2025 On-Chain Movement Investigation Report: Making DeFi More DeFi
Summary Current State and Challenges of the DeFi Market: After experiencing market shocks, DeFi is shedding the "second-system effect." Stablecoins are impacting traditional finance, and institutional DeFi is changing operational models. However, the industry still faces two major problems: the lack of a final lender of last resort for the on-chain economy, and a scarcity of truly original DeFi mechanisms. Innovation Focuses on Core Areas: DeFi innovation revolves around DEXs, lending, and st...
2025 On-Chain Movement Investigation Report: Making DeFi More DeFi
Summary Current State and Challenges of the DeFi Market: After experiencing market shocks, DeFi is shedding the "second-system effect." Stablecoins are impacting traditional finance, and institutional DeFi is changing operational models. However, the industry still faces two major problems: the lack of a final lender of last resort for the on-chain economy, and a scarcity of truly original DeFi mechanisms. Innovation Focuses on Core Areas: DeFi innovation revolves around DEXs, lending, and st...
Galaxy Digital: Transitioning from Crypto Trader to Digital Asset Management Bank
Galaxy Digital is shifting from a crypto trader reliant on market volatility to a digital asset management bank with stable revenue streams. Its latest quarterly report highlights key progress in this strategic transformation. Business Shift: While the trading division hit record transaction volumes, its profit contribution fell to under 45% of total profits. Revenue from corporate finance and treasury management grew to $408 million, accounting for over 55% of adjusted gross profits—signalin...
Galaxy Digital: Transitioning from Crypto Trader to Digital Asset Management Bank
Galaxy Digital is shifting from a crypto trader reliant on market volatility to a digital asset management bank with stable revenue streams. Its latest quarterly report highlights key progress in this strategic transformation. Business Shift: While the trading division hit record transaction volumes, its profit contribution fell to under 45% of total profits. Revenue from corporate finance and treasury management grew to $408 million, accounting for over 55% of adjusted gross profits—signalin...
Trading Moment: “TACO-Trade” Leads the Crypto Rebound—Bitcoin Back at $115 k, a New Cycle Begins?
Market Snap-back & Leverage Reset A single sound-bite did the trick. After Trump and Vance struck a noticeably softer tone on the U.S.–China trade war, equity futures flashed green and crypto followed in a violent relief rally. The brutal draw-down that preceded it is already being framed as the pivotal “cycle flip” of 2025. Funding rates on perpetual swaps have collapsed to lows last seen in the depths of the 2022 bear, proof that the market has just lived through one of the deepest de-lever...
Trading Moment: “TACO-Trade” Leads the Crypto Rebound—Bitcoin Back at $115 k, a New Cycle Begins?
Market Snap-back & Leverage Reset A single sound-bite did the trick. After Trump and Vance struck a noticeably softer tone on the U.S.–China trade war, equity futures flashed green and crypto followed in a violent relief rally. The brutal draw-down that preceded it is already being framed as the pivotal “cycle flip” of 2025. Funding rates on perpetual swaps have collapsed to lows last seen in the depths of the 2022 bear, proof that the market has just lived through one of the deepest de-lever...
Base’s Coming Token: A “Blatant Conspiracy” Months in the Making?
1. From “Never” to “Maybe” – The Words That Moved a Billion Dollars For two straight years Base repeated the same line: “No plans for a token.” Then, in consecutive interviews this August, founder Jesse Pollak and Coinbase CEO Brian Armstrong swapped the script: “We are exploring a native token to accelerate decentralisation.” Markets reacted within minutes—pre-market IOUs for a non-existent BASE token jumped 340 % on WhalesMarket. The pivot is not philosophical; it is surgical. Base has disc...
Base’s Coming Token: A “Blatant Conspiracy” Months in the Making?
1. From “Never” to “Maybe” – The Words That Moved a Billion Dollars For two straight years Base repeated the same line: “No plans for a token.” Then, in consecutive interviews this August, founder Jesse Pollak and Coinbase CEO Brian Armstrong swapped the script: “We are exploring a native token to accelerate decentralisation.” Markets reacted within minutes—pre-market IOUs for a non-existent BASE token jumped 340 % on WhalesMarket. The pivot is not philosophical; it is surgical. Base has disc...
When Stablecoins Start Building Their Own Chains, Does Ethereum Still Have a Seat at the Table?
1. From Issuer to Infrastructure: The Birth of the Stablecoin-Native Chain For years stablecoins quietly ate the world—cross-border payroll, OTC desks, remittance corridors, even sovereign NOSTRO accounts. Now the issuers want the rails themselves. Circle (USDC) and Stripe (USDT/USD-denominated checkout volume > $1 T yr⁻¹) are no longer content to rent blockspace; they are pouring concrete. The goal is not another smart-contract playground but a settlement layer purpose-built for programmable...
When Stablecoins Start Building Their Own Chains, Does Ethereum Still Have a Seat at the Table?
1. From Issuer to Infrastructure: The Birth of the Stablecoin-Native Chain For years stablecoins quietly ate the world—cross-border payroll, OTC desks, remittance corridors, even sovereign NOSTRO accounts. Now the issuers want the rails themselves. Circle (USDC) and Stripe (USDT/USD-denominated checkout volume > $1 T yr⁻¹) are no longer content to rent blockspace; they are pouring concrete. The goal is not another smart-contract playground but a settlement layer purpose-built for programmable...
