DeFi & L1L2 Weekly — 📈 The weekly unique users of Ethereum-based stablecoins surpassed 750,000; REX-Osprey Solana and Staking ETF is set to launch today

The weekly unique users of Ethereum stablecoins surpassed 750K. REX-Osprey Solana and Staking ETF is set to launch today. Centrifuge and S&P Dow Jones Indices set to launch a tokenised S&P 500 Index fund.

Quick Take

• REX-Osprey Solana and Staking exchange-traded fund (ETF) is set to launch today.
• Centrifuge and S&P Dow Jones Indices announced plans to launch the first tokenised S&P 500 Index fund. 
• World Liberty Financial partnered with Re7 Labs to establish a USD1 stablecoin vault.
• Robinhood announced its L2 chain built on Arbitrum.
• Maple Finance accepts liquid restaking protocol EtherFi’s weETH as collateral.
• Polymarket is reportedly set to raise a US$200 million fund at an approximate valuation of $1 billion.
• Pump.fun unveiled its mobile application for iOS and Android devices. 
• Botanix Labs launched its Bitcoin L2, Botanix mainnet, alongside integrations with Chainlink, Fireblocks, and GMX.
• Vitalik Buterin proposed pluralistic identity systems, relying on multiple ID providers instead of a single authority to safeguard privacy.

Weekly DeFi Index

This week, the market capitalisation, volume, and volatility indices dipped by -2.04%, -29.23%, and -71.67%, respectively.

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• Aave DAO approved a proposal to include EURC, Circle’s euro-backed stablecoin, as a collateral asset on Aave V3 Core. This move broadens the protocol’s stablecoin options and may draw in new users interested in euro-denominated lending and borrowing. Additionally, Aave’s native stablecoin, GHO, was launched on the Avalanche network utilising Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Chart of the Week

Ethereum-based stablecoins adoption reached an all-time high, surpassing 750,000 weekly unique addresses. This represents a significant shift from speculation to genuine interest. While USDT and USDC still dominate the market, other stablecoins have room to capture a meaningful market share. As the market matures, competition helps drive innovation, benefitting users through improved services and reduced costs.

News Highlights

• The REX-Osprey Solana and Staking ETF is set to launch this Wednesday, giving investors direct exposure to Solana (SOL) with staking rewards. This marks the first US staked cryptocurrency ETF, allowing investors to hold Solana and earn yield through staking.
• Centrifuge and S&P Dow Jones Indices (S&P DJI) announced plans to launch the first tokenised S&P 500 Index fund. The partnership will also feature a new proof-of-index infrastructure, which allows S&P DJI-licensed asset managers to launch index-tracking funds using S&P 500 data.
• World Liberty Financial, a DeFi protocol associated with US President Donald Trump, partnered with Re7 Labs to establish a USD1 stablecoin vault on lending platforms Euler and Lista, further scaling the use cases of the token.
• Online brokerage Robinhood revealed its own Layer-2 (L2) blockchain on Arbitrum to power the tokenisation of real-world assets. 
• DeFi lending platform Maple Finance now accepts EtherFi’s liquid restaking token, weETH, as collateral for USDC loans, expanding support for institutional lending. 
• Polymarket is reportedly raising $200 million at a $1 billion valuation, led by entrepreneur Peter Thiel’s Founders Fund. 
• Solana-based memecoin launchpad pump.fun unveiled its mobile application for iOS and Android devices, featuring a news section for pump.fun tokens, a live section for livestreams, and tradable tokens on the bonding curve. 
• Botanix Labs launched its Bitcoin L2, Botanix mainnet, alongside integrations with Chainlink, Fireblocks, and GMX. The launch follows the protocol’s transition to a node-led consensus mechanism. 
• Vitalik Buterin proposed pluralistic identity systems that rely on multiple ID providers to safeguard privacy. He warned that while Zero-Knowledge (ZK) proofs solve a lot of problems, they may pose risks if they rely on a one-per-person model.

Recent Research Reports

• Interest Rate Derivatives and Pendle: Pendle Finance innovates by allowing users to tokenise and trade the yield component of yield-bearing assets separately from the principal, unlocking new liquidity and yield management strategies.
• Crypto Options: Crypto options are similar to traditional finance (TradFi) options, except the underlying assets are crypto or crypto-related contracts. Compared to the crypto spot and futures markets, crypto options still represent a small but growing market.
• Alpha Navigator: Quest for Alpha [May 2025]:The value of most asset classes increased in May with crypto taking the lead. Ethereum’s Pectra upgrade went live on 7 May, and BTC reached an all-time high on 22 May. These coincided with multiple tariffs in the same month.

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