Multiple major DeFi protocols launched new products: EtherFi's Ethena-powered stablecoin, Lido's lending platform, Lighter's token pre-listing, and Hyperliquid's $200M revenue-sharing deal with Circle.
DeFi & Yields ·
Several established DeFi platforms unveiled new products this week. EtherFi launched a stablecoin built on Ethena's infrastructure, while Lido introduced a dedicated lending protocol. Lighter moved forward with the pre-market listing of its Variational token. In a larger deal, Hyperliquid entered a revenue-sharing arrangement valued at approximately $200 million with Circle that has begun operating.
Beyond these major launches, the ecosystem saw activity across multiple verticals. Derive v3 went live as an enhanced on-chain options venue, and Superform rolled out yield strategies targeting tokenized stocks. Aptos deployed MonoMove, described as its largest network scalability upgrade to date, while Ondo Finance brought tokenized pre-IPO assets on-chain. Arbitrum adopted USDG as its ecosystem dollar, with USDG reserve revenue flowing back to the network.
Several other movements marked the period: Tenero V2, an upgraded Bitcoin DeFi analytics tool, launched; Virtuals unveiled Virtual App, a personal AI application with market access; and Sanctum destroyed 25 percent of its total token supply. Conversely, Blast and Abstract announced shutdowns, and Orca merged with Loopscale to form Formation. Polymarket's leadership indicated exploration of an on-chain asset tied to the platform's economy, though no launch date was specified.