Wait, Crypto Is The Stable One? 🤔

It's oddly... stable?

Author

Jonathan Morgan
March 11, 2026

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OVERVIEW

Wait, Crypto Is The Stable One? 🤔

Before we dive in, here’s today’s crypto market heatmap:

Source: finviz

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

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DEFI
34 Users Didn't Know They Were Stress-Testing Aave's Treasury 🤔

$AAVE ( ▲ 6.19% ) is doing fine. The protocol generated no bad debt. The configuration issue was remediated. The team responded quickly. Everyone should feel good about this. 🤷

The 34 users who got liquidated for no reason might need a minute.

Yesterday, a misconfigured CAPO oracle decided that wrapped staked Ether was worth 2.85% less than it actually was. That's the whole crime. A config file had the wrong number, and 34 high-leverage E-Mode positions got vaporized for it.

Let's back up, because CAPO deserves an explanation. It's a speed limiter on price feeds - a safety mechanism that caps how fast prices can move in a given direction. On March 10 it was working exactly as designed. It was just anchored to the wrong starting number. 

  • Your collateral was worth $100.

  • CAPO thought it was worth $97.15.

  • Aave's liquidation engine believed CAPO.

  • The bots believed Aave's liquidation engine.

  • You got liquidated.

The oracle wasn't hacked. The math wasn't broken. Someone fed it the wrong starting number and the whole system faithfully executed on bad inputs - which is somehow more frustrating than a hack.

Chaos Labs patched the issue, cut borrow caps, realigned the snapshot parameters, and confirmed this was CAPO's first operational failure in over a year of live deployment. 

Oh, and Aave recovered 154 ETH through BuilderNet refunds and liquidation fees, with the DAO treasury covering the remaining 345 ETH shortfall to make all 34 users whole. Happy ending. Just requires a governance vote to get there.

While the Treasury Was Busy, Governance Was Writing Contracts

At the same time, Aave is proposing a new set of rules around who can copy and use their code. The main software will be locked down for up to five years (meaning competitors can't just take it and build a rival product) after which it becomes free for anyone to use.

That part isn't new; they did the same thing with the previous version. What's different is how the rules are written. Instead of saying "don't do anything harmful" (vague, hard to enforce), the new license spells out specifics: what you built, where you launched it, and what it's for. Much harder to wiggle around.

There's also a new agreement for outside developers who want to contribute code to Aave. Basically a legal handshake that clarifies ownership and liability, because as Aave's new version gets more open and modular, more outside developers will be touching the codebase - and right now the legal side of that is murky.

So to recap where Aave stands: they're locking down their intellectual property for the long term, paying out funds in the short term, and somewhere a trading bot just made a killing off everyone else's bad luck.

The protocol itself is fine, though. 🧠

STABLECOINS
Wells Fargo's WFUSD Trademark Is the Least Subtle Stablecoin Hint In Banking History 🪙 

From TheDefiant: $WFC ( ▼ 2.12% ) filed a trademark application for the ticker "WFUSD" with the U.S. Patent and Trademark Office on March 10. The bank hasn't officially confirmed what it's for. But they probably don’t have to.

Click to enlarge.

Calling this a hint is like saying a guy walking into a bakery with flour on his apron might be a baker. The ticker is named WFUSD. Wells Fargo. USD. The trademark covers crypto exchange services, blockchain payment verification, and NFT wallet software.

Wells Fargo was already huddled with JPMorgan, Bank of America, and Citi exploring a joint stablecoin to slow-walk crypto competition. Citi's CEO publicly told analysts she's eyeing a proprietary token. SoFi skipped the trademark-and-wink phase entirely, launched SoFiUSD on Ethereum, and signed a Mastercard partnership before the big banks finished their committee meetings.

So when a $1.9 trillion bank trademarks something called WFUSD, it's about as mysterious as a groundhog seeing its shadow. We know what happens next. 💨 

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NEWS
Binance Sues The WSJ & The DOJ Was Also There 🧑‍⚖️

Today, Binance filed a defamation lawsuit against Dow Jones, publisher of The Wall Street Journal. The WSJ published a piece this morning about the DOJ probing Binance being used by Iran to evade sactions. 😱

The WSJ published its story at 7:00 AM ET. By 8:41 AM, Binance's Eleanor Hughes had posted the lawsuit announcement on X.

An hour and forty-one minutes. The exchange did not take the morning to think it over.

The lawsuit targets the February 23 WSJ article claiming Binance processed roughly $1.7 billion in transactions tied to sanctioned Iranian entities and Russian shadow fleet operations between 2024 and 2025, and that compliance staff who raised internal concerns were fired for the trouble. 

Binance says both claims are false. Employee departures stemmed from internal data protection violations (not retaliation) and the exchange says it never dismantled any compliance investigation.

As for the $1.7 billion figure, Binance disputes it entirely. Funds moved through intermediary steps. Multi-jurisdictional. Sophisticated. The full explanation runs several paragraphs.

The company employs more than 1,500 people in compliance and risk - roughly 25% of its global headcount. Sanctions-related exposure as a share of total exchange volume dropped 96.8% between January 2024 and July 2025. They processed over 71,000 law enforcement requests in 2025 alone. They would like you to know all of this.

Binance also sued Forbes in 2020 for what it called false allegations. That suit was dropped a few months later.

Whether this one lands differently is an open question. The DOJ being involved tends to change the math on what counts as a good week to file a defamation suit. 🤔

NEWS
Mastercard Launches Crypto Partner Program 💳️

$MA ( ▼ 1.33% ) is formalizing its push into digital assets with the launch of a new Crypto Partner Program - a global initiative pulling together more than 85 crypto-native companies, payments providers, and financial institutions under one collaborative framework. 👍️ 

The program gives participants direct access to Mastercard product teams, with input flowing into the design and direction of future services - specifically solutions that want to combine the speed and programmability of digital assets with existing card rails and global commerce infrastructure.

Surprise: Mastercard Has Probably Been In Crypto Longer Than 90% Of Crypto

Mastercard has been involved with crypto for quite a while. How long? 11+ years.

  • 2015 - Mastercard funds the Digital Currency Group. You might have heard of some of the names the DCG owns: Grayscale, CoinDesk, Genesis, etc.

  • 2016 - Launched experimental blockchain APIs for smart contracts and payment settlement without crypto.

  • 2019 - Withdrew from $META ( ▼ 2.55% ) ’s Libra (remember that?).

  • 2021 - Announced it would start supporting crypto on its network.

  • 2022 - Became BFFs with Paxos to form Crypto Source - a way for member financial institutions to provide crypto trading to clients.

  • 2025 - Moar BFFs! Teamed up with $HOOD ( ▼ 3.27% ) and Kraken to focus on stablecoins. There were some rumors floating that they were considering buying Zerohash for $2B.

The days of crypto running in a separate lane from traditional finance are getting a little more vague. But what's replacing that dynamic is not so much hostile takeover and more integration, standard seting and infrastructure. 🏭️ 

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLC, IMX, XTZ, NEAR, HBAR, ALGO, INJ, LTC, LINK, ZEC, XLM, and FET. 📋