DeFi United Gets $100M in Public Pledges

gm, Defiers!

TL;DR:

• Industry rallies around DeFi United initiative
• Lighter upgrade adds ETH as margin
• Bitcoin hovers around $78K
• On-chain trading still feels clunky. It doesn’t have to be that way [MEDIA PARTNERSHIP]
• Bitcore to launch first privately-issued ILS stablecoin [MEDIA PARTNERSHIP]

Let’s dive in.

The industry-wide response to the April 18 Kelp bridge exploit continues to take shape. A new TokenLogic proposal would tap 25,000 ETH from Aave's treasury for the "DeFi United" recovery fund, making the DAO the single largest donor to the coalition working to restore rsETH's backing. Refund efforts have already filled 73,700 ETH of the original 163,200 ETH hole, aided by a proposed 30,000 ETH credit facility from Mantle, alongside pledges from EtherFi, Lido, Golem, and Aave founder Stani Kulechov, who committed 5,000 ETH personally.

Cypto markets were relatively calm on Friday. BTC was changing hands at ~ $77,500, up 0.2% on the week. Ether trades at ~ $2,316, down 4.9% over the week. The Ethereum Foundation finalized a 10,000 ETH OTC sale to BitMNR at an average price of $2,387, worth about $23.87M.

Elsewhere, perp DEX Lighter rolled out Multi-Asset Margin, letting traders post ETH (with more assets to follow) as collateral for perps via Unified Trading Accounts — opening the door to delta-neutral basis trades and leveraged spot strategies.

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	TICKER	VALUE	24H
	BTC	$77,855	▼ 0.82%
	ETH	$2,315.11	▼ 0.90%
	XRP	$1.44	▲ 0.31%
	BNB	$638.3	▼ 0.11%
	SOL	$86.15	▲ 0.02%

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Can Privacy and Transparency Coexist?

A new documentary from The Defiant and Rekt News.

Every wallet is an open book. Institutions sit at the threshold, waiting for an answer to a question that's haunted this industry for a decade: can you build a system that's open enough to be trustless and private enough to be usable?

DeFi United Fundraising Chips Away at Kelp Exploit Shortfall

The "DeFi United" industry recovery effort spearheaded by Kelp and Aave Labs has filled 73,700 ETH of the 163,200 ETH hole from the April 18 exploit.

Why it matters: The initiative has expanded its roster of participants to include EtherFi, Ethena, Lido, Golem, Ink Foundation, Tydro, Mantle, Frax Finance and LayerZero.

Lighter Unveils Multi-Asset Margin Starting With ETH

Decentralized perpetuals exchange Lighter is rolling out Multi-Asset Margin, enabling traders to post non-USDC assets as collateral for perps trading. The feature debuts with ETH as the first supported collateral asset.

Why it matters: The upgrade arrives as Lighter has lost ground in the perp DEX race since its token launch.

Bitcoin Holds Near $78K as $10B of Options Settle on Deribit

Crypto markets were relatively calm on Friday as traders turned their attention to next week's Federal Reserve meeting and a renewed escalation in the Strait of Hormuz.

Why it matters: Major altcoins traded sideways on Friday despite Trump ordering the Navy to fire on Iranian mine-laying boats.

Trending on The Defiant

• Circle Proposes Emergency Rate Changes to Unstick Aave's Frozen USDC Pool
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• Base Pushes Toward Final L2 Stage with First Independent Upgrade
• Polymarket and Kalshi Are Both Set to Launch Perp Trading
• WalletConnect Integrates with TradFi-Focused Chain Canton Network
• New York Attorney General Sues Coinbase, Gemini Over Unlicensed Prediction Markets That’s it for today — if you enjoyed this newsletter, tell your friends! https://thedefiant.io/subscribe