Stacy in Dataland (´⊙~⊙`)

This week, edgeX repeatedly climbed to the top of daily fee rankings, surpassing even Hyperliquid. An impressive showing for such a new contender.

Weekly mindshare momentum shows a clear shift across categories, projects, and chains. Among categories, L1 ecosystems lead with a +1.64% gain, followed closely by Infra & Data at +1.54%, while Studios see more modest but steady growth at +0.65%.

Stablecoin liquidity seems to be flowing out of Plasma. Do we really need more chains popping up after TGE?

Ethena has crossed $600M in cumulative fees, driven by Basis-trade revenues and USDe creation fees. New fee streams are on the way: HIP-3, Stablecoin Whitelabel, and Converge.

Solana still leads in raw transaction count, but the real momentum is coming from lower on the board. Base just crossed 105M transactions in 7 days. Even with a 15% drop in active wallets, its transaction count is still up 3.7%.

Privacy coins remain the strongest-performing sector of the year on a weighted-average basis, outpacing most mainstream narratives in 2025.

AAVE is pulling in $131M in annual revenue with almost zero token incentives. This is the rare case of truly organic DeFi growth in 2025.

Regardless of what happens in the markets and on-chain, we continue to research ↓ General ➖Crypto.com: Research Roundup Newsletter (November 2025) ➖ Binance: Weekly: NVIDIA Beats Earnings, Bitcoin Sentiment Reaches Historic Lows ➖ Galaxy: Weekly Top Stories - 11/21/25 Market ➖ Cryptorank: Trading Without Illusions: Understanding Markets Through Verifiable Data ➖ CoinShares: Market update - November 21th, 2025 ➖ CoinShares: Equities update | November 24th 2025 ➖ CoinShares: Digital asset fund flows | November 24th, 2025 ➖ Binance: The End of QT: From Macro Headwind to Tailwind ➖ Glassnode: BTC Market Pulse: Week 48 ➖ Glassnode: Below the Band DeFi ➖ DL Research: The OS for Decentralised AI Has Arrived Blockchains & networks ➖ Galaxy: Solana's SIMD-0411 Proposal: Another Stab at Reducing SOL Inflation ➖ DL Research: Doma Protocol Mainnet goes live, bringing internet infrastructure into the RWA era

To date, 12.65% of the maximum supply of $MON ($12.65 billion) has been staked.

For the first time, HIP-3 markets pushed past $400M in 24-hour volume — and that’s just the start. Growth Mode from trade.xyz kicked in at market open and the impact was immediate: $285M in Nasdaq volume with ultra-tight spreads and low fees.

Base continues to lead by a massive x402 margin, but Solana is gaining momentum with a 386k-transaction day.

ZEC just had its strongest week of 2025, with transfer activity surging 197% to a record-breaking 565,000 transactions.