smyyguy

The newly launched perps dex @hibachi_xyz jumped into the top 15 of Celestia DA consumption, just one day after going live

Why are approvals still not batched with swaps on major EVM aggregators like Matcha or 1inch?

It's interesting to see the different approaches CEXs have taken to get onchain. I see significant variance in:
[1] architecture
[2] value accrual back to the exchange
[3] product overlap between chain + exchange
[4] motive

Binance
[1] L1 using proof of authority
[2] No direct value accrual from chain back to exchange, but was able to launch the BNB token
[3] Binance ties BNB to some exchange products like Binance Launchpad or Binance Alpha. Binance revenue from CEX trading has also been used to buy back and burn BNB
[4] It feels like the aim is to have the exchange and chain work together as a vertically integrated ecosystem around BNB

Coinbase
[1] L2 on Ethereum
[2] The exchange captures the gross profit from operating the sequencer. Did not launch a token
[3] Leverages the chain to improve exchange product offerings, eg holds exchange users' USDC deposits on Base for lower cost and faster settlement times + drives cbBTC adoption on Base. Now integrating DEXs on Base directly into the exchange app, accelerating listing velocity
[4] It feels more like the chain exists to accelerate the exchange roadmap and reduce costs

Bybit
[1] DEX on Solana
[2] TBD but will presumably charge trading fees
[3] Extends the exchange into the onchain economy, improving the trading experience on the exchange. This is the fastest path to new listings with no burden of chain development
[4] The most lightweight way to increase listing velocity for the exchange

The sequence of these launches is also interesting. Binance launched its L1 first, then Coinbase launched an L2, and now Bybit launches just a set of smart contracts

New launches progressively focus less on owning the full stack and more on accelerating a specific vision or product of the exchange. We've also seen Coinbase launch a wallet and OKX launch a wallet + DEX aggregator

The battle moved up the stack, closer to the user

imo coolest Coinbase announcement is instant listing of assets traded on base, great for listings velocity

wondering what the design looks like under the hood. is this basically like a DEX aggregator?

I think everyone is extremely underweight SEC Chairman Paul Atkins' recent remarks on crypto

Unbelievable how just 6 months can change things

Not even 1 week ago you guys were saying pumpfun launching a token was somehow bad because it would drain capital from going into other tokens (?)

Today Plasma raised $500m in seconds and (1) no one said this was bad (2) every token ran higher today

Interesting

Trading volume across top centralized exchanges fell to $172b last week

Down around 70% from the December high and now hovering around weekly volumes seen during last summer

I appreciate Doublezero’s proof of utility model that only rewards those who contribute measurable, useful service to the network

The Circle IPO will probably serve as a useful indication of the disconnect between markets and this app

Open loans on Aries Markets have remained steady around the $350m range

87% of the borrowed assets are earning additional yield from an ongoing incentive program that is distributing around $60k per week to borrowers

Base saw $33B of DEX volume in May, its fifth highest month of all time

Aerodrome (52%) and Uniswap (35%) facilitated a majority of volume, though Pancake Swap (10%) increased its market share for the sixth consecutive month

The incentive program has brought a significant amount of volume to unichain, totaling $12.9B in May

The ultimate test will be stickiness

Memecoins on Solana put in three consecutive months of increased volume. Pump and Raydium run a majority of this volume and saw month over month increases in revenue as well

What is dead may never die

Crypto monthly fundraising slowed to a 2025 low in May, coming in right around $600M. Financial (39%) and AI (25%) applications drove most of the value raised

The total number of deals hit a low not seen since early 2021

Permissionless Capital Markets

Its time for change! Excited to be talking with @TheiaResearch about bringing transparency to token markets at @Permissionless next month

Activity on Hyperliquid's EVM is picking up, now ranking 7th in REV over the last 7 days

It has surpassed avalanche, polygon, and abritrum, and is right on the heels of base

Its averaging ~4 TPS and swaps are running in the range of $0.10-$0.50

ETH-USD and BTC pairs continue to dominate volume on Arbitrum, now above 82% of total volume. Volume on these pairs tends to be concentrated in CEX-DEX arbitrage, calling LP profitability into question

Uniswap pools facilitate the majority of volume in both of these categories

Arbitrum's timeboost auctions leveled off around $40k per day in additional REV over the last two weeks

Market volatility cooled off over the last few days, potentially driving the pullback in timeboost bids as dampening vol diminishes the need for priority access to state

Total crypto fundraising hit $201.6M last week, marking a four week high

The three largest disclosed raises were:
@worldcoin - $135M
@catena_labs - $18M
@roxom - $17.9M