Keep following the on-chain sector's insights ↓
General
➖ DL Research: A New Playbook For Realising Crypto's $5.6 Billion Treasury
Opportunity
➖ Galaxy: Weekly Top Stories - 03/20/26
➖ Galaxy: The Agentic Flywheel: How Zero-Human Companies Will Reshape Onchain Markets
Market
➖ 4pillars: MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
➖ CoinShares: Equities update | March 20th, 2026
➖ CoinShares: Market update | March 20th, 2026
➖ CoinShares: Digital asset fund flows | March 23rd, 2026
➖ CoinShares: Digital asset bi-weekly digest | March 24th, 2026
➖ Coinbase: 2026 Institutional Investor Digital Assets Survey
➖ Binance: Weekly: Navigating a Multi-Front Macro Storm
➖ Glassnode: Mapping Volatility Through Time: Implied Volatility Heatmaps
➖ Glassnode: Strategy Watch #2
➖ Galaxy: Onchain Credit and Crypto Lending Trends
Blockchains & networks
➖ 4pillars: Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
➖ 4pillars: Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
➖ CoinGecko: Polygon Ecosystem Report
Tokens & currencies
➖ Cryptorank: Bitcoin $60K vs $80K
➖ 4pillars: Japan's Stablecoin Vision: Building the Next Financial Infrastructure
➖ CoinShares: Bitcoin mining report | Q1 2026
➖ Binance: The Impact Mechanism of Oil Prices on Bitcoin
➖ Galaxy: Bitcoin Is Rising to the Challenge of Quantum Readiness
General
➖ DL Research: A New Playbook For Realising Crypto's $5.6 Billion Treasury
Opportunity
➖ Galaxy: Weekly Top Stories - 03/20/26
➖ Galaxy: The Agentic Flywheel: How Zero-Human Companies Will Reshape Onchain Markets
Market
➖ 4pillars: MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
➖ CoinShares: Equities update | March 20th, 2026
➖ CoinShares: Market update | March 20th, 2026
➖ CoinShares: Digital asset fund flows | March 23rd, 2026
➖ CoinShares: Digital asset bi-weekly digest | March 24th, 2026
➖ Coinbase: 2026 Institutional Investor Digital Assets Survey
➖ Binance: Weekly: Navigating a Multi-Front Macro Storm
➖ Glassnode: Mapping Volatility Through Time: Implied Volatility Heatmaps
➖ Glassnode: Strategy Watch #2
➖ Galaxy: Onchain Credit and Crypto Lending Trends
Blockchains & networks
➖ 4pillars: Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
➖ 4pillars: Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
➖ CoinGecko: Polygon Ecosystem Report
Tokens & currencies
➖ Cryptorank: Bitcoin $60K vs $80K
➖ 4pillars: Japan's Stablecoin Vision: Building the Next Financial Infrastructure
➖ CoinShares: Bitcoin mining report | Q1 2026
➖ Binance: The Impact Mechanism of Oil Prices on Bitcoin
➖ Galaxy: Bitcoin Is Rising to the Challenge of Quantum Readiness
❤4🔥3👍1
BTC gave a clean example of the current market regime.
$76k → $67k → bounce to ~$70k. No trend, just range.
What especially stands out:
• Spot and ETF demand cooled → no strong bid
• Derivatives turned defensive → less aggressive longs
• On-chain still weak → no real activity expansion
Market isn’t buying dips with conviction. This feels like classic pause phase.
Until spot demand returns, BTC likely stays range-bound.
$76k → $67k → bounce to ~$70k. No trend, just range.
What especially stands out:
• Spot and ETF demand cooled → no strong bid
• Derivatives turned defensive → less aggressive longs
• On-chain still weak → no real activity expansion
Market isn’t buying dips with conviction. This feels like classic pause phase.
Until spot demand returns, BTC likely stays range-bound.
👍4❤1
Mantle flipped Arbitrum and Base on Aave deposits, and it’s not organic growth.
This is distribution, balance sheet, and CEX funnel working together.
Bybit is pushing flow through Mantle Vault, backed by a multi-billion treasury, while USDT0, tokenized assets, and stablecoin yields accelerate deposits.
If this works, DeFi won’t be won by the best chain, but by whoever controls the flow.
This is distribution, balance sheet, and CEX funnel working together.
Bybit is pushing flow through Mantle Vault, backed by a multi-billion treasury, while USDT0, tokenized assets, and stablecoin yields accelerate deposits.
If this works, DeFi won’t be won by the best chain, but by whoever controls the flow.
👍4
Robinhood is turning into a full-stack financial machine.
Revenue mix tells the story: transaction fees still dominate, but net interest is now a massive chunk – peaked ~50% in 2023, still ~34%.
And the numbers confirm it: 324B assets (+70% YoY), $68B net deposits, 8 straight quarters of inflows. That’s primary account behavior.
What I find most interesting is the shift:
• Trading = acquisition
• Deposits + subscriptions = retention + monetization
Direct deposits >50% adoption early is huge. That’s how you lock users in.
Revenue mix tells the story: transaction fees still dominate, but net interest is now a massive chunk – peaked ~50% in 2023, still ~34%.
And the numbers confirm it: 324B assets (+70% YoY), $68B net deposits, 8 straight quarters of inflows. That’s primary account behavior.
What I find most interesting is the shift:
• Trading = acquisition
• Deposits + subscriptions = retention + monetization
Direct deposits >50% adoption early is huge. That’s how you lock users in.
👍4
ADA looks bad, but setups like this are where I start paying attention.
Average wallets are ~-43%, price down ~70% – most sellers are already exhausted. At the same time, funding is heavily short → market leaning one way.
That combo matters: pain in spot + crowded shorts = squeeze potential.
Not a bottom call, but risk/reward is shifting.
Average wallets are ~-43%, price down ~70% – most sellers are already exhausted. At the same time, funding is heavily short → market leaning one way.
That combo matters: pain in spot + crowded shorts = squeeze potential.
Not a bottom call, but risk/reward is shifting.
🔥4❤1
Boros crossed $10M TVL, but the real signal is under the hood.
RWA OI is up ~230% MoM to ~$20M and already makes ~10% of total activity. And >50% of that sits in Binance XAU.
Gold becoming one of the main drivers here is not random. It’s a hedge, it’s familiar, and it brings TradFi flow into DeFi rails.
Next step: more assets → deeper liquidity → sticky users.
RWA OI is up ~230% MoM to ~$20M and already makes ~10% of total activity. And >50% of that sits in Binance XAU.
Gold becoming one of the main drivers here is not random. It’s a hedge, it’s familiar, and it brings TradFi flow into DeFi rails.
Next step: more assets → deeper liquidity → sticky users.
❤4
Polymarket at $12.5–15B FDV right after launch?
Feels rich to me in this market.
What’s more interesting is how people are trading it.
On 42, you’re trading the path to that valuation. Each FDV range is a token, and price shifts as sentiment + capital flows change.
I’m personally watching the $10–12.5B range. If it stretches to ~5x, that’s a clean trade.
Bigger picture: this is basically event futures for crypto.
With Base, MetaMask, OpenSea, etc. coming up, this becomes a hedge and alpha tool for TGEs.
Feels rich to me in this market.
What’s more interesting is how people are trading it.
On 42, you’re trading the path to that valuation. Each FDV range is a token, and price shifts as sentiment + capital flows change.
I’m personally watching the $10–12.5B range. If it stretches to ~5x, that’s a clean trade.
Bigger picture: this is basically event futures for crypto.
With Base, MetaMask, OpenSea, etc. coming up, this becomes a hedge and alpha tool for TGEs.
❤4
Avg hold time on Solana:
2024 → ~1 day
2025 → ~100 sec
2026 → ~60 sec
We’ve gone from investing to pure flow trading.
Market right now rewards speed. If you’re holding, you’re exit liquidity for someone faster.
My take: we’re deep in a velocity-driven market. Adapt or bleed until the next regime shift.
2024 → ~1 day
2025 → ~100 sec
2026 → ~60 sec
We’ve gone from investing to pure flow trading.
Market right now rewards speed. If you’re holding, you’re exit liquidity for someone faster.
My take: we’re deep in a velocity-driven market. Adapt or bleed until the next regime shift.
❤5💩2
This week, Hyperliquid did $2.32M in revenue in a single day.
But the real signal is what they’re doing with it.
$11M+ bought back in a week, AF already holding ~14% of supply. Aggressive.
This is one of the cleanest “fees → value accrual” loops in the market right now.
If volume holds, this model compounds fast.
But the real signal is what they’re doing with it.
$11M+ bought back in a week, AF already holding ~14% of supply. Aggressive.
This is one of the cleanest “fees → value accrual” loops in the market right now.
If volume holds, this model compounds fast.
👍6
Arbitrum DAO holding $10M+ in BlackRock’s BUIDL and already pulling ~$500K in yield is a bigger signal than it looks.
And it’s not accidental. Arbitrum is actively positioning itself as the home for RWAs: capital allocation + incentives + infra.
My take: this is where things get real.
DAOs moving from idle treasuries → productive assets = sustainable ecosystems.
And it’s not accidental. Arbitrum is actively positioning itself as the home for RWAs: capital allocation + incentives + infra.
My take: this is where things get real.
DAOs moving from idle treasuries → productive assets = sustainable ecosystems.
👍5
95%+ of Solana DEX volume is bots.
Let that sink in.
You’re you’re trading against scripts reacting in milliseconds, farming spreads, and front-running flow.
Those spikes? Mostly machine vs machine. Retail is just noise in between.
If you don’t adapt (automation, tight execution, niche edges), you’re donating liquidity.
Welcome to on-chain HFT.
Let that sink in.
You’re you’re trading against scripts reacting in milliseconds, farming spreads, and front-running flow.
Those spikes? Mostly machine vs machine. Retail is just noise in between.
If you don’t adapt (automation, tight execution, niche edges), you’re donating liquidity.
Welcome to on-chain HFT.
🤮4👍3
Crypto positioning is already washed out to levels we usually see at bottoms.
Equities? Still relatively crowded long.
Feels like crypto de-risked early thanks to Oct ‘25 wipeout, while equities are still pricing a soft landing. But if the energy shock narrative plays out – slower growth and sticky inflation – that complacency gets tested.
Crypto looks closer to “pain already priced,”
equities still have room to reprice risk.
If macro tightens, TradFi might be the next to catch up.
Equities? Still relatively crowded long.
Feels like crypto de-risked early thanks to Oct ‘25 wipeout, while equities are still pricing a soft landing. But if the energy shock narrative plays out – slower growth and sticky inflation – that complacency gets tested.
Crypto looks closer to “pain already priced,”
equities still have room to reprice risk.
If macro tightens, TradFi might be the next to catch up.
👍4
Morpho keeps taking share – now at ATH in active loans.
What stands out is how it’s growing: mostly stablecoin demand, not leverage-driven hype.
Aave still dominates, but Morpho is chipping away with a more efficient model and better rates.
If stablecoin lending keeps scaling, Morpho could become the go-to backend for DeFi credit.
What stands out is how it’s growing: mostly stablecoin demand, not leverage-driven hype.
Aave still dominates, but Morpho is chipping away with a more efficient model and better rates.
If stablecoin lending keeps scaling, Morpho could become the go-to backend for DeFi credit.
👍2
Stablecoins are $300B+ but most of that capital is still just sitting or looping in DeFi.
The missing piece has always been real credit demand.
KUSD is interesting because it flips the model: yield comes from actual borrowers (trade finance, payments), not token incentives.
Instead of farming, you’re financing real activity. Instead of emissions, you get cash flow.
This is where stablecoins start becoming financial infrastructure, not just liquidity.
If this works, DeFi yield finally gets anchored in the real economy.
The missing piece has always been real credit demand.
KUSD is interesting because it flips the model: yield comes from actual borrowers (trade finance, payments), not token incentives.
Instead of farming, you’re financing real activity. Instead of emissions, you get cash flow.
This is where stablecoins start becoming financial infrastructure, not just liquidity.
If this works, DeFi yield finally gets anchored in the real economy.
❤5
Neobanks are running two payment systems at once.
Revolut already did ~$10B in stablecoin volume, Nubank pushing crypto custody into US banking. Card rails still dominate merchants but growth is happening on stablecoins.
That’s the key divergence.
Legacy = trusted, slow, expensive
Stablecoins = fast, global, composable
This won’t flip overnight, but once merchants start optimizing for margins, stablecoin rails win. Whoever captures merchant flow controls the next payment stack.
And crypto is already sitting in the backend waiting.
Revolut already did ~$10B in stablecoin volume, Nubank pushing crypto custody into US banking. Card rails still dominate merchants but growth is happening on stablecoins.
That’s the key divergence.
Legacy = trusted, slow, expensive
Stablecoins = fast, global, composable
This won’t flip overnight, but once merchants start optimizing for margins, stablecoin rails win. Whoever captures merchant flow controls the next payment stack.
And crypto is already sitting in the backend waiting.
❤8
Ethereum eating RWA market share.
61% of all tokenized assets now sit on ETH:
→ ~$206B settled
→ +40% YoY growth
Pure consolidation.
RWAs aren’t a multi-chain race yet. They’re still an Ethereum gravity game.
61% of all tokenized assets now sit on ETH:
→ ~$206B settled
→ +40% YoY growth
Pure consolidation.
RWAs aren’t a multi-chain race yet. They’re still an Ethereum gravity game.
❤3
ETH Q1 looks bad on paper.
-32.8% QoQ, but March closed green (+1.3%).
That resilience hides what really happened:
• $5.4B liquidations nuked leverage
• L2s ate fees → burn collapsed → inflation back
• Macro flipped risk-off (oil, gold > crypto)
Meanwhile, activity has reached ATH.
So price ↓, usage ↑.
ETH is stuck between two regimes:
Short term → macro liquidity + broken fee model
Long term → still the settlement layer everyone builds on
Disconnect like this doesn’t last forever.
-32.8% QoQ, but March closed green (+1.3%).
That resilience hides what really happened:
• $5.4B liquidations nuked leverage
• L2s ate fees → burn collapsed → inflation back
• Macro flipped risk-off (oil, gold > crypto)
Meanwhile, activity has reached ATH.
So price ↓, usage ↑.
ETH is stuck between two regimes:
Short term → macro liquidity + broken fee model
Long term → still the settlement layer everyone builds on
Disconnect like this doesn’t last forever.
👍4
Lido considering a $20M buyback.
Up to 10,000 stETH → buying LDO ≈ 8% of circulating supply
At the same time: LDO/ETH ratio at ~0.00016, which means ~70% below historical levels.
Protocol still dominates liquid staking, revenue intact, usage there, price got nuked with the rest of ETH beta.
My take: this is a classic “fundamentals vs sentiment” setup.
If DAO steps in to absorb supply here, insiders will see value where market sees dead weight.
Up to 10,000 stETH → buying LDO ≈ 8% of circulating supply
At the same time: LDO/ETH ratio at ~0.00016, which means ~70% below historical levels.
Protocol still dominates liquid staking, revenue intact, usage there, price got nuked with the rest of ETH beta.
My take: this is a classic “fundamentals vs sentiment” setup.
If DAO steps in to absorb supply here, insiders will see value where market sees dead weight.
👍7
Solana RWA holders up +440% YoY.
218K wallets across stocks, funds, commodities.
ETH still dominates in size,
but Solana is winning distribution.
More wallets → more flow → eventually more TVL.
Follow users, capital follows next.
218K wallets across stocks, funds, commodities.
ETH still dominates in size,
but Solana is winning distribution.
More wallets → more flow → eventually more TVL.
Follow users, capital follows next.
❤7
The whole market today is a joke… or is it? Let’s break it down ↓
General
➖ DL Research: Crypto hackers armed with AI stand to make millions of dollars attacking old code
➖ Galaxy: Weekly Top Stories - 03/27/26
➖ Galaxy: Polymarket's Fees Era Begins, Aave/Tether Integrate the Creator Economy
Market
➖ DL Research: When markets stop closing: Binance and the shift to 24/7 finance
➖ CoinShares: Market update | March 27th, 2026
➖ CoinShares: Equities update | March 27th, 2026
➖ CoinShares: Digital asset fund flows | March 30th, 2026
➖ 4pillars: Keep an Eye on Korea’s Institutional ETH Staking Market This Year
➖ Coinbase: Volatility
Drives Discipline,
Not Retreat
➖ Glassnode: BTC Market Pulse: Week 14
DeFi
➖ The Defiant: DeFi Generated $8 Billion in Onchain Yield in 2025: Analysis
Blockchains & networks
➖ 4pillars: Solana: Built on Innovation, Slowed by Incentives
➖ 4pillars: Pharos's Blueprint for Institutional-Grade Financial Infrastructure
Tokens & currencies
➖ 4pillars: Web3 Business Playbook: Mastercard
➖ 4pillars: SBI’s Full-Stack Strategy: A Dominant Player in Japan’s Digital Asset Market
General
➖ DL Research: Crypto hackers armed with AI stand to make millions of dollars attacking old code
➖ Galaxy: Weekly Top Stories - 03/27/26
➖ Galaxy: Polymarket's Fees Era Begins, Aave/Tether Integrate the Creator Economy
Market
➖ DL Research: When markets stop closing: Binance and the shift to 24/7 finance
➖ CoinShares: Market update | March 27th, 2026
➖ CoinShares: Equities update | March 27th, 2026
➖ CoinShares: Digital asset fund flows | March 30th, 2026
➖ 4pillars: Keep an Eye on Korea’s Institutional ETH Staking Market This Year
➖ Coinbase: Volatility
Drives Discipline,
Not Retreat
➖ Glassnode: BTC Market Pulse: Week 14
DeFi
➖ The Defiant: DeFi Generated $8 Billion in Onchain Yield in 2025: Analysis
Blockchains & networks
➖ 4pillars: Solana: Built on Innovation, Slowed by Incentives
➖ 4pillars: Pharos's Blueprint for Institutional-Grade Financial Infrastructure
Tokens & currencies
➖ 4pillars: Web3 Business Playbook: Mastercard
➖ 4pillars: SBI’s Full-Stack Strategy: A Dominant Player in Japan’s Digital Asset Market
❤5
RWA went from $1B to $27B in ~3 years.
Treasuries leading growth. Private credit holding the largest share.
Institutions are also here: JPM moving $2B daily, Robinhood bringing tokenized equities on-chain.
Looks unstoppable, but zoom out.
This growth is built on one thing: yield + rates.
RWAs are working because TradFi returns are attractive. If macro shifts, flows can too.
Treasuries leading growth. Private credit holding the largest share.
Institutions are also here: JPM moving $2B daily, Robinhood bringing tokenized equities on-chain.
Looks unstoppable, but zoom out.
This growth is built on one thing: yield + rates.
RWAs are working because TradFi returns are attractive. If macro shifts, flows can too.
🔥3👍1