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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Coinbase says three areas will dominate the crypto market in 2026

Coinbase Institutional says shifting market structure, not hype cycles, will shape crypto trading and adoption in 2026 as activity concentrates in a few key areas.
What to know:
- Coinbase Institutional argues that the crypto market’s behavior is being reshaped by structural forces rather than traditional boom-and-bust cycles.
- The firm highlights several fast-growing areas where activity is accelerating despite tighter financial conditions.
- Coinbase believes these shifts could define how crypto markets function in 2026 and beyond.











