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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.

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