Bitcoin fees dropped back to 2019 levels.

After the 2021 and 2024 spikes, the mempool looks almost empty again — average fees are barely registering.

Lower fees are great for users, but they also signal softer on-chain demand.

The top 10 fastest-growing tokenized assets on Solana.

jupUSD has risen by approximately 480% in 30 days, while stocks on the Ondo blockchain (CRCLon, MUon, MSFTon, etc.) are seeing triple-digit growth. Even tokenized gold is quietly rising.

If this trend continues, Solana will further strengthen its position as a distribution network for TradFi assets.

Alts are down on average ~81% from last year across the dashboard.

Out of 98 names, only 4 are still green.

When dispersion collapses like this, it usually resets the field. The next cycle will reward the few that actually built through this.

While CT argues about whether DeFi is dead, institutions are wiring it into their balance sheets.

Morpho is up ~45% YTD in a tape where most alts are bleeding. Deposits jumped from $3.5B to $9B, RWAs are scaling, Coinbase is running USDC lending on it, and names like Société Générale and Apollo are leaning in.

BlackRock’s BUIDL just put up ~30% market cap growth in 30 days.

The inflection came when it went live on Uniswap — once a TradFi product plugs into DeFi liquidity, distribution changes overnight. This is what happens when institutional yield meets on-chain rails.

Gold has outperformed everything this year, even most crypto assets.

Physical gold is still a pain to access, though:
• It's hard to move
• Costly to store
• With limited liquidity

$XAUt is the cleaner, digital version of this.
It's a gold-backed token from Tether, where each one represents one troy ounce of physical gold stored in vaults.

Right now, ImToken and Tether are running a campaign with XAUt as a reward.

To participate, users must complete a USDT/XAUt swap of at least $50 in value, and they can earn:
• $3 in XAUt for the first swap of the day
• $150 in XAUt raffled off to 2 users

Campaign is live on the ImToken website

Phase 2 runs until Mar 2, and rewards will be distributed on Mar 5.

Final insights before spring begins ↓

General
➖ Galaxy: Weekly Top Stories - 02/20/26

Market
➖ CoinShares: Equities update | February 20th 2026
➖ CoinShares: Market update - February 20th, 2026
➖ CoinShares: Digital asset fund flows | February 23rd, 2026
➖ CoinShares: Digital asset bi-weekly digest - February 24th 2026
➖ Coinbase: BTC Decision Zones: Liquidity + Gamma
➖ Binance: Weekly: When Fear and Fundamentals Diverge
➖ The Defiant: Fed Research Finds Kalshi Markets Outperform Wall Street Surveys
➖ Glassnode: Range-Bound Under Pressure
➖ Glassnode: BTC Market Pulse: Week 9
➖ Glassnode: Tracking Volatility Regimes: Gamma Exposure Heatmap
➖ Galaxy: The New Age in Onchain Credit Markets

DeFi
➖ 4pillars: $AERO Thesis: Base's Cash Cow, Coinbase's Golden Child

Tokens & currencies
➖ CoinShares: The Sterling pound is the oldest currency still in use
➖ CoinShares: Stablecoins’ momentum shows no signs of slowing
➖ The Defiant: Only 1 in 10 Weak Token Launches Recovered in 2025: Arrakis

TradFi perps went from ~5% to ~18% of Hyperliquid’s volume in under two months, and it wasn’t stocks or indices doing the heavy lifting. It was silver.

While London trades gold 4:1 over silver, on Hyperliquid silver flipped the script — $9B in two weeks, ~71% of all tokenized commodity flow, more than gold, equities and indices combined.

On-chain traders want beta, and silver is giving them exactly that.

Ethereum ETFs went from $30.6B to $10.7B in ~4 months.

That’s ~65% of AUM erased. Bitcoin ETFs held up slightly better, but still down ~49% from peak.

When ETF capital leaves, it removes the passive bid.
Until those flows stabilize, rallies will struggle to stick.

Variational’s incentive engine is still running.

Over $4.2M in loss refunds have been distributed across 15K+ wallets, with $1.95M in referral rewards paid out. TVL looks stabilized around ~$106M while open interest sits north of $700M and daily volume averages >$1B — that’s real trading activity, not ghost flow.

The refund pool is thin right now, but OMNI points are still being farmed.

Paxos went from ~$1B to ~$7.6B in issued assets in a year.

That’s ~700% YoY without the usual crypto noise.

PYUSD expanding across Ethereum, Solana and Arbitrum + PAXG holding the tokenized gold lane + USDG scaling on new rails — this is regulated liquidity stacking up chain by chain.

Feels like the market is rewarding boring, compliant infra. If stablecoins + RWAs are the next cycle’s base layer, Paxos is positioning itself right in the plumbing.

Most of us spend thousands every month on rent, bills, and groceries, and get nothing back for it.

MegPrime is trying to change that.

It's a payments platform that lets you earn rewards on the spending you're already doing and connects those rewards to real financial goals, including a path toward homeownership.

Think rent payments that actually build toward buying a home, mortgage rates potentially as low as 2% below market through partner programs, and up to 10% back on your biggest monthly bills.

Full breakdown here

Mantle’s activity map is pretty clear: infra + DEXs + stables are the real gravity here.

Base pushed 4.05M transactions with basically flat QoQ growth, holding ~948 users steady, which tells me this isn’t hype churn, it’s consistent usage. Not explosive, but sticky.

Celo reached another stablecoin ATH – $6.2B last month.

That’s a 41% jump from $4.4B the month before. Quiet chain, loud flow.

CFG ripped +80% in 24h, but the bigger story is quieter.

Crypto equities are grinding higher — Circle, Coinbase, Chime, Figure — while most of the market chops.

Everyone chases yield, but risk is the alpha, too.

NEXO’s risk score sits at 0.87 — meaning its LTV relative to liquidation buffer is materially tighter than Compound (2.33) and Aave (3.0). Translation: less relative leverage, thicker collateral cushion, lower reflexive liquidation pressure when volatility spikes.

We learned in 2021–2022 that overextended balance sheets implode first. In this cycle, the protocols that survive will be the ones built with buffers.

365,676 BTC ($24.86B) is now sitting on alternative networks.

176K sits on Ethereum, but BNB, Base, Tron, Solana, Arbitrum and the rest are quietly absorbing wrapped liquidity. That’s BTC turning from static store-of-value into productive collateral across DeFi rails.

The more BTC migrates cross-chain, the more it becomes yield-bearing plumbing for on-chain markets, and the tighter crypto liquidity stacks around BTC as the base layer asset.

Tokenized stocks are in their awkward "teenage phase."

Stablecoins and T-bills scale fast because they’re simple – one asset, one claim, clean yield. Stocks are messy: voting rights, dividends, thousands of tickers, different wrappers from Securitize, Ondo, DTCC, Robinhood, Tradexyz, and most people still think they’re interchangeable. They’re not.

What you own depends on the model: direct tokenization, entitlement layers, indirect structures, or perp-style exposure. Same stock token label, completely different legal reality and risk stack, and that’s exactly why liquidity is fragmenting before it consolidates.

BlackRock, Fidelity, and JPM are placing real money market funds on Ethereum.

This is macro strategy. Tokenization lowers settlement risk, speeds capital flow, and makes dollar liquidity programmable, which is why the U.S. is leaning in first… and why everyone else will follow.

We’re watching the early stage of a global race to put assets on-chain, and the chains that become default RWA rails don’t just win narratives, they capture capital gravity.

CCTP volume up ~200% YoY, and that’s a bigger shift than it looks.

Circle is starting to monetize movement. If USDC AUM was the “balance sheet” play, CCTP turns Circle into a payments rail, where revenue scales with velocity.