DeFi Markets Update 2026-07-07
GROVE token, Growth of Robinhood Earn, MetaMask Money Account Launch
Welcome to another DeFi Markets Update—your no-nonsense briefing on the cryptobanking plumbing and market pulse.
Grove introduces the GROVE token
Grove is capitalizing the stablecoin economy. Through institutional-grade allocation, financing, and liquidity solutions, Grove brings real-world assets and real-world use cases onchain to build the next generation of global financial markets.
GROVE is the native token of Grove protocol, deployed on Ethereum as an ERC-20 with a supply of 10 billion. The token is expected to support protocol governance, including community participation in proposals and sentiment signaling, subject to final token design and governance documentation.
The first token distribution went live yesterday, the 6th of July, with an early allocation that recognises participants who were part of Grove’s early community, subject to eligibility requirements. Early participants on the protocol can check their eligibility and claim GROVE at app.grove.finance
Future GROVE distribution is administered through Sky Ecosystem-supported programs, including Sky Ecosystem Rewards where available. Eligible participants in Sky Ecosystem Rewards accrue GROVE by supplying USDS. Visit the Sky Money rewards page for more information.
The GROVE token is also available on exchanges such as Coinbase, Bybit, KuCoin, and Bitvavo.
The Early Growth of Robinhood Earn
Robinhood has launched Robinhood Chain alongside Robinhood Earn, allowing eligible users to earn an estimated 7% APY on USDG through a Steakhouse vault on Morpho. The launch marks Steakhouse’s second major retail lending integration, following Coinbase’s USDC lending launch in September 2025, and extends onchain lending to another large consumer financial platform.
Early onchain activity shows users are actively moving onto Robinhood Chain. ETH bridged from Ethereum to Robinhood Chain has increased by almost 10x within days of launch, highlighting growing activity across the network.
Moreover, deposits into the new Steakhouse USDG vault have continued to increase since launch, reaching approximately $17 million in TVL across more than 1,600 depositors within the first six days. The rollout is currently taking place in incremental stages, with access still limited to a small proportion of eligible users. The vault supplies USDG into Morpho lending markets, where borrowers generate the lending yield returned to depositors.
Coinbase and Robinhood demonstrate how DeFi lending can be embedded directly into mainstream financial applications. While each platform offers a different user experience, both rely on Steakhouse to curate lending risk behind the scenes, giving users access to onchain yield without managing lending markets or vault allocations. Together, the two platforms manage more than $600 billion of customer assets, making this one of the largest retail distribution channels for onchain lending.
MetaMask Money Account Launches with Steakhouse Markets
MetaMask has launched Money Account, a self-custodial account that combines stablecoin savings, spending and trading from a single balance. Users can earn up to 4% variable APY on supported stablecoins while retaining full custody of their assets. Steakhouse curates the lending markets and monitors vault’s allocations, liquidity conditions, and risk controls.
Supported stablecoins including USDC, USDT and DAI are converted 1:1 into mUSD, MetaMask’s new stablecoin issued by Bridge and built on M0 infrastructure. Deposits flow through a Veda-managed Morpho vault on Monad, where Steakhouse curates the lending strategy using Veda’s multi-chain, multi-protocol infrastructure before capital is allocated across Morpho lending markets.
The vault’s liquidity sleeve is held in mUSD, allowing capital to remain readily available while also supporting low borrow rates across Morpho Monad markets, including WETH/mUSD, wstETH/mUSD and WBTC/mUSD. These markets allow borrowers to post blue-chip collateral and borrow mUSD, with borrower interest forming the yield credited back to Money Account users.
The new WETH/mUSD market on Monad already holds more than $410k in supplied mUSD with current borrow rate of 0.6%
Money Account connects directly to the MetaMask Card, allowing users to spend from the same balance that earns yield. Monad’s sub-second finality enables purchases to settle directly from yield-generating funds, allowing deposits to continue earning until each transaction is authorised.
The launch brings Steakhouse curated Morpho lending into one of crypto’s largest self-custodial wallets. Users access DeFi lending through a familiar wallet experience, while Steakhouse manages the lending strategy that powers yield behind the scenes.