Seb N.

Data & Research Analyst @defillama_res powered by @defillama

[Seb N. @seb22n]

Payments are one of blockchain’s most obvious use cases. I used UPI in India, and it is smooth af... meanwhile, Europe is still stuck with outdated infrastructure.

India is already ready for the next generation of payment solutions. I fully agree with the view here: builders should be paying close attention to this market. 🇮🇳🪷

[GiGi.XYZ @Bitcoin_Bee]

https://t.co/b3wt3S5bzF

[Seb N. @seb22n]

How impactful are RWAs on @HyperliquidX revenue? Topic of our first newsletter !

Big shoutout to @noateden for extracting all data for me. 😚

👉 What Hyperliquid topic should I investigate next? Drop your ideas.

[DefiLlama Research @defillama_res]

The first edition of our Research Notes newsletter is here.

Find all our recent work, data-driven notes & analysis, and trending news across DeFi.

This week: why @HyperliquidX's RWA boom hasn't translated into revenue.

Subscribe to get it weekly:
https://t.co/QcssSHDm1C

[DefiLlama Research @defillama_res]

A stablecoin today can become a slice of pre-IPO company tomorrow, collateral the day after, and cash back in your own wallet by the weekend.

This is how @binance & other top CEXs built
an inclusive, frictionless financial system for an onchain future:
https://t.co/nYvgZTA9eh

[DefiLlama Research @defillama_res]

When lending, yieldagg, and vault protocols lose money, pooled yield means everyone eats the loss. One fix, tranching, splits that loss by risk tier instead.

We tested 6 tranching protocols against 151 exploits to see how much protection the buffer gives:
https://t.co/uJMIwoT11l

[DefiLlama.com @DefiLlama]

What does the token actually do?

We now track token rights for over 100 protocols and Layer 2s.

Holders revenue, governance, economic rights, fee switches, value accrual, and dual equity structures.

[DefiLlama.com @DefiLlama]

When you deposit into a vault, you're exposed to more than the vault itself: oracles, bridges, collateral, the sequencer, holders of vault roles.

Introducing risk scenario planning on DefiLlama.

* Maps every dependency that touches your deposit
* Models your max loss from each failure point
* Live now across 20 Morpho vaults

[DefiLlama Research @defillama_res]

Tokenized stocks are only half the story.

@binance now offers a path from regulated equities to self-custodied, DeFi-composable assets through Binance Stocks and bStocks:

Fiat → Binance Stocks → 1:1 convert → bStocks → withdraw → use in DeFi

More: https://t.co/hTLUkV6rGr

[DefiLlama Research @defillama_res]

Don't tell the bears, but DeFi is still making money.

Although total DeFi TVL dropped -3%/7D, over $230M in revenue was generated.

Not from DEX volume (which has declined for five straight months), but from an increase in the fee rate (fees/DEX vol, +32% since Jan 2026).

The markets might look weak on the surface, but monetization is improving underneath.

Which protocols are driving it? Which market categories are leading revenue growth? How much did @Polymarket contribute to Polygon's revenue? And what's earning on @Solana these days?

Find those answers in this week's edition of the @DefiLlama newsletter:
https://t.co/Jp9BGfhohI

[DefiLlama Research @defillama_res]

Check it out: @DefiLlama has a newsletter.

This week:
→ The SpaceX IPO is almost here; find out where to trade it onchain
→ DeFi TVL falls 8%; ETH liquid staking bears the brunt
→ Hyperliquid stablecoins grow 20%/30d vs heavy market-wide outflows

https://t.co/duI7MmPG9r

[DefiLlama Research @defillama_res]

The broader crypto market may have taken a dive recently, but RWA active TVL in DeFi continues to grow: +50% since May 1st, putting $1B worth of tokenized assets to work.

Join us tomorrow as we chat about the State of RWAfi yesterday, today, and tomorrow:
https://t.co/ZanAc2DPEv

[DefiLlama Research @defillama_res]

AI is crypto's new search bar and it now routes nearly all crypto exchange discovery to the same handful of names.

@binance sits at the top of 90% of outputs across 4 LLMs and 2 languages. We dive into what that dominance means and how to earn it:
https://t.co/gL2Y6QOI6C

[Binance Research @BinanceResearch]

Our joint analysis shows strong concentration in LLM outputs for exchange discovery, with Binance at ~90% Top-1 across tested models and languages.

Context-specific shifts (e.g., derivatives) and the English vs Mandarin gap are notable. This points to AI layers potentially accelerating user concentration toward platforms with broad liquidity and global reach.

[Patrick Scott @patfscott]

99% of crypto tokens are worthless, but there's value onchain if you know where to look.

60 protocols have MCap/Revenue ratios below 15X both on 1Y revenue and annualized revenue.

Of those 60, only 32 pass on revenue to tokenholders.

Of those 32, only 6 have accelerating revenue growth.

[DefiLlama Research @defillama_res]

You know @DefiLlama as DeFi's go-to for onchain data. Now meet the research arm.

Join us for an X Space on May 20 @ 11 AM EST as we talk about the launch, what it means, and what to expect (including our next quarterly report):

https://t.co/79p1FlwDFf

[DefiLlama Research @defillama_res]

gm, world!

We are DefiLlama Research, the research arm of DeFi's most trusted name in onchain data.

Reach out to see how we can help build your brand. Find our new home here:

https://t.co/4o3t9uMIPL

[Seb N. @seb22n]

The situation with @THORChain just shows me how much crypto journalism has become garbage.

Sad to see that nobody does proper due diligence anymore. Some accounts are literally pushing scam links to their audience while the official THORChain account clearly stated there were no refund or airdrop plans.

[Nate | eatsleepcrypto.eth @satorinakamoto]

credible neutrality does not extend to the destruction of the protocol itself

this is not a hard concept

[Joel Valenzuela @TheDesertLynx]

There's a good reason THORChain's being smeared online after the recent exploit: symbolism.

The protocol has become the symbol of permissionless finance.

When it dared to try to resist censorship, it painted a massive target on its back. Now, people who champion permissioned protocols are piling on, because permissionlessness is a threat to them.

And yes, even architects of other permissionless protocols are joining in out of pure envy.

THORChain is technology filled with innovation and genius, flaws and mistakes. But, like it or not, in this moment it represents much more than just itself.

Stand with the THORChads, not because you like them, but because right now, they're at the front lines of the war for freedom.

Asgard calls for aid.

[Seb N. @seb22n]

I get your point. In that case, maybe the fair approach is to also stop stolen funds from smaller wallets, not only when major players get hacked.

What about the $100 my auntie got stolen last week? Which protocol stepped in to stop that? Why shouldn’t she benefit from the same treatment as LayerZero/KelpDAO?

That’s what permissionless and neutrality is about… DeFi ethos.

[Seb N. @seb22n]

I get your point. In that case, maybe the fair approach is to also stop stolen funds from smaller wallets, not only when major players get hacked.

What about the $100 my auntie got stolen last week? Which protocol stepped in to stop that? Why shouldn’t she benefit from the same treatment as LayerZero/KelpDAO?

That’s what permissionless and neutrality is about… DeFi ethos.