DeFi
Independent coverage of decentralised finance, from stablecoin issuers to lending markets, DEXs and restaking.
Layer-2 Networks See Record Transaction Volume
Combined daily transactions across major rollups surpassed 20 million, outpacing Ethereum mainnet for the fourteenth week running.
Uniswap v4 Hooks See Steady Adoption Six Months After Launch
The customisable hooks framework has begun to attract meaningful developer activity, though volume remains concentrated in v3 pools.
Aave's GHO Stablecoin Supply Continues to Grow
The over-collateralised GHO stablecoin has expanded steadily as Aave has extended integrations across networks.
Sky Ecosystem Consolidates Products a Year After Maker Rebrand
The former MakerDAO has continued rolling out its Endgame plan under the Sky brand.
Pendle Continues to Dominate On-Chain Yield Trading
Total value locked on Pendle remains among the largest in DeFi, driven by restaking and stablecoin yield products.
Morpho Blue Continues to Gain Traction With Curated Vaults
The permissionless lending primitive has grown steadily as curators launch tailored risk portfolios on top of it.
Hyperliquid Extends Lead in On-Chain Perpetuals
The purpose-built layer-1 has captured a meaningful share of decentralised perpetual futures volume.
Restaking TVL Plateaus as Point Programmes Wind Down
Total value restaked across EigenLayer and Symbiotic has plateaued as many airdrop-driven point programmes have concluded.
BlackRock's BUIDL Continues to Lead Tokenised Treasury Market
The BlackRock USD Institutional Digital Liquidity Fund has kept its lead among on-chain tokenised money-market products.
Curve Finance Reports Continued Recovery in Volumes
The stableswap pioneer has seen a partial recovery in trading volumes and TVL after a challenging period.
Cross-Chain Bridges Refocus on Security After Multi-Year Loss Toll
Bridge protocols continue to redesign around lighter trust assumptions after cumulative exploit losses in the billions.
DEX Share of Spot Volume Reaches New Highs
The share of spot crypto trading executed on decentralised exchanges continues to trend upward.