Weekly DeFi Index

Weekly DeFi Index

This week, the market cap and volume indices grew +0.80% and +6.62%, respectively, while volatility declined -3.80%.

• Intercontinental Exchange (ICE) CEO Jeffrey Sprecher noted at a financial conference that the decentralized perpetual futures platform Hyperliquid is "bigger than Nasdaq" in certain metrics, highlighting its ability to clear billions in daily nominal volume with minimal personnel.
• Pyth (PYTH) publicly launched its Pyth Terminal with thousands of feeds and Hong Kong equities. Additionally, it revealed that SGX FX, a subsidiary of the Singapore Exchange (SGX Group), utilized the Pyth Data Marketplace to distribute its proprietary FX composite benchmarks.
• Jito unveiled JTX, a self‑custodial on-chain trading platform scheduled for a July release. According to project details, the revenue model for the JTX protocol allocates 80% to the Jito Protocol, providing value to JTO holders, while the remaining 20% is dedicated to fueling product growth.

Chart of the Week

Ethereum treasury firms are increasingly relying on staking to generate revenue. Among six firms that disclosed specific staking income, staking accounted for an average of 60% of their reported revenue, while top six companies by ETH holdings reviewed posted combined net losses of $10 billion for the period. This suggests a structural repricing for Digital Asset Treasury Companies (DATs), arguing that passive exposure is no longer a sufficient standalone strategy for public-market investors given the availability of spot ETFs.

DATs must justify their valuations through active yield strategies — such as staking and DeFi lending — rather than simple asset accumulation. Additionally, while the loss-making firms in the sample faced significant combined losses, major figures like BitMine Immersion Technologies' $8.69 billion loss were largely driven by unrealized asset losses rather than operational failures.

News Highlights

• Telegram founder Pavel Durov announced plans to rename The Open Network’s native token from Toncoin (TON) back to Gram, reviving its original 2018 whitepaper title and causing a surge in TON’s price.
• The Depository Trust & Clearing Corporation (DTCC) collaborated with the Stellar Development Foundation to tokenize Depository Trust Company (DTC)-custodial assets natively on the Stellar network by H1 2027.
• Ethereum co-founder Vitalik Buterin proposed an options-based DeFi framework to replace traditional liquidation-driven debt models with paired options contracts that eliminate forced liquidations. If implemented, this mechanism could structurally eliminate liquidation cascades — historically a primary failure mode in DeFi lending markets — though users would absorb costs via quadratic tracking deviations and rebalancing slippage.
• Asset manager VanEck’s tokenized Treasury fund, VBILL, launched on the Euler lending protocol via Securitize, allowing institutional investors to utilize tokenized U.S. Treasuries as on-chain collateral while maintaining regulatory compliance.
• Sui Foundation deployed a major network upgrade to resolve code vulnerabilities responsible for three consecutive outages that rendered the network offline for 15 hours across two days.
• Remittance corporation MoneyGram launched its U.S. dollar stablecoin, MGUSD, on the Stellar network in partnership with Stripe's stablecoin issuance platform, Bridge.
• Decentralized cross-chain protocol Gravity Bridge halted operations after a $5.4 million exploit stemming from a suspected signing key compromise that drained assets including USDC and WETH.
• An attacker minted 5.4 trillion vsdCRV tokens on liquid staking platform StakeDAO because of a suspected private deployer key compromise; however, shallow pool liquidity restricted the attacker's actual realized profit to approximately $91,000 in ETH.
• Decentralized payment protocol Gnosis Pay suffered an exploit targeting its transaction delay module layer, enabling the attacker to queue unauthorized withdrawals across thousands of user wallets and prompting management to pledge full, treasury-backed reimbursement.Recent Research Reports

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