Circle · Wall Street · Coinbase · CryptoSlate
Wall Street is buying DeFi tokens again, even as everyone worries the code is unsafe
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
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The total value locked (TVL) on DeFi fell from $172 billion to $148 billion as the sector logged $635 million in exploit losses across April alone.
Key facts
- DefiLlama shows Morpho Blue generated roughly $39 million in gross protocol revenue in the second quarter, with $3.43 billion in active loans against $6.43 billion TVL flowing to liquidity providers
- Yet ENA traded down roughly 10% on the day of the Janus announcement, with the token near $0.08 and market cap around $750 million
- The total value locked (TVL) on DeFi fell from $172 billion to $148 billion as the sector logged $635 million in exploit losses across April alone
- USDe's market cap sat at roughly $4.5 billion, up 13% over 30 days, while ENA itself traded near $0.08 with a market cap of around $750 million
Summary
01 Coinbase Ventures, Janus Henderson, and Apollo-linked Morpho are buying DeFi governance tokens again, centered on ENA and MORPHO. 02 They are betting institutional distribution will reprice DeFi tokens as infrastructure, even as TVL falls and exploit losses mount. 03 But ENA and MORPHO grant governance, not equity or cash flows, leaving value capture uncertain if another exploit hits. Apollo separately secured rights to acquire up to 90 million MORPHO tokens over 48 months.