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Today’s News Headlines:

- Robinhood Chain launches on mainnet
- Morpho powers Robinhood Earn
- Maple expands to Robinhood Chain
- dYdX launches Arcus on Robinhood Chain
- dYdX Foundation clarifies Arcus separation
- Edel pauses V1 after oracle exploit
- AaveChan shuts down after three years
- Theo invests $20M into FILQ
- Symbiotic launches Core V2
- Drift DEX rebrands to Velocity

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This Week’s Farming News:

• Pendle’s PT-USDG (Sep 2026) is now live as collateral on Aave V4’s newly launched Global Dollar Hub.

• Tangent Finance launches a boosted USG-GHO pool on Balancer, offering up to 7.27% APR with 105 points/day per dollar.

• Liquity Carry Vault on IPOR offers ~10% APR on ETH without looping risk, with yields paid in ETH from Liquity-generated revenue.

• Morpho offers 7% APR on stablecoins through Robinhood Chain, an Ethereum L2 built on Arbitrum's Orbit stack.

• Exponent offers PT-ONyc fixed-rate RWA yield at 15%+ APY on Solana with maturity on September 10th.

• Solstice renews incentives on Exponent Finance for another month with $15.6k USX/eUSX rewards for Limit Orders through July 27 and $2.4k eUSX for Liquidity Pools through July 31.

• Exponent renews $50K+ in monthly rewards across Solana with Limit Orders ($25K+ until July 27), Liquidity Pools ($11.5K+ until July 28), and Strategy Vaults ($15K until Aug 8).

• Citrea launches cBTC yield vault with Noon Capital, offering institutional-grade Bitcoin returns through automated looping between cBTC deposits and USN stablecoin strategy.

• TermMax launched TermPrime on Canton Network, a permissioned fixed-rate lending venue for KYB’d institutions — completing its first live 7-day test trade with CBTC as collateral, private transaction data, and atomic settlement.

Earn Up to 10% on USD Stablecoin Farms:

StakeDAO – USDT/USDe LP
9% APY (Ethereum – Curve LP

Curve stable pool pairing USDT with USDe (Ethena’s dollar-pegged stablecoin), boosted via StakeDAO on Arbitrum. Yield breakdown: 4.79% trading fees + 5.79% boosted CRV (1.67x). The high trading-fee component (4.79%) is notable — it reflects genuine swap demand between USDT and USDe rather than pure emissions, making this more organic than most incentivized stable pools - but maybe volatile since if the trading volume decreases. No CRV lock needed via StakeDAO.

Risk — Low/Medium⚠️
USDe’s risk profile has changed materially since its basis-trade era. Following Ethena’s Q1 2026 architecture shift, yield now comes primarily from institutional lending, stable spreads, and RWAs rather than perp funding — more stable but lower-yielding natively.

Curve and StakeDAO smart contract risk applies.

Euler – K3 Capital USDtb Vault – USDtb – 9.72% APY (Ethereum – Lending)

Lend USDtb — Ethena’s T-bill-backed stablecoin with reserves held in BlackRock’s BUIDL fund — into K3 Capital’s governed Euler vault. Supply APY breaks down as 2.08% base lending yield plus 7.64% in USDtb Merkl rewards, with the reward campaign running until July 10, 2026. USDtb is one of the cleanest stablecoins to lend — direct T-bill backing, no basis trade exposure, distinct from USDe. The vault is managed by K3 Capital across 9 borrowable markets with mixed collateral including sUSDe and others.

Risk — Low/Medium
The current 9.72% is a recent spike driven by fresh Merkl rewards — the average realistic APY once things normalize is closer to 7%+, and post-July 10 the rate drops to the 2.08% base unless a new campaign starts. USDtb itself is a strong underlying asset.

The collateral borrowers post includes sUSDe — any Ethena peg stress tightens borrower ratios and increases bad debt risk in the vault. K3 Capital is a smaller, newer curator than Steakhouse or Sentora. Euler smart contract risk applies.

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Pendle – PT reUSD (USDC)
9.4% Fixed APY (Ethereum – Pendle PT)

Pendle Principal Token on reUSD maturing December 10, 2026 — 161 days out. Buy at a discount today and redeem 1 USDC at maturity, locking in a fixed 9.71% APY. reUSD earns the greater of risk-free rate +250 bps or Ethena basis yield +250 bps, and deploys off-chain to reinsurance surplus notes. Instant redemption on reUSD is a meaningful advantage over most PTs. The longer maturity (vs the expired Jun 25 PT) gives more time for the fixed yield to compound.

Risk — Medium⚠️
Two specific risks to flag here.

First, PT price can fall before maturity — if interest rates rise broadly or reUSD’s perceived yield drops, the PT’s secondary market price moves down, meaning you could exit at a loss if you sell before Dec 10 rather than holding to maturity. This is only a risk if you don’t hold to maturity.

Second, reUSD depeg risk — if reUSD loses its $1 peg, the PT redeems at a discount. reUSD has a strong track record and a yield floor from the risk-free rate component, but the off-chain reinsurance exposure means it’s not fiat-backed in the traditional sense. Pendle smart contract risk applies.

Farm Up to 18% on Stablecoins and 26% on ETH

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🌟 Save time—no need to search for airdrop news; everything is organized for you.
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Today’s News Headline:

- Open Standard unveils Open USD stablecoin
- Lighter adopts permanent LIT buyback burns
- Ethena integrates USDe with BlackRock Aladdin
- Hfun launches Hyperliquid prediction frontend
- Edel Finance exploited via ERC4626 oracle manipulation
- Quickswap urges Polygon zkEVM withdrawals

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Airdrop Claims

Tread.fi ($TREAD) — Token Announced

$TREAD has a fixed supply of 100M tokens on Ethereum (no mint function, no inflation). 50% reserved for community growth, with a meaningful portion allocated free to past tread.fi users as a retroactive reward. No public sale — distributions will come via a subsidiary. Eligibility criteria, timing, and exact details will be shared in the next few weeks.

If you’ve used tread.fi’s algorithmic trading terminal or agentic trading features, you may qualify. Stay active, check your activity history at tread.fi, and follow @treadfoundation exclusively for official eligibility announcements.

Official X: https://x.com/treadfoundation

⚠️ No confirmed snapshot date, eligibility criteria, or allocation sizes yet. Only act on information from the official @treadfoundation account — scams are already appearing. Standard token launch risks apply.

Zest Protocol ($ZEST) — Vesting Schedule Updated

Two important changes for Season 1 Points holders. First, a hard claim deadline: claim your initial TGE tranche by July 15, 2026, 00:00 UTC or it gets recycled into the community treasury for future seasons — not burned, but lost for you specifically.

Second, the vesting schedule has been consolidated: months 4, 5, and 6 (originally 0.3% each) are now merged into one single 0.9% release at month 6, timed to align with the upcoming Stacks Bitcoin Staking and Bitcoin Collateral Vaults launches.

Everything else stays the same — total allocation, per-wallet calculations, Genesis NFT multipliers, Open Position Bonus, and the 5% per-wallet cap. Check your claim status now before the July 15 deadline.

⚠️ July 15 deadline is hard — unclaimed tokens are forfeited to the treasury with no individual recovery. Consolidated month 6 unlock means a longer wait for a larger single release rather than gradual unlocks. Standard BTC collateral and Stacks L2 risks apply to underlying positions.

Airdrop Updates & Opportunities

Theo Network — thUSD Points Program

Theo launched a points campaign tied to thUSD, their gold-backed yield product generating real returns from gold leasing and CME gold futures basis trading (a ~$247B open interest market).

Three new vaults at launch: 3-month Core (6.5% APY + 2x points), 6-month Core+ (7.2% APY + 4x points — the highest multiplier available), and 6-month Boost (11% APY + 2x points, capped at $5M initially).

The 6-month Core+ vault is getting the most attention since it combines solid yield with the highest points multiplier — a clean way to maximize airdrop exposure while still earning real underlying yield rather than pure emissions.

Speculated TGE around December 2026 lines up with the 6-month lock duration. A referral program is also live for additional rewards.

⚠️ 3 or 6-month lock-ups mean capital is illiquid for the duration. Smart-contract risk plus RWA counterparty risk on the gold-backed underlying. Points programs can dilute and airdrop size/timing remains unconfirmed. Boost vault has a hard $5M cap and may fill before you deposit.

Additional risk context worth flagging: thUSD holds both thBILL and thGOLD while running a gold basis trading strategy on CME — US Treasuries, gold reserves, and gold futures contracts are all offchain with zero on-chain visibility.

Theo currently has no monthly or weekly third-party attestation report (they have a self-maintained dashboard and are building a new one with Accountable, but offchain attestation is not yet live).

Additionally, Theo is the sole party that can initiate and process redemptions, meaning the peg is entirely under Theo's control with no arb mechanism to restore it independently. Current redemption fees: thUSD at 5 bps, thBILL at 15 bps, and CME/Gold redemption likely higher.

Citrea (CTR) — ctUSD Vault Snapshot & Rewards Timeline

Snapshot is July 1, 2026 — your CTR allocation depends on your vault position at that moment. Vault launched May 7 with an $18M cap that filled fast. Rewards land July 7, and the vault continues operating post-unlock.

If already deposited, no action needed beyond holding through July 1. Closing phase, not a new entry point.

Official link: https://citrea.xyz/

⚠️ Cap already filled — no new deposits are mentioned as possible at this stage. Snapshot timing means last-minute position changes before July 1 directly affect your final allocation. Watch official @citrea_xyz for post-unlock vault details.

Grove Finance — Points Program Ended

The Grove Points program has officially concluded. No new points farming available. Grove Savings remains live for those who want to keep earning the Sky Savings Rate.

Watch @grovedotfinance and campaign.grove.finance for any future reward claim or airdrop announcement — snapshot has likely already been taken, with distribution details expected in the coming weeks.

Official link: grove.finance

⚠️ Farming window is closed — nothing actionable right now. No confirmed claim date or token reward yet.

Base App — Desktop Launch

Base App (Coinbase/Base’s trading and social app) is now live on desktop at base.app. Current limitation: sign-in is email-only with no wallet import option yet, meaning desktop starts fresh and can’t pull over existing EVM wallet history or activity from mobile. The team plans to add wallet import later.

The app has built-in rewards worth tapping into now: hold USDC for ~3–4% APY (accrues daily, paid weekly, region-dependent), earn a share of swap fees through referrals, and general Base chain trading activity has historically positioned users for ecosystem incentives on top of the upcoming native token from Base, which the team is clearly hinting.

Desktop access makes higher-volume trading more comfortable, which helps if you’re tracking any activity-based rewards.

Start with a small test deposit at base.app, hold some USDC for the APY, and use referrals if you have an audience.

Official link: base.app

⚠️ No wallet import yet — desktop activity is disconnected from your existing mobile history for now. USDC APY rates can change and may require linking a Coinbase account for US users. Creator/content reward programs via Zora have been scaled back in 2026. Test with small amounts while the desktop experience matures.

NEW Promising Airdrops

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Today’s News Headlines:

- Echo opens eBTC exploit claims
- Midas launches tokenized debt fund
- Zest sets Season 1 claim deadline
- Magic Eden faces a class action lawsuit
- ENS treasury proposal faces backlash
- ERC-4626 vault exploited on Base
- Derive’s upcoming V3 expands into RWA options
- Re Protocol opens RE governance
- Ansem airdrop sparks distribution debate
- Strategy unveils $1.25B Bitcoin sale plan

Key Takeaways:

1. The macro backdrop is improving, but crypto hasn’t followed.

The 2-year eased with May’s PCE likely the inflation peak, and Strategy’s new capital framework shored up the credit behind the largest corporate BTC holder — yet BTC/NQ still printed a fresh low, capital favoring tech over crypto. Conditions are turning; the flows aren’t.

2. Few chains grew against a contracting market

Base’s growth came entirely from Ethena’s USDe via the Coinbase–Steakhouse yield vault; XRPL’s from RLUSD on Mastercard’s settlement integrations. Distribution deals, not broad risk appetite — the chain-by-chain breakdown is in Section 3.

3. Capital went to onchain credit; New catalysts are lining up

Maple drew $240M in deposits this week — against falling prices — on a first-of-its-kind deal with Kraken. And Derive is taking its onchain options into real-world assets, with founder Nick Forster outlining a v3 expansion.

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1A. Traditional Macro

US 2Y yield

US 2Y yield: 4.10%, −1.99% WoW. EASING — the week’s relief. After spiking to roughly 4.18% on the hawkish FOMC, the 2-year corrected lower this week.

The driver is the inflation outlook flipping forward: May PCE came in hot at 4.1% headline and 3.4% core, both multi-year highs, but it’s widely read as the peak because crude has since collapsed and that disinflation isn’t in the data yet. The front end is beginning to price that the inflation scare rolls over from here.

Still above the 20W MA, so not a regime change — but a genuine relief after weeks of pressure.

BTC/NQ ratio

BTC/NQ ratio: another yearly low. WEAK — crypto-specific. The ratio printed a fresh 2026 low, meaning capital is still rotating toward tech equities over crypto. Even with oil falling and rates easing, crypto is underperforming — pressured by the strong dollar, contracting liquidity, and a second wave of ETF outflows that pulled Bitcoin near $59,400.

Two forces shaped the week. The war kept de-escalating — oil fell again as Gulf supply came back online — while the rate picture stayed the binding constraint, though the front end of the curve finally eased.

The net: macro headwinds are softening at the margin, but crypto isn’t participating. The dollar pushed to another yearly high and crypto printed a fresh relative low against tech.

Supporting context — the war keeps fading

Oil fell again, even through fresh strikes — and that’s the signal. Brent dropped to around $72 on Friday, the lowest since February 27 and a 10%+ weekly fall, as Strait of Hormuz traffic accelerated and Gulf exports recovered to roughly 75% of pre-war levels, with Saudi Arabia, the UAE, Kuwait and Qatar all ramping supply.

The ceasefire is still bumpy — Trump posted that US aircraft struck Iranian missile, drone, and coastal radar sites for again violating the agreement — yet oil traded lower anyway. That falling-oil backdrop is exactly the disinflation the 2-year started to price this week.

A note on Bitcoin’s credit backdrop.

Strategy (MSTR) unveiled a Digital Credit Capital Framework on June 29 — a $2.55B USD reserve (~17 months of preferred-dividend coverage, ~26 months including authorized BTC monetization), a STRC dividend lifted to 12%, and $1B buyback programs for both its digital-credit securities and common stock.

The practical effect is that it shores up STRC and the credit stack behind the largest corporate Bitcoin holder, reducing a latent forced-seller tail risk around BTC — though, with the funding mechanism being potential BTC sales and the price barely reacting, the market read it as risk reduction, not a catalyst.

Composite: liquidity contracting

The dollar at yearly highs, the 2Y easing (the lone bright spot), and crypto at relative lows. The macro inputs are tentatively turning — rates correcting, oil down, the war fading — but the two levers that matter most for crypto, the dollar and liquidity, are still pointed the wrong way.

1B. Crypto Capital On-Ramp

Total stablecoin supply 7d change (level + WoW)

A sharp reversal from last week’s small +$0.27B print, and the supply base is shrinking again. One accuracy note on the framing — this isn’t quite the worst in weeks: June 1 (−$2.80B) and June 8 (−$3.65B) were deeper. But it’s the sharpest contraction in three weeks, and it erased the brief recovery.

The cause is concentrated in the two transactional giants: USDC bled −$1.11B and USDT −$1.38B, together −$2.49B — essentially the entire weekly drop. When the transactional dollars used for trading and settlement contract this hard in one week, it reads as capital stepping back, in line with the risk-off tape and the price correction. (The full composition split — including DAI’s +8% and the yield/RWA names — is in Section 2.)

ETF flows

ETF flows — the worst week of the year. Bitcoin −$1.787B, Ethereum −$273.5M, Solana −$1.9M for June 22–28, together roughly −$2.06B — the largest weekly outflow of 2026. This is now the seventh consecutive week of net outflows, and instead of exhausting, the selling accelerated to a yearly extreme. It’s the single biggest drag on the crypto tape this week and the clearest evidence institutional demand is still in retreat, not stabilizing.

Verdict: Onchain regime — COOLING / RISK-OFF.

The onchain picture moved in line with macro this week: transactional stablecoins contracted hard, ETHBTC failed its bounce, and the overall risk tone softened.

The one counter-signal is leverage — funding is building toward the borrow rate, with longs growing into the weakness, which is either early positioning for a turn or a setup that unwinds if the tape stays heavy.

1C. Week-Ahead Catalysts

⭐ Non-Farm Payrolls — Thursday, July 2. The one most likely to move the rate debate. Consensus is 110K, a sharp slowdown from May’s 172K, with unemployment seen holding at 4.3%. A

soft number would strengthen the case that the labor market is cooling enough to pull the Fed off its hawkish path; a hot one would reinforce the hike pricing that built through June.

Section 2 — Onchain Risk Regime

Aave / Sphere Rates

Borrow APY 4.01% and supply APY 2.97% were both essentially flat (each +0.01%). The mover, for a third straight week, was funding: the benchmark rose to 2.62% (+0.65%) — its sharpest weekly climb in the series — and is now closing in on the 4.01% borrow rate.

This is the week’s most interesting tension. Funding has now climbed steadily (1.73% → 2.13% → 2.62%) and is heading toward the borrow rate, which means leverage demand is building and longs are being added.

Funding still sits below borrow, so it’s not yet at greedy or crowded levels — but the direction is clear, and, notably, traders are adding leverage into a risk-off tape with crypto at relative lows. Either a contrarian build or early positioning for a turn. Worth flagging that if funding crosses the borrow rate, that’s the signal leverage has tipped from constructive to crowded.

ETHBTC

ETHBTC vs 20W MA — Downtrend stalling. After two green weeks and a marginal red candle (−0.41%), ETHBTC is no longer in the clean downtrend it held through the spring — it’s flattening into consolidation just below its 20-week moving average. Still unconfirmed (under the MA),

but a stalling ETHBTC matters beyond ETH: the ratio is a rough risk-on/off gauge for the whole alt complex, and with Solana already outperforming, a base here gives alts some room to move. Not a turn — but no longer “lower every week,” which is the relief the alt side has been waiting for.

Verdict: Onchain regime — COOLING / RISK-OFF.

The onchain picture moved in line with macro this week: transactional stablecoins contracted hard, ETHBTC failed its bounce, and the overall risk tone softened. The one counter-signal is leverage — funding is building toward the borrow rate, with longs growing into the weakness, which is either early positioning for a turn or a setup that unwinds if the tape stays heavy.

Section 3 — Chain Comparison

3A. Stablecoin flows by chain

The global on-chain stablecoin market closed the week at $312.6 billion, a decline of $2.16 billion (−0.69%) week-on-week and $8.0 billion (−2.49%) over the trailing 30 days. The headline contraction, however, masks a structurally bifurcated picture.

A small group of chains posted compounding gains against the market trend, each supported by a named, dated, and independently verifiable catalyst. In every instance, on-chain supply data confirms that the timing of inflows aligns with the announcement window.

Market Snapshot — Structural Gainers:

Monad - Total Supply: $458M - [7d: +8.09%] - [30d: +3.37%]

Monad was the strongest stablecoin growth story this week after Pendle launched AUSD pools on June 19 with up to $100K/week in incentives through October 2026. AUSD supply on Monad more than doubled from ~$33M to $72.7M in one week, now representing ~40% of global AUSD supply. Pendle currently offers up to 8.6% fixed APY on AUSD, making the incentives the primary driver to monitor.

Base - Total Supply: $4.89B - [7d: +0.32%] - [30d: +4.46%]

Headline growth was modest, but almost entirely driven by Ethena’s USDe (+14.7% 7d, +$23.5M). The catalyst is Coinbase’s new Steakhouse High Yield Vault, which routes user deposits into Morpho markets using USDe as collateral. Coinbase Ventures also accumulated ENA, making this one of the clearest institutional distribution catalysts in DeFi.

Coinbase Ventures purchased ENA from the open market to signal institutional alignment with the collaboration. The vault creates the first instance of Ethena’s yield infrastructure being accessible within a major CEX application, extending potential distribution to 100 million+ Coinbase users without requiring them to navigate a separate DeFi front end.

XRP Ledger - Total Supply: $818M - [7d: +4.29%] - [30d: +9.00%]

RLUSD continues to dominate XRPL after Mastercard expanded stablecoin settlement support to include RLUSD and later selected Ripple as a launch partner for Agent Pay, its AI-agent payments network. The investment thesis remains continued adoption of regulated payment stablecoins.

X-Layer (OKX) - Total Supply: $1.82B - [7d: +2.70%] - [30d: +22.77%]

USDG supply continues expanding following OKX's Exchange OS launch, which moves exchange infrastructure onchain and creates natural demand for USDG as margin and settlement collateral. Watch for additional Exchange OS applications to sustain growth.

Notable Losers

• Ethereum’s USDT and USDC outflows remain gradual, suggesting capital rotation rather than panic selling.

• Hyperliquid’s stablecoin decline appears driven by derivatives deleveraging instead of users leaving the ecosystem.

• Tron’s slow USDT decline continues with no identifiable catalyst, likely reflecting rotation toward higher-yield alternatives.

• Solana’s weekly decline appears temporary, given continued strength in on-chain activity and TVL.

3B. Structural Shifts

DeFi’s dominant theme this week is institutionalisation across every sector. The market is not pricing speculative rotation — it is pricing the infrastructure that professional capital requires to operate on-chain: perpetual trading venues, tokenised real-world assets, compliant stablecoins, and credit markets capable of underwriting institutional balance sheets.

Three structural bets emerge with cross-signal confirmation:

• Perpetual DEXs
  Perpetual trading remains the strongest sector. Hyperliquid processed over $50B in weekly volume while newer exchanges like Upscale, Avantis, tradeXYZ and dYdX continue gaining share. Token performance across HYPE, DYDX and JTO continues validating the theme.

• Tokenized Assets (RWA)
  The biggest structural catalyst remains DTCC’s production launch of tokenized stocks, ETFs and Treasuries beginning July 2026. RWA protocols continue seeing rising TVL, fees and institutional participation, making this one of the highest-conviction medium-term narratives.

• Stablecoins
  The GENIUS Act continues moving toward implementation, creating a regulatory framework for compliant stablecoin issuers. Protocols benefiting from compliant stablecoin adoption remain key beneficiaries into 2027.

Narrative of Strong Market Conviction - HIGH CONVICTION:

1. Perpetuals & Derivatives Infrastructure

Perpetual DEXs remain the strongest sector this week. Hyperliquid processed over $50B in 7-day volume while maintaining ~70% market share, with tradeXYZ (+18%), Upscale (+85%), Avantis (+48%), dYdX (+26%), and Jupiter Perps (+18%) all posting strong volume growth. The fact that multiple venues are expanding simultaneously suggests structural market growth rather than simple market-share rotation.

The token backdrop supports the trend, with DYDX (+34%) and JTO (+29%) among the week’s strongest performers. Hyperliquid’s fee-driven buyback mechanism continues linking protocol usage directly to token demand, while HIP-3 expands the protocol into permissionless perpetual markets for RWAs, including commodities and equities.

2. RWA / Tokenized Assets

Tokenized assets remain one of the clearest institutional themes. TVL continues growing across private credit, tokenized Treasuries, reinsurance, and institutional lending, while Securitize recorded the fastest fee growth among major protocols (+55% WoW). Tokenized stocks have grown from ~$375M to over $1.2B in one year.

The key catalyst is DTCC’s production launch of tokenized equities, ETFs, and Treasuries beginning in July, backed by over 50 institutions, including BlackRock, Goldman Sachs, JPMorgan, Circle, and Ondo. This remains one of the strongest medium-term catalysts for the sector.

Medium Conviction

3. Solana Ecosystem

Despite recent price weakness, Solana’s fundamentals remain healthy. Pump.fun, Jupiter, Meteora, and Jito continue generating strong fees, Jupiter Perps volume is rising, and daily active addresses remain near cycle highs.

The ecosystem continues benefiting from growing perpetual trading activity and remains one of the strongest high-beta plays if market sentiment improves.

4. Lending & Credit Markets

Lending continues showing strong fundamental momentum. Morpho posted the fastest fee growth among major lending protocols (+22% WoW), driven by institutional adoption and expanding RWA integration, while Aave continues benefiting from strong revenue generation, buyback expectations, and expansion into tokenized securities. The convergence of lending and RWAs remains one of DeFi’s most important structural trends.

Section 4 — Project & Protocol Discovery

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

VELVET (+262.8%) led DeFi gains after integrating Aerodrome for deeper Base liquidity and launching chain abstraction, allowing users to move assets across Solana, Base, and BNB in a single flow.

SLX (+177.9%) surged following its Upbit listing, with over $100M traded in 24 hours, while investors also focused on aiUSX—its upcoming stablecoin designed to generate yield from AI compute demand rather than crypto funding rates.

DYDX (+34.1%) rallied ahead of a teased July 1 announcement, with markets positioning for what the team describes as a major new product or onchain-first launch.

JTO (+27.2%) gained after filing a B2 Token Transparency report, highlighting how protocol revenue flows to token holders through staking rewards, BAM fees, and historical buybacks.

AAVE (+20.3%) extended higher as the team unveiled plans for Aavenomics 3.0, including automated buybacks, reaffirmed that protocol and GHO revenue accrues to the token, and outlined V4’s expansion into tokenized securities.

DRV (+14.5%), which claims 90% of the onchain options market, is preparing v3 with plans to expand into RWA options across equities, metals, energy, and compute. The protocol recently printed its largest trade ever at $210M notional and runs buybacks funded by a third of revenue.

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

ETH fell 8.61% ($1,726 → $1,578), BTC fell 6.34%, HYPE fell 6.00%, and SOL gained 1.04%. ETH-denominated protocols faced a significant valuation headwind, meaning every protocol below attracted net inflows despite falling asset prices. Stablecoin-native protocols — Maple, Sky, Dolomite — experienced zero price drag, making their TVL gains entirely deposit-driven.

Maple Finance — $2.37B | +$240M · ▲11.27%

Maple led TVL inflows after launching an onchain warehouse lending facility with Kraken on June 25. The USDC-denominated revolving credit facility enables institutional clients to borrow against BTC and ETH without selling, bringing TradFi-style warehouse financing fully onchain. The deal is one of the strongest institutional lending milestones in DeFi to date.

Supporting momentum came from Maple’s new Transparency dashboard and Borrower Hub upgrades, improving institutional visibility and borrower tooling.

Sky — $5.80B | +$185M · ▲3.30%

The architecture rests on Uniswap v4’s hook system. Spark acts as orchestration layer, governing allocation frameworks and risk parameters. The planned DualPool hook (pending separate security review before deployment) would allow idle capital to route into Sky ecosystem yield strategies rather than sit dormant — solving what the protocols describe as the liquidity-versus-productivity tradeoff. Phase 2 would expand to additional stablecoin issuers; Robinhood, Revolut, and bank-issued tokens have been cited as prospective participants, with USDS as the shared quoting asset.

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Executive Summary:

- Stani teases automated AAVE buybacks
- Drift opens DFX recovery claim checker
- Ethlabs launches Ethereum R&D initiative
- STRC depegs under $75 - pressures Saturn and Apyx
- MIM crashes as Abracadabra defends peg
- Synthetix retires sUSD after collapse
- Base outage exposes sequencer risk

DeFi📈

• Stani, Aave Founder, disputed a CoinDesk report claiming Kraken is negotiating a 15% stake in Aave Labs at a $385M valuation, denying any AAVE token sale at a discount.

  • He clarified that 100% of Aave Protocol and GHO revenue flows to the AAVE token via the DAO, not to Aave Labs.

  • He teased a new automated buyback mechanism coming with Aavenomics 3.0.

• Drift launched a claim checker for its DFX recovery token and Insurance Fund claims tied to an April 1 incident, with each DFX representing $1 of verified loss based on snapshot pricing.

  • Claims aren’t yet live — Insurance Fund claims open in coming weeks, with DFX claimable once Drift relaunches.

• Ethlabs launched as a new non-profit R&D lab focused on positioning Ethereum as the settlement layer for global finance, working across protocol research, standards, and infrastructure with backing from a broad coalition of core devs, L2 founders, and institutions.

• Berachain’s PoL Next hard fork launches July 7-8, deprecating BGT entirely in favor of BERA and sWBERA as the new value accrual layer.

  • Emissions will now route through Emissions Return Agreements, requiring protocols to show real onchain revenue rather than boost votes.

• Kamino introduces Debt Swaps on Solana, allowing borrowers to migrate between debt assets in single transactions without unwinding positions - now available across all multi-debt markets and Kamino Multiply.

• Jumper launched private swaps across 15+ chains via a partnership with HoudiniSwap, shielding transactions from MEV bots, copy-traders, and onchain trackers.

• Sui launches Hashi, a Bitcoin DeFi protocol targeting institutions to unlock over $1 trillion in dormant Bitcoin value by enabling large holders to participate in DeFi without traditional constraints.

News🗞️

• Strategy’s STRC preferred stock fell to $73-75, well below its $100 par, after Bitcoin dropped sharply and Strategy sold ~32 BTC in May — its first sale since 2022.

  • The decline is rippling into STRC-backed stablecoins: apxUSD and sUSDat, both collateralized heavily by STRC, have faced renewed depeg pressure as the underlying preferred shares trade further from par.

• The Ethereum Foundation cut 20% of staff and 40% of its budget, shifting toward an endowment-style spending model and prioritizing long-term protocol resilience over feature expansion. Security strategy moves from client redundancy toward AI-assisted formal verification, and the PSE privacy research unit winds down in favor of direct implementation.

• Morpho is integrating with BitGo, a custodian with $100B+ in assets and 5,500 institutional clients, letting BitGo’s clients earn yield on idle assets via Morpho Vaults.

• StablecoinX completed its merger with TLGY Acquisition Corp, becoming the first public company focused on Ethena’s USDe ecosystem, combining infrastructure services with a multi-year ENA treasury strategy.

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Stablecoin Depegs 🪙📉:

• MIM dropped 36% to $0.50. Abracadabra is responding by raising interest rates across all Cauldrons to incentivize debt repayment and shrink MIM supply, while pausing Curve bribes and direct incentives until the peg recovers.

• Synthetix’s sUSD crashed to $0.25 after a year-long decline following a March 2025 protocol upgrade that cut collateral requirements.

  • Governance approved retiring the stablecoin via SIP-423, converting each sUSD to four vested SNX tokens locked for a year before vesting linearly, as Synthetix shifts focus toward perps trading and alternatives like sUSDe.

• Altura’s treasury unwind continues — redemptions stay paused until all assets are recovered and verified via Accountable. The market-making strategy has fully unwound to ~$9.6M, and Inessa has begun transferring its $21.9M position in $1-2M daily tranches. Travessia Credit remains unresolved but is a small portion of the treasury.

• apxUSD dropped below $0.80, deepening its STRC-related depeg from earlier this month. A Repeg and Compensation Plan vote is underway, with eligible holders set to receive compensation and priority recovery access if the proposal passes.

• Main Street provided an update on msY’s liquidity crunch — the remaining portfolio is now concentrated in 60-340 day box-spreads after the shortest-dated positions were already used to support redemptions.

  • Current coverage sits at 100.04%, backed by a $525K insurance fund, and Main Street says it won’t sell positions at distressed prices, instead planning to restore liquidity through scheduled maturities and selective unwinds where pricing allows.

• AlphaPing addressed elevated withdrawal activity across its vaults, reiterating that only one vault holds MainStreet exposure and the rest remain isolated and unaffected.

  • The firm says no asset losses have been confirmed — the current pressure reflects withdrawal demand and liquidity constraints rather than impairment — and is working with MainStreet to clarify the affected position’s liquidity profile.

• AZND depegged to 0.97, MU Digital - its fund manager began unwinding the underlying bond positions backing it last Tuesday, with repayments expected as early as next week, though timing remains subject to execution.

Issues⚠️

• Base went down for ~2 hours after a bad block triggered a consensus bug, halting the chain entirely since Base runs on a single sequencer with no backup.

• Royal was exploited for ~$261K on Polygon via a flash loan that inflated an attacker’s tier balance to 100x normal pro-rata ownership, allowing the royalty payout function to drain far more than was deposited.

• SecondFi was exploited on Cardano via an address-level signing vulnerability, draining ~16M ADA across 374 wallets. ~129M ADA was rescued to a third-party custodian. Users are warned not to restore recovery phrases into new wallets — the risk persists at signing, regardless of wallet.

• A proposal at ENS DAO would dissolve the DAO’s governance structure and transfer control of its ~$500M treasury (ENS + stablecoins) to the ENS Foundation.

  • Critics flagged the lack of public discussion before the vote, though defenders note the proposal would leave protocol control, fee switches, and fee direction with token holders.

Prediction Markets

• Trueo, an onchain prediction market where open positions also earn yield, is launching a key product feature on June 29 — the trigger for its long-planned TRUE token incentive program.

Protocol Wind downs⌛️

• Strobe Finance is shutting down due to insufficient funding and declining TVL as fees no longer cover operating costs, compounded by XRP’s price decline and reduced focus on the XRPL EVM Sidechain.

  • Deposits and borrowing are disabled immediately, with borrowers urged to repay before July 13 to avoid liquidation, and all users encouraged to withdraw before July 20 when the frontend closes permanently.

• Loopring, a zk-roll-up DEX, is shutting down immediately, citing limited adoption, LRC exchange delistings, and being outpaced by modern zkEVM tech.

  • The team will return all funds directly — no Merkle proofs or gas fees required — publishing final balances within days, followed by a two-week review period and batch distribution to L1 wallets for balances over $10.

• Ventuals processed over 400,000 HYPE in withdrawals so far — vHYPE holders who initiated before June 19 can now claim their HYPE 1:1 plus accrued staking yield, deposited directly into HyperCore.

Stablecoins/RWA🪙

• Somnia, an agentic L1, launched USDso, a native stablecoin issued on Frax’s frxUSD infrastructure with institutional-grade reserves, routing reserve yield back into Somnia’s ecosystem protocols and liquidity providers.

• Spark launched the Stablecoin FX Layer on Uniswap v4, providing shared liquidity infrastructure so new stablecoins can avoid fragmenting into isolated pools — starting with ~$150M across USDS/PYUSD and USDS/USDT pairs.

Perps DEX📉📈

• Oku Trade added xStocks tokenized equities — including NVDAx, TSLAx, and CRCLx — with execution routed across 14+ competing routers for best pricing.

• Decibel Trade launches mega-cap equity perpetuals on Aptos, offering AAPL, META, MSFT, and MSTR perps with up to 20x leverage.

Raises💰

• Allium raised $40M Series B led by Amplify Partners, with Kleiner Perkins and Theory Ventures participating, to expand its blockchain data infrastructure used by Visa, Coinbase, Stripe, and Uniswap across 150+ chains.

• Vanta Exchange raised a multi-million dollar seed round led by Vantage to build an onchain all-asset trading platform covering crypto, stocks, commodities, and forex. The public beta is live, with double points active for a limited time.

Loop Blue-chip Stablecoins For 20%+ APR

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Today’s News Headlines:

- ETH Foundation Veterans launch ETHLabs as foundation downsizes
- MIM depegs to below $0.5 as Abracadabra tightens policy
- Base suffers second major network outage
- AZND depegs to $0.97 as bond unwind begins
- STRC drops below $80 amid dividend concerns
- Aave founder denies Kraken stake report
- Jumper launches private cross-chain swaps
- Hashi expands institutional Bitcoin partners
- Spark launches stablecoin FX liquidity layer
- Grove unveils GROVE governance tokenomics
- StablecoinX completes public market merger
- SecondFi wallet exploit drains 16M ADA

Disclaimer: This article is for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice.

Executive Summary

DeFi has had a brutal first half. Most tokens are down 40–70% from their cycle highs, and in the sell-off, the market has largely stopped distinguishing between protocols that earn real money and those that don’t.

That gap is the opportunity. A handful of protocols are still generating genuine fees, still routing those fees back to token holders through buybacks, burns, and direct distributions — and still trading as if none of that were happening. When the price falls, but the cash flow holds, the multiple compresses. That is exactly where mispricing lives.

This brief screens our 35-name DeFi universe across three sectors — Perps DEX, DEX/AMM, and Lending — for a rare combination of three traits:

• Mature supply. Most of the token is already circulating, so future dilution can’t quietly erode your position.

• Live value accrual. The protocol actually returns fees to holders today — not “someday.”

• A genuine discount. The token trades cheaper than half its peers on a fee-adjusted (FDV/Fee) basis.

Each of the five names that cleared the screen also carries a live or near-term catalyst — a tokenomics change, a new product, an institutional inflow — that gives a re-rating a reason to happen, rather than relying on the market to notice the discount on its own.

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Screening Methodology

Tokens were screened across the TID Research DeFi universe of 35 names using three primary filters:

• Circulation ratio ≥ 60% — high circ supply limits near-term dilution risk and makes MCap/Fee a more accurate signal than FDV/Fee

• Value Accrual Score ≥ 5 (on a 1–9 scale) — the protocol must have a live or near-live mechanism distributing fees to token holders

• FDV/12M Fee below sector median — the token must be cheaper than half of its comparable peers on a fee-adjusted basis

Growth-adjusted multiples (FDV/Fee/Growth) and sector-relative 3M and 6M volume or TVL trends were used as secondary signals to identify names with traction rather than purely mean-reversion characteristics. Sector averages and scores were computed from the full 35-name dataset.

Protocol Overview

GMX is a decentralised spot and perpetual exchange running on Arbitrum and Avalanche, generating $485 million in lifetime protocol fees since its 2021 launch. It is the only perpetuals DEX in the TID coverage universe at 100% circulation with a fee-to-holder mechanism denominated in native assets (ETH and AVAX), not token emissions.

Value Accrual Mechanism

Stakers receive 27% of all protocol fees in ETH and AVAX directly — not escrowed tokens, not synthetic yields. An additional 10% flows to the treasury, which funds a systematic weekly buyback programme that has been publicly verifiable on-chain since May 2026. The DAO’s March 2026 restructuring replaced direct staking reward emissions with a treasury-directed buyback model, tightening circulating supply and reducing sell pressure. The new Staking Power loyalty mechanism rewards long-duration holders by weighting their share of future buyback distributions by staking duration.

Catalysts

• v2.2 / v2.3 upgrade roadmap: gasless transactions via keeper network, multi-chain virtual accounts, cross-collateral support, and a redesigned price impact mechanism — directly addressing barriers to volume recovery

• Commodity perpetuals expansion: GMX launched perpetual contracts for gold, silver, WTI crude oil, Brent crude, and natural gas in May 2026 — materially widening its addressable market beyond crypto

• Doji partnership (May 2026): GMX is the primary execution venue for Doji, an on-chain proprietary trading platform — a structural source of institutional order flow

• MegaETH deployment: GMX launched on MegaETH (10ms block times) in May 2026, adding an eighth network and targeting CEX-competitive execution speeds

• GMX as collateral: the token is now accepted as collateral on Radiant Capital’s lending market, adding a new demand layer without supply inflation

Thesis

GMX trades at 147× FDV/Fee against a sector median of 1,817× — a 92% discount — despite being the only fully-diluted perpetuals DEX in the universe with 3+ years of live fee generation.

The March 2026 tokenomics restructuring converts the protocol from an emissions-based reward model to a cash-flow model, removing the primary source of sell pressure.

Volume trajectory is negative across all windows, and the buyback target of $90 per token is aggressive; the valuation discount and supply maturity nonetheless represent a structurally asymmetric setup against a sector that prices early-stage growth into most of its comps.

Protocol Overview

Uniswap is the dominant decentralised exchange by volume and brand recognition, processing hundreds of billions in annual swap volume and powering approximately 31% of MetaMask swaps on mainnet.

Its v4 architecture with programmable hooks and its UniswapX intent-based routing are now attracting both traditional-finance integrations and developer-led liquidity customisation at scale.

Value Accrual Mechanism

The December 2025 UNIfication upgrade activated the protocol fee switch, directing a portion of swap fees from select v3 and v4 pools to buy and burn UNI tokens.

Since activation, 106 million UNI have been burned — 5 million post-switch plus an initial 100 million governance burn — reducing total supply from 1 billion to approximately 895 million. At the current pace of ~1 million UNI per month, the annual burn rate is roughly 1% of remaining supply, a deflationary floor that scales with volume recovery.

Catalysts

• Standard Chartered initiation (June 15, 2026): Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, initiated coverage with a $100 price target by end-2030 — implying ~40× from the $2.50 launch price — with staged milestones of $6.50 by end-2026. The report drove a 20–24% rally, a 4-month high in active addresses, and a 7-month high in whale transactions

• Tokenised securities integration: Uniswap now supports trading of tokenised versions of SpaceX, Apple, Tesla, and NVIDIA shares via v4 hooks, building on earlier integrations of BlackRock’s BUIDL fund and Securitize-issued assets. This directly validates Standard Chartered’s thesis that Uniswap will serve as neutral market infrastructure for on-chain real-world assets

• Uniswap House (June 24–25, 2026): Two-day community and developer event in New York featuring 32 speakers across v4, hooks, and institutional DeFi — accelerating developer adoption of the v4 hook architecture

• BlackRock / Fidelity expansion: Both asset managers expanded tokenised money market fund access via Uniswap protocols in early 2026, with BlackRock reported to be actively accumulating UNI

Thesis

UNI trades at 327× FDV/Fee against a sector median of 514×. The more important signal is the shift in narrative: Uniswap is no longer primarily evaluated as a DEX token but as financial infrastructure.

Standard Chartered’s framework — comparing Uniswap to YouTube and centralised exchanges to Netflix — positions UNI as a beneficiary of the tokenisation supercycle rather than a participant in it.

Volume growth is mixed (3M negative, 12M positive), but the fee switch and 106M burn materially change the supply dynamic. The $6.50 end-2026 target from Standard Chartered implies 120%+ upside from current levels; the valuation multiple gap provides the fundamental anchor for that thesis.

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Protocol Overview

Maple Finance is the leading institutional on-chain credit platform, managing approximately $2B in TVL through overcollateralised lending to vetted institutional borrowers.

Its Syrup.fi consumer arm provides yield-bearing stablecoins (syrupUSDC, syrupUSDT) accessible via Aave integration, effectively channelling idle DeFi capital into institutional credit pools at higher risk-adjusted yields.

Value Accrual Mechanism

MIP-019, passed in October 2025, ended SYRUP token emissions and redirected 25% of all protocol revenue to the Syrup Strategic Fund, which executes systematic open-market SYRUP buybacks.

At current revenue run-rates this represents a price-agnostic, continuous buyer of approximately 2% of circulating supply annually, scaling linearly with protocol revenue growth. The first buyback cycle (April 2026) retired 26.6 million SYRUP for ~$572K. The protocol targets $100M ARR by end-2026, which at 25% allocation would produce ~$25M in annual buyback demand.

Catalysts

• syrupBTC launch: A legal dispute with Core Foundation was settled on May 22, 2026, clearing the path for syrupBTC — a Bitcoin yield product that opens a new addressable market for Maple beyond stablecoin strategies

• KelpDAO migration tailwind (April 2026): The $292M KelpDAO bridge exploit triggered a DeFi bank run from Aave. Over $2.4B rotated into Spark and Maple within days, with Maple perceived as having tighter risk controls. Justin Sun moved $174M into Spark in the immediate aftermath — this flight-to-safety dynamic directly benefits Maple’s TVL and lending revenue

• Revolut listing (April 2026): SYRUP listed on Revolut in the UK and EU, dramatically expanding retail distribution for what had been an institutionally-accessed protocol

• Aave strategic partnership (October 2025): Maple’s syrupUSDT and syrupUSDC integrated directly into Aave, routing Aave’s idle capital into Maple pools — a structural, ongoing source of TVL and fee revenue

• $100M ARR target: Maple’s founders publicly committed to $100M ARR by end-2026 following record monthly revenue in Q4 2025, providing a clear fundamental milestone

Thesis

SYRUP trades at 168× FDV/Fee against a sector median of 553×, at 96% circulation, and is outperforming the lending sector on TVL trajectory across every available window (−6.1% vs sector −22.5% at 3M; −20.7% vs −35.6% at 6M).

The MIP-019 switch from emissions to buybacks is structurally analogous to a corporate dividend initiation — it converts a dilutive governance token into a cash-flow capture asset.

The syrupBTC launch and the AUM migration from KelpDAO contagion provide two independent growth catalysts beyond the valuation discount. Key risk: Q1 2026 revenue fell 31% QoQ, indicating sensitivity to the credit cycle; sustained loan demand is required to fund the buyback programme at scale.

Key Risks

Sector-level

• DeFi volume recovery remains uncertain — all five tokens are negatively exposed to continued on-chain trading and lending contraction

• Regulatory developments around DeFi protocols and tokenised assets in key jurisdictions (EU MiCA, US) could impose compliance costs or restrict addressable markets

Token-specific risks:

• GMX: volume recovery is the single gating variable; the $90 buyback price target creates a very long duration for staker reward reinstatement

• UNI: the fee switch burn rate (~1% annually) is modest relative to current inflation; tokenised asset volumes flowing through Uniswap are still small relative to the Standard Chartered thesis

• SYRUP: Q1 2026 revenue fell 31% QoQ; the buyback programme is contingent on revenue recovery; off-chain underwriting

Disclaimer — Not Financial Advice

This article is published by TID Research for informational and educational purposes only. It does not constitute financial, investment, legal, or tax advice, nor a recommendation or solicitation to buy, sell, or hold any token or asset. Always do your own research and consult a licensed professional before making any investment decision.

Risk warning. Crypto assets are highly volatile and you can lose your entire investment. Risks include, but are not limited to: sharp price swings and low liquidity; smart-contract bugs, exploits, and protocol failures; token unlocks and emissions that dilute existing holders (notably relevant to names like SPK with low circulating supply); changes to buyback or fee mechanisms; declining protocol revenue; and evolving regulation across jurisdictions.

All metrics cited are point-in-time and should be verified against the live data sources linked in this brief. The author(s) may hold positions in the tokens discussed.

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Today’s News Headlines:

- apxUSD depegs again as recovery vote begins
- Berachain’s PoL Next replaces BGT with BERA
- Main Street outlines msY liquidity recovery
- Royal exploited for $261K on polygon
- Arbitrum proposes automated timeboost payouts

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This Week’s Farming News:

• Steakhouse Finance launched Morpho’s first confidential vault, allowing users to deposit cUSDC and earn yield while keeping individual lending positions private onchain.

• Strata’s tranched mHYPER markets via Hyperithm is offering 17%+ APY on junior tranche jrmHYPER and ~8.2% APY on senior tranche srmHYPER.

• Yuzu raised yzPrime’s target APY to 7% from 6.5%, reflecting performance from tokenized Treasuries, AAA CLOs, and overcollateralized lending strategies.

• Kamino launched a USDT Earn vault through SwissBorg, enabling users to deposit USDT and access onchain yield via Kamino’s lending infrastructure.

• Bedrock opened pre-deposits for its Alpha Selini Vault, allocating uniBTC into institutional delta-neutral credit strategies with a 1.8% target APY and 40 uniBTC cap.

• Curvance launched a Lending Optimizer Vault on Monad, automatically reallocating deposits across lending markets to maximize AUSD yield.

• Pendle added 3jane’s sUSD3 to its RWA yield marketplace, offering 14.24% native APY and enabling fixed-rate and yield trading strategies.

• Exponent launched $50K+ in bonus rewards across Rate Limit Order campaigns spanning ONyc, Solstice, BulkSOL, and rkuSOL markets, resting limit orders earn ~30% to 99%+ APY depending on the market.

• Pendle launched $50K+ in rewards across multiple Rate Limit Order campaigns, with participating markets currently offering roughly 30%–99%+ APY.

Earn Up to 17% on USD Stablecoin Farms:

Convex – USDC/RLUSD LP – USDC + RLUSD – 8% APY(Ethereum – Curve LP)

Curve stable pool pairing USDC with RLUSD — Ripple’s regulated stablecoin, issued under NYDFS oversight and backed 1:1 by US dollars and short-duration Treasuries. Staked via Convex for a boosted CRV reward on top of base trading fees. Both assets are fully regulated and fiat-backed, making this one of the cleanest stable pairs available.

Most of the yield typically comes from RLUSD liquidity incentives that Ripple has been running to bootstrap pool depth.

Risk — Lower The main risk is incentive sustainability — if RLUSD rewards are reduced or end, the APR compresses toward the small base trading-fee yield. RLUSD is newer than USDC with a shorter track record, though the backing model is well-understood. Curve and Convex smart contract risk applies, though both are battle-tested. Impermanent loss is negligible on a USDC/RLUSD pair.

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Pendle – LP earnAUSD (AUSD) – 22% APY (Monad – Pendle LP)

earnAUSD is Upshift’s liquid yield vault on Monad, curated by Gamma Research. Depositors contribute AUSD or USDC and receive earnAUSD, which appreciates as the vault allocates capital across lending protocols, DEXs, and yield strategies in the Monad DeFi ecosystem.

Rather than buying the fixed-yield PT, this position is an LP in Pendle’s AMM for the earnAUSD market maturing October 8, 2026 (105 days out), earning trading fees from PT/YT swaps plus the underlying vault’s yield. AMM liquidity is $976,833. For comparison, the PT alone offers an 11.86% fixed APY to maturity — the LP’s 17.09% reflects additional AMM activity on top of that base rate. The market also carries a $30K/month incentive program guaranteed across the full maturity.

Risk — Medium: LP positions in Pendle’s AMM behave differently from standard LPs — as maturity approaches (Oct 8), PT price converges to face value and trading activity typically drops, which can compress LP yield over time.

earnAUSD’s underlying allocations span multiple lending protocols, DEXs, and strategies within Monad’s ecosystem — diversified, but also more variables to monitor than a single-protocol vault, and you’re trusting Gamma Research’s curation across all of them. Details are as follows:

Monad is a newer chain than Ethereum, adding network-level risk. The $30K/month incentive is guaranteed through maturity, which helps yield stability, but the AMM liquidity at $976,833 means larger positions should expect some price impact on entry and exit.

Farm Up to 23% on Stablecoins and 19% on ETH

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Today’s News Headlines:

- Cap money $CAP token launches June 26
- Altura treasury unwind continues as redemptions stay paused
- Ethlabs launches to advance Ethereum
- Strobe Finance announces protocol shutdown
- ENS DAO vote proposes treasury transfer to foundation
- Steakhouse launches confidential morpho vault
- Drift opens recovery claim checker
- Decibel adds mega-cap stock perps
- MiniPay launches self-custodial crypto visa card
- Allium raises $40M series B

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<Discover Yields on DeFi Saver> | Today in DeFi is Supported by DeFi Saverr

Airdrop Claims

Cap Money ($CAP) — TGE June 26

Cap Money’s $CAP launches June 26 with 10B fixed supply, ~15.6% circulating at TGE (5% ICO, 10% Ecosystem & Community). Pure governance token — holders vote on cUSD reserve assets, liquidation thresholds, minting fees, and borrower whitelisting. No direct yield; revenue funds discretionary buybacks instead.

Tokenomics: 47.37% Ecosystem & Community, ≤20% Investors, ≤20% Team, 5% ICO, 3.75% Private TVL Deals, 3.28% Echo Sale. Cliff-gated allocations unlock 12 months post-TGE (25% at year 1, then linear over 3 years). Auction (CCA) participants holding $rCAP can redeem at launch.

Eligibility note: No confirmed link between Homestead Caps points and this TGE — the earlier Stabledrop (cUSD) appears to have been the reward for that activity, not $CAP.

⚠️ No farming-based airdrop confirmed. No direct yield from $CAP — governance and buybacks only. Most allocations locked for a year-plus.

o1.exchange ($O) — TGE Live

o1.exchange is an onchain trading terminal aggregating liquidity from 100+ sources across spot, perps, and prediction markets, currently live on Base. $O token TGE is June 17 with ~16% circulating supply at launch. Backed by Coinbase Ventures, a16z, Alliance DAO, and 30+ others ($4.8M raised).

Season 1 trading points program has already concluded and been distributed — allocation was based on actual trading points plus net fees paid, rewarding genuine traders over volume farmers (25% of supply to community across seasons).

If you traded during Season 1, check whether you claimed your allocation. The farming window for this drop is now closed.

Official link: https://o1.exchange/

⚠️ This is a TGE watch, not an active farming opportunity. Current token utility is mostly fee discounts and feature access — real value depends on future delivery. New token launch volatility expected. Casual non-trading users likely received little or nothing from Season 1.

MegaETH Terminal — $1M USDm Rewards

MegaETH’s Terminal program has ended and rewards are now being distributed in USDm — first batch already sent to eligible delegated addresses. Check your dashboard at terminal.megaeth.com.

Time-sensitive action: MOSS (MegaETH’s new embedded wallet system) goes live June 17, and linking your MOSS account before the end of the month doubles your USDm reward — the main actionable item right now.

However, community reaction is overwhelmingly negative — many users reported tiny payouts ($0.05 per point in some cases) relative to time and money spent on stress tests and chain activity, with widespread frustration over reward size versus the program’s hype.

⚠️ Farming is over — this is a one-time retroactive payout. $1M total pool felt small to many given expectations. MOSS doubling deadline is end of month — don’t miss it if eligible. Poor sentiment may affect future MegaETH engagement.

Airdrop Checkers

Arcium ($ARX) — Final Checker Live

Confidential computing network on Solana using MPC for private DeFi and confidential data. Final allocation checker is live at rtg.arcium.com/portal — claims open at TGE June 22, allocations finalized.

This was contribution-based, not points farming — manually reviewed for real testnet/building activity. Simply claiming the early NFT campaign wasn’t enough for most; many got nothing despite minting all 5. Wave 2 contributors saw small allocations (700–1,000 ARX). Connect wallet to check.

Official link: https://rtg.arcium.com/

⚠️ High ineligibility rate even among engaged participants. Allocations generally small. Token already live and trading.

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Airdrop Updates & Opportunities:

Pendle Launches on Monad — AUSD Pools

Pendle is now live on Monad with two pools: Agora AUSD and Upshift earnAUSD, both maturing October 8, 2026. AUSD is Agora’s USD-pegged stablecoin backed by cash, repos, and short-term T-Bills; earnAUSD is Upshift’s vault allocating across DeFi opportunities like lending optimization and basis trades. Up to $100K in weekly incentives runs across both pools for the entire maturity period, starting June 20, 00:00 UTC.

Standard Pendle mechanics apply: PT for fixed yield (redeemable 1:1 at maturity), YT for leveraged yield exposure, or LP for a balanced position with zero IL if held to maturity.

Official link: app.pendle.finance/trade/markets?chains=monad

⚠️ New Pendle deployment on Monad carries smart-contract risk. YT and PT prices can move before maturity despite fixed redemption value. AUSD depeg risk exists despite RWA backing. Monad is still a newer, maturing ecosystem.

TurboFlow ($TF Points)

TurboFlow is a retail-friendly hybrid perp and prediction market platform targeting Asia-Pacific as a localized alternative to Polymarket and Kalshi — institutional-grade execution and risk management in a simple app-like experience.

Just closed a $6M seed led by Pantera Capital, with DCG and Susquehanna Crypto participating. A points incentive program is already running with confirmed points-to-airdrop linkage — trading volume, providing liquidity, and referrals are the main drivers. No TGE date confirmed yet.

Sign up at tf.xyz, complete KYC/onboarding, and trade perps or prediction markets for points. Focus on consistent activity over single large trades — sustained engagement is typically weighted more heavily in these programs.

Official link: https://www.tf.xyz/home

⚠️ New project with high execution risk — no live product track record yet. Competition in both prediction markets and perps is intense, especially against Polymarket’s dominant position. No confirmed tokenomics or TGE date — pure early speculative positioning. Points can dilute significantly as more users join post-funding-news.

Plasma One (XPL) — App Launch, Tiered Rewards

Plasma One is now live on iOS (Android coming soon) — a tiered self-custodial stablecoin Visa card with cashback paid in XPL. Early bird offer: download and create an account within 7 days for a free Core tier (valued $1,000+). Platinum tier (up to 10% cashback on AI, airlines, etc.) is exclusively for XPL holders, unlocked via subscription or locking XPL for 12 months.

Important clarification: there is no new points farming program tied to this launch. XPL has already had its TGE and distributions (pre-depositors, Binance HODLers, etc.) have already occurred. This is purely a consumer rewards/cashback product, not an airdrop accumulation play.

⚠️ No new airdrop opportunity here — XPL is already distributed and trading. Higher tiers require locking XPL for 12 months, creating illiquidity. Android not live yet. Cashback value depends on XPL price at redemption.

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Today’s News Headlines:

- Aave speeds up emergency response proposal
- Pendle expands aave fixed-yield integration
- Kamino launches one-click debt swap
- AlphaPing addresses mainstreet withdrawal concerns
- Synthetix’s sunsets sUSD after collapse
- Somnia launches frax-powered stablecoin
- Oku Trade adds tokenized stocks trading
- Morpho integrates with BitGo custody

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Key Takeaways:

1. Macro reversed to risk-off; onchain sentiment improving.

• The risk-on rally from last week took a break — the Fed turned hawkish (the dot plot now implies a hike, the dollar hit a multi-month high). The Iran deal also hit stumbling blocks. But onchain didn’t follow it down: stablecoin supply turned positive for the first time in five weeks, and leverage is slowly rebuilding.

2. Institutional flows led the chains again.

• Real growth ran on settlement and payment rails with X-Layer as the standout (+8.14%): it’s ~93% USDG, with OKX paying up to ~4.1% APY to hold it. Plasma told the same story from the consumer side — its Thiel-backed neobank card launched June 17, routing idle balances into USDe and pushing it up ~31% on the chain in a week (a quiet tailwind for Ethena).

3. The TVL gains were real and built on infrastructure.

• Every major gain this week came against falling prices, so the deposits are a genuine inflow, not price inflation. The two anchors: Aave’s TVL is climbing fast on a securities-finance proposal and institutional partnerships, and Uniswap’s V4 just crossed V3 in volume for the first time — a structural turn with clear advantages for tokenized RWAs.

1A. Traditional Macro

US 2Y yield

US 2Y yield: 4.219%, +0.96% WoW. TIGHTENING — the clearest signal of the week. The 2-year broke to new highs for the move and remains above its 20-week average. This is the direct echo of the Fed’s hawkish turn: when the committee removes its easing bias and the dots shift toward a hike, the 2-year — the most policy-sensitive part of the curve — reprices upward. Last week’s “rates easing = relief” has fully reversed.

DXY

DXY: 100.905, up on the week to a multi-month (year-to-date) high. HEADWIND. The dollar firmed as the safe-haven bid returned with the renewed geopolitical uncertainty, and as a hawkish Fed supports the currency. A stronger dollar is a background drag on crypto and risk assets.

The week’s macro headwind came from the Fed.

At Kevin Warsh’s first meeting as Chair (June 16–17), the FOMC held rates at 3.50–3.75%, but the projections turned hawkish: the median dot now implies a hike in 2026 rather than the cut penciled in back in March, the easing bias was dropped, and the inflation forecast was raised, with 17 of 18 officials seeing risks to the upside. Stocks fell and yields rose on the day — the move that pushed the 2Y to new highs and firmed the dollar to a multi-month high.

The US-Iran deal kept progressing — just not smoothly.

The memorandum was signed on June 17, and the first round of talks in Switzerland closed on June 22 with a road map toward a final deal within 60 days and a communication line to keep the Strait of Hormuz open, which mediators called “encouraging progress.” The path was bumpy — talks briefly stalled after Trump threatened to resume bombing and impose strait tolls, and Iran-Israel friction in Lebanon continued — but the ceasefire held and vessels can transit the strait toll-free for 60 days.

Composite: 2 clear headwinds (rates, dollar), and a still-weak crypto-vs-equities read. A decisive shift back from last week’s risk-favorable lineup — every lever that helped last week either reversed or stalled.

1B. Crypto Capital On-Ramp

Total stablecoin supply 7d change

Total stablecoin supply — the bright spot. +$0.273B (+0.09%) is the first positive weekly print in five weeks (the prior four: −0.534, −2.798, −3.654, −-1.003). The bleed didn’t just decelerate; it turned marginally positive. It’s tiny, so “flat-to-slightly-positive” is the right framing — but directionally it’s the one place onchain is firmer than macro.

BTC and ETH Exchange Reserves

Mixed and slightly soft. Bitcoin exchange reserves have flattened — the accumulation signal from earlier in June has stalled, with coins neither leaving nor arriving in size.

Ethereum reserves ticked up, meaning some coins moved back onto exchanges while prices stalled, (a mild distribution lean) as price hovered. Neither chain is showing the clean accumulation we saw last week.

ETF flows

ETF flows — confirmed, and this counters last week. Bitcoin −$227.5M, Ethereum −$10M, Solana +$7M for Jun 15–21. Net clearly negative, BTC-driven, and you’re right it’s the sixth straight week of outflows. Last week we called the outflows “easing/possibly exhausting” — this week says they haven’t. The only positive is the small SOL inflow. Bearish.

1C. Week-Ahead Catalysts

⭐ Core PCE — Thursday, June 25. The Fed’s preferred inflation gauge, inside the Personal Income and Outlays report. An important number of the week. The Fed just raised its 2026 inflation forecast and flagged risks to the upside, so a hot print would harden the case for a hike and push yields and the dollar higher still; a soft print would take some pressure off a tape that’s already leaning hawkish.

⭐ US-Iran talks, the Strait, and the Lebanon ceasefire. The major swing factor for oil and risk. Watch three things:

• whether the Switzerland talks hold or break down,

• whether the Strait of Hormuz dispute resolves toward “open” (US position) or “closed” (Iran’s position),

• and whether the Israel-Hezbollah ceasefire sticks — Israeli strikes on Lebanon are the thing most likely to blow up the agreement. Oil’s path is the cleanest real-time read on which way this is going.

Section 2 — Onchain Risk Regime

Individual Stablecoins Flows

capital rotating out of transactional dollars and into yield-bearing and tokenized-Treasury ones. This week that signal got muddier, because the two biggest movers were issuer-specific swings rather than a theme.

The gainers: USD1 led the entire table, up +$405.9M (+9.25%) — but USD1 is World Liberty Financial’s transactional dollar, not a yield product, but it’s famous for the 5% APR Binance campaign that has been running for months now. Behind it, the tokenized-yield and institutional names did grow: USDG +$174.5M (+6.73%), USYC +$58.7M (+1.95%), and DAI +$56.5M (+1.28%).

The losers: the biggest decliner was USDS, down −$293.0M (−3.47%) — and USDS is Sky’s yield-bearing dollar, which cuts directly against any clean yield-rotation story. USDT, the largest transactional dollar, kept bleeding (−$223.7M), while USDC was essentially flat (+0.05%).

Aave / Sphere Rates

Borrow 4.05% (−0.03%), supply 2.99% (−0.02%), funding 2.13% (+0.11%). Borrow/supply soft and calm; funding rose for a second week running (1.73% → 2.13%) and is now approaching the supply yield but still below borrow.

Leverage demand is slowly rebuilding off the lows, but not greedy yet (funding < supply < borrow). A mild risk-on undercurrent — worth noting as a small tension against the risk-off macro.

ETHBTC vs 20W MA

ETHBTC is forming a second consecutive green weekly candle (+0.90%) after nine straight red weeks — ETH starting to outperform Bitcoin at the margin for the first time in 9 weeks. The catch: it’s still trading below its 20-week moving average, so this is early relief, not a confirmed regime shift. A turn worth tracking, but it needs another week or two of follow-through before it means anything structural.

Onchain regime STABILIZING.

Against a deteriorating macro backdrop, the onchain signals lean quietly constructive — leverage is rebuilding (funding up two weeks running), ETH is showing its first relative strength in months, and the dollar base steadied. The caveats keep it from being a clean risk-on call: the stablecoin composition was noisy this week rather than a clear rotation, and exchange flows softened.

Section 3 — Chain Comparison

3A. Stablecoin flows by chain

Dual catalyst in action: Roughly 93% of supply is USDG, held under OKX's Exchange OS framework, which pays as much as 4.1% in annual yield. The chain functions, in effect, as OKX's settlement and yield vehicle for the Global Dollar.

A 310% rise in DEX volume traced to a promotional World Cup prediction market; the supply growth beneath it is structural. The concentration is the risk — with one issuer accounting for nearly all supply, a reallocation of USDG would drain the chain's liquidity.

Plasma One’s June 17 neobank launch — Peter Thiel-backed, Visa card, up to 5% yield — produced an immediate supply response. USDe surged +30.9% in a single week. With 5,000 weekly active users from private beta and the highest fee-per-volume ratio among purpose-built chains, the consumer demand signal is real, though unit economics at scale require validation.

Plasma is a purpose-built stablecoin Layer 1 with zero-fee USDT transfers and full EVM compatibility, launched September 2025. USDT dominates at $926.75M (82.1%); USDe at $153.43M (13.6%) is recovering from a March peak of $394M. The June 17 Plasma One neobank launch drove a same-day DEX volume peak of $42.15M and a +86.1% weekly volume surge.

RLUSD accounts for 93.8% of supply, positioning ahead of settlement activity rather than reflecting it: Mastercard included RLUSD in its June 3 settlement expansion, though no partner has disclosed live volume.

More notable is OpenEden's TBILL at 5.5% of supply, an early sign that institutional real-world-asset issuance on XRPL is broadening beyond Ripple.

The presence of TBILL at 5.5% is a forward signal: institutional RWA issuance beyond Ripple itself has begun on XRPL. OpenEden’s deployment suggests the chain is beginning to attract yield-seeking institutional allocators, not just stablecoin settlement flows.

A marginal weekly gain obscures the largest 30-day outflow in the dataset. The capital is not moving to Ethereum's own layer-2s but to Hyperliquid and Solana; Circle transferred $4.4 billion of USDC to Coinbase via HyperEVM and minted roughly $1 billion on Solana. Ethereum remains the dominant custody chain, but no longer the default venue for growth.

The most stratified institutional base of any chain in the set: USYC and USD1 together, at about $5.2 billion, now exceed its entire USDC supply. The week's growth came from institutional collateral minting rather than retail activity, with DEX volume down 15%. Hashnote's USYC triparty fee waiver expires June 30; at $3.37 billion, a partial reallocation would rank as the quarter's largest single-chain stablecoin move.

Hyperliquid’s stablecoin supply has overtaken Arbitrum's, a structural crossover, even as the 30-day figure declines on the unwind of post-AQA governance enthusiasm ahead of October's yield activation.

The defining characteristic is leverage: seven-day derivatives volume runs at 7.3 times the stablecoin base, far above any other chain. The network operates as a leverage engine rather than a custody layer.

3B. Structural Shifts- DEX Volumes

Aggregate seven-day DEX volume across the five largest ecosystems reached about $31.51 billion. The headline suggests consolidation, but the composition is diverging: Solana is converting tokenized real-world assets into native liquidity, Ethereum is separating into a two-tier routing structure, and the remaining chains are specializing.

Solana

Tokenized equities have matured into core liquidity. The S&P 500 token (SPYX/USDC) is now the second-largest pair on Orca at 20.8% of venue volume, and equities account for more than 22% of the venue’s flow, up from near zero two months ago. Manifest operates as an institutional stablecoin settlement hub. Speculative launch activity on PumpSwap remains profitable but no longer defines the chain.

Ethereum

The market has split into two venues. Uniswap V4 has become the institutional stablecoin routing layer, with stablecoin-to-stablecoin pairs near 72% of its volume, while Uniswap V3 retains blue-chips and tokenized gold (XAUT, PAXG), reflecting steady hard-asset demand. Two parallel economies now operate on the same chain.

Base

Aerodrome handles about 47% of Base volume and is concentrated in cbBTC pairs, tying activity to Bitcoin sentiment. Beneath that, Uniswap V4 has grown to 2.75 times the size of V3, and an EURC-denominated FX layer is emerging.

BSC

Volume fell 15% as Binance incentive campaigns wound down, but prediction-market venues (OPINION, Predict Fun) expanded against the trend, indicating non-speculative demand building underneath.

Hyperliquid

The chain leads all majors on 30-day growth at 95%, though the activity is largely self-referential: HYPE and WHYPE pairs dominate both the spot orderbook and Project X, with WHYPE serving as the network’s base unit of account, comparable to ETH on Ethereum.

Section 4 — Project & Protocol Discovery

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

Meteora — MET, [+37% 7d]. One of the week’s strongest performers on Solana, on reported DLMM fee-revenue growth of +63.66% over 30 days (June 18) and a launchpad SDK update (June 19) — a sign of resilient demand for its liquidity products even as Solana DEX volume cooled earlier in the month. Also a mover last week.

Aerodrome — AERO, [~+30% 7d] . Its Predictive Allocation model — which ties liquidity incentives to correctly anticipating future demand — was unveiled around June 17 and sparked the rally. This is the same upcoming catalyst we flagged last week as a July launch; it’s now showing up in price rather than being fresh news. source

Uniswap — UNI, [~+16% (7d)]. The week’s clear standout. Standard Chartered initiated coverage on June 15 with a $100 price target by end-2030 — one of the most aggressive forecasts yet from a major bank for a DeFi token, built on a thesis that tokenized real-world assets increasingly trade through DeFi. The protocol’s fee switch (live since December 2025) also buys back and burns UNI, removing supply over time.

Jupiter — JUP, [+12% 7d]. A governance proposal around June 14–15 to lift the share of protocol fees routed to buybacks and burns from 50% to 70% — a deflationary tweak.

4B. TVL Gainers ($50M+ filter)

This week’s TVL gains are the cleanest in months. Each came against falling prices — ETH −3.36%, BTC −3.23%, SOL −0.08% — meaning the headline figures understate the underlying deposits. The growth reflects genuine inflows rather than price appreciation.

Sector Overview:

Lending — Aave: Five Simultaneous Institutional Signals

Aave posted one of the week's strongest TVL gains despite ETH falling 3.36%, indicating genuine net deposit growth rather than asset price appreciation. Growth was concentrated in V3 lending markets, while the Horizon RWA tier declined 1.26%.

Several institutional catalysts converged within days.

BitGo Bank & Trust, the first OCC-regulated digital asset trust bank, launched direct Aave access through Narval's institutional gateway, allowing clients to access Aave without moving assets out of qualified custody.

Meanwhile, Stani Kulechov proposed bringing repo and securities lending markets onto Aave V4’s architecture, with the initiative publicly amplified by both Aave leadership and CEO Luigi D’Onorio DeMeo, signaling growing institutional ambitions.

Aave Labs also proposed deploying V4 on Avalanche, supported by up to $15M in milestone-based incentives from the Avalanche Foundation, likely encouraging pre-positioning deposits into the ecosystem ahead of launch.

Caveat: The 30D figure (-6.65%) provides essential context. Aave is recovering from a deeper drawdown.

Uniswap: Three Events, One Structural Inflection

Uniswap reached a structural milestone as V4 volume surpassed V3 for the first time. V4 now holds 36.9% of the combined V3-V4 TVL while generating 62.6% of the volume.

Three catalysts converged within 48 hours:

(1) tokenized securities launched across Uniswap products, with over $9.1B traded in RWA pools, a use case enabled by V4's compliance-focused hook architecture

(2) Standard Chartered initiated UNI coverage with a $100 price target by 2030, helping drive a 44.7% rally, though TVL growth remained driven by LP migration and tokenized asset liquidity rather than token price; and

(3) the SEC proposed repealing key Regulation NMS rules, a structural tailwind that could further accelerate tokenized stock trading on DeFi rails.

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$25,000 USDC Up for Grabs — DeFi Saver Season 1 Is Live

DeFi Saver just launched its first-ever rewards campaign, and the prize pool is real. Trade Hyperliquid perps or run Boosts and Repays on Aave, Spark, Morpho, and more. Your score combines volume with profitability, so good traders win, not just big ones. Season 1 runs until June 22nd. Top spot takes 7,500 USDC.

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Issues⚠️

• MainStreet Finance’s msUSD depegged 85% after Accountable terminated its proof-of-reserves verification agreement, pushing the Morpho msY/USDC market to 100% utilization. MainStreet says its assets remain fully backed and that it has deployed $8M in USDC to support liquidity while seeking a new verification provider.

• Critics are calling out AlphaPing’s curation practices after its Alpha USDC Delta V2 vault allocated $17.86M USDC almost entirely into Morpho’s msY/USDC market, which is now exposed to MainStreet’s MSUSD depeg.

  • AlphaPing maintains that its vaults are fully isolated with no cross-exposure, and is working with MainStreet to assess liquidity timing on the affected positions.

• Altura is winding down its vault after processing over 8.5M USDT in withdrawals in 24 hours, unwinding positions across exchanges, private credit, and RWA strategies to return capita

  • Only ~$200K remains in the instant withdrawal pool, and over half of reported reserves were never independently verified at the asset level — raising questions about whether remaining redemptions can be honored as liquidity dries up.

• Taiko confirmed a compromise of its chain state verification mechanism, meaning bridge security assumptions across the chain can no longer be trusted. Users are urged to withdraw funds from all Taiko bridges immediately, and exchanges have been asked to suspend TAIKO deposits.

• Secret Network’s Axelar bridge was drained for $4.67M after an attacker exploited a missing source-channel check to mint unbacked wrapped tokens. The exploit went undetected for seven days due to Secret’s encrypted balances. About $672K remains in the attacker’s wallet — Axelar declined to freeze it.

• JaredFromSubway’s MEV bot was drained for $7.5M after an attacker deployed fake tokens and pools designed to look like profitable arbitrage opportunities. The bot approved the attacker’s helper contracts as spenders while chasing the bait, leaving unused approvals active until the attacker drained WETH, USDC, and USDT directly from the contract.

• Thetanuts Finance was exploited on Ethereum for ~$2M via a single transaction draining 238 token transfers. The attacker has since claimed to be a white hat and offered to return funds, though no return has been confirmed.

• LittleBoyPlus on BSC was exploited for ~$377K via a zero-value transferFrom bypass that triggered unauthorized token minting into a PancakeSwap pair, creating a reserve imbalance that allowed the attacker to drain USDT.

• DIP on BSC was exploited for ~$111K via a transfer bug that desynced AMM reserves, allowing a single transaction to drain the DIP/AIC liquidity pool.

Protocol Winddowns ‼️:

• Ventuals is shutting down after trading $650M in volume across pre-IPO, commodity, and index markets on Hyperliquid. All markets settle by June 18, vHYPE holders get their HYPE back 1:1 plus staking yield starting June 19, and there will be no Ventuals token. The team is joining another Hyperliquid ecosystem project.

• Satori Finance is shutting down due to unsustainable revenue. Users have until July 16 to close positions and withdraw assets — after that, the platform will no longer be operational.

• Swellchain is shutting down — all assets must be bridged off via Superbridge by June 23 or they will be unrecoverable. Affected assets include weETH, wstETH, USDe, sUSDe, ENA, ezETH, rsETH, and others.

DeFi📈

• GnosisDAO is voting on a one-time pro-rata treasury redemption allowing GNO holders to exchange tokens for their share of liquid treasury assets at net asset value, with participation entirely voluntary. So far, the proposal has overwhelming support with 48,337 votes in favor versus 301 against, indicating strong consensus among token holders.

• Megaeth Terminal rewards go live with $1M total available in USDm payable to delegated addresses. MOSS launches June 17th, allowing eligible accounts to double rewards by linking their MOSS account before the deadline.

• Aave proposed using V4’s hub-and-spoke architecture to bring securities financing onchain — covering securities-backed lending, repo, and securities lending, markets worth tens of trillions combined. The pitch: atomic settlement replaces T+1/T+2 delays, and the 20-30% cut lending agents currently take routes back to asset owners instead.

• Boros launched a new maker incentive program, giving makers 20% of taker fees on fills in addition to existing limit order incentives — designed to deepen orderbook liquidity beyond the current ~$300M. Taker fees remain unchanged.

• Ethereum’s Kohaku upgrade is approaching, aiming to bring full-stack privacy to the chain — a response to growing institutional adoption and the push for transactional confidentiality at the protocol level.

Stablecoins/RWA🪙

• Centrifuge’s tokenized US Treasuries (deJTRSY) and AAA CLO (deJAAA) launched on SushiSwap via Stellar.

Perps DEX📉📈

• Ondo Perps listed SpaceX ($SPCX) perpetuals with 10x leverage, following SpaceX’s IPO.

Privacy🔓

• Base launches Base Privacy, a native enterprise-grade infrastructure for private transactions on the blockchain. Financial institutions can now trade, pay, and settle with confidentiality on crypto rails.

Raises 💰

• Multipli received an investment from Coinbase Ventures via the Base Ecosystem Fund to build RWA-backed credit infrastructure for institutions and retail investors.

• Re Protocol received a strategic investment from Coinbase Ventures, with $490M in premiums written and policies covering nearly 1M households as of June 2026.

News🗞️

• Coinbase announced a sweeping product expansion, including tokenized stocks, pre-IPO perps, equity indices, crypto derivatives returning to the US, an AI investment advisor, crypto-backed mortgages, ETH/SOL borrow with liquidation protection, and a full agent banking stack via Base MCP.

• Sonic Labs announced a board overhaul, with co-founders Michael Kong, Andre Cronje, and David Richardson stepping down. Matt Visser takes over as CEO, with a pledge to rebuild trust through transparent governance and a new risk and compliance committee, while engineering continues shipping throughout the transition.

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

Aave V4 Yield Guide: Earn Conservative 7% Stable APY

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$25,000 USDC Up for Grabs — DeFi Saver Season 1 Is Live

DeFi Saver just launched its first-ever rewards campaign, and the prize pool is real. Trade Hyperliquid perps or run Boosts and Repays on Aave, Spark, Morpho, and more. Your score combines volume with profitability, so good traders win, not just big ones. Season 1 runs until June 22nd. Top spot takes 7,500 USDC.

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Today’s News Headlines:

- Satori Finance announces platform shutdown
- Swellchain winds down and exits
- Re Protocol secures Coinbase backing
- RockawayX launches Tori yield vault
- LittleBoyPlus exploited for $377K

This Week’s Farming News:

• Zama, Morpho, and Steakhouse launched a confidential USDC vault opening June 23, offering 3.5–5% APY through encrypted cUSDC balances while using Steakhouse’s USDC Prime strategy.

• EtherFi launches RWA Vault with Plume, offering 7% yield on stablecoins and borrowing against their position in the same place.

• Superform launched its first SuperformOS vault on Flare, a Bizantine-curated USDT strategy targeting 14%+ APY across institutional lending markets.

• infiniFi launched a new siUSD Pendle market on Ethereum, offering up to 9% APY on PT-siUSD and 8x infiniFi points on YT positions.

• Tori Finance opens a $50M delta-neutral stablecoin vault on June 23, curated by RockawayX with a 30-day lockup and real-time reserve verification.

• Re Protocol’ launched reUSD and reUSDe December 2026 Pendle markets.

• InfiniFi kicked off a 7-day Pendle Chapter Takeover, boosting rewards to 8x on YT positions and 4x on LP positions in the siUSD market.

• Saturn launched a Morpho USDC vault curated by Hyperithm, allowing users to lend against PT-srUSDat, PT-USDat, and PT-sUSDat collateral.

• Tangent enabled sUSG as collateral for frxUSD borrowing on Morpho, combining 15.26% sUSG yield with low borrow costs

• Pendle launched a one-click PT-USD3/USDC looping strategy on Morpho.

• Saturn Credit added $15,000 of incentives to its Morpho markets, allocating rewards across the Saturn USDC Vault and PT-USDat lending market.

• Pendle listed USDai and sUSDai February 2027 markets on Arbitrum, giving users fixed-rate exposure to AI infrastructure lending backed by GPU financing.

• OnRe PT-ONyc September 2026 position is now accepted as collateral on Kamino, enabling leveraged exposure of up to 2.9x.

Earn Up to 10% on USD Stablecoin Farms:

Morpho Grove x Steakhouse High Yield AUSD - 6% APY (Monad - Lending)

Steakhouse’s high-yield AUSD vault on Monad, surfaced through Grove’s interface. The vault lends AUSD against a broad basket of collateral, including BTC, wETH, and other assets. Net APY breaks down as 3.5% vault yield plus 2.50% in WMON rewards on top. Total deposits are $987.9k with $243.5k available liquidity. No performance fee. Steakhouse is one of the most reputable Morpho curators, with conservative parameter-setting and a long track record.

Low risk ⚠️ The collateral basket is broad and includes volatile assets like BTC and wETH — a sharp drawdown in either can tighten borrower ratios and risk bad debt in the vault. Available liquidity ($243.5k against $987.9k deposits) is moderate — larger positions may face some queue. WMON token price exposure on 2.50% of the yield. Monad network risk applies as a newer chain. Morpho smart contract risk applies.

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Convex Curve USD3/sUSDS LP - 11% APY (Ethereum - Boosted LP)

Curve stable pool pairing USD3 (Reserve Protocol’s diversified stablecoin, backed by a basket of blue-chip stables) with sUSDS (Sky Protocol’s yield-bearing stablecoin — the rebrand of DAI’s savings rate). Staked via Convex for a 2.5x CRV boost. Projected yield breakdown: 1.85% base trading fees + 9.99% boosted CRV + 0.057% CVX. Both assets are decentralized stables with no exposure to Ethena or fiat custodians. No CRV lock needed — Convex handles the boost collectively.

Low risk: The gap between current vAPR (26.02%) and projected (11.89%) is large — current reflects a temporary CRV gauge spike that is not expected to persist. Use the 11.89% projected figure as the realistic baseline. TVL is thin at $250K — this is the main practical concern. At this size, any meaningful position will have a significant price impact on both entry and exit, and if TVL drops further, liquidity could become an issue. Curve and Convex smart contract risk applies.

WETH/rETH LP - 6.45% total APR Balancer on Base

Balancer pool on Base pairing rETH (Rocket Pool’s LST) with waArbWETH (Basically WETH that is lent on Aave - Arbitrum). Total APR is 6.86%: 1.7% from protocol trading fees and 5.16% from a Merkl RPL incentive campaign.

Low risk⚠️ The Merkl RPL incentive campaign is the main variable — once it ends, APR drops to the ~1.6% yield-bearing base. Check the campaign end date before entering. rETH carries Rocket Pool smart contract risk. Impermanent loss is minimal given both assets track ETH closely. Base network risk applies. $183.5k TVL is thin — size positions accordingly.Earn 15% Stablecoin LPs + 20% on ETH

Farm Up to 30% on Stablecoins and 24% on ETH

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Today’s News Headlines:

- Coinbase launches tokenized stocks trading
- MegaETH terminal rewards are now claimable
- Base launches privacy infrastructure
- Centrifuge RWA assets listed on SushiSwap
- DIP exploited for $111k on BSC

Find and execute the 15%+ stablecoin yields in minutes
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Airdrop Claims

Re Protocol ($RE) — TGE June 18

$RE goes live June 18 on Ethereum mainnet — governance token for Re’s onchain reinsurance marketplace.

Tokenomics: 50% Ecosystem (140M liquid at TGE, rest vesting 48 months), 13% Development Reserve, 17% Investors (12-month cliff, 36-month vest), 20% Core Contributors (same vesting). Phases 1 and 2 live at TGE — stake-to-vote governance, delegation, staking rewards, and ecosystem incentives active from day one.

KYC/KYB registration window coming soon — monitor govern.re.xyz. Prior reUSD/reUSDe activity and Re Points may factor into allocation.

Official link: https://govern.re.xyz/#participate

⚠️ Staking rewards are for active governance participation — explicitly not passive yield or revenue share. KYC/KYB mandatory with jurisdiction restrictions. Only use contracts from official Re channels.

$MAX Surprise Airdrop — $HYPE Holders

Surprise retroactive airdrop for $HYPE holders on Hyperliquid. If you held at least 0.1 $HYPE on HyperCore (including staked HYPE) or HyperEVM at snapshot, you should have already received $MAX, a memecoin launched on Hyperliquid. Check your balance directly in the Hyperliquid app or at wagyu.xyz/blocked. The token is already trading and immediately sellable.

Price has dropped ~95% from peak — classic memecoin volatility. Sell now for whatever remains or hold if you believe in a comeback narrative. Either way, it’s free money for simply holding $HYPE.

Check and claim allocations: https://www.wagyu.xyz/airdrop-max

⚠️ Snapshot already passed — you either qualified or you didn’t. $MAX is a memecoin that has already dumped 95% — it could go to zero or recover, but treat any remaining value as a bonus rather than a meaningful position. No farming actions available at this stage.

SoSoValue ($SOSO) — Season 2 Claim Live

SoSoValue Season 2 airdrop claim is live now at sosovalue.com/exp. Token is currently trading at ~$0.32. Connect your wallet to check your $SOSO allocation and claim directly.

Community reaction is mixed to mostly disappointed — many heavy farmers received small allocations ($100 or less), with common complaints around seemingly random distribution and KOL favoritism. Pranjal had 141M S2 EXP and received ~$500 worth, which he noted was less than expected. Some users were ineligible despite active participation.

Season 3 is already being discussed in the community for those who want to continue farming.

Official link: sosovalue.com/exp

⚠️ Allocation sizes have been underwhelming for many heavy grinders — manage expectations before checking. Token is already trading so you can sell immediately if eligible. Anti-sybil RUP verification was applied — some legitimate users may show ineligible. Only use the official sosovalue.com/exp domain.

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Airdrop Updates & Opportunities:

xStocks ($SPCXx — 20% Points Boost)

xStocks is a tokenized equities platform on Solana. Quick boost running until Friday: hold $100+ of $SPCXx (tokenized SpaceX stock) in your wallet for a +20% daily multiplier on all xPoints.

Swap on Jupiter (SOL or USDC → $SPCXx), hold, and your normal xStocks activity earns 20% more points automatically. Low-cost, low-effort optimization on top of your existing farm.

Official link: Check your points at defi.xstocks.fi/points.

⚠️ Boost ends Friday — time-limited. $SPCXx is a tokenized private company stock with issuer/counterparty risk via Backed Assets. Not available to US persons. Points-to-token conversion is unconfirmed speculation.

Cap ($CAP) — TGE Within 2 Weeks

$CAP TGE is scheduled within the next two weeks (late June 2026), with a cUSD Stabledrop following shortly after.

If you accumulated Caps points during Homestead or previous campaigns, check your balance at cap.app and monitor @caplabslimited for exact claim dates.

Check points on official link: https://cap.app/caps

⚠️ No exact dates confirmed yet. Allocation size and mechanics not detailed. Significant points dilution from long farming history. Only use official cap.app domain.

Mezzanine (mzUSD) - Stephen (DeFi Dojo’s) upcoming protocol

Mezzanine aims to be a multi-tranche stablecoin protocol delivering “the best yields in TradFi, DeFi, and NeoFi, tranched for your risk appetite.” Core product is mzUSD (non-yield-bearing synthetic dollar) with stakable tranches — senior layers get stable lower yields with first-loss protection, junior layers get higher upside but absorb losses first. Heavy Pendle integration for fixed-rate yields and liquidity bootstrapping.

Founded by Stephen (@phtevenstrong, “The Calculator Guy” from DeFi Dojo)

The main early farming vector is the Pre-Deposit Ecosystem Vault launching July 1, 2026 — the highest Season 1 points multiplier available.

Low initial caps keep it utility-focused rather than pure points farming. After the campaign, the vault converts to a broader ecosystem vault targeting 5–10% base organic yield. Follow @mezzanine_fi and their Discord for deposit campaign details and cap announcements ahead of July 1.

Official link: https://mezz.finance/

⚠️ Pre-launch protocol with no public audit information found — tranching architecture adds significant smart-contract complexity and junior tranche holders absorb first losses. mzUSD peg stability depends entirely on unproven backing strategies. Low caps mean limited early access and points may not convert to meaningful token value. No major VC backing reduces external validation signals. Organic yield claims of 5–10%+ are unverified pre-launch projections. Start very small and verify audits independently before committing meaningful capital.

Perps.fun (HIP-3 Launchpad)

Perps.fun aims to be the launchpad for permissionless perpetual futures markets on Hyperliquid’s HIP-3 framework — partnering with Kinetiq as exclusive Co-Deployer to list directly on Markets.xyz.

The core value prop: create, launch, and trade your own perps markets while earning 45% of trading fees generated. HIP-3 turns Hyperliquid into an “exchange-of-exchanges” where builders own a cut of the fees their markets produce permanently.

No points program announced yet, but early trading activity and deployment on Hyperliquid HIP-3 launchpads has historically been rewarded retroactively. Trade on Perps.fun-launched markets via Markets.xyz and monitor perps.fun for any early-bird farming mechanics — Hyperliquid ecosystem projects have a strong track record of rewarding early volume and liquidity.

⚠️ Full HIP-3 deployment requires substantial HYPE staking (potentially hundreds of thousands of dollars) — not accessible to most retail users. Perps.fun may lower this barrier but exact mechanics not yet detailed. Very early stage with no confirmed points or token. Fee share depends entirely on trading volume in launched markets — low adoption means low fees. No confirmed farming mechanics yet — pure early positioning. Only use official perps.fun and Kinetiq/Markets.xyz domains.

NEW Promising Airdrops

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Today’s News Headlines:

- Ventuals shuts down after doing $650m volume
- InfiniFi boosts siUSD Pendle rewards
- Saturn launches Morpho USDC vault
- Tangent enables sUSG collateral looping
- Ondo Perps lists SpaceX contracts
- Thetanuts exploited for ~$2m, attacker offers whitehat fund return

$25,000 USDC Up for Grabs — DeFi Saver Season 1 Is Live

DeFi Saver just launched its first-ever rewards campaign, and the prize pool is real. Trade Hyperliquid perps or run Boosts and Repays on Aave, Spark, Morpho, and more. Your score combines volume with profitability, so good traders win, not just big ones. Season 1 runs until June 22nd. Top spot takes 7,500 USDC.

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Key Takeaways:

1. Risk on regime is slowly improving

The Iran-US framework deal (signed digitally on June 14) knocked oil down 6% to below $80, dropped short-term rates, and the dollar and crypto vs. equities were favorable in the same week. Still improving rather than risk-on: stablecoin and ETF outflows are shrinking but haven’t turned positive, and Wednesday’s FOMC + Friday’s signing are the confirmation points.

2. This week’s inflows came from institutional rails.

The capital that moved chose tokenized assets, yield, and settlement infrastructure over speculation, concentrating on X-Layer, Aptos, and Solana. Solana was the highlight: rising as a stablecoin settlement venue, with tokenized-equity volume growing while the broader market pulled back.

3. Ethena and ether.fi led on real flow.

The cleanest project signals were genuine capital, not price. Ether.fi’s TVL gain was 75% real inflow, and both pushed into tokenized credit. Two of DeFi’s biggest names are converging on the same trade.

Section 1 — Macro + Capital Backdrop

1A. Traditional Macro

DXY: 99.52, weekly down candle (-0.29%).

The dollar printed a down week driven by reduced safe-haven demand as the Iran deal firmed up — when geopolitical risk fades, the dollar safety bid unwinds. A softer dollar removes a background headwind for crypto.

BTC/NQ ratio: first green weekly candle after 6 weeks of red.

Crypto outperformed the Nasdaq last week for the first time since the underperformance regime began. One green candle isn’t a trend reversal, but after six consecutive red weeks, it’s the first sign of relief in the BTC-vs-equities rotation.

The macro picture turned this week, and the driver is one story: the Iran-US deal.

After more than three months of conflict that closed the Strait of Hormuz, the two sides digitally signed the framework deal agreement on June 14, with a formal memorandum of understanding set to be signed in Switzerland on Friday, June 19. The deal ends the fighting, reopens the Strait, and commits Iran to abstain from producing nuclear weapons.

The Strait carries roughly a fifth of the world’s oil and LNG supply — its closure was the single biggest macro overhang of the past quarter, driving oil up, inflation expectations higher, and the Fed into a hawkish hold since March. Its resolution unwinds that chain.

Oil fell hard — Brent dropped 6% to below $80 and WTI to $79, both the lowest since March 10. Lower oil cools the inflation picture that has kept rates elevated, which is why this single geopolitical event is rippling through every macro indicator above.

Composite read: risk-on building, with Friday's signing as confirmation.

1B. Crypto Capital On-Ramp

Total stablecoin supply 7d change (level + WoW)

Total stablecoin supply: -$1.0B (-0.3%). Still net negative, but a major improvement from last week’s -$3.6B drawdown. The outflow is shrinking fast — a -0.3% weekly move is minor, and the trajectory (from -$3.6B to -$1.0B) suggests the bleed is decelerating rather than accelerating.

Exchange flows — Bitcoin back to accumulation.

Since the dip towards $58, more Bitcoin has been moving off exchanges than onto them - a sign of potential accumulation.

Ethereum weekly flows were opposite of Bitcoin, with coins coming onto exchanges even as the price rose. Notably, even with the inflows, Ethereum exchange reserves are near yearly lows.

ETF flows

ETF flows: relief in the trend. Last week still saw net outflows, but the magnitude eased after a month of week-on-week acceleration. The outflows are getting smaller — the first sign the institutional selling pressure may be exhausting.

1C. Week-Ahead Catalysts

• FOMC meeting, June 16-17

Kevin Warsh’s first as Fed Chair. A near-certain hold at 3.50-3.75% (CME FedWatch ~98%). The rate decision isn’t the story — Warsh’s first press conference tone and the updated dot plot are.

Strategists expect an explicit move away from the easing bias toward a neutral stance. Warsh has signaled a preference for a leaner Fed that communicates less, so markets will be parsing the shift in style as much as the substance.

• US–Iran peace deal signing (June 19)

The two sides finalized the agreement framework on June 14, with the formal signing ceremony scheduled in Switzerland on Friday.

Markets will be watching for details on ceasefire implementation, Strait of Hormuz access, and the next phase of nuclear negotiations.

Source: tradingeconomics.com

Section 2 — Onchain Risk Regime

Individual Stablecoins Flows:

The total stablecoin supply fell -$1.0B this week, capital is continuously rotating out of transactional dollars (USDC, USDT) and into yield-bearing and tokenized Treasury dollars. This shows that capital is leaving crypto, with the retaining capital changing what kind of dollar it holds.

Every meaningful gainer is a yield or RWA product; the biggest losers are the two transactional giants USDT and USDC. The 30-day data confirms this is structural, not a one-week artifact: USDC has bled -$1.83B and USDT -$3.28B over the month, while the yield/RWA tier (USDe +$310M, USDtb +$97M, RLUSD +$75M, plus tokenized-Treasury names) consistently absorbs. The transactional dollars that sit idle for trading are shrinking; the dollars that earn yield are growing.

Aave / Sphere Rates

Calm, funding slightly rising.

Borrow APY 4.25% and supply APY 3.24%, both essentially flat WoW (+0.02%). The funding benchmark rose to 1.73% (+0.25%) — the biggest mover of the three — but still sits well below the 4.25% borrow rate. Funding far below borrow signals leverage demand is still subdued: perps aren’t crowded long, and there’s no greed in the system yet. Funding ticking up off the lows fits the risk-on-building macro read, but it’s early — leverage hasn’t returned. Consistent with stabilizing, not euphoric.

ETH/BTC Comparison

ETH/BTC recorded another red week. The new weekly is green, showing potential strength against BTC, although it’s too early to be confirmed.

Section 3 — Chain Comparison

3A. Stablecoin flows by chain

This week tested the stablecoin market’s maturity — and on most measures, it passed. In prior risk-off periods, stablecoin supply contracted sharply as participants converted to fiat.

That pattern did not repeat. Instead, capital bypassed exchanges, where monthly inflows fell to $2.9 billion from a peak of $5.7 billion, and rotated into on-chain yield products, tokenized assets, and institutional settlement infrastructure. The market is now deeper, more diversified, and more structurally entrenched than during previous drawdowns.

Most of the Capital Is Rotating, Not Leaving

The week’s central theme is redistribution, not contraction. Ethereum lost $1.09 billion in stablecoin supply over seven days, and Tron lost $515 million — together accounting for the bulk of all outflows.

However, most of it is redistributed to chains offering something Ethereum and Tron currently lack: yield opportunities, institutional infrastructure, or active new deployment venues.

Where it went:

BSC took in the most in absolute terms, roughly $486M, but the composition matters more than the headline.

Last week’s BSC inflows were campaign-driven DEX volume, but this week, those incentives expired, and USDT went flat.

The growth came from somewhere healthier: USDC added about $300M as Circle reallocated supply to the chain, and USYC — Hashnote’s tokenized Treasury product — added $155M to become the second-largest dollar on BSC after USDT. That’s asset managers parking short-duration yield onchain, not traders staging capital.

X-Layer posted the strongest percentage gain of any major chain at +10.5%.

Almost all of it traced to a single instrument: Global Dollar (USDG), up $153.7M. X-Layer now holds roughly fourteen times more USDG than USDT, which tells you what it’s becoming — an institutional settlement layer anchored by one stablecoin, reinforced by OKX’s rollout of Exchange OS and its yield-bearing OKUSD.

The flip side is concentration risk: a chain that depends this heavily on one issuer is exposed if that issuer’s supply moves elsewhere. Worth watching.

Aptos is the one we’d flag for structural quality

Growth was broad rather than tied to a single product. BlackRock’s BUIDL is up 47% over 30 days, USDC grew 27% on the week, and even USDT added supply — all at once.

When a regulated money market fund, the leading institutional stablecoin, and the dominant permissionless dollar all expand together, that’s the chain itself being validated, not one issuer’s distribution push.

Where it came from:

On the other side, Ethereum shed about $1.09B across six different stablecoins. The scale could look alarming, but it reflects Ethereum’s role as the system’s issuance and bridging anchor — capital minted there moves downstream to wherever it gets deployed. This is secular and directional, not a sign of stress.

Tron lost $515M, almost entirely USDT, as new Tether issuance increasingly lands on Solana and BSC instead. Slow erosion, not a break.

This week’s fastest-growing dollars weren’t USDC or USDT at all; they were tokenized-yield instruments like USYC and BUIDL, now clearly their own institutional growth category.

Three Signals Worth Watching

1. Institutional yield stablecoins are now a distinct growth category. This week’s highest-growth instruments weren’t USDC or USDT — they were tokenized yield products. USYC and BUIDL together added over $230 million across BSC, Aptos, and Avalanche during a risk-off week in which speculative assets declined. Backed by U.S. Treasury yield, these instruments are structurally preferable to idle USDC for institutions without immediate deployment needs.

   • Their growth is driven by yield demand rather than risk appetite — a durable, structural dynamic.

2. USDG’s concentration on X-Layer warrants monitoring. X-Layer holds $1.51 billion in USDG against just $107 million in USDT — a 14:1 ratio that makes X-Layer’s stablecoin ecosystem almost entirely dependent on a single issuer.

   • If this reflects a strategic partnership, it’s a feature. But if USDG redistributes elsewhere, the concentration creates meaningful supply-event risk for the chain’s liquidity depth.

3B. Structural Shifts Based on DEX Volume

This was a broad pullback — every onchain DEX chain contracted week-over-week — but the gap between the best and worst performer was nearly 38 percentage points. Read down the 30-day column, and the chains separate cleanly into ones building durable volume and ones still riding speculation. The spread is about what each chain is becoming, not its architecture.

Solana quietly turning into the home for tokenized real-world assets

Its weekly drop tracked the market, but that masks a rotation happening underneath: the memecoin-driven volume that long defined the chain is deflating, while two higher-quality layers grow into the gap. One is institutional stablecoin settlement, where Manifest expanded 19% over 30 days straight through the downturn.

The other is tokenized real-world assets — and here Solana is genuinely ahead of every other chain. A tokenized S&P 500 product (SPYX) is the second-largest pair on Orca at ~23% of its volume, and a tokenized SpaceX pre-IPO token trades on Meteora.

No other chain in the dataset has a single tokenized equity in its top pairs. Solana is slowly trading speculative volume for settlement and RWA volume — lower-octane, but far more durable.

BSC held up better than the market on 30 days

Because it runs on two layers: a blue-chip, BNB-centric routing floor that barely moves with sentiment, sitting under a speculative launch layer that resets with each Binance product cycle. This week the speculative layer cooled as campaigns expired, but the floor held — which is why BSC compressed less than chains that are all speculation.

Section 4 — Project & Protocol Discovery

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

USD.AI — CHIP, +38.8% (7d). Published its 2026 YTD report, Lighthouse: $44.6M protocol ARR, a $13B borrower pipeline, $205M closed and funded, and 7.0% average sUSDai yield YTD. The protocol underwrites GPU-backed loans. report

Pyth Network — PYTH, +25.9% (7d). Launched Pyth Indices — 24/7 indices across U.S. equities, oil, metals, and thematic baskets, co-developed with MarketVector (a VanEck company). Already live on Coinbase, Kraken, dYdX, and Nado.

Kamino — KMNO, +20.3% (7d). Listed tokenized SpaceX shares ($SPCX, issued by Backpack Securities, redeemable 1:1) for 24/7 trading on Kamino Swap following SpaceX’s Nasdaq debut. Also placed #9 in DeFi on Fortune’s Crypto 100.

Curve DAO — CRV, +19.7% (7d). Announced Llamalend v2: lending markets open beyond crvUSD, Curve LP tokens usable as collateral, isolated per-market risk, range-based liquidations via LLAMMA. Launching first on Optimism. post

Morpho — MORPHO, +17.8% (7d). Raised $175M co-led by Paradigm, a16z crypto, and Ribbit Capital — the largest raise in DeFi history — with participation from Apollo, VanEck, and Circle Ventures.

Aerodrome — AERO, +17.4% (7d). Will launch Predictive Allocation in July, shifting incentive allocation from past performance to rewarding participants who correctly anticipate where liquidity demand goes next. source

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

1. ETH Staking & Restaking Cohort — Price Attribution Deep-Dive

This cohort’s headline story was price, not flow. ETH closed the 7-day window at $1,716, up from $1,687 — a +1.74% move. Applied to the combined $50B+ of ETH-denominated staking TVL, that modest appreciation was mechanically sufficient to generate billion-dollar nominal “gains” for Lido (+$1.056B) and SSV Network (+$1.153B), neither of which reflects real-world capital inflow.

Ether.fi — The Standout Real-Flow Story

ether.fi is the clean outlier in this cohort. Of its +$207M 7-day gain, $155M (74.7%) represents genuine new capital arriving on-chain, against just $52M attributable to ETH price appreciation. ether.fi deployed a roughly $100M RWA liquid vault in partnership with Plume Network and Midas, combining exposure to a BlackRock iShares AAA CLO ETF, a Fidelity Total Bond ETF, and a FalconX credit pool. This positions Ether.fi as a yield-bearing gateway into tokenized fixed income alongside its restaking core — a genuine product expansion that adds a non-correlated yield layer and draws institutional allocators who wouldn’t otherwise touch the restaking stack.

2. RWA Infrastructure — The Week’s Dominant Growth Theme

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This Week’s News Highlights:

- Morpho raised $175M from Paradigm, a16z, and Ribbit to accelerate institutional integrations.
- Janus Henderson made a strategic ENA investment and plans to distribute tokenized funds through Ethena
- Coinbase activated yield-sharing on Hyperliquid’s treasury, routing into HYPE buybacks from August 26.
- GnosisDAO proposed letting GNO holders redeem at NAV with all redeemed tokens burned, increasing the treasury claim for those who stay
- Ondo Perps launched equity perpetuals with 20x leverage
- Nado became the first DEX to accept tokenized US equities as perp collateral
- Aave governance proposed a four-layer risk standard that could off-board non-compliant assets — worth monitoring for active positions
- Humanity Protocol lost $36M from a compromised multisig
- Aztec Connect’s deprecated bridge was exploited for $2.1M. Revoke approvals on old contracts.

$25,000 USDC Up for Grabs — DeFi Saver Season 1 Is Live
DeFi Saver just launched its first-ever rewards campaign, and the prize pool is real. Trade Hyperliquid perps or run Boosts and Repays on Aave, Spark, Morpho, and more. Your score combines volume with profitability, so good traders win, not just big ones. Season 1 runs until June 22nd. Top spot takes 7,500 USDC.

<Join Season 1 on DeFi Saver> | Today in DeFi is Supported by DeFi Saver

Raises 🧑🏻‍🌾

• Morpho raised $175M in the largest fundraise in DeFi history, co-led by Paradigm, a16z, and Ribbit Capital, with participation from Apollo, VanEck, Circle Ventures, and Ledger.

  • The funds will go toward expanding Morpho’s integrations and institutional onboarding as it builds toward becoming the open credit network for global finance.

• Janus Henderson, a $480B asset manager, made a strategic ENA investment and plans to integrate USDe for treasury management.

  • The firm will develop regulated USDe and ENA products while distributing tokenized CLO funds through Ethena, marking institutional adoption of yield infrastructure.

• MNX raised $6.4M pre-seed at a $40M valuation to build an AI-focused futures exchange on MegaETH, allowing users to trade exposure to Anthropic, memory stocks, and H100 GPU prices.

• Möbius raised a strategic round led by YZi Labs to build a unified cross-venue margin system for DeFi. It gives users a single Credit Account that evaluates portfolio health across all integrated venues — meaning a hedge on Hyperliquid and a long on Aster net against each other, reducing collateral requirements and eliminating unnecessary liquidations. Launching on Hyperliquid and Aster in Q3.

DeFi📈

• Hyperliquid’s governance passed with 69% validator approval, routing ~90% of yield from Coinbase-managed USDC reserves to automated HYPE buybacks, adding an estimated $135–197M annually starting August 26.

• GnosisDAO is proposing a one-time redemption that lets GNO holders exit at NAV for treasury assets, with all redeemed GNO burned permanently — leaving remaining holders with a larger claim on what remains.

• Cap Token Auction floor price rises to $102M with 65% of tokens still available and three days remaining. Bids below the floor are not filling as in-range bidding continues through Uniswap Auctions.

• Abracadabra, an old DeFi lending protocol behind the MIM stablecoin, seeded a new $100K MIM/USDT/USDC Curve pool to restore liquidity following recent incentive changes, with 140M SPELL in incentives returning June 18.

• Loopscale launched Earn on Solana, offering curated vaults that bundle fixed yield, lending, and looping into a single deposit, starting with the OnRe Growth vault on Exponent v2 with $10M USDC capacity.

• Yield Basis is voting to reduce the HybridVault collateral requirement from 55% to 45% of the crypto deposit value, lowering the barrier to entry for depositors.

• Aave governance proposed a four-layer risk standard that would off-board non-compliant assets, alongside an oracle upgrade to Chainlink CRE.

• Alchemix, a self-repaying loan protocol, integrated Euler v2 to power yield for its Mix-Yield Tokens on Ethereum and Arbitrum, using isolated vaults to prevent a failing strategy from affecting the broader pool.

• Morpho expands Coinbase Earn USDC offerings with multiple Steakhouse curated vaults featuring distinct risk profiles. Users can choose between Prime vault, backed by BTC/ETH, and High Yield vault, backed by Ethena assets.

• Circle launched cirBTC on Ethereum, a 1:1 BTC-backed collateral token targeting institutional DeFi markets.

Perps DEX📉📈

• Ondo Perps Public Beta is live, allowing the first wave of waitlisted users to trade equity perpetuals with up to 20x leverage.

• Aster DEX launches RWA perpetuals with up to 20x leverage on stocks like WDC, LLY, IREN, ONDS, and NVO across 5 chains. Users earn 1.2x trading points until June 15, 23:59 UTC, on these new assets listed.

• Nado, a perp on Ink, became the first venue to accept tokenized US equities as collateral for perp trading, starting with xStocks SPYx and QQQx. Enabling users to hold their RWA position and trade perps against it under a single portfolio-margin system.

• 01 Exchange launches custom strategy baskets, allowing users to long or short up to 10 markets simultaneously. Preset strategies include Hyperliquid and other DEXes, fully customizable for perps trading.

• Trade.xyz clarified that its SPCX pre-IPO perpetual contract tracks market-implied share price only — share count and market cap are not inputs to the oracle or contract specification. Confusing documentation examples have been removed, and the contract will transition to standard external Oracle pricing once SpaceX completes its IPO.

Issues⚠️

• Aztec Connect, a deprecated bridge product shut down three years ago, was exploited for ~$2.1M via its immutable smart contract. Aztec Labs holds no admin keys and cannot pause or upgrade the system.

• Humanity Protocol suffered a critical $36M security breach from a compromised multisig wallet laptop, resulting in 187.6M $H tokens stolen and converted to $29.1M in major cryptocurrencies, causing the token to plummet 89%.

• Raydium lost $1.3M in a security breach where attackers bridged stolen funds from Solana to Ethereum. The attacker routed 810 ETH through TornadoCash and 7 ETH to FixedFloat, demonstrating cross-chain laundering tactics.

• AFI Protocol suffered a ~$480K exploit on the afiUSD Vault on Ethereum Mainnet on May 30, 2026, with attackers converting $252K DAI to ETH via on-chain swaps. The incident highlights risks in vault-based yield strategies requiring immediate user review.

Stablecoins/RWA🪙

• Ondo Finance partnered with Roqqu, a crypto platform focused on emerging markets, to distribute Ondo Global Markets tokenized equities to its user base. This expands access to US stocks and ETFs for users in regions that traditionally lack direct access.

• Kinetiq begins USDH to USDC collateral migration on Hyperliquid L1 starting June 10th, winding down existing markets and settling open positions at mark price. The phased settlement schedule spans multiple assets across June 10-17, culminating in full transition to USDC.

News🗞️

• Strategy acquired 1,550 BTC for $101M based on their latest 8-K filings, bringing total holdings to 845,256 BTC, while also increasing its USD reserve by $100M to $1B.

• Japan’s three largest banks- MUFG, Mizuho, and SMBC- formed a joint stablecoin council to develop a yen-denominated stablecoin. The initiative targets live transactions by the end of Japan’s fiscal year.

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

Loop Blue-Chip ETH Assets For 18% APY

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Today’s News Headlines:

- Morpho expands coinbase earn vaults
- Superform launches 14% usdt vault
- infiniFi adds siusd pendle market
- Morpho raises record $175m round
- Citigroup issues tokenized private shares
- Tori Finance opens pre-deposit vault
- Re launches new Pendle markets

Find and execute the 15%+ stablecoin yields in minutes
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As capital efficiency remains paramount in DeFi, leveraging stablecoin liquidity provision (LP) positions has emerged as a core strategy for yield optimization. Rather than deploying capital passively, a growing class of protocols enables traders to utilize yield-bearing LP tokens as productive collateral — borrowing against them to amplify exposure while maintaining the underlying yield stream.

This guide outlines a comparative framework for three protocols offering these mechanics: Curve LlamaLend v2, and Tangent, evaluating their underlying architectures, multi-layered yield generation, execution frictions, and distinct risk profiles. Each represents a fundamentally different architectural approach to the same problem: how to leverage a stablecoin LP position without abandoning its yield.

1. Why Stablecoin LP Leverage Matters

The emergence of protocols dedicated to leveraging stablecoin LPs is a direct response to structural inefficiencies in the current DeFi landscape.

Structural Issues Solved

• The “Low-Yield” Cap on Delta-Neutral Capital: In standard market conditions, organic stablecoin LP yields generally range between 5% and 12%. Traditional money markets do not natively support looping these complex yield-bearing LP positions efficiently, leaving massive amounts of sidelined capital underutilized.

• Capital Efficiency Ceilings on Full-Range LPs: Traditional constant-product or StableSwap LPs distribute capital across the entire price curve, leaving the vast majority of deployed assets idle at any given price point. Concentrated liquidity (Uniswap v3) solves this structurally but introduces active management requirements that create a natural demand for integrated lending and automation platforms.

• Liquidity Fragmentation & Execution Slippage: Liquidity across decentralized exchanges is often heavily fragmented. Executing market swaps with larger sizes frequently incurs significant price impact, creating friction for capital deployment and degrading overall trading efficiency.

Strategic Opportunities Created

• Amplified Delta-Neutral Yields: By utilizing automated or structured leverage loops, baseline stablecoin yields can be amplified into the 20% to 45%+ range. Because the underlying assets are pegged stables, users can target equity-like returns while maintaining a structurally delta-neutral profile.

• Productive Collateralization: LP tokens are no longer the end point of a capital journey; they become the foundational collateral for secondary credit expansion.

• Incentivizing Deep Market Liquidity: By offering outsized, leveraged yields, these frameworks create a massive incentive for users to supply capital. This draws deep, concentrated liquidity into the underlying AMM pools, healing fragmentation and drastically reducing the price impact for all market participants executing standard swaps.

2. Protocol Architecture & Mechanics: The Multi-Layered Stack

The mechanics of stablecoin LP leverage rely on layering different decentralized protocols on top of each other. Each layer serves a specific role in generating yield or facilitating credit. The three protocols in this guide represent three architecturally distinct approaches: peer-to-pool lending with range-based soft liquidation against Curve LPs (LlamaLend v2), and CDP-based synthetic stablecoin minting against Curve LPs (Tangent).

2.2 Curve LlamaLend v2: The Soft-Liquidation Lending Stack

LlamaLend v2 — launched June 10, 2026 — extends Curve’s lending infrastructure beyond crvUSD-only borrowing into a generalized framework of isolated lending markets. Its defining innovation is the LLAMMA (Lending-Liquidating AMM Algorithm) mechanism, which replaces fixed-price liquidation with range-based soft liquidation.

• Layer 1: The Base DEX (Curve). Capital is deployed into a standard Curve pool (StableSwap or CryptoSwap). Unlike Revert’s concentrated v3 positions, Curve LP positions are full-range and do not require active tick management — they earn fees continuously regardless of price movement within the pool’s invariant.

• Layer 2: The Lending Market (LlamaLend Isolated Market). LlamaLend v2 accepts Curve LP tokens as collateral while the position continues to earn trading fees. Each lending market is fully isolated — it carries its own collateral asset, borrowed asset, oracle configuration, borrow caps, and risk parameters. LlamaRisk serves as market curator, reviewing proposed markets and calibrating risk parameters including the band width factor (A), LLAMMA swap fee, loan discount (which determines maximum LTV), liquidation discount, and min/max borrow rates.

• The LLAMMA Soft Liquidation. This is LlamaLend’s core differentiator. When a position’s collateral value enters the borrower’s liquidation range, rather than triggering a single catastrophic liquidation event, LLAMMA gradually converts collateral into the borrowed asset across multiple price bands. The borrower selects how many bands (4 to 50) to spread their collateral across when opening a loan — more bands means a wider liquidation range with more gradual conversion, but lower maximum LTV. If the price recovers above the liquidation range, the system reverses the conversion (de-liquidation), potentially allowing near-full recovery. This stands in stark contrast to traditional DeFi liquidation, where a position is closed at a fixed threshold with immediate loss.

• The Leverage Loop. The borrowed asset (which can now be USDC, WETH, or other DAO-approved assets — no longer restricted to crvUSD) is swapped for the underlying LP components, redeposited into the Curve pool, and the resulting LP tokens are supplied as additional collateral.

2.3 Tangent Finance: The Integrated CDP Stack (Higher Risk)

Tangent is a decentralized Collateralized Debt Position (CDP) protocol that operates as an overarching asset controller, holding collateral and issuing debt directly under one roof.

• Layer 1: The Base Yield Generator (Curve/Pendle). The foundation is built on organic yield-generating components, such as Curve stablecoin pools or Pendle Principal Tokens (PTs).

• Layer 2: The Automated Yield Router (Convex/StakeDAO). Tangent’s smart contracts automatically route the deposited collateral “under the hood” into protocols like Convex to capture max-boosted rewards without requiring manual orchestration.

• Layer 3: The Debt Issuer (Tangent CDP). Instead of borrowing from a pool of depositors, users lock their yield-bearing LPs into Tangent to mint its native, over-collateralized stablecoin, USG.

• The Leverage Loop. USG is minted, swapped for base stablecoins (USDC/USDT) on a decentralized exchange, redeposited into the underlying LP, and the loop repeats.

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3. Borrowing Cost Frameworks

The structural divergence between the three protocols results in fundamentally different cost structures and protocol interventions for leverage.

LlamaLend v2: Utilization-Driven Interest with Isolated Calibration

Each LlamaLend v2 market has independently configured minimum and maximum borrow rates. The min rate applies at zero utilization; the max rate at 100% utilization. Most markets target approximately 80% utilization. Rates are bounded by system constants (1% floor, 1000% ceiling) and calibrated by LlamaRisk on a per-market basis depending on collateral characteristics and risk profile.

Because markets are fully isolated, a utilization spike in one market (e.g., WBTC ↔ USDC) has no effect on borrowing costs in another (e.g., ETH ↔ wstETH). This isolation prevents the systemic liquidity crunches that can occur in unified lending pools, where a surge in borrow demand for one asset drives up rates for all borrowers.

Tangent: Yield-Deduction and Policy-Driven Costs

Because Tangent mints its own stablecoin rather than borrowing from depositors, it does not pay suppliers interest or need to incentivize supply-side liquidity in a traditional money market. Instead, costs are defined by internal monetary policies divided into two collateral models:

• HEC (High Emission Collateral): Used for high-yield assets like Curve LPs. Borrowing features a 0% interest rate as long as USG holds its peg. In lieu of interest, Tangent extracts a flat 50% of the collateral’s generated rewards as a continuous fee.

• LEC (Low Emission Collateral): Used for lower-reward, highly predictable assets like Pendle PTs. The borrower retains 95% of the yield, but pays a traditional dynamically adjusted variable interest rate from day one.

4. Execution Frictions & Capital Flow

The efficiency of establishing, maintaining, and unwinding a leveraged position depends heavily on the secondary market liquidity of the borrowed asset and the tooling available for atomic execution.

• LlamaLend v2 Execution Efficiency: Low-to-moderate friction for USDC-denominated markets; higher for less liquid borrowed assets. The initial launch markets (wstETH, USDC, WBTC) all have deep external liquidity. LP collateral markets (when available) will require swapping borrowed assets back into Curve LP positions, where slippage depends on the underlying pool’s depth and balance. The soft liquidation mechanism adds a unique execution consideration: during adverse price movement, the LLAMMA is actively converting collateral, and attempting to manually unwind during this process requires careful coordination.

• Tangent Execution Efficiency: High friction dependency. Execution efficiency is entirely bottlenecked by the secondary market depth of the USG stablecoin. If the USG/USDC pool is shallow, swapping minted USG to continue the loop incurs high slippage, directly degrading the net ROI of the leverage strategy.

The Drag on Capital Efficiency (Tangent vs. Hard Stables)

This execution friction gap is the single most quantifiable difference between the CDP approach and lending-market approaches. Because USG suffers from shallower market depth and slight peg deviations, a leverage loop swapping USG for underlying LP components acquires fewer LP tokens per unit of nominal debt than an identical swap using USDC or other hard stables. On a $10,000 principal margin, this can create an immediate ~0.75% to 0.90% drawdown before any yield begins accruing — a direct tax on capital efficiency that compounds with each loop iteration.

5. Risk Profiles & Vulnerabilities

The architectural design differences introduce entirely separate risk vectors for portfolio management.

5.2 Soft Liquidation Loss (LlamaLend v2)

LLAMMA’s soft liquidation is designed to protect borrowers from catastrophic cliff-edge liquidation events. However, it introduces its own form of loss that must be explicitly accounted for in leveraged position management.

How Losses Accrue. When a position’s collateral enters the soft-liquidation range, LLAMMA begins gradually converting collateral into the borrowed asset via its internal AMM. This conversion is not free — it involves trading friction within the LLAMMA bands. Critically, losses occur in both directions: when price decreases (collateral is sold for the borrowed asset) and again when price recovers (the borrowed asset is bought back for collateral). These round-trip losses are difficult to quantify precisely because they depend on the speed and magnitude of price movement, the number of bands, and external arbitrage activity.

The Leverage Amplification. At leverage, soft liquidation losses are magnified. A position that oscillates in and out of the liquidation range — common during periods of moderate volatility — accumulates compounding round-trip losses while simultaneously accruing borrow interest. Unlike Revert’s range risk (where the loss is pure opportunity cost of zero fees), LlamaLend’s soft liquidation range imposes active capital erosion on the collateral value itself.

5.3 Interest Rate Volatility (LlamaLend v2)

For both peer-to-pool lending protocols, the primary systemic risk lies in liquidity crunches within money markets. If borrow demand severely outpaces supply, the borrow rate will spike. This can result in negative carry, where the cost of debt exceeds the LP yield, bleeding capital unless the position is actively deleveraged.

LlamaLend v2’s market isolation provides structural protection against cross-market contagion — a spike in one market does not propagate. Revert’s single-vault-per-chain design means all borrowers on a given chain share the same utilization curve, creating potential for correlated rate spikes during periods of high leverage demand.

5.4 Peg Dependency & Reserve Architecture (USG vs. Hard Stables)

Tangent debt positions are structurally shorting USG, making the protocol’s underlying reserve design a critical risk vector — especially when compared to the established stablecoins borrowed on Revert and LlamaLend.

• The USG Model: USG’s reserve design is endogenous. It is backed primarily by DeFi-native productive assets (stablecoin LPs and Pendle PTs). Furthermore, to bootstrap market depth, Tangent relies on self-minted, protocol-owned USG supplied directly into AMM liquidity pools.

• Systemic Fragility: USG’s peg stability is entirely dependent on a complex equilibrium: the underlying quality of the collateral, the efficiency of liquidation mechanics during market downturns, the size and asset ratio of its Peg Keeper pools, and the precise management of protocol-owned liquidity.

• Yield Confiscation Penalty: If these mechanisms falter and USG trades below its $1.00 peg, Tangent initiates aggressive monetary contraction. Under the HEC model, the protocol’s defense mechanism can scale up to confiscate up to 100% of the collateral’s yield to buy back and burn USG, while simultaneously applying a dynamic interest rate to force debt repayment.

5.5 Smart Contract & Operational Security

Each protocol carries a distinct security profile:

• LlamaLend v2: Inherits Curve’s battle-tested LLAMMA contracts from v1, which have been in production since early 2024. However, the sDOLA/crvUSD market exploit (March 2026, ~$240K in borrower losses from forced hard liquidations via oracle manipulation) demonstrated that collateral-specific oracle design is a critical vulnerability surface — the root cause was improper oracle configuration by the pool creator, not a core protocol flaw. LlamaLend v2 addresses this through mandatory LlamaRisk review of all market parameters before governance approval. Curve’s broader security history includes the $70M Vyper compiler exploit (July 2023), which was a language-level vulnerability, not a Curve-specific logic flaw.

• Tangent: The most complex contract stack — positions are simultaneously exposed to the underlying DEX, the yield optimizer (Convex), and Tangent’s own CDP architecture. This three-to-four-layer depth presents the widest attack surface. Any vulnerability in any layer can propagate to the leveraged position.

6. Example of Farming Opportunities

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Today’s News Headlines:

- Raydium loses $1.3m in exploit
- Ethena secures Janus Henderson backing
- Japan banks form stablecoin council
- Curve votes borrower compensation plan
- Babylon advances native BTC lending
- Aevo adds customizable hype options

This Week’s Farming News:

• Curve deployed Llamalend v2 on Optimism, enabling LP-backed lending with isolated markets and upgraded LLAMMA liquidation mechanics.

• Pendle launched new rUSDe and jrUSDe pools maturing Oct 2026, introducing senior and junior risk tranches for Ethena’s sUSDe yield markets.

• 3Jane launched publicly with USD3 and sUSD3, a credit-backed stablecoin system integrated across Curve, Morpho, Pendle, and Frax.

• Kamino launches $35K monthly USDC incentives across the OnRe Market on Solana.

• Yield Basis is voting on reducing the HybridVault collateral requirement from 55% to 45% of crypto deposit value, lowering the barrier to entry for depositors.

• Exponent launched a Solstice Yield Looping vault on Solana, curated by Allez Labs, that automates PT-eUSX and USX credit looping on Kamino in a single deposit with $15K in USX rewards at launch.

• Loopscale launched Loopscale Earn, offering managed yield vaults that combine lending, looping, and fixed-income strategies.

• Revert Finance, relaunched Aerodrome Lend on Base, allowing LP positions to be used as collateral for USDC borrowing.

• Huma launched a USDC Vault on Morpho, bringing its PayFi-backed yield strategy from Solana to Ethereum.

• Sentora launched a PYUSD/USDe vault on Kamino, providing PYUSD exposure to USDe-backed lending markets.

• PancakeSwap opened liquidity farming on Base for XSGD-USDC, USDC-USDT, and cbETH-WETH pools.

• PancakeSwap launched LP Season with $300K in rewards across 10 pools on BNB Chain, Base, and Arbitrum, accessible via Binance Wallet.

Earn Up to 10% on USD Stablecoin Farms:

USD3/sUSDe LP - 11% current vAPR - Convex + Curve

Convex + Curve · Ethereum · Boosted LP · $135.6k TVL

Curve stable pool pairing USD3 (Reserve Protocol’s basket-backed stablecoin) with sUSDe (Ethena’s yield-bearing stablecoin). Staked via Convex for a 2.27x CRV boost. Yield breakdown: 2.52% base trading fees + 7.59% boosted CRV + 0.045% CVX. No lock-up required — Convex handles the veCRV boosting collectively.

Low risk ⚠️ sUSDe’s risk profile has changed materially since its 2024–2025 basis-trade era. Following Ethena’s Q1 2026 architecture pivot, the perp funding share dropped from ~93% to ~11% — sUSDe yield now comes primarily from institutional lending, stable spreads, and RWAs, with only a small residual basis component.

Reserve Protocol’s USD3 peg depends on its basket of underlying stables, which are Morphosteakhouse USDC, Sky Savings USDS, Aave USDC V3 and Compound USDC V3 positions.

TVL is thin at $135.6k — large positions will have a meaningful price impact on entry and exit. Curve and Convex smart contract risk applies.

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frxUSD Lending- 6.02% APR Aave v4 Core Hub (Ethereum)

Aave v4 · Ethereum · Lending · frxUSD

Supply frxUSD into Aave v4’s Core Hub on Ethereum and earn frxUSD rewards via a Merkl incentive campaign. The 6.02% is entirely from the Merkl campaign — 3,598 frxUSD distributed daily, targeting a 6.02% APR against $21.8M TVL. The campaign runs until June 11, so this is a short-window opportunity. After it ends, base lending yield on Aave v4 will be the only return, which will be lower.

Low risk: The campaign ends June 11 — that’s the main thing to flag. Post-campaign APR drops to base Aave lending rates. frxUSD is Frax Finance’s GENIUS Act-compliant stablecoin, 90% of it is backed by tokenized treasury products like Blackrock’s BUIDL fund, Superstate USTB and USCC, WisdomTree WTGXX, plus USDC (Circle), AUSD (Agora), and JTRSY (Centrifuge). Aave v4 is freshly deployed compared to Aave v3, meaning less battle-testing at this scale. Standard Aave smart contract risk applies.

WETH/rETH LP - 6.86% total APR Balancer on Arbitrum

Balancer · Arbitrum · ETH LST LP · $182.4k TVL

Balancer pool on Base pairing rETH (Rocket Pool’s LST) with waArbWETH (Basically WETH that is lent on Aave - Arbitrum). Total APR is 6.86%: 1.7% from protocol trading fees and 5.16% from a Merkl RPL incentive campaign.

Low risk⚠️ RPL campaign ends June 11 — post-campaign APR drops to the 1.7% protocol base. rETH carries Rocket Pool smart contract risk. waArbWETH( Wrapped Aave Arbitrum WETH deposit token) adds a thin Aave contract layer. Impermanent loss is minimal given the ETH correlation between both assets. Base network risk applies. $169.4k TVL is thin — size positions accordingly.

Earn 15% Stablecoin LPs + 20% on ETH

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Access our Weekly Airdrop Alpha, where we provide an organized list of the latest airdrop opportunities. Avoid phishing risks with verified links and conveniently check which airdrops are available for claiming. Stay informed without searching for updates yourself.

🌟 Protect yourself from phishing attacks with verified links
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🌟 Save time—no need to search for airdrop news; everything is organized for you.
🌟 Quickly check your eligibility and never miss a claim opportunity.

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Today’s News Headlines:

- Ondo perps beta opens to users
- Revert relaunched Aerodrome LP lending
- Humanity hack grows to $36m
- Aave proposes stricter risk standards
- Aster launches rwa perpetual markets
- Kamino launches solstice looping vault
- Pendle adds strata ethena pools
- Kinetiq begins usdh migration process
- Alchemix integrates euler v2 yields
- Exponent launches automated looping vault
- Nado adds tokenized stocks collateral
- Loopscale launches curated yield vaults
- Trade.xyz clarifies spacex perp pricing
- 01 Exchange launches strategy baskets

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

DeepBook ($DEEP)

Core order-book DEX and liquidity infrastructure layer on Sui with strong on-chain trading volume. $DEEP airdrop claim is open now at claim.deepbook.tech — connect your Sui wallet and claim your allocation directly.

Official link: https://claim.deepbook.tech/

⚠️ Sui wallet required — EVM wallets are not compatible. Only use the official claim.deepbook.tech domain.

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Plume Network ($PLUME) — Plume Points Claim

RWA-focused L1 with Nest as its flagship yield protocol. The regular Plume Points (PP) airdrop claim is now live at claim-pp.plume.org — this is separate from the Nest PNP claim (claim-pnp.nest.credit) which went live earlier. Connect your wallet and claim your $PLUME allocation. Make sure you’re using the right portal for the right points type.

Official link: claim-pnp.nest.credit

⚠️ PP claim and Nest PNP claim are two completely separate portals — connect to both if you participated in both programs. Only use the official claim-pp.plume.org for PP and claim-pnp.nest.credit for Nest PNP.

Tea Protocol ($TEA)

Tea is a decentralized protocol rewarding open-source software contributors and package maintainers — one of the few projects directly incentivizing the OSS ecosystem that powers most of DeFi’s infrastructure.

The ITN (Incentivized Testnet) airdrop is now claimable at itn.tea.xyz/sign-up. Connect your wallet, complete the mandatory zkPass attestation/KYC, and claim your $TEA allocation. Unclaimed tokens may be redistributed, so don’t wait.

Official link: itn.tea.xyz/sign-up

⚠️ KYC via zkPass is mandatory — wallets that skip attestation cannot claim. Only use the official itn.tea.xyz/sign-up domain.

Satsuma ($SUMA)

Bitcoin-first DEX on Citrea (Bitcoin L2) for swaps, yield, and low-fee trading. Genesis airdrop checker and claim is open now at satsuma.exchange/airdrop — connect your wallet to view eligibility based on Citrea activity. veSUMA (vested) or liquid SUMA options may be available at claim.

Official link: https://satsuma.exchange/airdrop

⚠️ Eligibility based on Citrea on-chain activity — pure testnet users may have received zero allocation. Only use the official satsuma.exchange/airdrop domain.

Airdrop Checkers:

Huma Finance ($HUMA) — Season 4 Checker Live

Huma Finance is a real-world credit and receivables protocol that tokenizes invoices and stablecoin lending opportunities.

The Season 4 airdrop checker is now live at claim.huma.finance/check — connect the wallet you used for stablecoin farming or $HUMA staking to see your allocation immediately.

Eligible if you participated in the stablecoin farming program or staked $HUMA tokens during Season 4. Important: this is the checker only — the actual claim window has not been announced yet.

⚠️ Allocations are generally small for light stakers — many users reporting low single to low double-digit USD value. Claim date unknown and vesting or cliff schedules may apply once the window opens. Only use the official claim.huma.finance/check domain.

Airdrop Updates & Opportunities

Hypernova (Hyperliquid)

Invested in by Lemniscap, Hypernova aims to be an on-chain prop trading firm built on Hyperliquid. They’re introducing funded accounts with verifiable rules, smart contract-enforced state, and on-chain payouts. Up to $200K funded allocations with up to 80% profit share are claimed, backed by a stated on-chain reserve of $867K–$904K. Still in closed alpha with public launch expected in 1–2 months.

A Funded Trader Competition is running June 1–30 — top performers reportedly receive cash grants and larger assessment accounts. 10,000+ traders on the waitlist. Join at hypernova.xyz if you want early positioning ahead of any future rewards program.

Official link: https://hypernova.xyz/

⚠️ No confirmed token or points system — purely speculative early participation with no guaranteed future reward. Still in closed alpha with public launch expected in 1–2 months. Prop firm model means real drawdown risk — violate the rules and lose your funded account. Smart-contract and Hyperliquid execution risk applies. Skilled trading required — this is not a passive points farm.

Re Protocol ($RE) — Season 1 Ended, Season 2 Live

Re is a decentralized reinsurance protocol with $409M in premiums written since inception. Season 1 has concluded with 7% of total $RE supply allocated to participants — check your allocation at re.xyz now. Claim window and mechanics announced shortly.

Two major legitimacy signals this week: Coinbase added $RE to their asset listing roadmap, and Re formally applied for CoinGecko token verification (Request ID: CL0906260040). Strong indicators of venue support heading into TGE.

Season 2 is live — highest-multiplier action: deposit reUSD on 0xFluid to borrow GHO for 5x Re points. Watch the app and Discord for new Season 2 boosts.

Official app: app.re.xyz

⚠️ No vesting or claim mechanics announced yet — possible lockup or linear unlock at TGE. Season 1 allocations vary widely depending on activity level. Borrowing GHO against reUSD collateral carries liquidation risk if GHO recovers above peg. reUSD and smart-contract risk on the reinsurance layer applies to Season 2 positions. Only use the official re.xyz domain.

NEW Promising Airdrops

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Today’s News Headlines:

- Yield Basis lowers vault collateral requirement
- Coinbase activates aqav2 on hyperliquid
- Circle launches bitcoin-backed cirbtc
- Makina season 3 rewards go live
- Tangent raises borrow caps 50%
- aerodrome lend relaunches on base
- Felix HIP-3 dex begins shutdown
- Humanity wallets drained, token crashes
- AFI Protocol hit by $480k exploit

Find and execute the 15%+ stablecoin yields in minutes
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Key Takaways:

1. MicroStrategy is buying Bitcoin again.

A new 8-K shows the company raised $181M through an ATM share sale and bought 1,550 BTC at an average $65,332 (~$101M), and also lifted cash to $1.0B. The signal cuts both ways: it signals MicroStrategy would rather accumulate than sell below its cost basis, and the cash raise signals support for STRC — but the $100M only extends its preferred-dividend runway by about a month, and the company has shifted from pure buyer to both buyer and seller, a source of latent sell pressure once BTC trades back above its cost basis.

2. Solana, the outlier in the bleed.

Solana drew the largest stablecoin inflow of any chain (+$369.3M) and was the top DEX venue at $16.3B (+83.3% on the week), with institutional execution now driving volume in place of memecoins — Jump’s BisonFi (+177%), Orca, and cross-stablecoin settlement on Manifest. Ethereum did the opposite, shedding -$3.43B in stablecoins, its worst week of Q2 and 71.9% of all chain outflows, as capital migrates to purpose-built rails.

3. Derive outperforms the bleed.

Derive was the standout protocol in a defensive week, and for a structural reason: options are popular when volatility spikes, demand for hedging and optionality rises. The onchain options leader posted a record organic fee week (~$140K, its highest without incentives this year) on $707M of volume.

Section 1 — Macro + Capital Backdrop

MicroStrategy bought Bitcoin

For better or worse, the current Bitcoin narrative has been dominated by MicroStrategy’s balance sheet. Concerns about their balance sheet arose last week when MicroStrategy decided to buy back convertible debt with spare cash instead of reserving that cash for their preferred stock dividends like STRC.

This week’s 8-K showed that MicroStrategy sold MSTR shares through ATM to raise $181M. Along with some previously raised cash, this allowed them to buy 1,550 BTC at an average price of $65,332 (~$101M) and bring cash up to $1.0B.

While far from the $2B+ MSTR had before its debt buyback, this is a short-term mildly bullish catalyst for BTC as it shows MicroStrategy prefers to buy rather than sell below its average cost basis of $75,680 per BTC, and is also supportive of STRC as it shows MicroStrategy is prioritizing preferred over common.

However the bearish argument still stands that MicroStrategy has turned from a pure buyer to both buyer and seller — presumably creating sell pressure when bitcoin rises above its average cost of $75,680. Also the $100M treasury add only extends cash runway for preferred obligations by one month.

1A. Traditional Macro

US 2Y yield

US 2Y yield: new local high — HOSTILE. (Level/WoW to confirm — see flags.) The 2Y reversed last week’s bid and pressed back up, a direct weight on risk appetite.

BTC/NQ ratio

BTC/NQ ratio vs 20W MA: new lows, below the MA and falling — HOSTILE. The ratio is at its lowest in the visible range. Eventhough Nasdaq itself fell -4.53% (its first weekly red candle in two months), and yet BTC/NQ still declined — meaning BTC fell harder than a dropping Nasdaq. Capital continues to favor tech equities over crypto, and BTC is taking the higher-beta hit as AI-bubble fear spreads.

Composite read: hostile.

Liquidity is the lone support. The dollar index is ripping up, the 2Y is at a new high, and BTC is underperforming a market that is itself now selling off. Macro is not supporting risk, and the onchain picture (Section 2) tips the combined read hostile.

1B. Crypto Capital On-Ramp

Total stablecoin supply - Accelerating Outflows

Down $3.654B (-1.14%), third consecutive week of outflows and the largest single-week drain in the YTD timeframe. The trend is accelerating, not stabilizing (-$0.53B → -$2.80B → -$3.65B over three weeks).

ETF flows

ETF flows: BTC -$1.722B, ETH -$174M. The institutional bid that carried Q2 remains in retreat. The BTC outflow worsened versus last week’s -$1.416B; ETH outflows (grey bar) eased slightly. Following May’s -$2.3B monthly BTC ETF outflow — the worst of 2026 — the distribution trend has carried into June.

1C. Week-Ahead Catalysts

Wed Jun 11 — US CPI & Core CPI (May).
The week’s pivot for rate expectations; markets watch tariff pass-through.

Thu Jun 12 — US PPI (May), Initial Jobless Claims

Next week: FOMC Jun 16–17 — this week’s CPI sets the tone heading in.

Crypto Specific:

CLARITY Act — still a live regulatory watch after clearing Senate Banking (15-9) with momentum stalled; verify latest before publishing.

Source : tradingeconomics.com

Section 2 — Onchain Risk Regime

This week’s stablecoin data is a clean risk-off signal for the second week running: the two largest stablecoins contracted hard together, and this time the bleed reached the yield-bearing and RWA-backed names too.

USDe +$1.4M - the only stablecoin with positive growth, but still effectively flat.

30d context: USDT and USDC structural bleed confirmed — not a this-week story. The growth over 30 days concentrated entirely in yield-bearing and RWA-backed dollars (USDe +$539M, USDtb +$372M, USDS +$367M). Transactional capital leaving, yield-seeking capital staying.

The signal: USDT (trading and parking capital) and USDC (DeFi deployment capital) leaving together is broad de-risking, not rotation. When capital rotates between venues, one of the two usually grows; both contracting means money is leaving crypto, not moving within it. The deeper tell this week is that the RWA and yield-bearing dollars that held up last week — USDtb, USYC, BUIDL — are now bleeding too, but the 30d trend suggests that this is only a cool down when looking at the 30d trend

USDe was the only gainer at +$1.4M, but that is essentially flat — Ethena’s basis trade has stopped attracting fresh capital this week rather than leading it.

Aave / Sphere Rates — CALM, FUNDING Falling

Aave / Sphere Rates — funding flips from greed to fear

• Borrow APY: 4.28% (+0.01%)

• Supply APY: 3.31% (+0.01%)

• Funding benchmark: 3.29% (-0.89%)

Lending rates are flat — no forced unwind pressure in spot markets. The move that matters is funding, which fell 0.89% to 3.29% and is now below the borrow rate for the first time in weeks. The spread has flipped from roughly +2.0% last week (funding 6.25% over borrow 4.25% = greed) to about -1.0% this week (funding below borrow = fear).

Per the framework: a large positive spread (Funding > Borrow) signals greed/caution; a negative spread (Funding < Borrow) signals fear/opportunity and often appears near local bottoms. Leveraged longs that were dominant last week have been flushed in a single week. This is now a contrarian fear/opportunity zone, not a greed warning — the one signal in this edition that leans constructive rather than defensive. Worth watching for confirmation.

ETH to BTC Ratio

ETHBTC at ~0.027 , below the 20W MA (~0.0297) and showing no signs of recovery. ETH continues to underperform BTC with no reversal in sight — no signal to overweight ETH within the crypto sleeve, and a drag on altcoins broadly.

Verdict: Onchain regime RISK-OFF. Both USDT and USDC contracted for a second week, the risk-off now reaching RWA/yield dollars, USDe flat, leverage flushed out, ETH still bleeding against BTC. Capital is defensive — but the funding flip below borrow is the one early contrarian tell to watch.

Section 3 — Chain Comparison

3A. Stablecoin flows by chain

Solana — The Mint-Driven Headline +$369.3M (+2.42%)

The largest absolute gain of any chain, but mostly mechanical: a 500M USDC Circle mint over June 2–3 drove it (USDC +$436.5M), partly offset by USDT (-$47.5M). Fresh mints inflate supply on issuance — the inflow only counts once that USDC deploys into Solana DeFi (Kamino, Jupiter) rather than sitting idle.

XRPL — The RLUSD Settlement Rail +$102.1M (+15.47%)

pure single-token settlement story: RLUSD is 99% of XRPL's stablecoin supply, and its gain mirrors RLUSD leaving Ethereum (-$153.7M) — Ripple deliberately splitting Ethereum as the DeFi hub from XRPL as the payments rail. Mastercard named RLUSD among its regulated settlement stablecoins on June 3, and Ripple is expanding RLUSD access across Turkey's ~$200B crypto market.

Ripple has simultaneously expanded RLUSD access in Türkiye via partnerships with BiLira (stablecoin issuer + exchange), Bitexen (multi-jurisdictional infrastructure across Turkey, MENA, South Africa, Europe), and Bitlo. Turkey facilitates approximately $200B in annual crypto transaction volume — the largest in MENA. The rollout targets corporate treasury operations, liquidity management, and cross-border payments under Turkey’s 2024 CMB licensing framework.

Stellar — USDC Surge + Three-Layer Institutional Buildout +$59.3M (+8.0%)

The week's strongest 30d trajectory (+95.7%), driven entirely by USDC (+$63.9M) while Ondo's USDY base stayed flat. The catalyst stack is institutional: MoneyGram launched MGUSD on June 2, Circle's CCTP went live in May (making Stellar USDC fully fungible), and RWA transfer volume is up 317% over 30 days.

Aptos — The Payments Story Matures +$72.3M (+3.99%)

Steady accumulation (30d +13.27%), not a spike. The driver is a new regulated MENA–Africa B2B payment corridor (Aptos Foundation + HashKey + Daya, June 4) — real settlement capital that stays onchain as long as corridors are active, not speculative DeFi flow.

Ethereum — The Multi-Vector Donor −$3.43B (−2.11%)

Its worst stablecoin week of Q2 and 71.9% of all chain outflows

• USDT: $80,042.9M (50.4% share), −$1,098.8M (−1.4%) — migrating to Tron and CEX custody

• USDC: $48,450.0M (30.5% share), −$717.1M (−1.5%) — redistributing to Solana (Circle mints), Base, Hyperliquid

• USDS: $8,083.9M (5.1% share), −$246.6M (−3.0%) — DeFi demand softening

• PYUSD: $1,825.8M (1.1% share), −$190.6M (−9.4%) — broad PayPal contraction concurrent with Mastercard announcement

• USDF: $1,183.3M (0.7% share), −$203.3M (−14.7%) — institutional stablecoin rebalancing

• RLUSD: $931.1M (0.6% share), −$153.7M (−14.2%) — deliberate migration to XRPL settlement rail

• apxUSD: $390.6M (0.2% share), −$133.9M (−25.5%) — largest proportional loss among synthetics

Ethereum’s DeFi protocol layer continues generating dominant app fee revenue — the highest of any chain. But the stablecoin float is a capital allocation decision, and capital is migrating to purpose-built chains: perpetuals margin (Hyperliquid), payment corridors (XRPL, Stellar, Aptos), and L2 execution venues (Base, Arbitrum). The 30d (−4.90%) and 7d (−2.11%) are directionally aligned across every major token category: this is structural, not episodic.

Hyperliquid — The Post-AQAv2 Plateau −$127.9M (−1.94%)

Hyperliquid’s 7d loss is a deceleration, not a reversal. The 30d (+20.22%) remains among the strongest structural trends in the tracked universe.

USDH’s decline is fully scheduled. Felix deprecates USDH vaults June 12, Native Markets terminated effective June 18, and Hyperion DeFi (NASDAQ: HYPD) is unwinding $28.7M in HYPE agreements.

The USDC outflow (−$129.5M) reflects risk-off deleveraging: with Fear & Greed at 23 and BTC-led product outflows at $1.67B , perpetuals traders reducing position sizes is the expected behavior. Less active margin deployed → USDC exits the vault. This is not a reversal of AQAv2 — it is a consequence of the macro environment.

MegaETH — The USDM KPI Squeeze −$19.9M (−3.00%)

The headline −$19.9M is 100% USDM. USDe is expanding.

• USDe (Ethena): $430.6M (67.1% share), +$15.7M (+3.77%) — growing

• USDM (MegaETH native): $205.7M (32.1% share), −$34.1M (−14.21%) — the entire outflow

USDM is MegaETH’s native yield-bearing stablecoin, developed with Ethena and indirectly backed by BlackRock BUIDL via USDtb . It sits at the centre of MegaETH’s token unlock mechanics: one of three KPI conditions unlocking 53.3% of the remaining MEGA token supply requires a 30-day average USDM supply of $500M.

At −$34.1M this week, USDM is moving away from the KPI target, not toward it. MEGA has fallen approximately 73% from its April 30 ATH — and the USDM contraction reflects positions originally deployed to accumulate MEGA points/yield now unwinding as post-launch incentives decay.

3B. Structural Shifts

Solana — $16.3B (+83.3% 7d, +12.8% 30d). The week’s largest DEX venue, and the volume is now institutional rather than speculative. Jump Crypto’s BisonFi PropAMM did $3.0B (+177%) at spreads reportedly tighter than centralized exchanges, while Manifest’s zero-fee order book ($2.0B) is 87% stablecoin-to-stablecoin settlement. Memecoin activity is down ~62% from its peak — execution and cross-stablecoin flow have replaced it as the demand driver.

Base — $11.1B (+44.7% 7d, +32.7% 30d). Base is now within $719M of flipping Ethereum, at 93.9% of its weekly DEX volume. Aerodrome supplies the BTC/ETH liquidity backbone (51% of Base volume), while Uniswap V3 surged +180% on a wave of AI agent token launches — the sharpest protocol-level move on any chain.

Ethereum — $11.8B (+66.5% 7d, −20.2% 30d). The 7-day pop masks a negative 30-day trend. Volume rose while stablecoin supply fell -2.1%, meaning traders are recycling existing balances rather than bringing in new capital — recovery, not inflow.

BSC — $8.1B (+45.7% 7d, +5.2% 30d). The jump is campaign-driven (HOME fantasy-sports tournament, Binance Wallet DeFi Hub), not organic — the staircase volume pattern gives it away. The two genuine signals underneath: Lista DEX (+541% 30d on liquid-staking pairs) and Ondo’s tokenized-Treasury volume ($349M, +53.6% 30d).

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

$DRV (Derive)

Derive, the leading onchain options protocol, posted a record fee week of ~$140K — its highest without incentives YTD, which the team frames as pure organic growth — on ~$707M of weekly volume (ETH taking a larger share than prior weeks) and $28.7B cumulative.

Options are highly traded in a high-volatility market, demand for hedging and optionality rises rather than falls.

The supporting stack is dense: DRV listed on Coinbase this quarter, scored 37/40 on Blockworks’ Token Transparency Framework, has V3 targeted for September and four new listings slated for June, and just integrated NautilusTrader, an open-source engine that lets systematic traders research, backtest, and run live execution against Derive’s spot, perps, and options from one model.

$BABY (Babylon)

A BTCfi catalyst that ties directly into our recurring Aave thread. Babylon brought native Bitcoin-backed borrowing live on public testnet with Aave v4, powered by its Trustless Bitcoin Vaults.

The mechanic is the point: users post BTC as collateral and borrow without giving up custody, wrapping, or bridging — a step toward native Bitcoin credit markets rather than synthetic BTC exposure. This is testnet, not mainnet, so it is a forward catalyst, not live revenue. Source: Babylon X.

$JTO (Jito)

A structural Solana story more than a single-event catalyst. Jito’s BAM infrastructure and its plugins are pushing Solana execution to the point where recent research argues SOL-USDC now executes materially better than centralized exchanges, with price improvement beginning to spread to BTC and other pairs. The protocol is also leaning into JTX - Jito’s new unified on-chain trading app for Solana

$LAB

Context, not a catalyst. Included to explain the week’s most violent move, not as anything to chase. LAB, the token of a multi-chain AI trading terminal, ran up sharply on a protocol-level buyback program, then collapsed 77% within two hours on June 2, from a peak of $27.96 to approximately $6.

On-chain investigator ZachXBT and others allege that insiders control over 95% of LAB’s supply, with vesting reportedly altered to extend the rally and major unlocks scheduled for July and August 2026.

A buyback flywheel on a thin, concentrated float is reflexive in both directions — it is exactly the profile we skip when there’s no durable catalyst.
Sources: ZachXBT, CoinMarketCap.

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

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DeFi📈

• Coinbase Ventures invested in Ethena via open market ENA purchase and announced a partnership to bring USDe and sUSDe savings products to Coinbase’s 100M+ user base, with the first initiative launching next week.

• Grayscale’s $HYPG ETF is now live, offering HYPE exposure with staking in a standard brokerage account — the lowest gross management fee among U.S. HYPE products.

• Aster launched permissionless spot listings — any token on Binance Spot or Alpha can apply, with listing decisions made by an onchain validator vote weighted by staked $ASTER.

• KPK launched a fixed-rate ETH lending vault on Euler, with rates set monthly from Treehouse’s Decentralized Offered Rates rather than utilization curves — currently targeting a 2.05–2.50% APY band with no rate spikes mid-cycle.

• Babylon’s native Bitcoin-backed borrowing is live on public testnet with Aave V4, allowing BTC holders to post collateral and borrow without wrapping, bridging, or giving up custody.

• Plasma has distributed nearly $40M in XPL incentives via Merkl, with daily claiming activity now settling to ~100 wallets claiming ~$45K per day after an initial peak of 2,400 wallets.

• Gauntlet and Resolv reached a remediation agreement for the USR exploit — 4.38M USDC is now claimable via Merkl for affected wallets in Gauntlet-curated vaults on Morpho, Extrafi, and Seamless.

• Resolv took a snapshot of all post-hack USR and RLP positions at June 3, 23:59 UTC to determine Stage 2 recovery compensation — covering both cash recovery and RESOLV token allocation. Stage 2 portal details to follow.

• Cap Labs updated its token auction details — the auction will distribute rCAP (redeemable for CAP at TGE), supply allocated to the auction has been revised to 4%, and a definitive TGE date will be announced after the second token sale concludes. Pre-bidding opens June 8.

• Hylo’s Stability Pool activated for the fourth time, converting hyUSD into xSOL to restore the collateral ratio above 130%. Previous activations have been profitable for sHYUSD holders. V2 will diversify backing assets beyond SOL to reduce price dependency.

• Spiral Stake v2 launched on Ethereum, offering one-click leveraged positions up to 9x on staked stables, stablecoin PTs, and wrapped ETH via Morpho’s isolated markets — covering 15+ issuers including Apyx, Saturn, Ethena, and Maple.

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Issues⚠️

• Zcash ZEC dropped 48% after a security researcher used Claude Opus 4.8 to find a critical Orchard circuit bug that had been live since 2022 — a constraint that wasn’t enforcing what it appeared to enforce, potentially allowing counterfeit ZEC to be minted undetected in the shielded pool. The bug was found and a working exploit confirmed in a single day. No coins were stolen, but the price drop reflects uncertainty over whether the vulnerability was exploited during the four years it went unpatched.

• Apyx’s apxUSD depegged to ~$0.90–0.93 in early June as STRC preferred shares dropped 5–8% below par during Bitcoin’s selloff — with DeFi market dynamics amplifying the move through panic selling, reduced liquidity, and leverage unwinds. Apyx attributed part of the severity to after-hours liquidity gaps, as STRC trades on traditional markets while crypto runs 24/7, limiting their ability to defend the peg overnight.

  • Saturn’s products held up better due to more conservative Treasury backing. No exploit occurred, but it was a clear stress test of the yield-vs-stability tradeoff in dividend-backed synthetic dollars.

• PiggyBank’s USDC, SPYx, and JitoSOL vaults dropped 15%, 12%, and 9% respectively after a $LAB basis trade went wrong. The protocol had bought $100K in locked $LAB tokens via OTC at a discount, planning to hedge with perp shorts — but extreme volatility and deeply negative funding rates made maintaining the hedge uneconomical, leaving a $1.35M illiquid position excluded from NAV until August 14.

  • ZachXBT called out $LAB as a "blatant scam coin" with prior allegations of supply manipulation, questionable OTC loans, and >95% supply control — raising questions about why the position was taken at all. A detailed report is expected next week.

• Fluid’s backend was exploited via a remote code execution vulnerability in an internal Livewire library, allowing the attacker to submit a fraudulent Merkle root and drain 163.7K FLUID and 49.5K GHO. The core protocol and user funds were never at risk — the team will cover the loss in full and expects Merkle reward claims to resume within 10 days.

• Gnosis Pay was exploited via a bug in the Zodiac Delay Module, allowing malicious transactions from linked Safe wallets. The bridge was paused to contain the damage and Gnosis has committed to covering all user losses from treasury.

• TesseraDAO was exploited for $2.4M on BSC after a private key compromise gave the attacker admin access — they minted 99M TSR tokens, swapped them for USDC using the protocol’s own functions, and withdrew cleanly. TSR dropped from $5.50 to $0.000255. The compromised admin wallet remains active.

• Radiant Capital is sunsetting operations 18 months after its October 2024 exploit, with no viable path to recovery or new capital. The protocol enters maintenance mode — users can still withdraw and manage positions, but development, RDNT emissions, and new borrows are stopped. Recovery efforts remain ongoing.

• EdgeX reported irregular EDGE token price movement it attributes to deliberate external market manipulation — not a hack or exploit. ZachXBT has publicly questioned the project’s token supply structure, alleging insider-controlled float. Investigation is ongoing.

Stablecoins/RWA🪙

• Plume and EtherFi launched a $100M RWA Vault giving EtherFi’s $6B+ user base access to institutional-grade real-world asset yield through Plume’s regulated infrastructure, accessible directly via the EtherFi app.

• MoneyGram launched MGUSD, its own U.S. dollar stablecoin built on M0’s modular infrastructure. MoneyGram owns and controls the full coin — reserve custody, token logic, and liquidity — with room to expand chains and adjust economics without starting over.

• Bitwise took over as investment manager of the Superstate-created USCC fund, now rebranded as the Bitwise Crypto Carry Fund — a market-neutral basis strategy with over $120M already deposited on Aave Horizon.

• X Layer partnered with xStocks to bring tokenized equities to its chain via OKX Wallet, including a fast-listing mechanism that can accelerate compliance and tokenization for high-demand stocks and ETFs to make them tradable 24/7.

• Re Protocol added two new reinsurance programs, bringing total premiums written to $431.1M inception to date across 20 companies, 30 programs, and 56 treaties.

• Unitas launches XGLD on BSC, a productive gold token collateralized by XAUt that generates yield through Unitas strategies. The protocol brings centuries-old store-of-value gold into DeFi with real yield generation capabilities.

Perps DEX📉📈

• Ondo Finance announced its tokenized stocks will be usable as collateral on it’s upcoming Ondo Perps, an RWA perpetuals platform launching June 9.

• OpenSea teases perpetual contracts launch powered by Hyperliquid’s builder infrastructure. The NFT marketplace is expanding into derivatives trading, leveraging Hyperliquid’s onchain execution rails for a new revenue stream.

• Phoenix, a perps DEX on Solana now accepts cross-chain USDC and USDT deposits from Ethereum, Base, Arbitrum, and HyperEVM, converting them to Solana USDC on arrival.

Raises💰

• Axis secured investment from Steakhouse Financial and Serotonin, joining Galaxy, FalconX, and OKX Ventures. The protocol runs delta-neutral arbitrage across venues, passing profits to USDx holders, and positions itself as the execution layer for tokenized asset liquidity.

• Hypernova raised a $3M pre-seed led by Lemniscap to bring funded trading onchain — verifiable rules, instant payouts, and capital allocation that scales with performance. Since its May 1 alpha: 250+ traders, $660K funded, $60M+ in volume, and $40K+ in payouts settled onchain.

• Nova Markets raised an undisclosed round from Wintermute, Robot Ventures, Cumberland, and others to build onchain perps and prediction markets on Hyperliquid

  • But the announcement immediately drew public accusations from Dragonfly’s Tom Schmidt, who called the founders scammers and pointed to a prior project, Valhalla DeFi, that raised ~$1.5M before going quiet.

Prediction Markets 🔮

• Jupiter launched Forecast, a native prediction market on Solana powered by competing market makers (PropAMMs) rather than a single liquidity pool — starting with 15-minute crypto markets and expanding from there.

News🗞️

• The CFTC approved the first U.S.-listed perpetual derivatives contract, setting a regulatory precedent for onshore perp markets and signaling continued engagement on how perpetual products can operate within U.S. frameworks.

• Venice reduced VVV emissions from 5M to 4M tokens per year, the second of three planned monthly cuts targeting a net deflationary supply by July when emissions drop to 3M.

• MoonPay and Franklin Templeton announced a strategic partnership covering tokenized financial products, institutional trading infrastructure, onchain capital markets, and stablecoin liquidity.

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

Loop Bluechip Yield Bearing Stablecoin for up to 16% APY

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Today’s News Headlines:

- Sky launches 5.35% fixed yield
- KPK launched a fixed-rate ETH lending on Euler
- Neutrl season 2 goes live
- Plume and EtherFi launch rwa vault
- Jupiter launches forecast markets
- Nova Markets raises amid allegations
- Ondo Perps launches june 9
- Origin wousd pendle pool tops $1m
- Superluminal launches auction-based perps dex
- Ripple’s RLUSD expanding multi-chain

Capturing traditional “risk-free” rates—like US Treasury yields—can be surprisingly difficult for retail investors due to geographic restrictions, high capital minimums, or complex KYC processes. However, the onchain economy has evolved to democratize access to these yields.

This guide outlines how to access low-risk, predictable returns onchain using four distinct categories of stablecoins.

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1. US Treasuries-Backed Yield-Bearing Stablecoins

These stablecoins are strictly backed by US T-bills, cash, and cash equivalents. They are designed to mirror traditional money market funds, passing the “risk-free” rate of the US government directly to token holders.

The following options are accessible to retail investors, divided into permissionless assets and those requiring platform KYC. (Note: Institutional-only options like BUIDL, USYC, OUSG, USTB, ULTRA, and VBILL have been omitted).

Permissionless & No KYC Required

These tokens can be freely bought, sold, and held onchain without passing through a centralized compliance gateway.

• mTBILL (Midas Finance)

  • Onchain Market Cap: $53M

  • 30D Avg. APY: 3.15%

Retail-Accessible (Requires Platform KYC)

These issuers require users to create an account and pass identity verification to mint or redeem the asset directly, though they can often be traded on secondary decentralized markets.

• USDY (Ondo Finance)

  • Onchain Market Cap: $2.15B

  • 30D Avg. APY: 3.55%

2. Credit-Backed Yield-Bearing Stablecoins

Credit-backed stablecoins represent the intersection of TradFi and DeFi. Rather than relying on government debt, these assets generate yield by facilitating loans to real-world businesses, institutions, or homeowners. While the yields are highly attractive, investors must swap standard interest rate risk for counterparty and credit risk.

syrupUSDC & syrupUSDT (Maple Finance)

• Backing: Private corporate and institutional credit loans.

• How Yield is Generated: Maple Finance operates decentralized lending pools where whitelisted institutional borrowers (such as market makers, trading firms, and fintechs) take out short-to-medium-term loans. The interest these institutions pay to access capital is aggregated and passed on to retail users holding the “Syrup” receipt tokens.

• The Risk Profile: The primary risk here is default contagion. If a major institutional borrower goes bankrupt and cannot repay their loan, the lending pool takes a haircut, directly impacting the value of the syrup tokens.

• Metrics: $1.38B Mcap (USDC) at 4.83% APY / $381M Mcap (USDT) at 4.35% APY.

PRIME (Hastra / Figure Markets)

• Backing: Home Equity Lines of Credit (HELOC).

• How Yield is Generated: This model tokenizes physical real estate debt. Real-world homeowners take out loans against the equity in their houses. As these homeowners make their monthly interest payments, the cash flow is tokenized and distributed to PRIME token holders onchain.

• The Risk Profile: PRIME introduces real estate market exposure. While the loans are backed by hard assets (homes), a severe housing market downturn could lead to widespread foreclosures. Additionally, there is an “oracle and bridging risk” required to seamlessly link real-world home deeds to onchain token cash flows.

• Metrics: $375M Mcap at 6.62% APY.

3. DeFi-Native Yield-Bearing Stablecoins

Unlike credit-backed assets that look to the real world for yield, DeFi-native stablecoins generate returns directly from the blockchain economy. These assets rely on over-collateralization, decentralized lending markets, and automated trading strategies. The primary risks here shift from corporate defaults to software bugs, market liquidity crises, and algorithmic de-pegging.

sUSDS (Sky / formerly MakerDAO)

• Backing: The Spark Liquidity Layer, Grove Portfolio, and Obex Investments (a hybrid of crypto-collateral and tokenized Real World Assets).

• How Yield is Generated: Users lock USDS into a savings module to receive sUSDS. The Sky protocol generates massive revenue by charging borrowers fees to mint stablecoins and by earning interest on its treasury. This revenue is redirected directly into the savings rate paid to sUSDS holders.

• The Risk Profile: sUSDS carries governance and complexity risk. The yield rate is actively managed and voted on by decentralized governance, meaning APYs can fluctuate.

• Metrics: $6.54B TVL at 3.60% APY.

sGHO (Aave)

• Backing: A massive, diverse basket of crypto and Real World Asset collaterals deposited into the Aave lending protocol to mint the underlying GHO.

• How Yield is Generated: GHO is Aave’s native, overcollateralized stablecoin. Users who deposit GHO into the “Savings GHO” (sGHO) smart contract receive a dynamic yield. This yield is clean and protocol-native—funded directly by the interest borrowers pay to mint GHO on Aave, alongside DAO-directed governance rewards.

• The Risk Profile: sGHO operates as a highly liquid, non-custodial savings account. Crucially, sGHO holders face no slashing risk (Aave’s protocol insurance and bad-debt risk are handled separately by advanced users in the automated “Umbrella Module”). The primary risks for sGHO are smart contract risk (bugs in Aave’s code) and peg risk (extreme market volatility causing temporary deviations from $1).

• Metrics: $126M TVL at 4.25% APY.

sfrxUSD (Frax Finance)

• Backing: Multi-DeFi Yield Strategies driven by Algorithmic Market Operations (AMOs).

• How Yield is Generated: Frax deploys its treasury into various decentralized yield strategies—such as providing liquidity on decentralized exchanges or supplying capital to lending markets—via automated smart contracts known as AMOs. The trading fees and interest accrued by these AMOs are continuously routed back to users who stake their frxUSD to hold sfrxUSD.

• The Risk Profile: This asset is highly exposed to composability risk. Because Frax’s AMOs plug into external protocols to generate yield, an exploit in any of those connected protocols could impact Frax’s funds.

• Metrics: $32.6M TVL at 4.05% APY.

4. GENIUS Framework Stablecoins

These are core stablecoins generally backed by high-quality assets (primarily US T-bills, cash, and cash equivalents) that do not natively compound yield directly into the token itself. Instead, issuers distribute yield externally through liquidity incentives, farming rewards, and ecosystem campaigns.

Important Risk Warning: Because the stablecoins themselves do not generate yield passively in your wallet, you must actively deploy them into third-party decentralized lending markets and yield farms. While the underlying stablecoin may be low-risk, routing them into external pools introduces smart contract risk (vulnerabilities in the lending protocol code), curator/manager risk (if the pool is managed by a third party), and liquidity risk (the ability to withdraw your funds during peak congestion).

For investors comfortable with interacting directly with DeFi protocols, the following incentivized farming strategies currently exist for GENIUS framework stablecoins:

PYUSD (Paypal)

• Onchain Market Cap: $3.24B

• Target APY Range: 4.5% – 5.0%

• Farming Strategy: Users can supply PYUSD to low-risk lending pools on Euler and Morpho. These specific pools are curated by Sentora and are directly incentivized by PayPal with additional PYUSD rewards.

RLUSD (Ripple)

• Onchain Market Cap: $1.75B

• Target APY Range: 4.0% – 5.0%

• Farming Strategy: Users can supply RLUSD to lending pools on Morpho, curated by Sentora, or a dedicated lending pool on Aave V3, which are both incentivized by Ripple with RLUSD rewards.

USDtb (Ethena)

• Onchain Market Cap: $1.11B

• Target APY: 5.00%

• Farming Strategy: Users can supply USDtb to a dedicated lending pool on Aave V3, which is incentivized by Ethena with USDtb rewards.

Proven Yield Bearing stablecoins with >5% yields:

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Today’s News Headlines:

- Mastercard brings stablecoins to Solana
- BitMine filed a $300M preferred stock offering
- Spiral Stake launches V2 with 9x leverage vaults
- Kraken adds Tempo USDT0 support
- Makina integrates Circle CCTP bridging
- Unitas launches yield-bearing gold token
- Morpho integrates with Tether WDK
- Gauntlet settles Resolv exploit claims
- Resolv snapshots post-hack positions
- Chainlink adds Ondo stock feeds
- EdgeX publishes EDGE flash crash report
- Rhea launches cross-chain perps

This Week’s Farming News:

• Neutrl’s new NUSD and sNUSD Pendle pools are live with a September 24 maturity aligned to Season 2’s end, with LP and YT NUSD points boosted to 70x.

• Neutrl Season 2 started, running through mid-September and concludes with Neutrl’s TGE, with the focus shifting from growth to long-term alignment through Founders Locks — offering up to 700x points/day for participants willing to commit capital beyond the season’s end.

• Pendle launched a fixed-rate sUSDS market at 5.3% APY through November 2026 — above the current variable Sky Savings Rate of 3.6% — with $30K in weekly Sky incentives.

• DeFi Saver launches $50K USDC incentive campaign starting next week for users managing positions across Ethereum, Arbitrum, Optimism, and Base. Early participants using manual boosts, automated rebalancing, or Hyperliquid perp trades gain priority access to rewards.

• Tangent’s sUSG is currently yielding up to 20.10% APY, generated from protocol revenue rather than external incentives.

• Rhea Finance launched One Click Earn on Arbitrum, offering 11–12.92% APY on USDC ($20.7M TVL) and 10.25–12.26% APY on USDT ($19.97M TVL).

• Hylo liquidity vaults launch on Kamino with hyUSD-USDC earning 11.76% APY

• Pendle offers 10.27% fixed APY on nOPAL short-dated RWA yields backed by Nest Credit. The fixed-rate product lets users lock in returns on real-world assets without exposure to variable interest rate risk.

• Binance USD1 Airdrop Campaign offers 4.99% base APR and 5.99% boosted APR on Solana with no reward caps.

• Echelon Market offers 9.37% APR on iUSD deposits from Initia across Aptos and Echelon Chain. Rewards accrue immediately with no vesting period.

• WOO X launched a USDT Earn Vault offering up to 8% APR on fixed-term products with no WOO staking required.

• Kamino listed PT-USX and PT-eUSX September maturity positions via Exponent Finance as collateral on Solstice Market, enabling borrowing of USX and USDG against them.

Earn Up to 15% on USD Stablecoin Farms:

Convex Curve USD3/sUSDe LP - 8% APR (Ethereum · Stable LP)

Curve stable pool pairing USD3 (Reserve Protocol’s diversified stablecoin, backed by a basket of blue-chip stables) with sUSDe (Ethena’s yield-bearing stablecoin). Staked via Convex, which pools veCRV to give you a 2.32x CRV boost without needing to lock CRV yourself — and adds a small CVX reward on top. You earn trading fees from swaps between the two assets plus the boosted CRV and CVX emissions. A familiar, well-understood yield structure from two established protocols.

⚠️Medium Risk⚠️ sUSDe carries Ethena basis risk — if the funding rate on Ethena’s delta-neutral strategy turns negative for extended periods, sUSDe yield and peg can come under pressure. USD3’s peg depends on its basket of underlying stables. CRV and CVX rewards add governance token price exposure. The pool TVL is very thin at $142.9k — large positions will have meaningful price impact on entry and exit, and if TVL drops further, liquidity could become an issue. Curve and Convex smart contract risk applies, though both are among the most battle-tested protocols in DeFi.

Convex Curve RLUSD/USDC LP - 15% APR (Ethereum · Boosted LP )

Curve stable pool pairing USDC with RLUSD — Ripple’s regulated stablecoin, issued under NYDFS oversight and backed 1:1 by US dollars and short-duration Treasuries. Staked via Convex for a 2.5x CRV boost. Almost all of the yield (14.74%) comes from RLUSD liquidity incentives — Ripple is actively paying to bootstrap this pool’s liquidity. Base Curve trading fees are minimal at 0.31%, reflecting low swap volume currently. With $18.7M TVL this is a meaningfully deeper pool than most incentivized stables this week.

⚠️Lower Risk⚠️USDC and RLUSD are both fully regulated, fiat-backed stablecoins — about as clean a stable pair as you can find in DeFi. The main risk is incentive sustainability: 14.74% of the yield is RLUSD rewards paid by Ripple to bootstrap the pool. These can be reduced or ended at any time, which would compress the APR sharply. Low trading volume (0.31% base) means organic yield without incentives is minimal. Curve and Convex smart contract risk applies, though both are battle-tested. Impermanent loss is negligible on a USDC/RLUSD pair.