Programmable Assets @anchorage π || @anagramxyz | @YZiLabs | @ConsenSys ||
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Solana network activity is currently shattering all-time highs in many different areas. Daily network fees are now at $3.8M, a new record and up 754% on the month. Meanwhile, daily DEX trading volumes are over $3.8B, also a new record and up 430% on the month.
In terms of users, daily active addresses on Solana are now over 1.8M, the highest levels since September 2021. Yet perhaps more interestingly, 870,000 new daily active addresses entered into the ecosystem yesterday, easily an all-time high and an increase of 110% month-over-month.
h/t @artemis__xyz
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Solana continues to capture network fees at a record pace and now represents about 16% of all daily fees collected across major protocols. Yesterday, roughly $31M worth of fees were captured throughout the space including Ethereum ($12.9M), Tron ($4.7M), Lido ($3.5M), and Bitcoin ($2.5M). Solana had $4.95M, the second most on the day for any protocol and approached all-time highs set early in the week.
Overall this is a significant shift in network fee capture, as Solana historically has accounted for generally less than 1% of daily aggregate fees.
h/t @tokenterminal
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Quietly $ETH is having its best month of ETF inflows since December, with over $400M of capital pouring in. Thatβs more than the last four months combined (-$176M) and marks the third best month since ETH spot ETFs launched last July.
Buckle up π
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Over the past 7 days, Solana has handled over $348B of stablecoin volume on the network. To put this into perspective, this is more than double the amount on Ethereum, which handled $159B of stablecoin volume during this same time period and was the second most overall.
Perhaps more interestingly, daily stablecoin volume on Solana is now up more than 6600% YTD, when the network was handling less than $750M per day.
h/t @artemis__xyz
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Net deposits into @KaminoFinance have surged by $1.6B (80%) to a new all-time high of $3.6B. The protocol now manages $1.5B in active loans and just hit a record $1.4M in daily fees.
Kamino is now the 3rd largest lending protocol in terms of both active loans and total deposits, trailing only Aave ($16B / $40B) and Morpho ($2B / $5B).
As tokenized private credit funds like @apolloglobal $acred and other RWAs launch on Solana, this could further accelerate adoption.
Buckle up.
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Solana dev activity looks like a complete wasteland right now. Weekly commits in free fall over the last 12 months. Hopefully this is mainly related to all of the VC exit liquidity projects getting flushed from the system π $sol
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Despite all of the recent regulatory, macro, and security headwinds, $BTC balances on exchange wallets are trending upwards. Remember, self-custody is π
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9 straight days of 9-figure $ETH ETF inflows, with over $3.2B pouring in.
Spot ETH ETFs now collectively hold over 5 million ETH, accounting for more than 4% of the total supply.
Buckle up.
h/t @FarsideUK
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Over the last 6 weeks, $2.1B worth of stablecoins have left exchanges, down 14% since May and down 48% YTD. Liquidity continues to be at a premium and buying power is approaching new yearly lows.
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As we close out the month, open interest on $BTC has soared to new yearly highs. There is now over $13.1B worth of open futures contracts, the most since November 2022, and up 30% over the last 7 days. Everyone is betting on an ETF π
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Whilst the market burns, daily active $ETH addresses are up 31% since April. Winners win, builders build π
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Over the last 30 days, TVL on @zksync is up over 88%. ZK Stack, the prospect of native decentralized sequencers, and highly customizable application-specific chains, along with EIP-4844 (cheaper tx fees on rollups) all incoming π
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Very excited for what's being built by @LucaProsperi and @m0labs! M^ZERO is a money middleware that connects TradFi to DeFi and the entire Web3 ecosystem with an enterprise-grade experience. It enables entities to permissionlessly mint currencies under decentralized governance
We are thrilled to announce that we have raised $22.5m to build M^ZERO, a decentralised value transmission mechanism
@PanteraCapital, Road Capital, @airtreevc, @standardcrypto, @SALTConference, @paraficapital, Distributed Capital, Kraynos, @mourocapital, @EarlybirdVC
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"To learn to stop resisting, to learn to love the world and stop comparing it to some world I only wished for and imagined, some sort of perfection I myself had dreamed up, but instead to let it be as it was and to love it and be happy to belong to it." #megasprivatebookclub
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VC funding is down to its lowest levels in the last 2.5 years (~$550M/month), but yes, please sell me your latest "ETH killer" or "modular VM" or "DeFi lego" with 47 MAUs. And make sure your team is full of ex-Google/Goldman/McKinsey and Stanford/HBS/MIT MBAs.
All in π
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DEX trading volume now represents over 21% of CEX volume and have effectively doubled since February. However, DEX trading volume has generally remained stabled over the last 60 days ($60B-$65B). So there isn't necessarily spillover; users are moving away from centralized options
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Everyone is mad at $blur, but they're out here just STOMPING their competition into oblivion. Sorry that price discovery happened sooner rather than later on your SICK NFT, lil bud
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Happy $SUI Thursday, everyone! Despite an avg of 4 TPS, all we need is users here. As the wave of next-gen interoperable, modular AMMs/orderbooks/lending/NFT protocols building on the network and raising at $100M+ valuation onboard the next 1B users, expect significant scaling π
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Meaningful user activity on @base is marching towards new record levels. The network recently handled over $2.5B in daily DEX volume along with $29.8B in daily stablecoin transfer volume. This represents an increase of 150% and 60%, respectively, month-over-month. Moreover, TVL on the network now stands a $4.97B, an increase of 67% ($2B) on the month.
Build on Base π΅-> Build on Base in a Bull π
h/t @artemis__xyz
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Zoom out on the entire continuum of $ETH deposits and the 7-day moving average looks quite powerful. Much more to come π
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Incredible progress and an immediate benefit for the entire Ethereum ecosystem: an ultra performant zkEVM, integration with core protocols at launch, and the prospect of functioning as the default network on @MetaMask
π£Weβre thrilled to share that weβve started to roll out the Linea mainnet alpha release.
This week we will begin onboarding launch partners before opening up the network to users @ETHCCπ§΅π
linea.mirror.xyz/7l9gKzYzKVOβ¦
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Interesting institutional data ahead of the FOMC: $72M in outflows ($46M in $BTC and $19M in $ETH). Meanwhile, demand for block space on Bitcoin is surging, gas prices on Ethereum are approaching yearly highs. Don't worry, it'll all come right back π
h/t @CoinSharesCo
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Over 1.9M $ETH ($3.5B) have been withdrawn from exchanges within the last 24 hours, the largest daily net outflow since December 2022 following the collapse of FTX. Besides the FTX fallout, this level of outflow activity hasn't happened since September 2020. Exciting times π
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Happy $SUI Sunday, everyone! Don't worry, let's build a bunch of interoperable AMMs, high TPS order books, and Move-based perps. Big win π
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Bridges continue to be an extremely vulnerable attack vector. What are people even bridging to/from? Imagine BATTLING for a quick 5% "risk free" win moving between random networks. Just stay on Ethereum and avoid this nonsense.
At least three bridge contracts operated by Multichain saw major, unannounced outflows of over $130 million in crypto. @realDannyNelson reports
trib.al/9vDMMgW
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For all of the times it seemed there was no way out and for the moments I thought I had nothing left to give, I was reminded of the infinite. Lateralus, 22 years ago. Thank you @Tool @mjkeenan @AdamJones_tv @alexgreycosm π
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The Ultra Sound relay has been incredibly performant over the last two weeks, relaying over 38,000 total blocks (the most in the space) and has created over 10,000 $ETH rewards ($18.3M) π¦π
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Transactions on Bitcoin are surging towards a new all-time high, $BTC miners coming back from the grave as fees reach a 5 year high π
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Oh look, @nansen_ai added principal and reward data to their dashboard π. But more importantly, principal withdrawal activity increased, then was met with massive deposit activity. Over 16% of the entire $ETH supply is now staked, the highest staking rate ever for the network.
Net outflows are now approaching 500,000 $ETH ($1B) over the last 24 hours. Again, this is expected and will accelerate, as more validators update withdrawal credentials. One particularly interesting aspect, however, is the difference between principal and reward withdrawals
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Interestingly, daily $BTC fees are down 90% from the recent 5 year highs reached earlier in the month, despite transaction volumes remaining relatively steady.
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Super excited to speak about token engineering and mechanism design today at @CUBlockchain π€ @goforlindsey @hedgeyfinance @Cornell @DAOstrategy @ConsenSys @ConsenSysMesh
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The largest daily $SOL sell-off since the collapse of FTX in November 2022, and one of the largest selling volumes in the history of the token. Goodness gracious, Uncle Gary really taking these VC tokens to the woodshed
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Happy 4th of July, hope everyone dumped these slop "NFTs" during the $Blur holiday liquidity event!
Absolute bloodbath across the board after the $blur liquidity event, as most top collections are now down double digits on the weekly. So weird/random, whomst could have possibly predicted π
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5 year highs for $BTC fees, miners FURIOUSLY PIVOTING from donating their hardware to ZKPs back to the mothership (for now) π
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The 2025 token unlock season is officially upon us. This week, over 1.94B $ONDO tokens will be unlocked and this has several implications.
Overall, circulating supply more than doubles and will increase by 134%. Moreover, these unlocks represent $2.35B (at the current price) that the market might need to absorb. 322M of these unlocked tokens (17%) are for investors, which is also the first time that they will have access to token liquidity.
This also occurs at a time when the market has experienced considerable chop. One silver lining worth calling out here, however, is the inauguration on January 20th and the expected pro-crypto administration could boost the broader market.
Unlocks begin January 18th. Buckle up π
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Reminder: crypto is still driven by macro. FOMC is incoming, with an expectation of a 25 bps hike. Don't get caught out of position π
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Leaving Consensus 2023 ready to RAM on every broken token model and bozo project peddling yet another nonsense ZK/modular L1/Web3 game to unassuming βinvestors.β Buckle up π
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Oh no, an address labelled as the "US Government Balance" / Silk Road" just sold $275M+ worth of $BTC, let's all panic sell after the fact! Highest hourly selling volume since March, congrats everyone π
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Daily transactions on the Bitcoin network continue to set all-time highs and reached over 680,000 on Monday, a 39% increase over the previous highs set back in December 2017. During this same time period, Ordinals activity surged, with over 350,000 new inscriptions $BTC
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Thanks again for having me and thank you for all of your efforts putting together another great conference @CUBlockchain π
See you next year π
How did we go from the 2017 ICOs, whitepapers and #token designs to where we are today? π‘
Join @DAOstrategy @goforlindsey @LimarisT @Mega_Fund and @Thomas_Rush_ in exploring the mechanisms behind token economies in the panel βToken Design 2.0β
π₯ Watch: piped.video/7jOjHS7iMZE
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Happy $apt unlock, everyone! Nice little 16% discount since the 4th of July holiday event. Meanwhile, trading volume is now down over 75% in less than a week. Keep the unlocks coming π
h/t @coinbureau
Be careful of token unlocks in July β οΈ
Found this chart from the recent Binance research report quite helpful.
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Daily L2 volumes steadily gaining traction, roughly 2.5M vs. 1M on mainnet, with Arbitrum and zkSync leading the way. As $ETH fees increase, however, activity will migrate to ORUs and later to ZKs, not to some "low-cost", "EVM-compatible" Layer 1.
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Relatively low volume caused maximum long damage. Sub-$1880 $ETH sounds delicious to begin accumulation, let's see if we can get another 5-10% discount fill π
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Incredible win for the @ConsenSys zkEVM team on the official launch of Linea πͺ
Along with a novel prover design, one of the most powerful features of @LineaBuild is that it enables dApps to be built seamlessly, with EVM equivalence, and made directly accessible in @MetaMask
β¨Lineaβ¨ is now available to any developer, user, and protocols. We couldn't have done it without our partners and private beta testers!
Fast facts for how you can use, build, and explore β¨Linea.Buildπ§΅π
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Centralized exchange outflows ramping up: over $450M worth of digital assets exiting within the last 24 hours. Self-custody is ππ
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Nice way to close out the week, with net inflows of $ETH deposits increasing over 830k, up 4.5% in the last 7 days. Wait until institutional-friendly liquid staking solutions and restaking arrive.
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Spent my afternoon exploring the @eigencloud testnet and restaking the little $GETH I have left in my MetaMask burner whilst other "VCs" were focused on L2 ZKPs built on Move and play-to-earn Web2.5 games designed for 2011 mobile devices. We're just built differently π
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Blend is a permissionless, peer-to-peer NFT lending protocol that improves many of the shortcomings facing existing designs. Overall it enables perpetual loans with market driven interest rates and no oracle dependencies. It also powers $BLUR with a secondary objective function
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Quietly, @eulerfinance has grown its lending business by over 1200% in 2025. The protocol now manages $1.2B in active loans and $2.2B in deposits, generating $50M in annualized fees.
This growth has catapulted Euler to the 5th largest active lender in the entire space.
h/t @tokenterminal
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Onchain banking liquidity has surpassed $100B for the first time ever.
@aave alone holds $63B worth of deposits, which would rank it among the top 40 largest US-chartered commercial banks, ahead of household names like Barclays ($45B) and Deutsche Bank ($40B).
There is now over $42B active loans onchain, and 9 different protocols with at least $2B in total deposits, including:
Aave ($63B)
@MorphoLabs ($8B)
@sparkdotfi ($7.6B)
@KaminoFinance ($4.5B)
@compoundfinance ($4.1B)
@maplefinance ($3.3B)
@0xfluid ($3.1B)
@eulerfinance ($2.3B)
@VenusProtocol ($2.2B)
And treasury strategies and strategic reserves haven't even begun to deploy.
Buckle up.
h/t @tokenterminal
The state of the current lending and borrowing market:
π¦ major lending protocols including @aave, @MorphoLabs, and @compoundfinance currently service $15B in loans throughout the space
π³ aggregate active loans are down 29% YTD, but are still up 11% from their pre-election levels in November
π΅ $38.4B of aggregate liquidity available, up 11% since November, representing a 39% utilization rate.
h/t @tokenterminal
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Over $9.6B TVL on $ETH L2s, approaching all-time highs reached in April ($10.6B) following the $ARB airdrop. And we haven't even gotten started with @LineaBuild, @BuildOnBase or @Scroll_ZKP. Keep this in mind the next time you try to sell me some nonsense "modular" L1/L2, lil bud
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Total active loans on @maplefinance recently surpassed $1B and now stand at $1.1B, up 235% since April. Meanwhile total deposits on the protocol also reached a new all-time high of $2.4B.
Massive growth as onchain credit markets continue to accelerate πͺ
h/t @tokenterminal
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Whom is funding this nonsense? Just the right blend of top level "VC buzzwords" to attract retail and weaker VCs to the slaughter.
Yes, let us "disrupt" traditional "Web2 revenue models" with "on-chain Web3 NFTs."
We're more than halfway to 2024, WAKE UP!
.@a16z and @snoopdogg are part of @soundxyz_ βs $20 million fundraise to help decentralize artist income within the music industry.
@camgthompson reports:
trib.al/77VF1Ai
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Shoutout to @rleshner (@robotventures). Despite having a direct investment in @LayerZero_Labs, the choice was made to support the community rather than simply follow a personal financial interest. Exemplary leadership π€
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I look at 100s of new projects every month, and I havenβt been this excited in a while. UI/UX is one of the biggest challenges in the wallet space and @CupOJoseph solves it in a very intuitive, and interactive, way. So much potential here, canβt wait to see whatβs next πͺ
Announcing Game Wallet πΎ
Turn any GameBoy into a secure offline cold wallet.
Sign up to be notified when sales start:
gamewallet.gg/
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Fast-forward 2 weeks: TradFi money signals it's incoming and stablecoins come FLYING back on to exchanges.
Over $1.4B of net inflows in one day, the highest volume all year. Total stablecoin balance is now up 11% during this time, moving from $19.7B to $21.8B
Over the last 6 weeks, $2.1B worth of stablecoins have left exchanges, down 14% since May and down 48% YTD. Liquidity continues to be at a premium and buying power is approaching new yearly lows.
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Had an amazing time at the 2023 Harvard College China Forum - truly incredible speakers and insightful dialogue. Honored to speak about the future of blockchain with @yidagao @kjweb3 @herbiefu @Potterlee222 @0xbobateas Thank you for having me @HarvardChina π
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Huge congrats to @eigencloud and well-deserved. Truly one of the best- and most humble - teams in the space and a project that I've been deeply interested in for a while. Ultimately, EigenLayer's restaking mechanism will become the most important blockchain application this year.
Happy to announce that EigenLabs, the team behind the initial development of the EigenLayer protocol, has raised $50 million in a Series A round led by @bcap
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Amateur VC: "they're building a Move VM on Tendermint that will create efficiencies like on-chain order books, surely their $120M valuation is reasonable!
Mega: 97%+ ($72B) of all DeFi liquidity is built on EVM. Enjoy!
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Some of the strongest $sol buying action all year. Whomst is buying this slop during the long holiday week? Don't get caught out of position π
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It was an absolute pleasure to speak about the evolution of token design, the lessons learned, and some of the more promising models being developed. Thank you @thomasrush @LimarisT @goforlindsey @DAOstrategy for all of your insights and thank you @CUBlockchain for having us! π
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Hyperliquid is on pace to finish April with more than 70% of the entire decentralized perps marketshare. The last time a single protocol dominated like this was back in April 2022 when dYdX represented 73% of the market.
Overall @HyperliquidX has handled over $166B in total volume this month and has now grown its marketshare by 55% YTD.
"Hyperliquid" π
h/t @artemis
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Pretty wild activity on Blend, with nearly 10,000 $ETH ($18.7M) in total loan volume within the first 24 hours of launching. This is more volume in one day than top NFT lending protocols like Arcade, NFTfi, and BendDAO have ever realized in a week, combined.
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Incentivized delegation is a fundamental component of DAO governance. As the landscape matures, participation improves, and the stakes get higher, the system becomes more complex. @butterymoney is building a base layer that can be integrated into any governance structure π§
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Absolutely insane $TOMO volume shortly after their strategic raise (announced 5/25). $131M trading volume on the day, an increase of 1160%+ over the last 24 hours, and the most since August 2022.
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Many βVC investment thesesβ are often driven by data like active addresses without further context. Hereβs a very easy example of when that sort of thinking gets stomped into oblivion. The quality of network activity and what users are doing matters π
h/t @Artemis__xyz
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Thank you for the invite π
Another packed house for the Token Design 2.0 Panel at Cornell Blockchain Conference π¨π»βπ»π©π½βπ»
Thank you @Mega_Fund, @LimarisT, @Thomas_Rush_, @goforlindsey and Cam Oβ Donnell for the illuminating discussion on #Tokenomics β‘οΈ
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1/ This past week @coinbase Prime had over $9.7B in daily inflows, its largest ever. The platform functions as a a full-service prime brokerage that enables institutions to custody assets and execute trades at scale.
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Amazing time speaking about blockchain data, the challenges, the tooling, and whatβs next @harvard_crypto π€
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The Ultra Sound relay is operating at a very high level, and has quietly become the leader in MEV-Boost market share in a relatively short space of time. All while being credibly-neutral and permissionless.
Excellent work from @drakefjustin @ethereum π¦π
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Bitcoin miners have two sources of revenue: block subsidies and transaction fees. Transaction fees now account for over 16% of total miner revenue, the highest level since 2018, thanks largely to the continued surge of inscriptions. Let's build some wallets and infra π $BTC
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Simple investing, complex trading strategies, finding the best stablecoin yield, daily portfolio rebalancing.
Anything you want. All onchain. All owned by you. All fully automated for you or as hands-on and bespoke as you choose.
Incredibly excited for @johnjohnson and @BrianInCrypto and proud to be part of the journey.
Buckle up ππ¦
Glider just raised $4M to reimagine the future of crypto investing π¦βΎοΈ
Led by @a16zcrypto CSX, with support from @cbventures, @Uniswap, @GSR_io, @moonpay, @SeliniCapital, @genventurecap, @pivotglobal_xyz, First Commit @hardi_meybaum, and @anagramxyz.
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Assuming the $7.3B number is correct, this would mean that roughly 65% of user deposits have been recovered. $FTT
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Lending and borrowing protocol @MoonwellDeFi has gained considerable traction on @base, as active loans and net deposits on are now at all-time highs. Overall, the protocol now handles over $197M in total active loans with $324M in deposits, led by $ETH ($107M), $USDC ($67M), and $AERO ($30M). To put this into perspective, Aave on Base currently has $121M active loans with $244M in deposits.
h/t @tokenterminal
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Quietly, borrowing and lending activity on @maplefinance has surged to record levels over the past year as the protocol now manages $330M in active loans and $790M in deposits. Overall, net deposits into Maple have grown by 652% while active loans have increased by 339%.
More borrowing, more lending, more opportunities for efficient capital allocation. The onchain economy continues to march forward.
h/t @tokenterminal
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