Principia

Building trust in onchain capital markets.
Family @PrincipiaRes

[Principia @PrincipiaHQ]

20 Ethereum L2s made $10K combined yesterday.

The other 94% went to just 4 chains 👇

▪️ Base 44.7%
▪️ Polygon 24.6%
▪️ Robinhood Chain 16.6%
▪️ Arbitrum 8.2%
▪️ The other 20 L2s: 5.9%, $10,126 total

Wilder still: Robinhood Chain. It made $40M in two weeks in early September, 2x what the other 23 L2s made in 90 days. On Sep 4, it took 96.7% of all L2 revenue.

L2 money was never evenly split.

[Principia @PrincipiaHQ]

A tokenized-stock wallet on Ethereum holds $24,000 on average. On Robinhood Chain: $98.

That's a 245x gap. The money is on Ethereum. The people are on BNB Chain and Solana 👇

▪️ 5.28M holding addresses across 10 chains, $8.67B held onchain
▪️ Ethereum: 232k addresses, $5.57B, ~$24k each
▪️ BNB Chain: 2.10M addresses, $861 each
▪️ Solana: 1.16M addresses, $472 each
▪️ Robinhood Chain: 1.56M addresses, just $98 each
▪️ Wildest: Arbitrum, only 1,993 addresses, ~$71.5k each

New money is even more lopsided: +69k net new holders in 7 days, 91% on BNB Chain and Solana. Ethereum added 1,479. That's 2%.

Whales stayed on Ethereum. The newcomers went elsewhere.

[Principia @PrincipiaHQ]

Nvidia fell 5.5%. Tokenized $NVDA grew anyway.

Over ~23 hours:
◼️Tokenized NVDA value: $188.8M → $219.2M (+16%)
◼️Implied tokens outstanding: ~+23%, same 7 issuers
◼️NVDA perp OI: $583.7M → $806.4M (+38%)

The dip didn't trigger redemptions. Onchain NVDA exposure expanded, both spot tokens and perps, while the stock fell.

Data: Principia RWA, Nov 10 02:44 → Nov 11 01:45 UTC

[Principia @PrincipiaHQ]

Crypto Venture Capital Quarterly Report – Q3 2026

Bitcoin rallied ~43% in Q3. Crypto-native VC didn't follow. Deals backed only by crypto-native capital fell from $2.57B to $1.05B. TradFi now sits in 45% of disclosed capital.

CeFi took 32%. DeFi, with the most deals, got 8%. Learn More ⬇

[Principia Research @PrincipiaRes]

https://t.co/oOiUmTGvrv

[Principia @PrincipiaHQ]

Robinhood Chain has just $1.07B in TVL, yet apps on it earned $65.4M in fees over the last 30 days, more than BNB Chain ($59.6M on $5.11B TVL) and Base ($55.0M on $5.76B).

Its DEX volume hit $677M in a day, 63% of TVL. Base and Solana sit around 21%.

The chain itself took only $1.3M in 30 days. Apps earned ~50x what the chain did.

Fees follow turnover, not locked capital.

[Principia @PrincipiaHQ]

SpaceX is the 9th largest asset on Earth by market cap, and already the 2nd most tokenized.

$357.2M tokenized. More than Nvidia, Microsoft and Amazon combined ($208.2M). At 0.019% of its $1.84T market cap, it is the most tokenized asset in the top 10, ahead of gold (0.018%).

Zoom out: the top 20 assets are worth $66.29T. Only $6.49B of that is onchain, 0.010%, and gold alone is $5.02B of it.

Live data: https://t.co/GHvJIl1U2q

[Principia @PrincipiaHQ]

BTC fell just ~1.7% at 21:45 UTC yesterday, and 2/3 of the spot order book vanished.

Binance’s share of the book jumped from ~22% to as high as 40%. Nobody stepped in to add liquidity. Binance just pulled the least and refilled the fastest.

BTC spot depth within ±0.05%, 15 min after the drop:
◼️ All venues: $31.2m → $9.3m (−70%)
◼️ Bitget: $8.3m → $2.0m, and it stayed below $3.4m for 3 hours
◼️ Kraken: $5.9m → $0.5m
◼️ Bybit: $1.5m → $0.4m
◼️ Binance: $6.5m → $3.4m, back to $6.0m within 15 min

Price barely moved. How resilient was the liquidity behind it?

[Principia @PrincipiaHQ]

Chain fees and app fees are telling different stories.

Over the last 30 days on Principia Blockchains data:

◼️Solana apps generated $321M — 17.0× Solana’s chain fees ($18.8M).
◼️Hyperliquid L1: $162M app fees vs $919K chain fees (176×).
◼️Ethereum: 13.5×.

Tron is the inverse: #1 in tracked chain fees at $24.9M (30d) and 33.8% of 90-day chain-fee share, but apps/chain is only 0.35×.

Which matters more: ecosystem revenue or the blockchain’s own revenue?

[Principia @PrincipiaHQ]

RWA-linked derivatives volume is nearly 29× token-pair spot volume.

$40.62B in 24-hour derivatives trading versus $1.41B in spot, alongside $10.71B in perpetual open interest.

The gap shows how much larger trading exposure is than spot turnover, not how much underlying asset value has moved onchain.

[Principia @PrincipiaHQ]

Tokenized value onchain just hit an all-time high: $9.05b, up 166% in a year. The growth is no longer an Ethereum story.

Share of tokenized value, Nov 2025 → now: • Ethereum 92.6% → 62.8% • BNB Chain 0.5% → 21.2% • Solana 5.8% → 6.7% • X Layer 0% → 4.9% • Arbitrum 0% → 1.5%

Ethereum still grew in dollars, from $3.15b to $5.68b. BNB Chain went from $16m to $1.92b, and added $298m in net flow this week alone.

[Principia @PrincipiaHQ]

Circle's own chain looks like it's already pulling in more new USDC than everyone else.

Arc went from $0 at its Sept mainnet to $1.19B USDC. Every other chain that grew in the last 90 days added $1.14B combined. Ethereum lost $2.56B.

Is Arc becoming USDC's home chain? @circle

[Principia @PrincipiaHQ]

Monero is the only top-30 coin up over both the past week and month.

XMR: +5.6% 7d, +16.6% 30d
Top-30 median: -5.4% 7d, -21.9% 30d

Same stretch: Binance, Mercado Bitcoin and Crédit Mutuel Arkéa hacks, and Arkéa's thief reportedly swapped into XMR.

Privacy bid or hacker bid?

[Principia @PrincipiaHQ]

One hack, three side plots, 36% of the conversation. Then a $40M breach nobody saw coming took 29% on its own.

Our daily read on where crypto attention went 👇

[Principia Research @PrincipiaRes]

We tracked X post volume on 11 crypto events over the last 24h (3,898 matching posts). Where the attention went:

The Binance hack aftermath still holds the biggest share: 36% across three threads. Deposits vs withdrawals (664 posts), Tether's $1.5B freeze (593) and Korea's cold-wallet order (159).

But the single loudest event was Mercado Bitcoin's ~$40M breach: 1,118 posts, 29% of the total on its own. In the last hour it ran 33 posts/h vs 2 at the same hour yesterday.

Rising into tonight:
◼️ Tether 150K BTC claim: 40 posts/h, the loudest hour of any event
◼️ IBIT / BTC ETF outflows: 25/h, 2x yesterday
◼️ Coinbase AI-agent trading signup: 9/h, 9x yesterday

Cooling: Korea cold-wallet order (-79%), tokenized equities at $3.8B ATH (-60%).

The Binance story is splitting into side plots while a new hack takes the headlines. Which one is still trending tomorrow?

[Principia @PrincipiaHQ]

Binance froze withdrawals after the $6.3B hack. Spot traders left. Perp traders stayed.

CEX volume share, Oct 30–31 vs prior week:
Spot: Binance 46.8% → 41.2%
Spot: OKX 10.3% → 16.3%
Perps: Binance 57.9% → 57.1%

If you never withdraw, does a freeze even matter?

[Principia Research @PrincipiaRes]

Binance froze withdrawals for 3 days after the $6.3B hack. Traders didn't wait. They went to Tron and Ethereum. Not Solana.

DEX volume on Oct 29 vs a normal day:
Tron 10.1x
Ethereum 5.4x ($6.24B)
Hyperliquid 4.1x
Solana 1.3x

The "fastest chain" barely caught the flow. Why?