Euro M2 sits around ~$15.5T.

Euro stablecoins crossed ~$1B — that’s ~0.006% penetration. Basically untouched ground.

BMNR and Strategy are both deep underwater right now, sitting on ~$8.4B and ~$7.5B in unrealized losses.

That’s the flip side of the DAT meta: when treasury-as-trade works, it turbocharges upside… but when macro turns, it amplifies drawdown just as fast.

DeFi TVL has been stuck around ~$94B for a while, basically sideways.

But Hyperliquid L1 is quietly moving against the tide, adding ~10% TVL in the last 30 days. In a flat market, relative growth like that usually means liquidity is rotating, not expanding.

When capital starts concentrating like this, it often points to where the next trading gravity is forming.

About 38% of alts are sitting near their cycle lows right now.

That’s actually worse than the aftermath of the FTX collapse. When that many charts look identical, it’s a full market reset.

Capitulation like this usually wipes the slate clean.

Zama pushed encrypted execution from seconds per tx to 20+ TPS on CPUs, which means confidential computation is finally moving toward real network scale.

Next step: GPU acceleration in 2026, targeting hundreds of TPS per chain, with dedicated FHE hardware on the roadmap after that. At this point the bottleneck is compute.

Sentora is becoming the fastest-growing curator on Morpho.

Its vaults jumped from $15M to $200M+ in a few months, which tells you something important: capital is hunting curated yield, not just raw protocols.

Stripe has already pushed $190M+ in stablecoin volume since Q4 2024, routing flows across Ethereum, Polygon, and Base – each playing its role: liquidity, cheap throughput, and ecosystem distribution.

If the current trajectory holds, $400M+ combined volume by summer 2026 looks very realistic, especially with Stripe leaning deeper into stablecoins and cross-border payments.

Stablecoins cleared ~$61,2T over the last 12 months across 13.8B transfers – that’s a parallel payment rail.

Ethereum still settles the biggest tickets (41% of value), Tron’s share slid to 25%, while Solana and BNB hover around 8-10% each.

But flip from value to activity and the map changes: BNB Chain handles ~40% of all stablecoin tx count. Smaller tickets, higher velocity – that’s real usage.

Ethereum is still the stablecoin balance sheet, while L2s are becoming the distribution pipes.

Over the last year, Ethereum supply climbed from $135B → $184B (+36%), while major L2s expanded even faster, $13.7B → $19.1B (+40%).

Same system, different roles: L1 stores the dollars, L2s move them.

Here’s the truth behind the lobbying war.

Big banks generate ~70–80% of their net interest income from depositor funding – cheap deposits that they recycle into higher-yield assets. Products like Coinbase ONE start breaking that model by giving users yield closer to the underlying rate.

So the push to shape the CLARITY Bill is an attempt to protect the depositor subsidy, because once yield moves on-chain, the banking margin game gets a lot harder.

The “ETH killers” narrative keeps circulating… but the liquidity map says otherwise.

Ethereum still holds ~56.6% of all DeFi TVL, with every other chain fighting over the remaining half. The ecosystem keeps fragmenting, but capital keeps settling back to the same gravity well.

In DeFi, liquidity compounds. And Ethereum is still where the deepest pool sits.

Morpho’s market size jumped +$1B WoW (+20%), and most of it traces back to Katana integrations with OKX and Binance.

Fresh USDT and USDC are bridging in, but here’s the interesting part: the same liquidity gets counted twice. First in the Ethereum bridge vault, then again once it’s deployed on Katana.

The capital flows matter as much as raw deposits. When liquidity starts routing through one infra layer, the numbers (and the narrative) scale fast.

Equity perp spreads blow out during earnings – about 7× wider on average – but traders don’t seem to care.

They’re already using perps as leveraged event bets, happily paying 15-40%+ funding and eating the spreads if the directional move lands.

Product-market fit is already here, now it’s just a matter of infrastructure catching up.

Everyone keeps debating tokenized Treasuries, real estate, and funds.

But the data says something simpler: stablecoins dominate RWA adoption by a massive margin – millions of active addresses vs a few thousand for every other asset class.

Turns out most users just want a dollar that moves on-chain.

Ethereum usage is at ATHs – more addresses, more transfers, more contract calls than even 2021.

Yet ETH price sits >50% below peak. That disconnect tells the story: network growth is real, but liquidity is leaving.

Activity doesn’t move price if capital flows out.

Weekly insights just for you ↓

General
➖ 4pillars: EV/Holder Revenue: A Token Valuation Framework
➖ 4pillars: Monthly EIP - Feb 2026 (ft. ETH's Roadmap Is Accelerated by Governance, Not AI)
➖ Cointelegraph: How United Nations Development Programme is using blockchains for public infrastructure
➖ Galaxy: Weekly Top Stories - 03/06/26

Market
➖ CoinShares: Equities update | March 6th 2026
➖ CoinShares: Market update - March 6th, 2026
➖ CoinShares: The bear market that wasn't
➖ CoinShares: Digital asset fund flows | March 9th, 2026
➖ CoinShares: Digital asset bi-weekly digest | March 10th, 2026
➖ Crypto.com: Market Update (February 2026)
➖ Binance: Monthly Market Insights - March 2026
➖ Binance: Weekly: Mine Fields, Midterm Cycles, Asymmetric Opportunity
➖ Glassnode: BTC Market Pulse: Week 11
➖ Galaxy: The State of Crypto Leverage – Q4 2025: Surviving a Stress Test 

DeFi
➖ Crypto.com: The Rise of the Autonomous Wallet

Tokens & currencies
➖ CoinShares: Bitcoin price during the Iran conflict: what the data shows
➖ 4pillars: Tokenized Stocks Framework and Global Case Studies
➖ DL Research: Tokenised stocks: What’s really under the hood

The Old Structure of Web3 Marketing is Dead

Was thinking a lot about Web3 marketing recently and decided to drop a piece with my latest thoughts on what's going wrong.

Featuring the Starknet case as an illustration.

Enjoy reading & share with your builder frens

RWAs on BNB Chain hit another ATH.

Ondo’s tokenized stocks are doing most of the heavy lifting, already pulling 40K+ holders into the ecosystem.

Interesting shift on Solana DEXs lately.

Bitcoin-related tokens pulled $53M+ in spot volume in a single day, outperforming most non-native assets. ETH, Hyperliquid, and even Zcash are also seeing strong demand there.

Solana is becoming a liquidity venue for external assets, especially BTC beta.

Aave saw ~$27M in liquidations after a temporary glitch in the CAPO oracle for $wstETH.

Protocol itself wasn’t compromised and affected users are being reimbursed. Still, it’s another reminder: in DeFi, oracles are just as critical as liquidity.

Infrastructure risk never fully disappears.

Polymarket is deepening.

Users are up ~63% YoY, but volume exploded ~686%, jumping from $476M → $3.74B. That means the average trader is placing bigger and more frequent bets.

Prediction markets are moving from curiosity to real trading venue.