defi

Coinbase has expanded its on-chain crypto lending product, adding support for Solana (SOL), allowing users to borrow up to $100,000 by collateralizing SOL. This lending service is based on the integration of Coinbase with the DeFi lending protocol Morpho on the Base network, which previously supported collateralized lending for crypto assets like BTC and ETH.Ben Shen, Head of Financial Services and Loyalty Products at Coinbase, stated that the addition of SOL collateral is an important step for Coinbase to become "the best platform for trading and holding Solana," and reflects its strategy to build an "Everything Exchange." Data shows that since the launch of this crypto lending product last year, Coinbase's cumulative loan issuance has exceeded $2.3 billion. Among these, Bitcoin remains the primary collateral asset, with a cumulative loan amount of $2.17 billion; ETH collateralized loans are about $110 million, and XRP is $31.6 million, followed by assets like cbETH, DOGE, ADA, and LTC.Last month, Coinbase also expanded this lending business to the UK market, continuing to advance its on-chain financial services layout. Although Coinbase announced a net loss of $394.1 million in the first quarter last week and laid off about 14% of its workforce, CEO Brian Armstrong still stated that in the future "all finance will migrate on-chain," and Coinbase is positioning itself around this trend. Several institutions, including Bernstein, Benchmark, and Rosenblatt, have recently maintained a "buy" rating on Coinbase stock, with Bernstein believing that Coinbase is gradually validating the feasibility of its "Everything Exchange" strategy.

The U.S. Senate Banking Committee has released the first updated complete draft of the CLARITY Act since January of this year. The new draft has made significant adjustments in several key chapters.These include: a major rewrite of Chapter 1 concerning definitions, the authority of the U.S. Securities and Exchange Commission (SEC), and other content; the addition of insider trading provisions in Section 109; updating "joint control" to "coordinated control" in Chapter 2; rewriting Section 301 to further clarify the regulatory boundaries between DeFi and CeFi; updating Section 404 to incorporate the compromise proposal from Tillis and Alsobrooks; adjusting Section 505 to narrow the scope of SEC's authority limitations in the tokenization field; and restructuring the bankruptcy and insolvency framework in Sections 701 and 702. Additionally, Section 904 is a new addition, titled the "Build Now Act."Alex Thorn also pointed out that the protective provisions for developers in the Blockchain Regulatory Certainty Act in Section 604 remain largely intact, with only minor modifications that do not weaken its core protective content.

JUST officially released its weekly report. From May 5 to May 11, the JUST ecosystem performed strongly, with a total locked value (TVL) reaching 12 billion USD, accounting for 41.79% of the TRON DeFi market. The lending market remained active, with total deposits exceeding 3.8 billion USD; at the same time, the cumulative JST burn rate has reached 13.70%, further demonstrating the deflationary effect. While the platform provides users with diversified yield options such as sTRX and USDD, it continues to optimize the asset allocation supply and demand pattern. This transparent and efficient mechanism execution, along with long-term stable value returns, not only highlights JUST's robust operational strength as a core DeFi protocol of TRON but also builds a resilient long-term value system for users.

According to The Block, the U.S. Senate Banking Committee has released an updated 309-page text of the Clarity Act, which is set to be reviewed and voted on later this week. The new text includes language related to restrictions on stablecoin rewards, as well as provisions from the Blockchain Regulatory Certainty Act, clarifying that non-custodial developers do not fall under the category of money transmitters. Coinbase, which previously withdrew its support due to controversies over the stablecoin rewards provisions, has now shifted to support, but banking groups still believe the restrictions are insufficient.Meanwhile, the bill still does not include ethical constraints regarding profits from digital assets for the president and other federal officials. Democrats have stated that without relevant compromises, the bill will struggle to gain support.

On May 9 and 10, the Chainlink network recorded 282,170 and 264,090 unique active LINK addresses, respectively, the highest levels since September 2025. The surge in on-chain activity comes against the backdrop of several institutional-grade DeFi projects announcing their migration of cross-chain infrastructure to Chainlink CCIP. On May 7, Solv Protocol announced the completion of a security review following the April Kelp DAO vulnerability incident and decided to migrate over $700 million in tokenized Bitcoin assets (SolvBTC and xSolvBTC) from LayerZero to Chainlink CCIP.Previously, Kelp DAO had also announced the migration of its rsETH infrastructure to Chainlink CCIP. These initiatives represent a significant shift of institutional-grade DeFi infrastructure from LayerZero to the Chainlink cross-chain ecosystem. Additionally, earlier this month, data showed that whale wallets holding between 100,000 and 10 million LINK increased their holdings by 32.93 million LINK within 30 days.

The Sui Network ecosystem welcomes a new reality asset (RWA) application expansion, as Creek Finance announces the launch of its core protocol on the Sui mainnet and the integration of the gold token XAUm launched by Matrixdock.The protocol allows users to split, collateralize, lend, trade, and generate yields on tokenized physical gold on-chain, enabling DeFi operations around gold assets. XAUm is backed 1:1 by physical gold and is verified through third-party audits and on-chain reserve proof mechanisms.Creek Finance stated that this launch marks the official deployment of its core contract, allowing users to perform leverage and yield strategy operations based on gold assets in a permissionless environment, further expanding the application scenarios of RWA in DeFi.

According to Forbes, Galaxy, under Novogratz, announced a partnership with the Ethereum treasury company Sharplink to launch the "Galaxy Sharplink Onchain Yield Fund," with a total scale of $125 million, expected to officially launch in a few weeks.Of this, $100 million comes from Sharplink's Ethereum treasury, and $25 million is injected from Galaxy's own funds. Galaxy will serve as the exclusive manager of the fund, responsible for protocol selection, position management, and risk control. The fund will focus on active DeFi strategies such as lending and liquidity provision, aiming for an annualized return of over 10%.

The Web3 asset data platform RootData has outlined 40 partners of Aave, covering multiple layers such as TradFi/RWA, stablecoins, infrastructure, wallets, DeFi protocols, exchanges, and custody. From its early focus on the lending efficiency of crypto assets to competing for on-chain dollar liquidity after the launch of GHO, Aave seems to be defining an interest rate system for on-chain dollars. At the TradFi and RWA layer, institutions like BlackRock, Franklin Templeton, VanEck, and JPMorgan are prominently featured, along with RWA platforms such as Centrifuge, OpenEden, and Securitize, indicating that Aave is no longer satisfied with lending native crypto assets but is attempting to meet the financing needs of real-world assets on-chain. At the stablecoin layer, partners like Circle, Tether, Ethena, Ripple, and Plasma suggest that Aave is competing for the on-chain "dollar liquidity" entry point. Whoever controls stablecoin deposits is closer to on-chain interest rate pricing power. At the infrastructure layer, partners like Chainlink, ConsenSys, Flashbots, and Mantle provide Aave with price oracles, MEV optimization, and multi-chain expansion capabilities. At the user distribution layer, wallet partners like MetaMask, Ledger, Bitget Wallet, Privy, and Turnkey are lowering the entry barriers for users; meanwhile, institutional channels like Kraken, Bybit, and Fireblocks further amplify the capital entry points. DeFi protocols such as Pendle, Maple Finance, and CoW Swap extend Aave's liquidity into fixed income, institutional lending, and trading scenarios. The recent rsETH/Kelp risk event caused Aave's TVL to drop from a peak of $44 billion to $15 billion, once again testing the risk management capabilities of this established DeFi protocol. Related collection: Aave Web3 Partner Network Collection (continuously updated) Cryptocurrency projects actively showcasing their partner networks have become a key way to enhance transparency and market trust. It is reported that RootData welcomes Web3 projects to claim their information and continues to track and open more project business relationship disclosure channels. The platform has released multiple editions of crypto project ecosystem maps, nominating Web3 ecosystem partners for upstream clients like Visa, Mastercard, and Coinbase. If you wish to nominate your project in future ecosystem maps, please fill out the [RootData 2026 Industry Ecosystem Mapping] form to supplement your important clients and partners.

According to DefiLlama data, three relatively active DeFi applications, Hyperliquid, EdgeX, and Pump.fun, have collectively distributed $96.3 million in revenue to token holders over the past 30 days. Among them, Hyperliquid leads with $50.95 million, with all revenue returned directly to holders and zero incentive spending; Pump.fun returned $22.09 million to holders from a total revenue of $38.81 million; EdgeX allocated $23.26 million from $8.26 million in protocol revenue, indicating it may have tapped into reserves or other income sources.In terms of annualized data, Hyperliquid's revenue over the past year reached $946 million, Pump.fun at $481 million, and EdgeX at $236 million. This trend reflects that the crypto community is shifting from focusing on trading volume to actual revenue. Yearn.Finance founder Andre Cronje pointed out that DeFi in 2026 is no longer just a venue for speculation but is becoming the backend infrastructure of the on-chain economy, with the stablecoin market reaching $320 billion, decentralized exchanges having monthly spot trading volumes exceeding $160 billion, and perpetual contract DEX monthly trading volumes reaching $540 billion.

According to CryptoSlate, Ethereum's share of the total value locked (TVL) in DeFi has dropped from 63.5% at the beginning of 2025 to about 54% now, marking a new low in nearly a year.According to the latest data from DefiLlama, Ethereum's DeFi TVL is approximately $45.4 billion, still significantly ahead, but public chains such as Solana (6.66%), BNB Chain (6.60%), Bitcoin (6.35%), Tron (6.17%), Base (5.44%), and Hyperliquid (1.81%) are gradually eating into its share.

According to data released by Sentora on platform X, 43.7% of the market value of active real-world assets (RWA) on Solana is deployed in DeFi lending, while this proportion on Ethereum is only 6.1%. Sentora stated that assets on Ethereum are idle, while assets on Solana are operating as collateral in an active credit market.

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated that the regulatory agency is considering new rules for on-chain financial markets and related software applications.Atkins pointed out that current software protocols such as DeFi are difficult to classify within the traditional regulatory framework of exchanges, brokers, or clearinghouses, as a single protocol often has multiple functions including trade execution, collateral management, liquidity routing, and settlement. His remarks are seen as the SEC adopting a more open attitude towards the crypto industry, which is friendlier compared to his predecessor Gary Gensler. Meanwhile, the SEC is also exploring innovative exemption mechanisms for tokenized securities and advancing the clarification of the digital asset classification system.

According to Coindesk, Hunter Horsley, co-founder and CEO of Bitwise, stated at the Miami Consensus 2026 conference regarding the "recent negative sentiment in the DeFi sector," "I believe DeFi is still doing very well." The recent specific event is operational security issues, not smart contracts being hacked. He also believes that the crypto industry is rapidly entering the mainstream, and DeFi and on-chain treasuries need to respond to this moment; treasuries have only been around for two years, "not all treasuries are equally reliable, and early entrants need to do more homework." Yoni Assia, co-founder and CEO of eToro, also stated that DeFi "is the inevitable future."In the roundtable discussion, several guests made predictions about DeFi TVL over the next five years: eToro CEO Yoni Assia gave a figure of $5 trillion; Bitwise CEO Hunter Horsley provided $500 billion; a16z Crypto partner Guy Wuollet declined to give a specific number, only stating, "My number is up and to the right."

According to The Cryptonomist, Grayscale rebalanced two of its crypto funds after reviewing the first quarter of 2026. Among them, the DeFi fund added Ethena (ENA), giving it a weight of 13.59%, making it the fourth largest holding in the fund. The previous holding, Aerodrome Finance, has been removed. The current top four holdings in the fund are: Uniswap (35.22%), Aave (21.36%), Ondo (19.83%), Ethena (13.59%).The other Smart Contract fund did not introduce new assets but adjusted the proportions of its internal holdings. Ethereum remains the largest holding (30.14%), followed by Solana (29.69%) and Cardano (17.96%).