IntoTheBlock

Basis trade protocols were one of DeFi’s biggest growth stories last year.
Ethena led the surge and the number of similar protocols roughly doubled. Since the peak, TVL is down ~50% and has been mostly flat since December.
Do you expect a comeback, and what would be the catalyst?

This chart shows the distribution of RWA value across chains.
Ethereum remains the largest, followed by Solana and Algorand

DeFi is not a set of silos.
It is an interconnected value stack. If the rails, liquidity, risk and security, or governance layers weaken, everything above them becomes fragile. Our DeFi Value Pyramid model maps this system.
Download the full PDF here:

Tokenized equities recorded surpassed $800M in market cap, a 2,500% increase from the $16 million recorded at the start of last year.

Ethereum saw a staggering -$1.06 billion in net outflows this week.
This is one of the strongest accumulation signals in recent months. Combined with the 120% spike in the validator entry queue and record address growth, this data suggests that the "post-holiday" period is being used by major players to lock up ETH for staking and long-term positioning

Here are some key risk metrics to consider
✔️ Liquidations fell further over the holiday period
✔️ Available liquidity remains high, with DeFi leverage still relatively muted
Read more here:

ATH 📈 The amount of USDC borrowed on @tydrohq hit a new all-time high of $16,075,960
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The stablecoin market saw steady, robust growth throughout 2025. That momentum is likely to carry into 2026, as neobanks roll out new stablecoin products for their retail customer bases.

DeFi TVL had a strong start to 2026, adding 7.3% in total value locked in the first 5 days.

Our whale-exit simulation shows how major addresses could strain liquidity. In the image below, one whale can’t pull a big share of funds because of limited available liquidity.
Review the data🔗