline can trigger liquidation. At 12.5x, it takes less than 2%. Stay 10-15% below your max LTV.

DBR depletion. Your DBR balance ticks down every second. If it hits zero, forced replenishment kicks in at 54.75% APR — roughly 10x the normal rate — and the cost gets added to your DOLA debt. Set a calendar reminder. Buy DBR with buffer.

DOLA depeg. DOLA trades at $0.9966 today. If it depegs significantly below $1, your borrowed DOLA is worth less than your debt implies. The protocol has mechanisms to maintain the peg, but no stablecoin is risk-free.

Smart contract risk. FiRM has been audited and uses PCE isolation, but the protocol interacts with Curve, Convex, Stake DAO, Yearn, and multiple stablecoin protocols. Each integration adds a contract surface. Nexus Mutual offers coverage for FiRM — consider it for larger positions.

Gas costs. This is Ethereum mainnet. Setting up a leveraged position via ALE can cost $50-200+ depending on network conditions. Your position size needs to justify the setup and eventual unwind costs. Below $5,000, the gas-to-yield ratio starts to break down.

How to Execute

Setting up a position (ysyBOLD example):

Get your collateral. You need ysyBOLD tokens — deposit BOLD into the yBOLD stability pool vault, or use FiRM’s Zap-In feature to convert from other assets directly

Buy DBR. Go to the FiRM interface → “Borrowing credits.” → “Get DBR.” Purchase enough to cover your expected loan duration. For a 10,000 position at 3x, you’re borrowing ~20 K DOLA → need ~20,000 DBR per year. At 0.047,that’s~940 in DBR. Alternatively, use the Auto-buy DBR option, which adds the cost to your loan.
Deposit collateral. Go to the ysyBOLD market → Deposit & Borrow tab → enter your ysyBOLD amount
Set leverage. Toggle the Leverage checkbox → select your target multiple (start conservative: 3x for ~13% net) → review the summary showing your effective position, borrow amount, and estimated net APY
Execute. Approve and confirm. ALE handles the looping atomically. One transaction.

Note on borrow limits: The ysyBOLD market has a 500K DOLA daily borrow limit that resets each day. If you need to borrow more than what’s currently available, check back the next day when the limit resets.

Monitoring:

DBR balance: Check weekly. Top up when it drops below 30 days of runway
Health factor: Available on the FiRM dashboard. Stay above 1.15 minimum; 1.3+ is comfortable
Underlying yield: Check if the vault’s APY has changed. If it drops below your effective borrow cost (1.02% with incentive, 4.69% without), your leverage is working against you
Incentive expiry: Mark December 12, 2026 in your calendar. Before that date, reassess whether the position still makes sense at the full 4.69% rate
Merkl rewards: Borrow rewards are distributed via Merkl — connect your wallet on the FiRM market page to see accrued rewards

Unwinding:

ALE works in reverse. One-click deleverage swaps your collateral back to DOLA, repays your debt, and returns remaining collateral. Same gas considerations apply.

Data as of October 13, 2026. Rates, TVL, and liquidity change continuously. Verify live figures on inverse.finance/firm before entering any position. This is not financial advice.

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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.