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DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory
In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?
by Byron Gilliam /
Some systems improve by failing — and crypto has no choice
by Byron Gilliam /
Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity
by Marc Arjoon /
Maybe tokenholders don’t need the rights that corporate shareholders have come to expect
by Byron Gilliam /
Key metrics
ETH/BTC Ratio
DeFi TVL
Fear and Greed Index
Federal Reserve Balance Sheet
Breaking headlines across our core coverage categories.
Will mega-unicorns collectively earn the trillions of dollars of revenue required to justify their valuations?
by Byron Gilliam /
2025 saw a huge compression in the valuation of new tokens, with the steepest losses in infrastructure and gaming
by Shaunda Devens /
The platform turns to onchain rails for Solana assets while crypto M&A and fundraising surge to cycle highs
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
Neutrl is a synthetic dollar protocol designed to monetize structural inefficiencies in crypto markets, with a particular focus on hedged OTC token arbitrage. By pairing discounted locked-token purchases with delta-neutral hedging, the protocol offers yields that are less dependent on funding rate cycles than traditional cash and carry strategies. Early traction has been strong, with TVL growing from $120M to $210M following the removal of deposit caps, while sNUSD currently yields materially more than competing yield-bearing stablecoins. The key question for Neutrl is scalability: whether access to high-quality OTC deal flow and disciplined liquidity management can support continued TVL growth without compressing returns.
by Kunal Doshi /
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 /