Weekly Recap: Coinbase Bought $ENA, Grayscale Launches $HYPE Staking ETF, and more...
Subscribe for daily free DeFi news covering launches, tradable catalysts, and actionable farming opportunities.
DeFi📈
Coinbase Ventures invested in Ethena via open market ENA purchase and announced a partnership to bring USDe and sUSDe savings products to Coinbase’s 100M+ user base, with the first initiative launching next week.
Grayscale’s $HYPG ETF is now live, offering HYPE exposure with staking in a standard brokerage account — the lowest gross management fee among U.S. HYPE products.
Aster launched permissionless spot listings — any token on Binance Spot or Alpha can apply, with listing decisions made by an onchain validator vote weighted by staked $ASTER.
KPK launched a fixed-rate ETH lending vault on Euler, with rates set monthly from Treehouse’s Decentralized Offered Rates rather than utilization curves — currently targeting a 2.05–2.50% APY band with no rate spikes mid-cycle.
Babylon’s native Bitcoin-backed borrowing is live on public testnet with Aave V4, allowing BTC holders to post collateral and borrow without wrapping, bridging, or giving up custody.
Plasma has distributed nearly $40M in XPL incentives via Merkl, with daily claiming activity now settling to ~100 wallets claiming ~$45K per day after an initial peak of 2,400 wallets.
Gauntlet and Resolv reached a remediation agreement for the USR exploit — 4.38M USDC is now claimable via Merkl for affected wallets in Gauntlet-curated vaults on Morpho, Extrafi, and Seamless.
Resolv took a snapshot of all post-hack USR and RLP positions at June 3, 23:59 UTC to determine Stage 2 recovery compensation — covering both cash recovery and RESOLV token allocation. Stage 2 portal details to follow.
Cap Labs updated its token auction details — the auction will distribute rCAP (redeemable for CAP at TGE), supply allocated to the auction has been revised to 4%, and a definitive TGE date will be announced after the second token sale concludes. Pre-bidding opens June 8.
Hylo’s Stability Pool activated for the fourth time, converting hyUSD into xSOL to restore the collateral ratio above 130%. Previous activations have been profitable for sHYUSD holders. V2 will diversify backing assets beyond SOL to reduce price dependency.
Spiral Stake v2 launched on Ethereum, offering one-click leveraged positions up to 9x on staked stables, stablecoin PTs, and wrapped ETH via Morpho’s isolated markets — covering 15+ issuers including Apyx, Saturn, Ethena, and Maple.
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
Issues⚠️
Zcash ZEC dropped 48% after a security researcher used Claude Opus 4.8 to find a critical Orchard circuit bug that had been live since 2022 — a constraint that wasn’t enforcing what it appeared to enforce, potentially allowing counterfeit ZEC to be minted undetected in the shielded pool. The bug was found and a working exploit confirmed in a single day. No coins were stolen, but the price drop reflects uncertainty over whether the vulnerability was exploited during the four years it went unpatched.
Apyx’s apxUSD depegged to ~$0.90–0.93 in early June as STRC preferred shares dropped 5–8% below par during Bitcoin’s selloff — with DeFi market dynamics amplifying the move through panic selling, reduced liquidity, and leverage unwinds. Apyx attributed part of the severity to after-hours liquidity gaps, as STRC trades on traditional markets while crypto runs 24/7, limiting their ability to defend the peg overnight.
Saturn’s products held up better due to more conservative Treasury backing. No exploit occurred, but it was a clear stress test of the yield-vs-stability tradeoff in dividend-backed synthetic dollars.
PiggyBank’s USDC, SPYx, and JitoSOL vaults dropped 15%, 12%, and 9% respectively after a $LAB basis trade went wrong. The protocol had bought $100K in locked $LAB tokens via OTC at a discount, planning to hedge with perp shorts — but extreme volatility and deeply negative funding rates made maintaining the hedge uneconomical, leaving a $1.35M illiquid position excluded from NAV until August 14.
ZachXBT called out $LAB as a "blatant scam coin" with prior allegations of supply manipulation, questionable OTC loans, and >95% supply control — raising questions about why the position was taken at all. A detailed report is expected next week.
Fluid’s backend was exploited via a remote code execution vulnerability in an internal Livewire library, allowing the attacker to submit a fraudulent Merkle root and drain 163.7K FLUID and 49.5K GHO. The core protocol and user funds were never at risk — the team will cover the loss in full and expects Merkle reward claims to resume within 10 days.
Gnosis Pay was exploited via a bug in the Zodiac Delay Module, allowing malicious transactions from linked Safe wallets. The bridge was paused to contain the damage and Gnosis has committed to covering all user losses from treasury.
TesseraDAO was exploited for $2.4M on BSC after a private key compromise gave the attacker admin access — they minted 99M TSR tokens, swapped them for USDC using the protocol’s own functions, and withdrew cleanly. TSR dropped from $5.50 to $0.000255. The compromised admin wallet remains active.
Radiant Capital is sunsetting operations 18 months after its October 2024 exploit, with no viable path to recovery or new capital. The protocol enters maintenance mode — users can still withdraw and manage positions, but development, RDNT emissions, and new borrows are stopped. Recovery efforts remain ongoing.
EdgeX reported irregular EDGE token price movement it attributes to deliberate external market manipulation — not a hack or exploit. ZachXBT has publicly questioned the project’s token supply structure, alleging insider-controlled float. Investigation is ongoing.
Stablecoins/RWA🪙
Plume and EtherFi launched a $100M RWA Vault giving EtherFi’s $6B+ user base access to institutional-grade real-world asset yield through Plume’s regulated infrastructure, accessible directly via the EtherFi app.
MoneyGram launched MGUSD, its own U.S. dollar stablecoin built on M0’s modular infrastructure. MoneyGram owns and controls the full coin — reserve custody, token logic, and liquidity — with room to expand chains and adjust economics without starting over.
Bitwise took over as investment manager of the Superstate-created USCC fund, now rebranded as the Bitwise Crypto Carry Fund — a market-neutral basis strategy with over $120M already deposited on Aave Horizon.
X Layer partnered with xStocks to bring tokenized equities to its chain via OKX Wallet, including a fast-listing mechanism that can accelerate compliance and tokenization for high-demand stocks and ETFs to make them tradable 24/7.
Re Protocol added two new reinsurance programs, bringing total premiums written to $431.1M inception to date across 20 companies, 30 programs, and 56 treaties.
Unitas launches XGLD on BSC, a productive gold token collateralized by XAUt that generates yield through Unitas strategies. The protocol brings centuries-old store-of-value gold into DeFi with real yield generation capabilities.
Perps DEX📉📈
Ondo Finance announced its tokenized stocks will be usable as collateral on it’s upcoming Ondo Perps, an RWA perpetuals platform launching June 9.
OpenSea teases perpetual contracts launch powered by Hyperliquid’s builder infrastructure. The NFT marketplace is expanding into derivatives trading, leveraging Hyperliquid’s onchain execution rails for a new revenue stream.
Phoenix, a perps DEX on Solana now accepts cross-chain USDC and USDT deposits from Ethereum, Base, Arbitrum, and HyperEVM, converting them to Solana USDC on arrival.
Raises💰
Axis secured investment from Steakhouse Financial and Serotonin, joining Galaxy, FalconX, and OKX Ventures. The protocol runs delta-neutral arbitrage across venues, passing profits to USDx holders, and positions itself as the execution layer for tokenized asset liquidity.
Hypernova raised a $3M pre-seed led by Lemniscap to bring funded trading onchain — verifiable rules, instant payouts, and capital allocation that scales with performance. Since its May 1 alpha: 250+ traders, $660K funded, $60M+ in volume, and $40K+ in payouts settled onchain.
Nova Markets raised an undisclosed round from Wintermute, Robot Ventures, Cumberland, and others to build onchain perps and prediction markets on Hyperliquid
But the announcement immediately drew public accusations from Dragonfly’s Tom Schmidt, who called the founders scammers and pointed to a prior project, Valhalla DeFi, that raised ~$1.5M before going quiet.
Prediction Markets 🔮
Jupiter launched Forecast, a native prediction market on Solana powered by competing market makers (PropAMMs) rather than a single liquidity pool — starting with 15-minute crypto markets and expanding from there.
News🗞️
The CFTC approved the first U.S.-listed perpetual derivatives contract, setting a regulatory precedent for onshore perp markets and signaling continued engagement on how perpetual products can operate within U.S. frameworks.
Venice reduced VVV emissions from 5M to 4M tokens per year, the second of three planned monthly cuts targeting a net deflationary supply by July when emissions drop to 3M.
MoonPay and Franklin Templeton announced a strategic partnership covering tokenized financial products, institutional trading infrastructure, onchain capital markets, and stablecoin liquidity.
For sponsorships, questions, or news tips, reach us at: support@todayindefi.com
Loop Bluechip Yield Bearing Stablecoin for up to 16% APY
Keep reading with a 7-day free trial
Subscribe to Today in DeFi to keep reading this post and get 7 days of free access to the full post archives.