Stacy in Dataland (´⊙~⊙`)

Around 70% of ETH derivatives positions on Binance are now net long. Whales keep accumulating as exchange balances hover near cycle lows. Supply pressure is tightening quietly.

Fundraising cooled in deal count but not in conviction. Liquidity fragmented, fewer rounds closed than in 2024, yet VCs still deployed ~$68B in 2025 — mostly into narrative leaders with larger checks.

RWA topped 2025 in profitability, averaging ~186% YTD across leading tokens. Outperformance came mainly from Keeta, Zebec, and Maple Finance — though returns were still only a fraction of 2024’s mania. Narratives cool, cash flows stay.

Arbitrum pushed close to a quarter-trillion dollars in DEX volume in 2025. Liquidity went where execution stayed cheap and deep.

Solana stablecoin supply went from ~$3B two years ago to ~$12B last year, and now sits near ~$16B this December. At this point, growth looks programmed.

Pudgy Penguins are seeing renewed size on Blur and OpenSea, with multiple 4–5.8 ETH buys hitting back-to-back. Speculation around a Base memecoin launchpad helps, but brand gravity is doing most of the work. Feels less random than past NFT spikes.

Aave now captures 85%+ of all on-chain lending revenue. At this point, it’s less a sector and more a monopoly with composability.

Even with access capped at ~1.5K addresses, capital is already bridging into Ethereal. Perp DEXs remain one of crypto’s strongest product-market fits, and users are voting early — with funds, not tweets.

$NEXO on-chain activity quietly broke out in 2025. Transactions are up 91% YoY to 70.1K, with $297M in transfer volume — nearly double any prior year, and December isn’t even done yet. Usage trends tend to show up before narratives do.

For synthetic dollars, solvency is simple: reserves vs circulating supply. Neutrl kept reserves consistently above NUSD throughout expansion, with the buffer widening as OTC tranches vested and hedges accrued funding. As of Dec 8, 2025, reserves sit ~3.9% above supply — conservative by design, with locked and illiquid assets deliberately undercounted.

sUSDai crossed $290M market cap, with Arbitrum hosting ~78% of activity. It’s a yield-bearing synthetic dollar backed by loans collateralized with AI infra — mostly GPUs. Capital follows yield, narratives follow later.

Happy holidays, fam ❤️