Morpho Raised Record $175M, Coinbase Activating HYPE Buybacks- Weekly Recap
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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.
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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.
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