X Bans InfoFi, 30% Vested Rewards APR on Turtle, Premium Preview : Earn >20% APY on Mooncake Fi, and more..
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Launches🚀
World Liberty Financial launched World Liberty Markets, a new liquidity markets interface powered by Dolomite that lets users supply assets to earn yield or borrow against their portfolio.
Updates 📰
X revoked API access for multiple “InfoFi” crypto reward apps on Jan. 15—including KaitoAI, Wallchain, and Noise—after a surge in reply spam and low-quality incentive-driven posts.
Aerodrome bought back and max-locked 453,000 $AERO($258K) over the past week. The team also teased more details on upcoming buyback initiatives tied to its planned new program.
GMTrade (formerly GMX-Solana) announced it is launching forex perpetuals on Solana, starting with major FX pairs including GBP/USD, EUR/USD, AUD/USD, and NZD/USD.
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Issues⚠️
Coinbase CEO Brian Armstrong said Coinbase withdrew support for the draft U.S. crypto market structure bill after finding provisions it believed could harm consumers and stifle competition, arguing banks shouldn’t be able to use regulation to “kill their competition.”
He said the goal is to force revisions rather than stop legislation, and expects negotiations to resume with a revised draft potentially within weeks, while warning he would prefer “no bill” over a “bad bill” that could have eliminated several Coinbase product lines.
Upcoming ⏳
Kaito pivots to “Kaito Studio” after pressure from X policy changes, a tier-based creator marketing platform where brands work with selected creators under defined criteria, powered by analytics and expanding distribution beyond X to YouTube, TikTok, and other platforms.
Citrea, a BTC Fi protocol, is launching ctUSD, a stablecoin designed to unify liquidity in the Citrea, backed 1:1 by reserves held in short-term U.S. Treasuries and cash.
Felix Protocol, a money market protocol on HyperEVM, will launch on-chain spot equities trading with Ondo Global Markets, with plans to add borrowing against equity positions later.
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Airdrops 🪂
Reflect Money, a stablecoin protocol on Solana, partnered with Exponent Finance for Season 2, adding PT and YT yield trading on Solana.
Limitless prediction markets announced a 2x points multiplier for the remainder of its Season 2 (11 days) for users with on-chain history tied to Kaito, Cookie, or Wallchain, offering alternative rewards as InfoFi incentives face pressure from X policy changes.
Superform, a yield aggregator, launches depositor rewards program, allocating 10M $UP (1% of the total supply) to SuperVaults v2 depositors, distributed at 2.5M $UP per epoch, pro-rata based on v2 points. Epoch 1 runs Dec 1, 2025–Jan 29, 2026.
Mezo, a BTC Fi Protocol, said users who bought YT in the Upshift BTC vault Pendle pool earned “mats” and are eligible for the MEZO airdrop. Register now to claim allocation.
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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Farms 🧑🏻🌾
Turtle integrated Mezo Network and launched two capacity-capped vaults (total $5M) offering 34% fixed rewards APR on BTC and 30% stablecoin APR funded by MEZO emissions. Rewards are claimable as veMEZO at TGE, with a 3-month lock vesting period.
Summer.fi launched new Lazy Summer vaults on HyperEVM, aggregating protocols including Felix, Hyperlend, HypurrFi, Hyperbeat/Morpho. Through a single deposit, the vaults bundle base yield + HyperEVM ecosystem points + additional SUMR rewards, ahead of $SUMR TGE on Jan 21.
Premium Preview : Farm Volatility and Earn >20% APY with Mooncake mUSD
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The mUSD vault on Mooncake is a yield-bearing stablecoin strategy that acts as the counterparty to leveraged traders on the platform. Unlike standard lending pools, this vault represents the “Funding Position” of the Mooncake ecosystem. Its yield (currently ~24% APY) is derived entirely from the funding fees paid by users holding “liquidation-free” 10x leveraged tokens (e.g., 10xSOL). It offers a delta-neutral, high-yield opportunity for stablecoin holders who want to capture the “cost of carry” from bullish traders.
1. Protocol Overview: Mooncake & RateX
Mooncake is a consumer-facing sub-protocol of RateX on Solana. While RateX focuses on yield trading (splitting assets into Principal and Yield tokens), Mooncake utilizes this infrastructure to offer Liquidation-Free Leveraged Tokens.
The Product: Mooncake allows “degens” to buy leveraged positions (like 10xSOL) that do not have hard liquidation prices. Instead, they pay a continuous stream of funding fees to maintain the position.
The Role of mUSD: mUSD is the liquidity provided to these leverage traders. It effectively acts as the “bank” lending out the capital.
2. Mechanics: How mUSD Generates Yield
The “Funding Position” Model
Mooncake splits the market into two sides:
Leveraged Position (The Borrower): Traders buy 10xSOL to get amplified exposure. They pay a funding fee for this privilege.
Funding Position (mUSD - The Lender): You deposit stablecoins to mint mUSD. This token collects the funding fees paid by the leveraged traders.
Metrics Explained
Funding Token Price: unlike a rigid stablecoin (USDC), mUSD is an accumulation token. The funding fees paid by traders are likely added to the pool, causing the price of mUSD to slowly appreciate over time (rising above $1.00) rather than paying out a separate cash dividend.
Funding APY: This is the annualized rate of return based on the current demand for leverage. In a bull market where many traders are buying 10xSOL, this rate increases.
Coverage Ratio: This is a critical health metric. It likely represents the ratio of Total Liquidity (TVL) vs. Utilized Liquidity (or Open Interest). A high ratio (>100%) means the vault is over-collateralized and there is plenty of liquidity for LPs to exit.
3. Step-by-Step User Guide
Prerequisites
Network: Solana.
Wallet: Phantom, Solflare, or Backpack.
Assets: USDC (Solana native).
Execution
Navigate to Mooncake: Access the official Mooncake.
Select the Market: Look for the “Earn” or “Funding” tab.
Navigate to the 10xSOL_Market.
Mint mUSD:
Deposit USDC.
The protocol will mint mUSD (the funding token) to your wallet.
Note: You are effectively “buying” the funding token at its current price.
Hold to Earn:
There is no “staking” required. As long as you hold mUSD, it appreciates in value as funding fees are accrued.
Exit (Redeem):
To realize profits, you swap or redeem mUSD back for USDC. The amount of USDC you receive should be higher than your deposit, reflecting the accumulated yield.
4. Risk Scrutiny & Warnings
While this is a “stable” strategy relative to holding SOL, specific risks exist:
Utilization Risk (Liquidity Crunch): If the “Coverage Ratio” drops significantly (meaning almost all USDC has been lent out to leveraged traders), you might face withdrawal delays. You would have to wait for traders to close positions or for new LPs to enter before you can redeem your mUSD for USDC.
Smart Contract Risk: Mooncake is a newer protocol (V2 of RateX). Complex mechanisms involving leverage tokenization and yield splitting introduce potential attack vectors.
Demand-Driven Yield: The 24% APY is variable. If the market turns bearish or sideways and traders close their 10x long positions, the funding fees will drop, and your APY could decrease significantly.
Soft Peg Risk: mUSD is not USDC. It is a derivative token representing a share of the funding pool. Its value is tied to the solvency of the Mooncake protocol.
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