Decentralised Finance

A safe harbour proposed for DEX front-ends

a16z and the DeFi Education Fund ask the SEC for a rebuttable presumption that decentralised exchange protocols, and their interfaces, are not exchanges.

2026-09-22·2 min·Source: The Defiant

Buybacks tied to a supply ladder

Ethena's fee switch is not a switch: the share of revenue routed to buybacks rises in steps as USDe supply grows.

2026-08-27·3 min·Source: Bankless

The patch arrived before the warning

A Cosmos EVM fix was published openly on 19 August. Three chains were drained before the advisory telling operators to halt went out.

62%of TAC circulating supply drained

2026-08-25·3 min·Source: The Defiant

Sixteen minutes and fifty-two seconds

A vote to move 546.9 million OP out of the airdrop reserve was failing until an Optimism-funded team cast 8.486 million votes near the close.

$49.7M▲ +546.9M OPOP moved from the airdrop reserve

2026-08-21·3 min·Source: The Defiant

Coinbase app puts Hyperliquid behind the button

Base App adds perpetuals across 290-plus markets at up to 50x, matched and settled on an onchain order book it does not run.

2026-08-19·2 min·Source: Bankless

One token, one share, and a reversal

Centrifuge proposes converting CFG into equity in a Cayman company — under a year after holders approved language saying there was no equity business.

2026-08-18·2 min·Source: Bankless

Treasury puts a date on stablecoin licensing

From January 2027 issuing without a licence becomes unlawful, and platforms must vet offshore tokens. The proposed transition period was rejected.

2026-08-17·3 min·Source: Bankless

Ether.fi adds tokenised stocks and a lending market

The staking protocol's consumer app now borrows against a whole portfolio and settles in more than thirty currencies.

2026-08-13·2 min·Source: Bankless

Yield is mostly someone else's leverage

Supply rates track borrowing demand, and borrowing demand is a directional bet. That makes the yield cyclical, not structural.

6.4%▼ −1.8ppmedian stablecoin supply rate

2026-08-11·9 min

Concentrated liquidity keeps favouring the fast

Passive positions in an active range earn less than the fee headline suggests.

68%▲ +5ppfees to top decile of positions

2026-08-07·7 min

Liquidation engines assume a book that is not there

Parameters calibrated in liquid conditions produce bad debt in illiquid ones.

$14.2M▲ +22%bad debt, three protocols, Q3

2026-08-03·8 min

Governance participation keeps falling

Risk parameters are increasingly set by a handful of addresses.

4.1%▼ −1.3ppmedian turnout on parameter votes

2026-07-30·5 min