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.

The tokenization thesis keeps expanding.

Dollars, euros, gold, treasuries, equities – all moving on-chain across different networks. The addressable market isn’t a sector… it’s basically the entire global balance sheet.

I dug into ZIGChain’s Wealth Generation Infrastructure thesis in the article below.

Short version:
They’re trying to make regulated, institutional-style strategies work onchain, with full lifecycle rails for issuance, compliance, settlement, and governance, backed by ZONIQXINC Z360 stack.

They also treat ethical finance as a core market, with Shariah-certified PoS and a Shariah lane via Zamanth.

They have serious institutional backing with Apex Group on the RWA framework side and BTCS SA already live as a validator with a stated $30M accumulation plan. Usage looks real already too, with 20M+ mainnet transactions and 370M+ $ZIG staked and bridged.

Full breakdown in the article

One chart that keeps surprising me: Ethereum wallet growth.

Over the last decade, non-empty ETH wallets went almost vertical, far outpacing other major assets.

Price cycles come and go. But user distribution keeps compounding.

Ecosystem stablecoins are turning into hidden revenue engines.

MegaETH’s USDm already hit $63M supply, quietly generating yield that can be recycled into incentives, liquidity, or buybacks. If it reaches the $500M TGE target, even modest T-Bill yields translate into $5M–$15M annual revenue.

USDe adoption is accelerating.

Holder count has nearly doubled since early last year, which tells us the synthetic dollar model is still finding product-market fit.

Prediction markets are hitting escape velocity.

Kalshi crossed $2.7B in weekly volume – twice in a few weeks, and now they’re expanding to Brazil. Between the 2026 World Cup and presidential election, the country is basically a perfect stress test for event markets.

Reality check: 83% of the top 100 coins are still down over the last 90 days.

Most of them won’t recover – сapital keeps concentrating into the few protocols that actually generate revenue and usage. That’s why names like $MORPHO, $SKY, and $HYPE keep outperforming.