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- Stable Labs' $USDX depegs; Elixir sunsets $deUSD
Stable Labs' $USDX depegs; Elixir sunsets $deUSD
Alpha Team
November 08, 2025
📉 USDX Plunges to $0.15
USDX Depegs Sharply: Stable Labs’ synthetic stablecoin USDX depegged on November 6, falling below $0.60 and further to approximately $0.15 by November 8 after a peak circulating supply of $683 million. Staked USDX dropped to $0.62 from over $1.11. The decline followed a $128 million Balancer exploit on November 3, which triggered forced liquidations of hedged BTC/ETH shorts held by Stable Labs and spiked redemptions. Stable Labs, which raised $45 million in 2024 at a $275 million valuation from investors including Dragonfly Capital, has not commented publicly. Researcher Min from Hyperithm observed the portfolio unchanged for over two months.
Protocols Monitor Vaults: PancakeSwap and Lista DAO are monitoring affected vaults. Lista stated: “We are aware and have been closely monitoring the MEVCapital USDT Vault and Re7Labs USD1 Vault, where collateral assets ($sUSDX and $USDX) continue facing abnormally high borrowing rates without repayment activity.” PancakeSwap noted: “Our team is also aware of the situation involving the affected vaults and is monitoring it closely.” Lista executed a flash loan liquidation of over 3.5 million USDX, recovering 2.9 million USD1 tokens with Re7 Labs. Re7 Labs disclosed vault exposure to Stream Finance’s xUSD, depegged after the exploit. Allegations emerged of a wallet linked to founder Flex Yang swapping USDX collateral for other stablecoins.
Elixir Sunsets deUSD: Separately, Elixir sunset its deUSD synthetic stablecoin, launched mid-2024, due to Stream Finance’s unwinding. Stream halted withdrawals on November 4 after a $93 million loss disclosure, owing Elixir over $68 million of $285 million total debt. Stream holds 90% of deUSD supply, about $75 million. Elixir processed 80% redemptions and snapshotted remaining balances for 1:1 USDC claims. Mint/redeem functions disabled. Elixir indicated full 1:1 redemptions expected and is unwinding positions on Euler, Morpho, and Compound. Read More.
️ On today's Top Picks:
- 💜 Monad $MON announces first wave of Monad Momentum apps.
- 💸 Strategy $MSTR to raise $715M to buy more Bitcoin $BTC.
- 📝 Balancer sends messages to addresses involved in $98M exploit.
- 💰 Fomo raises $17M in Series A funding led by Benchmark.
Read time: ⏰ 6 minutes
Crypto News
• ⭐️ Stable Labs' $USDX depegs following Balancer $98M exploit; Stable Labs has yet to comment on the depeg.
• ⭐️ Elixir $ELX sunsets $deUSD following Stream Finance's $93M loss; Elixir previously loaned Stream $68M & claims they decided not to repay; Stream currently holds ~$75M of deUSD.
• Bitwise files SEC form 8-A for its spot Dogecoin $DOGE ETF; to automatically be approved for listing if the SEC does not intervene within 20 days.
• Coinbase $COIN Europe to pay €21.5M (~$25M) fine for past transaction monitoring failures; monitoring failures caused by technical coding errors.
• Google Finance to integrate Polymarket & Kalshi data; to roll out over the coming weeks, starting with Labs users.
• Samourai Wallet developer Keonne Rodriguez sentenced to five years in prison; pleaded guilty to conspiracy to operate an unlicensed money transmitter.
Alpha
• ⭐️ Monad $MON announces first wave of Monad Momentum apps; these apps to have rewards on mainnet.
• MegaETH reveals $MEGA pubic sale allocations; 5K+ bidders were selected based on "verifiable onchain, social, & Mega credentials."
• Flying Tulip launches accredited investor quiz; pass the quiz to receive an Accredited Investor NFT & qualify for $FT whitelist.
• CoinGecko launches CoinGecko x Moonbirds soulbound NFT; available until November 20th.
• ICYMI Coinbase $COIN to launch Coinbase One Member Week on November 10th; features five days of rewards, boosts, & early access drops.
Airdrops
• Espresso announces two more paths to $ESP airdrop eligibility; Molten & UniDex top users to be eligible; Cartesi $CTSI long-term stakers to be eligible.
• Allora launches $ALLO airdrop eligibility checker; Allora community members, Allora buiders, & more are eligible.
• Binance $BNB launches Sapien $SAPIEN HODLer airdrop; BNB Simple Earn and/or BNB On-Chain Yields subscribers from October 20th to October 22nd are eligible.
• ICYMI Monad $MON to launch mainnet, TGE, & airdrop on November 24th; eligible users can view allocations on the airdrop portal.
Finance News
• President Trump says he has a backup plan if Supreme Court rules against his tariffs; the Supreme Court recently began oral hearings concerning the legality of Trump's tariffs.
• Japan FSA backs stablecoin pilot project by Mizuho Bank $8411.T, MUFG $8306.T, & SMBC $8316.T; project aims to verify whether such a system can be executed "lawfully and appropriately."
• ⭐️ Strategy $MSTR to raise €620M ($715M) via preferred stock offering to buy more Bitcoin $BTC; currently holds 641,205 BTC (~$66B).
• American Bitcoin $ABTC buys an additional 139 Bitcoin $BTC (~$14M); now holds 4,004 BTC (~$413M).
• Ark Invest $ARKK $ARKW $ARKF buys an additional 240,507 BitMine $BMNR shares (~$9M); now holds 6.8M BMNR shares (~$260M).
• Block $XYZ reports Q3 2025 earnings; reports revenue of $6.11B, EPS of $0.54, & more.
• Tesla $TSLA shareholders approve Elon Musk's $1T pay package; requires Musk to meet several milestones to earn the funds; Tesla currently holds 11,500 Bitcoin $BTC (~$1.2B).
Security and Exploits
• ⭐️ Balancer $BAL sends onchain messages to all addresses involved in recent $98M exploit; offers bounty for the return of funds.
• ZachXBT warns of fake Hyperliquid $HYPE app on the Google Play Store; adds that no platforms do a good job of filtering scams.
• Chainalysis announces support for Plasma $XPL; to automatically track ERC-20 & ERC-721 Plasma tokens for full investigation and compliance workflows.
Token Unlocks
• Linea $LINEA / ~$39M / NOV 10th
• Aptos $APT / ~$36M / NOV 11th
• Avalanche $AVAX / ~$30M / NOV 13th
Sourced from Tokenomist
Funding
• Commonware raises $25M in Strategic funding led by Tempo.
• ⭐️ Fomo raises $17M in Series A funding led by Benchmark.
• Arx Research raises $6.1M in Seed funding led by Castle Island Ventures.
• Sprinter raises $5.2M in Seed funding led by Robot Ventures.
• Kyo raises $5M at $100M valuation in Series A funding led by Castrum Capital, tbv, & BuzzBridge Capital.
• 3F raises $750K in Angel funding from several investors.
• Mellow raises an undisclosed amount in funding from Cyber Fund.
The Degen Farmer
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| PROTOCOL | ASSETS | APY |
|---|---|---|
 Pendle (Ethereum) | CTSTABLEUSDT | 424.68% |
 GrowiHF (Hyperliquid) | USDC | 125.23% |
 Morpho V1 (Ethereum) | REUSDC | 94.79% |
 Peapods Finance (Ethereum) | USDC | 57.85% |
 Hyperion (Aptos) | USDTUSDC | 36.75% |
 NAVI Lending (Sui) | DEEP | 33.53% |
 Merkl (Ethereum) | LVUSDTUSDT | 33.31% |
 Storm Trade (Ton) | USDT | 29.33% |
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That’s it for today’s edition! See you soon.
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