Stacy in Dataland (´⊙~⊙`)

Scroll losing over $200M in two days after EtherFi moved out shows how dependent some L2s still are on a few large protocols. When one anchor leaves, TVL can collapse almost instantly. Five L2s showing up among the biggest decliners points to capital moving around rather than leaving the ecosystem. Liquidity is chasing incentives, yields, and distribution, not staying loyal to a specific chain. Feels like the market is stress-testing L2 stickiness. If retention depends on a handful of apps, TVL will keep jumping between networks instead of compounding in one place.

BTC is up ~11% since the dashboard flipped to Cooperation, ahead of the ~5.7% average at this stage but still inside historical ranges. The rare part is getting here at all, only about a third of these regimes reach Day 21. Once they do, the odds shift. More than half extend past 100 days, which changes how momentum tends to build. For the market, this is early confirmation rather than a peak signal. The path from here depends on whether flows and positioning keep reinforcing the regime.

DeFi tokens took a heavy hit over the past 3 months, with an average drawdown around 50% and some names like FT down ~75%. Even larger caps like AAVE, CRV, and WLFI are sitting deep in the red, which shows this was not isolated to smaller plays. TVL only dropped ~7.5% over the same period, so usage held up better than price. That gap usually points to repricing of risk rather than a full exit from the sector. Feels like leverage and narratives got flushed, while the underlying activity is still there. Markets are forcing a reset on valuations before the next leg.

When Coinbase merged USD and USDC books back in 2022, USDC was only ~5–6% of volume. The integration barely moved total activity, which shows traders treated both as the same unit once liquidity was unified. That matters for today’s stablecoin race. Distribution and rails matter more than ticker differences when execution is seamless. For the market, liquidity consolidation tends to erase fragmentation. The asset that plugs into the deepest pools usually wins flow.

USDai is starting to stand out inside InfraFi by routing on-chain credit into GPU financing. That is a different demand profile compared to typical DeFi borrowing tied to leverage or liquidity loops. The 37% allocation of CHIP toward growth and partnerships signals an attempt to actively seed that demand side. More capital alone is not enough, it needs real borrowers.

It was a tough week for DeFi and the entire Web3 space. Let’s see what it was remembered for ↓ General ➖ CoinGecko: 2026 Q1 Crypto Industry Report ➖ Galaxy: Weekly Top Stories - 04/17/26 ➖ Galaxy: No-Touch SaaS: API Payments in an AI World Market ➖ CoinShares: Equities update | April 17th, 2026 ➖ CoinShares: Market update | April 17th, 2026 ➖ CoinShares: Digital asset fund flows | April 20th, 2026 ➖ CoinShares: Digital asset bi-weekly digest | April 21st, 2026 ➖ Binance: Weekly: From Co-Pilots to Agents ➖ Glassnode: Mean Reclaimed, Rally on Trial ➖ Glassnode: BTC Market Pulse: Week 17 ➖ Galaxy: CLARITY Act Update: Final Push Ahead DeFi ➖ DL Research: Opinion: DeFi vaults need to grow up. Here’s how ➖ 4pillars: Securitize: The “Vault = Investor” Model (feat. Vault Registrar) ➖ Galaxy: KelpDAO/LayerZero Exploit Drains $290m, Freezes DeFi Markets Blockchains & networks ➖ DL Research: Building the private web: Expert perspectives on ZK, FHE, and MPC

Hyperliquid weekly revenue dropping ~50% over six months lines up with a cooler derivatives cycle. Fees track activity, and volumes have clearly normalized after the peak periods earlier in the cycle. The key detail is that pricing and liquidity stayed competitive with top CEXs even as revenue fell. That suggests usage did not disappear, it became less aggressive and less levered. For the market, this is a reminder that DEX revenues are cyclical. Growth narratives hold, but cash flows still depend heavily on trader behavior and volatility.

FTX taught everyone that crypto held on an exchange isn't really yours. The irony is that even users who want self-custody usually have to go through a custodial platform to onramp. Not to mention the additional verification steps to offramp into fiat. WeChange allows you to bridge between crypto <> fiat while the users keep full control of their assets. → Bank transfer in (via SEPA) → Pick the crypto asset → Asset lands straight into your own wallet For EU users, this is the cleanest path from a bank account to self-custody, fully regulated by MiCA and running on infrastructure from Bridge and Fireblocks. Self-custody and a clean onramp in one product. Finally.

Ethereum printed ~200M transactions in Q1 2026, up from ~150M the quarter before. A 33% jump at this scale points to sustained usage rather than short bursts. What stands out for me is timing. This comes ten years after launch, when growth was supposed to slow, yet activity keeps expanding. For the market, this strengthens the base layer narrative. Demand is holding even as fees, L2s, and competition evolve around it.

After the $292M rsETH exploit, liquidity left Aave fast, but the more telling signal sits in the health factor distribution. A large share of debt is still clustered around 1.1–1.5, with thinner buffers closer to 1.0 than you would want after a shock. That means the system stabilized on the surface, but not fully reset underneath. It would not take a large move in collateral to push a meaningful portion of positions into liquidation range. The cascades come from how much leverage is left sitting near the edge afterward.

Korea still trades a different market. Around 30% of global volume comes from there, and ~85% of it is in altcoins, with BTC and ETH barely taking share. That kind of skew changes how flows behave. Price action in alts often starts there, driven by retail rotation and local narratives, then spills into global markets.

2026 hacks so far: • April KelpDAO: $290M Drift: $285M Hyperbridge: $2.5M • March ResolvLabs: $25M Sillytuna: $24M Kraken whale: $18M Venus: $2.18M • February IoTeX Bridge: $4.4M • January Trezor victim: $284M Step Finance: $30M Truebit: $26.4M SwapNet: $13.4M SagaEVM: $7M MakinaFi: $4.1M Total sits around $1B. The scale explains why security is now priced into everything from yields to collateral choices.