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.

What's wrong with the altseason?

Why $XLM, $XRP, $ADA, $DOT, and $ATOM make it while most of the new shiny coins we've accumulated during the bear heavily underperform?

Some thoughts ↓

Article on Substack

Aerodrome's liquidity turnover has skyrocketed in less than six months.

Since May, user trading activity on AMM has grown significantly, surpassing available liquidity. This shift has made the protocol more capital efficient.

The Ethereum MRVR ratio indicates that a new bullish cycle has begun for the cryptocurrency.

Historically, Ethereum experiences two major rallies during a bull cycle, with the second rally typically driving a more significant price increase.