1/ Hyperliquid volumes show no signs of slowing down, with open interest hitting $14.8B, up 335% YTD.

Breaking down Hyperliquid's revenue and volumes: 2/ Perpetual futures demonstrated strong growth, with trading volumes approaching $93B weekly.

BTC and ETH continue to dominate, accounting for 61% of the total volume.

Interestingly, SOL (10.7%) still experiences higher trading activity on Hyperliquid compared to HYPE (4.5%).

1/ @pumpdotfun will perform its TGE tomorrow.

The application has generated $784M in cumulative revenue.

Let's review the data on this top earning application. 🧵 2/ Bonding curve volumes have fallen off from ~$10B/month at the start of the year, to $4B now.

However, the addition of the Pumpswap AMM has captured substantial activity, and is now settling between $10B-$13.6B/month.

1/ Meta-aggregators are making the Solana swapping landscape more competitive, improving price execution for users.

Let's dive into this under-discussed sector 🧵 2/ Meta-aggregators like @Titan_Exchange route trades through third-party aggregators such as Jupiter, OKX, and DFlow, as well as off-chain sources like Pyth's Express Relay.

Titan has also developed a proprietary routing algorithm, Talos, registering over $35M in weekly volume.

1/ DATA UPDATE: We're excited to release Hyperliquid as the newest dashboard on @blockworksres.

Built by @0xSharples, the dashboard currently covers Hyperliquid's trading platform, spot trading, and futures trading on HyperCore, as well as a financials section that encompasses both the HyperCore and HyperEVM. 2/ Total revenue has been consistent on Hyperliquid. With the HyperEVM gaining traction recently, it provides HYPE token holders another source of revenue.

Currently, Hyperliquid is on pace to make $600 million in token holder revenue this year.

1/ We just released an updated version of our Solana DEX Activity dashboard!

We now cover information on Bitcoin trading on Solana, FX trading, memecoin launches, and various other DEX data.

Here are the main takeaways. 2/ SolFi and Pump (Pumpfun and Pumpswap) have increased their volume market share in 2025, but Raydium is still the largest DEX by % of volume.

1/ Hyperliquid's HIP-3 proposal outlines its evolution towards a foundational liquidity infrastructure platform, enabling permissionless creation of Hypercore perpetual markets by third-party builders.

Learn more about its impact on revenue, builders, and Hyperliquid's vision: 2/ HIP-3 builds on:

HIP-1: Enabled permissionless spot market creation. Developers launched spot tokens on a HyperCore order book, winning "ticker rights" in 31-hour Dutch auctions (USDC bids, cumulative $20M revenue total to Assistance Fund).

HIP-2: Complemented HIP-1 by allowing deployers to bootstrap an automated market maker strategy (Hyperliquidity) for new spot tokens, providing embedded liquidity at issuance.

1/ Launchpads have been a hot topic in recent weeks with many new projects coming to market.

@Pumpdotfun's success and dominance of the category over the past year serves as motivation for other teams to compete for a slice of the pie.

So what's happening with launchpads?🧵 2/ At the top, Pumpfun dominates the launchpad market with over 200k launched tokens per week and a graduation rate climbing towards 2%.

Token creation has declined 50% since January, but has grown by more than 100% since the summer of 2024.

1/ With over $3B in liquidity, @pendle_fi dominates the vertical in which it operates. Tailwinds are present for growing Pendle’s utilization, distribution, and revenue.

- PTs coming to @aave
- Permissionless listings
- YT take rate from 3% to 5%
- Boros upgrade

🧵 2/ Pendle's PTs can make for highly attractive collaterals on money markets.

Particularly for carry trades, the fixed yield offered by PTs can reduce the variance and uncertainty in the realized yield on the long leg of these strategies.

Historically, @MorphoLabs has won the lion's share of lending against these instruments, given permissionless vault creation.

1/ Despite ending its points program last year, @HyperliquidX has maintained a dominant market position with nearly 80% of perpetuals DEX volumes.

Hyperliquid's success stems primarily from rapid, relevant token listings and superior UX for users and market makers. 2/ Currently, it is the only DEX that has been able to compete with CEX volumes.

Over the past three months, the platform has averaged $6.4B in daily trading volume, which sits just above 50% of the daily trading volumes of Bybit and OKX.

1/ PumpSwap, the new native DEX from @pumpdotfun, is aiming to shake up Solana's DEX scene.

Pumpfun (bonding curve + PumpSwap AMM) captured 20% of Solana's total DEX volumes yesterday, hitting a new all-time high.

Could this uptrend continue? 🧵 2/ What drives Solana DEX volumes?

Market share by trading pair in the past 30 days:
- Non-Pumpfun Memes: 33%
- SOL-USD: 27%
- Pumpfun Memes: 25%
- Others: 15%

Notably, Pumpfun coins peaked at 43% of the chain DEX volumes in November 2024.

1/ Solana's DEX volumes are at all-time highs. What's shaping this dynamic market?

- Memecoins capture around 60% of the action.
- Raydium dominates overall market share.
- Lifinity emerges as a frontrunner in the SOL-USD pair.

Here are the key insights 👇 2/ What are users trading onchain? In the past 90 days:

- 60% of volumes have come from memecoins.
- 25% from the SOL-USD pair.
- Project tokens, AI tokens, LST swaps, and stable-to-stable swaps make up the other 15%.

1/ Solana experienced a noticeable 'Trump Bump' in trading activity after the President launched his own memecoin.

However, in the past two weeks, activity has quickly slowed down to pre-launch levels.

Let's take a closer look🧵 2/ The Trump token initially launched via Meteora and drove a massive spike in Meteora volume dominance on Solana.

The majority of this move only lasted the first weekend however, and since then, Meteora DEX volume share has returned to slightly elevated levels.

1/ The AI narrative has quickly swept across the space and AI-related tokens have experienced strong DEX volume growth.

Agent tokens on Base have seen upwards of $300m in daily volume following 2 months of rapid growth.

Let's dig in🧵 2/ On Base, much of the AI agent trading activity stems from @virtuals_io, a tokenized agent creation platform

Virtuals captures 1% of trading volume for agent tokens traded on its platform as swap fees which drive most of its revenues

1/ Solana just wrapped up its best year yet, and 2025 is set to be just as explosive:

- Firedancer is on the horizon
- Block size will increase (IBRL)
- Top ecosystem for new developers

Let's dive into the data 👇 2/ In December 2024, Solana recorded $348 million in net inflows from other ecosystems.

This amount was exceeded only by Base and Hyperliquid, which saw $1 billion and $711 million in net inflows, respectively.

1/ @Base has emerged as a dominant L2, suggesting that Coinbase's distribution advantage is translating into sustainable ecosystem growth.

In just a year and a half since launch, a thriving ecosystem of applications is beginning to emerge...🧵 2/ Base pulled in more inflows than Solana over the last 90 days.

It's flipped Arbitrum in TVL, leads L2s in daily transactions, and matches both in stablecoin market cap.

The growth curve is getting steeper.

1/ With elevated funding rates and demand for leverage, @Ethena_labs' sUSDe has been paying out returns in excess of 27% APY.

Given this attractive return, the circulating supply of sUSDe has grown over 100% since October.

Where is all this sUSDe being utilized? 🧵 2/ @pendle_fi is perhaps the largest beneficiary of the growth in sUSDe supply, holding over 1.8B in sUSDe, or 48% of the circulating supply.

750M of this sUSDe is held in the December 25th, 2024 market, set to mature in 2 weeks.

1/ Privacy isn't just a feature in crypto.

It's the key to unlocking trillions of dollars in institutional capital, AI advancement, and ultimately mass adoption.

In a report sponsored by @nillionnetwork, we explain why privacy is crypto's sleeping giant...🧵 2/ The Crypto Privacy Stack has 3 layers:

1⃣ Applications
2⃣ Infrastructure
3⃣ Privacy Enhancing Technologies (PETs)

Each layer builds on the next to enable private, secure computation and storage.

1/ Over the last month, onchain stablecoin supply has increased by approximately $20B.

This increase has happened almost exclusively on Ethereum. 2/ These flows are coming from centralized exchanges.

Over the past month Ethereum has seen consistent inflows, some days topping $1B.

Making the Avalanche C-Chain Cheap Again.

With stark competition for users and apps amongst L1s and L2s, the Avalanche community is proposing a significant reduction in the base fee.

This 96% fee cut could lead to a 39% - 80% increase in daily transactions.

What is ACP-125? 🧵 @avax 1/ ACP-125 aims to reduce base transaction fees from 25 nAVAX to 1 nAVAX on the C-Chain—a 96% reduction.

The significance of this proposal is that over 80% of transactions cluster at the base fee level implying an overproduction of blocks at a price not matched by wallet demand.

We just made our @Solana dashboard available to everyone 🔥

Let this be your one-stop shop for all things Solana data. Track TEV stats, validator and staker cash flow, transaction activity/segmentation, and more!

Let's take a look at the highlights 👇 This dashboard was made available in collaboration with the @SolanaFndn. You can check it out using the link below!

solana.blockworksresearch.com

1/ @chainlink is positioning itself to be the dominant infrastructure platform for Real World Assets (RWAs). Surpassing $3B in value excluding stablecoins, the space has seen significant growth in 2024 and is estimated to be as large as $16T by 2030. 2/ Tokenized assets will benefit from increased liquidity, programmability, real-time settlement, and composability. For these gains to be realized, RWAs need a universal interoperability standard, as well as access to external data, IoT devices, and enterprise systems.