Stacy in Dataland (´⊙~⊙`)

Jupiter just logged its sixth straight week of revenue growth.

Some new research insights for you ↓ General ➖ 4pillars: Monthly EIP - Jan 2026 (ft. Spotlight on the Institutional ETH Yield Pipeline) ➖ The Defiant: Crypto Exploit Losses Hit $370 Million in January: CertiK ➖ Cointelegraph: Crypto VC Funding Doubled in 2025 as RWA Tokenization Took the Lead ➖ Galaxy: Weekly Top Stories - 02/06/26 Market ➖ CoinShares: Equities update | February 6th 2026 ➖ CoinShares: Market update - February 6th, 2026 ➖ CoinShares: Digital asset fund flows | February 9th, 2026 ➖ CoinShares: Digital asset bi-weekly digest - February 10th 2026 ➖ Coinbase: Crypto Market Positioning (February 2026) ➖ Binance: Weekly: Crypto Deleveraging, QT Fears May Be Overdone ➖ Binance: Monthly Market Insights - February 2026 ➖ Glassnode: BTC Market Pulse: Week 7 ➖ Galaxy: The Subtle Tension Between Staking and Onchain Credit Markets Blockchains & networks ➖ 4pillars: $PUMP Thesis: The Casino in January ➖ CoinShares: Quantum vulnerability in Bitcoin: a manageable risk ➖ DL Research: Katana: Bringing ve(3,3) to the Chain Level ➖ Galaxy: Solana Q4 2025 Update: Weathering the Downturn

MegaETH reached new heights. Deployed smart contracts crossed 62K, while ERC-20 transfer volume hit an ATH at ~$5.9M and keeps climbing. Early infra traction is starting to compound.

Crypto cards have processed at least $6.8B since 2023, and that’s a lowball without CEX cards. RedotPay leads with $4.2B, Rain follows at $1.7B with the fastest MoM growth, while Cypher Card and EtherFi Cash are quietly onboarding the next wave. Payments adoption doesn’t need hype to compound.

DATs are mostly accumulating, not distributing. Only one of the top SOL DATs stands out as a net seller — the rest are still leaning long.

ETH-heavy markets on Aave are feeling the drawdown, with aggregate ETH exposure down over a third from January highs. But Plasma is bucking the trend, running the highest utilization among $1B+ markets thanks to stablecoins and yield-bearing wraps. As risk-off sets in, capital keeps clustering around stables — Base saw it too with fresh syrupUSDC collateral.

EtherFi’s monetization profile looks nothing like a retail fintech. ARPU sits around $256 — higher than Wise or Revolut and in the Chime/SoFi range — with only ~21K funded accounts. Small surface area, institutional-grade economics.

SparkLend held $5.29B in supplied assets, almost entirely on Ethereum. The protocol stays conservative by design — ETH, BTC derivatives, and USD stables only. It’s less about yield chasing, more about capital staying put.

Tether keeps climbing as stablecoins absorb more capital, while ETH chops in a risk-off market. The gap is narrowing fast — if the stablecoin trend holds, USDT flipping ETH for #2 by market cap stops sounding impossible.

Ethena’s FDV-to-fees ratio compressed to ~5.8 in January, while fees hit $29M (+32% MoM). With ENA trading near ATL, the playbook is clear: push USDe into TradFi and CeFi, embed it deeper as collateral, and optimize duration and yield as rates roll over. If execution lands, Ethena likely looks very different in a lower-rate regime.

Uniswap web traffic just hit a multi-year low, down ~60% YoY. Retail attention has drifted, but usage hasn’t vanished — Curve DAUs are sitting at ATHs. Frontends fade, rails keep running.

Sky printed roughly $340M in revenue in 2025, putting the DAO in the top tier of crypto earners. At the same time, USDS transfer volume jumped ~400% YoY, hitting ~$260B in Q4. That’s usage scaling, not just fees.