TomWan

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

Update on DeFiUnited Contribution to the KelpDAO hack
• @aave put up a proposal on Arbitrum forum requesting the release of the 30.76k frozen ETH
• @KelpDAO announced to contribute 2k ETH (~$4.6M) from Treasury
In total, there are $237 million contributions (~$1M from community). Some of the entities still need to go through a governance vote like Arbtirum, Lido, Etherfi, Mantle before the final confirmation.

Etherfi's eETH was trading at 1.5% discount after the KelpDAO hack but the peg has been reocvered quickly since yesterday.
If you are expecting to see stETH/eETH at a prolonged 5-8% discount like in 2022, sorry to disappoint, it is unlikely to happen again as users can easily arbitrage by buying discounted assets and redeem the underlying ETH, whereas users can't redeem stETH pre-shanghai upgrade in 2022.

Grove's $3.1B RWA portfolio is quietly reshaping the RWA landscape:
93% of Centrifuge's AUM
33% of BUIDL's AUM
38% of Aave Horizon's market size
All from a single allocator.

Since BGD announced their departure from Aave DAO, total DEX sell volume has reached $39M against $32M in buys, a $6.7M net sell imbalance (Excluding the recent cowswap incident)
The announcement day was the sharpest reaction, $7M in sells versus $3M in buys, and roughly 2x the average daily DEX volume for AAVE over the past year (Using Token Terms).
Sentiment briefly flipped when the AAVE will win proposal passed, before the ACI news hit and reversed the recovery.