Ale

text-based pocari sweat, research @theblockco

[Kelvin Sparks @imyoungsparks]

Some interesting NEAR/ZEC/BTC stats I pulled a few days ago and forgot to post, here's a refresh (5/20):

- ZEC is the #1 asset on NEAR Intents
- $16.23M parked; 23.6% of all TVL
- BTC was cut from $18.78M to $11.95M and never restored

The solver inventory (TVL) is telling.

[Ale @xbteneighty]

@Timccopeland Thanks for everything CopeGoat - looking forward to our next gluten free meal together

[Ale @xbteneighty]

@gazza_jenks @ethereumJoseph @TheBlockCo @ethereumJoseph the Aphex t-shirt is based

[Ale @xbteneighty]

@hamptonism

[Gareth Jenkinson @gazza_jenks]

How was @saylor able to buy $2.5B of Bitcoin this week?

@adam3us explains $STRC to @TheBlockCo 👇

"It's a proposition bet. I need $ to buy BTC. Lend it to me at 10%. Then buy BTC b/c it's gone up 60% in 10 years. Even if it decays, it's a good arbitrage."

Full 📺 in the 🧵

[perry @perry8888_]

Hyperliquid's largest addressable markets are non-crypto

HIP-3 allows users to trade all assets, all onchain, all weekend, while every tradfi exchange is closed

OI for these markets crossed $2 billion, with daily volume north of $22 billion

Hyperliquid

[The Block @TheBlockCo]

https://t.co/GldDEPMeKg

[The Block @TheBlockCo]

🚨 NEW REPORT ALERT 🚨

1/ Just released: The Block's new report "A Deep Dive into the Future of Onchain Liquidity Routing" examines the evolving landscape of onchain liquidity routing.

Thanks to @1inch for commissioning the report.

Key insights and link to report below 🧵

[korlabs @korlabsxyz]

1/4 Contributor segmentation reveals Ethereum's developer lifecycle in motion.

We classify contributors dynamically by tenure at each commit:
• Newcomers (<1.5 years) — the inflow engine
• Emerging (1.5–3 years) — the maturation zone
• Established (>3 yrs) — the resilient core

Newcomers typically dominate in active developers figures, but the most of the impact is characterized by how many cross the tenure thresholds.

Full report: https://t.co/G59ffpsIDJ

[korlabs @korlabsxyz]

1/3 @ethereum is built by thousands of independent contributors. While technical and economic Ethereum related research is in abundance, there seems to be a lack of insight into the developer dynamics.

Commit counts. Repository totals. That's about it.
We think that's the wrong frame. We argue that long-term ecosystem capacity depends on more than inflows of new contributors. It requires voluntary decentralized participation and allocation of cognitive resources of a broad-scale developer base.

Our report examines this via the study of persistence and lifecycle engagement.

Full report: https://t.co/G59ffpsIDJ

[Larry Cermak @lawmaster]

1/ Today I’m releasing an open-source book in collaboration with @FrankResearcher that I wish existed when I started in crypto. It’s split into 15 chapters covering everything that matters - from BTC to DeFi, MEV, Hyperliquid, quantum resistance, etc.

https://t.co/oDYsukFxvF

[The Block @TheBlockCo]

Campus 201 is live 🚀

Built with our institutional partner @LMAX to help teams develop real crypto competence.

201 establishes a clear baseline for crypto readiness across product, engineering, compliance, and leadership.

Raise the bar and join @TheBlockCampus today 🧠

[BR @somanyfigs]

P/E ratios for forward annual earnings growth:

$HOOD — 45x P/E for 15% growth
$IBKR — 35x P/E for 10% growth
$HYPE — 24x P/E (FDV-based) for 35% growth

In terms of growth-adjusted valuations, Hyperliquid is currently priced at an ~80% discount to Robinhood and IBKR

Is the crypto risk premium really that high?

[Ale @xbteneighty]

https://t.co/567PY2vIVA

[The Block @TheBlockCo]

2025 accelerated institutional adoption of cryptocurrency across nearly all major pillars including ETFs, public access vehicles, and stablecoin acceptance

Here are 5 major Tradfi trends in 2025 🧵👇

[The Block @TheBlockCo]

2025 saw a structural reset on the NFT market, with flights to fungible liquidity, the decoupling of IP success from asset prices, and a consolidation of volume into revenue-generating verticals.

Here were the major NFT &amp; gaming trends in 2025 🧵

[The Block @TheBlockCo]

In 2025, Layer 1 activity increasingly split across distinct roles and narratives. Speculation concentrated on a handful of high-throughput venues, Ethereum leaned further into its rollup-centric roadmap, and the base layer kept fragmenting.

Here are some key L1 trends from 2025

[The Block @TheBlockCo]

2025 pushed Ethereum’s Layer 2 ecosystem into its consolidation phase, with liquidity, users, and activity concentrating around a small number of dominant networks.

Here are 6 major Layer 2 trends in 2025 🧵👇

[The Block @TheBlockCo]

2025 pushed DeFi further along its maturity curve, with discernible credit cycles, growing institutional inflows, and increasingly robust trading venues.

Here are 6 major DeFi trends in 2025 🧵👇

[The Block @TheBlockCo]

Crypto IQ: Grand Finals https://t.co/oPmqNQ5VaF