StacyMuur

Watching Theses 2026 on DeFi: Perps & Equity Perps, Prediction Markets, Stablecoin Yield w/ @MessariCrypto Alumni.
Top narrative: equity perps.
The thesis: Equity perps are hitting an inflection point where the infrastructure is finally good enough (60-70% complete) that novelty alone drives adoption.
The numbers back this up - @tradexyz reached $6B volume and became the 8th largest perp DEX by open interest after just one month of launching equity markets.
Why this works:
• Crypto natives want higher leverage on familiar assets (stocks > memecoins when returns compress)
• TradFi retail wants

We are a stock now.

Meanwhile, @tradexyz ↓

Most important charts of 2025 series:
Sector projections ↓
• DeFi/Finance: >50% YoY (sensitive to prices but supported by new sub-sectors)
• RWAs: $500M (10x YoY)– corporate treasury adoption + staking yield products
• DePIN: >$450M (sustaining triple-digit growth) – GPU compute + decentralized networks
• Wallets: Slightly above DeFi (50%+)
• Consumer: ~70% YoY (launchpad volatility, social/SocialFi expansion)
• Middleware: 50% (WalletConnect, bridges, oracles ramping)
Good news.

My CT wrapped card from @KaitoAI <3

Interesting data here.
Shows perfectly the bet of the capital.

Most important charts of 2025 series:
It's inevitable that crypto will become more centralized revenue-wise.
Now decentralization of usage is heavily driven by incentives, not actual use demand.
So as the airdrop era is fading, we'll see more concentration of power in the hands of the category winners.
Sad but true news.

Amazing visualization here.
Fees vs. FDV.

Ngmi :(
s/o @mementoresearch

Most important charts of 2025 series:
If the product is good enough, it doesn't take long for it to reach a PMF.
32 new protocols reached $100M in <1 year in 2025 alone.
That's a huge unlock for Web3.
Good news.

Lol, 3 a.m. for me.
Prompted ChatGPT on the AI-related phrases that make everyone mad.

2025 = The year when they said "yes" to crypto.

Most important charts of 2025 series:
So many launches this year – but so few are good.
Supply inflation is real.
And no one is winning from it.
Sad news.

I have a strong feeling that fully private + permissionless is a big thesis for the next few years.

Most important charts of 2025 series:
Chains are no longer the killer app. They are in the efficiency zone now: More usage, lower fees, lower FDVs.
A thesis of potential narrative repricing here.
Alpha news.

Most important charts of 2025 series:
Bitcoin is now an institutional asset, not an alternative to the TradFi system – but an asset that is a part of it.
US spot BTC ETFs have already attracted over $90B, with ~1M BTC on balance sheets of ~190 public companies.
Good news.

Most important charts of 2025 series:
Non-trading fee revenue is the new moat.
Coinbase rev = Stablecoins (44% of non-trading), staking (27%), subscriptions (19%), fees (10%).
CEXes → Superapps.
Alpha news.