Blockworks Research

Blockworks Research

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The best research, data, and governance insights all in one place.

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Blockworks Research

Hyperliquid's new 2025 listings generated $125B in volume -- or $62.5M in revenue (assuming 5bps fee tiers). Median Volume is $1.31B. With the HF potentially outsourcing all new listings post HIP-3, this creates a massive market opportunity. Hyperliquid

Blockworks Research

NEW: Now tracking crypto purchases by treasury companies to simplify monitoring flows into these vehicles. This data complements the existing NAV charts, which include price fluctuations of the crypto assets held.

Blockworks Research

1/ Either HYPE is still cheap, or most L1s are overvalued. Hyperliquid is the leading chain by revenue, generating $28M weekly over the last two weeks and nearly $100M in the past 30 days. Moreover, the data shows Hyperliquid is capturing significant market share from CEXs. 🧵

Blockworks Research

1/ @KaitoAI has quietly built one of the few proven revenue engines in Crypto x AI. With a proprietary dataset powering leaderboards, discovery tools & new financial primitives, it’s carving out a strong moat. We break down its growth, catalysts & valuation:

Blockworks Research

1/ Ethereum’s rollup vision ≠ today’s reality. External bridges handle most flows, ~2/3 of value sits outside ETH’s guarantees, and security councils can still flip the switch. Why is this happening, and what can be done to fix it?

Blockworks Research

1/ Money markets sit at the core of DeFi's capital stack, surpassing $120B in deposits and approaching $50B in outstanding loans. We analyzed the competitive dynamics of the lending landscape, focusing on the top 8 money markets. This is what we found... 🧵

Blockworks Research

1/ With Hyperliquid’s 31% airdrop setting a precedent for community ethos, we expect ecosystem projects to follow with their own distributions. We break down why @felixprotocol and @HyperLendx offer some of the clearest risk-adjusted ways to capture HyperEVM upside:

Blockworks Research

1/ @ethena_labs, @pendle_fi, & @aave together form one of the fastest growing dynamics within DeFi. Top of the funnel to this dynamic, the USDe supply has grown over 100% this past month, crossing $11.4B 🧵

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