Stacy in Dataland (´⊙~⊙`)

Liquidity drives crypto cycles, and right now, the flow has stalled. Since early 2024, stablecoins, ETFs, and DATs have grown from $180B to $560B, but momentum has faded: capital is circulating internally, not entering fresh, leaving rallies short-lived and market breadth thinning.

Aave’s Horizon RWA market has surpassed the $500M milestone, continuing its steady climb and reinforcing the rise of tokenized assets in DeFi.

Over 28% of Bitcoin’s circulating supply is now held at a loss — nearly a third of holders are underwater. Historically, these moments often mark local bottoms in bullish cycles, as markets flush out exhausted sellers.

Solana’s TVL and stablecoin supply keep climbing, while new asset listings, perps, and launchpads fuel the momentum. It’s shaping up to be an ideal setup for the next Solana DeFi wave.

Layer-2 chains are on fire this week — ZKsync fees up +694%, Arbitrum +194%, Sei +186%, Linea +121%, and Optimism +117%. User activity and on-chain interaction are accelerating to new highs.

Succinct’s SP1 Hypercube illustrates how hard it is to balance speed and cost efficiency. It set the performance benchmark as of May 2025, and the limits of current zk tech.

The fastest-growing RWA on Ethereum is WLFI’s USD1, with supply up 121.5% in the past month. The asset is rapidly attracting liquidity and institutional attention.

Corporate treasuries now hold over $3.5B worth of $SOL, up 6.8% this month. Solana is steadily cementing its role as a trusted institutional asset.

Projects trading below 6× revenue continue to post strong quarterly growth. Collector Crypt surged 150% to $10M, Drift Protocol jumped 119% to $8.1M, and Aerodrome hit $88M (+49%). Even PancakeSwap and Meteora posted 16–52% gains, signaling renewed DeFi expansion.

Balancer suffered a multi-chain exploit, with roughly $128M drained from its v2 liquidity pools. Most losses occurred on Ethereum ($99M), with Berachain, Arbitrum, Base, and others also affected.

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Drift Protocol hit $4M in October revenue — a 12-month high. Over the past year, it generated $23M in total, even as the token trades at a yearly low of $0.40.