Tooling like @zashi_app and cross-chain rails like NEAR Intents are lowering friction and improving usability across @Zcash, as outlined in the latest report from @coinmetrics by @TanayVed.

From price dislocations to cascading liquidations, I unpacked Friday’s flash crash in the latest @coinmetrics SOTN. A perfect storm of macro triggers, excess leverage, and vanishing liquidity https://t.co/QhXeu793sJ

📣 New State of the Network - Tether’s Next Chapter: Extending Dominance Across Networks and Rails In @coinmetrics latest State of the Network, @TanayVed examines @Tether_to’s market position as it balances a dominant present with an increasingly competitive future. Key

The great USDT flippening

2/ But most of the value from USDC transaction activity flows to Coinbase (Base) & Ethereum/Solana validators via sequencing + fees. Helps explain the push for USDH (internalize reserve income), native USDC on @HyperliquidX, and Circle’s @arc L1 (capture tx based revenues).

1/ Who captures the value of $USDC? Circle earned ~$640M in Q2 income from reserves backing USDC supply with majority coming from: - Ethereum: 68% - Solana: 15% - Arbitrum: fastest growing (8% in hyperliquid bridge)

📣New Coin Metrics Vertical Analysis: Layer-1s In our latest research, @TanayVed, @HCDuschang, and the @coinmetrics team break down how Layer-1 (L1) blockchains power crypto - from their evolving architectures to usage and token value dynamics. Key Takeaways: - The evolution

the best CEXes are doing more onchain and the best DEXes are doing more offchain

@victoreram1 and I explore what this shift could mean for upcoming crypto exchange IPOs, and how to evaluate them in the latest SOTN 👇 https://t.co/wO04SBRYCY

$COIN used to move in sync with @coinbase exchange volumes. But that correlation is starting to weaken as Coinbase becomes more of an “everything exchange” Q1 2021: 96% of revenue from trading fees Q2 2025: 44% from subscriptions & services

📣 New State of the Network: The Flows Behind the Crypto Market’s Rise to $4T In @coinmetrics' latest State of the Network, @TanayVed breaks down the structural forces and capital flows fueling crypto’s surge toward a $4T market cap - anchored by institutional demand, regulatory

Oh so you like stablecoins? Name every USD-backed one Coinbase’s relationship with Circle and Circle’s fee-less redemptions are great drivers of adoption to look out for as we watch USDC grow across chains. Report should also help with $CRCL valuation models

JUST IN: Layer 1s Part 1 | OurNetwork #354 🦄 @ethereum | @TanayVed 🔺 @avax | @Haj1379 💧 @SuiNetwork | @biff_buster 🌐 @Aptos | @llcool_hay 🟢 @PlasmaFDN | @seouldatalabs 🏎️ @SeiNetwork | @SSaadmanM Link to read 🔽 https://t.co/XGRweIuBUm

Stablecoins are going to increasingly be viewed as a matter of strategic importance for the US and its debt situation. Govt is going to keep issuing shorter duration debt and stablecoins will play a growing role in absorbing that supply.

📣 New State of the Network: Q2 2025 Crypto Market Wrap-Up In @coinmetrics' latest State of the Network report, @TanayVed provides a data-driven review of Q2 2025, highlighting the trends, technologies, and macro shifts reshaping digital asset markets. Read the full report

Visualizing the flow of interest income from USDC to Circle and Coinbase: - $1.66B total interest income (2024) - $CRCL retained $768M in net income from USDC - $907M paid to $COIN as revenue share - $114M paid out in USDC rewards → $794M retained

📣 New State of the Network: Circle Goes Public: $CRCL Valuation & the Economics of $USDC In @Coinmetrics' latest State of the Network report, @TanayVed dives into @Circle’s explosive NYSE debut and its long-term prospects as a stablecoin powerhouse. Key takeaways: - Circle’s

sophisticated market participants

In the end, Alcaraz made Sinner his dinner. with these two, tennis fans going to eat for years to come. what an epic #FrenchOpen final.