Venezuela’s sanctions are stablecoins’ proof of concept
Banned from the dollar system, the country uses digital dollars instead
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Blockworks:
Institutional-grade data, research, and disclosure infrastructure connecting investors, exchanges, enterprises, and the onchain businesses they underwrite.
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The Strategy playbook looks different in 2026
The treasury company now holds 673,783 BTC, but flow is more likely to be episodic in this year’s financial climate
Ranger’s ICO starts today, and MetaDAO eyes a reset
Ranger’s Jan 6–10 sale could re-accelerate MetaDAO volumes and revenue
ETH derivatives reset and the next retail trade
ETH derivatives show a disciplined rebuild of risk, with rising open interest pointing to healthier leverage
Friday charts: Finding good news, in spite of bad headlines
2025 was far from perfect, but much better than we think it was.
DePIN and crypto gaming led a surprising end-of-year rebound
BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower
Canton’s $6T RWA rails and Lighter’s Hyperliquid multiple
DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory
The long wait for crypto’s “coffee pot” moment
In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?
Yield Basis is making native BTC yield a reality
Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity
Users are the best investors to have
Maybe tokenholders don’t need the rights that corporate shareholders have come to expect
A sleeper in the perps category
As Hyperliquid and Lighter battle for perps DEX dominance, Boros could capture the structural upside
The old story of investing in new technology
Investors are often right about the future, but wrong about the returns
2025 Reflections
A look back at 2025, reflections on our industry, and what it means for Blockworks in 2026
The perps wars are heating up
Hyperliquid’s weekly volume trails newer rivals as a Lighter airdrop looms
Gold and silver won 2025
Gold is having its best year since 1979, while many DeFi names are trading near multi-year lows
Maple’s fundamentals are driving outperformance
Maple is outperforming peers on growth, yield, and revenue — while benefiting from limited supply overhang and clear value accrual
The incredible, incomprehensible, possibly impossible world of trillion-dollar tech valuations
Will mega-unicorns collectively earn the trillions of dollars of revenue required to justify their valuations?
The year new tokens died
2025 saw a huge compression in the valuation of new tokens, with the steepest losses in infrastructure and gaming
Grinch rally: Crypto indices track lower through the week
The AI sector was the top loser on the week, trading down -26%
A holiday guide to explaining crypto to your relatives
Spoiler alert: talking about crypto to normies is still really hard
Coinbase embeds Solana trading
The platform turns to onchain rails for Solana assets while crypto M&A and fundraising surge to cycle highs
Robinhood’s leap shows the prediction-market arms race is underway
Robinhood is pushing deeper into high-margin market design, joining competitors like Kalshi and DraftKings
The competitive advantage of not knowing you’re wrong
When not knowing the odds improves your chances
The network is the innovation
What Thomas Edison actually invented — and what it tells us about the future of crypto
Another week, another MetaDAO advertisement
Meanwhile, recent acquisitions continue to neglect tokenholders
Capital gets selective
Unit economics inflect, institutional capital shows up onchain, and market structure continues to evolve
Friday charts: The many, many architects of AI
Throughout its billions of searches, Google’s goal has always been to train and hone its algorithms
BTC is up and L1s are down as flows turn messy again
The Nasdaq slipped yesterday after disappointing Q3 revenue from Oracle
Links: Trading, valuations, and the end of crypto’s ‘golden age’
It’s getting harder and harder to trade crypto like the good ol’ days
Fixing crypto’s broken investor relations
Lightspeed IR, launched with the Solana Foundation, aims to give allocators a single surface for diligence and communication
Dollar dominance can’t be manufactured
Stablecoins are no substitute for what makes the dollar dominant
Blockworks launches investor relations platform with Solana
Crypto tokens need better investor relations infrastructure; today, Blockworks solves that.
ETFs flash a bid, HumidiFi tokenizes
BTC leads a broad crypto bid as ETFs post their strongest inflow in weeks
Analyzing Jup Lend vs. Kamino
The exchange between Kamino and Jupiter has escalated from healthy competition to a clear public dispute
Rangebound markets, resilient onchain lending
Crypto lags behind TradFi benchmarks, but trends in stablecoins, deposits and loans point to durable multi-year growth
Risk back on the table as crypto ETFs bounce back
Kalshi raises a billion dollars, and Trump’s new Fed Chair pick is imminent
From the blog
Chris Larsen
Elara Winter3 min read
Ripple Co-founder Chris Larsen Details the Significance of XRP
Ripple co-founder Chris Larsen explains how XRP functions as a bridge currency in international payments, eliminating pre-funded capital requirements and…
Elara Winter3 min read
CryptocurrencyElara Winter2 min read
XRP Analyst Warns Investors Must Endure Current Dips to See Higher Prices
Technical analyst ChartNerd warns XRP investors that enduring current price dips near one dollar is necessary to capture projected gains…
Elara Winter2 min read
CryptocurrencyElara Winter2 min read
Analyst Predicts XRP Will Easily Reach $2 After Clearing Key Resistance
Cryptocurrency analyst Ash Crypto predicts that XRP will easily reach the $2 price target once it successfully clears a key…
Elara Winter2 min read
CryptocurrencyElara Winter3 min read
Exploring State Street’s Connection to XRP, XLM, and HBAR
Custodial bank State Street is developing tokenized infrastructure across multiple blockchain networks, with documentation tying the institution to XRP, XLM,…
Elara Winter3 min read