Trading volumes in crypto reached >3T in Jan '25, 2nd highest ever! However, if we normalize by $-prices (to get turnover), then trading activity is far from 2020/21 frenzy

The narrative that Ethereum can scale its revenue by lowering gas fees and offloading activity to L2s in return for L1 fees isn’t playing out. Last month, Base, Arbitrum, and Optimism paid under $100k in total “rent” (data + verification costs) - the lowest since 2021.

149B gas in a day. It took rollups, blobs, and years of infra work to triple Ethereum’s daily gas usage since 2019. But gas fees in USD are down 97.5% from its Q4 ‘21 peak. Ethereum scaled - and sacrificed fee capture. Data @tokenterminal

You can’t build the future of entertainment with yesterday’s tech. @AbstractChain gets that and is building the rails for the next wave of internet-native fandoms - starting with K-pop. They’re powering @officialmodhaus, the team behind @triplescosmos - arguably the most viral K-pop phenomenon right now. This isn’t some niche experiment. We’re talking over 9.6 million Fan Objects minted onchain by 340,000+ fans in less than 3 months. No speculative airdrop farming, no bot games. Just real fandom. @triplescosmos has built a global following that merges K-pop culture with crypto-native infrastructure and it’s working. And it’s not just about one group - @officialmodhaus is building the blueprint for how entertainment IP can live fully onchain. The best part? Most of crypto hasn’t noticed yet. But the fans have. And they’re showing up. h/t @subinium

The new Signals from @layer3xyz might be one of the most underrated features in crypto rn if you want to know what’s actually getting user traction onchain, this is where to look. Just last week, @campnetworkxyz brought in 39,000+ unique Cube holders through their Layer3 campaign. No other campaign platform offers this kind of real-time, transparent visibility. For founders, growth teams, and investors, this is a game changer.

.@puffpaw_xyz has already generated nearly $800K in vape & accessory sales. Honestly one of the most underrated DePIN projects out there.

.@Ronin_Network just delivered its best week of transaction fee revenue since late 2024 - with revenue climbing every single week since June and more than doubling since. These consistent fee gains usually point to real usage growth rather than just speculative hype. At the same time, BTC hitting new all-time highs often precedes rotation into ecosystems with strong fundamentals and active user bases. Ronin is looking like a prime candidate for that next wave. This might just be the early signal of another major "Ronin season" kicking off.

People - especially on Ethereum love to hype up stablecoins recently, but the hard truth is they generate almost no onchain revenue for the chain beyond just existing. Stablecoin issuers make billions in revenue, yet almost none of it is onchain. It comes from investing and holding reserves offchain. And there’s no crypto-native way to invest in them or participate in that revenue - no token, no DAO, no upside (only a stock). Meanwhile, actual user-generated onchain revenue is down bad: -50% since the start of the year. The charts only look decent when you add stable coin issuers - one of the few sectors still growing (which doesn't do revenue onchain). This whole stablecoin-as-a-win narrative is a recent cope. It’s lazy, especially on ETH where almost every major trend since 2023 has been fumbled.

Looks like @Ronin_Network summer is starting again 🌞 Over the past two weeks: • Daily active wallets are up +150%, showing a big surge in on-chain activity. • Revenue from transaction fees is up +80% WoW, meaning users aren’t just logging in - they’re actively spending and playing. • Gas used per second has doubled, signaling real demand for blockspace. The charts looks a lot like the explosive growth we saw in H1 2024 - but this time, the ecosystem is way more mature. All major onchain games are on Ronin, the $RON price seems to have stabilized and the community is bigger than ever.