The Wire PM — June 10, 2026

The Wire PM — June 10, 2026

Raydium Covers $1.34M Loss After Exploit on Retired Program Raydium said an attacker drained about $1.34 million from a retired version of its automated market maker, an older program the team had moved away from but never fully wound down. The DEX confirmed its treasury will cover affected users in full, so depositors on the live product are not out of pocket. The risk detail is the surface, an idle, deprecated contract that still held value. Dead code that keeps permissions or liquidity is a quiet way DeFi loses money, and exactly the exposure a protocol risk view should keep visible long after a product is "sunset." (The Block)

Helius Acquires Light Protocol to Push Privacy and Compression on Solana Solana infrastructure firm Helius is acquiring Light Protocol, the team behind ZK compression on the chain, folding privacy and cheaper on-chain state into its stack. Helius already sits in the plumbing as one of Solana's larger RPC and data providers, so owning a compression layer extends its reach into how applications store and prove data. Infrastructure consolidation cuts both ways for yield products. Better tooling and lower costs help builders, but more of the chain's data path running through one vendor is a concentration worth tracking. (The Block)

Curve Ships Llamalend v2, First on Optimism With a 250K OP Grant Curve launched the second version of its Llamalend lending market, debuting on Optimism with a 250,000 OP token grant backing the rollout. The release pushes Curve further beyond stablecoin swaps into isolated lending, the same risk-segmented design pulling capital toward Morpho and Aave's newer markets. Grant-seeded launches tend to post eye-catching early APYs, so the number to watch is where the rate settles once incentives taper. Borrow demand, not token rewards, makes a lending yield durable. (The Block)

Botanix to Wind Down Bitcoin Layer 2, Citing Weak DeFi Demand Botanix said it will shut down its Bitcoin layer-2 network in July, telling users to withdraw assets and pointing to a lack of DeFi demand as the reason. It is a blunt data point in the long debate over whether Bitcoin can host a real yield economy. Liquidity and lending activity never reached the scale needed to sustain the chain, even as capital kept flowing into Solana and Ethereum money markets. For anyone weighing Bitcoin-native yield, the message is to treat the surrounding ecosystem's depth, not the headline rate, as the first risk. (Decrypt)

CryptoQuant Marks a Possible Bottom Near $53,600 as Demand Stays Weak CryptoQuant said Bitcoin is moving closer to a floor it puts near $53,600, while cautioning that on-chain demand remains "deeply unfavorable." The call lines up with this morning's read that more than half of supply now sits underwater, but adds a specific level and a warning that price can grind lower before any turn. For yield desks the takeaway holds: lending APYs and funding rates track sentiment, and sentiment has not turned. (The Block)

Numbers (Updated)

• BTC: $61,750 (-0.1%)
• ETH: $1,628 (-1.4%)
• SOL: $63.70 (-2.3%)
• Solana DeFi TVL: $4.56B
• Deepest USDC yield (Solana): Jupiter Lend at 3.8% APY on $404M

Majors drifted lower into the US close, with Bitcoin pinned near cycle lows around $61,750, ether back below $1,650, and SOL slipping toward the low $60s. Solana DeFi held near $4.5 billion locked, and the deepest USDC market still paid close to 4% on Jupiter Lend. A quiet, risk-off tape where the steady lending yield does the talking.

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