Nansen Research

Fluid: An Update on Usage, Architecture, and Roadmap - Fluid has emerged as the number two DEX on Ethereum by volume, with over $79B in cumulative trading and ~$19B in protocol fees generated, while continuing to grow TVL across chains. - Key catalysts going for it include the launch of DEX Lite (introducing onchain credit primitives), Jupiter Lend on Solana, and broader multichain expansion with new collateral integrations. Checkout the full report below: https://research.nansen.ai/articles/fluid-an-update-on-usage-architecture-and-roadmap#dex-volumes-and-market-share

Ethena: Stablecoin Velocity Accelerates with Market Momentum - USDe has rapidly ascended to become the third-largest stablecoin by market share with over $8.5B USDE supply and vanilla rates being ~11% on sUSDe at the time of writing. - Through the GENIUS Act and its partnership with Anchorage, it is also is paving the way for compliant stablecoins that can be used within the U.S. Checkout the full report below: https://research.nansen.ai/articles/ethena-stablecoin-velocity-accelerates-with-market-momentum

Nunchi - Perpetuals DEX for Yield Key takeaways 👇 Nunchi introduces perp contracts for trading interest rates and yield spreads, enabling hedging and speculation on DeFi-native income streams without touching underlying assets. Its hybrid architecture, yield-aware funding, and risk-tiered collateral system mark a shift from price-centric perp DEXs to a yield-centric framework tailored for DAOs, LPs, and treasuries. 🔴 Nunchi is still in early access and invite only. https://research.nansen.ai/articles/nunchi-perpetuals-dex-for-yield

Liminal: Capturing Real Yield via Funding Rate Arbitrage - Liminal is a yield protocol that unlocks double-digit APY on USDC by harvesting perpetual funding fees through automated, delta-neutral strategies on Hyperliquid. Checkout the full report below: https://research.nansen.ai/articles/liminal-capturing-real-yield-via-funding-rate-arbitrage

The Pump.Fun ICO - Pump.fun raised $500M in 12 minutes, but 60% went to whales, sparking fairness concerns. - Early traders made massive profits, while the token since then faced increase in sell pressure. https://research.nansen.ai/articles/the-pump-fun-ico

Real Yield Strategies: ETH and Stablecoin Opportunities - Stablecoin yields are back up alongside the markets and there are a variety of passive and actively managed strategies earning double digit yields Checkout the full report below: https://research.nansen.ai/articles/real-yield-strategies-eth-and-stablecoin-opportunities

Bitcoin Balance Sheets: From Fringe Reserve to Strategic Asset Key takeaways: Holding Bitcoin isn't enough, investors reward strategic coherence and narrative clarity, as seen by MicroStrategy's premium. The rise of off-chain exposure through ETFs and equity proxies signals a fundamental shift, with investors preferring regulated financial instruments over direct Bitcoin holdings. https://research.nansen.ai/articles/bitcoin-balance-sheets-from-fringe-reserve-to-strategic-asset

Ether.fi: Turning Onchain Assets into Real-World Spending Power Key Takeaway: Ether.fi is building a crypto neobank, letting users spend onchain assets via a Visa card, all without giving up yield or custody. Full Report: https://research.nansen.ai/articles/ether-fi-turning-onchain-assets-into-real-world-spending-power

Pendle: Expanding the Frontier of DeFi Yield Trading Key takeaway: - Monthly protocol revenues continue to grind higher alongside TVL re-claiming the $5B mark as trading and LP activity increase on the platform. With the Boros upgrade on the horizon, combined with its new market listings and integrations with other protocols like Morpho and Silo Finance, Pendle continues to show positive developments in its fundamentals. Full Report: https://research.nansen.ai/articles/pendle-expanding-the-frontier-of-de-fi-yield-trading

Maple Finance: Bridging the Gap of TradFi and Onchain Markets? Key Takeaways: - Maple Finance is up over 3x YTD and has significantly increased assets under management (AUM) and active loans, with strategic partnerships and robust fee growth, it is establishing itself as a pivotal player in onchain lending markets. - The integration of syrupUSDC and strategic expansions into Solana and traditional finance partnerships highlight Maple's proactive approach in leveraging onchain markets for scalable growth in the lending space. Checkout the full report: https://research.nansen.ai/articles/maple-finance-bridging-the-gap-of-trad-fi-and-onchain-markets

Kamino Finance: Powering the Next Wave of Onchain Lending? - Kamino Finance has rebounded strongly in Q2 2025, hitting ~$2.5B TVL with rapid adoption of its new V2 lending architecture and institutional products like syrupUSDC and ACRED. - The KMNO token faces inflation risk from ongoing unlocks, but its fees and revenue generated continue to be up only. Much of this can be tracked using Token God Mode and smart alerts. - Kamino is well-positioned as a base layer lending market benefiting from it's modular markets, RWA integrations, and composable DeFi primitives. Checkout the full report below: https://research.nansen.ai/articles/kamino-finance-powering-the-next-wave-of-onchain-lending

Market Update: Of Policy Risk & Staking Going Mainstream - Overall, the US macro is holding up, but is vulnerable to another bout of policy uncertainty (fiscal and/ or trade). If our downside risk scenario materializes, BTC might not hold its 99.5 support. - In our main scenario of muddle-through in the US - China negotiation, and watering down of the section 899 of the “Big Beautiful Bill”, BTC will probably retest its all-time-high, driven by positive regulatory momentum. - Staking currencies with the largest pool of assets are likely to benefit from the latest SEC guidance on staking and so are ETF manufacturers. https://research.nansen.ai/ar

$RESOLV - Register for Airdrop Now! - $RESOLV token launch has finally been scheduled - Even if you have points, additional registration until 16 May needed in order to receive the airdrop - Tokenomics and choices of airdrop design may yet lead to positive (short-term) outcome despite the FUD https://research.nansen.ai/articles/resolv-register-for-airdrop-now

Hyperliquid Ecosystem Update - Hyperliquid’s flywheel is accelerating alongside growing volumes and TVL, making HYPE an exciting ecosystem as protocol revenues are up only leading to constant multimillion dollar buybacks. With HYPE recovering over 2x off the April bottom, we feel it remains one of the strongest movers today. - Major upgrades went live including a revamped fee/staking model and Ethena’s USDe deployment are positioning HYPE for deeper utility and growing traction of the HyperEVM eco. - One of the most exciting catalysts to look forward to is HIP-3 which introduces permissionless perp listings and a multitude of UX unlocks including new collateral types, sector-specific trading and capturing the long tail of perp markets. https://research.nansen.ai/articles/hyperliquid-ecosystem-update

Pre-FOMC Market Update - Market scenario pricing has shifted more optimistic - FOMC this week: three rate cuts priced by rate markets (on hold this week), no significant effect on crypto expected - Technicals favor BTC over equities https://research.nansen.ai/articles/pre-fomc-market-update

Macro and Market Update: What now? Three subjective scenarios going forward: - 55% "Wall-of-worry climbing" where BTC revisits and crosses above all-time-highs - 30% China-US negotiations drag on further, impacting the macro: BTC range-bound with some bouts of volatility - 15% Full trade war, global recession: BTC double-digit drawdown https://research.nansen.ai/articles/macro-and-market-update-what-now

Ethereum’s Pectra Upgrade - What To Expect - Ethereum’s Pectra upgrade, set for May 2025, focuses on scalability, usability, and validator efficiency. - Pectra doubles blob data capacity per block, lowering Layer-2 costs and boosting throughput. - EIP-7702 introduces temporary smart contract functionality to regular wallets for enhanced UX. https://research.nansen.ai/articles/ethereums-pectra-upgrade-what-to-expect

Stablecoin Growth: Where do We Go From Here? - A deep dive into current stablecoin trends and subjective opinions on how to approach the adoption trend as a trader across farming and other liquid plays. https://research.nansen.ai/articles/stablecoin-growth-where-do-we-go-from-here

Potential Winners Under The STABLE Act - The STABLE Act mandates full-reserve, non-interest-bearing stablecoins issued only by licensed entities, favoring compliant players like Coinbase, PayPal, and Visa while sidelining decentralized and yield-bearing tokens. - Stablecoin activity remains concentrated in USDT and USDC on Ethereum, with increasing flows through CEXs and major DeFi apps despite potential regulatory shifts. - The winners, in case the STABLE act goes through, will be a lot of non-obvious players that are more in the background. https://research.nansen.ai/articles/potential-winners-under-the-stable-act

Loopscale: A New Primitive for Leveraged Yield on Solana? - Loopscale is a newly launched order book–based lending protocol on Solana offering a range of yield-generating products. Users can earn variable yields between approximately 3% and 22% APR on stablecoins through different strategies, each with its own risk profile. In addition to the attractive yields, an active points program is live, giving early users access to boosted multipliers and potential future rewards. - It is built around fixed-rate, fixed-duration lending markets. It allows users to earn or borrow against a wide range of collateral including LSTs, LP tokens, and volatile assets, with risk isolated to each position. Just days after launch, it has already attracted over $40 million in TVL, signaling strong early adoption. https://research.nansen.ai/articles/loopscale-a-new-primitive-for-leveraged-yield-on-solana