THE BLOCK ANALYST

Tokenized real estate sits at ~$392M across 58 properties, and it’s highly concentrated.
The US and UAE make up nearly 80% of value, while just three platforms control 74% of the market. Growth is narrow too: Polygon and Solana are the only chains still expanding.
#RWA

Bitcoin just slipped below its True Market Mean for the first time in 2.5 years.
Last time that happened, BTC was trading around $29K. Context matters.
#BTC $BTC

Ethereum scaling is actually doing its job now.
Usage keeps climbing while network footprint shrinks — post-Fusaka, L1 and L2 activity flipped from lockstep to inverse (r ≈ −0.67). That’s what breaking the congestion tradeoff looks like.
#ETH $ETH

DeFi never really cracked options beyond prediction markets.
If Hyperliquid can bring options on-chain without eating its own perps flow, that’s a meaningful unlock. Pulling a real options market on-chain would be a step-change, not an iteration.
#defi

Maple now sits on $2B+ in stablecoin deposits.
That capital is earning yield directly from institutional borrowers.

Sky printed roughly $340M in revenue in 2025, putting the DAO in the top tier of crypto earners.
At the same time, USDS transfer volume jumped ~400% YoY, hitting ~$260B in Q4. That’s usage scaling, not just fees.

Uniswap web traffic just hit a multi-year low, down ~60% YoY.
Retail attention has drifted, but usage hasn’t vanished — Curve DAUs are sitting at ATHs. Frontends fade, rails keep running.
#Uniswp $UNI

Ethena’s FDV-to-fees ratio compressed to ~5.8 in January, while fees hit $29M (+32% MoM).
With ENA trading near ATL, the playbook is clear: push USDe into TradFi and CeFi, embed it deeper as collateral, and optimize duration and yield as rates roll over. If execution lands, Ethena likely looks very different in a lower-rate regime.
#ENA $ENA

ENSv2 Will Be Deployed Exclusively on Ethereum

> The ENS team has made the decision to deploy ENSv2 exclusively on Ethereum L1 and to cease development of Namechain.

> ENSv2 will still ship, and ceasing development of Namechain does not affect or change roadmap.
#ETH $ETH

Vitalik Donates to Shielded Labs to Support “Crosslink” Development
> Crosslink is a security-focused upgrade to Zcash’s consensus architecture

> It strengthens Zcash’s existing PoW consensus by adding a parallel finality layer that protects against chain reorganizations and rollback attacks.
$ZEC

Treasury Secretary Scott Bessent Says “the Digital Asset Revolution is Here”

MegaETH: Buybacks, Proximity Markets and TGE

> All USDM revenue from the MegaETH foundation to be used to buy back and accumulate $MEGA.

> Proximity Markets: Users bid MEGA for low-latency positions near the sequencer.

> KPIs include $500M+ USDM in circulation, 10 live apps, & 3 apps earning $50K daily fees for 30 days

> MEGA TGE occurs 7 days after any KPI is met, early participants receives 20% upfront.
#MegaETH

China Bars Unapproved Issuance of Yuan-Linked Stablecoins Abroad

> People’s Bank of China and other regulators has banned unapproved overseas issuance of crypto tokens and yuan-linked stablecoins by Chinese entities or their offshore affiliates, citing risks to monetary sovereignty.

Bithumb Sees Bitcoin Plunge 10% After Reported 2,000 BTC Distribution Mistake
> A Bithumb staff member mistakenly sent 2,000 BTC instead of 2,000 KRW as a prize to hundreds of users, who immediately dumped at market price.
> The error caused Bitcoin to trade 10% below market price on Bithumb

what a beautiful mistake

Stablecoin Fees on Tempo
Tempo enables users to pay transaction fees in any stablecoin, including custom-issued tokens and tokenized deposits, no volatile gas token required.
> Stablecoin fees are native to the protocol and deliver transparent, predictable costs and simpler accounting.

Payy Announces Payy Network, Ethereum’s First Privacy-Enabled EVM Layer-2

> Payy Network is an Ethereum EVM L2 that makes ERC-20 transfers private by default, requires no smart contract changes, & supports all EVM wallets

> It uses onchain privacy pools and offchain Privacy Vaults to balance privacy and compliance.
#Privacy $ETH

Scott Bessent Says Crypto Firms Opposing CLARITY Act Are “Nihilists,” Tells Them to Move to El Salvador

> “There seems to be a nihilist group in the industry who would prefer no regulation over this very good regulation,”

> “Any market participants who don’t want it should move to El Salvador.”
#BTC $BTC

Trump to Unveil TrumpRx Website at 7PM EST

> TrumpRx is a state of the art website for Americans consumers to purchase low cost prescription drugs.
#TRUMP

but we love BTC

@Tether USDT Makes $150 Million Strategic Investment in Gold dot com, Expanding Global Access to Tokenized and Physical Gold

> Tether has made a $150M strategic investment to acquire about a 12% minority stake in Gold.com and form a long-term partnership that will integrate XAU₮ into Gold.com’s platform & support broader collaboration on global distribution
#USDT