Top important DeFi news to pay attention to this week 🧠👇
1. @solsticefi $SLX TGE and airdrop claim will be open on May 25.
2. @xmaquina, Physical AI and Humanoid robotics DAO, $DEUS TGE happens on May 27
3. @dropee_app TGE on May 27. Dropee hits 13M users, 4M MAU, 300K DAU, and $2.5M revenue in 8 mobile games before the token even exists.
4. @Cardano v11 hard fork is scheduled for May 29. This upgrade brings performance optimizations, state changes, and smart contract improvements to the network.
5. $NEAR is driven by a fresh wave of AI narrative hype and aggressive scaling roadmaps. @NEARProtocol is hinting at next-gen data availability and compute scaling frameworks designed specifically to handle high-throughput, onchain AI models.
6. @variational_io phase 2 is coming with more TradFi liquidity for 100+ RWA markets.
7. @base took the top spot in 24h DEX volume. Base AI ecosystem is heating up with $VVV, agentic payments, and decentralized AI.
8. @Polkadot OpenGov is voting on a major change to the network’s staking architecture, requiring a lock of a minimum of 10,000 $DOT
9. @prjx_hl is launching a new cashdrop program to replace point-based airdrops. $1m was sent out. $500k is committed in the next year.
Crypto still prices chains like it is 2021. Like every chain has a realistic shot at becoming the next Ethereum.
Then six months later you check the numbers and realize half of them are still fighting over the same rotating pool of incentives and airdrop farmers.
Meanwhile the actual economic activity keeps concentrating in a few ecosystems.
✦ @solana dominates retail attention because its apps actually generate demand, like @Pumpfun, @Backpack, @kamino, and @JupiterExchange. Some of them even pull more revenue than entire chains.
✦ @base quietly became one of the strongest distribution moats in crypto. Coinbase onboarding + stablecoin flow + consumer familiarity is an unfair advantage most chains simply cannot replicate.
✦ @trondao is quietly becoming the most underrated chain, averaging $800K+ in daily chain fees and supporting over 50% of all USDT transfers. Nobody calls it cool but it prints.
✦ @HyperliquidX was the second chain ranked by annual revenue in 2025. Proof that when there are real users and real revenue first, the chain becomes valuable because the app already matters.
✦ @ethereum still captures the highest quality liquidity despite everyone calling it “too expensive” every cycle.
✦ @BNBChain’s app revenue went up 3x in Q4 2025 alone, hitting $55M. Real throughput gains, actual users.
✦ Stablecoin giants like @tether and @circle are raking in millions daily in fees, dwarfing most L1s.
✦ Even @SuiNetwork has managed to carve out stronger activity than we expected because there is visible user engagement and ecosystem momentum behind it.
Then you compare that with how aggressively some other chains were valued.
✦ @Sei_Network TVL collapsed from a $628M peak to $41M, now at ~$64M. App fees sit at $11K/day, revenue at $2.8K, and chain fees below $100/day. There is activity, but zero economic density.
✦ @Cardano’s TVL fell 81% from ATH. Solid roadmap, but the users are just not showing up.
✦ @avax is annualizing $8M in 2025 chain revenue against a $600M+ TVL and billions in FDV. The subnet thesis is superb, but the fee capture isn’t.
✦ @Aptos P/F ratio is sitting at ~327x. Still trading at high FDV with daily chain revenue often in the low thousands. Funded, fast, but still waiting for the moment.
✦ @berachain hit $3B+ TVL on incentives, then cooled hard once the taps slowed.
✦ @StoryProtocol has a huge IP narrative but the actual onchain economic activity looks whack. They barely even see meaningful fees.
✦ EclipseFND raised big but hovering at tiny daily fees. TVL is down from $48M last year to $1.2M now.
✦ Others like @movement_xyz launched at crazy valuations and are still waiting for demand. How about @SonicLabs? @Scroll_ZKP? The list is endless.
The app layer is clearly eating the infrastructure layer’s lunch, yes most new chains are still trying to win by building more infrastructure.
The truth is, crypto has more infrastructure than users.
Most new chains are not competing against top chains alone, but also the apps already owning user attention.
So the question is no longer if you can build a faster chain. It is if you can attract users that stay.
Can you build distribution strong enough that apps actually choose your ecosystem over the dozens of alternatives offering the same technical promises?
Network effects are way harder now. Liquidity is sticky and capital eventually flows toward places already generating revenue.
So build for usage, not just tech flex. The market eventually catches up to the numbers that matter.