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Today's News Recap
YZY Losses - YZY hype machine leaves traders nursing millions in losses on Ye-linked token.
Defense Donation - Solana Policy Institute donates $500,000 to Tornado Cash developers’ legal defense.
Sony Scores - Sony’s Soneium rolls out scoring system to track and incentivize user activity on its blockchain.
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Raydium remained the leading Solana DEX with 28.9% daily volume share in Q2, though down from 44.9% in Q1
RAY delivered a 9.7% yield in Q2 2025 ($0.21 EPT on adjusted market cap), making it one of the highest-yielding protocols
Token launchpad went live in April, driving $1.1B in Q2 volume and $4M in revenue (~22% of Raydium’s total)
Concentrated liquidity pools overtook legacy AMM pools for the first time, capturing 76% of Raydium’s Q2 volume
XRP futures listed on Coinbase and CME, fulfilling SEC requirements for potential U.S. spot ETF approval this fall
Ripple’s RLUSD hit $65.9M (+49% QoQ), XRPL’s largest stablecoin; new stablecoins (USDC, EURØP, etc.) launched on XRPL
Tokenized treasuries, commercial paper, and real estate pushed XRPL’s RWA market cap to an all-time high of $131.6M.
XRP remains the 4th largest crypto asset ($132B market cap, +8.5% QoQ)
BNB Smart Chain – Main EVM-compatible L1 for smart contracts, DeFi, and governance
Market cap rose 7.5% QoQ to $92.6B
Daily transactions more than doubled to 9.9M, while daily active addresses rose 33.2%
DeFi TVL grew 14% to $9.9B. PancakeSwap dominated DEX volumes (85% share)
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Two Bits
Flows Into InfiniFi: Boosted USD Yields without Leverage
By: Kaleb Rasmussen
On June 3, 2025, InfiniFi launched its protocol on Ethereum Mainnet. Backed by Electric Capital, in three months it attracted over $94 million in USDC deposits across more than 1,200 addresses.
But what makes InfiniFi different from any other stablecoin yield opportunity?
First off, InfiniFi doesn’t actually generate yield itself, it sources the best yield opportunities for its users. But beyond sourcing yield, InfiniFi also boosts yields without leverage.
How? InfiniFi takes a page from banks: the fractional reserve model. Depositors choose between holding iUSD, staking it to earn yield (~9% APY), or locking it for 1–13 weeks to earn higher returns (~14-16% APY). A portion of liquid deposits are deployed into liquid yield-bearing assets like Spark and Euler, while locked deposits and some liquid capital are placed into higher-yielding duration assets such as Pendle’s PT tokens.
A quick refresher on PT tokens: When you buy a PT token, you get a guaranteed fixed yield on your asset as long as you hold it to maturity. But selling before maturity carries a chance of loss. InfiniFi boosts yields by allocating deposits to longer-dated PTs while automating laddering on-chain – mapping asset maturities to depositor lockups so capital frees up in sync with withdrawal needs.
To accelerate adoption, InfiniFi has launched a points program that rewards depositors holding (2x), staking (1x), and locking (1x) iUSD.
This design has incentivized holding iUSD: $27.3M (~29%) remains unstaked and not earning yield. Depositors still prefer short-term however as $29.9M is staked without lockup, and of the $37.0M locked, $16.7M is for one week. However, a large cluster at 13 weeks of $7M shows some investor preference for higher yield.
On the asset side, InfiniFi’s balance sheet is dominated by Pendle PT Ethena markets, accounting for more than $25.9M and generating 9-13% APY. Another $23M sits in Ethena’s sUSDe strategies at ~8.5%. Smaller allocations include f(x) FxSAVE and other Pendle pools. To preserve liquidity, InfiniFi holds ~$16.9M across Spark, Euler, Aave, and Fluid, yielding 4-9%. For every $1 in liquid deposits, there are ~$0.29 in liquid assets to cover immediate withdrawals. Withdrawals beyond this must wait until assets mature.
While still early, InfiniFi is pioneering on-chain fractional reserve banking to boost yields, all in a transparent and efficient manner.
