Unpacking the Currents Connecting $SQUID, $SQUILL and $OPEN
Inside the rise of a new onchain system where media, markets, and money mutate together.
Leviathan News (follow on 𝕏) did not crawl out of the ocean to reenact the rituals of legacy empires. It sprang from Telegram alpha chats, YouTube livestreams, and relentless research—anchored in a simple belief: great media thrives on many voices, not gatekeepers.
At its core, Leviathan is building an open-source newsroom powered by DeFi native builders, farmers, and enjoyers. No velvet ropes. No corporate overlords. Anyone can submit headlines, craft content or launch a new show. Contributors are rewarded. Governance flows from community conviction, not boardroom decree.
Recently, the Leviathan SQUID DAO welcomed a now-obvious storytelling device: OPEN, an onchain index of next-generation stablecoin networks. It’s a Schelling point for decentralized money: part index, part knowledge graph, and part coordination layer.
Together, SQUID, SQUILL, and OPEN form Leviathan’s growing onchain coordination stack. SQUID rewards contribution. SQUILL channels governance. OPEN tracks the next-gen stablecoin multiverse.
Let’s dig into the onchain mechanics linking them together.
I. What is $SQUID?
SQUID keeps Leviathan News moving. It’s their reward token for decentralized media. If you participate in the Leviathan ecosystem, odds are you’ve already earned SQUID.
How it works:
Every month, Leviathan rewards headline contributors, writers, guests, and devs with $SQUID. Since Jan 2023, over $650,000 has been distributed—purely merit-based.
You can register your EVM wallet via their Telegram bot and start stacking SQUID from your contributions.
What can you do with it?
Plenty.
Bid for ad slots in a first-of-its-kind SQUID-powered auction system
Swap or LP on Fraxtal Curve
Use as collateral to borrow on LlamaLend
SQUID lives on Fraxtal part of the Optimism Superchain. Contract: 0x6e58089d8e8f664823d26454f49a5a0f2ff697fe
It’s rare to see a media token with this level of composability and utility out of the gate. SQUID doesn’t sit idly, it swims. Learn more about SQUID in the ultimate explainer.
II. What is $SQUILL?
SQUILL is the strange and glorious governance layer that surfaced from Leviathan’s media tidepool. SQUILL total supply is 10,000,000. On Tax Day April 15 2025, the first 1,776,000 tokens were airdropped to SQUID holders, a patriotic prelude to what comes next.
How it works:
SQUILL governs the evolution of the OPEN index directly on mainnet, without intermediaries or committees. Holders who vote-lock into vlSQUILL shape the index,deciding which stablecoin-networks belong and how risk is managed. vlSQUILL holders earn a share of TVL and minting fees.
What can you do with it?
SQUILL lives on mainnet. Contract: 0x7ebAB7190d3d574ce82D29F2FA1422f18E29969C
It’s a fork of Snekmate's ERC20 standard, auditable, minimal, and simple to claim via Etherscan if your wallet held $SQUID during the snapshot. Learn more about the SQUILL airdrop.
The remaining SQUILL supply will be airdropped in future rounds 👀⚡️to contributors helping build and grow the OPEN ecosystem.
III. What is $OPEN?
The Open Stablecoin Index OPEN is an onchain, equal-weight index of next-generation stablecoin networks. One index to own the stablecoin multiverse. Instead of hunting for the needle, OPEN indexes the haystack. Perfect for those craving clean, effortless exposure to the next-gen stablecoin frontier.
How it works:
OPEN currently tracks eight decentralized monetary networks:Aave, Curve, Sky, Reserve, Ethena, Frax, Liquity, and Inverse. Each was selected for advancing transparency, composability, and user-led governance. Subject to decentralized governance, the index rebalances quarterly and targets a basket of 7 to 10 assets.
What can you do with it?
Mint and hold it to get passive exposure to the stablecoin narrative.
Use it to join OPEN Secret Admirers
OPEN lives on mainnet. Contract: 0x323c03c48660fE31186fa82c289b0766d331Ce21
It’s an open loop of insight, coordination, and capital. And it just might shape a financial system that’s more fair, more flexible, and transparently onchain. Learn more about OPEN in the announcement
IV. Why This Matters
Media, money, and markets have long been shaped by gatekeepers. But a new model is emerging.
SQUID rewards participation and signal. SQUILL grants directional power. One generates energy. The other builds structure. If stablecoins are the chassis of monetary expansion, OPEN is the frontier where innovation gets indexed first. Together, they form a new kind of system where creators earn, users govern, and prosperity flows to the edge.
Thanks for joining us in building this tentacled beauty. Stay tuned for the next article in our series, where we unveil the OPEN governance guide.
🗳️ Claim $SQUILL
📢 Contribute to Leviathan News
🧠 Join the $OPEN Secret Admirers
😺 Check out the Github
P.S. SQUID DAO paid out a hefty SQUILL bug bounty for a responsible disclosure. Sharing is caring, and sometimes it’s generational wealth!