This is the right framing.
On-chain metrics aren’t alpha by themselves – they’re accounting inputs. Fees ≠ revenue, TVL ≠ usage, DAA ≠ users.
The mistake most users make is picking one metric and building a narrative around it.
The edge comes from relationships between metrics:
• revenue vs fees
• volume vs TVL
• DAA vs actual cash flows
• unlocks vs real demand
Treat on-chain data like financial statements: cross-check, normalize, and assume someone is gaming it.
Metrics don’t lie, interpretations do.
https://twitter.com/stacy_muur/status/2003786745138106717

Twitter

Introduction Market Overview In 2025, stablecoins and DAT expanded in both scale and application scenarios, beginning to directly connect with traditional finance at the boundary level. The total market capitalization of stablecoins once exceeded $230 billion, with an annual on-chain settlement scale of approximately $1.5 trillion. Supported by legislation such as the GENIUS Act, they gradually solidified as the underlying settlement layer for cross-border payments and on-chain finance. The DAT model, through compliant equity or fund vehicles, provided traditional institutional investors with a standardized path to access crypto asset exposure, with its holdings of BTC and ETH assets having a high market value...

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Author: Xiaobing, TechFlow TechFlow
Original title: Even Satoshi Nakamoto had to kowtow to the God of Wealth.
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Every year on the fifth day of the first lunar month, Xiaobing gets up very early to go to the Temple of the First God of Wealth in the World at Beigaofeng in Hangzhou.
I thought I was going to be squeezed in with all the aunties and uncles, but when I got there, I found that everyone kneeling in the smoke was someone I knew.
On the left is a well-known gossip KOL, on the right is someone from a gambling community, and there are a few others who are always talking nonsense...

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What's Next for DeFi in 2026?

We've revealed the key trends to watch next year.

Last year, DL News attempted to predict three major DeFi trends for 2025.

We predicted that traditional finance would enter DeFi at an unprecedented pace, more protocols would launch their own blockchains, and fintech companies would massively integrate DeFi into their products.

Our predictions have proven quite accurate.

In 2025, we'll see banks issuing stablecoins, asset management firms allocating billions of dollars to DeFi lending protocols...