1/ Blockworks just launched a dedicated investor relations portal for @BNBCHAIN One of the largest blockchain ecosystems in the world is setting a new standard for how chains communicate with investors. This is what institutional-grade transparency looks like for crypto.

Tune in for some great guest speakers.

NEW: We now track over 20 centralized exchanges in our revamped CEX dashboard, which includes both spot and futures activity.

1/ Market *signal* is emerging onchain: The implied yields of sUSDe on Pendle behave like a proper forward yield curve: revealing how the market expects funding rates, carry, and BTC itself to evolve before it happens. This is the emergence of an onchain term structure🧵

BIG NEWS. The Blockworks website has evolved: yesterday we were the home of news, today we are the home of onchain data. Head over to the site to see for yourself, but here's a little snippet of what you can expect: 1. Sector leaderboards (chains, DEXes, borrow lend, DATs, etc...) 2. Comprehensive data dashboards protocols 3. The ability to compare pricing and onchain data easily (coming soon) We're doing this because the industry still has a gigantic data problem. As investors get more sophisticated and fundamentals driven, basic high level facts are no longer sufficient. Investors need to be able to trust the data they are seeing and go much deeper than the surface level info that's available today. Additionally, because many data providers allow companies to essentially self report, you can't trust what you are seeing. This site is our contribution to fixing that problem and to ensuring clear, accurate data for investors. Blockworks is fully dedicated to becoming the most comprehensive data company in crypto in 2026. This is the first of many, many announcements like this this year, stay tuned.

We're excited to share our first paper on decentralized credit, published on Arxiv. It documents the shift from DAO-governed lending protocols to modular ERC-4626 vaults, and why that changes where risk actually lives in DeFi. (link for the report at the end)

1/ INTRODUCING LIGHTSPEED Our investor relations platform built with Solana. Now more than ever, institutions want to buy our tokens. But until now, we’ve made it tough. That changes today.

Massive shoutout to Strom for figuring this out, @rod_data and I stared into the abyss with this for so long Great analysis report, check it out

At the money spot liquidity is drying up on a lot of exchanges, back to pre-trump levels. By at the money liquidity, I mean money at the best bid and best ask, on average over the course of a day. This might imply MMs are moving limit orders OTM and increasing volatility.

What the...

This is some wild, wild... Wild. WILD. Shit. If nobody goes to jail over Ethereum and Solana DATs... well I won't be surprised, but I'll be disappointed. $BMNR

On every key metric Aave is hitting ATHs: - $3M in weekly revenue - $56B in total deposits Except for $AAVE price, which is 66% below the 2021 ATH and 39% down since last December. A clear signal on how lack of alt run affected even the most established DeFi protocol. Borrowing costs have decreased due to 1) deleveraged crypto market and 2) less demand for airdrop farming. Healthy market.