AAVE is buzzing. The rsETH market was fully restored on May 26, and the Babylon BTC vault audit is live in governance. The big catalyst is the proposal to deploy Aave V4 on Avalanche on May 28, backed by a 15 million dollar incentive pool and a dedicated RWA hub. The Arc integration audit was also submitted on May 29. Massive simultaneous motion here. PENDLE is a regulatory hedge. The CLARITY Act is expected to be signed on July 4, putting passive yield protocols in the crosshairs. Pendle's fixed-yield market is the only infrastructure operating cleanly. sPENDLE staking has surged from 20% to 57.9% since January. That is conviction. ONDO plays the same CLARITY trade but at the infrastructure layer. Tokenized Treasury bond rails for compliant on-chain fixed income. Current market cap is 1.75 billion, still 83.2% down from ATH. Massive upside potential if the bill passes. RAIL is the closest to ATH on this list at only 46.8% down. Protocol fees hit 336k last month, 35% higher than Tornado Cash, and represent 2.3% of ZEC's market cap. Circle just froze 12.6 million USDC in Zama's cUSDC via court order. On-chain censorship is no longer theoretical. ETHFI is still mispriced. 70k active cards, 2 million in daily card spend, yet valued like a restaking protocol at 95.6% down from ATH. The narrative gap is real. HYPE is the standout. 60.6 million in fees this month, with 89.8% returned to holders. Only 2.6% from ATH, and the only protocol in this list paying yield near its peak. Absolute beast mode. Unlocks to watch this week: EIGEN unlocks 7.7 million, 4.96% of circulating supply. Highest relative impact. TRUMP unlocks 12.7 million, 2.66% of supply. No protocol fundamentals to absorb. WLD unlocks 13.2 million, 1.18% of supply. Still no product updates. BABY unlocks 1 million, 2.05% of supply, coinciding with the Babylon audit in Aave governance. A headwind and catalyst in the same window. Macro is key. Powell's farewell speech on Monday, then the May NFP report o...