Research

Every number, traced back to the chain.

On-chain research and dashboard reviews. Sourced from primary indexers, cross-checked against a second source, and published with the method attached — so you can check the work rather than take our word for it.

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Chain Fees

Blockchain fee review: Solana leads today, but BSC's monthly ranking is stronger

Pick a time window and you pick a ranking. BSC trails Ethereum on today's fees by nearly half, yet beats it over thirty days. Base's fees halved last week. Fees tell you what users spent on execution, not why, and not who profits.

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DEX Volume

DEX volume review: Solana leads the sample while Base gains weekly momentum

Solana still trades the most. But across these four chains, weekly DEX volume fell 7%, and Base was the only one to grow, taking share from everyone else. Scale and direction are two different findings.

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Chain TVL

Blockchain TVL review: Ethereum leads, but Base has stronger monthly growth

Ethereum holds nearly three times as much DeFi capital as the next three chains combined. Base grew fastest last month. Both are true, and they answer different questions: who is biggest, and who is moving fastest. And all four fell on the day of the snapshot.

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Stablecoins

Stablecoin supply review: modest market growth hides diverging issuer trends

Total stablecoin supply rose $1.38B this week, under half a percent. Underneath, USDC shrank, USDS sped up, and USDe's monthly surge had almost stopped. Most of the week's growth didn't even come from the four biggest names. A rising total is not universal expansion.

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Tokenized Markets

Tokenized stocks compared: Robinhood Stock Tokens, xStocks and Ondo Stocks

All three track familiar share prices. None of them is a share. Each is a claim on a different offshore issuer, with its own backing, its own rules for getting out, and its own market. Compare what the token is and how you exit it before comparing anything else.

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Bridge Flows

Blockchain bridge flow review: Solana's positive day masks a negative week

Bridge dashboards show money arriving. The useful part is how much of it stays, and whether one good day sits inside a bad week. On this snapshot, Solana took in $65M and kept $1.3M, and its week was negative. Hyperliquid's record day followed six days of outflows.

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Tokenized Markets

RWA crypto review: issued value and actual use are different stories

Tokenized stocks grew 8% in value last month. Over the same month, transfer volume fell 65% and active addresses fell 76%. Scale and use moved in opposite directions. Explaining why needs more data; what the split shows already is that 'how much exists' and 'how much is used' are separate questions.

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On-chain Users

Active address review: high wallet activity does not establish human adoption

Tron and Solana each report around 3.5 million active addresses a day, ten times Base. But an address isn't a person: bots run thousands, one trader can run dozens, and one exchange wallet can stand for millions of customers. Counting addresses measures accounts in motion, not adoption.

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Application Revenue

Application revenue review: Solana leads as daily and weekly rankings diverge

Apps on Solana kept more money than apps on any other chain in every window: 44% of today's total across these five chains. Base beat BSC today, but BSC is ahead over the week and month. Revenue shows who earned, not whether it will last.

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Tokenized Markets

Robinhood Chain's first 60 days: real traction, incomplete transparency

Robinhood Chain's Stock Token market reached $50.57M of onchain value and 68.5K holder addresses in its first 60 days. The stronger signal is the chain's stablecoin-led capital base; the weaker signal is that its active-asset count is not yet reconciled across public sources.

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Token Supply Dynamics

Ethereum activity expanded while network fee burn collapsed

Between January 2025 and July 2026, Ethereum L1 monthly transactions rose 111% while monthly USD fee burn contracted 97%. The relationship between activity and burn did not weaken gradually — and one month in the series breaks it further than capacity expansion accounts for.

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Derivatives

Open interest review: Hyperliquid holds the largest share of outstanding exposure

Open interest is the value of derivatives positions still open, not how much was traded. About $59 of every $100 sits on Hyperliquid. That makes one venue matter far more than the rest for this market.

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