Grvt going from negligible share to ~3.1% of perp DEX OI with a 26x jump while the market itself only did 4x stands out.
That kind of divergence usually means one thing: they found a pocket of demand others were not serving well. Either UX, liquidity routing, or a specific trader segment clicked.
Still early. 3% share is meaningful growth, but the real signal is whether they can hold it once competitors react and liquidity spreads back out.
That kind of divergence usually means one thing: they found a pocket of demand others were not serving well. Either UX, liquidity routing, or a specific trader segment clicked.
Still early. 3% share is meaningful growth, but the real signal is whether they can hold it once competitors react and liquidity spreads back out.
👍4
BTC funding just pushed to its most negative levels since 2023.
That usually means positioning is heavily skewed short and traders are paying to stay there.
In past cycles, extremes like this lined up with local lows. Not every time, but often enough to watch closely.
That usually means positioning is heavily skewed short and traders are paying to stay there.
In past cycles, extremes like this lined up with local lows. Not every time, but often enough to watch closely.
👍7❤1
Aave hitting 100% utilization across core markets is what a real liquidity crunch looks like.
Roughly $5B in USDT and USDC can’t be withdrawn after whales pulled billions post-rsETH exploit, leaving late depositors stuck while exit liquidity vanished in hours.
At full utilization, liquidations break down. If prices move, the protocol cannot unwind positions, which increases the chance of new bad debt on top of the ~$200M already in question.
This changes how risk gets priced in DeFi. Yield no longer compensates only for smart contract risk, it now includes liquidity lock risk, governance decisions, and how fast large players can drain a market.
Roughly $5B in USDT and USDC can’t be withdrawn after whales pulled billions post-rsETH exploit, leaving late depositors stuck while exit liquidity vanished in hours.
At full utilization, liquidations break down. If prices move, the protocol cannot unwind positions, which increases the chance of new bad debt on top of the ~$200M already in question.
This changes how risk gets priced in DeFi. Yield no longer compensates only for smart contract risk, it now includes liquidity lock risk, governance decisions, and how fast large players can drain a market.
😢5
That map shows where tokenization is actually sticking.
Stablecoins and commodities are still dominated by a few names, mostly USDT, USDC, and gold wrappers. Funds and equities look very different, the capital is spreading across many issuers, strategies, and rails.
Once distribution fragments, competition moves from liquidity to product design and access. That is where most of the next growth will come from.
Stablecoins and commodities are still dominated by a few names, mostly USDT, USDC, and gold wrappers. Funds and equities look very different, the capital is spreading across many issuers, strategies, and rails.
Once distribution fragments, competition moves from liquidity to product design and access. That is where most of the next growth will come from.
❤4🔥3👏1
Stacks has distributed over 3,600+ BTC to users stacking $STX.
Stacks has been running ~10% APY BTC rewards through its Stacking mechanism (lock STX, earn BTC) for 131 cycles, and now they're heading into something bigger.
They're building the first Self-Custodial Bitcoin Staking infrastructure:
You hold your BTC, earn yield in BTC. The more STX you commit to staking, the higher your BTC yield.
This way, STX becomes the access pass to BTC yield without giving up custody. The first clear demand driver for the asset that actually ties back to Bitcoin.
There's no need to "wait for traction" cause it's already there:
→ $500M+ sBTC TVL at ATH
→ Near ATH monthly transactions
→ February 2026 hit the highest new accounts since 2023
→ Ecosystem apps like Bitflow, Zest, and Hermetica are actively building on top of Stacks
Stacks has been running ~10% APY BTC rewards through its Stacking mechanism (lock STX, earn BTC) for 131 cycles, and now they're heading into something bigger.
They're building the first Self-Custodial Bitcoin Staking infrastructure:
You hold your BTC, earn yield in BTC. The more STX you commit to staking, the higher your BTC yield.
This way, STX becomes the access pass to BTC yield without giving up custody. The first clear demand driver for the asset that actually ties back to Bitcoin.
There's no need to "wait for traction" cause it's already there:
→ $500M+ sBTC TVL at ATH
→ Near ATH monthly transactions
→ February 2026 hit the highest new accounts since 2023
→ Ecosystem apps like Bitflow, Zest, and Hermetica are actively building on top of Stacks
❤3💩3🤡3
2026 hacks so far:
• April
KelpDAO: $290M
Drift: $285M
Hyperbridge: $2.5M
• March
ResolvLabs: $25M
Sillytuna: $24M
Kraken whale: $18M
Venus: $2.18M
• February
IoTeX Bridge: $4.4M
• January
Trezor victim: $284M
Step Finance: $30M
Truebit: $26.4M
SwapNet: $13.4M
SagaEVM: $7M
MakinaFi: $4.1M
Total sits around $1B. The scale explains why security is now priced into everything from yields to collateral choices.
• April
KelpDAO: $290M
Drift: $285M
Hyperbridge: $2.5M
• March
ResolvLabs: $25M
Sillytuna: $24M
Kraken whale: $18M
Venus: $2.18M
• February
IoTeX Bridge: $4.4M
• January
Trezor victim: $284M
Step Finance: $30M
Truebit: $26.4M
SwapNet: $13.4M
SagaEVM: $7M
MakinaFi: $4.1M
Total sits around $1B. The scale explains why security is now priced into everything from yields to collateral choices.
😭4👍3👏1
Korea still trades a different market.
Around 30% of global volume comes from there, and ~85% of it is in altcoins, with BTC and ETH barely taking share.
That kind of skew changes how flows behave. Price action in alts often starts there, driven by retail rotation and local narratives, then spills into global markets.
Around 30% of global volume comes from there, and ~85% of it is in altcoins, with BTC and ETH barely taking share.
That kind of skew changes how flows behave. Price action in alts often starts there, driven by retail rotation and local narratives, then spills into global markets.
👍8
After the $292M rsETH exploit, liquidity left Aave fast, but the more telling signal sits in the health factor distribution.
A large share of debt is still clustered around 1.1–1.5, with thinner buffers closer to 1.0 than you would want after a shock.
That means the system stabilized on the surface, but not fully reset underneath. It would not take a large move in collateral to push a meaningful portion of positions into liquidation range. The cascades come from how much leverage is left sitting near the edge afterward.
A large share of debt is still clustered around 1.1–1.5, with thinner buffers closer to 1.0 than you would want after a shock.
That means the system stabilized on the surface, but not fully reset underneath. It would not take a large move in collateral to push a meaningful portion of positions into liquidation range. The cascades come from how much leverage is left sitting near the edge afterward.
🔥3
Ethereum printed ~200M transactions in Q1 2026, up from ~150M the quarter before.
A 33% jump at this scale points to sustained usage rather than short bursts.
What stands out for me is timing. This comes ten years after launch, when growth was supposed to slow, yet activity keeps expanding.
For the market, this strengthens the base layer narrative. Demand is holding even as fees, L2s, and competition evolve around it.
A 33% jump at this scale points to sustained usage rather than short bursts.
What stands out for me is timing. This comes ten years after launch, when growth was supposed to slow, yet activity keeps expanding.
For the market, this strengthens the base layer narrative. Demand is holding even as fees, L2s, and competition evolve around it.
👍6
FTX taught everyone that crypto held on an exchange isn't really yours.
The irony is that even users who want self-custody usually have to go through a custodial platform to onramp. Not to mention the additional verification steps to offramp into fiat.
WeChange allows you to bridge between crypto <> fiat while the users keep full control of their assets.
→ Bank transfer in (via SEPA)
→ Pick the crypto asset
→ Asset lands straight into your own wallet
For EU users, this is the cleanest path from a bank account to self-custody, fully regulated by MiCA and running on infrastructure from Bridge and Fireblocks.
Self-custody and a clean onramp in one product. Finally.
The irony is that even users who want self-custody usually have to go through a custodial platform to onramp. Not to mention the additional verification steps to offramp into fiat.
WeChange allows you to bridge between crypto <> fiat while the users keep full control of their assets.
→ Bank transfer in (via SEPA)
→ Pick the crypto asset
→ Asset lands straight into your own wallet
For EU users, this is the cleanest path from a bank account to self-custody, fully regulated by MiCA and running on infrastructure from Bridge and Fireblocks.
Self-custody and a clean onramp in one product. Finally.
👍4
Hyperliquid weekly revenue dropping ~50% over six months lines up with a cooler derivatives cycle.
Fees track activity, and volumes have clearly normalized after the peak periods earlier in the cycle.
The key detail is that pricing and liquidity stayed competitive with top CEXs even as revenue fell. That suggests usage did not disappear, it became less aggressive and less levered.
For the market, this is a reminder that DEX revenues are cyclical. Growth narratives hold, but cash flows still depend heavily on trader behavior and volatility.
Fees track activity, and volumes have clearly normalized after the peak periods earlier in the cycle.
The key detail is that pricing and liquidity stayed competitive with top CEXs even as revenue fell. That suggests usage did not disappear, it became less aggressive and less levered.
For the market, this is a reminder that DEX revenues are cyclical. Growth narratives hold, but cash flows still depend heavily on trader behavior and volatility.
👍8❤2
It was a tough week for DeFi and the entire Web3 space. Let’s see what it was remembered for ↓
General
➖ CoinGecko: 2026 Q1 Crypto Industry Report
➖ Galaxy: Weekly Top Stories - 04/17/26
➖ Galaxy: No-Touch SaaS: API Payments in an AI World
Market
➖ CoinShares: Equities update | April 17th, 2026
➖ CoinShares: Market update | April 17th, 2026
➖ CoinShares: Digital asset fund flows | April 20th, 2026
➖ CoinShares: Digital asset bi-weekly digest | April 21st, 2026
➖ Binance: Weekly: From Co-Pilots to Agents
➖ Glassnode: Mean Reclaimed, Rally on Trial
➖ Glassnode: BTC Market Pulse: Week 17
➖ Galaxy: CLARITY Act Update: Final Push Ahead
DeFi
➖ DL Research: Opinion: DeFi vaults need to grow up. Here’s how
➖ 4pillars: Securitize: The “Vault = Investor” Model (feat. Vault Registrar)
➖ Galaxy: KelpDAO/LayerZero Exploit Drains $290m, Freezes DeFi Markets
Blockchains & networks
➖ DL Research: Building the private web: Expert perspectives on ZK, FHE, and MPC
General
➖ CoinGecko: 2026 Q1 Crypto Industry Report
➖ Galaxy: Weekly Top Stories - 04/17/26
➖ Galaxy: No-Touch SaaS: API Payments in an AI World
Market
➖ CoinShares: Equities update | April 17th, 2026
➖ CoinShares: Market update | April 17th, 2026
➖ CoinShares: Digital asset fund flows | April 20th, 2026
➖ CoinShares: Digital asset bi-weekly digest | April 21st, 2026
➖ Binance: Weekly: From Co-Pilots to Agents
➖ Glassnode: Mean Reclaimed, Rally on Trial
➖ Glassnode: BTC Market Pulse: Week 17
➖ Galaxy: CLARITY Act Update: Final Push Ahead
DeFi
➖ DL Research: Opinion: DeFi vaults need to grow up. Here’s how
➖ 4pillars: Securitize: The “Vault = Investor” Model (feat. Vault Registrar)
➖ Galaxy: KelpDAO/LayerZero Exploit Drains $290m, Freezes DeFi Markets
Blockchains & networks
➖ DL Research: Building the private web: Expert perspectives on ZK, FHE, and MPC
👍4🥰1
USDai is starting to stand out inside InfraFi by routing on-chain credit into GPU financing.
That is a different demand profile compared to typical DeFi borrowing tied to leverage or liquidity loops.
The 37% allocation of CHIP toward growth and partnerships signals an attempt to actively seed that demand side. More capital alone is not enough, it needs real borrowers.
That is a different demand profile compared to typical DeFi borrowing tied to leverage or liquidity loops.
The 37% allocation of CHIP toward growth and partnerships signals an attempt to actively seed that demand side. More capital alone is not enough, it needs real borrowers.
👍4
When Coinbase merged USD and USDC books back in 2022, USDC was only ~5–6% of volume.
The integration barely moved total activity, which shows traders treated both as the same unit once liquidity was unified.
That matters for today’s stablecoin race. Distribution and rails matter more than ticker differences when execution is seamless.
For the market, liquidity consolidation tends to erase fragmentation. The asset that plugs into the deepest pools usually wins flow.
The integration barely moved total activity, which shows traders treated both as the same unit once liquidity was unified.
That matters for today’s stablecoin race. Distribution and rails matter more than ticker differences when execution is seamless.
For the market, liquidity consolidation tends to erase fragmentation. The asset that plugs into the deepest pools usually wins flow.
❤2👍1
DeFi tokens took a heavy hit over the past 3 months, with an average drawdown around 50% and some names like FT down ~75%.
Even larger caps like AAVE, CRV, and WLFI are sitting deep in the red, which shows this was not isolated to smaller plays. TVL only dropped ~7.5% over the same period, so usage held up better than price. That gap usually points to repricing of risk rather than a full exit from the sector.
Feels like leverage and narratives got flushed, while the underlying activity is still there. Markets are forcing a reset on valuations before the next leg.
Even larger caps like AAVE, CRV, and WLFI are sitting deep in the red, which shows this was not isolated to smaller plays. TVL only dropped ~7.5% over the same period, so usage held up better than price. That gap usually points to repricing of risk rather than a full exit from the sector.
Feels like leverage and narratives got flushed, while the underlying activity is still there. Markets are forcing a reset on valuations before the next leg.
👍6❤1
BTC is up ~11% since the dashboard flipped to Cooperation, ahead of the ~5.7% average at this stage but still inside historical ranges.
The rare part is getting here at all, only about a third of these regimes reach Day 21.
Once they do, the odds shift. More than half extend past 100 days, which changes how momentum tends to build.
For the market, this is early confirmation rather than a peak signal. The path from here depends on whether flows and positioning keep reinforcing the regime.
The rare part is getting here at all, only about a third of these regimes reach Day 21.
Once they do, the odds shift. More than half extend past 100 days, which changes how momentum tends to build.
For the market, this is early confirmation rather than a peak signal. The path from here depends on whether flows and positioning keep reinforcing the regime.
👍5
Scroll losing over $200M in two days after EtherFi moved out shows how dependent some L2s still are on a few large protocols.
When one anchor leaves, TVL can collapse almost instantly.
Five L2s showing up among the biggest decliners points to capital moving around rather than leaving the ecosystem. Liquidity is chasing incentives, yields, and distribution, not staying loyal to a specific chain.
Feels like the market is stress-testing L2 stickiness. If retention depends on a handful of apps, TVL will keep jumping between networks instead of compounding in one place.
When one anchor leaves, TVL can collapse almost instantly.
Five L2s showing up among the biggest decliners points to capital moving around rather than leaving the ecosystem. Liquidity is chasing incentives, yields, and distribution, not staying loyal to a specific chain.
Feels like the market is stress-testing L2 stickiness. If retention depends on a handful of apps, TVL will keep jumping between networks instead of compounding in one place.
👍1🤣1
Tron and Ethereum both pulled in over $6B in stablecoin supply YTD, almost neck and neck.
That split says a lot about how liquidity is actually used across chains.
Tron keeps winning on raw transfer volume and cheap settlement, while Ethereum still anchors deeper DeFi and institutional flows. Two different use cases, same scale of capital.
For the market, this is not a winner-take-all setup. Stablecoin liquidity is expanding across multiple rails, and capital moves depending on what it needs to do next.
That split says a lot about how liquidity is actually used across chains.
Tron keeps winning on raw transfer volume and cheap settlement, while Ethereum still anchors deeper DeFi and institutional flows. Two different use cases, same scale of capital.
For the market, this is not a winner-take-all setup. Stablecoin liquidity is expanding across multiple rails, and capital moves depending on what it needs to do next.
👏6👍2
The holder map shows how concentrated BTC supply is at the top.
Satoshi alone sits above 1.1M BTC, while exchanges like Coinbase (~998K) and ETFs like BlackRock’s IBIT (~800K) control massive pools of liquid supply.
What changed over time is who holds it. Early coins were static, now a large share sits inside custodians, ETFs, and CEXs, which means the same coins can move faster when flows shift.
Satoshi alone sits above 1.1M BTC, while exchanges like Coinbase (~998K) and ETFs like BlackRock’s IBIT (~800K) control massive pools of liquid supply.
What changed over time is who holds it. Early coins were static, now a large share sits inside custodians, ETFs, and CEXs, which means the same coins can move faster when flows shift.
👍4
Watching pre-token perp DEXs farm points is basically watching future token supply get priced in early.
GRVT, Extended, Hibachi, Ethereal are all pushing volume and OI without a live token, so the incentive layer is doing most of the work. Recent launches give a reference point. You can map volume and open interest to eventual FDV and see which ones held up after incentives cooled.
GRVT, Extended, Hibachi, Ethereal are all pushing volume and OI without a live token, so the incentive layer is doing most of the work. Recent launches give a reference point. You can map volume and open interest to eventual FDV and see which ones held up after incentives cooled.
👍2