Leo

Venice is increasing programmatic VVV burns. Each new Pro subscription now burns $2 in VVV (up from $1). New Pro+ and Max subscriptions now also trigger programmatic burns at $5 and $10 in VVV respectively.

LayerZero bridging for both sUSDe and USDe is now back live across all chains following the temporary pause. We've strengthened security by increasing DVNs from 2/2 to 4/4 across all chains with the existing rate limits of $10m per hour. We will continue providing updates as necessary.

The latest $VVV burn has been executed — the biggest to date.

Update: WRT Drift Protocol Exploit On April 1st, an exploit occurred on an external integration Drift protocol that impacted the Reflect ecosystem. We understand the stress this brings to our community, and want to provide clarity on the situation. At no point was any Reflect system compromised. Our platform, smart contracts, and non-custodial software maintain full security and integrity. The Situation & Asset Impact Upon learning of the exploit on the Drift program, issuance and redemption of USDC+ and USDT+ were frozen. This was necessary because the redemption rate is programmatically protected by the Reflect protocol, and a freeze was required to uphold that mechanism's integrity. By the time the freeze took effect, the exploiter had already maximized borrow capacities across Drift markets. USDC+: During the current phase of the Reflect non-custodial software beta, USDC+ collateral was routed to the Drift protocol and has been directly impacted by this external exploit. USDT+: USDT+ collateral was never exposed to Drift, as it utilizes independent venues including Jupiter and Kamino lending markets. USDT+ is unaffected, and operations will resume shortly. Moving Forward We are working closely with legal counsel to understand the full scope of this situation and determine the best path forward for beta testers of the Reflect non-custodial software. Out of respect for ongoing investigations and legal protocols, we cannot speculate on specific outcomes or timelines. We are monitoring the investigation by the Drift team and relevant authorities, and will communicate any material progress with appropriate haste. Thank you for your patience as we navigate this. We appreciate the support from our community and the broader industry during this time.

The world's #1 ranked video model is now on Venice. ByteDance's Seedance 2.0 generates up to 15 seconds of cinematic video with native lip-synced dialogue, synchronized sound effects, and physics-accurate motion. Text-to-video. Image-to-video. Reference-to-video. Examples 🧵

Kamino can confirm that it has zero exposure to the Drift protocol compromise. Kamino users, across all products, including Vaults, Markets, and Multiply, are wholly unaffected.

Update: Deposits and withdrawals across all USD Star (USD*) strategies are now resumed. USD*, NEST, and GLOW vaults are NOT AFFECTED by the @DriftProtocol exploit. USD* is built on a multi-strategy architecture with independent yield sources, which does not include Drift as a counterparty. — Current Product Status — [ Operating normally ✅] - USD* , USD*-J , USD*-P - Glow Vault - Nest Vault [ Operation Paused ⚠️ ] Neutral Trade JLP vault is affected. We have paused operation of the vault. — On Liquidity — Some of our partners, including @project0, paused their protocols as a precaution. Allocations within USD* carry no exposure to Drift. The temporary pause was a protective measure on their end, not a reflection of any loss in those positions. — Perena's Belief — Risk management is foundational to how we build. USD*'s multi-strategy architecture was designed to contain exposure and protect the majority of the product from any single point of failure. We recognize that the temporary pause on redemptions over the last few hours may have affected your ability to access capital. We do not take that lightly and will always do our best to protect your capital. Thank you for your patience throughout this period.

Loopscale has no direct exposure to the ongoing situation with Drift protocol and funds in the majority of Loopscale products, including the USDC Genesis and USDC OnRe Vaults, are safe. A small share of the SOL Genesis Vault deposits (~$170K) is allocated to MarginFi, a fraction of which may have indirect exposure through Project0 borrowers collateralized by Drift positions. Should any losses materialize, Loopscale will make affected users whole. We take the technical and operational security of our infrastructure seriously. Our thoughts are with the Drift team and all users affected.

Across DeFi borrow/lend protocols, OnRe markets are isolated. Following further discussions, we understand that Carrot has exposure to Drift Protocol. Carrot's ONyc Boost Market remains isolated from Drift. Users who prefer additional precaution may choose to close positions and migrate to alternative venues.

Drift Protocol is experiencing an active exploit. We have exposure to Drift through our SOL vault. As a precautionary measure, we have paused all vault withdrawals while the situation develops. Our USDC vault has no Drift allocation. We will resume USDC withdrawals as soon as we have confirmed the full scope of the situation. We are monitoring closely and will provide updates as more information becomes available from the Drift team.

Drift Exploit Update - PiggyBank had a $106k exposure to Drift, out of the 3.95M USDC deployed in our delta-neutral trading strategy. This served as margin for a 750 SOL Long position on Drift, against a 750 SOL Short position on Lighter, reduced to 273 SOL before the exchange was paused. - The worst case scenario drawdowns would have been: 2.67% on USDC vault, 1.60% on SPYx, 1.52% on pbJITOSOL. This is exactly the kind of counterparty risk priced in the high APY that such strategies provide. - Nevertheless, the team is so confident in PiggyBank's vision — extra yield on xStocks — that it has unanimously decided to personally reinject $106k to cover for users' losses, even though Drift had passed our deployment risk analysis. - Today’s NAV will be rolled as usual within 2 hours, with 0% APY for the epoch. solscan.io/tx/CY47zDiq4ET…

USDe Stablecoin Rewards are live on Kraken. Earn up to 4.25% APY on USDe automatically. No lockups. No setup. Just hold. Limited-time boosted rate for eligible users. Buy USDe 👉 app.kraken.com/JDNW/USDe

Kraken has enabled USDe rewards. Users holding USDe on @krakenfx now earn 4.25% APY automatically. The first US exchange to offer Ethena-powered savings.

On the Path to a Deflationary VVV with Native Yield Over the next few months, we'll be reducing VVV emissions by another 50% — from 6 million to 3 million tokens per year. May 1, 2026 — 6M → 5M June 1, 2026 — 5M → 4M July 1, 2026 — 4M → 3M These emissions reductions are part of our path to a deflationary VVV with native yield: • Decrease emissions to make VVV increasingly scarce • Increase VVV burns with Venice revenue growth through our buyback and burn program • Our goal is to cross the threshold where VVV burns exceed emissions As Venice usage grows and more VVV gets burned through the protocol, we approach the point where VVV becomes net deflationary while still generating native yield for stakers. Less emissions, more burning. Native, sustainable yield from a product millions of people use.

@hylo_so testing =)

Thanks for your interest in trying Hylo’s new UI! We’ve received over two thousand access code requests from both existing and new users since this weekend. The team is actively reviewing requests and gradually granting access to more users.

@FabianoSolana I just remember Trump's fanboys fawning over the elected king and saying everything would be different... and it is... congratulations! (contains irony)

Question: How do Americans feel knowing their president stole millions from all of us? - 46% wallets created same day - Over 800K retail investors lost $2B - 50 whales accounted for 94% of all profits Meanwhile: - $800M to Trump family - $2B+ with USD1, MELANIA and WLFI

ATENÇÃO, MOTORISTA! 🛑⛽ Se o preço dos combustíveis subiu muito nos últimos dias em algum posto da sua região, isso pode ser uma prática abusiva. A Agência Nacional do Petróleo está atenta e conta com a sua ajuda para fiscalizar. 👇

@NexusLabs gn

The end of the rush. It's Node Rush Week 5. Prospect the last Glyphs including: Bit of Eight, The Motherlode, Cache and Carry, and Bullionaire.

Important update for USDe: The sUSDe unstaking cooldown period will transition to a dynamic model, tied to the amount of liquid stablecoins in the backing of USDe. This means that the current sUSDe unstaking period will shift to just 1 day from the static 7 day period previously in place since inception. Cooldown periods will vary between 1-7d periods going forward based on the composition of USDe backing in more liquid assets. Details outlined in the link below.