might 〰️

[Yassine C. @yasche_]

https://t.co/yMJWO3G7Fw

[Variational @variational_io]

The first equity and index perps are now live on Variational, powered by aggregated crypto-native liquidity.

Trade $TSLA, $INTC, $SOXL, $US500, and $QQQ with up to 50x leverage and zero fees.

[lito @litocoen]

a lot of crypto cards and neobanks advertise 0 FX fees

what they actually mean is that they are not *adding* any additional FX fees to the one already charged by Visa/Mastercard

to date, every crypto neobank piggybacks on the FX infrastructure provided by Visa & Mastercard

if a user has a USD card and spends in 🇧🇷Brazil, the merchant gets $BRL and the exchange is handled by Visa

to really get 0 FX you would need to receive the so called "interbank rate" which is the rate at which banks exchange currencies between one another and what you see on online currency converters like XE

the only way to get close to this and offer a more competitive rate is to build an FX engine in-house which is what players like Revolut and Wise have done but it involves complex treasury management and operations

in a nutshell they hold pools of different currencies on their balance sheet and when a user swaps e.g USD to EUR it's just an internal swap in their treasury

they can then settle with Visa/Mastercard directly in the merchant currency and avoid the markup for the user

but to avoid the FX risk that comes with holding multiple currencies on their balance sheet they need to hedge via forward contracts and try to net flows to hold as little float as possible

this is why they mostly only offer major currencies and not the more exotic ones because the cost of hedging, ops and lack of bi-directional flows makes it too costly

and even on major currencies the 0 FX amount is capped to $1000/month for most users

i think there's a real opportunity to move FX markets on-chain and let every neobank large or small tap into wholesale liquidity

0 FX for every user worldwide with no amount caps is how crypto neobanks become significantly better than their tradfi counterparts

[sealaunch intelligence @sealaunch_]

~3k Coinbase Loans users were liquidated this week so far on Morpho, with $65M in Bitcoin collateral liquidated, making it the 2nd highest week by users liquidated and 3rd by value since the product launched.

Liquidations are a normal and expected part of any DeFi lending product and the numbers here are not abnormal relative to the size of the book (around 4% of total collateral). In DeFi, users interacting with lending protocols generally understand the liquidation mechanic and have accepted it as part of the product design.

Nevertheless, the dynamic is different in a consumer crypto lending app. A retail user who deposits cbBTC, borrows stablecoins against it, and gets liquidated during a price drawdown will likely not frame it as a risk they consciously accepted and in many cases, they simply won't come back.

This is especially true when the product lacks mechanics that are more UX decisions than protocol ones: a push notification when approaching the liquidation threshold, an automatic collateral top-up option, or a clear in-app warning showing exactly how far the price can move before the position is at risk.

For crypto lending to make a real dent in consumer finance, the core design challenge is building the UX/UI rails that adapt a protocol mechanic to what a normal consumer user expects from a financial product

[Ondo Perps @OndoPerps]

Perps changed how the world trades.

Now they're coming for equities.

The bell rings on June 9, 2026.

[DCF GOD @dcfgod]

So @apyx_fi is claiming their token is backed by 40% cash and 60% STRC

And each apxUSD has nearly 99c of backing (including strc at 94)

But in reality a ton of it is self minted, redemptions are off, and team wants this so they can benefit from their users wanting out?

Got interested in buying here but some math isn't mathing

[durial @durial]

let me give a proper explanation on how this shit works because seeing a lot of fake news

when you see these insane candles happening on random tokens like LAB, RAVE, Momentum etc it’s because of a group of people do what is called “active market making”

almost all of these “active market makers” are based in China/Asia. many claim to be able to achieve results like RAVE and LAB but few can actually properly deliver

typically these AMMs will either approach projects prior to launch or after launch (if certain conditions can be met). but scammy projects also look to approach them

the deal is usually that the AMM will put up the capital needed to push the token to the insane highs you see, and in return for the project letting the AMM “crime” their token they split whatever the profits are once the crime is complete

so how does the crime work and how do the people involve profit?

the first thing you’ll notice is that all these tokens have perp listings (usually binance perps) but very few spot listings

this is intentional. the first major requirement for this crime to happen is absolute control of the spot supply of the token

by that I mean the team/insiders need to control basically the entirety of the float. RaveDAO for instance, insiders were estimated to control over 98% of the spot supply

this is vital because spot supply that isn’t controlled by insiders can be sold into the spot price being driven up by perps. to help prevent this is another reason why tokens with basically no spot listings or liquidity are chosen. if there is a lot of spot supply ready to be dumped on the AMM then it could bankrupt them, meaning the crime has failed

as it is their capital at risk, AMMs are even asking projects to put them on all the multisigs for the token supply, to ensure that nothing can be dumped while the crime is happening

so once supply is completely controlled then what?

these AMMs don’t just commit the crime from one or two binance accounts. the accounts would likely be frozen instantly. instead they have 1000s of KYC’d accounts which operate in unison to drive the perp price up

because no one has supply to sell, there isn’t any other way to drive the price back down except to short

but this is where they get you

the AMM can squeeze any short placed, as every shorter will have their breaking point. either their own tolerance or a liquidation point. every short that gets liquidated or stopped out is profit for the AMM

add onto the fire that because of huge dislocations between underlying and perp price, you get some insane funding rates. as I write this LAB is -1% an hour shorts pays longs (over 8000% a year). this makes it even harder for shorts to hold their position, plus the AMM is making bank on their long positions funding

BriskCapital is right when he says they wouldn’t have let him win with this size of a short position, especially publicly. his mistake was trying to short it in the first place, which is exactly what the AMMs want you to do. where do you think the 7 figs he lost went to?

then whenever they decide the crime is complete they pull the rug and you see the collapse candle to zero. because they are the only entity holding the bid up, they have complete control over when and how the price collapses (meaning they can also likely join in on the short)

my advice is to not touch these tokens. if you want to feel something just buy a small amount for fun. definitely do not buy anything sizeable, do not make any trades on leverage and DO NOT SHORT

you are trying to compete against an entity that has complete control over where price goes

[David @EffortCapital]

RWAs on BNB Chain have grown 83x, from $60M to $5B+, over the past year. 🤯

Our BNB dashboard is the best place to track the fourth largest crypto asset in the world:

- Financials
- Onchain Activity (DEXs, Lending, etc)
- Stablecoins/RWAs
- DATs
- ETFs

Its a masterpiece tbh. Every chain needs this level of coverage.

[Downsin Jerome @downsin]

This dude closed like an hour before $LAB nuked holy fuck

[NewsWire @NewsWire_US]

Iran targets U.S. bases in Kuwait in retaliation for U.S. strikes on Qeshm Island; additional reports of explosions in Iraq and Bahrain.

[ceteris @ceterispar1bus]

if you bought every cex listing from jan 2025 you would have lost half your money

median token return was -82%

not great!

[Stephen | DeFi Dojo @phtevenstrong]

STRC is ~4% below par.

Camp 1: This will get close to par at ex-dividend (2 weeks from now) creating an opportunity of >80% APR to buy now.

Camp 2: This uncertainty will persist until Strategy proves they can increase cash reserves.

Both require more BTC selling, imo.

Maybe this is priced in?

Every $1B that STRC issuance raises adds $118M in annualized dividend requirements to the current $1.7B.

If selling BTC is the new meta, we have a soft spiral of selling BTC to pay dividends that allow issuance that raises capital to buy BTC...?

But we also theoretically have decades worth of runway if BTC selling is what we're into.

[MONK @defi_monk]

Funny how other alt szns happened because everyone made too much money on majors, but in 2026 people are rotating to alts because everyone wants to stop losing money on majors lmao.

[CryptoCondom @crypto_condom]

These are the four most important things to track in crypto rn. If you arent, then you shouldnt be touching it.
-STRC continues to fall below $100 with an unsustainable dividend mechanism that has the potential to form a doom loop in the asset itself
-MSTR is at 1.2 mNAV. I expect it to fall BELOW NAV...that will be closer to a bottom
-ETFs continue massive outflow to the tune of billions
-Coinbase premium remains STRONGLY negative

Meanwhile, equities/tech are ripping as liquidity leaves crypto due to all of the above in favor of AI/Robotics

I warned about this last month when we were at 83k and the replies were incredibly toxic.

[G | Ethena @gdog97_]

Excited to partner with Coinbase for the first time to support their dollar savings products. The upcoming integration next week will be the first time Ethena products are available for their 100m+ user base.

Given the evolving nature of the Clarity Act, we expect further potential tailwinds for onchain native products like USDe from idle balances on exchanges, and Ethena is well positioned to support this transition.

[DefiLlama Research @defillama_res]

Cold start liquidity, market maker extraction, and inefficient OTC settlement have held back many of today's onchain derivatives.

@variational_io has the answer to all three.

We spoke with CEO @variational_lvs to hear all about it in this interview:
https://t.co/P6zQHI0Zsf

[Zoomer Oracle @ZoomerOracle]

Very interesting read on $PRISM (and $TIG)

Think the old school class of 2021 and before will like this a lot as we are finally seeing some innovation happening onchain

[MONK @defi_monk]

No matter your thoughts on Hyperliquid, the entire industry should be rooting for $HYPE to decouple from $BTC rn.

For the future of the asset class, it would be much cleaner if we can express bullish views on individual top 50 tokens without needing $BTC to oblige.

[vitalik.eth @VitalikButerin]

Building index-tracking assets on top of options instead of debt

https://t.co/gFNEvCbHct

What if the use options as the base of defi, instead of CDPs and liquidations? So instead of extreme price movements creating a sharp and global "you get liquidated" effect, instead your exposure to the index diverges quadratically from your preferred exposure in a smoother way?

A key benefit is getting rid of the need for instant oracles, and instead making everything work on top of "slow oracles" (ie. the type that prediction markets use)

This design has a significant downside - the need to do regular rebalancing - and an open question of whether and how this rebalancing can be made slippage-resistant enough. But it's worth considering and trying IMO. I would feel much safer holding algostables inside something like this, than in something that depends on an oracle that has to give real-time answers (and therefore could be tricked into giving wrong real-time answers with no time for human recourse).

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Iran announces it is ending all negotiations with the US and vows to "completely" block the Strait of Hormuz, per CNBC.

Iran says it is ending negotiations due to repeated ceasefire violations including Israeli strikes in Lebanon.

Iran also threatens to block the Bab el-Mandeb Strait.