24502
Providing credibly neutral coverage of all things DeFi by https://defillama.com.
What does Uniswap’s fee switch, Hyperliquid’s $1b burn, and Vitalik’s love for RISC-V have in common?
🗞 They’re all in this week’s edition of The Decentralised 🗞
🔁 Reflipping the switch? Uniswap’s long-stalled vote to share fees could finally be back in play; queue the VC drama.
More from this week’s top stories:
→ Internal tensions erupt at Jupiter as DAO members push back against team voting power dominance.
→ Hyperliquid’s billion-dollar buyback sparks debate over sustainability and optics.
→ Vitalik floats a radical rethink of Ethereum’s core architecture; friendship over with EVM?
From the land of DAOs:
📣 Arbitrum’s OpCo pushes to expand mandate from passive admin to proactive operator through funding flexibility and hiring powers.
📣 Uniswap considers installing a new braintrust to guide its technical roadmap.
📣 Lido asks whether it's finally time to reward LDO holders with a cut of staking revenue.
Missed this one? That's okay, you can sign up here.
We taught a llama to read.
Now it skims the most recent headlines and delivers clean, AI-powered recaps just for you.
Available on LlamaFeed for Llama+ subscribers.
https://llamafeed.io/
How it works:
The AI-powered llamabot chews through a field of news and digests the top headlines, spitting out a fresh summary every 10 minutes.
Shepherd your llamaBot by filtering a selection of trusted news providers to deliver the headlines you want to see.
DefiLlama will always be free. But for $49/month (card OR crypto), you unlock:
-moar data (CEX listings, TradFi stocks) downloadable in CSV format
-10 news sources and 500+ X accounts
-increased content w/ custom columns
-all active markets on Polymarket
_Yieldbasis whitepaper is live👀
https://x.com/yieldbasis/status/1933181270105952617
MEV ⚡️
BuilderNet's Infrastructure Monoculture
https://eigenphi.substack.com/p/guest-post-buildernet-infra-monoculture
Reads 📚
The Omnichain Stablecoin Wars: The King, The Suit & The Alchemist
https://x.com/xkonjin/status/1931845248893833673
Unpacking the Stablecoin Sandwich
https://www.bedlamresear.ch/posts/sandwich/
Plasma: The Stablecoin Singularity
https://x.com/Kairos_Res/status/1932453898402292171
Circle’s NYSE Debut Soars, but Can T-Bill Yields Keep the Party Going?
https://x.com/Shoalresearch/status/1931389152928661626
Monthly Market Insights - June 2025
https://www.binance.com/en/research/analysis/monthly-market-insights-2025-06/
Curated List of Active Liquid Crypto Investors
https://x.com/bidclubio/status/1932097637752459404
Raises 💰
Hypernative closes $40 million series B round
https://www.axios.com/pro/fintech-deals/2025/06/10/crypto-security-hypernative-40-million
Variational raises $1.5M for P2P derivatives
https://x.com/variational_io/status/1930300230316240968
HeyElsa secures $3M for AI crypto co-pilot
https://x.com/HeyElsaAI/status/1930599029571756276
HashPower raises $4M for on-chain mining
https://x.com/HashpowerX/status/1930832176679137401
IOST raises $21M for RWA infrastructure
https://x.com/IOST_Official/status/1930958121976959435
Turnkey raises $30M Series B
https://x.com/turnkeyhq/status/1932030967188996348
Rise Labs raises $4M from Galaxy Digital
https://x.com/rise_chain/status/1932067365245903078v
Llama news round-up | 4 June – 11 June
News 📰
Circle shares soar 168% in ‘watershed moment’ for crypto as stablecoins shine
https://www.dlnews.com/articles/snapshot/circle-stock-soars-on-first-day-amid-red-hot-stablecoin-market/
Whales dominate $500m ICO for Tether-centric Plasma blockchain
https://www.dlnews.com/articles/defi/whales-dominate-plasma-500m-ico/
Why DeFi is going to love the big change in the crypto Clarity Act
https://www.dlnews.com/articles/regulation/new-change-crypto-megabill-protect-defi-builders-legal-peril/
Apple, X, and Airbnb among growing number of Big Tech firms exploring crypto adoption
https://fortune.com/crypto/2025/06/06/apple-x-airbnb-google-cloud-stablecoins-crypto-conversations/
Crypto firm Gemini confidentially files for US IPO
https://www.prnewswire.com/news-releases/gemini-announces-confidential-submission-of-draft-registration-statement-for-a-proposed-initial-public-offering-302475527.html
KULR plans to raise up to $300M to fuel Bitcoin purchases
https://www.coindesk.com/markets/2025/06/09/kulr-plans-to-raise-up-to-300m-to-fuel-bitcoin-purchases
JPMorgan Chase set to accept Bitcoin, crypto ETFs as loan collateral
https://cryptobriefing.com/jpmorgan-crypto-loan-collateral/
@Metaplanet_jp launches largest Asia equity raise to buy more BTC https://x.com/gerovich/status/1930890049530520018
X announces Polymarket as their official prediction market partner
https://x.com/x/status/1931001329129844987
Deutsche Bank Explores Stablecoins and Tokenized Deposits
https://www.ledgerinsights.com/deutsche-bank-considers-own-tokenized-deposit-stablecoin-offering-report/
Uber is evaluating stablecoins’ potential for payments
https://x.com/DeItaone/status/1930681164798259386
Tether to open-source its BTC mining OS
https://x.com/paoloardoino/status/1932047179511640231
Layer 1 & 2 ⛓️
‘The doors have blown open’ — how Solana is courting Wall Street as memecoins flame out
https://www.dlnews.com/articles/defi/how-solana-is-courting-wall-street-as-memecoins-flame-out/
Tether-based blockchain to launch with Bitfinex backing
https://www.dlnews.com/articles/deals/tether-based-blockchain-to-launch-with-bitfinex-backing/
Berachain activates Bectra upgrade
https://x.com/berachain/status/1930326162577776655
Ethereum Foundation announces new treasury policy https://blog.ethereum.org/2025/06/04/ef-treasury-policy
XRP Ledger devs plan sidechain launch in Q2
https://x.com/Peersyst/status/1932634097366548969
Solana ETFs could see approval in four months
https://x.com/WuBlockchain/status/1932512028171866396
Ethereum developer Péter Szilágyi clashes with Ethereum Foundation co-executive director Tomasz Stańczak
https://x.com/peter_szilagyi/status/1932715607205564874
Cardano unveils Cardinal Protocol
https://x.com/rom1_pellerin/status/1932116167495471148
ZKsync shares info on their upcoming token unlocks
https://x.com/TheZKNation/status/1932118080789827698
Ethereum Foundation Releases First 1TS Report
https://ethereum.org/en/trillion-dollar-security/
Bitcoin Core devs schedule OP_RETURN change.
https://decrypt.co/324424/bitcoin-core-devs-commit-to-changing-op_return-data-storage-limit-by-october
The IBC team has updated the IBC Solidity contracts to v2.
https://x.com/IBCProtocol/status/1932437655356342662
Why doesn't the $200b+ DeFi market have standardised risk ratings like TradFi?
Exponential asked and answered this question by building a holistic, fact-based framework for every chain, protocol, pool, and asset.
We break it down in our latest report, Evaluating Risk in DeFi.
Raises 💰
Conduit Pay raised $36M in a Series A funding
https://conduitpay.com/blog/conduit-raises-36m-in-series-a
Reddio closed its Series A round
https://x.com/reddio_com/status/1928783679553417616
Rails raises $14m from backers including Kraken
https://www.coindesk.com/business/2025/06/04/rails-raises-14m-from-backers-including-kraken-to-launch-crypto-exchange
Perp DEX Avantis raised $8M
https://x.com/avantisfi/status/1929932559611294023
Bitcoin multisig vault platform Asigna raised $3M
https://x.com/asignaio/status/1927395682517672061
Agentic crypto browser Donut raised $7M
https://x.com/DonutBrowser/status/1928084510815703378
Neutral Trade Raised $2M
https://solanafloor.com/news/neutral-trade-raises-2m-democratize-onchain-hedge-fund-strategies
Alph AI raised $2M
https://x.com/Crypto_Dealflow/status/1929539025011876225
Security 🛡
deUSD oracle attack caused $500k worth of liquidations on Avax
https://x.com/omeragoldberg/status/1928149177000726973
Nervos Network bridge exploited for $3M
https://x.com/CyversAlerts/status/1929428359856935185
Cork Protocol - Rekt
https://rekt.news/cork-protocol-rekt
AI 🤖
Risk Tokens: Economic Security in AI Safety
https://www.michaeldempsey.me/blog/2025/06/02/risk-tokens/
Pluralis: Split and train LLM across consumer devices
https://x.com/pluralishq/status/1929916173530849439
Valuing Bittensor Subnets
https://x.com/cabronelbufon/status/1928572804204736564
AI and Money: Why Legacy Financial Systems Fail for AI Agents
https://x.com/catena_labs/status/1930019794771718253
Llama Update 🦙
Analysis of the Arbitrum DAO’s Technical Decision-Making Process by DL Research
https://forum.arbitrum.foundation/t/analysis-of-the-daos-technical-decision-making-process/29351
Introducing a new way to navigate DefiLlama
https://x.com/DefiLlama/status/1928237419045794143
MEV ⚡️
“How does MEV trading work in attention markets?”
https://x.com/NathanWorsley_/status/1929273182864728225
First-Spammed, First-Served: MEV Extraction on Fast-Finality Blockchains
https://arxiv.org/html/2506.01462v1
Interoperability 🪢
Solayer’s sUSD expands to Base with Wormhole NTT
https://x.com/wormhole/status/1928119830164688943
Wormhole Governance is live
https://x.com/wormhole/status/1927436692044050655
Silo Finance has adopted Chainlink CCIP
https://x.com/chainlink/status/1927877748367745322
A new chapter begins for Stargate
https://x.com/StargateFinance/status/1928151122725982373
Interop from the BD Lens
https://x.com/lifiprotocol/status/1928421888386375771
KyberSwap Crosschain Swap is live
https://x.com/KyberNetwork/status/1927711464430952793
The new Abstract bridge is now live
https://x.com/0xCygaar/status/1928194153231569313
Llama news round-up | 28 May – 4 June
News 📰
Stablecoin act, laden with new changes, is poised for speedy passage
dlnews.com/articles/regulation/stablecoin-act-is-poised-for-speedy-passage-after-democrats-win-changes
European police bust crypto-linked meth ring tied to Mexican cartel
https://www.dlnews.com/articles/people-culture/crypto-powered-meth-ring-tied-to-sinaloa-cartel-busted-in-marseille
Top Democrat opens probe into Trump memecoin dinner and demands names of attendees
https://www.dlnews.com/articles/people-culture/crypto-powered-meth-ring-tied-to-sinaloa-cartel-busted-in-marseille
Crypto VCs pour $7.7bn into startups this year as optimism surges
https://www.dlnews.com/articles/markets/crypto-projects-raise-usd7bn-in-first-five-months-of-2025/
BlackRock to acquire 10% of Circle IPO shares
https://www.bloomberg.com/news/articles/2025-05-28/blackrock-is-said-to-plan-to-buy-shares-in-circle-internet-ipo
Pump .fun plans $1B token sale at $4B FDV: Sources
https://blockworks.co/news/pumpdotfun-token-sale
Circle Freezes $58M Worth of USDC Tied to Libra Scandal
https://decrypt.co/322558/circle-freezes-58-million-usdc-solana-wallets-libra-scandal
Nansen AI announces points program
https://x.com/nansen_ai/status/1927793083917423033)
Microstrategy Acquires Another 705 Bitcoin
https://x.com/saylor/status/1929508945871163520
Bergen County to tokenize $240B in property deeds on Avalanche
https://x.com/Cointelegraph/status/1927938102582026597
Thailand SEC blocking multiple CEXs
https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=11796
SEC confirmed that staking does not violate U.S. securities law
https://www.coindesk.com/news-analysis/2025/05/29/crypto-staking-doesnt-violate-us-securities-law-sec-says
Paris Saint-Germain announces Bitcoin treasury
https://x.com/BitcoinMagazine/status/1928158160751079898
Trump Media raises $2.4B for BTC treasury plan
https://www.bloomberg.com/news/articles/2025-05-30/trump-media-raises-2-44-billion-for-bitcoin-treasury-plan
SharpLink gaming launching a $1B stock offering to buy ETH
https://www.streetinsider.com/dr/news.php?id=24878932&gfv=1#a_005
Metaplanet_JP acquires 1088 BTC
https://x.com/Metaplanet_JP/status/1929373508926107960)
Reitar Logtech announces $1.5B BTC acquisition plan
https://www.investing.com/news/sec-filings/reitar-logtech-announces-15-billion-bitcoin-acquisition-plan-93CH-4075881
Tether is introducing XAUt0
https://mirror.xyz/tetherzero.eth/-868_p-V6o6Qmfr6kmUZ8HehIOPSXqdWtXdWkHKpLGY
Web3Auth is now part of Consensys
https://blog.web3auth.io/web3auth-is-now-part-of-consensys/
Kaito is Now Live on Instagram & TikTok
https://x.com/KaitoAI/status/1929844720718492043
Reads 📚
Bitcoin’s Fundamental Value – thiccyth0t
https://thiccythot.substack.com/p/bitcoins-fundamental-value
The Rise of Yield Stablecoins – Jacek_Czarnecki
https://x.com/Jacek_Czarnecki/status/1924743070345789735
SYRUP Token Thread – GLC_Research
https://x.com/GLC_Research/status/1924444197970469335
BNBChain EOA Control – suplabsyi
https://x.com/suplabsyi/status/1925478607134351611
AI Entering the Physical Realm – s4mmyeth
https://x.com/S4mmyEth/status/1925563382884687992
Beyond the Casino - The Next Five Years of Solana
https://louieajacob.substack.com/p/beyond-the-casino-the-next-five-years
Prediction Markets Can't Agree on the Truth
https://michaellwy.substack.com/p/prediction-markets-cant-agree-on
Pendle: The Era of Stablecoin Expansion
https://www.spartangroup.io/insights/pendle-the-era-of-stablecoin-expansion
Privacy Was Always the True Alpha
https://x.com/StableLab/status/1927314483111669955
Maxing Out the SVM: Performance Impact of Memory and Program Cache Sizes in the Agave Validator
https://arxiv.org/abs/2505.04129
Raises 💰
Strive Raises $750 Million to Fuel Bitcoin Treasury Purchases
https://www.globenewswire.com/news-release/2025/05/27/3088674/0/en/Strive-Asset-Management-and-Asset-Entities-Nasdaq-ASST-Announce-750M-Private-Investment-to-Fund-First-Wave-of-Bitcoin-Accumulation.html
Theta Capital secures $175 million for crypto fund investment
https://www.bloomberg.com/news/articles/2025-05-21/theta-capital-secures-175-million-for-crypto-fund-investments
World raises $135M from Andreessen Horowitz and Bain Capital Crypto to fund network expansion
https://world.org/blog/announcements/world-raises-135m
yzilabs announces investment into Avalon Labs
https://x.com/yzilabs/status/1927000818680541674
Catena Labs Raises $18M Seed Led by a16z
https://fortune.com/crypto/2025/05/20/sean-neville-catena-labs-18-million-a16z-breyer-circle-coinbase-tom-brady/
Slash Raises $41M Series B
https://fortune.com/article/slash-vertical-banking-nea-fintech-tech-funding-performance-marketing/
Roxom Raises $17.9M for Bitcoin-Based Trading
https://hackernoon.com/roxom-global-raises-$179m-is-bitcoin-backed-media-the-future
Hyperdrive raises $6M Series A
https://x.com/hyperdrivedefi/status/1925944813427302528
Stablecoin-based PSP Beam Cash raised $7M
https://www.axios.com/pro/fintech-deals/2025/05/27/ex-visa-crypto-beam-7-million
Security 🛡
a16z: How to Protect Yourself After a Personal Data Breach
https://a16zcrypto.com/posts/article/how-to-protect-after-data-breach/
Three Sigma: Cetus Protocol $223M Hack
https://x.com/threesigmaxyz/status/1926971295708627337
Cetus hack post-mortem
https://dedaub.com/blog/the-cetus-amm-200m-hack-how-a-flawed-overflow-check-led-to-catastrophic-loss/
Dexodus Finance exploited for $300k
https://x.com/DexodusFinance/status/1927049294458097858
Enterprise Crypto OpSec: A Comprehensive Guide for Companies
https://threesigma.xyz/blog/opsec/enterprise-crypto-opsec-guide-2025
Marinade Finance - Rekt
https://rekt.news/slow-roasted-stake
AI 🤖
Templar introduces Gauntlet to incentivise training of LLMs
https://x.com/tplr_ai/status/1926944611462725710?s=46&t=ywALktyM5ZCyt-zigN5Big
Chibi Clash Acquired by Scrypted
https://www.prnewswire.com/news-releases/scrypted-acquires-chibi-clash-to-advance-ai-agent-powered-gaming-302456679.html
Llama Update 🦙
Introducing new filters on LlamaFeed
https://x.com/DefiLlama/status/1926974971647050035
DeFillama is now tracking Chain REV on Chain pages
https://x.com/DefiLlama/status/1924963524230709402
Improving Arbitrum’s Incentive Programs by DL Research & Castle Labs
https://forum.arbitrum.foundation/t/incentive-program-assessments-recommendations/29276
Layer 1 & 2 ⛓️
Alpenglow: A New Consensus for Solana
https://www.anza.xyz/blog/alpenglow-a-new-consensus-for-solana
Initia proposes reducing staking rewards
https://forum.initia.xyz/t/initia-chain-upgrade-proposal-1-taking-off-the-training-wheels/166
Polygon co-founder Mihailo Bjelic steps down, marking third founder exit
https://x.com/MihailoBjelic/status/1925955088272572765
Solana Introduces the Solana Attestation Service
https://x.com/solana/status/1926008981635354646
Sui Foundation is providing Cetus with a secured loan as part of a plan to quickly compensate user losses in full
https://x.com/SuiNetwork/status/1927439620091834569
BNB Chain testnet activates Maxwell HardFork
https://www.bnbchain.org/en/blog/bnb-chain-announces-maxwell-hardfork-bsc-moves-to-0-75-second-block-times
Sui unveils ZK auth
https://x.com/Cointelegraph/status/1926367669457920398
Starknet launches S-two, its next-gen prover
https://x.com/StarkWareLtd/status/1927334088878256152
Timing Games on Monad
https://x.com/ChorusOne/status/1926909333532561637
Sei Network introduces Sei Giga
https://arxiv.org/abs/2505.14914
Interoperability 🪢
Yala brings cross-chain Bitcoin liquidity to Solana
https://www.dlnews.com/research/external/yala-brings-cross-chain-bitcoin-liquidity-to-solana/
Circle’s CCTP processes $40-50 billion annually, capturing close to 50% of cross-chain bridge traffic
https://x.com/jonbma/status/1924102734896337036
Wormhole Has Announced a Strategic Integration to Bring DOGE to Solana, Powered by its NTT
https://wormhole.com/blog/usd35-billion-doge-going-multichain-with-wormhole-ntt-starting-with-solana
Chainflip launches A.S.S. (Automated Stablecoin Strategies)
https://x.com/Chainflip/status/1925160720452460950
Glue partners with Stargate to launch the flagship cross-chain mobile app.
https://x.com/GlueNet/status/1924933515365569023
Circle launches Circle Payments Network (CPN) on mainnet
https://x.com/circle/status/1925160445523923186
Bungee litepaper
https://www.bungee.exchange/litepaper.pdf
Code is law? A federal judge just agreed.
This week in The Decentralised:
🥭 Avi Eisenberg sentenced to four years — but not for Mango Markets fraud
🚨 $220m Sui exploit
🪦 RIP Alpaca Finance
👮 Vitalik getting red-carpet security for EthCC
Not subscribed? Sign up here.
https://x.com/capmoney_/status/1925928875000742390
Читать полностью…
Currently out to pasture. DefiLlama roundup returns next Wednesday.
In the meantime, go check out LlamaFeed!
Arbitrum’s Technical Governance Makeover
Skimming a technical proposal on deadline. Hunting for audits across three forum threads. Waiting on someone in Discord to explain what the upgrade actually does. That’s what technical governance often looks like in some of DeFi's biggest DAOs.
The Arbitrum Research and Development Committee (ARDC) brought in DL Research to map out why that’s happening and how to fix it. We unpacked the lifecycle of proposals like BoLD and Timeboost, spoke to delegates, and scored Arbitrum’s tooling against peers like Optimism, zkSync, and Maker.
By providing delegates with the structure and visibility they’ve been requesting, we've created a framework that clears the fog surrounding high-impact decisions.
Six recurring governance gaps emerged across recent proposals:
⚠️ Delegates lack interpretive support.
⚠️ Documentation is inconsistent.
⚠️ Onboarding and communication are fragmented.
⚠️ Workshops are underused.
⚠️ Metadata tables and proposal checklists are missing.
⚠️ No institutional memory.
Arbitrum’s tooling is capable, but under-structured. It can meet the demands of a growing protocol if supplied with better scaffolding.
DL Research proposes a flexible framework based on five key governance enhancements:
✅ Expert Review via Arbitrum-Aligned Entities (AAEs)
✅ Delegate Workshops
✅ Proposal Templates and Metadata Tables
✅ Documentation and Archiving
✅ Scoped Technical Missions Program
Delegates don’t need to be protocol engineers, but they do need the context, clarity, and confidence to make informed decisions.
📑 Our full report maps the core frictions and offers a clear path to structure Arbitrum’s technical governance through expert review, delegate education, standardisation, and archiving.
OneBalance announces $20m Venture Round.
https://x.com/OneBalance_io/status/1932830203237314895
Security 🛡
Analysis of ALEXLabBTC exploit
https://x.com/ma1fan/status/1931615831072313647
Force Bridge - Rekt
https://rekt.news/force-bridge-rekt
Dodging a Bullet (Vesu)
https://rekt.news/dodging-a-bullet
Kraken: The Hidden Security Threats at Industry Conferences
https://blog.kraken.com/news/industry-news/crypto-conference-complacency
Checklist of audit checklists
https://github.com/TradMod/awesome-audits-checklists
AI 🤖
Optimistic Truth Bot by UMA - An AI-Integrated Oracle
https://blog.uma.xyz/articles/experiment-can-ai-agents-enhance-uma-oracle
Scaling Reinforcement Learning: Environments, Reward Hacking, Agents, Scaling Data
https://semianalysis.com/2025/06/08/scaling-reinforcement-learning-environments-reward-hacking-agents-scaling-data/
The Case for Decentralized Training
https://twitter.com/OnchainLu/status/1930279420297703709
Pay-to-Learn: Multi-Agent Reinforcement Fine Tuning with Microtransactions
https://x.com/openblocklabs/status/1932111203771240469
Lagrange x 0G Labs
https://x.com/lagrangedev/status/1930988470660432306
Llama Update 🦙
App Fees are now available to track and chart on our chain pages
https://x.com/DefiLlama/status/1932555682148139394
We're now tracking Revenue-Incentives as Earnings
https://x.com/DefiLlama/status/1931047973443801259
Arbitrum’s Technical Governance Makeover By DL Research
https://x.com/dl_research/status/1932475580336779340
Interoperability 🪢
SOL is now on Avalanche, powered by Wormhole NTT
https://x.com/wormhole/status/1930625834257351148
METIS token is now interoperable across chains through LayerZero
https://x.com/MetisL2/status/1931598405068816710
Maple Finance adopts Chainlink CCT standard for its syrupUSDC token
https://x.com/chainlink/status/1930656909226315932
Blueprint integrates with LI.FI.
https://x.com/lifiprotocol/status/1929900898626744529
XRP is now live for swaps on THORChain
https://x.com/THORChain/status/1930665017336017101
DeFi 🏦
Uniswap’s DAO drama sparks debate on decentralisation in Congress
https://www.dlnews.com/articles/defi/uniswap-dao-drama-sparks-debate-in-congressional-hearing/
Euler Finance introduces Frontier
https://x.com/eulerfinance/status/1930583683855171837
Aave Umbrella Safety Module activated
https://x.com/aave/status/1930630754255479080
Maple Finance expands to Solana
https://cointelegraph.com/news/maple-finance-expands-solana-yield-bearing-stablecoin
Synthetix launching a perp DEX on Ethereum
https://x.com/synthetix_io/status/1930946924150161464
Curve goes live on Hyperliquid’s HypeEVM
https://news.curve.finance/curve-live-on-hyperliquid/
Pump.fun will distribute protocol revenue to PUMP token holders
https://x.com/Cointelegraph/status/1931305195864027544
1inch unveils new ‘Pathfinder’ algorithm
https://blog.1inch.io/new-pathfinder-algorithm-better-swap-rates/
Aave debuts on Sony-backed Soneium
https://x.com/aave/status/1932468391840772449
Compound DAO votes for incentives to drive growth on Unichain
https://www.tally.xyz/gov/compound/proposal/445
Round 5 Unichain incentives are live
https://x.com/gauntlet_xyz/status/1932503480562061494
Virtuals_io going to Ethereum
https://x.com/virtuals_io/status/1932087678578921644
ThrusterFi winding down
https://x.com/ThrusterFi/status/1932289977922011526
📰Extra! Extra! Latest edition of The Decentralised just dropped!
🎰 Polygon-based predictions platform Polymarket partners with X; news 2.0 or enhanced echo chamber?
💰 Peter Thiel-backed Plasma blockchain raises $500m through ICO on crypto fundraising platform Echo; whales content with 2021-esque six-figure transaction fees.
More from this weeks top stories:
→ Morpho transitions to nonprofit structure to realign incentives
→ DeFi's ideological split hits Capitol Hill in a new House bill
→ Solana courts TradFi while distancing itself from memecoin frenzy; are the trenches being demilitarised and rehabilitated?
From the land of DAOs:
📣 Arbitrum votes on new DeFi incentives program
📣 Compound pushes Unichain growth with a fresh proposal
📣 Jito considers funding research into tokenomics design
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🚨 NEW DROP FROM WOLFGANG MÜNCHAU 🚨
Will Trump default on US debt to force the Fed's hand?
It sounds insane, but Wolfgang called the 2008 global financial crisis. Now he’s watching the “Big Beautiful Default” come into focus.
This one’s for the macro heads, the doomers, and the Bitcoin bulls. Read it here.
Reads 📚
Four Pillars: Darker Than Black - Web3 Needs Dark Pools
https://x.com/FourPillarsFP/status/1929463984648016199
Pantera: A New Frontier For Crypto Exposure
https://panteracapital.com/blockchain-letter/a-new-frontier-for-crypto-exposure/
Helius: Solana’s Stablecoin Landscape:
https://www.helius.dev/blog/solanas-stablecoin-landscape
The $Strategy Strategy Proliferation
https://x.com/breed_vc/status/1929905224908480729
Decentralised Co: Beyond Stablecoins
https://www.decentralised.co/p/beyond-stablecoins
DeFi 🏦
Why CZ says the time has come to hide trades in ‘dark pools’
https://www.dlnews.com/articles/defi/cz-says-the-time-has-come-to-hide-some-trades-in-dark-pools/
GammaStrategies introduces first CLOB built on Uniswap v4 https://x.com/GammaStrategies/status/1927745125356102120)
Etherfi launches crypto hotel booking services
https://x.com/ether_fi/status/1928423881439670309
Ethena Launches Within Major TON Wallets
https://mirror.xyz/0xF99d0E4E3435cc9C9868D1C6274DfaB3e2721341/YUZKfi_C4ot3zsTpFzOI2sIA7QyPiMWhUcEY6X8SPDE
Uniswap Foundation introduces single-click migrations
https://x.com/uniswapfnd/status/1928127726843765231
USDC incentives on Unichain are live.
https://x.com/gauntlet_xyz/status/1928564674678895037
Paradigm announces stablecoin AMM Orbital
https://www.paradigm.xyz/2025/06/orbital
Stake DAO releases Staking V2
https://x.com/StakeDAOHQ/status/1929617430537482582
USDS rewards are now live for SKY Staking
https://x.com/SkyEcosystem/status/1929590275132772466
Aave swap widget now powered by CoW Swap
https://x.com/CoWSwap/status/1929538997782806648
GMX introduces GMX express
https://x.com/GMX_IO/status/1929549015051321477
Summary of stablecoin yields
https://x.com/route2fi/status/1929610156314067093
Morpho is live on Unichain
https://x.com/MorphoLabs/status/1929915236640850266
Onboard tBTC to Aave v3 on Base
https://governance.aave.com/t/arfc-onboard-tbtc-to-aave-v3-on-base/22226
Layer 1 & 2 ⛓️
Ethereum Foundation announces Protocol
https://blog.ethereum.org/2025/06/02/announcing-protocol
Solana introduces App Kit
https://x.com/solana/status/1928572185649512526
SonicLabs releases details on $S airdrop
https://x.com/SonicLabs/status/1929585587180523528
SOL Strategies Releases Q2 2025 Financial Results
https://x.com/solstrategies_/status/1929537121204736447
Arbitrum Gaming Venture monthly update
https://forum.arbitrum.foundation/t/agv-monthly-update-may-2025/29353
Updates to Inertia VIP Criteria
https://forum.initia.xyz/t/updates-to-inertia-vip-criteria/258
TON Blockchain Back Online After Brief Outage
https://x.com/ton_blockchain/status/1929171527582273736
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DeFi 🏦
Alpaca Finance winding down
https://www.dlnews.com/articles/defi/defi-protocol-alpaca-finance-shuts-down-as-losses-mount/
Code is law’ just won in court in victory for DeFi
https://www.dlnews.com/articles/defi/code-is-law-won-in-court-in-victory-for-defi/
Synthetix and Derive call off $27 million merger proposal
https://x.com/derivexyz/status/1925330013756563679
OnRe partners with Ethena for first ONe token and pool
https://x.com/onrefinance/status/1925226270784205093
Lido Finance v3 whitepaper live
https://x.com/lidofinance/status/1924863140182806588
Yearn Finance introduces yBOLD
https://docs.yearn.fi/getting-started/products/yvaults/yBold
Bancor sues Uniswap for patent infringement
https://www.businesswire.com/news/home/20250520621182/en/Bancor-Files-Patent-Infringement-Lawsuit-Against-Uniswap-Over-Unlicensed-Use-of-Foundational-Technology-Behind-Decentralized-Exchanges
Introducing Drift Institutional
https://www.drift.trade/updates/introducing-drift-institutional
Jupiter Lend: Advanced Money Market on Solana
https://x.com/JupiterExchange/status/1925614551162138901
Prediction Market Kalshi Enables Solana Deposits
https://x.com/Kalshi/status/1925930116527350156
Timefun is now open to everyone
https://x.com/timedotfun/status/1927419002298495222
UniswapFND provided a submission to the SEC Crypto Task Force
https://x.com/fund_defi/status/1927411165451190503
Curve deployed on Plume Network
https://news.curve.finance/curve-on-plume/
Cap’s Launch Roadmap
https://x.com/capmoney_/status/1925928875000742390
Sneak peek of the new Bunni_xyz pool create page
https://x.com/boredGenius/status/1927450727737126941
Two new lending vaults have been launched on Kamino V2
https://x.com/KaminoFinance/status/1927070655352066135
Templar Protocol is live on mainnet
https://x.com/TemplarProtocol/status/1927439745484771504
Loudio explores attention markets onchain
https://x.com/0x_ultra/status/1927319268795842942
TITAN Exchange: New DEX Aggregator on Solana
https://x.com/Titan_Exchange/status/1902818743845036343
MEV ⚡️
MEV with Multiple Concurrent Proposers
https://seiresearch.io/articles/mcp-mev
Summary of Solana Accelerate talk (The State of Solana MEV)
https://x.com/chrischang43/status/1925627379524788433
Private MEV Protection RPCs: Benchmark Study
https://arxiv.org/abs/2505.19708
Llama news round-up: May 21-28
News📰
SharpLink Gaming reveals $425 million Ethereum reserve strategy
https://www.dlnews.com/articles/markets/consensys-kickstarts-eth-treasury-push-with-425m-deal/
Coinbase reveals 69,461 users affected in December 2024 data heist
https://www.dlnews.com/articles/markets/outrage-over-months-of-undiscovered-coinbase-heist/
Trump Media mimics Michael Saylor with $2.5bn Bitcoin buying plan
https://www.dlnews.com/articles/markets/trump-mimics-michael-saylor-with-bitcoin-buying-plan/
Strategy acquires 4020 BTC for $427M
https://www.dlnews.com/articles/markets/critics-slam-michael-saylor-for-brushing-off-bitcoin-audits/
Cantor Fitzgerald launches $2B Bitcoin-backed lending program
https://www.bloomberg.com/news/articles/2025-05-27/cantor-s-2-billion-bitcoin-backed-lending-arm-makes-first-deals
Stablecoin giant Circle files for IPO on NYSE
https://www.coindesk.com/business/2025/05/27/stablecoin-giant-circle-files-for-ipo-on-nyse
Echo launches Sonar
https://x.com/echodotxyz/status/1927422067801997336
Milei Shuts Down Argentina Unit Investigating Crypto Scandal
https://www.bloomberg.com/news/articles/2025-05-20/milei-shuts-down-argentina-unit-investigating-crypto-scandal
Texas House Passes Strategic Bitcoin Reserve Bill
https://www.axios.com/local/dallas/2025/05/27/strategic-bitcoin-reserve-bill-clears-hurdle-in-texas-legislature
Robinhood Submits SEC Proposal for Tokenized RWAs
https://www.forbes.com/sites/digital-assets/2025/05/20/robinhoods-rwa-letter-could-bring-wall-street-onchain/
Hong Kong Passes Stablecoin Bill
https://www.cnbc.com/2025/05/22/hong-kong-passes-stablecoin-bill-as-more-governments-recognize-the-digital-assets-.html
Solana on Metamask
https://metamask.io/en-GB/news/solana-on-metamask-sol-wallet?utm_source=twitter&utm_medium=social&utm_campaign=cmp-24727656-afbf08
Kraken to Launch Tokenized Stocks and ETF Trading
https://blog.kraken.com/news/tokenized-equities-coming-soon
Succinct ZK Prover Token Launch
https://blog.succinct.xyz/introducing-the-succinct-network-architecture-and-the-prove-token/
Lagrange Foundation introduces $LA
https://x.com/LagrangeFndn/status/1927034374354067758
BNP Paribas Asset Management Introduces Natively Tokenized Money Market Fund Shares
https://www.bnpparibas-am.com/en/press/mediaroom-en-bnp-paribas-asset-management-launches-first-natively-tokenised-money-market-fund-shares-on-allfunds-blockchain/
Pakistan allocates 2,000MW for Bitcoin mining
https://www.reuters.com/sustainability/boards-policy-regulation/pakistan-allocates-2000-megawatts-electricity-bitcoin-mining-ai-data-centres-2025-05-25/
Tokeny Acquired by Apex Group
https://tokeny.com/apex-group-acquires-majority-stake-in-tokeny-to-catalyze-widespread-industry-tokenization-adoption/
Plume meets SEC for DeFi sandbox & tokenized securities rules
https://x.com/Cointelegraph/status/1926382784668393489
Major US banks consider jointly issuing stablecoin
https://www.wsj.com/finance/banking/crypto-stablecoin-big-banks-a841059e
GameStop Buys $512M Worth of BTC
https://x.com/gamestop/status/1927679297252364502
Ember Sword shuts down after raising millions
https://esportsinsider.com/2025/05/ember-sword-shuts-down-after-raising-millions-web3-game-collapses
Improving Arbitrum’s Incentive Programs
Since 2023, Arbitrum has deployed nearly 150 million ARB through a series of community-governed incentive programs. These ranged from short-term experiments to longer-term pilots, all aimed at supporting ecosystem growth, bootstrapping liquidity, and attracting users. When optimising a DAO's capital, it’s critical we pause to reflect on the performance of past programs, what we can learn, and how to build better incentive structures going forward.
As Research Members of the Arbitrum Research and Development Committee (ARDC), DL Research and Castle Labs were tasked to evaluate Arbitrum’s historical incentive programs and identify best practices from external ecosystems. Our findings draw from both Arbitrum-native initiatives and comparative efforts across ecosystems like Optimism, zkSync, Sonic, and Avalanche with the goal to help lay the groundwork for more strategic, transparent, and impactful programs in the future.
Lessons from the journey so far:
⚠️ Program complexity created friction
⚠️ There was a gap between readiness and design
⚠️ Measurement and reporting remained ad hoc
⚠️ Short program durations created deployment pressure
⚠️ Strategic alignment was often missing
Where do we go from here?
1️⃣ Clear objectives set at the DAO level, not just by applicants.
2️⃣ Defined ecosystem-wide outcomes, such as market share or user retention.
3️⃣ Strategically bootstrapping high-potential verticals, rather than attempting to scale existing ones indiscriminately.
4️⃣ Built-in flexibility, with the ability to reallocate based on performance.
5️⃣ A dedicated incentives operations unit to track, report, and manage programs.
6️⃣Standardised metrics and public dashboards to support transparency and oversight.
📰 The full details of our report are available here within the Arbitrum DAO forums.
Bitcoin price inches toward all-time high as Trump’s trade tensions cool
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Solana’s ‘Alpenglow’ upgrade is designed to boost speed 100 times
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