Okay, let's be real: farming rewards on perpetual DEXs is getting out of hand. 💀
When comparing 24 hour trading volume to open interest, several platforms show extreme imbalances:
- Lighter: 4.98x
- Grvt: 5.5x
- EdgeX: 7.3x
- Apex: 35x
- Extended: 138x
After TGE, as farmers move on, we'll see how many real users actually stick around. And after countless perp DEX launches, we'll see a shift back to quality venues - only a few will truly make it.

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In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

Messari released "The Crypto Theses 2026," a report that predicts future trends in public blockchains, DeFi, AI, DePIN, and TradFi. From Messari's perspective, 2026 will be a pivotal year for cryptocurrencies, marking a shift from "speculative" to "system-level integration."

Author: Messari
Compiled/Translated by: ODIG Invest
Messari Releases "The Crypto Theses 2026"...