📈 Axie Infinity is up 89%, driven by "local, project-specific catalysts," says CEX•IO Lead Analyst Illia Otychenko.
💭 He notes the wider GameFi sector remains under pressure, citing a 75% decline in 2025 and a 55% drop in funding.
Read more 👇
https://t.co/su90sAkyR2
BILLIONAIRE REAL ESTATE MOGUL SAYS EVERY TIME HE ADDS BITCOIN ALONG WITH HIS REAL ESTATE IT IMPROVES IT
He’s already stacked $200M BTC in his Bitcoin-Real Estate Hybrid.
Profit margins remain of the biggest factors behind why the three year decline in leading indicators failed to produce a recession.
I outline why in this article.
The L2 bloodbath.
50+ Layer 2s launched. Three survived.
Base, Arbitrum, and Optimism now process 90% of all L2 transactions.
Base alone holds 46% of L2 DeFi value, and it was the only rollup that actually made money in 2025.
The others? Ghost chains. Airdrop farmers left. Real users never showed up. Usage on smaller L2s dropped 61% once the free money stopped.
Lesson learned: Coinbase's 100 million users beat any technical advantage. Distribution eats innovation for breakfast.
The data layer war.
Posting transaction data to Ethereum costs $3.83 per megabyte. Celestia charges $0.07.
That's 55x cheaper. No wonder 80% of new rollups chose alternative data layers by year's end.
@eigen_da took a different approach, $8 billion in restaked ETH backing their service, borrowing Ethereum's security instead of building from scratch.
Rollups now shop for data availability like startups shop for cloud providers. AWS vs. Google Cloud, but for blockchain storage.
Ethereum's counterpunch.
The Fusaka upgrade landed in December. New trick: validators sample random pieces of data instead of downloading everything. Same security, fraction of the bandwidth.
Blob capacity is already climbing. Six per block now. Fourteen by January. The target is 128, enough to make Ethereum's native data layer competitive again.
The message is clear: Ethereum won't cede infrastructure to competitors without a fight.
The bridge problem nobody solved.
$2.3 billion lost to bridge hacks since 2021. Moving tokens between L2s still feels like crossing a minefield.
New solutions are emerging. @Optimism Superchain connects OP-based chains natively. Based rollups let Ethereum validators handle ordering across multiple networks. Shared sequencers promise atomic transactions between completely separate rollups.
The goal: make bridging invisible. Use @arbitrum DeFi with @Optimism liquidity without thinking about it.
We're not there yet. But the architecture is taking shape.
The real question for 2026:
The tech works. ZK proving is fast. Modular infrastructure is cheap. L2s handle millions of transactions daily.
Now it's about money.
Ethereum thinks L2s will pay for security and data forever. L2s think they can commoditize Ethereum into a dumb settlement layer. Data providers think everyone needs them more than Ethereum blobs.
They can't all be right.
The infrastructure wars aren't about building anymore. The building is done.
They're about who owns the toll booths.
That's a wrap!
#StormChandra will bring heavy rain and strong winds tonight and tomorrow, bringing the likelihood of flooding, damage and disruption ⚠️
There will also be hill snow in parts of the north ❄️
Watch our video with Alex to find out more ⤵️
1/ Our Q4 2025 investor update is now available on our website. You can download the PDF, review our library of letters, and sign up to receive updates from Gymkhana Partners here:
https://t.co/EHmS5o8eyR
Read the full letter at the link above and see important disclosures.