# Crypto Digest 54 (December 2025)

*2025 Crypto Milestones*

By [envelop](https://paragraph.com/@envelop) · 2026-01-03

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News
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CF Benchmarks' regulated CF Large Cap index is now available as a perp for the first time
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Kraken launched of its Large Cap DTF Perpetual (PF\_LCAPUSD) futures contract, referencing the LCAP DTF deployed on the Reserve Protocol, marking Kraken’s first perpetual futures contract offering multi-token exposure.

The LCAP construct was designed with institutional standards in mind from inception.

*   Index layer: The **CF Large Cap (Diversified Weight) – US – Settlement Price** provides diversified exposure to leading crypto assets, underpinned by CF Benchmarks’ governance framework, transparent methodology, and benchmark integrity standards.
    
*   **Portfolio layer**: The LCAP DTF translated this index into an on-chain, regulated multi-token portfolio structure, expanding access beyond traditional index products.
    
*   **Derivatives layer**: The launch of a perpetual futures contract referencing the LCAP DTF introduces an additional access route, enabling leveraged and collateral-efficient exposure without requiring spot holdings of the underlying assets.
    

2025 Key Points
===============

Stablecoin Market Surpasses $300B, Up Almost $100B in 2025
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Stablecoins had a breakout year in 2025, growing 50% to surpass $300B in market cap. Tether (USDT) and Circle (USDC) still dominate with 88% share, but the next eight products added $19B.

![](https://storage.googleapis.com/papyrus_images/68d828f2fed13f692188dd860672395d2f9729b82bc98f9d5330cbc28ce7dbbe.png)

![](https://storage.googleapis.com/papyrus_images/87ecf655152b7ec9327f6faf0781d3581d0dd6e8ced3bead18c63c32f1f7fe93.png)

![](https://storage.googleapis.com/papyrus_images/90654e072f6ca91f4729b80fb903d51ac4888869beea96348afc9842c766f272.png)

![](https://storage.googleapis.com/papyrus_images/5e129be96ed34ec612126cebd0636b1102f92808cee717881c882992b821a3d6.png)

![](https://storage.googleapis.com/papyrus_images/ce57bca64da416d11d999b3efbe960bcb1e54052f27669306603c3f9d8ffd7ef.png)

Tokenized Stocks & Commodities Huge Grew
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![](https://storage.googleapis.com/papyrus_images/44f39a644d4b76e43f58f9fccb35f3dc166f9a765796607d4a0365b4e7c40722.png)

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![](https://storage.googleapis.com/papyrus_images/5258554a7bb481cc869d37ce85efb79819cda041a6b1ae476af5666d87043f05.png)

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![](https://storage.googleapis.com/papyrus_images/506fcbbde3d6bac3cce61ccef10ab4cdbf66ca81065f9aa6e6e34997ef9099f1.png)

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![](https://storage.googleapis.com/papyrus_images/9570d0ea91f4287c96298a567ef75660acef039300f62f292f601e1d3e7e1374.png)

DEX to CEX Volume Ratios Reach New Highs
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![](https://storage.googleapis.com/papyrus_images/a99a40df9a2325d372a012d6abf504ad2ca3872ca56ca9da45e9ff591aece306.png)

![](https://storage.googleapis.com/papyrus_images/c71d57eb053ce74f9d0aa08bd3365f02bccce0bd7fd0b280f1b9c6df51113fbb.png)

Best blockchains
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Solana, with over 1 billion active addresses, leads in both the number of transactions and fees collected, which are, however, lower than last year.

Unichain's incredible growth didn't allow the network to enter the top 15 by fee.

Despite a decline in activity, NEAR earned more than twice as much as a year earlier.

It has not been the most successful year for Bitcoin and Ethereum block producers.

![](https://storage.googleapis.com/papyrus_images/c2dc519b38858c805630b5cca8c055641440e9237cbaaf2415b264a3af42ff6e.png)

Which Crypto Narratives Have the Highest Returns?
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RWA has emerged as the most profitable crypto narrative in 2025, with the highest average price returns of 185.8% year-to-date (YTD) across its largest tokens. The RWA narrative’s profitability was largely driven by the outperformance of [Keeta Network](https://www.coingecko.com/en/coins/keeta) (+1,794.9% YTD), [Zebec Network](https://www.coingecko.com/en/coins/zebec-network) (+217.3% YTD) and [Maple Finance](https://www.coingecko.com/en/coins/maple-finance) (+123.0% YTD). That said, the RWA narrative this year was only a quarter as profitable compared to last year’s 819.5% gains. 

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**The second most profitable narrative this year was** [**layer 1**](https://www.coingecko.com/en/categories/layer-1)**, recording 80.3% in average price gains YTD.** The layer 1 narrative is on track to end the year profitably due to privacy layer 1 blockchains [**Zcash**](https://www.coingecko.com/en/coins/zcash) and [**Monero**](https://www.coingecko.com/en/coins/monero), which have rallied 691.3% and 143.6% respectively during this period, placing them among the [**top crypto gainers**](https://www.coingecko.com/research/publications/top-crypto-gainers). At the same time, [**Bitcoin Cash**](https://www.coingecko.com/en/coins/bitcoin-cash), [**BNB**](https://www.coingecko.com/en/coins/bnb) and [**Tron**](https://www.coingecko.com/en/coins/tron) have also managed to hold onto some of their price gains, further contributing to the layer 1 narrative’s profitability this year.

![](https://storage.googleapis.com/papyrus_images/36b8365d656a2acc6028d42f48ee54aa25c7b58c8a593bed3cc0fde8dbf7ec33.png)

![](https://storage.googleapis.com/papyrus_images/bde01485eb523f73bcd16aed0dd02abf6fd7a556f8c96695f4626152ee74ca3d.png)

Santiment
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Volatility decreased in December.

![](https://storage.googleapis.com/papyrus_images/011657753f018880bfd3eaa139c0d0458d937043927a507da1f308b50330a2cc.png)

Listed below are ETFs (exchange-traded funds) invested in cryptocurrencies, Assets under management (AUM).

![](https://storage.googleapis.com/papyrus_images/0e78ec4754aa80f6cc555e2f931f7e7c309ad117fc3a173ebd573c0ca93303da.png)

Total Cryptos Created last 30d are **1,425,384.** New Cryptocurrencies Tracked

![](https://storage.googleapis.com/papyrus_images/ffaf995fb59ee1d91faffc8565f758af53add2daf20a4d8dd1ec7529317840b4.png)

![](https://storage.googleapis.com/papyrus_images/839200aded130b81551b28de354f350bec3e45c8e53acf5a6e02940678ee1957.png)

![](https://storage.googleapis.com/papyrus_images/fa39788926358afb105238143c0ced4c17af184dea46c1060b4e0b9d643d3cf8.png)

Indices
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CMC20 performs just a little better than CMC100.

![](https://storage.googleapis.com/papyrus_images/23ee49997161be34d31c860909ab354b2f73d27acdde3930d96ab06d289a2945.png)

![](https://storage.googleapis.com/papyrus_images/5866f53843b79f3bffb98bdf548ab9056234456c57822d82f4b11ab51382a76e.png)

According [**Defillama**](https://defillama.com/protocols/indexes), an indexes protocols' TVL is **$723.61M.** TVL has returned to last year's levels.

  

![](https://storage.googleapis.com/papyrus_images/06c74966882928c516746b85b3067981e08feaf0230dc5487c0621193a35df49.png)

Top 5 indexes protocols by revenue in December 2025. Newly created Mantle Index breaks into second place.

![](https://storage.googleapis.com/papyrus_images/0734bb07573dc513f2a189736e254b3a61ee7e90a822e382dc5313e682e5707b.png)

CeFi index is the leader by ROI last year on SoSoValue.

![](https://storage.googleapis.com/papyrus_images/668eaba3f322b746bcce49412e92e7652fd2d2f892539c88f93da399ccfbab13.png)

The SoSoValue CeFi Index ("ssiCeFi") targets the most valuable and tradable tokens in the CeFi sector. OKB is driving the entire index.

![](https://storage.googleapis.com/papyrus_images/b916ea357cc67b979f2d235662894c934ce8bf8243dc1adde4bc9d42eb3cf897.png)

Mindshare
=========

Sectors & subsectors by Mindshare in December 2025, according Messari.

![](https://storage.googleapis.com/papyrus_images/11d64ff0ea778004f71583ab007391cf1812a7e965d0f00f988f7d2c197d2d86.png)

Major Reasons for the Mindshare Spike in the NFTs:

*   **The Shift from Speculation to Utility and Community Value**
    
*   **Gamification and New Marketplace Models:** [**Spaace.io**](http://Spaace.io) gained significant attention for implementing gamification elements like XP, quests, leaderboards, and progression systems. This approach transforms NFT trading from a purely transactional experience into an engaging activity where participation and consistency are rewarded.
    
*   **Marketplace Adaptation and Diversification: OpenSea** and **Magic Eden** integrated fungible token trading into their platforms in 2025. OpenSea launched "OS2" to enable cross-chain token trading across 19 blockchains and introduced a "Voyages" rewards system. Magic Eden expanded into non-NFT trading, including its volume-generating "Packs" platform (featuring tokenized Pokémon cards) and an upcoming crypto casino/sportsbook.
    
*   **Tokenized Economic Structures:** Projects like **AlignerZ Labs** are transforming token vesting schedules into tradable NFTs (TVS) that track real economic value.
    
*   The **SEC concluded several NFT-related investigations** (including those involving OpenSea and Yuga Labs) in December, signaling that NFTs aren't inherently securities under the new crypto-friendly leadership.
    
*   The **Museum of Modern Art** added CryptoPunks and Chromie Squiggles to its permanent collection in December, following a community donation effort.
    

![](https://storage.googleapis.com/papyrus_images/96ee4c022bc005600a336165b48003efc222a7d2a6373c2ee57747e72707e3c4.png)

Major Reasons for the Mindshare Spike in the Perpetuals Sub-Sector:

*   **Rapid Growth and Market Dominance in DeFi**
    
    *   RWAs became the **fifth-largest sector in DeFi** by Total Value Locked (TVL), surpassing Decentralized Exchanges (DEXs).
        
        ![](https://storage.googleapis.com/papyrus_images/48ae5a66305010fb61517166fdd251f30d2f6be581c3433de6396da2ff30c5fa.png)
        
    *   RWAs were the most profitable crypto narrative of 2025, delivering **185.8% Year-to-Date (YTD) returns**.
        
*   **Institutional and Infrastructure Maturation**
    
    *   RWA tokenization is transitioning from an experimental phase into **fundamental financial infrastructure**. The focus is shifting from _if_ assets will tokenize to _how_ they will be structured as dynamic, observable, and verifiable systems.
        
    *   The year 2025 is marked as the **critical inflection point** for RWAs, driven by genuine institutional buy-side demand and the deployment of atomic settlement.
        
*   **Regulatory and Compliance Milestones**
    
    *   The necessary **regulatory-compliant infrastructure** is now in place, signaling a transition to scalable, production-grade platforms.
        
    *   New Layer 1 blockchains, such as **STO Chain** and **REAL Blockchain**, are being launched, explicitly designed for regulated RWAs with native protocol-level KYC/AML and compliance logic.
        
*   **Expansion into New Asset Classes and Ecosystems**
    
    *   The RWA sector is expanding into new areas, including **sports finance** through the tokenization of football club revenues.
        
    *   There is a growing narrative that **Biodata** (human biological and health data) is becoming the next form of RWA capital, following the historical pattern of converting measurable productivity sources into tradable assets.
        
    *   The tokenization of public stocks is seen as a stepping stone, with the true revolution lying in tokenizing illiquid private assets like pre-IPO shares, private equity, and real estate.
        

MCap-Weighted Category Performance in 2025
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![](https://storage.googleapis.com/papyrus_images/3793ec576ec059e73b5fb400a10975d19005bfe2efa619d14918c68ab9b15e4e.png)

[defillama](https://defillama.com/narrative-tracker)

Crypto venture rounds
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According [**funding.decentralised.co**](http://funding.decentralised.co) 

*   Total funding: $5.2B (-16% vs prev. 1y)
    
*   Number of Deals (1y): 582 (-49% vs prev. 1y)
    
*   Average Deal Size (1y): $8.9M (+65% vs prev. 1y)
    

![](https://storage.googleapis.com/papyrus_images/236c317b73c0b7661471582efbcaf3588dd6def27a82012b0bc798eaf538d77f.png)

![](https://storage.googleapis.com/papyrus_images/8653cf7e6db594abdb314292491f95298046222d1e8745217baa4426b8baefb6.png)

![](https://storage.googleapis.com/papyrus_images/048b633de9b45c254056fc00472585ecc075f310851a38a4efb3d55e1ce8d591.png)

> [**Previous Digest**](https://paragraph.com/@envelop/crypto-digest-53-november-2025)

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*Originally published on [envelop](https://paragraph.com/@envelop/crypto-digest-54-december-2025)*
