Lido Launches V3, Step Finance Hacked For $27M, How To Earn 30%+ Stablecoin Yield, and more...
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DeFi📈
Lido Finance launched Lido V3 on Ethereum mainnet, introducing stVaults, a customizable staking vaults that preserve stETH liquidity and DeFi composability.
TermMax launched a Binance W3W campaign offering a one-time reward of 200,000 XP and a Binance W3W Early Adopter badge for users who connect the Binance Wallet and complete 5 consecutive daily check-ins on BNB Chain.
Jupiter launches Airdrop Season Rewards, users can claim rewards based on their Q4 time-weighted stake through Jupiter Mobile or Desktop wallet.
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Airdrops🪂
Echelon, a money market protocol on Aptos, is launching its governance token ELON on Feb 2, with a 100M max supply and 8.5% allocated to airdrops for users and sENA stakers.
Stablecoins/RWA🪙
Avant Protocol and Frax Finance launch avUSD/frxUSD liquidity pools, offering up to ~59% APR on Etherex (Linea) and ~38.7% APR on Curve Finance via StakeDAO.
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Prediction Markets
Polymarket is coming to Solana via Jupiter, bringing Polymarket’s prediction markets on-chain to Solana for the first time through a single trading interface on Jupiter.
Issues⚠️
Step Finance, a liquidity protocol on Solana, suffered a major treasury wallet breach, resulting in $27M of SOL being drained and causing the STEP token to crash 90%, signaling significant security vulnerabilities in the protocol.
CrossCurve crypto bridge has halted user interactions and launched an investigation after a $3M smart contract breach, urging users to pause transactions while the protocol assesses the extent of the security compromise.
Gyroscope reported an exploit affecting GYD’s cross-chain contract and advised users not to interact with GYD, with GYD liquidity pools paused while noting that non-GYD Gyroscope CLPs are unaffected, as the team works with security researchers to investigate and share updates.
Farms and Yields 🧑🏻🌾
YO protocol launched rewards with $YO, offering a 14% reward APY on top of native vault yield, bringing total yields to ~21% for yoUSD, 18% for yoETH, 16% for yoBTC, 19% for yoEUR, and 14% for yoGOLD as the points program ends and rewards go live.
Loopscale introduces a PT-USDC+ yield farming opportunity with up to 14.3% APY and bonus Reflect Points for the next six days.
Exponent Finance introduces new Solstice USX and eUSX token maturities with $10K in rewards, offering existing users a time-limited 25% Flares boost if they migrate positions before February 13
Lista DAO expands lending markets by adding PT-sUSDe-09APR2026 as collateral, enabling borrowing in USDT, USD1, and U tokens with competitive interest rates around 0.76-0.77%.
Wasabi Protocol, a DEX on Solana, launches Wasabi Earn, offering 19% yield on Tether Gold, a fully backed tokenized gold asset issued by Tether
Neutrl Fi kicked off Season 1 around NUSD, a yield-bearing stablecoin that earns by delta-hedging acquired OTC discount altcoins, while TVL grew by $212M in the past 60 days from launch.
Top farming strategies include:
- Points focused: Pendle YT-NUSD (50x points) and YT-sNUSD (25x points)
- Yield focused: Loop the new PT sNUSD Morpho market for up to ~20% yield, depending on rates and leverage.
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News🗞️
Brian Armstrong and Jamie Dimon reportedly clashed at Davos over the US crypto market structure bill, with Dimon accusing Armstrong of misrepresenting banks’ opposition to stablecoin yield.
Binance will convert its $1B SAFU fund into bitcoin over 30 days, signaling long-term BTC confidence despite the market selloff.
Donald Trump nominated former Fed governor Kevin Warsh as the next Federal Reserve chair, replacing Jerome Powell.
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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.