Aave Loses Key Risk Manager, Lido $21M Buyback, and more...
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DeFi📈
Chaos Labs is stepping down as Aave's risk manager after three years, citing unsustainable economics, expanded scope from V4's new architecture, and a fundamental misalignment on how risk should be prioritized.
HyperLend launched V2, a full rebuild of its lending protocol on Hyperliquid with deeper HyperCore integration and new looping and isolated market features.
Lido DAO is authorizing the Growth Committee to execute a one-time LDO accumulation program using up to 10,000 stETH from treasury reserves.
Aave launched V4 on Ethereum, introducing a Hub-and-Spoke architecture that unifies liquidity across markets while isolating risk and adding risk-based borrowing and improved liquidations.
Aerodrome and Velodrome are merging into Aero, a unified Ethereum liquidity layer launching July 2026. Existing AERO and VELO holders will receive 100% of the initial supply with no dilution.
Ante has launched Ante Vaults, a self-custody vault that automatically transfers crypto to designated recipients if a user stops checking in.
Pendle launches Limit Order Incentives across all pools with up to 100% APR for in-range orders. The $5K weekly budget pilot achieved 5x orderbook depth growth, now rolling out network-wide.
OpenCover has launched Covered Vaults in partnership with Nexus Mutual, allowing DeFi vault depositors to insure positions against technical and economic losses with up to $50M in cover capacity per vault, no prepayment, and premiums streamed directly from yield.
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
Stablecoins/RWA🪙
deSPXA, the first licensed S&P 500 index fund token, launches on Base with Aerodrome as its trading venue.
Midas has launched mROX, an onchain investment product managed by Rockaway X, a $2B AUM digital asset firm, targeting market-neutral USD-denominated DeFi strategies.
Prediction Markets
Prism, a native trading terminal on MegaETH, integrates Polymarket, allowing users to trade with USDm, USDT0, and ETH.
Predict.fun, a prediction market on BNB Chain, has raised a follow-on investment from YZi Labs and Susquehanna Crypto after surpassing $1.8B in cumulative volume and 130,000 users since its incubation.
Perps DEX📉📈
Aster DEX has partnered with World Liberty Fi to launch USD1-denominated RWA markets including gold, silver, crude oil, and CLUSD1.
SushiSwap launched its perp trading platform powered by Hyperliquid, along with sushi-points distribution for early users.
Nado, a native perp on Ink, has launched perpetual trading for SPY and QQQ, allowing traders to take up to 20x leveraged positions using BTC, ETH, or USDT as collateral.
Paragon, a HIP-3 deployer, enables traders to take leveraged positions on indices like BTC Dominance, TOTAL2, and OTHERS for the first time.
Lighter has partnered with Wallet on Telegram to bring perp trading natively to the platform, offering 50+ markets across crypto, stocks, metals, and oil with up to 50x leverage starting at $1.
Airdrops🪂
infiniFi launched Katana point multipliers for the next week, including 3x for holding siUSD on Katana and up to 18x for collateral supply on Morpho.
Ondo Foundation took a snapshot for its Points Program, with wallets holding USDY, OUSG, or Flux users able to claim up to 500 USDC.
Concrete launched a 3x points boost for vault deposits via Binance Wallet, automatically receiving the multiplier with no additional steps.
Farms
Yield Basis launched HybridVaults, enabling single asset deposits with no IL. Pool starts with 25M WETH capacity on Ethereum, offering 5% ETH APR.
Issues⚠️
Drift Protocol, a Solana-based perpetual futures exchange, lost over $285M after an attacker compromised its admin key weeks in advance, created a fake token (CVT) with manipulated oracle pricing, and drained real assets, including USDC, JLP, SOL, and WETH, across 31 transactions in under 15 minutes.
Protocols impacted: Ranger Finance, Elemental DeFi, PiggyBank, and DeFi Carrot, confirmed losses or paused operations
Protocols not impacted: Kamino, Marinade, Jupiter, and Loopscale all confirmed zero exposure.
Steakhouse Financial has warned users not to interact with its website or app after a phishing attack redirected its domain to a malicious site via a social engineering attack on its DNS provider. All depositor funds and contracts remain safe.
News🗞️
Gnosis launched the Ethereum Economic Zone (EEZ), a framework that enables L2 rollups to interact with the mainnet atomically in a single transaction, eliminating the need for bridges.
For sponsorships, questions, or news tips, reach us at: support@todayindefi.com
Earn 10% Stablecoin Yield From RWAs
Subscribe for daily free DeFi news covering launches, tradable catalysts, and actionable farming opportunities.
DeFi📈
Chaos Labs is stepping down as Aave's risk manager after three years, citing unsustainable economics, expanded scope from V4's new architecture, and a fundamental misalignment on how risk should be prioritized.
HyperLend launched V2, a full rebuild of its lending protocol on Hyperliquid with deeper HyperCore integration and new looping and isolated market features.
Lido DAO is authorizing the Growth Committee to execute a one-time LDO accumulation program using up to 10,000 stETH from treasury reserves.
Aave launched V4 on Ethereum, introducing a Hub-and-Spoke architecture that unifies liquidity across markets while isolating risk and adding risk-based borrowing and improved liquidations.
Aerodrome and Velodrome are merging into Aero, a unified Ethereum liquidity layer launching July 2026. Existing AERO and VELO holders will receive 100% of the initial supply with no dilution.
Ante has launched Ante Vaults, a self-custody vault that automatically transfers crypto to designated recipients if a user stops checking in.
Pendle launches Limit Order Incentives across all pools with up to 100% APR for in-range orders. The $5K weekly budget pilot achieved 5x orderbook depth growth, now rolling out network-wide.
OpenCover has launched Covered Vaults in partnership with Nexus Mutual, allowing DeFi vault depositors to insure positions against technical and economic losses with up to $50M in cover capacity per vault, no prepayment, and premiums streamed directly from yield.
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
Stablecoins/RWA🪙
deSPXA, the first licensed S&P 500 index fund token, launches on Base with Aerodrome as its trading venue.
Midas has launched mROX, an onchain investment product managed by Rockaway X, a $2B AUM digital asset firm, targeting market-neutral USD-denominated DeFi strategies.
Prediction Markets
Prism, a native trading terminal on MegaETH, integrates Polymarket, allowing users to trade with USDm, USDT0, and ETH.
Predict.fun, a prediction market on BNB Chain, has raised a follow-on investment from YZi Labs and Susquehanna Crypto after surpassing $1.8B in cumulative volume and 130,000 users since its incubation.
Perps DEX📉📈
Aster DEX has partnered with World Liberty Fi to launch USD1-denominated RWA markets including gold, silver, crude oil, and CLUSD1.
SushiSwap launched its perp trading platform powered by Hyperliquid, along with sushi-points distribution for early users.
Nado, a native perp on Ink, has launched perpetual trading for SPY and QQQ, allowing traders to take up to 20x leveraged positions using BTC, ETH, or USDT as collateral.
Paragon, a HIP-3 deployer, enables traders to take leveraged positions on indices like BTC Dominance, TOTAL2, and OTHERS for the first time.
Lighter has partnered with Wallet on Telegram to bring perp trading natively to the platform, offering 50+ markets across crypto, stocks, metals, and oil with up to 50x leverage starting at $1.
Airdrops🪂
infiniFi launched Katana point multipliers for the next week, including 3x for holding siUSD on Katana and up to 18x for collateral supply on Morpho.
Ondo Foundation took a snapshot for its Points Program, with wallets holding USDY, OUSG, or Flux users able to claim up to 500 USDC.
Concrete launched a 3x points boost for vault deposits via Binance Wallet, automatically receiving the multiplier with no additional steps.
Farms
Yield Basis launched HybridVaults, enabling single asset deposits with no IL. Pool starts with 25M WETH capacity on Ethereum, offering 5% ETH APR.
Issues⚠️
Drift Protocol, a Solana-based perpetual futures exchange, lost over $285M after an attacker compromised its admin key weeks in advance, created a fake token (CVT) with manipulated oracle pricing, and drained real assets, including USDC, JLP, SOL, and WETH, across 31 transactions in under 15 minutes.
Protocols impacted: Ranger Finance, Elemental DeFi, PiggyBank, and DeFi Carrot, confirmed losses or paused operations
Protocols not impacted: Kamino, Marinade, Jupiter, and Loopscale all confirmed zero exposure.
Steakhouse Financial has warned users not to interact with its website or app after a phishing attack redirected its domain to a malicious site via a social engineering attack on its DNS provider. All depositor funds and contracts remain safe.
News🗞️
Gnosis launched the Ethereum Economic Zone (EEZ), a framework that enables L2 rollups to interact with the mainnet atomically in a single transaction, eliminating the need for bridges.
For sponsorships, questions, or news tips, reach us at: support@todayindefi.com
Earn 10% Stablecoin Yield From RWAs
Unlocking Delta-Neutral RWA Yields on Sui
As stablecoin yields fluctuate with market demand, the Ember rcUSD Vault on the Sui network presents a compelling alternative for generating consistent, delta-neutral returns. Currently offering an average 30-day APY of 10.01%, this vault bridges institutional-grade RWA with automated DeFi looping. By collateralizing standard USDC to mint the yield-bearing rcUSDp token and deploying it across secondary DeFi protocols, the vault amplifies baseline RWA yields without exposing the principal to directional crypto market volatility.
Understanding the Collateral: The rcUSD Ecosystem
The foundation of this strategy relies on the R25 protocol and its issuer (”IssuerCo”), which brings regulated, yield-generating financial instruments on-chain.
The Backing Portfolio: The redemption of rcUSD at its $1 face value is supported by a diversified pool of institutional-grade assets. This portfolio primarily consists of Tokenized Money Market Funds (MMFs) invested in short-term, highly liquid debt like U.S. Treasuries and cash equivalents. To facilitate ongoing user liquidity, IssuerCo also maintains a portion of the reserve in native USDC (with potential future inclusions of USDT).
Legal Structure and Custody: Holding rcUSD represents an unsecured claim against IssuerCo for its face value. Token holders do not legally share in the direct profits or losses of the underlying Supporting Assets. All underlying assets, issuance proceeds, and generated cash flows are held by a trusted third-party custodian in accounts under IssuerCo’s name to enhance security.
rcUSD vs. rcUSDp: While rcUSD acts as the base RWA-backed stablecoin, the Ember vault specifically utilizes rcUSDp. This is the yield-bearing, strictly appreciating variant designed to accrue the returns from the protocol directly into its token value.
Minting & Redemption Mechanics
Understanding how capital officially enters and exits the R25 protocol is crucial for evaluating liquidity:
Minting: New rcUSD is generated when approved users (who have successfully passed KYC/AML checks) deposit USDC.
Redemption: rcUSD holders can redeem their tokens for the $1 face value in USDC at any time, provided they complete the necessary KYC/AML verification and meet any other conditions set by IssuerCo. Upon fulfillment, the redeemed rcUSD is burned and permanently removed from circulation.
Vault Mechanics: How the Ember Looping Strategy Works
Built by Ember Protocol, this vault does not simply hold the yield-bearing token; it actively deploys it to maximize capital efficiency.
Deposit & Conversion: The user supplies USDC. The smart contract utilizes this USDC as collateral to generate the required rcUSDp.
Delta-Neutral Looping: The vault operates a “Delta-Neutral” strategy. It utilizes the minted rcUSDp to execute automated looping (recursive borrowing and lending) across DeFi protocols on Sui. Because both sides of the loop involve stable-pegged assets (USDC and rcUSDp), the position remains insulated from broader cryptocurrency price swings.
Yield Accretion: The total return is a stacked yield. It captures the baseline RWA yield generated by the rcUSDp token and amplifies it with the compounded returns generated by the DeFi looping operations.
Key Vault Metrics (Per Dashboard)
Total Deposits (TVL): $1.27M.
Current APY (30D Avg): 10.01%.
Fee Structure: 0% Performance Fee on the Deposit Yield, ensuring the share price growth is entirely passed to the depositor.
Share Price Growth: The vault demonstrates a highly consistent, linear upward trajectory (currently at 1.0293), reflecting steady daily yield accretion rather than volatile, emission-based spikes.
Withdrawal Waiting Time: 4 days.
Step-by-Step Execution Guide
To deploy capital into the Ember rcUSD Vault:
Link: https://ember.so/earn
Prepare Assets: Ensure you hold native USDC and sufficient SUI for transaction gas fees on the Sui network.
Access the Vault: Navigate to the Ember Protocol interface and locate the rcUSD Vault (With Ember / R25) under the delta-neutral offerings.
Deposit USDC: Enter the desired amount of USDC to supply. The interface will display your estimated earnings based on the historical APY.
Execute and Automate: Confirm the transaction in your wallet. The smart contract takes over, autonomously handling the USDC-to-rcUSDp conversion and initiating the delta-neutral looping strategy.
Withdrawal: The vault’s share price steadily increases as yield accrues. To exit the position, use the interface to withdraw. The protocol unwinds the looped positions and converts the rcUSDp back into USDC, returning the principal and accrued yield to your wallet.
Risk Considerations
While categorized as delta-neutral and backed by traditional assets, this strategy requires stacking multiple layers of protocol and counterparty risk:
Early-Stage Verification Risk (No Attestation): The R25 protocol is still in its early stages of deployment. Critically, there is currently no independent, third-party attestation or real-time proof-of-reserves available to publicly verify the actual existence, exact composition, or valuation of the off-chain Supporting Assets held by the custodian. Depositors must rely entirely on trust in IssuerCo’s internal reporting.
Unsecured Creditor Risk: In the event of IssuerCo’s insolvency, rcUSD holders have an unsecured claim. Depositors do not have a secured, bankruptcy-remote claim against the specific Tokenized MMFs or USDC held at the third-party custodian.
Asset Manager & Custodial Risk: The baseline yield relies entirely on IssuerCo’s internal management of the portfolio and the integrity of the third-party custodian holding the assets. Any regulatory action, mismanagement, or failure at the custodial level could cause the on-chain token to depeg.
Redemption Friction & KYC Reliance: Direct redemptions for the $1 face value with IssuerCo strictly require KYC/AML verification and are subject to next-day processing delays (up to 5:00 PM HKT). Non-KYC depositors relying entirely on the Ember vault’s automated unwinding or secondary market liquidity could face significant slippage if a panic event exhausts on-chain DEX liquidity.
Smart Contract & Composability Risk: Depositors are exposed to the Ember vault contracts, the R25 minting mechanics, and the underlying DeFi protocols where the looping occurs. A vulnerability exploited in any single layer of this composable stack could result in a total loss of funds.
Looping & Liquidation Risk: Although the assets are designed to maintain parity, algorithmic loops are sensitive to localized liquidity environments. A sudden, temporary depeg of rcUSDp against USDC on Sui-based lending markets could trigger unwanted liquidations within the vault’s automated strategy, permanently eroding the principal.
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Disclaimer: Projects or tokens mentioned in this newsletter are often experimental or unaudited. Do your own diligence before using or buying anything mentioned.