TomWan

Morpho Midnight's orderbook is going to be one of the venues that matters most for reading DeFi rates. It gives crypto credit something it's never had: a term structure. Fixed rates at fixed maturities, set by an orderbook instead of a utilization curve.
TradFi has always priced credit this way. An overnight rate anchors the front (repo, the policy rate), and a curve of term rates prices duration out along bills, notes, and bonds. DeFi has lived entirely at the overnight point, floating rates that reprice every block. Midnight adds the rest of the curve.
Liquidity is still thin, but the appeti

Arbitrum Treasury Management Program's ETH Deployment is generating 4.5% APY
+2.2% higher than the benchmark using Lido's stETH at 2.32%.
Data from by @EntropyAdvisors

Robinhood Chain has already generated $1M in Fee Revenue after 2 weeks of official launch

Noxa, the primary token launchpad on Robinhood Chain, has paused new token creation.
To date, 60k tokens have launched from Noxa, including the chain's most popular memecoin, CASHCAT. No token has been launched today from Noxa.

Robinhood Chain has hit another milestone, surpassing $200M in stablecoin market cap.
Look closer and the key catalyst is none other than Ethena, the leading asset manager in the space. They currently hold:
• $50M in USDG on Robinhood Chain
• $50M in the Ethena x Steakhouse USDG vault
In total, Ethena accounts for close to 50% of all USDG supply on Robinhood Chain.
Data from @EntropyAdvisors

Hyperliquid has shifted ~$5.4B of USDC from its Arbitrum bridge onto HyperEVM, making it the 3rd-largest USDC chain, ahead of Base. With the collaboration with Coinbase, 87% of that sits in a single Coinbase wallet.
The flip side: USDC on Hyperliquid bridge was always pass-through collateral, not Arbitrum DeFi liquidity. Arbitrum's organic USD is intact at $2.6B, remains a top-5 chain in USDC supply.

Arbitrum is the cheapest place to borrow USDC on Aave. Its 7-day average borrow APY sits at ~3.3%, below Ethereum, Base, Avalanche, and Linea.
There is still ~$40M of liquidity to borrow before utilization hits 90% and the rate steps up to 4%.

Launching an L2 used to be an edge. It isn't anymore. The chains that survive from here will be the ones with distirbution.

1. 2024 made launching trivial. OP Stack, Arbitrum Orbit, Polygon CDK and zkStack turned a rollup into a config file, and the count went from ~40 to 90 in a year. Almost none of them differentiated from any other EVM chain.
So users did the obvious thing. Once incentives dried up there was no reason to stay, and the liquidity and the unique assets were already on Ethereum, Base and Arbitrum.
2. The empty chains are now unwinding: 4 L2s launched in 2026 against 29 shut

Solana's recent surge in perp volume is mainly driven by GM Trade by GMX, with ~$4B in volume yesterday and $220M OI.
Looks impressive at first glance, but both OI and volume are heavily inflated by airdrop farming.
On open interest:
• 90% is concentrated in FX pairs, which are low volatility and low fees. Farmers are parking positions open without actively trading them.
On volume:
• Majors like SOL, XAU, XAG, BTC and ETH are doing the heavy lifting, with volume-to-OI ratios of 50x-300x. For reference, SOL/BTC on Hyperliquid runs at a 1-2x volume-to-OI ratio.
Solana being cheap and fast make

Crypto hacks have entered a new regime: April and May 2026 recorded 48 hacks in 51, effectively one per calendar day.
1. When did the trend started:
We are seeing the increase in monthly hacks starting in 2026, which the timeline aligns closely with the advancement in AI.
2. Who are the prime targets:
The main type of hacks are attacking the protocol logic on small to medium / legacy protocols. rsETH / Drift hack are not part of this category. In the past, the average number of protocol logic related hacks were around 5, and it has incrased to 10-15 in 2026, being the key driver of the rise

Ethena sUSDe's risk profile has shifted meaningfully. Only 0.5% of the allocation is now sitting in basis trades, with the majority in stablecoin lending and T-Bills.
The expansion in yield sources makes sense given the compressed basis trade yields. It gives Ethena more flexibility to deliver yield to sUSDe holders without being structurally tied to perp funding rates.
The allocation resembles a lot with Spark Liquidity Layer:
• the portion of liquid stables that doesn't carry rev share with the issuer will likely get reallocated toward institutional lending. The $10M allocation to Coinbase