Stacy in Dataland (´⊙~⊙`)

Maple now sits on $2B+ in stablecoin deposits. That capital is earning yield directly from institutional borrowers.

DeFi never really cracked options beyond prediction markets. If Hyperliquid can bring options on-chain without eating its own perps flow, that’s a meaningful unlock. Pulling a real options market on-chain would be a step-change, not an iteration.

Robinhood is trading at ~36.7× earnings while markets are bleeding. All the core metrics are still moving up and to the right — valuation isn’t reacting to macro the way you’d expect. That disconnect is doing the talking.

Ethereum scaling is actually doing its job now. Usage keeps climbing while network footprint shrinks — post-Fusaka, L1 and L2 activity flipped from lockstep to inverse (r ≈ −0.67). That’s what breaking the congestion tradeoff looks like.

Bitcoin just slipped below its True Market Mean for the first time in 2.5 years. Last time that happened, BTC was trading around $29K. Context matters.

A new weekly research I hope you've been waiting for ↓ General ➖ Galaxy: Crypto M&A Insights ➖ Galaxy: Weekly Top Stories - 01/30/26 Market ➖ CoinShares: Crypto market structure legislation (CLARITY Act): what it is, where it stands, and why it matters ➖ CoinShares: Market update - January 30th, 2026 ➖ CoinShares: Equities update | January 30th 2026 ➖ CoinShares: The liquidity lens: lessons from 2025 and a look ahead ➖ CoinShares: Digital asset fund flows | February 2nd, 2026 ➖ CoinGecko: Market Share of Centralized Crypto Exchanges, by Trading Volume ➖ Binance: Weekly: Dollar in Freefall, Bitcoin Mining Stocks Rise ➖ Glassnode: Stress Builds Below Resistance ➖ Glassnode: BTC Market Pulse: Week 6 ➖ Galaxy: Fed Pause, Gold Surges, and Macro Volatility Blockchains & networks ➖ Cryptorank: The State of TRON H2 2025: Stablecoin Settlement at Scale Amid Rising Competition Tokens & currencies ➖ 4pillars: KNTQ Thesis: 17x, Heavily Coded ➖ The Defiant: Ethereum Supply Tightens With 45% of ETH Locked: Sygnum ➖ Galaxy: Bitcoin Drawdown Nears 40%; Weakness Suggests Lower Prices Coming

Tokenized real estate sits at ~$392M across 58 properties, and it’s highly concentrated. The US and UAE make up nearly 80% of value, while just three platforms control 74% of the market. Growth is narrow too: Polygon and Solana are the only chains still expanding.

Perps liquidity is clustering fast. Hyperliquid, Aster, and edgeX are soaking up most of the action amid metals volatility, with Lighter trailing close behind. HIP-3 fees alone are printing $3-4M+ on strong days for Hyperliquid.

Prediction markets are already an oligopoly. Kalshi, Opinion, and Polymarket control ~96% of volume, while everyone else fights over scraps, and users concentrate even harder than volume. Polymarket stands out with ~2M all-time users, which explains a lot.

Liquid staking is no longer a one-horse race. Competing LSTs absorbed ~4.5M ETH — nearly 30% of new stake — while Lido’s share slid from ~90% to ~65%. Distribution is finally happening.

Alts had a brutal year. Only ~6% are up YoY, while the average token is down ~70%. That’s not rotation — that’s capitulation.

Base lending yields finally normalized. As capital flowed in, the old 2–3% USDC premium compressed to ~50bps, pulling rates back in line with Ethereum. Liquidity does what liquidity always does.