From this week’s The Decentralised: Scams push ETH txns higher⚠️
On January 16 Ethereum recorded more than 2.8 million transactions in a single day, the highest ever on the network, alongside a surge in newly created addresses. Researchers later found the activity was largely caused by mass address poisoning attacks that flood wallets with lookalike transfers designed to trick users into sending funds to the wrong address.
The episode highlights a double edged effect of Ethereum’s recent Fusaka upgrade. Lower fees and higher throughput made the network more usable, but also made large scale scam campaigns far cheaper to run, shifting the burden of defence toward wallets and user protections.
More from this week's top stories:
→ Vitalik’s ‘alternative web’: three apps keep original spirit of Ethereum alive
→ Paradex announces rollback after perp exchange users report mass liquidations
→ A16z Crypto wants DeFi to ditch ‘code is law’ for ‘spec is law’ to combat $649m exploit problem
From the land of DAOs:
→ VOTE: Lido DAO decides whether to reform its Rewards Share Committee
→ PROPOSAL: Debate on Optimism’s OP buyback plan continues ahead of January 22 vote
→ VOTE: Aave DAO votes on deploying Aave v3 to the Mantle blockchain
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
On January 16 Ethereum recorded more than 2.8 million transactions in a single day, the highest ever on the network, alongside a surge in newly created addresses. Researchers later found the activity was largely caused by mass address poisoning attacks that flood wallets with lookalike transfers designed to trick users into sending funds to the wrong address.
The episode highlights a double edged effect of Ethereum’s recent Fusaka upgrade. Lower fees and higher throughput made the network more usable, but also made large scale scam campaigns far cheaper to run, shifting the burden of defence toward wallets and user protections.
More from this week's top stories:
→ Vitalik’s ‘alternative web’: three apps keep original spirit of Ethereum alive
→ Paradex announces rollback after perp exchange users report mass liquidations
→ A16z Crypto wants DeFi to ditch ‘code is law’ for ‘spec is law’ to combat $649m exploit problem
From the land of DAOs:
→ VOTE: Lido DAO decides whether to reform its Rewards Share Committee
→ PROPOSAL: Debate on Optimism’s OP buyback plan continues ahead of January 22 vote
→ VOTE: Aave DAO votes on deploying Aave v3 to the Mantle blockchain
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
Shoutout to NPC for their review of DL Research on Ethos! We appreciate the kind words. 🤝
NPC is a brilliant mind and provides deep insight into DeFi's day-to-day. Give them a follow!
Ethos is an onchain reputation platform that decentralises trust in crypto by turning reviews, vouches, and slashing into a unified credibility score visible across the web.
Are you both an Ethos fan and DL Research enjoooyer? Give us your review here. 🦙
NPC is a brilliant mind and provides deep insight into DeFi's day-to-day. Give them a follow!
Ethos is an onchain reputation platform that decentralises trust in crypto by turning reviews, vouches, and slashing into a unified credibility score visible across the web.
Are you both an Ethos fan and DL Research enjoooyer? Give us your review here. 🦙
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Critical minerals markets still rely on opaque pricing, paper-heavy settlement, and concentrated buyers.
DLR spoke with SAGINT co-founder Mike Weeks about how tokenisation could improve traceability, pricing transparency, and market access for producers.
DLR spoke with SAGINT co-founder Mike Weeks about how tokenisation could improve traceability, pricing transparency, and market access for producers.
DL News
SAGINT co-founder on tokenising critical minerals and breaking monopsonies
We recently spoke with Mike Weeks, Executive Chairman and Co-Founder of SAGINT, about the vulnerabilities in global commodity supply chains and how his platform is building a transparent, tokenised exchange for real-world assets.
Forwarded from DL News | News Feed
From Feb 4th to 6th, Digital Assets at Duke convenes regulators, researchers, and industry leaders in Durham, North Carolina.
DeFi correspondent Aleks Gilbert will attend on behalf of DL News, providing on-the-ground coverage from the heart of Blue Devil territory.
See you there!
DeFi correspondent Aleks Gilbert will attend on behalf of DL News, providing on-the-ground coverage from the heart of Blue Devil territory.
See you there!
The return of ETHDenver for its ninth edition comes as Web3 enters a defining year.
From Feb 17–21, builders, institutions, and policymakers converge in Denver to help shape the industry’s agenda for 2026 and beyond.
Here’s what to watch.
From Feb 17–21, builders, institutions, and policymakers converge in Denver to help shape the industry’s agenda for 2026 and beyond.
Here’s what to watch.
DL News
ETHDenver returns for its ninth edition, driving Web3’s global agenda for 2026
Founded in 2018, ETHDenver began as a local Ethereum meetup and has grown into a global gathering point for open-source builders and early-stage teams working on decentralized infrastructure.
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The HSC Asset Management Conference convenes in Hong Kong on Feb 12, bringing together representatives from Offchain Labs, Animoca Brands, Maelstrom, and more to discuss DeFi, RWAs, PayFi, and the infrastructure underpinning global finance.
Registrations now open. Click here to find out more.
Registrations now open. Click here to find out more.
DL News
HSC Asset Management Conference comes to Hong Kong: Connecting capital, founders and global finance
The HSC Asset Management Conference is coming to Hong Kong, one of the world’s leading financial hubs where East meets West and institutional capital converges with emerging technologies.
Forwarded from DefiLlama Official Round Up
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DefiLlama data is now one pip install away.
Introducing the DefiLlama SDK for Python.
This brings our APIs together in one library, making it easier than ever to integrate DeFi data into your workflow.
Introducing the DefiLlama SDK for Python.
This brings our APIs together in one library, making it easier than ever to integrate DeFi data into your workflow.
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🎙WE'RE LIVE!
Come join the llamas and a lineup of special guests as we discuss the State of DeFi.
https://x.com/i/spaces/1ZkKzZenjjDKv?s=20
Come join the llamas and a lineup of special guests as we discuss the State of DeFi.
https://x.com/i/spaces/1ZkKzZenjjDKv?s=20
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AI on blockchains has largely meant tooling. The ASI Alliance is arguing for something deeper.
SingularityNET CEO Dr. Ben Goertzel discusses decentralised AGI, the ASI Chain, and what breaks when AI remains vertically centralised.
SingularityNET CEO Dr. Ben Goertzel discusses decentralised AGI, the ASI Chain, and what breaks when AI remains vertically centralised.
DL News
SingularityNET CEO on the ASI Alliance and the future of decentralised AGI
We recently spoke with Dr Ben Goertzel, CEO and Chief Scientist at SingularityNET and CEO of the Artificial Superintelligence (ASI) Alliance, about the technical architecture behind ASI:Chain and how it differs from existing blockchain infrastructure.
Forwarded from DL News | News Feed
DL News
DefiLlama acquires OTC data purveyor Bulletin: ‘It’s a bit like truffle hunting’
DefiLlama has acquired OTC data provider Bulletin. Over-the-counter deals allow early investors to cash out before a company goes public. “It’s a bit like truffle hunting,” Bulletin’s founder said. “Even one ask or bid is quite precious.”
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Another day, another ATH for gold.
Onchain, things are still catching up, but at an accelerated pace.
Over the last 30d, liquidity for tokenised gold leaders Paxos' $PAXG and Tether's $XAUt rose 24% and 38%, respectively.
Together, they account for 98% of onchain gold usage.
Onchain, things are still catching up, but at an accelerated pace.
Over the last 30d, liquidity for tokenised gold leaders Paxos' $PAXG and Tether's $XAUt rose 24% and 38%, respectively.
Together, they account for 98% of onchain gold usage.
From this week’s The Decentralised: Quantum Ethereum
The Ethereum Foundation has formed a dedicated post-quantum research team led by Thomas Coratger, following what researcher Justin Drake described as years of quiet R&D and rapidly accelerating timelines. Recent advances from Google and warnings from Ethereum co-founder Vitalik Buterin that quantum attacks could arrive before 2028 have pushed the issue to the forefront.
Alongside the new team, Drake said the foundation will run bi-weekly quantum security calls, offer a $1 million prize for quantum-resistant cryptography, and publish a roadmap for a full transition without downtime or fund loss. Optimism co-founder Karl Floersch said OP Labs is already planning to replace quantum-vulnerable components, with final choices expected to follow Ethereum’s lead.
More from this week's top stories:
→ Hyperliquid token surges 25% amid commodities trading frenzy
→ Delegates clash as Optimism token buyback proposal goes to a DAO vote
→ Ethereum ‘blob’ increase strains network, studies find
From the land of DAOs:
→ VOTE: CoW DAO votes to fund developer team
→ VOTE: GnosisDAO votes to enable ranked-choice voting
→ VOTE: GMX DAO votes to fund development team
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
The Ethereum Foundation has formed a dedicated post-quantum research team led by Thomas Coratger, following what researcher Justin Drake described as years of quiet R&D and rapidly accelerating timelines. Recent advances from Google and warnings from Ethereum co-founder Vitalik Buterin that quantum attacks could arrive before 2028 have pushed the issue to the forefront.
Alongside the new team, Drake said the foundation will run bi-weekly quantum security calls, offer a $1 million prize for quantum-resistant cryptography, and publish a roadmap for a full transition without downtime or fund loss. Optimism co-founder Karl Floersch said OP Labs is already planning to replace quantum-vulnerable components, with final choices expected to follow Ethereum’s lead.
More from this week's top stories:
→ Hyperliquid token surges 25% amid commodities trading frenzy
→ Delegates clash as Optimism token buyback proposal goes to a DAO vote
→ Ethereum ‘blob’ increase strains network, studies find
From the land of DAOs:
→ VOTE: CoW DAO votes to fund developer team
→ VOTE: GnosisDAO votes to enable ranked-choice voting
→ VOTE: GMX DAO votes to fund development team
[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.
📰 Get The Decentralised delivered to your inbox every week.
Tokenised equities are all the rage these days.
Onchain stocks have grown ~25x in a year, nearing $1b in value as institutional rails, exchanges, and regulators align and intersect.
Our latest report, in collaboration with Sentora, breaks it all down
Once a fringe experiment, tokenised equities are now backed by real infrastructure.
Institutional-grade platforms, multi-chain settlement, and late-2025 regulatory breakthroughs are reshaping how global investors access public markets onchain.
This report breaks down:
→ who controls liquidity
→ where activity is settling
→ why equities are scaling faster than other RWAs
The DLR team learned a great deal working with Sentora, an emerging leader in institutional DeFi infrastructure and onchain market intelligence.
That perspective helped shape this report on what may be the biggest development in DeFi.
🔗 Read the full report here.
Onchain stocks have grown ~25x in a year, nearing $1b in value as institutional rails, exchanges, and regulators align and intersect.
Our latest report, in collaboration with Sentora, breaks it all down
Once a fringe experiment, tokenised equities are now backed by real infrastructure.
Institutional-grade platforms, multi-chain settlement, and late-2025 regulatory breakthroughs are reshaping how global investors access public markets onchain.
This report breaks down:
→ who controls liquidity
→ where activity is settling
→ why equities are scaling faster than other RWAs
The DLR team learned a great deal working with Sentora, an emerging leader in institutional DeFi infrastructure and onchain market intelligence.
That perspective helped shape this report on what may be the biggest development in DeFi.
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DL News
Tokenized Equities Approach $1B Mark as Institutional Rails Emerge
The tokenized equities market has crossed $963.04 million in value as of January 2026, representing a ~2,878% YoY increase from approximately $32 million in January 2025. While still dwarfed by the $9.3 billion tokenized treasury market, equities are growing…
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Forget the charts. People don’t use crypto the same way everywhere.
🇳🇬 In Nigeria, it replaces banking.
🇦🇷 In Argentina, stablecoins hedge currency risk.
🇱🇹 In Lithuania, it thrives because regulation made it legal.
That's only three countries. The Bybit World Crypto Rankings Index covers 76 more across nine regions.
Where does your country fit into the global picture? Read the full report to find out.
🇳🇬 In Nigeria, it replaces banking.
🇦🇷 In Argentina, stablecoins hedge currency risk.
🇱🇹 In Lithuania, it thrives because regulation made it legal.
That's only three countries. The Bybit World Crypto Rankings Index covers 76 more across nine regions.
Where does your country fit into the global picture? Read the full report to find out.
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What are the largest tokenised equities markets right now?
Currently, there are three that stand out:
1) Ondo Global Markets ($563m TVL, 60% market share)
2) xStocks ($206m TVL, 22% market share)
3) Securitize ($100m TVL, 11% market share)
(source: rwa.xyz)
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Ondo Global Markets exploded onto the scene Sept 3, 2025, reaching $100m TVL in its first week and $350m by late October.
Over 200 tokenised US equities and ETFs are available (S&P500, Apple, Circle), with hundreds more on the way.
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BackedFi's xStocks, having already processed $10b in CEX and DEX volume since May 2025, currently supports 74 tokenised stocks. These offerings include familiar TradFi names like NVIDIA, McDonalds, Meta, and even gold.
Backed was acquired by Kraken in Dec 2025, aided by Kraken's November funding round backers Citadel, Jane St, and DRW.
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Securitize only offers one asset: Exodus, the 'first US-registered company to tokenise common stock.'
That's not to say that Securitize doesn't have more to offer. On the contrary, platform AUM exceeds $4b across US Treasuries, private equity, and tokenised funds like BlackRock's BUIDL and the Mantle Index.
Activity has been on the uptrend as of late. In the last 30d, the platform has generated $5m worth of fees. (source: DefiLlama)
Look out for "Stocks on Securitize," coming sometime in Q1. Here, the platform will begin including SEC-registered shares while doing away with the standard synthetic wrapper.
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Tokenised equities are the fastest-growing RWA segment, up 2,496% YTD (nearly 30x faster than treasuries). We at DL Research believe this is only the beginning
Familiarise yourself with the market in our collaborative report with Sentora.
Currently, there are three that stand out:
1) Ondo Global Markets ($563m TVL, 60% market share)
2) xStocks ($206m TVL, 22% market share)
3) Securitize ($100m TVL, 11% market share)
(source: rwa.xyz)
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Ondo Global Markets exploded onto the scene Sept 3, 2025, reaching $100m TVL in its first week and $350m by late October.
Over 200 tokenised US equities and ETFs are available (S&P500, Apple, Circle), with hundreds more on the way.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
BackedFi's xStocks, having already processed $10b in CEX and DEX volume since May 2025, currently supports 74 tokenised stocks. These offerings include familiar TradFi names like NVIDIA, McDonalds, Meta, and even gold.
Backed was acquired by Kraken in Dec 2025, aided by Kraken's November funding round backers Citadel, Jane St, and DRW.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Securitize only offers one asset: Exodus, the 'first US-registered company to tokenise common stock.'
That's not to say that Securitize doesn't have more to offer. On the contrary, platform AUM exceeds $4b across US Treasuries, private equity, and tokenised funds like BlackRock's BUIDL and the Mantle Index.
Activity has been on the uptrend as of late. In the last 30d, the platform has generated $5m worth of fees. (source: DefiLlama)
Look out for "Stocks on Securitize," coming sometime in Q1. Here, the platform will begin including SEC-registered shares while doing away with the standard synthetic wrapper.
▄▀▄▀▄▀▄▀▄▀▄▀▄▀▄
Tokenised equities are the fastest-growing RWA segment, up 2,496% YTD (nearly 30x faster than treasuries). We at DL Research believe this is only the beginning
Familiarise yourself with the market in our collaborative report with Sentora.
From this week’s The Decentralised: Hegota's headliners
Even as they finalise Glamsterdam, developers are debating which marquee features will define the following upgrade, Hegota. A growing consensus is forming around FOCIL, a proposal that would force inclusion of all valid transactions and strip block builders of censorship power, reinforcing Ethereum’s neutrality narrative.
Other contenders are competing for headline status. Jannik Luhn pitched an encrypted mempool to prevent front running and sandwich attacks without relying on trusted intermediaries. Ethereum Foundation developer Felix Lange proposed “frame transactions,” a new structure designed to enable quantum resistant cryptography and full account abstraction. Vitalik Buterin publicly backed the idea, calling post-quantum readiness indispensable, signalling that Hegota could be as much about future proofing as censorship resistance.
More from this week's top stories:
→ Trump fans spent $550m on his family’s crypto token. Now they’re begging to get out
→ TheDAO returns with $220m to fund Ethereum security 10 years after catastrophic hack
→ Vitalik-backed MegaETH blockchain to launch in February
From the land of DAOs:
→ Frax votes one “1 Token, 1 Mission, 1 Vision” proposal to fix FRAX supply and clarify IP ownership
→ GMX DAO votes to use $3.5 million on marketing and incentives targeted at traders
→ Goldfinch votes to add additional $150,000 to legal reserve to resolve legacy loans
[LLAMAFEATURE 🦙]
Which RWAs are actually being used in DeFi? Which are true permissionless assets and which are ledger entries?
📈 Introducing the new DefiLlama RWA dashboard.
📰 Get The Decentralised delivered to your inbox every week.
Even as they finalise Glamsterdam, developers are debating which marquee features will define the following upgrade, Hegota. A growing consensus is forming around FOCIL, a proposal that would force inclusion of all valid transactions and strip block builders of censorship power, reinforcing Ethereum’s neutrality narrative.
Other contenders are competing for headline status. Jannik Luhn pitched an encrypted mempool to prevent front running and sandwich attacks without relying on trusted intermediaries. Ethereum Foundation developer Felix Lange proposed “frame transactions,” a new structure designed to enable quantum resistant cryptography and full account abstraction. Vitalik Buterin publicly backed the idea, calling post-quantum readiness indispensable, signalling that Hegota could be as much about future proofing as censorship resistance.
More from this week's top stories:
→ Trump fans spent $550m on his family’s crypto token. Now they’re begging to get out
→ TheDAO returns with $220m to fund Ethereum security 10 years after catastrophic hack
→ Vitalik-backed MegaETH blockchain to launch in February
From the land of DAOs:
→ Frax votes one “1 Token, 1 Mission, 1 Vision” proposal to fix FRAX supply and clarify IP ownership
→ GMX DAO votes to use $3.5 million on marketing and incentives targeted at traders
→ Goldfinch votes to add additional $150,000 to legal reserve to resolve legacy loans
[LLAMAFEATURE 🦙]
Which RWAs are actually being used in DeFi? Which are true permissionless assets and which are ledger entries?
📰 Get The Decentralised delivered to your inbox every week.
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Let's investigate the new RWA Dashboard from DefiLlama:
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
🔸$16.9b: the sum of onchain market cap for all tracked RWAs
🔸$14.7b: the sum of onchain value taking real market risk for all tracked RWAs
🔸$940m: the sum of RWAs deployed in tracked DeFi protocols
But there's so much more.
Active mcap by chain:
🔹Ethereum: $12.5b
🔹Solana: $1.7b
🔹Stellar: $187m
Active mcap by asset category:
🔺Tokenised funds: $6.2b (41%)
🔺Tokenised gold & commodities: $5.8b (39%)
🔺Tokenised stocks & equities: $2.7b (15%)
Which assets today rule the top 10 by onchain mcap?
Gold tokens, money market funds, T-Bills, and credit/corporate bonds.
Only 2/10 are offer permissionless access (XAUT, PAXG), and 8/10 have an active DeFi TVL < $50m.
It's still early innings for tokenised stocks.
While many are already listed on CEXs, 16 of the top 20 by onchain mcap are single-stock/fully backed.
This cohort includes stocks like Tesla ($77m onchain mcap), NVIDIA ($55m), and Gamestop ($30m)
16/20 are found on xStocks, three are on Ondo, and one is the permissioned EXODB by Exodus.
DefiLlama's RWA Dashboard provides much-needed granular detail and filterable results to help focus your RWA research. Check it out here!
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