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TL;DR:
PaperTrade launched on Hyperliquid with up to 1,000x leverage on synthetic perps that generated $500B in day-one volume, and PaperDAO says holders can stake $PULP for yield
Orca and Loopscale merged into Formation — $ORCA becomes the token for both, and Loopscale’s billions of accrued points convert later this year
Ether.fi is launching its own stablecoin on Ethena’s white-label stack, joining Maple, Jupiter, MegaETH and Sui, while Samsung Wallet added USDC for 82M US Galaxy devices
Variational opened a points claim for traders with on-chain perps history, and Derive finished its V3 migration
Ledger warned buyers of tampered hardware wallets from reseller CryptoBilis to move funds — reported losses ~$72-93M, unconfirmed
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DeFi📈
Papertrade launched on Hyperliquid with up to 1,000x leverage on synthetic swaps. It generated >$770B in volume in a day and ~$32M in trader losses, as the upcoming PULP token will be minted directly from traders' losses. DeFiLlama showed roughly $100M in inflows on the first day.
Derive finished its V3 migration and resumed trading, with custody on Ethereum and ZK proofs handling margin and settlement. Users can now launch no-code vaults, borrow against ETH, WBTC, HYPE and USDC, and use ETH and BTC risk offsets to free up capital.
Orca and Loopscale merged into Formation, with $ORCA becoming the Formation token and no separate Loopscale token. Existing positions are unchanged. Loopscale point holders should watch for the conversion details later this year.
Lido announced Lido Lend for Q4 2026 — built on a modified Morpho Blue fork with isolated markets.
Pyth adopted a “100% Rule” — every dollar the DAO receives buys PYTH each month under OP-PIP-136.
Aptos is locking and permanently staking 210M APT, about 37% of the supply it held at mainnet — the tokens will never be sold.
Marinade Borrow is live, letting users borrow against staked SOL without unstaking.
Issues⚠️
Ledger told buyers of tampered devices to move funds — units sold by Southeast Asia reseller CryptoBilis allegedly carried implants that captured recovery phrases during setup. Reported losses range from $72M to nearly $93M, Ledger has confirmed neither a total nor the cause, and similar reports have appeared in Europe, Asia and South America (X trending summary, unverified).
Don’t set up a hardware wallet bought from a reseller or discounted listing. If you already did, buy a new device directly from Ledger, create a new seed and move funds.
Ostium posted a Stage 1 update on its OLP recovery — 708 allocations made since launch. → Affected LPs should check the recovery portal.
Wind Downs:
Abstract L2 shuts down Dec 15 per parent company Igloo, citing stalled growth, thin liquidity and high costs. → Bridge funds out through official bridges before then.
Blast announced its network shutdown (via Axelar’s post). → Move assets to an active chain before the Oct 26 deadline.
Lista CDP sunsets Oct 31. → Migrate to Lista Lending or repay and withdraw.
Beefy is deprecating its Sonic products and validator. → Read the full notice for exit steps before depositing or exiting.
Stablecoins/RWA🪙
Ether.fi will launch its own USD stablecoin on Ethena’s white-label stack — Ethena says ether.fi holds more than $300M in stablecoin deposits and names Maple, Jupiter, MegaETH, and Sui as others building their own.
Paxos USDG went native on Arbitrum One via LayerZero’s OFT standard, and Gauntlet launched a USDG Premium vault on Morpho.
Samsung Wallet added USDC support for US Galaxy devices — Sui says the integration runs on Sui, while Solana outlets report a Samsung-Solana cross-border payments partnership instead.
Securitize launched 12 tokenized US stocks on Solana, including Apple, Nvidia, Tesla, and Microsoft, backed 1:1.
Prediction Markets🔮
Polymarket V2 targets a Nov 2 mainnet switchover — it replaces the 2019 Gnosis contracts with one ERC-1155 token and makes pUSD the sole collateral, with canary markets running Oct 5-30.
Perps DEX📉📈
Variational opened a points claim for traders with on-chain perps history — up to 3,000 points, with a second app, Pro, coming next.
TxFlow starts weekly points Oct 12, up to 1.25M trader points a week plus a 437,500-point referral pool, with wash trading and sybil farming banned (X trending summary, unverified).
News🗞️
CFTC proposed Regulation CTX and Regulation CAM, a federal rulebook for crypto exchanges covering leveraged, margined or financed retail trades and requiring proof of reserves — it does not cover all spot trading without Congress, and the CLARITY Act remains stalled in the Senate. Chair Mike Selig says rules will come with or without legislation.
Zcash activated NU7 on testnet, cutting block time from 75s to 25s — developers review results Oct 20, with mainnet targeted for Nov 5. → Move any ZEC out of Sprout addresses first, since that system is being disabled.
Winklevoss Asset Services filed an S-1 for a Zcash ETF, Grayscale added BitGo as a second HYPG custodian, and Wells Fargo is reportedly in talks with Kraken’s parent Payward — no deal announced.
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