Stacy in Dataland (´⊙~⊙`)

Hyperliquid holds nearly 2% of all circulating stablecoins, around $5.7B, mostly USDC used as collateral via its bridge. With no native USDC on HyperEVM from Circle, the ecosystem lags, allowing USDT0 and Ethena’s USDe to take the lead.

Circle’s stablecoin supply has reached a record high of ~$71.4 billion. It’s also the most diversified ever across multiple chains.

In June, Messari predicted HNT could turn deflationary if Helium burned 100% of its mobile revenue. On August 19, the burn policy went live — and by September 6, Helium became the first net-deflationary DePIN.

Another Day, Another Stablecoin? Not This Time. MegaETH’s USDm isn’t about replacing USDT — it’s about rearchitecting how L2s fund themselves without extracting from users. Here's my deep breakdown article.

Five leading bridge and messaging protocols now dominate the cross-chain space, handling ~82% of 30-day volume. Total volume reached ~$28B, with LayerZero taking the lead at ~29%.

Echo Protocol has become the top protocol by TVL on Aptos in under a year — reaching $290M, a full $140M ahead of second place. A clear leader is emerging in the ecosystem.

A new wave of stablecoin challengers is emerging: USDG, AUSD, M, USDN, mUSD. Could they be viable contenders to Tether and Circle?

Prop AMMs have redefined Solana’s market structure, now driving over 60% of SOL-stablecoin and 70% of stable-to-stable volumes. Orderbooks have largely faded from relevance in spot markets.

Spot trading volumes on CEXs have been climbing since early July. Binance held 40-45% of the market, with ETH accounting for up to 30% of the activity.

In under 5 months, Pendle tripled its TVL — even as billions in derivatives reached maturity. The protocol’s momentum remains strong.

According to Messari's data, DePIN led the narrative over the past 30 days, with sector mindshare soaring 198.64%. Yet, despite the buzz, its market cap dipped by 2.56%.

Hyperliquid hit ATH in August, with revenue surpassing $100M and derivatives trading volume nearing $400B. That’s a 23% jump from July — momentum is clearly building.