Desk

Decentralised finance

Exchange, derivatives and money markets built as open protocols, and the composability that makes one position depend on another.

RSS feed for this desk

Coverage

Uniswap bolts lending onto the exchange with Earn

The largest DEX's front end now routes idle USDC, USDT and ether into Morpho vaults curated by Gauntlet, charging no Uniswap fee and keeping custody with the user.

today Uniswap 2 reports

Market design

1inch opens Aqua, where one wallet's capital quotes many pools

The aggregator's shared liquidity layer went public across 13 chains, letting providers back several positions with the same tokens without depositing them anywhere—a capital-efficiency claim that doubles as a settlement question.

today 1inch 2 reports

Stablecoins Other asset classes Global

Market design

Uniswap builds compliance checks into the AMM with permissioned pools

A new v4 hook standard verifies wallets against issuer-managed allowlists at the protocol level, with Superstate, Securitize and Dowgo among the launch collaborators.

4 days ago Uniswap Labs 2 reports

Tokenized funds Government securities Global

Economic security

Crypto platform theft losses fell to $75.9m across 40 incidents in June 2026, PeckShield reports

Security firm PeckShield reported $75.87m in losses from 40 crypto security incidents in June 2026, a decline of about 7% on the previous month, with an exploit of Humanity Protocol the largest single event.

1 Jul 2026 PeckShield 4 reports

Other asset classes Global

Regulation

Senate Banking Committee advances crypto market structure bill as CLARITY Act text is revised

The Senate Banking Committee released its version of the CLARITY Act on 11 May 2026 and advanced the crypto market structure bill out of committee that month. A further revision was reported in July 2026 as negotiators worked toward a bipartisan compromise.

11 May 2026 Congressional Research Service 4 reports

Other asset classes Stablecoins United States

Tokenized capital markets

Tokenized gold trading volume reached $90.7bn in the first quarter of 2026

Trading volume in tokenized gold reached $90.7bn in the first quarter of 2026, exceeding the total for all of 2025, according to research published by CEX.IO.

11 May 2026 CEX.IO research 4 reports

Commodities Global

Credit & lending

Aave passes $1tn in cumulative lending volume

Aave reported cumulative lending volume above $1tn in late February 2026, the first decentralised credit protocol to reach that figure.

26 Feb 2026 Aave 3 reports

Other asset classes Global

Governance

Uniswap activates protocol fee switch, directing swap fees to UNI buybacks and burns

Uniswap governance activated the protocol fee switch on Ethereum on 28 December 2025, redirecting a share of swap fees to protocol revenue used for UNI buybacks and burns, and extended it to layer-2 deployments in March and June 2026.

28 Dec 2025 Uniswap governance forum 4 reports

Other asset classes Global

Concepts on this desk

Oracle dependency

A contract can only act on facts someone has written onto the chain for it, so whoever reports a price, a net asset value or a reserve balance holds an unpriced position in every market that reads the report.
Overcollateralisation and liquidation

Lending against an asset worth more than the loan, and selling that asset automatically when the margin runs out, which is the whole of the credit decision in a market with no recourse to the borrower.
Total value locked

The headline size measure for onchain protocols, and the one most sensitive to bookkeeping: wrapping, restaking and borrowing can each count the same deposited dollar again, and a price fall shrinks the number without anyone withdrawing.

On the record

30 July 2026
Uniswap launches Earn, routing deposits into Morpho lending vaults
28 July 2026
1inch opens its Aqua shared liquidity layer to the public
28 December 2025
Uniswap governance activates the protocol fee switch
18 December 2017
Single-collateral Dai activated by MKR vote

Full timeline →

Decentralised finance

Coverage

The weekly read on onchain market economics