In 2024, L1 and L2 blockchains earned over $6.89 billion from transaction fees.

Specifically, L1s recorded $6.60 billion in fees across 21 blockchains, while L2s generated $294.92 million across 12 blockchains.

As we discuss the voting ethics of Kaito, debate the future of Ethereum, compare PMFs and revenue, and fret over macro trends, Pumpdotfun reached a new ATH this week in terms of the number of new tokens launched.

70,000 tokens within 24 hours.
Seventy thousand tokens.

I’m done with the internet for today.

BTC’s 60-day price range remains exceptionally narrow.

Historically, such periods of tight price consolidation have often preceded heightened volatility.

In the past three months, Ethereum and its major L2s generated a combined total of:

• 1.1 billion transactions
• $505.9 billion DEX transaction volume
• 82.6 million active addresses

In comparison, Solana delivered far higher metrics:

• 5.1 billion transactions
• $1.98 trillion DEX transaction volume
• 343 million active addresses

Blockchain M&A activity hits a record in Q4 2024.

With 96 deals totaling $1.7B (up 57% from Q3), Q4 saw unprecedented consolidation. Stripe’s $1B acquisition of stablecoin startup Bridge was a key highlight.

This morning greeted us with red charts—Bitcoin has dropped below $100K.

Just yesterday I was working on an article discussing whether it's time to sell, highlighting the significant structural changes occurring now.

Check it out here.

The RLUSD market is attracting more institutional and medium-sized traders.

Recent Ethereum network data reveals a decline in smaller RLUSD transactions (< $1,000), while larger ones ($100,000–$1,000,000 & > $1,000,000) are gaining momentum.

There's something new you should read today ↓

General
➖ 4pillars: Four Pillars' Picks
➖ The Defiant: Why Real Estate Tokenization Isn't Working Yet
➖ Galaxy: Ethereum All Core Developers Consensus Call #149 Writeup
➖ Galaxy: Weekly Stories - 1/24

Market
➖ CoinGecko: Market Share of Centralized Crypto Exchanges, by Trading Volume
➖ Coinbase: Weekly: Executive Orders and SEC Actions
➖ Galaxy: The Inaugural Impact on Bitcoin and Market Policy Shifts

DeFi
➖ 4pillars: Drift to the Top

Blockchains & networks
➖ Cryptorank: TRON H2 2024: Dominating Stablecoin Ecosystem While Pioneering New Horizons

Tokens & currencies
➖ Binance: Animecoin (ANIME)

If you’re a Kaito Yapper, struggling to understand how yaps are earned, this guide is for you.

I tried to aggregate everything that is known about Kaito’s algo + my assumptions in one place.

Enjoy, hope it’s helpful!

Orderly Network's total trading volume nears $100B, up $20B since August 2024.

Daily activity is picking up momentum this January.

Even with new SEC leadership, spot market health is critical for ETF approvals.

BTC and ETH dominate liquidity, while SOL accounts for just 24% of BTC’s depth.