Helix remains the powerhouse on Injective, posting another month of impressive growth.

With over $2.5B in volume and nearly 60K unique users, its momentum is fueled by fresh listings like $MSFT futures, automated trading, and high leverage.

Top 10 blockchains by TVL growth in May 2025:

• Plume: +63,765%
• Haven1: +11,989%
• GOAT: +4,847%
• Babylon: +1,313%
• Lisk: +403%
• ApeChain: +282%
• Merlin Chain: +236%
• exSat: +182%
• World Chain: +146%
• FlareNetworks: +87.5%

Noticed how many Bitcoin L2 are among them?

Binance commands the stablecoin arena, controlling 59% of all reserves — that's $31B in USDT and USDC alone.

In 2025, it tops the charts with $180B in net inflows and consistently attracts the largest average Bitcoin deposits.

This week's selection of new research is ready for reading 📚

General
➖ CoinShares: Digital Asset Bi-Weekly Digest - June 3rd 2025
➖ Galaxy: Weekly Top Stories - 5/30

Market
➖ CoinShares: Digital Asset Fund Flows | June 2nd 2025
➖ CoinShares: Market Update - May 30, 2025
➖ Coinbase: Weekly: Great Expectations
➖ Binance: Weekly: Crypto Treasuries Rise, Macro Signals Stay Mixed
➖ Glassnode: Market Pulse: Week 23

Blockchains & networks
➖ 4pillars: Sui vs Hyperliquid: A Tide-Turning Rivalry for L1 Dominance
➖ 4pillars: Mode Network: Agentic Economy through the DeFAI Stack

Tokens & currencies
➖ The Defiant: A Quiet Disruption: DeFidollars

Ethereum futures remain on the rise, with the asset holding firm after its impressive early-May rally.

The ETHBTC ratio has made a higher low, signaling that investor interest in ETH continues to build.

Over the past six months, BTC market behavior has tilted toward institutions.

Above $90K, activity is dominated by wallets holding 100-10K BTC, while the biggest holders (>100K BTC) are clustered around $74K-76K, and large whales remain active between $78K and $90K.

DeFiLlama’s June unlock calendar shows significant incoming supply:

• Connex – $115.5m
• Fast – $88.6m
• Solana – $68.02m

Bitcoin hit block height 900,000.

For over 15 years, BTC has produced a new block every ~10 minutes, without skipping a beat.

Elastic Network rebuilt ZKsync L1 and made ZK-chain integration seamless.

Since launch, its revenue has jumped 8x — a clear signal of growing demand.

Fluid routes 35% of deposited collateral straight into its DEX — combining security with active liquidity.

A smart twist on traditional vault mechanics.

Tether's BTC holdings dropped from 92.6k to 78k, with a 14k BTC ($1.6B) outflow.

One of the biggest wallet moves in months — and everyone’s watching.

Orca’s trading fees on top pairs like SOL-USD and BTC-USD have halved since 2022.

Nowadays, the average fee on SOL-stablecoin pools is under 0.05%.

Silo Finance tripled its revenue in just one year — thanks to isolated lending pools, yield-bearing assets, and capital efficiency.

It's quietly becoming a DeFi standout.

Alkanes are generating more demand than Ordinals (ex-BRC-20), though still trailing Runes and BRC-20 in fees.