MARKETS DAILY HOLIDAYS: DeFi?
On today’s holiday episode, we’ll define and demystify the blockchain term “DeFi.”

On today’s holiday episode, we’ll define and demystify the blockchain term “DeFi.”
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State of the Blockchain 2025

L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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Bitcoin continues to slip against gold, testing the 'safe haven' trade

Gold is rallying on rate cut expectations and geopolitical risk, while bitcoin has struggled to hold key psychological levels and remains sensitive to the same forces that tend to hit equities and other risk assets.
What to know:
- Gold is experiencing significant gains, driven by rate cut expectations and geopolitical risks, while bitcoin struggles to maintain key levels.
- Bitcoin's performance is hindered by market positioning and macroeconomic factors, contrasting with gold's role as a reserve asset.
- Gold-backed ETFs have seen consistent growth, with major banks forecasting further price increases in the coming years.











