DefiLlama Research

That token buyback path we flagged for Fake World Assets in this article activated four days after publishing. Daily fees are down 98% from their peak, yesterday earning ~$30k, and holder revenue is now 80.4% of FWA fees (~$340k/~$424k). Since launching, FWA has earned $10.26M worth of fees, $2.83M in revenue, and distributed $651K to holders. The Gamified Mining category (including FWA) generated another ~$5M in fees and ~$3M in revenue since July 31, down 33.2% and 13.2% week-over-week, respectively. To date, the category has generated $106M in fees and $78M worth of revenue.

A few weeks ago, we asked whether Hyperliquid's HIP-3 could bring in new RWA traders. The answer was yes: 169K wallets, 31.7% of new Hyperliquid users between January and June '26, made their first trade on an RWA market. But did they stick around? We found that RWA-first traders are ~38% less active than the usual cohort of weekly active wallets; 47.4% traded exactly once and never returned. What's more interesting is that 81% of wallets on either side never cross into the other market. Those that did (Other-first) make up 30%-40% of RWA markets' active wallets across nearly every activity bucket. 🌐 Find out what came next for those new users and what the second half of the story looks like.

The EU's MiCA created demand for euro stablecoins through a two-stage purge. It began with a June 2024 issuer licensing requirement and, more recently, the July 2026 CASP deadline, which concentrated nearly all euro stablecoin activity into 9 regulator-approved tokens. Euro stablecoin growth fired back up following July 2024's Title IV e-money-token issuer regime effective date, effectively growing the market cap by 217% since. It was a bumpy road to 2026, one where Tether discontinued its EURT, and Coinbase restricted all non-compliant stablecoins for its EEA entities. Enter 2026: H1 began showing positive growth but ultimately ended flat. Then the July 1 CASP transitional authorization window closed, which governs which exchanges can operate EU-wide. The regulatory battle was over, mostly, and growth quickly resumed. Since that July 1 deadline, the EUR-pegged stablecoin market cap has already grown 15%. Today, $807M (97.9%) of the $825M EUR-pegged stablecoin market cap is MiCA-authorized. The top two, EURC and EURCV, represent 85.2% of that. Still, this market represents just 0.27% of the global stablecoin market cap: 74% sits on Ethereum, 7.9% on Base, and 7.5% on Solana. The European Central Bank's Christine Lagarde finds that demand for euro stablecoins is "far weaker than it appears," and, so far, the regulator is against granting private euro stablecoin issuers access to ECB liquidity facilities. That hasn't stopped Qivalis and its 37-bank consortium (incl. BNP Paribas, ING, UniCredit, & BBVA) from pursuing its own MiCA-compliant euro stablecoin. Far ahead of the ECB's own digital euro efforts, Qivalis is targeting an H2 2026 launch. The demand is clearly there, and it's in the DefiLlama data. 🌐 Keep a close eye on the euro stablecoin market here.

"Identify sources of growth, protocol-owned liquidity, and ecosystem activity." We did just that by asking LlamaAI to review the new THORChain dashboard. Some highlights: → 30d volume: $761.66M, averaging $25.39M a day → 30d swaps: 1.85M, averaging 61.8K a day → Lifetime: $124.36B across 76.45M swaps and 1.11M wallets → Lifetime fees: $173.39M ($161.66M went out to suppliers, affiliate fees are 28% of lifetime gross protocol revenue) → TVL: $55.18M across 41 pools and 13 chains (BTC and ETH together account for roughly 78% of liquidity by chain) → 95 active nodes run by 51 operators ($38.77M/90.06M RUNE bonded) There is plenty more to uncover, including income statements (table & Sankey flows), tokenomics & unlock schedules, and a direct link to the protocol. 🌐 Find the new THORChain dashboard here.

Introducing a comprehensive, fully integrated dashboard highlighting THORChain fundamentals: revenue engines, liquidity depth, activity and token data. This dashboard can be used to identify sources of growth, protocol-owned liquidity, and ecosystem activity. Find it here.

Money, unfortunately, still moves at the speed of bureaucracy in most of the world. We spoke with Wei Zhou, CEO of Coins.ph, the Philippines' largest regulated crypto exchange, about his "T+0 plus zero" approach to get settlement times & fees as close to zero as they can go. Highlights: → USDT has become a backdoor dollar account for half the world → Capital fleeing a weakening currency doesn't help adoption; volume flow is as critical as the licenses needed → Corridor by corridor, a peso stablecoin is coming, with the exchange now testing in a regulatory sandbox and targeting a year-end launch 🌐 More in this interview.

Where is the best place to trade crypto in 2026? What is onchain gacha? Which launchpad should I use? Who's building privacy for institutions? 🌐 Find these answers and more in the latest edition of Research Notes.

Cash or stock? Unlike other tokenized stock platforms that reinvest eligible dividends into a token's exposure, Bitget's rTokens distribute stablecoins directly to your wallet, just like a traditional brokerage. Five of the top 10 rTokens by trading volume pay dividends this way, just a few of the 500+ rTokens issued through Bitget's regulated RWA issuance platform Reality Protocol. Here's what a payout might look like today: → rCSCO (Cisco): At $121.50/share, $1,000 buys 8.23 rCSCO tokens; Cisco declared a $0.42/share dividend; ex-div/record date July 6, 2026, paid July 22, 2026; 💵 payout = $3.46 USDT → rNVDA (NVIDIA): At $219.22/share, $1,000 buys 4.56 rNVDA tokens; NVIDIA's newly raised dividend is $0.25/share; ex-div/record date June 4, 2026, paid June 26, 2026; 💵 payout = $1.14 → rPFE (Pfizer): At $25.81/share, $1,000 buys 38.74 rPFE tokens; Pfizer declared its Q3 2026 dividend at $0.43/share; ex-div/record date July 24, 2026, paid September 1, 2026; 💵 payout = $16.66 USDT How does Bitget's $2B tokenized-equity stack work? We compare rTokens vs Stock+ on custody, dividends, and liquidity depth here.

Introducing the DefiLlama Market Maker Performance Index Leaderboard, built with Forgd. 40+ institutional liquidity providers graded by: → Depth → Volume → Spread → KPI adherence → Uptime & exchange coverage Traders and token issuers can access transparent data in the most comprehensive dashboard of its kind. Find the new Market Maker Leaderboard here.

Tokenization brings options that didn't exist a year ago. Bitget Stocks 2.0 gives both institutional and retail traders a choice: would you like the classic Stock+ experience, or DeFi with your Reality rToken stock? 🌐 More on Bitget Stocks in this new report.

Introducing the DefiLlama App. LlamaAI is now in your pocket. Create custom financial charts, dashboards, and analysis from a single prompt. App users get extra free queries. iOS + Android out now (beware of fake apps).

The physical collectibles scene is back, and it's all grown up. Analysts value the this market anywhere from $10 billion to $20 billion for the US alone, to $30B globally in 2025, growing toward $54B by 2033. It was only natural that physical collectibles would end up onchain, gamified, gacha-style. Onchain gacha, aka spinning a randomized "pull" for a chance at a valuable asset, with an instant buyback if you don't want it, has become one of the fastest-growing consumer verticals in crypto this year, and has generated a combined $33.95M in fees over the trailing 30 days across two distinct DefiLlama categories. This is not one market, and the nuance between Physical TCG protocols and Gamified Mining is important to clarify. Ultimately, what separates them is how much money they earn and keep. 🌐 Find out more about the onchain gacha landscape here.

Research Notes #2 just went out. Inside: → Testing Hylo's xSOL → Deep Cuts: comparing six tranching protocols vs. 151 exploits. → Notes from the field and this week's news, condensed. → Tools for Llamas: the new RWA dashboard. 🗞 Read it here.

xSOL from Hylo touts 'no liquidation, no funding rate' for 3x SOL exposure. Both are true, but who pays when the pool comes up short? 🌐 New research breaks down how xSOL's supply grew 28x as it lost nearly all its value, and what a recovery would take.