The [Second Tier manifesto](https://tier.xyz/) names no product and links no working code as of July 17. The launch carries a corporate-governance overhang because [Bukov says](https://x.com/k06a/status/2077755834235576651) he still owns 50% of 1inch despite having zero role in operations or security. [DefiLlama](https://defillama.com/dex-aggregators) now shows $2.61B of 30-day 1inch aggregator volume, down 17.3% from the previous 30 days.

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Up nextFable drops the August SQUID Drop newsletter (covering July), and the discussion thread is open.