MetricsDAO

Perpetual DEXs are past the experiment phase. What's next, and who will survive? In today's issue, we cover: > @HyperliquidX's HIP-3 Deployers > @Lighter_xyz > @Aster_DEX > @grvt_io

1/10 Stablecoins reached $266.3B in circulating supply in Feb. A 32 pages report by @AlliumLabs breaks down how they’re evolving from simple liquidity tools into something closer to an actual payment infrastructure Here’s what onchain data shows, and the interesting patterns that stand out 🧵

Real-World Assets (RWAs) continue to transform from a niche crypto experiment to a key area of focus for traditional finance. In today's issue, we cover: > The growing adoption of tokenized gold > The expanding market for tokenized stocks and U.S. Treasuries > The challenges of integrating RWAs within DeFi protocols

Perp DEXs have evolved from a DeFi experiment into one of the most competitive frontiers in onchain trading. In our next issue, we cover four platforms shaping the sector: > @HyperliquidX’s HIP-3 Deployers > @Lighter_xyz > @Aster_DEX > @grvt_io Out this Friday.

Stablecoins hold firm despite recent selloffs Despite recent negative market sentiment, stablecoin market cap stands strong at $296B with solid fundamentals: > $9.5T+ monthly transfer volume > 52M+ monthly active addresses > 235M+ unique holders (ATH) h/t @minerva_crypto & @RWA_xyz

$USDH net supply has plateaued at $83M following spike-driven growth in late 2025 as issuance demand softens. Without new demand catalysts, momentum is fading. h/t @Bhami628 & @Dune

1/ @HyperliquidX is the leading perpetuals DEX in crypto. Let’s take a look at the core activity metrics of the chain to understand how it’s being used.

DePIN revenue has been flat in the last year, according to DePIN Pulse, but the space is generating interest, and has grown significantly on a multi-year basis. Check out @ournetwork__’s latest issue for a deep dive: ournetwork.xyz/p/on-380-depin…

1/ @FWDind launched a prop AMM called BisonFi on Solana at the start of December. It currently supports one pair, SOL–USDC. Let’s take a look at how the market has reacted so far.

Helium's cumulative data credits burned has now topped $9.43M. Check out our latest issue for full coverage on @helium and $HNT from @ergon50 → #helium" target="_blank" rel="nofollow noopener">ournetwork.xyz/p/on-380-depin… Data via: @ledger_top

$ZEC just posted its strongest week of 2025: transfer transactions jumped 197% week-over-week to an all-time high of 565,000. Read more on @Zcash from @surfquery → #zcash" target="_blank" rel="nofollow noopener">ournetwork.xyz/p/on-379-priva… Data via @ZecHub

Since September, $ZEC ranks third among tokens in terms of NEAR Intent volume with $587M (13%). Get more alpha on @Zcash from @surfquery in our latest issue ➡️ #zcash" target="_blank" rel="nofollow noopener">ournetwork.xyz/p/on-379-priva… Data via @Dune

The privacy sector was pushed into the spotlight with the rise of @Zcash ($ZEC), launched in 2016, and since jumped 15x in the past 90 days to become a top 20 crypto asset. Check out @ournetwork__ for coverage on the privacy sector as a whole⏬⏬⏬ ournetwork.xyz/p/on-379-priva…

@GJFlannery19 @theericstone /

A little life update; "i ain't reading all that" folks, get your digs in 🫡 ----- Five years ago, I went all-in on crypto. Back then, it was about building out a crypto asset scoring product (s/o @theericstone in particular for letting me lay hands on your baby), based on & backstopped by data. Hard numbers, not vapor. Five years is a long time in crypto. In that span, I’ve met a ton of exceptional people across literally hundreds of projects. You know who you are. Also in that time: I’ve been fortunate to spend much of the past 18 months in East & Southeast Asia. My professional career began in 2014 with several months in Manila (yes I'm old haha). Getting back to Asia & witnessing crypto blossom - in Singapore, and Japan, and Indonesia and Taipei and dozens of others - has been truly special. I look forward to my return, whenever it comes. ----- As for now… My inner circle knows I’ve had the immense privilege to join forces with @milesfinch and @runkellen: two of the smartest, most dialed people I have ever met. Over the past five years of fulltime crypto, I’ve had the privilege to wear every hat under the sun (product, marketing, community, client service, global expansion, BD, you name it). With Slant, I get to step into the arena directly. Couldn’t be more jazzed about that. @slant_ai is getting very, very good at predicting things. And markets. Get ready.(you're not ready) ----- All that said: five years felt like the right moment to pause and express my gratitude. And so: thanks to everyone who’s helped me out along the way - most especially, to the Cantina & analyst community that's formed over the past five years. By every conceivable metric: you are the best there is. I am beyond grateful to have met you. The wind blows wherever it will. Thus far, it’s sent me on one heck of a journey. I look forward to sharing the next part of that journey - every bit of it - with all of you. Let’s get after it. /

1/ Over the past year, crypto Digital Asset Treasuries (DATs) have doubled their digital asset holdings and now sit on ~$100B of crypto on their balance sheets. Let’s dive into their current state

JUST IN: Oracles 📊 | ON-376 🔷 @chainlink | @queriesdata ♦️ @redstone_defi | @weronikow 🔵 #chaosoracles | @chaoslabs ournetwork.xyz/p/on-376-oracl…