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This week in DeFi:

Circle's Arc mainnet launches September 16, with BlackRock, DTCC, Visa, and Mastercard among its 11 founding validators. Ether.fi also made a major move, splitting weETH into pure liquid staking and launching weETHs to carry restaking exposure separately. On the risk side, Coldcard hardware wallet hack losses now top $114M, and a live BTCPay Server zero-day is draining Lightning nodes.

DeFi📈

• Circle is launching Arc mainnet September 16 with 11 founding validators including BlackRock, DTCC, Visa, and Mastercard.

  • The permissioned validator set enables institutional-grade stablecoin infrastructure across Ethereum, Binance, Near, and Noble.

• Ether.fi separates weETH into pure liquid staking and launches weETHs as a dedicated liquid restaking token powered by Symbiotic.

  • This simplifies the product by removing restaking exposure from weETH entirely.

• Term V2 launches on Ethereum, Plasma, Binance, Avalanche, Arbitrum, and Base with peer-to-peer fixed-rate market execution. Launch partners include Ether Fi, Falcon X, Pareto Credit, Pendle, and Tori Finance.

• Kamino launches Institutional Yield on Solana, connecting onchain capital with institutional credit markets through purpose-built vault infrastructure.

• Raydium launches Limit Orders on Solana, allowing trades to execute automatically when target prices are reached.

• Morpho introduces Multi-market Offer, allowing capital to be allocated across multiple markets simultaneously until matched.

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Issues⚠️

• Bitcoin stolen from Coldcard hardware wallet hack now exceeds $114 million. The ongoing security breach highlights vulnerabilities in popular hardware wallet infrastructure.

• Users are reporting stuck withdrawals since July 26 as BitMart winds down, with one user claiming $10.1M frozen and support staff going silent.

  • Founder Sheldon broke silence days later, denying misappropriation or fleeing, and says the team is conducting asset reviews and considering third-party audits — but has not given a timeline for resuming withdrawals.

• BTCPay Server faces an actively exploited zero-day vulnerability draining Lightning node funds, with Foundation and Citadel21 already compromised despite ongoing patch efforts for version 2.4.2.

• Seamless DAO completed remediation for the USDC vault on Morpho’s Base deployment, contributing 190,925 USDC under SIP-51. The incident response addresses the USR exploit with an additional 190,897 USDC in recovery funds.

• A fake Wasabi Wallet drainer app appeared on the Apple App Store, with one victim already losing 6 BTC — the 27th wallet clone to reach the App Store this year. A fake Ledger app remains the worst offender at $9.3M stolen.

  • Always verify wallet apps through official links before downloading.

Stablecoins/RWA🪙

• Bond SuperApp launches pre-deposit campaign on Ethereum, Avalanche, and Linea with up to $10M in incentives from 0G Labs.

• Apyx launched on Solana, letting users stake apxUSD to mint apyUSD and earn real-time yield backed by Strategy’s STRC preferred equity — with points accruing toward the October 13 APYX TGE.

• Backpack Securities launches real stocks onchain via Solana, tokenizing U.S. brokerage shares for seamless ecosystem movement.

News🗞️

• Senate Leader Thune advanced the CLARITY Act toward a floor vote in September, marking a major legislative push for crypto market structure regulation.

• EIP-8361 proposes a tapered burn on staking rewards that fully offsets issuance around 50% staked ETH, capping the incentive for stake growth beyond that point.

  • Critics including Aave’s Stani Kulechov warn it could slash yields and disrupt DeFi protocols reliant on staking returns.

• Cloudflare launched Cloudflare Wallets, enabling stablecoin storage, service payments, and fund receipts natively across the web — bringing crypto payments infrastructure directly into internet plumbing.

• ai16z founder Shaw declared the token dead and the foundation winding down, following a Burwick lawsuit settlement that drained the treasury.

  • He said he never sold his holdings and will keep building the Eliza AI framework independently, without a token, citing burnout and community hostility.

• Mastercard is piloting its Crypto Credential compliance framework with Borderless.xyz to verify participants in cross-border stablecoin payments.

• Multipli launched its MULT token community sale via SONAR, Coinbase Echo’s onchain sale platform, with a pre-open registration phase now live at claim.multipli.fi.

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A Week in one Paragraph:

Security dominated this week — Coldcard’s firmware flaw drained $89M+ across 4,500+ Bitcoin wallets, and Metronome’s msUSD is sitting 27% below peg after months of undetected oracle exploitation. Uniswap turned on its fee switch across V4 and Robinhood Chain pools, 1inch launched Aqua to let LPs back multiple positions from a single wallet balance, and Reflect brought universal tranching to Solana — all signs DeFi infrastructure is getting more capital-efficient.

• Warning ⚠️: If you’re on a Coldcard Mk3 with firmware 4.0.1–5.0.3 and no passphrase or multisig, move your funds now.

DeFi 📈 %

• Uniswap activated its fee switch across all V4 pools and top Robinhood Chain V3 pools, routing up to 25-33% of swap fees from LPs to the protocol for UNI token burns.

• Uniswap launched Earn, letting users deposit USDC, USDT, or ETH directly in the Uniswap app to earn yield with no lock-ups — powered by Morpho and curated by Gauntlet.

• 1inch launched Aqua, a shared liquidity layer where LPs back multiple positions from a single wallet balance without depositing tokens into pools.

• Reflect launched a universal tranching layer on Solana, letting users split any yield-bearing asset into a protected senior tranche (lower yield, loss protection) and a leveraged junior tranche (higher yield, first-loss risk) — launching soon with one of DeFi’s largest issuers.

• Sushi Launch goes live on Robinhood chain as a native token launch layer paired with tokenized real-world assets and Stock Tokens.

• Jupiter launches Spot V2 on Solana, merging Swap and Terminal into a unified trading interface. The redesign enables users to discover and execute trades without switching tools.

• Aave is deprecating 50 low-adoption assets and winding down deployments on Sonic, Scroll, zkSync, Metis, Soneium, and Aptos — affecting $98.1M in supply and $15.6M in debt, less than 0.4% of total TVL.

  • Existing users can exit at their own pace.

• Stacks activated PoX-5, laying groundwork for Bitcoin Staking. All staked STX unlocked and must be restaked before Bitcoin block 962,050 to keep earning BTC in the first PoX-5 cycle.

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Issues⚠️

• COLDCARD hardware wallet attacks have compromised 4,500+ addresses with losses exceeding $89 million. A vulnerability in Coldcard's firmware allowed an attacker to reconstruct seeds offline — some devices used a predictable software-based generator tied to chip serial numbers and clock data instead of true hardware randomness.

  • Bitcoin users are to immediately verify wallet integrity and review address generation security on affected devices.

• Ebisu is shutting down, citing failure to scale ebUSD liquidity enough to support meaningful borrowing. No EBISU token or airdrop will launch. Frontend closes October 30

  • Users should close Troves and withdraw funds now.

• SiloDAO filed a coordinated recovery claim with Stream Finance on behalf of all lenders exposed to xUSD and xBTC, totaling over $31.6M in stablecoin claims plus 272.70 BTC.b.

  • Eligible lenders don’t need to file individually, as claims are calculated from a November 7, 2025 snapshot and viewable at here

• SK Hynix perps flash crashed 20% to $900 on Hyperliquid before rebounding. Trade.xyz confirmed the oracle worked as designed, which tracks a real Korean pre-market trade.

  • The team is issuing a one-time discretionary payout to affected users and improving its tail-event pricing.

• Coldcard disclosed a critical vulnerability in Mk3 devices — seeds generated on firmware 4.0.1 through 5.0.3 used low-entropy random number generation, and attackers have already exploited it, moving 1,324 UTXOs from dormant single-sig wallets.

  • If you generated a seed on a Mk3 in that firmware range without a passphrase, dice rolls, or multisig, move funds immediately to an unaffected device (Mk4, Q, Mk5).

• Wemix suffers $6.25M security breach after contract owner privileges were compromised, resulting in unauthorized token minting and transfers requiring immediate remediation.

Depegs 🪙 ⚠

• Metronome’s msUSD is trading around $0.73, ~27% below peg. The team disclosed that its synthetic swap module is underbacked by ~6,367 msETH and ~4.57M msUSD — they claimed that the depeg is due to stale Chainlink feeds exploited by MEV bots over several months, undetected while the team investigated other causes.

  • Metronome claims treasury positions can cover up to a 30% depeg.

• Altura’s wind-down hit another obstacle — the UK bank account holding £16.4M ($21M) earmarked for USDT purchases and user redemptions has been frozen pending a bank review.

  • Community chats are paused while the team waits for the bank to respond. AVLT dropped 70% on the news.

Stablecoins/RWA🪙

• Ondo launched the Ondo Network — execution infrastructure combining TEE enclaves for private high-speed execution, decentralized attestors for verifiability, and blockchains for settlement. #opportunity

• AUTO is now live on Kamino — a Solana RWA backed by near-prime US auto loans, originated by Agora Data and issued by Hastra. #opportunity

• Solstice launches Season 3 on Solana with 5,500+ funded users earning Flares for YieldVault positions and upcoming strcUSX.

  • Solstice Season 2 closed; S2 Flares (reward points) are now locked and determine SLX token allocation share.

News🗞️

• Strategy reported an $8.22B net loss in Q2 2026 from unrealized BTC losses, but still grew holdings to 843,775 BTC (+25% YTD) and raised $17.06B via ATM offerings.

  • STRC’s dividend was hiked to 12% to defend its price, partly funded by $218.4M in BTC sales — with board authorization for up to $1.25B more if needed.

• Strategy repurchased 288,930 STRC shares for $25M at $86.52 average, signaling it will be a regular buyer below $100 with $975M remaining in its buyback program.

  • Repurchases will be funded outside the USD Reserve, including potential MSTR and BTC sales.

• Galaxy and K3 Capital launch institutional credit lending vault on Monad via YieldApp, using AUSD stablecoins with independent verification by Accountable.

• US Senate Majority Leader John Thune prioritizes the Clarity Act for passage before August recess, signaling potential regulatory progress for crypto.

• Multisig.software launched a self-custody timelocked multisig vault with a programmable onchain blueprint — letting individuals and protocols add time delays to wallet transactions as a security layer, inspired by the vulnerabilities exposed by exploits like Drift’s $285M loss.

• Agave 4.2 upgrades Solana validator client with 90% rent reduction, 3.3x larger transaction capacity, and 200ms slot times. The release includes Alpenglow, the largest protocol change in Solana’s history, improving network throughput and cost efficiency for all validators.

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DeFi📈

• Fluid rebranded as the “Liquidity Layer for All Finance,” opening institutional curation markets with Bitwise as the first curator ($500M drawn in two months), and announcing a Solana DEX in final audit, fixed-rate borrowing, DEX v2, and Liquidity-as-a-Service — all built on a track record of zero user funds lost across two years live.

• Re Protocol joined Fluid’s rebranded ecosystem with boosted incentives — 20x Re points for reUSD/USDT LPs and 5x for reUSD collateral positions on Fluid.

• Derive teased V3 targeting September — adding options vaults for passive yield, faster architecture, and programmable infrastructure to its existing options platform.

• Covenant launched the first tranched DEX LP position on Monad, in partnership with Balancer and Neverland — splitting LP positions into a yield (senior) coin and a leverage (junior) coin, allowing up to 5x leveraged LP exposure.

• Aave Labs is proposing a consumer-focused app that removes wallet setup and gas complexity, making DeFi accessible to mainstream users — currently in draft pending community feedback.

• Hylo launched xBTC, a 3x leveraged BTC token on Solana designed to be held like a regular token — no margin accounts or active position management required, with liquidation resistance built in. 0% minting fee this week.

• 1inch co-founder is launching a new project called Second Tier (tier.xyz), with no activities live yet but early attention given the team background.

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Wind Downs⌛️:

• Dango is shutting down, citing cash constraints, legal delays, and adverse market conditions since its April launch. Trading halts July 29 with all positions closed at oracle price, and the Dango L1 blockchain goes offline August 13 — all funds will be returned as USDC.

• Odos, a DeFi aggregator, is shutting down — app goes read-only July 27 and all services end July 30. Users with social/email-created wallets should export their keys or transfer assets before then. The ODOS token and DAO remain independent of the company.

• Movement Labs filed for bankruptcy after a market maker dumped 66M MOVE tokens, collapsing the project. The remaining team split off as Move Industries.

• Hinkal Protocol begins returning funds to recovery-process participants across Ethereum, Base, Arbitrum, Optimism, and Polygon. All returns are expected to be completed by Wednesday, July 22, with full fund reimbursement.

• Storj Labs filed for Chapter 11 bankruptcy to restructure legacy debt while keeping services running. The company raised ~$35M, including a $30M 2017 token sale. Customer operations remain uninterrupted during restructuring.

Issues⚠️

• AFX bridge on Arbitrum drained of $24.1M via valid validator signatures, not a smart contract bug. The attacker exploited the original validator set deployed May 12, 2026, pointing to compromised off-chain signing infrastructure.

• VerusCoin’s Ethereum bridge suffered a $7.5M exploit through forged proof submission, bypassing bridge verification in the submitImports() function.

• Allbridge halted operations after a $1.65 million flash loan exploit on Solana’s USDC/USDT pool, with attackers bridging stolen assets to Ethereum and leaving LPs urgently needing to withdraw funds.

• Flash.Trade detected an unauthorized $98K withdrawal and paused trading as a precaution. All user funds are safe and the team will cover the loss.

• TripleAHQ’s wallets were drained of over $9.7M in crypto across multiple chains, marking a significant security breach in the DeFi ecosystem.

• Balance Coin, an algorithmic stablecoin backed by bitcoin collateral, crashed 99% to $0.0014 after an attacker manipulated its oracle to submit a fake low BTC price

• Zilliqa disclosed a critical Ledger app vulnerability present since 2019 — a nonce generation bug allows private key recovery from on-chain signatures.

  • Any account with ~5 or more native Zilliqa transactions signed via Ledger should be considered compromised. Native transactions are suspended pending a remediation plan. EVM wallets are unaffected.

Stablecoins/RWA🪙

• Hylo launched eHYUSD, a delta-neutral yield-bearing stablecoin that earns from every Hylo Leveraged Token — rebranded from sHYUSD with a $15M initial cap and a 30-day Genesis Boost Event offering up to 25% XP boost for holders.

Privacy🔓

• Zama launched Confidential RFQ in private beta — an onchain swap venue where your trade size, direction, and asset stay encrypted, protecting you from MEV and frontrunning. Public launch is September; waitlist is open.

Perps DEX📉📈

• Ondo Perpetuals drops 5M Ondo Points weekly with multiple earning paths: referral fees (10%), $175K USDC trader rewards, and $25K allocated to $GOOGL/$TSLA trading.

• Arcus launches perps trading on Robinhood Chain with 50% taker fee discounts during beta.

• Cascade resolves security incident after affected parties cooperated to return drained CLS funds. Retrieved assets are now secured in multisig address 0x8074583b0f9cfa345405320119d4b6937c152304.

News🗞️

• The CLARITY Act is headed for a full Senate floor vote, establishing a federal framework that splits digital asset oversight between the CFTC (commodities) and SEC (securities) with consumer protections and AML rules.

• SEC Commissioner Peirce warned that DeFi vaults and onchain lending strategies may fall under securities laws depending on how they’re managed, urging curators and protocol operators to engage with the SEC before enforcement.

• White House agrees to ethics provisions in the CLARITY Act market structure bill, removing a key legislative obstacle and triggering a Bitcoin surge above $66,000 on optimism around pro-crypto regulatory clarity.

• Telegram founder Pavel Durov confirms native Gram wallet rollout this summer with non-custodial self-custody for 1 billion+ users.

• BitMEX is shutting down on September 23, 2026, ending an 11-year operation. Users are urged to close positions and withdraw funds — all assets remain safe during the transition.

• BitMart is shutting down — new registrations and deposits suspended July 26, all trading ends August 26, and the platform fully closes January 31, 2027. Users are urged to withdraw funds as soon as possible.

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DeFi📈

• Aave V4 launches on Avalanche as its first deployment beyond Ethereum mainnet. Incentives are live on Avalanche for USDC and USDT supply or AVAX borrowing positions.

• Ethena launches on Monad with USDe and sUSDe integrated into Monad’s Aave instance. Users gain access to stablecoin borrow liquidity at scale on the parallelized EVM network.

• Jito passes JIP-38, establishing itself as a token-centric network on Solana with 100% revenue share from JTX trade committed to $JTO buyback and burns for at least one year.

• Rysk Finance launches USDC cash-secured puts on Ethereum mainnet for WETH and WBTC.

• Pendle launches PT Looping beta on Ethereum, Arbitrum, and other chains, automating leverage loops for yield strategies with just one click.

• Lido launches Nansen ETH Vault on V3, allowing direct staking to Nansen-operated validators through liquid staking.

• Grove Finance launches stUSDS on Grove Savings, allowing users to mint an advanced Sky staking position targeting higher rates by funding SKY-backed borrowing.

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Wind downs⌛️:

• MegaETH is sunsetting MegaMafia, its incubator program that backed 20 teams raising $80M+ across two cohorts — citing that little of that value flowed back to the protocol despite significant resource investment.

  • Going forward, MegaETH will shift focus to building first-party consumer apps directly, rather than betting on third-party teams to create value for the ecosystem.

• Summer.fi is shutting down following the July 6 exploit that drained ~$6M from its Lazy Summer Protocol vaults, wiping out the team’s own capital and runway. The app stays live until August 31, with Lazy Summer DAO working to restore withdrawals across affected vaults.

Issues⚠️

• Consensys clarified that a security incident earlier this year involved a malicious third-party consultant — not an employee — whose access was immediately terminated with no malicious code deployed, no customer assets compromised, and no impact to user funds or data.

• Allbridge Core was exploited for ~$1.65M via a flash loan price manipulation attack on its Solana USDC/USDT pool. Funds were bridged to Ethereum and swapped to ETH. The protocol is paused and LPs are urged to withdraw immediately.

• Chi Protocol loses ~$8.5K to oracle manipulation and redeem-at-par logic error, allowing USC to be redeemed at $1 regardless of actual collateral value.

• Extended’s Discord was compromised and used to post a fake $EXT token claim. There is no TGE or airdrop — any wallet that interacted with the malicious site should revoke approvals and consider the wallet compromised.

• Ostium’s public OLP vault on Arbitrum was drained for ~$24M in USDC after an attacker manipulated oracle price reports via a compromised Gelato automation forwarder, submitting future-dated timestamps to extract fake trading profits.

  • Funds were swapped to ~12,000 ETH and routed through Tornado Cash. Trading contracts are paused; user positions are unaffected.

• Cascade’s CLS vault was exploited for ~$1.34M after attackers manipulated mark prices on thin liquidity markets to trigger liquidations on CLS’s short positions, pocketing the proceeds.

  • Funds were bridged from Arbitrum to Solana and then Ethereum. Trading is paused and SEAL 911 is involved — two attacker email accounts have been identified and reported to law enforcement.

• DefiTuna’s lending pools on Solana were exploited for ~$580K in USDC. The attack vector has been identified and mitigated — investigation and recovery efforts are ongoing.

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Stablecoins/RWA🪙

• Ondo Finance partners with SBI Group to tokenize Japanese assets with distribution across the SBI ecosystem using JPYSC stablecoin for settlement.

• Pendle launches Saturn USDat (26 Aug 2026 maturity) on Monad with 470k MON incentives flowing to yield tokens over two weeks starting July 23.

Launchpads🔮

• Based launched Based Alpha, a token launchpad on Robinhood Chain with a bonding curve model — tokens graduate to a locked DEX liquidity pool once the curve fills, with 0.3% of bonding fees going to creators and the rest flowing toward $BASED holders via a future fee switch.

Perps DEX📉📈

• Jito launches JTX, a spot trading platform on Solana for memes, tokenized equities, and major assets. The top 2,000 waitlisted users by referral rank gain early access to trade on Solana.

• Monaco testnet launches on Sei—a central limit order book built by traders from Hudson River Trading, GSR, Jump Crypto, and Goldman Sachs.

• RHEA Perp Confidential Deposit launches July 15, 2026, enabling private deposits on NEAR with Hyperliquid liquidity. Users can trade perpetuals across any EVM or non-EVM chain using existing Hyperliquid accounts without bridging.

News🗞️

• Tether faces a July 2028 compliance deadline under the GENIUS Act to maintain U.S. exchange listing eligibility, creating a 2-year countdown for the stablecoin issuer to meet regulatory requirements or risk delisting.

• Visa launches Visa Stablecoin Platform (VSP) to provide crypto stablecoin services to over 200 million merchants globally.

• Strategy raised $466.7M by selling 4.8M MSTR shares last week, boosting its USD reserve to $3B without selling any Bitcoin. BTC holdings remain at 843,775 — no new purchases were made during the period.

• Galaxy joins Morpho as curator, launching institutional stablecoin vaults natively distributed through Fireblocks Earn.

• Galaxy launched GOFR (Galaxy Onchain Financing Rate), a managed lending program that lets institutions borrow from onchain credit markets like Aave, Morpho, Spark, and Kamino through a single Galaxy relationship.

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DeFi📈

• Maple proposed a rules-based SYRUP buyback program (MIP-021) that scales with monthly revenue — 10% below $1.5M, 20% from $1.5M-$2M, and 30% above $2M — with all buybacks posted publicly. Vote goes live July 13.

• Arbitrum captures 10% of fees from every chain built on its stack — including Robinhood Chain — with 8% going to the tokenholder-controlled treasury and 2% to development, on top of 100% of fees from Arbitrum One itself.

• Ethena removed mint and redeem fees for whitelisted users, making USDC↔USDe conversion free — reducing value leakage on secondary markets and enabling cost-free looping on Coinbase and Robinhood Morpho vaults.

• PancakeSwap launches on Robinhood Chain with 90+ tokenized assets, zero gas, and MEV protection.

• ENS co-founder Alex Van de Sande proposes delegating 5M ENS tokens from the DAO’s dormant treasury to individual participants. The move aims to reform ENS governance and increase community participation in protocol decisions.

• Velocity (formerly Drift) opened Insurance Fund claims for eligible depositors at dfx.drift.trade. DFX Recovery Token claims remain separate and are not yet live — timing will be announced closer to the public relaunch.

• Rysk V12 launches on Ethereum, enabling users to set custom terms and earn upfront income on assets. The options protocol simplifies structured yield generation with flexible asset selection and payout timing.

• Berachain’s PoL Next hard fork is live — BGT is being deprecated in favor of BERA and sWBERA, with emissions now routed through Emissions Return Agreements that require protocols to demonstrate real onchain revenue to qualify.

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Issues⚠️

• Mu Digital, a tokenized bond protocol, is winding down all products, including AZND, loAZND, and muBOND, citing increased redemption activity and broader market uncertainty. The team is working with legal counsel to determine the redemption process — further details to follow via official channels.

• Bonzo Finance on Hedera was exploited for ~$9.05M after Supra’s oracle verifier accepted a zero-signature price update, inflating SAUCE’s collateral value by 12 orders of magnitude. The bug was in Supra’s verification logic — not Bonzo’s contracts — and has since been patched. Bonzo Lend remains paused.

• Hedera Network suffers $5.25M exploit with attacker actively laundering $8M through TornadoCash via LayerZero bridge to Ethereum.

• Summer.fi’s Lazy Summer Protocol was exploited for ~$6M via a $65M flash loan that manipulated share accounting, allowing the attacker to withdraw $71M before repaying in a single transaction. Vaults have been paused and the investigation is ongoing.

• BonkDAO treasury drained of $20M in BONK tokens through a malicious governance proposal, highlighting critical vulnerabilities in DAO governance structures that require enhanced security measures.

• BlueMove DEX on Sui suffered a ~$400k pool drain from a team-introduced backdoor vulnerability, with the team offering a 30% white hat bounty and a 48-hour window to recover the remaining 70% of drained funds.

Stablecoins/RWA🪙

• Cap announced its Stabledrop plan for Frontier participants — distributing $4.2M in cUSD (100% of token sale proceeds) to YT holders who incurred losses, claimable starting July 13.

  • However, a researcher is alleging self-dealing after identifying a wallet linked to QiDao founder Benjamin that bought 19M YT tokens in late December — potentially capturing a large portion of the distribution. Cap has not publicly responded.

Prediction Markets🔮

• World prediction market is migrating from Solana to Robinhood Chain, just one week after launching on Solana — with Chainlink continuing as oracle infrastructure throughout the transition.

Perps DEX📉📈

• Jito is launching the JTX waitlist with access opening tomorrow, confirming all trading will occur on Solana. JTX is a perp DEX backed by Jito's execution infrastructure and routing 80% of platform revenue to JTO buybacks.

• N1 acquires 01Exchange, consolidating the full trading stack under one team and roadmap. All 01 points are recognized on N1, with trading moving to N1’s platform immediately and N1 2.0 upgrade launching soon.

News🗞️

• Wisp, built by a team from Lido Finance, opened its waitlist for a privacy-first AI assistant where all files and memory stay local, requests are anonymized through TEEs, and even Wisp itself cannot read or train on user data.

• eToro made a strategic investment in Extended, alongside a partnership with Zengo (eToro’s recently acquired self-custody wallet) to bridge traditional financial assets with onchain trading infrastructure.

• KOR raised $7.5M at a $100M valuation from 1kx and Blockchain Capital to build a creative asset clearinghouse on Base — connecting AI-generated talent with labels, agencies, and payment infrastructure.

• Gauntlet raised $125M Series C from SBI Holdings to expand into traditional capital markets, broader stablecoin coverage, and new onchain offerings — managing $1.5B+ in curated capital across 150+ integrations.

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DeFi📈

• Robinhood Chain launched on mainnet — an AI-native Arbitrum L2 built for tokenized RWAs and DeFi, with 100ms block times, Chainlink, Uniswap, Morpho, and Lighter live at launch. Stock Tokens for 95+ equities are tradeable 24/7 (outside the US).

  • Gas fees are sponsored for the first 90 days, and Robinhood is running a 3% crypto deposit bonus until July 22.

• Lighter announced it will burn all future LIT buybacks to permanently reduce supply, with the first burn coming in the weeks after Q2 ends. Staking yield is being set at a target of 6% annually, funded by ecosystem tokens rather than pre-TGE revenue going forward.

• Derive 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.’

• Aave V3 deploys on Monad, expanding the lending protocol’s presence to a new high-performance blockchain.

• Maple expands to Robinhood Chain with syrupUSDG and syrupUSDC now live, approved as collateral for Robinhood Earn’s first decentralized lending product.

• Robinhood Earn launches to eligible US customers offering 7% APY on USDG lending through self-custody wallets. Morpho powers the onchain lending product, bringing yield generation to Robinhood’s retail user base.

• Aegis launches fixed-rate BTC borrowing built with Babylon Labs and Aave V4, allowing Bitcoin holders to borrow stablecoins against locked BTC in Babylon Trustless Vaults.

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Stablecoins/RWA🪙

• Open Standard launched Open USD, a new stablecoin backed by 140+ companies including Visa, Stripe, Mastercard, BlackRock, Google, Coinbase, and Shopify. Unlike existing stablecoins, it charges no minting or redemption fees, passes reserve yield back to partners, and is governed collectively by its partners rather than a single issuer — launching later this year.

Issues⚠️

• Hinkal Protocol was exploited for ~$820K, with attackers routing funds through Tornado Cash and bridging to Bitcoin via Thorchain. Affected USDC contracts on Ethereum have been frozen while other chains remain operational — investigation is ongoing.

• AaveChan, one of Aave’s most influential delegate platforms, is closing after three years. During its tenure, Marc Zeller’s team turned a 35M annual protocol deficit into 150M/year in revenue and helped drive a 9x on AAVE. Zeller teased a new project ahead.

• A custom ERC-4626 Uniswap V3 yield vault was exploited for ~34 WETH (~$53K) across Base and Arbitrum after an attacker exploited a double-payment bug in the redeem function — flash-loaning capital to seize nearly all vault shares, then draining the vault’s full LP position.

• Magic Eden and its founders are facing a class action lawsuit alleging $ME token holders were misled about promised features — including multi-chain support, governance voting, revenue-sharing, and staking rewards — many of which were delayed, altered, or abandoned, including the pivot to a Solana-only focus in February 2026. The suit relies on New York consumer protection law rather than securities claims, seeking damages and restitution on behalf of nationwide token purchasers.

• Criticism is mounting against the ENS Labs treasury proposal, with community members alleging the DAO’s funds have historically been allocated disproportionately to ENS Labs over other contributors. This adds to earlier scrutiny over the proposal to dissolve the DAO and transfer its ~$500M treasury control to ENS Foundation.

• Edel Finance confirmed the exploit — an attacker manipulated the wGOOGLx/GOOGLx exchange rate to inflate collateral value 78x, borrowing against it to create ~$403K in bad debt. V1 contracts are paused, the team will absorb all losses and restore depositor balances 1:1, and V2 is being deployed with a redesigned oracle to prevent this class of attack.

Prediction Markets🔮

• World launched as Solana’s native fully onchain prediction market, available directly in Phantom wallet.

• Hfun Labs launched bet.hypurr.fun, an alternative frontend for Hyperliquid prediction markets designed to be faster and more intuitive than the native interface.

Perps DEX📉📈

• dYdX Labs rebranded and launched Arcus on Robinhood Chain, offering 24/7 trading on 95 stock tokens with 0% fees and institutional liquidity. Perpetuals are launching in July with stocks-as-collateral and pre-IPO access on the roadmap. Robinhood Crypto made a strategic investment in the project.

  • Arcus perps is not live in beta — early waitlist access is determined by onchain volume and referrals.

• Lighter launched a dedicated instance on Robinhood Chain, powering native perps and Stock Token trading directly in Robinhood Wallet using USDG as the quote asset.

News🗞️

• Vitalik published an updated Ethereum strawmap outlining “Lean Ethereum” — a 3-4 year overhaul replacing nearly every major protocol component, including recursive STARKs for verification, quantum-safe primitives, simplified finality, privacy as a first-class goal, and new scalable state types that could cut fees 10x+ for most apps without requiring rewrites.

• Securitize, the largest tokenization platform with $4B+ in assets under management, backed by BlackRock and Morgan Stanley, is listed on the NYSE under ticker SECZ via SPAC, becoming a public company.

• Theo invested $20M into Fidelity International’s tokenized USD liquidity fund (FILQ), the first crypto-native platform to access the fund.

• Strategy announced a new framework authorizing up to $1.25B in Bitcoin sales alongside $2B in stock repurchase programs for common shares and digital credit securities. The plan also raises STRC’s dividend to 12% and expands the USD reserve to $3.80B for dividend coverage.

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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.

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.

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

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.

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