defi

The UK's HM Revenue and Customs (HMRC) stated that for the 2024 to 2025 tax year, 240 individuals each reported capital gains from crypto assets exceeding £1 million, totaling £717 million, accounting for more than half of the total. The capital gains of all 17,600 filers amounted to £1.38 billion, with disposals totaling £13.8 billion. Taxpayers reporting capital gains below £25,000 accounted for 65%, contributing only 7% of the capital gains and 8% of the disposals.Among crypto asset taxpayers, 54% are aged between 25 and 44, and 81% are under 54; males account for 87%, contributing 93% of the capital gains. The UK is advancing regulation based on the OECD crypto asset reporting framework, requiring trading service providers to provide customer information to tax authorities, with HMRC set to start receiving relevant data in 2027; service providers failing to comply will face fines of up to £300 per user. James Murray, Financial Secretary to the Treasury, stated that capital gains from crypto assets are subject to tax just like other capital gains. The UK Treasury plans to defer capital gains tax on DeFi lending and assets deposited into liquidity pools until the actual disposal of the assets. For the 2025 to 2026 tax year, capital gains exceeding the tax-free allowance must be reported by January 31, 2027.

According to the latest announcements from major companies, global listed enterprises have disclosed recent developments in cryptocurrency asset allocation and strategic mergers and acquisitions. The core information is as follows:Alpha Modus (NASDAQ: AMOD) advances strategic transactions, planning to incorporate 3,170 BTC into its treasury: Nasdaq-listed company Alpha Modus officially announced that it is actively promoting a significant strategic transaction. If the transaction is successfully completed, it is expected to directly add 3,170 bitcoins to its balance sheet, with a total value exceeding $200 million based on current market prices.DeFi Development Corp resumes buying, increasing its holdings by 19,000 SOL: Nasdaq-listed SOL treasury company DeFi Development Corp announced the formal resumption of its purchasing plan for SOL. The latest data shows that the company has invested approximately $1.86 million, increasing its holdings by 19,000 SOL at an average price of $98.14. Following this acquisition, its total holdings of SOL have increased to approximately 2.33 million, with a fair value of about $182 million.

The Aave on-chain dashboard shows that V4 user deposits have reached $806 million, a 30% increase over 7 days, setting a new historical high. On August 19, deposits surpassed $500 million, on August 21 surpassed $600 million, and then within six days surpassed $800 million; on August 25, Ethereum V4 deposits alone exceeded $500 million.V4 active loans reached $206 million, with the EtherFi market having active loans of $62 million, and weETH collateral supporting WETH lending, with a utilization rate of 92%. The current market covers Ethereum, Optimism, and Avalanche deployments: Ethereum Core holds $378 million, EtherFi Cash on Optimism is $257 million, Ethereum Global Dollar is $75 million, Ethereum Prime is $63 million, Avalanche Core is $18 million, and Ethereum Plus is $15 million.In terms of deposit composition, weETH leads with $97 million, USDG $90 million, WETH and USDC each $81 million, liquidETH $77 million, liquidUSD $58 million, and WBTC $54 million. In comparison, V3 deposits reached $31 billion, while V4 replaces V3's market-per-pool design with a hub-and-spoke system.

The Ethena Foundation announced significant reforms to its tokenomics, with the ENA token rising 23% to $0.17 within 24 hours. The reforms include the cancellation of the monthly VC unlock schedule and a proposal to use protocol revenue to buy back ENA. ENA holders are voting to decide on the "fee switch," where 95% of the net income from Ethena's brand business will be used for programmatic purchases of ENA when the circulation of USDe reaches $7.5 billion, with the remaining 5% allocated for growth.Ethena Labs and the Foundation have also reached a principled agreement to assign most of the intellectual property and economic benefits of the Ethena protocol to the Foundation and ecosystem, rather than to Ethena Labs shareholders. This agreement is expected to be announced in October. The reforms come as the supply of USDe has decreased from a peak of nearly $15 billion in October to below $5 billion, with part of its revenue relying on derivative funding rates, which have diminished as the crypto market cools.In search of new sources of growth, Ethena announced last week a $1 billion facility with FalconX to bring USDe collateral into over-collateralized institutional loans. Additionally, Janus Henderson invested in ENA in June and is exploring USDe distribution, while Coinbase has also launched a savings product in collaboration with Ethena.

MoonPay has integrated the Solana lending protocol Kamino into its AI payment vault PayBox, allowing eligible users to execute token lending or collateralized borrowing on Solana through conversations with ChatGPT or Claude. According to DefiLlama data, Kamino has a locked value of approximately $1.3 billion, with an active loan scale of about $1 billion.This integration does not create new loan products but replaces Kamino's original interface with natural language commands. Users can request that each transaction requires passkey approval or allow the AI to operate autonomously within preset limits. MoonPay launched PayBox in July, initially supporting payments, token swaps, cross-chain bridging, and earning through Aave. The integration of Kamino marks its expansion from AI payment tools into the credit management field.Currently, AI-based crypto applications are mainly focused on small, high-frequency payment scenarios. The x402 protocol developed by Coinbase has processed approximately $50 million and 165 million payments. This integration allows AI to manage user funds, with a single command capable of creating leveraged positions. If the value of the collateral falls and triggers Kamino's liquidation threshold, the position may be liquidated. This service is not currently available to users in the United States, United Kingdom, European Union, and Australia, with specific availability varying by asset and jurisdiction.

According to SolanaFloor, Solana's treasury company DeFi Development Corp announced the resumption of SOL purchases, with the latest acquisition of 19,000 SOL, investing approximately 1.86 million USD, at an average purchase price of 98.14 USD.After this acquisition, DeFi Development Corp's SOL treasury holdings increased to approximately 2.33 million SOL, valued at about 182 million USD at current prices.

The decentralized lending protocol Moonwell is investigating issues affecting the MAMO Core Market on Base. Security firms CertiK and PeckShield have flagged a multi-million dollar exploit incident, estimating losses of approximately $8.7 million.Moonwell stated on X that as a precaution, the borrowing limit for all Core Markets on Base has been set to 1 wei, and the supply limits for MAMO and WELL have also been set to 1 wei. PeckShield noted that the attacker aggregated stolen funds to an address for the DAI stablecoin; CertiK indicated that the attacker manipulated the collateral price of the low liquidity MAMO token and then borrowed real cbBTC from the mCBTC market to carry out the attack, with Blockaid also identifying the same attack mechanism.As a result, the WELL token dropped about 13% in 24 hours, while MAMO fell about 9%. This exploit incident is part of a period of frequent DeFi vulnerabilities since April, during which multiple protocols have been hacked for over $600 million, with the largest being a $292 million exploit of Kelp DAO.

DefiLlama has partnered with the Web3 investment banking and consulting platform Forgd to launch a universal token rating dashboard, which rates over 100 DeFi tokens with a score from 0 to 100 and assigns letter grades from AAA to CCC, mirroring traditional credit ratings. The ratings are continuously updated based on changing token-related metrics.The dashboard aims to standardize the assessment of crypto tokens, providing traders and investors with a transparent and unified measurement scale, enhancing transparency and trust in the context of inconsistent metrics in the DeFi sector.

Aave began opening its iOS mobile application to early users on Wednesday, pushing its consumer savings product into early access, while Android and Web users still need to wait on the waiting list. Aave founder Stani Kulechov stated that the Ghost Pass allows users to invite friends to skip the waiting list.The app is positioned as a savings application, supporting bank account and stablecoin deposits, allowing users to connect bank accounts and debit cards, with stablecoin wallets supporting deposits and withdrawals on Arbitrum. Funds deposited generate returns through the public lending market, with assets supplied to the lending pool, and the interest paid by borrowers flowing to depositors. Aave Labs stated in July that there were about 50,000 registered users on the iOS waiting list.Aave describes the app as self-custodial, although it has login and recovery features similar to fintech applications. The app's terms state that the embedded wallet generates and stores private keys locally, and Aave Labs does not hold user assets or keys, managing wallet setup and gas through smart account abstraction. This release is part of Aave's initiative to expand retail distribution following the acquisition of Stable Finance in October 2025, with Stable Vaults now providing a savings layer for the Aave app and open to fintech companies seeking embedded stablecoin yields.

Chainalysis' latest report shows that the potential taxable on-chain cryptocurrency activity globally will reach at least $457 billion by 2025, while the OECD's Crypto Asset Reporting Framework (CARF) covers only about 14% of the on-chain taxable activities. The report estimates that the United States contributes approximately $112.6 billion, with North America leading at $134.6 billion, followed closely by the European Union at $125.1 billion.This estimate includes income generated from realized gains, mining, staking, and lending, as well as payments denominated in crypto assets, but does not include trading activities within centralized exchanges. The CARF will start data collection on January 1, 2026, across 48 jurisdictions, including the UK and EU, requiring eligible crypto platforms to collect customer and tax resident information and report transaction data to domestic tax authorities for cross-border sharing.The report points out that the CARF's design, centered around crypto intermediaries, is the main reason for the coverage gap. Colby Mangels, a former OECD advisor involved in the development of the CARF, stated that the framework is designed around intermediaries that conduct crypto transactions as their business, which leaves a significant amount of decentralized finance activities outside the reporting scope due to the lack of centralized operators or custodial relationships. Mangels noted that tax authorities are focusing on the progress of anti-money laundering regulations, including when DeFi platforms or their operators should be considered regulated crypto service providers.

According to The Block, Solana digital asset reserve company DeFi Development Corp. has launched a public real-time data and research platform called State of Solana, aimed at tracking metrics such as market, staking, validators, yields, and ecosystem of the Solana network.The company currently holds approximately 2.3 million SOL, valued at about $208 million. Meanwhile, its Nasdaq-listed stock has fallen by about 16% year-to-date.

According to SoSoValue data, after a significant rebound, the overall cryptocurrency market is experiencing a general pullback, with only the Layer2 sector remaining relatively strong, rising 1.13% in 24 hours, among which Stacks (STX) increased by 16.73% and Polygon (POL) rose by 6.29%. In addition, Bitcoin (BTC) fell by 1.10%, dropping below $79,000; Ethereum (ETH) decreased by 1.61%, falling below $2,500.In other sectors, the DeFi sector dropped 0.38% in 24 hours, with Ethena (ENA) down 7.78%, but Hyperliquid (HYPE) rose by 1.89%; the CeFi sector fell by 1.65%, with OKB (OKB) down 3.12%; the Layer1 sector declined by 2.39%, with Zcash (ZEC) down 6.44%; the Meme sector decreased by 3.42%, while SPX6900 (SPX) rose against the trend by 13.33%; the PayFi sector fell by 3.99%, with Dash (DASH) down 10.10%.

The development team of Term Finance, Term Labs, announced that after the governance attack incident, all Term Meta Vaults have been permanently closed, DAO governance rights have been revoked, but the withdrawal channel remains open. In an update on August 23, Term stated that this closure is irreversible and permanently prevents subsequent deposits, but did not disclose the scale of the remaining assets in the vault, only indicating that it will "explore pathways" to address any gaps, and the amount that depositors can recover remains undecided.Blockchain security company PeckShield estimates that the attacker stole approximately 2,843 ETH (worth about $6.87 million at the time) and 1.68 million USDC (which was later exchanged for about 1.68 million DAI), with total losses estimated at around $8.5 million. On-chain records confirm the related transfers: one transaction transferred 2,841.74 WETH to an address labeled "Term Finance Exploiter 1" by Etherscan, while another transaction transferred 1.68 million USDC to an address labeled "Term Finance Exploiter 2".Yearn stated that Term's vault contract uses its V3 architecture, but the attack occurred on Term's custom governance wrapper, which is not applicable to standard Yearn vaults. Term indicated that, according to the current investigation, its underlying protocol and direct lending market were not affected and is working with external security teams for remediation and recovery, but did not provide any compensation commitments or timelines.

The number of real-world asset holders on the Solana chain has surpassed 300,000, and the total locked value in DeFi has risen to 10.7 billion USD, but the spot price of SOL has recently fallen from 208 USD to around 187 USD.

The Solana ecosystem DeFi protocol Kamino announced the launch of Kamino Fixed Rates, positioned as an on-chain fixed-term, fixed-rate credit architecture solution. The product is now live in a private testing version, with a public version planned for release in the third quarter of 2026.According to the introduction, Kamino Fixed Rates aims to provide a lending framework for the on-chain credit market with both the term and interest rate locked in advance. Kamino also released a related light paper for the market to review the product design and mechanism description.

The financial AI platform Oro, which transforms complex user intentions into multi-step executions, announced the completion of a $3 million strategic financing round, led jointly by MH Ventures and Mapleblock Capital, with participation from M2M Capital, Archer Capital, and X21 Digital. Disrupt.com and ZIGLabs provide subsequent strategic support, bringing the total financing amount to $4 million. The funds will be used to advance core AI and agent research and development (including the proprietary Shield Engine and natural language execution stack), global market and user acquisition, build a self-hosted compliance framework with policy constraints, and expand engineering, AI research, and enterprise B2B teams.Oro converts natural language prompts into multi-step transaction paths in a non-custodial, user-signature manner. The official disclosure states that there are already over 350,000 independent active users, supporting more than 80 languages, and has completed mainnet integrations with Morpho, Kamino, Lido, Aave, Uniswap, Raydium, etc.; the activities with Ondo Finance saw over 50,000 verifications completed on the first day of launch. The company's goal is to reach 10 million active users in the next 6 to 12 months, launch native iOS and Android applications, and expand integration as a B2B and B2C intent routing layer.

Coinbase's policy head Faryar Shirzad stated that Coinbase has submitted a joint request for comments to the CFTC and SEC regarding the definition of perpetual derivatives products and alternative compliance pathways. He emphasized that it is essential to address the complexities of definitions and overlapping regulatory jurisdictions so that the U.S. can bring relevant activities under domestic regulation.Shirzad pointed out that clarifying the rules helps safely open relevant opportunities to U.S. consumers and maintain the competitiveness of the U.S. against foreign jurisdictions that already have significant first-mover advantages in this field. This response focuses on product definitions and compliance arrangements, aiming to promote the regulation of perpetual derivatives in the U.S.

According to official news, Mantle Vault has officially expanded from CeFi to DeFi, collaborating with Grove, CIAN, and Fluxion to launch a non-custodial yield vault aimed at stablecoin holders. Users can deposit USDC/USDT into Mantle to obtain institutional-level floating yields through the underlying strategy of sUSDS, along with incentives of Fluxion Points and 5.14 million GROVE tokens (with a target APY of up to 6.5%).The vault adopts a conservative non-leveraged structure, with strategies built by CIAN, capital base provided by Grove's Sky Savings Rate, and liquidity entry managed by Fluxion. Previously, Mantle Vault's AUM on Bybit had exceeded $200 million, and Mantle RWA TVL increased from $22 million to $257 million within the year, with DeFi TVL surpassing $755 million.Mantle stated that by expanding into the DeFi space through Mantle Vault, Mantle and its collaborators are committed to enabling all stablecoin holders to access institutional-level yields without borders, free from geographical restrictions and without the need for intermediary access, and all these components can be combined within Mantle's open financial network.