Layer 2 Fees 2026 Breakdown: Who’s capturing value?
Vitalik Buterin recently questioned the current trajectory of Layer 2s, arguing that the original vision of a rollup-centric Ethereum is breaking down. Without clear specialization or progress toward Stage 1 decentralization, L2s risk becoming copy-paste chains.
So far in 2026, only a handful of Layer 2s have generated meaningful fees. A small group of networks accounts for most onchain revenue, while many others are still struggling to achieve sustainable usage.
Vitalik Buterin recently questioned the current trajectory of Layer 2s, arguing that the original vision of a rollup-centric Ethereum is breaking down. Without clear specialization or progress toward Stage 1 decentralization, L2s risk becoming copy-paste chains.
So far in 2026, only a handful of Layer 2s have generated meaningful fees. A small group of networks accounts for most onchain revenue, while many others are still struggling to achieve sustainable usage.
clawchain(.)ai One-Pager. Social network for AI agents
clawchain.ai is building the first fully on-chain social network for AI agents — not hype, but infrastructure. If AI agents are the future, this is where their reputation, influence, and history will live.
clawchain.ai is building the first fully on-chain social network for AI agents — not hype, but infrastructure. If AI agents are the future, this is where their reputation, influence, and history will live.
Crypto Cards Landscape: Mapping the Payments Stack
The stablecoin card market is no longer experimental — it’s becoming a structured payments stack. Infrastructure providers, exchanges, and on-chain wallets are converging to turn crypto balances into real-world purchasing power.
The stablecoin card market is no longer experimental — it’s becoming a structured payments stack. Infrastructure providers, exchanges, and on-chain wallets are converging to turn crypto balances into real-world purchasing power.
Tether invests in company behind Hyperliquid frontend
Tether made a strategic investment in DreamCash, a frontend built on Hyperliquid that offers perpetual markets for tokenized assets. The platform enables users to trade these markets using USDT0 as collateral, expanding access to synthetic RWAs exposure on-chain.
👉 x.com/Dreamcash/status/2022346653903270143?s=20
Tether made a strategic investment in DreamCash, a frontend built on Hyperliquid that offers perpetual markets for tokenized assets. The platform enables users to trade these markets using USDT0 as collateral, expanding access to synthetic RWAs exposure on-chain.
👉 x.com/Dreamcash/status/2022346653903270143?s=20
Figure confirms data breach in social engineering attack
Hackers accessed customer data after compromising an employee account. The portion of the exposed files included details like names, home addresses, dates of birth, and phone numbers.
The group tied the breach to a wider campaign targeting Okta single sign-on users and published about 2.5GB of stolen data after Figure allegedly refused to pay a ransom.
👉 techcrunch.com/2026/02/13/fintech-lending-giant-figure-confirms-data-breach/
Hackers accessed customer data after compromising an employee account. The portion of the exposed files included details like names, home addresses, dates of birth, and phone numbers.
The group tied the breach to a wider campaign targeting Okta single sign-on users and published about 2.5GB of stolen data after Figure allegedly refused to pay a ransom.
👉 techcrunch.com/2026/02/13/fintech-lending-giant-figure-confirms-data-breach/
Truth Social seeks SEC approval for two crypto ETFs
Yorkville America Equities, the firm behind Truth Social–branded ETFs, plans to launch a Truth Social Bitcoin and Ether ETF and a Truth Social Cronos Yield Maximizer ETF. If approved, the ETFs would be launched in partnership with Crypto(.)com.
👉 coindesk.com/markets/2026/02/13/trump-linked-truth-social-seeks-sec-approval-for-two-crypto-etfs
Yorkville America Equities, the firm behind Truth Social–branded ETFs, plans to launch a Truth Social Bitcoin and Ether ETF and a Truth Social Cronos Yield Maximizer ETF. If approved, the ETFs would be launched in partnership with Crypto(.)com.
👉 coindesk.com/markets/2026/02/13/trump-linked-truth-social-seeks-sec-approval-for-two-crypto-etfs
Major Perpetual DEXs with no token (yet)
High volume, meaningful open interest, and strong traction — but no token (yet). The setup feels familiar to anyone who has followed previous airdrop cycles, where sustained usage often preceded token launches.
High volume, meaningful open interest, and strong traction — but no token (yet). The setup feels familiar to anyone who has followed previous airdrop cycles, where sustained usage often preceded token launches.
VC-Backed vs Community-Backed: 2025’s Biggest Token Launches
Billions in VC capital fueled some of the largest token debuts of 2025 — but they weren’t the only ones commanding attention. Community-backed launches showed that distribution power and narrative strength can rival even the deepest venture pockets.
Billions in VC capital fueled some of the largest token debuts of 2025 — but they weren’t the only ones commanding attention. Community-backed launches showed that distribution power and narrative strength can rival even the deepest venture pockets.
deBridge Launches MCP to Power AI-Driven Cross-Chain Execution
Cross-chain protocol deBridge has launched its Model Context Protocol (MCP) server, allowing AI agents and tools like Claude, Cursor, and Copilot to execute non-custodial swaps, bridging, and multi-step flows across EVM chains and Solana.
The launch expands on deBridge Bundles and its chain-abstracted vision: “any action, any chain, one execution engine.” Founded in 2022, deBridge supports 24 blockchains and has raised $5.5M from Animoca Brands and ParaFi Capital.
👉 theblock.co/post/390021/debridge-launches-mcp
Cross-chain protocol deBridge has launched its Model Context Protocol (MCP) server, allowing AI agents and tools like Claude, Cursor, and Copilot to execute non-custodial swaps, bridging, and multi-step flows across EVM chains and Solana.
ℹ️ MCP provides deterministic execution with MEV-aware routing, while users retain full custody. The interface abstracts wallet orchestration, chain switching, and retries — reducing automation friction.
The launch expands on deBridge Bundles and its chain-abstracted vision: “any action, any chain, one execution engine.” Founded in 2022, deBridge supports 24 blockchains and has raised $5.5M from Animoca Brands and ParaFi Capital.
👉 theblock.co/post/390021/debridge-launches-mcp
Harvard Cuts Bitcoin ETF Exposure, Opens $86.8M Ethereum Position
Harvard Management Company reduced its stake in iShares Bitcoin Trust by over 20% in Q4, trimming holdings to 5.35M shares worth $265.8M, according to a 13F filing. At the same time, it initiated a new $86.8M position in iShares Ethereum Trust, acquiring 3.87M shares — its first disclosed ether ETF investment.
The move came amid crypto market volatility, with both BTC and ETH declining during the quarter. Harvard’s digital asset strategy has also drawn criticism from academics, who question crypto’s valuation framework and risk profile.
👉 theblock.co/post/389996/harvard-bitcoin-ether-etf-holdings
Harvard Management Company reduced its stake in iShares Bitcoin Trust by over 20% in Q4, trimming holdings to 5.35M shares worth $265.8M, according to a 13F filing. At the same time, it initiated a new $86.8M position in iShares Ethereum Trust, acquiring 3.87M shares — its first disclosed ether ETF investment.
As of December 31, Harvard held a combined $352.6M exposure to bitcoin and ether. Despite the reduction, the bitcoin ETF remained its largest publicly disclosed equity position, exceeding stakes in Alphabet, Microsoft, and Amazon.
The move came amid crypto market volatility, with both BTC and ETH declining during the quarter. Harvard’s digital asset strategy has also drawn criticism from academics, who question crypto’s valuation framework and risk profile.
👉 theblock.co/post/389996/harvard-bitcoin-ether-etf-holdings
X Recovers After Monday Outage as AI Speculation Circulates
X experienced a significant outage Monday morning, with over 40,000 users reporting disruptions across both mobile and desktop. Service was largely restored by around 2:30 PM UTC.
However, no official evidence has confirmed these claims, and X has not attributed the outage to AI-related activity. The precise cause remains undisclosed, though the incident has reignited debate around AI autonomy, open APIs, and infrastructure safeguards on major platforms.
👉 x.com/Forbes/status/2023400755865039059?s=20
X experienced a significant outage Monday morning, with over 40,000 users reporting disruptions across both mobile and desktop. Service was largely restored by around 2:30 PM UTC.
Online speculation pointed to autonomous AI agents, such as “OpenClaw,” allegedly interacting with public API endpoints to reconstruct hidden data relationships and generate large volumes of automated requests. Some posts claimed the spike in activity led to API restrictions and a temporary shutdown.
However, no official evidence has confirmed these claims, and X has not attributed the outage to AI-related activity. The precise cause remains undisclosed, though the incident has reignited debate around AI autonomy, open APIs, and infrastructure safeguards on major platforms.
👉 x.com/Forbes/status/2023400755865039059?s=20
Metaplanet Surpasses FY2025 Bitcoin Target, Becomes Japan’s Largest BTC Holder
1️⃣ Revenue & Profit. Japan-listed Metaplanet reported FY2025 revenue of ¥8.905B ($58M) (+738% YoY) and operating profit of ¥6.287B ($40.96M) (+1,694% YoY)
2️⃣ Bitcoin Treasury Growth. The company ended 2025 with 35,102 BTC, up from 1,762 BTC in 2024, surpassing its 30,000 BTC target. BTC income operations rose to ¥8.46B ($55.12M) from ¥0.69B ($4.49M) in 2024
3️⃣ Capital & Shareholders. Cumulative capital raised jumped to ¥517.2B ($3.34B) from ¥10B ($65M), and shareholders increased to 216.5k from 47.2k
4️⃣ Global Ranking. Metaplanet is now the 4th largest public company BTC holder globally, behind MSTR, MARA, and XXI, and holds 0.16%+ of total BTC supply
5️⃣ Unrealized Losses. Despite growth, the company recorded an unrealized Bitcoin valuation loss of ~¥102.2B ($665M), reflecting market volatility
👉 x.com/Metaplanet/status/2023320553910948051?s=20
1️⃣ Revenue & Profit. Japan-listed Metaplanet reported FY2025 revenue of ¥8.905B ($58M) (+738% YoY) and operating profit of ¥6.287B ($40.96M) (+1,694% YoY)
2️⃣ Bitcoin Treasury Growth. The company ended 2025 with 35,102 BTC, up from 1,762 BTC in 2024, surpassing its 30,000 BTC target. BTC income operations rose to ¥8.46B ($55.12M) from ¥0.69B ($4.49M) in 2024
3️⃣ Capital & Shareholders. Cumulative capital raised jumped to ¥517.2B ($3.34B) from ¥10B ($65M), and shareholders increased to 216.5k from 47.2k
4️⃣ Global Ranking. Metaplanet is now the 4th largest public company BTC holder globally, behind MSTR, MARA, and XXI, and holds 0.16%+ of total BTC supply
5️⃣ Unrealized Losses. Despite growth, the company recorded an unrealized Bitcoin valuation loss of ~¥102.2B ($665M), reflecting market volatility
Aggressive BTC accumulation has positioned Metaplanet as a leading crypto treasury player in Japan and globally, combining strong operational growth with exposure to crypto market swings.
👉 x.com/Metaplanet/status/2023320553910948051?s=20
Wintermute Launches Tokenized Gold Trading, Eyes $15B Market by 2026
Crypto market maker Wintermute is entering tokenized commodities, launching institutional OTC trading for gold-backed tokens, including Pax Gold (PAXG) and Tether Gold (XAUT).
Wintermute CEO expects the tokenized gold market to reach $15B in 2026, driven by institutional demand for 24/7 liquidity, instant settlement, and DeFi collateral utility.
⏮️ The move comes amid growing momentum in tokenized RWAs:
- ARK Invest projects tokenized assets could surpass $11T by 2030
- Standard Chartered sees RWAs reaching $2T by 2028
- BlackRock executives call tokenization a structural shift in capital markets
👉 theblock.co/post/390042/wintermute-launches-institutional-tokenized-gold-trading
Crypto market maker Wintermute is entering tokenized commodities, launching institutional OTC trading for gold-backed tokens, including Pax Gold (PAXG) and Tether Gold (XAUT).
💰 Tokenized gold volume hit $126B in Q4 2025, surpassing five major gold ETFs combined. Onchain gold market cap jumped 80% in three months, from $2.99B to $5.4B.
Wintermute CEO expects the tokenized gold market to reach $15B in 2026, driven by institutional demand for 24/7 liquidity, instant settlement, and DeFi collateral utility.
⏮️ The move comes amid growing momentum in tokenized RWAs:
- ARK Invest projects tokenized assets could surpass $11T by 2030
- Standard Chartered sees RWAs reaching $2T by 2028
- BlackRock executives call tokenization a structural shift in capital markets
Tokenized public-market RWAs have already tripled in 2025 to ~$16.7B, with analysts forecasting trillion-dollar onchain volumes ahead.
👉 theblock.co/post/390042/wintermute-launches-institutional-tokenized-gold-trading
Treasuries & ETFs Board. Crypto Accumulation & Capital Flows
Digital asset investment products extended their outflow streak to a 4th consecutive week, with a total of $173M leaving the market as US-led weakness continues to weigh on sentiment.
Rotation is becoming evident; while some funds trimmed Bitcoin exposure, entities like Harvard University have reportedly increased their Ethereum holdings to $87M, signaling a selective shift in portfolio strategy.
Digital asset investment products extended their outflow streak to a 4th consecutive week, with a total of $173M leaving the market as US-led weakness continues to weigh on sentiment.
Rotation is becoming evident; while some funds trimmed Bitcoin exposure, entities like Harvard University have reportedly increased their Ethereum holdings to $87M, signaling a selective shift in portfolio strategy.
Nexo re-enters U.S. market via partnership with Bakkt
Nexo is relaunching in the United States with a suite of crypto products, including high-yield earning accounts and a spendable crypto card for everyday use. Since 2018, Nexo has served clients in over 150 countries and processed more than $371B in volume.
👉 nexo.com/blog/nexo-returns-to-the-us
Nexo is relaunching in the United States with a suite of crypto products, including high-yield earning accounts and a spendable crypto card for everyday use. Since 2018, Nexo has served clients in over 150 countries and processed more than $371B in volume.
👉 nexo.com/blog/nexo-returns-to-the-us
DeFi lender ZeroLend winds down its operations
ZeroLend founder “Ryker” highlights that several chains the lending protocol operates on are now “inactive,” leading to periods where it has operated at a loss. Ryker added that the protocol will ensure users can withdraw their assets.
👉 x.com/zerolendxyz/status/2023402141545791866?s=20
ZeroLend founder “Ryker” highlights that several chains the lending protocol operates on are now “inactive,” leading to periods where it has operated at a loss. Ryker added that the protocol will ensure users can withdraw their assets.
Lending protocols operate on inherently thin margins relative to risk exposure, and over extended periods the protocol operated at a loss. Given these combined factors, continuing operations not economically viable.
👉 x.com/zerolendxyz/status/2023402141545791866?s=20
World Liberty and Binance launch $23M WLFI Rewards campaign
Starting February 20th, Binance will reward USD1 holders with a grand total of 235 million WLFI tokens. Rewards will be distributed weekly (58.75M WLFI each week), with the first payout on March 4th.
👉 binance.com/en/support/announcement/detail/fdcb95e74a1
Starting February 20th, Binance will reward USD1 holders with a grand total of 235 million WLFI tokens. Rewards will be distributed weekly (58.75M WLFI each week), with the first payout on March 4th.
Eligible users must hold USD1 in their balance across supported Binance accounts, including Spot, Funding, Margin (Cross, Isolated, or Portfolio), or USDⓈ-M Futures (including Multi-asset mode).
👉 binance.com/en/support/announcement/detail/fdcb95e74a1
Are We at the Bottom? Year of Market Psychology
Market sentiment in 2026 has remained deep in Extreme Fear territory, with the Crypto Fear & Greed Index recently reaching 5 — a multi-year low. The question now is whether this marks the bottom — or if more downside still lies ahead.
Market sentiment in 2026 has remained deep in Extreme Fear territory, with the Crypto Fear & Greed Index recently reaching 5 — a multi-year low. The question now is whether this marks the bottom — or if more downside still lies ahead.
Capital Rotation in 2026: Chains by Capital Inflow
Despite a weak market and Extreme Fear sentiment, several chains continue attracting fresh capital. Arbitrum leads with over $1.2B in inflows, showing where conviction remains strongest.
Despite a weak market and Extreme Fear sentiment, several chains continue attracting fresh capital. Arbitrum leads with over $1.2B in inflows, showing where conviction remains strongest.