Unreal stat from the latest 1kx revenue report
"Blockchain valuations aggregate north of 90% of the total market cap of fee generating protocols, despite their share in fees declining from over 60% in 2023 to 12% in Q3 ‘25.
Conversely, DeFi/Finance protocols accounting for 73% of all fees, though in aggregate their market cap share remains well below 10%"
Long DeFi and CeFi / short L1s

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Bitcoin Price Slides Below $90,000 – Is A Retest Of The November Lows Near?

[Legislative Regulation] Since May 2025, the United States and Hong Kong have been racing to advance stablecoin legislation, sparking a global surge in legislation related to stablecoins and crypto assets (also known as "cryptocurrencies" or "virtual currencies"). Numerous institutions and capital are flocking to issue stablecoins and invest in crypto assets, leading to heated debate about whether China should fully promote stablecoin legislation and the development of RMB stablecoins (including offshore ones). Furthermore, after the US legislation prohibiting the Federal Reserve from issuing a digital dollar, the question of whether China should continue to promote the digital RMB has become a hot topic of discussion.

For China, this involves the direction and path of national monetary development...