Reflexivity Research

h/t @asxn_r for the data

HIP-3 open interest by asset class from day one to the ATH 0 → $3.71B in 272 days

🏆 $𝐅𝐈𝐋 (@Filecoin) topped the DVIO Index Weekly Weight Change Ranking for June 27–July 3, 2026. Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: @Filecoin is the largest decentralised storage network, and in 2026 it is pivoting from selling raw capacity toward paid, metered on-chain storage through Onchain Cloud and Filecoin Pay, with on-chain proofs that halt payment if a provider stops holding the data. It already secures data for institutions of knowledge like the @internetarchive, the @smithsonian and @mitopenlearning. FIL's weekly weight-change lead in the DVIO Index coincided with a 30 June governance proposal, Solstice, that would tie Filecoin's block rewards to paid on-chain activity. The structural case is building and still long-dated, and the in-window move ran ahead of shipped traction, so the coming rebalances will test whether paid demand and the reward redesign convert into durable usage. 🔗 Explore the DVIO Index: lnkd.in/ekWbwHtw 🔗 Access all DVIO reports: lnkd.in/eYZhh4yx $​DEFT | @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $𝐀𝐀𝐕𝐄 (@aave) topped the DVIO Index Weekly Weight Change Ranking for June 20–26, 2026. Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: @aave is the leading decentralised lending protocol by total value locked, and a share of its revenue is used to buy back AAVE on the open market, creating an indirect channel of value accrual for the token. An April 2026 governance vote directed protocol and @GHO revenue to the Aave DAO treasury. On 25 June, founder @StaniKulechov reaffirmed this revenue routing and outlined Aavenomics 3.0, a planned automated, non-discretionary buyback mechanism. Aave V4 deposits on @ethereum reached around $200 million in late June, roughly double a month earlier. @aave Labs has also presented V4 as infrastructure for bringing securities-finance use cases on-chain. 🔗 Explore the DVIO Index: lnkd.in/ekWbwHtw 📄 Access all DVIO reports: lnkd.in/eYZhh4yx $​DEFT | @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $𝐔𝐍𝐈 (@Uniswap) topped the DVIO Index Weekly Weight Change Ranking for June 13–19, 2026. Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: @Uniswap is one of the largest on-chain exchanges by trading volume. Since the December 2025 UNIfication upgrade, a share of trading fees has been used to buy back and burn UNI, creating an indirect value-accrual mechanism for the token. The upgrade also burned 10% of the original supply. Tokenised equities became available through Uniswap's interfaces in June. @BlackRock's BUIDL became available through UniswapX for eligible investors in February, and Uniswap has announced plans to bring its protocol, apps and API to @circle's Arc chain. 🔗 Explore the DVIO Index: defi.tech/indices/overvi… 🔗 Access all DVIO reports: lnkd.in/eYZhh4yx $​DEFT | @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $𝐏𝐘𝐓𝐇 (@PythNetwork) topped the DVIO Index Weekly Weight Change Ranking for June 6–12, 2026. Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: Pyth Network's first-party oracle — real-time market data sourced directly from exchanges, trading firms and market makers and published across 100-plus blockchains — and what the in-window signal suggests about investor appetite for on-chain market-data infrastructure as traditional assets move toward round-the-clock, on-chain trading. With the launch of Pyth Indices — a proprietary 24/7 index suite across US equities, metals and oil, with thematic equity index futures co-developed with @MarketVector, a @vaneck_us company — and a scheduled PYTH token unlock later in the month, the coming rebalances will test whether the week's repricing reflects durable demand or a short-term narrative trade. 🔗 Explore the DVIO Index: defi.tech/indices/overvi… 📄 Access all DVIO reports: lnkd.in/eYZhh4yx $​DEFT | @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $WLD (@tfh_technology) topped the DVIO Index Weekly Weight Change Ranking for June 1–5, 2026. Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: World's proof-of-human network — World ID and the Orb as digital identity infrastructure, settling on World Chain, an OP Stack Layer-2 — and what the in-window signal suggests about investor appetite for decentralised identity exposure as AI adoption accelerates. With World ID verification expanding to enterprise platforms including Zoom and Docusign, and a scheduled reduction in the WLD daily unlock rate beginning in July, the coming rebalances will test whether the week's repricing reflects durable demand or a short-term narrative trade. ETP details, ISINs, and DVIO Index details are available in the comments. 👇 $DEFT | @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $XLM (@StellarOrg ) topped the DVIO Index Weekly Weight Change Ranking for May 23–29, 2026 Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍 This week's focus: Stellar's tokenized-securities rail — the public-blockchain settlement layer selected by DTCC to support the future tokenization of eligible DTC-custodied assets, including Russell 1000 equities, major-index ETFs, and U.S. Treasuries — and what the in-window signal suggests about institutional adoption of on-chain settlement. ETP details, ISINs, and DVIO Index details are available in the comments. 👇 @DeFiTechGlobal | @ValourFunds | @DigitalStillman

🏆 $AKT (@akashnet) topped the DVIO Index Weekly Weight Change Ranking for May 16–22 2026 Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍This week’s focus: Akash’s Burn-Mint Equilibrium (BME), the mechanism designed to turn on-chain compute deployments into AKT buy pressure with potentially deflationary effects, and what the in-window signal says about the AI compute thesis. ETP details, ISINs, and DVIO Index details are available below. 👇 @DeFiTechGlobal | @ValourFunds | @DigitalStillman

$QNT (@quantnetwork) topped the DVIO Index Weekly Weight Change Ranking for May 9–15, 2026 Each week, we publish an in-depth report on the asset with the largest weight change in the DVIO Index rebalancing, featuring market data, project developments, and the key trends and risks to watch in the week ahead. 🔍This week's focus: Quant's Overledger, the API gateway connecting regulated financial systems to distributed-ledger networks and what the in-window signal says about institutional adoption traction. ETP details, ISINs, and DVIO Index links are available in the comments. 👇 @DeFiTechGlobal @ValourFunds $DEFT

📰Hot off the press The real competition isn’t Banks vs Crypto. It’s legacy rails vs programmable settlement. The latest @reflexivityres report examines why Tokenized Deposits and Prividiums are the banking system’s path onchain.

.@LayerTwoLabs is raising toward an August 2026 fork activating BIP 300/301 (Drivechain). BIP 300 was proposed in 2015 and has never activated on Bitcoin. Our brief comprehensively covers tokenomics, 4 outcome scenarios, and more: reflexivity.dev/reports/ecash-…

H/t @hydromancerxyz for the data, and the HIP-3 deployers for the success of their respective markets: @tradexyz, @Dreamcash, @hyenatrade, @felixprotocol, @Kinetiq_xyz, @ventuals and one of the newest entrants @tradeparagon

HIP-3 has reached $154 billion in cumulative volume across all deployers since launching on mainnet. MoM growth: $0.8B → $4.2B → $8.1B → $24.8B → $40.3B → $68.5B

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This week's newsletter spotlight features @JupiterExchange as they roll out Pre-IPO trading enabled by @PreStocks

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This week, Hyperliquid has crossed ~$4 Trillion in cumulative perp volume while today the Assistance Fund has reached $1B in total buybacks, burning 41.71M HYPE (4.17% of supply) forever.