Returning wallets tell a different story than narratives.
Tron (~3M), Near (~2.2M), BNB (~2.1M) are leading DAAs because they nailed distribution: Tron owns USDT rails, Near abstracts UX, BNB keeps fees near zero for retail.
Meanwhile ETH and L2s lag in raw users, but dominate capital. Users ≠ liquidity… yet, but chains that win both will define the next cycle.
Tron (~3M), Near (~2.2M), BNB (~2.1M) are leading DAAs because they nailed distribution: Tron owns USDT rails, Near abstracts UX, BNB keeps fees near zero for retail.
Meanwhile ETH and L2s lag in raw users, but dominate capital. Users ≠ liquidity… yet, but chains that win both will define the next cycle.
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It's been a busy week, time to catch up on what's been happening in the industry lately ↓
General
➖ Cointelegraph: Not Your Keys, Not Your Coins: What True Self-Custody Actually Requires
➖ Galaxy: Weekly Top Stories - 03/13/26
➖ Galaxy: Crypto's Next Meta: Social Trading and Internet Finance
Market
➖ CoinShares: Digital asset fund flows | March 16th, 2026
➖ CoinShares: Equities update | March 13th, 2026
➖ CoinShares: Market update | March 13th, 2026
➖ CoinShares: The Talk | March 13th, 2026
➖ Glassnode: BTC Market Pulse: Week 12
➖ Glassnode: Your Backtest Is Lying: Why You Must Use Point-in-Time Data
DeFi
➖ 4pillars: $MORPHO: The Apollo Pump Is Your Exit
Blockchains & networks
➖ The Defiant: Ethena's Deployed Capital Slumps as Demand for Leverage Dries Up
➖ Glassnode: Wisdom Tree + Glassnode: Reframing Blockchains as Economic Systems
Tokens & currencies
➖ 4pillars: Global Regulatory Framework for Tokenized Stocks
➖ 4pillars: Business Opportunities in Tokenized Stock
➖ DL Research: Tokenised commodities: Real assets, rebuilt onchain
➖ CoinGecko: Crude Oil and Gold Leading All Other Asset Classes in early-2026, as BTC is Worst Performing Asset Thus Far
General
➖ Cointelegraph: Not Your Keys, Not Your Coins: What True Self-Custody Actually Requires
➖ Galaxy: Weekly Top Stories - 03/13/26
➖ Galaxy: Crypto's Next Meta: Social Trading and Internet Finance
Market
➖ CoinShares: Digital asset fund flows | March 16th, 2026
➖ CoinShares: Equities update | March 13th, 2026
➖ CoinShares: Market update | March 13th, 2026
➖ CoinShares: The Talk | March 13th, 2026
➖ Glassnode: BTC Market Pulse: Week 12
➖ Glassnode: Your Backtest Is Lying: Why You Must Use Point-in-Time Data
DeFi
➖ 4pillars: $MORPHO: The Apollo Pump Is Your Exit
Blockchains & networks
➖ The Defiant: Ethena's Deployed Capital Slumps as Demand for Leverage Dries Up
➖ Glassnode: Wisdom Tree + Glassnode: Reframing Blockchains as Economic Systems
Tokens & currencies
➖ 4pillars: Global Regulatory Framework for Tokenized Stocks
➖ 4pillars: Business Opportunities in Tokenized Stock
➖ DL Research: Tokenised commodities: Real assets, rebuilt onchain
➖ CoinGecko: Crude Oil and Gold Leading All Other Asset Classes in early-2026, as BTC is Worst Performing Asset Thus Far
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HIP-3 perps are showing ~60%+ retention after 3 months, vs ~27% for typical crypto perps.
That’s not normal – that’s product-market fit. Feels like traders stick because it’s real markets (commodities, equities) + clean UX + unified liquidity.
That’s not normal – that’s product-market fit. Feels like traders stick because it’s real markets (commodities, equities) + clean UX + unified liquidity.
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Kalshi’s breakout was triggered by March Madness 2025.
Weekly volume jumped from ~$43M to $130M–$220M (3-5x) during the event… and never came back down. That’s classic product unlock via a high-attention catalyst.
Prediction markets need moments. Once users get hooked on trading real-world outcomes, volume sticks and compounds.
Weekly volume jumped from ~$43M to $130M–$220M (3-5x) during the event… and never came back down. That’s classic product unlock via a high-attention catalyst.
Prediction markets need moments. Once users get hooked on trading real-world outcomes, volume sticks and compounds.
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AAVE flow flipped bearish right after the BGD exit.
Since the announcement, DEX activity shows $39M sells vs $32M buys (~$6.7M net outflow), with the initial reaction spiking to 2x normal volume.
Key contributors = core infrastructure. When they leave, liquidity reacts before narratives catch up.
Since the announcement, DEX activity shows $39M sells vs $32M buys (~$6.7M net outflow), with the initial reaction spiking to 2x normal volume.
Key contributors = core infrastructure. When they leave, liquidity reacts before narratives catch up.
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Stablecoin market keeps expanding (now $316B+), but the real shift is where the activity lives.
In February, Solana took ~37% of total stablecoin volume, flipping both Ethereum and Tron. At the same time, flow is rotating toward USDC (~72% of volume) – cleaner rails, more institutional usage.
Feels like the stack is evolving: Solana = execution layer, USDC = settlement asset. That combo starts to look very real for payments + global flows.
In February, Solana took ~37% of total stablecoin volume, flipping both Ethereum and Tron. At the same time, flow is rotating toward USDC (~72% of volume) – cleaner rails, more institutional usage.
Feels like the stack is evolving: Solana = execution layer, USDC = settlement asset. That combo starts to look very real for payments + global flows.
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Lido still controls ~$21B+ in staked assets, far ahead of competitors, yet its FDV doesn’t reflect that dominance.
We’ve got protocols with smaller TVL trading at comparable (or higher) valuations, while Lido remains the core liquidity layer of ETH staking.
Feels like the market is pricing in competition, but underestimating how sticky staking liquidity actually is.
We’ve got protocols with smaller TVL trading at comparable (or higher) valuations, while Lido remains the core liquidity layer of ETH staking.
Feels like the market is pricing in competition, but underestimating how sticky staking liquidity actually is.
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Hyperliquid Strategies ($PURR) is printing.
They deployed ~$129.5M into HYPE, now sitting on ~$78M unrealized profit and a $750M+ position (18.2M HYPE). That’s conviction capital scaling with the ecosystem.
They deployed ~$129.5M into HYPE, now sitting on ~$78M unrealized profit and a $750M+ position (18.2M HYPE). That’s conviction capital scaling with the ecosystem.
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Capital is flowing back into crypto.
Across ETFs, DATs, and stablecoins, we’re seeing multi-billion inflows stack again across the entire stack.
That’s usually how real trends start. Not loud pumps but broad-based accumulation before price catches up.
Across ETFs, DATs, and stablecoins, we’re seeing multi-billion inflows stack again across the entire stack.
That’s usually how real trends start. Not loud pumps but broad-based accumulation before price catches up.
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While USDT + USDC stayed flat, DeFi-native stables like GHO (+60%) and USDS (+90%) kept growing, even in a bear.
That’s not what you’d expect in a risk-off environment.
Feels like users are slowly rotating toward on-chain-native money + yield loops, not just centralized rails. If this trend sticks, DeFi might be rebuilding demand from the inside out.
That’s not what you’d expect in a risk-off environment.
Feels like users are slowly rotating toward on-chain-native money + yield loops, not just centralized rails. If this trend sticks, DeFi might be rebuilding demand from the inside out.
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Tether stepping into decentralized AI infra with QVAC.
Running LLMs locally on phones (BitNet, 1-bit models, ~78% less VRAM) + P2P encrypted modules = no cloud, no API keys, no gatekeepers. That’s basically applying crypto’s core thesis to AI.
If this works, compute shifts from data centers → edge devices. And suddenly, consumer hardware becomes the new AI layer – same playbook as crypto, just for models.
Running LLMs locally on phones (BitNet, 1-bit models, ~78% less VRAM) + P2P encrypted modules = no cloud, no API keys, no gatekeepers. That’s basically applying crypto’s core thesis to AI.
If this works, compute shifts from data centers → edge devices. And suddenly, consumer hardware becomes the new AI layer – same playbook as crypto, just for models.
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Euro stablecoins rebuilding after the EURT wipeout.
Market got cut in half post-MiCA, but now EURC holds ~61% share and TradFi (SocGen’s EURCV) is stepping in.
MiCA is doing what regs rarely do: killing weak players and strengthening the survivors. If this trend holds, $1B+ euro stables is inevitable.
Market got cut in half post-MiCA, but now EURC holds ~61% share and TradFi (SocGen’s EURCV) is stepping in.
MiCA is doing what regs rarely do: killing weak players and strengthening the survivors. If this trend holds, $1B+ euro stables is inevitable.
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One thing is becoming obvious in 2026: governance = edge.
Top exchanges aren running ~73 governance score vs ~47 market avg, and that gap is what keeps them in the top 10.
With MiCA and tighter regulation, this isn’t optional anymore. Exchanges are evolving from “growth at all costs” to compliance and structure as a moat.
Top exchanges aren running ~73 governance score vs ~47 market avg, and that gap is what keeps them in the top 10.
With MiCA and tighter regulation, this isn’t optional anymore. Exchanges are evolving from “growth at all costs” to compliance and structure as a moat.
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USDC took back control.
After the 2023 chaos (SVB + USDC depeg) pushed flows to USDT, the pendulum has fully swung back – 2026 YTD USDC is leading ~4.4x ($89.6T vs $19.9T).
The market made its choice: USDT for distribution, USDC for serious flow.
After the 2023 chaos (SVB + USDC depeg) pushed flows to USDT, the pendulum has fully swung back – 2026 YTD USDC is leading ~4.4x ($89.6T vs $19.9T).
The market made its choice: USDT for distribution, USDC for serious flow.
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sUSDS dominating the yieldcoin meta.
Measured by 30d transfer volume, it’s the most used yield-bearing stable in crypto.
If sUSDS keeps this lead, yieldcoins might become the default primitive for capital on-chain.
Measured by 30d transfer volume, it’s the most used yield-bearing stable in crypto.
If sUSDS keeps this lead, yieldcoins might become the default primitive for capital on-chain.
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OP down ~97% from ATH.
At the top, L2s were priced as a % of ETH market cap – narrative > fundamentals.
Now that premium is gone:
– Value accrual on L2 tokens is still weak
– Users ≠ token holders
– Base leaving OP stack didn’t help the story
Market is repricing L2s from ETH beta to actual cash flows.
Until tokens capture real value, rallies = sell liquidity.
At the top, L2s were priced as a % of ETH market cap – narrative > fundamentals.
Now that premium is gone:
– Value accrual on L2 tokens is still weak
– Users ≠ token holders
– Base leaving OP stack didn’t help the story
Market is repricing L2s from ETH beta to actual cash flows.
Until tokens capture real value, rallies = sell liquidity.
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ETH revenue got crushed vs 2021 peaks, but that peak was driven by congestion.
Now:
– Activity moved to L2s
– Fees dropped → better UX
– Revenue shifted, not disappeared
So yeah, L1 looks weaker on paper, but the ecosystem is actually bigger.
This is the trade-off: ETH optimized for scale → sacrificed fee capture.
Next question for the market: can ETH reclaim value from L2s, or does value keep leaking up the stack?
Now:
– Activity moved to L2s
– Fees dropped → better UX
– Revenue shifted, not disappeared
So yeah, L1 looks weaker on paper, but the ecosystem is actually bigger.
This is the trade-off: ETH optimized for scale → sacrificed fee capture.
Next question for the market: can ETH reclaim value from L2s, or does value keep leaking up the stack?
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I keep looking at USDC and USDT and it’s clear they’ve split the market.
USDC is still heavily anchored on Ethereum (~67%) and keeps expanding across Solana and L2s like Arbitrum and Base. That’s very on-chain-native flow: DeFi, funds, structured capital.
USDT is different. It’s basically split between Ethereum (~48%) and Tron (~44%), and that Tron dominance tells you everything: CEX liquidity, P2P transfers, emerging markets.
Same stablecoin narrative, but completely different users.
If you want to understand the market, just follow the chain:
ETH + L2s = capital markets layer.
Tron = actual usage at scale.
USDC is still heavily anchored on Ethereum (~67%) and keeps expanding across Solana and L2s like Arbitrum and Base. That’s very on-chain-native flow: DeFi, funds, structured capital.
USDT is different. It’s basically split between Ethereum (~48%) and Tron (~44%), and that Tron dominance tells you everything: CEX liquidity, P2P transfers, emerging markets.
Same stablecoin narrative, but completely different users.
If you want to understand the market, just follow the chain:
ETH + L2s = capital markets layer.
Tron = actual usage at scale.
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Bittensor is moving into a full ecosystem.
Subnets already span 12+ verticals, but the key signal – Templar trained a 72B model on decentralized infra with ~94% utilization, even beating LLaMA-2-70B.
One of the few places where crypto + AI actually clicks.
Subnets already span 12+ verticals, but the key signal – Templar trained a 72B model on decentralized infra with ~94% utilization, even beating LLaMA-2-70B.
One of the few places where crypto + AI actually clicks.
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Most people still think users = ETH ecosystem.
Reality looks different.
BNB Chain is doing ~4.2M daily users. Tron ~2.6M. Solana ~1.7M.
Meanwhile a lot of high-value chains aren’t even close.
This split is important:
– High users → cheap chains, payments, retail
– High value → ETH + L2s, capital markets
If you’re only watching ETH, you’re tracking capital. If you want real adoption, look at BNB / Tron.
Reality looks different.
BNB Chain is doing ~4.2M daily users. Tron ~2.6M. Solana ~1.7M.
Meanwhile a lot of high-value chains aren’t even close.
This split is important:
– High users → cheap chains, payments, retail
– High value → ETH + L2s, capital markets
If you’re only watching ETH, you’re tracking capital. If you want real adoption, look at BNB / Tron.
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Keep following the on-chain sector's insights ↓
General
➖ DL Research: A New Playbook For Realising Crypto's $5.6 Billion Treasury
Opportunity
➖ Galaxy: Weekly Top Stories - 03/20/26
➖ Galaxy: The Agentic Flywheel: How Zero-Human Companies Will Reshape Onchain Markets
Market
➖ 4pillars: MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
➖ CoinShares: Equities update | March 20th, 2026
➖ CoinShares: Market update | March 20th, 2026
➖ CoinShares: Digital asset fund flows | March 23rd, 2026
➖ CoinShares: Digital asset bi-weekly digest | March 24th, 2026
➖ Coinbase: 2026 Institutional Investor Digital Assets Survey
➖ Binance: Weekly: Navigating a Multi-Front Macro Storm
➖ Glassnode: Mapping Volatility Through Time: Implied Volatility Heatmaps
➖ Glassnode: Strategy Watch #2
➖ Galaxy: Onchain Credit and Crypto Lending Trends
Blockchains & networks
➖ 4pillars: Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
➖ 4pillars: Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
➖ CoinGecko: Polygon Ecosystem Report
Tokens & currencies
➖ Cryptorank: Bitcoin $60K vs $80K
➖ 4pillars: Japan's Stablecoin Vision: Building the Next Financial Infrastructure
➖ CoinShares: Bitcoin mining report | Q1 2026
➖ Binance: The Impact Mechanism of Oil Prices on Bitcoin
➖ Galaxy: Bitcoin Is Rising to the Challenge of Quantum Readiness
General
➖ DL Research: A New Playbook For Realising Crypto's $5.6 Billion Treasury
Opportunity
➖ Galaxy: Weekly Top Stories - 03/20/26
➖ Galaxy: The Agentic Flywheel: How Zero-Human Companies Will Reshape Onchain Markets
Market
➖ 4pillars: MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
➖ CoinShares: Equities update | March 20th, 2026
➖ CoinShares: Market update | March 20th, 2026
➖ CoinShares: Digital asset fund flows | March 23rd, 2026
➖ CoinShares: Digital asset bi-weekly digest | March 24th, 2026
➖ Coinbase: 2026 Institutional Investor Digital Assets Survey
➖ Binance: Weekly: Navigating a Multi-Front Macro Storm
➖ Glassnode: Mapping Volatility Through Time: Implied Volatility Heatmaps
➖ Glassnode: Strategy Watch #2
➖ Galaxy: Onchain Credit and Crypto Lending Trends
Blockchains & networks
➖ 4pillars: Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
➖ 4pillars: Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
➖ CoinGecko: Polygon Ecosystem Report
Tokens & currencies
➖ Cryptorank: Bitcoin $60K vs $80K
➖ 4pillars: Japan's Stablecoin Vision: Building the Next Financial Infrastructure
➖ CoinShares: Bitcoin mining report | Q1 2026
➖ Binance: The Impact Mechanism of Oil Prices on Bitcoin
➖ Galaxy: Bitcoin Is Rising to the Challenge of Quantum Readiness
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