The DefiLlama RWA dashboard is the first to track where RWAs are actually being used in DeFi. We now have a toggle to add or exclude Bridge/Interop TVL to get a better measurement of how many RWAs are deployed in apps like DEXs and lending markets.

USDH powered by Sky The best stablecoin offers so much more than just a stable medium of exchange - it should also deliver highly efficient returns, generated by actively developing, building and growing the ecosystem it lives in. By using Sky to power USDH, the Hyperliquid community will gain unbeatable advantages that no other stablecoin project can offer. Sky, formerly known as MakerDAO, is the 4th largest stablecoin project in the world with more than 8 billion USDS in circulation, with 13 billion of highly diversified collateral. To see the high-level real-time overview of Sky and USDS, check out: TL;DR of what Sky can offer Hyperliquid for USDH * USDH will access 2.2 billion USDC instant liquidity for offchain redemption * USDH will be natively multichain powered by LayerZero * Sky will be able to deploy its 8b+ balance sheet into HyperLiquid * Hyperliquid will receive 4.85% return on all USDH on Hyperliquid. This is a better rate than t-bills, backed by advanced risk management, and has potential to increase further. * USDH will benefit from the 7+ year security track record and unbeatable Lindy of the Sky Protocol * Sky can provide 25m in capital to create an independent Hyperliquid Star - a project that will autonomously grow DeFi on Hyperliquid, serving the needs of the Hyperliquid community, and will have tokens that are exclusively farmed on Hyperliquid, potentially bringing in billions in TVL * To better understand Stars: Spark, which runs is the best example of a Star Token farm, and it currently has 1.2 billion TVL * Sky can move its Buyback System on to Hyperliquid, using its more than 250m per year in profits to build SKY liquidity on Hyperliquid * USDH will have deep transparency and verifiability of its collateral with * USDH will benefit from the industry’s best risk management, built on models from the banking sector. * USDH will be the only stablecoin in the world issued by a protocol with an official Credit Rating by S&P (alongside DAI and USDS). * The Hyperliquid community will be able to customize USDH, e.g. to make it GENIUS Act compliant. * Sky has immense research, development and builder capabilities and would prioritize the development and synergies possible with Hyperliquid as its top priority. The team: Sky Frontier Foundation The team behind this proposal that would work to implement the Sky Powered USDH is the recently established Sky Frontier Foundation. It contains top leadership and core developers from the Sky Ecosystem organized into a single entity for more efficient management and execution, and will directly work on, and prioritize, the implementation of USDH. All the commitments and outcomes described in this proposal would be achieved by a combination of the SFF using its resources and capabilities, and also implemented through governance proposals to modify the decentralized Sky Protocol. USDH implemented as Sky Stablecoin similar to DAI USDH powered by Sky would be built as a token technically identical to DAI and USDS, the two major Stablecoin tokens that Sky currently governs, that together have a TVL of more than 8 billion and a security track record of more than 7 years. USDH would inherit all of this from the start. USDH will have access to more than 2.2 billion in instant USDC liquidity, enabling large scale offchain redemptions at any time. Deep 1:1 liquidity with USDC would also make it easy and frictionless for users to shift to USDH-margined perpetuals contracts and USDH-quoted spot markets. The 2.2 billion in instant USDC redemption liquidity is available through a system called the Peg Stability Module (PSM), and can be accessed by users on websites like and others. USDH will be natively integrated and work with the PSM alongside DAI and USDS everywhere. USDH will be natively multichain, being able to bridge to and from any other blockchain via LayerZero. Having a secure, integrated bridge also means that Sky would be able to deploy its 8 billion+ collateral portfolio directly on to Hyperliquid with a low risk premium. USDH will be able to natively convert to and from sUSDS, one of the largest yield-bearing assets in the market, giving its users instant, unlimited, permissionless access to the Sky Savings Rate (Currently at 4.75%) Earning a return on USDH for the HyperLiquid Community The HyperLiquid Community would earn the highest possible rate on all the USDH on Hyperliquid - right now this is 4.85%, which is currently significantly above the T-Bill rate, but with very high diversification and high quality risk management (see security and risk management below). The return may increase further as Sky capabilities and efficiency increase over time. The entirety of the 4.85% earned by all of the USDH on Hyperliquid will be used for HYPE buybacks for the assistance fund. Growing HyperLiquid TVL and bootstrapping DeFi innovation with a 25m HyperLiquid Genesis Star Sky’s infrastructure can provide uniquely valuable support to the Hyperliquid community via the Sky Stars. The best examples are Spark and Grove, autonomous projects that allocate Sky collateral with a combined allocation of 6 billion dollars. The Sky Powered USDH stablecoin will be accompanied by a Hyperliquid Star that can drive huge amounts of growth and innovation, as well as potentially attract billions in TVL by farming out its Star Tokens (The Spark SPK farm currently has a TVL of 1.2 billion Sky can commit to capitalize the Hyperliquid Genesis Star with 25 million in USDH, and exclusively farm it out on the Hyperliquid Blockchain. The ecosystem of Star Incubators would work with leaders from the Hyperliquid community to assemble a highly capable founding team that would work on the Hyperliquid Star to bootstrap a massive, thriving DeFi ecosystem on Hyperliquid, in the same way Spark has done it for Sky. Buyback engine native on Hyperliquid Sky generates 250m in profits per year, and currently uses 36m per year for SKY token buybacks. This number is planned to increase to 150m per year, and will grow even more as Sky profits increase over time. Currently, this buyback system uses Uniswap. As a part of the Sky Powered USDH proposal, Sky can move its native Buyback System to Hyperliquid, increasing liquidity and use cases, and setting the example that Hyperliquid is the standard solution for Protocol token buybacks that all other protocols should use. Security and Risk Management Sky has a security track record of more than 7 years of continuous operation without losses for stablecoin holders, building a Lindy effect through multiple crypto cycles and bear markets, making it by far the safest and most proven decentralized stablecoin. These characteristics will be fully inherited by USDH. Add to the that, the fact that Sky is the only stablecoin project in the world to have an official credit rating from S&P, which gave it a B- on August 7 While a B- rating is a middle rating, which reflects S&Ps lack of familiarity with Crypto and DeFi, being able to get any rating at all is a massive breakthrough because it shows that S&P are able to access all of the data they need to produce a holistic credit assessment they can stand behind, so it signals a much lower chance of tail risks hidden inside the protocol, which is usually the big issue with DeFi and Stablecoins. The Sky Risk Management Framework that controls the diversification of the collateral portfolio that backs USDS, DAI and USDH, is derived from Basel III, the framework used to control risk in banks. For RWA collateral such as CLOs or T-bills, Basel III is used directly, while for DeFi collateral such as allocations into lending markets, an extension of Basel III that captures its fundamental approach but applies it to DeFi, is used. The amount of Junior Capital protecting each positions exposure can be verified in real time on Autonomy and customization of USDH Sky is a decentralized protocol and ecosystem that gives partners unparalleled levels of autonomy and ability to customize the Sky infrastructure they use. Unlike monolithic systems, Sky will simply provide Hyperliquid with the infrastructure and the tools to pursue the strategy the community prefers, and that uniquely fits the special conditions of Hyperliquid. In the longer term, as the Sky Agent Framework that powers Sky Infrastructure matures, the USDH stablecoin will be put under the control of a dedicated Sky Generator Agent, turning USDH into an independent Sky Generated Asset. This will also happen to USDS, and means that USDH will gain the full first-class citizen features of the entire Sky Protocol alongside USDS and other Sky Stablecoins. It will be possible for the Hyperliquid community to customize USDH with its own risk management framework and collateral portfolio, separate from USDS. This gives the Hyperliquid community a lot of options: for instance USDH can be made compatible as a GENIUS Act compliant stablecoin, or it can pursue a higher risk approach and exclusively be backed by Hyperliquid perp positions, or any other strategy the community prefers. At its core, Sky is built to support partners like Hyperliquid using a Sky-powered system like USDH to grow and succeed. This means a focus on autonomy and reliability, with the core of Sky having very little governance and strategic direction beyond protecting, developing, scaling and de-risking the core Sky infrastructure that all other ecosystem participants share and rely on. This means that the priorities of Sky can never end up conflicting with the priorities of Hyperliquid, making it a safe bet as a long term partner. Commitment to build in the Hyperliquid Ecosystem regardless of vote outcome The similarity of Sky and Hyperliquid in focusing on real profits, building useful decentralized infrastructure, means there is a natural alignment between Sky and Hyperliquid Regardless of how the USDH ticker vote turns out, Sky is committed to expand and work with Hyperliquid to explore all the synergies of the two projects. Many of the concepts described above were already under development, and the outcome of this proposal would speed them up and increase their scale, but fundamentally it is clear that both Sky and Hyperliquid will deeply benefit from close integration in the long run no matter what.

BNBCHAIN isn't just holding value. It's producing and Building Everyday ! Capital & Liquidity: ► $76.281b BNB market cap ► $41.113b bridged TVL ► $13.464b stablecoin mcap ► $4.845b DeFi TVL, leading the ecosystem Activity & Revenue (24h): ► 1.97m active addresses ► $499,673 in app fees ► $252,163 in app revenue ► $203,156 in chain fees @BNBCHAIN @cz_binance @nina_rong @BNBChainDevs

► Monad Thesis: Long monad:native Literally no one talking about monad:native on my tl right now despite the chain not being that bad. @Monad is getting very close to becoming a $1B DeFi economy only 9 months after mainnet. TVL went from $52M around launch to $945M now, ~18x growth. But the more interesting part is what the TVL is turning into. – $730M stablecoins – $434M RWA – $1.74B bridged TVL – $256M daily DEX volume So TVL alone is almost 2.9x monad:native's circulating mcap, while stablecoins are >2.2x. Obviously TVL/mcap isn't a valuation formula, but it's hard to ignore when the gap keeps widening while the token is still trading like the chain is nothing. Most capital is sitting on K3, Aave, Euler, Hyperithm, Morpho and Pendle. The chain now does ~6.37M tx/day with ~29.8K active addresses and ~9K new addresses. That's only ~70-74 realized TPS on a chain designed around 10,000+ TPS, which sounds bearish, but I see it differently. The chain is barely using 1% of its theoretical execution ceiling while already holding almost $1B DeFi TVL. The bottleneck right now is whether enough valuable activity gets built on top of that state. The infra keeps getting faster before demand even gets close to catching it. – MIP-12 moved blocks from 400ms → 300ms and finality from 800ms → 600ms on live mainnet. – MIP-8 is changing how storage is laid out so contracts touching multiple storage slots become cheaper. Phase A is already live and full activation passed testnet. – Cadence is researching the next jump toward 100ms blocks / 200ms finality with multiple concurrent proposers. So I think monad:native is still a good long-term hold into the new cycle with all these fundamentals. – the chain is securing significantly more capital than the token is priced for – network effects across DeFi, payments, RWAs, consumer apps and capital formation concentrate better on one shared, fast, neutral state – capital and serious teams are choosing Monad for speed + EVM familiarity – incentive-driven activity exists, but institutional-grade products are landing and expanding – the Foundation offered up to $60M to buy locked MON from early investors at a discount reflecting the remaining lock-up, and nearly all declined If Monad can keep this ~$1B economy active and growing, the next thing that needs to catch up is monad:native.

⚠️ALERT: A hacker just drained an estimated $75 MILLION from a Cronos lending protocol, forcing the entire blockchain to HALT mid-attack. The attacker reportedly pumped Tectonic’s thinly traded TONIC token 100x in just 20 minutes, then used the inflated collateral to borrow millions in other assets. Cronos froze the network before most of the funds could escape, leaving roughly $69M trapped on-chain while only about $6M was bridged to Ethereum. Tectonic had roughly $122M in TVL and $83M in active loans before the exploit. The $75M estimate has not yet been independently confirmed by Tectonic or Cronos. Crypto .com says its app and exchange were not compromised, while its security team is assisting with the investigation.

Robinhood Chain did $5.25B in a week Up 490%. @RobinhoodCrypto's L2 is 16 days old and cleared $5.254B in weekly DEX volume, per DefiLlama data. @Uniswap is 99% of it. $588.93M of the $594.74M traded in the last 24 hours. Everything else on the chain is a rounding error. DeFi TVL sits at $220M against that flow, with $816M bridged in. The chain itself booked $175,178 in revenue yesterday.

Every step on this golden road represents a historic milestone we’ve conquered together. In just 6 months, $U has built an unstoppable momentum: ➔ Tier-1 Footprint: Secured premier listings on Binance, KuCoin, Gate, HTX, Bitget, MEXC, and Bitmart. ➔ $1B TVL Milestone: Driven by massive adoption, our cross-chain TVL officially crossed the historic $1 Billion threshold in March. ➔ Multi-Chain Velocity: Launched natively on BNB Chain & Ethereum, followed by a TRON integration in April that triggered a massive $1.75B peak 24h volume. ➔ Deep DeFi Ecosystem: Maximized capital efficiency via core integrations with PancakeSwap, , Venus Protocol (high-yield staking), and Lista DAO (collateral-free borrowing). ➔ Real-World Utility: Fully bridged crypto into daily life with native Binance Pay integration (May) and global Bitget Card support (June). ➔ Institutional Infrastructure: Advanced our derivatives ecosystem in June by partnering with top market makers, integrating with MirrorX, and launching Aster Perps. The foundation is 100% rock-solid. Thank you for walking with us—the road continues, and the next half will be even bigger.

The most interesting part of crypto right now is what’s actually shipping. From Arc going live and World launching a financial super app to confidential perps, tokenized stock infrastructure and new onchain launchpads, last week delivered plenty of products beyond the usual token launches. Here’s what shipped, what hit new milestones, and what’s coming this week. — ● Major Updates • @zama opened 16 confidential @Morpho vaults and launched the Zama Swap Protocol for confidential swaps on Ethereum • @AscendLaunch introduced Ascend, a launchpad on @HyperliquidX • @worldnetwork introduced World Money a self-custodial financial super app combining stablecoins, payments, investing, yield, virtual accounts and mini apps • @rabbithole_gg, an onchain retention and loyalty rewards platform, went live • @virtuals_io introduced Occupy, a token launchpad that introduces a novel economic model that bridges crypto tokens with TradFi assets • @arc, Circle’s stablecoin-native L1, went live • @THORWallet introduced private cross-chain swaps through NEAR Intents, allowing users to route supported swaps through a confidential execution path • Tonkeeper rebranded to @keeper_wallet, expanding from @ton_blockchain into several other chains • @OceanProtocol launched Inference, allowing users to run AI workloads on dedicated GPU hardware with usage-based pricing • @Solana activated Transaction V1 on mainnet • @MetaMask introduced Added Protection, designed to detect transaction-preview mismatches and prevent certain red pill attacks before execution • @hatch3talent introduced Hatch, the web3-native recruitment arm of @LunarStrategy • @GeniusTerminal launched genius(.)fun, a launchpad for coordinating token launches around tokenized public company shares • @NEARProtocol launched confidential perpetuals, powered by @HyperliquidX • @BitgetWallet integrated @RealityFi_xyz, bringing over 1,700 tokenized U.S. stocks and ETFs into its self-custodial wallet • @Payward announced plans to bring HIP-3 perpetual markets to U.S. clients through Hyperliquid • @alephium launches Powfi on the 22nd, introducing a CLMM DEX and a liquid staking layer for $ALPH • @Motoswap’s Ethereum-based DEX goes live on the 28th — ● Upcoming TGEs • @axisrobotics ($AXIS sale) - 21st-28th — ● Recent Milestones Across Protocols • @cityprotocolHQ’s TVL surpassed $60M • @aave V4 crossed $1B in deposits • @NEARProtocol reached $90M in confidential TVL — ● Yield Opportunities to Explore • Protocol - @makinafi • Network - @ethereum • Steps ➊ Visit ➋ Deposit USDC into the Dialectic USD Vault to get DUSD • Current yield - 14.08% APY • Protocol - @longbowlend • Network - @RobinhoodCrypto • Steps ➊ Visit ➋ Deposit USDG into the Longbow Frontier USDG Vault • Current yield - 13.87% APY • Protocol - @meridiandotxyz • Network - @RobinhoodCrypto • Steps ➊ Visit ➋ Deposit USDe into the Meridian Liquidity Provider Vault • Current yield - 6.34% APY — Last week delivered another wave of updates across DeFi, payments, trading, AI and tokenization. And with more launches already scheduled for next week, the shipping cycle shows no sign of slowing down. Stick around for more updates next week.