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A look back at 2025, reflections on our industry, and what it means for Blockworks in 2026
As Hyperliquid and Lighter battle for perps DEX dominance, Boros could capture the structural upside
Gold is having its best year since 1979, while many DeFi names are trading near multi-year lows
by Carlos /
Maple is outperforming peers on growth, yield, and revenue — while benefiting from limited supply overhang and clear value accrual
by Carlos /
Key metrics
ETH/BTC Ratio
DeFi TVL
Fear and Greed Index
Federal Reserve Balance Sheet
Breaking headlines across our core coverage categories.
Robinhood is pushing deeper into high-margin market design, joining competitors like Kalshi and DraftKings
by Kunal Doshi /
What Thomas Edison actually invented — and what it tells us about the future of crypto
by Byron Gilliam /
Meanwhile, recent acquisitions continue to neglect tokenholders
Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
Your favorite crypto and macro podcasts in one place.
0xResearch is the show for those who want to step up their game and think like a crypto analyst. We bring on crypto's best to uncover the latest research, explore protocol developments and identify new narratives. We are full-time crypto..
1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg. We bring on experts to dive deep into the macro and micro factors that represent the lifeblood of digital money and web3. As an..
Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best...
Empire features interviews with top crypto founders to get the real stories that aren’t shared elsewhere. Empire is your look behind the curtain of the crypto industry. We release two episodes per week: guest interviews on Monday and a weekly..
The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive..
Lightspeed is a podcast for those interested in how crypto can solve real problems and create products users love. It's a callback to the garage days of Silicon Valley, where builders pushed the limits of hardware and software to build..
Supply Shock explores the latest Bitcoin news with a deep historical perspective. Featuring in-depth interviews with industry experts, each episode connects current events to key moments in Bitcoin history, revealing patterns, lessons, and insights shaping the future of digital assets...
A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/..
Hivemind combines Delphi Digital’s brightest minds to cut through the crypto noise. Jose, Yan, Ceteris and Duncan explore everything from venture to token design, offering an unfiltered perspective on what shapes the industry. We cut through the hype to focus..
Insights you can't invest without.
Blockworks Research
As the year comes to an end, it’s a good time to reflect on the progress made in 2025 and how we’re positioned heading into 2026. This report outlines our key theses across each analyst's focus area, spanning capital formation, onchain spot trading platforms, prediction markets, DePIN, credit markets, perpetuals, and more.
by Carlos Gonzalez Campo /
Blockworks Research
Galaxy sits at the intersection of two defining cycles in crypto and AI. Digital Assets is Galaxy’s institutional crypto franchise, spanning trading, lending, and asset management and infrastructure solutions. Helios is the company’s contracted AI HPC data center buildout, positioning Galaxy for a multi year ramp in longer duration infrastructure cash flows. Treasury and Corporate is a volatile sleeve of crypto and venture exposures that can amplify earnings swings and complicate valuation. We view this mix as both the opportunity and the challenge. It creates a rare one ticker barbell on crypto activity and contracted AI infrastructure cash flows, but it also adds complexity that can obscure earnings and delay a clean sum of the parts rerating.
by Sam Schubert /
Blockworks Research
Perp DEX design has been a sequence of compromises: AMM perps preserved Ethereum composability but concentrated LP risk, hybrids regained CEX-like latency with onchain settlement, and specialized chains delivered fully onchain CLOB performance while isolating liquidity away from Ethereum’s $122B DeFi collateral. ZKsync Atlas is the next step, enabling sub-second proof finality and cross-domain margin so venues like Grvt and Lighter can access L1-native collateral without bridging, shifting the competitive axis from pure speed to unified liquidity.
by Shaunda Devens /
Blockworks Research
Daylight Energy (FKA React Energy), has secured $75M in new financing to accelerate deployment of distributed energy infrastructure, including $15M in equity and a $60M project development facility. This capital structure mirrors the protocol's design by separating growth capital from infrastructure financing. The company currently operates across a handful of US states including Illinois, Massachusetts, New York, New Jersey, and Pennsylvania, installing solar panels, batteries, and smart devices through Energy Subscriptions with no upfront cost to homeowners.
by Nick Carpinito /