Inflation eats away at your yields.

This bull run has made that painfully clear.

Take $SOL, for example:
• Market cap: $122B.
• Price: $258.For contrast, in 2021, the market cap was $75B—and the price was the same.

Now, $TIA:
• ATH market cap in January: $3.3B.
• Current market cap: $2.6B.
• Price in January: $20.
• Price now: $6.

Need more examples?

$SEI:
• ATH market cap: $2.8B.
• Current market cap: $2.25B.
• Price then: $1.03.
• Price now: $0.53.

$ARB:
• ATH market cap in March: $4.6B.
• Today: $3.8B.
• Price in March: $2.1.
• Price today: $0.8.

$TAO:
• Already surpassed its ATH market cap of $4.6B.
• Did the price hit a new ATH? Close, but not quite.

$ENA:
• Very close to its ATH market cap: $2.12B vs. $1.84B now.
• Price then: $1.49.
• Price now: $0.64.

The message is clear: start paying attention to inflation.

Altseason is already here, but most of the assets you’re holding are inflating at a crazy speed.

Latest stablecoins transactions breakdown:

Ethereum dominates with an average stablecoin transaction size of $75.5K, far surpassing Base ($16.4K), Avalanche ($10.5K), and TRON ($7.0K). Meanwhile, TON is gaining traction, with a notable $1.6K average transaction size.

Over the past six months, these narratives have drawn the most user interest:

• Bitcoin
• CEX
• Oracles
• L1
• Wallets

However, if we look at the last quarter, the rankings shift:

• Memes
• DeFi 2.0
• L1
• AI
• RWA

Some narratives are bound to trend at certain times, so always remember to compare their historical performance.

I hope you’re keeping an eye on the perp DEXs narrative because there are some intriguing insights about SynFutures:

• SynFutures V3 handled $71.0 billion in trading volume in Q3, solidifying its position as a leading perp DEX.
• The average number of daily active addresses grew by 58.5% QoQ, reaching 7,788.
• In July, SynFutures expanded to Base, quickly becoming the network’s top perp DEX and surpassing $380 million in daily volume by the end of Q3.

The full Q3 2024 SynFutures report is available here.

Another confirmation that the crypto market has long been a part of the broader economic system.

The US elections have concluded → the market has surged → L1 coins have risen in price. The latest data:

SOL +57%, reached a new ATH
XRP +120%
TON +39%
TRX +31%

Solana DEXs have set a new record for monthly trading volume.

This November, the combined trading volume on Solana-based exchanges surpassed $109 billion, with SOL itself reaching a new all-time high on November 23.

Which blockchain has been the most profitable this year? Let’s compare fee revenues and incentive expenses YTD:

▪️ Tron: Generated $1.7B in fees while spending $1.4B on incentives, making it the most cost-efficient L1 blockchain this year.

▪️ Ethereum: Spent $1.14 for every $1 earned in fees, despite showing improved efficiency in March. The EIP-4844 update reduced fee costs but required higher incentive payouts to validators.

▪️ Solana: Although it has significantly improved its cost efficiency over the years, it still spends $7.22 for every $1 in fees generated.

▪️ Aptos: Spends the most on incentives, paying $358 for every $1 in fees in 2024, even as its market value has grown by 125% YTD.

Check the full dashboard here.

The market isn’t as weak as it may seem – at least for these players:

• $SAND is slowly recovering, reigniting investor interest in metaverses and GameFi.
• $XLM has caught the attention of Korean investors, confident in its significance within the current market dynamics.
• $ETH is finally outperforming BTC and XRP, regaining value.

Bitcoin’s market cap is picking up steam, but it still has a long way to go to catch up with gold.

Remember, even after 15 years, we’re still early.

Ethereum has regained its top spot as the leading blockchain for USDT after a 10% increase in supply last week.

USDT on Ethereum has reached $60.3 billion, compared to Tron’s $58.1 billion.

What will this day bring us? Find out in a new research roundup!

General
➖ Glassnode: Bitesize Insights: BTC active addresses accelerate - what about TON, BNB, and SOL?
➖ Footprint: Viral Marketing in Western Markets: Challenges and Breakthroughs for Web3 Growth
➖ Galaxy: Ask the Experts: Crypto's Path Forward Post-Election 2024
➖ Galaxy: Learnings from Devcon 2024: Ethereum’s North Star
➖ Galaxy: Weekly Top Stories - 11/22
➖ Galaxy: The Digital Asset Investable Universe in 10 Minutes

Market
➖ CoinShares: Stablecoins Are A Growing Force in Global Finance
➖ Coinbase: Weekly: Options and Optics
➖ Glassnode: Touching Distance
➖ Galaxy: Bitcoin Soars, Markets Stir: What’s Next?

Blockchains & networks
➖ Cryptorank: Top Blockchain Ecosystems: Which Platforms Will Dominate User Growth This Cycle?
➖ 4pillars: Movement: Modular Framework Powered By Move
➖ Cointelegraph: How Q Protocol is changing the future of blockchain governance

The percentage of staked ETH has reached 28.3%, with 28.05% of it staked through Lido.

Decentralization? 🤔

The TON bull run may be closer than it seems.

When comparing exchange activity metrics on STON.fi and DeDust, the numbers have surged to 4 and 2.76 per person, respectively, in the past few days.

Historically, increased activity on TON DEXs has often preceded a new wave of growth for TON. Keeping our eyes open, guys.

Top DeFi projects by developer activity last month:

• Synthetix: 255 active developers
• DeepBook Protocol: 174 active developers
• Radix: 127 active developers
• Injective: 109 active developers
• dYdX: 103 active developers

ICYMI: Coinshift recently released the first Liquid Lending Token backed by RWA yields; as a result, the earning are up to 15% APY.

Here’s my product report on csUSDL, so you can navigate the new thing easily.

What happened to Polkadot in Q3 2024? Key highlights:

> Parity introduced Agile Coretime, replacing parachain leasing with an on-demand blockspace model.

> Mythical Games launched on Polkadot, recording 11M transactions (15% of the network’s total), driven by the success of NFL Rivals.

> Despite a 53% treasury spending cut, OpenGov activity hit record highs with 171 referenda in July.

> Rollup transactions increased 69% QoQ, while the active validator set expanded to 400, raising Polkadot’s Nakamoto Coefficient to 112.

Read the full report about Polkadot's state here.

This week, memecoins are among the worst-performing categories, according to Alphanomics.

I can't say it's unexpected.

In a market where $XLM gains 83%, $SAND rises by 81%, and $ENS increases by 70% in just seven days, there are far more avenues for speculation.

Congratulations to everyone who joined the Moonwell and used its tools.

It has achieved an ATH with $1.18M earned across Base and OP Mainnet.