DeFiWarhol

This is an important metric people are not talking about much – DEX-to-CEX trading ratio.
DEX share climbed 3% → 13% through 2025, then slid to 10% by Apr‑26 — CEX back to a 90% super‑majority (first time since Oct 25).
• Jan 25: CEX 97% / DEX 3%.
• Peak DEX share: 13% in Nov 25 / Dec 25 / Jan 26.
• Apr 26: CEX 90% / DEX 10% – first month ≥90% CEX since Oct‑25.
• CEX absolute volume: Aug 25 peak $9.2T → Apr 26 $4.4T (broad decline).
• DEX absolute volume: Nov 25 peak $1.1T → Apr 26 $0.5T (also down ~50%).
• Jan 26 → Apr 26:
> DEX $0.8T → $0.5T (~‑38%);
> CEX $5.1T → $4.4T (~‑14%).
I read this

Very interesting btw:
Perps -10% QoQ to $12.7T while spot collapsed -39.1%
Some insights from the @coingecko study ↓
• Top 10 Perp CEXes: $12.7T in Q2 2026, down -10.0% QoQ from $14.1T in Q1 2026
• Monthly Top-10 perp volumes (Jan→Jun): $4.9T, $4.7T, $4.4T, $4.3T, $4.0T, $4.4T – every month > $4.0T; May hit the H1 low at $4.0T
• Spot CEX volume fell -39.1% QoQ over the same period
Here's the why:
Perps are churn- and leverage-driven (plus emerging RWA-perp demand), so they retain activity when spot capital inflows dry up.
Spot reflects conviction and exits faster.
The May trough (BTC < $60k) f

This is crazy.
Mastercard's crypto card volume has fallen by 50% so far in 2026.
It's fair to say Visa has officially won the neobank battle.

Robinhood trenches lately

I never made peace with how easily crypto projects can leave token holders behind.
By the time MVMT Labs filed Chapter 11 on July 15, most of the operating business had already moved elsewhere.
Here’s how it unfolded:
→ MVMT sent its remaining IP and contracts to the Foundation
→ Its team moved to Move Industries in a $1.2M deal
→ MVMT gave up its MOVE distribution rights and agreed to wind down
→ It filed for bankruptcy with ~$60K and no operating business
→ Move Industries is now listed as an MVMT creditor
→ A Foundation subsidiary offered up to $5.7M to fund the case
The ~39.5K wallets stil

Tokenomics in 2020 vs 2026.
In case you're wondering why all your alts are going to zero.

Tier List of Countries to Launch a Fintech Startup
S Tier
🇦🇪 UAE: Corporate tax is 0–9%, including 0% on qualifying free-zone income. Strong banking rails, crypto infrastructure and investor access.
🇸🇬 Singapore: Corporate tax is 17%, with exemptions for qualifying startups. Excellent banking, clear regulation and strong access to top Asian investors.
🇬🇧 United Kingdom: Corporate tax is 19–25% (depending on profits). World-class banking, fintech talent and funding.
🇨🇭 Switzerland: Corporate tax is roughly 11.7–20.5%. Top-tier banking, mature crypto regulation.
A Tier
🇭🇰 Hong Kong: Co

Privacy in crypto keeps evolving constantly.
Quick rundown of what happened in crypto privacy over the last 7 days
↓
@iEx_ec: Opened the WTF hackathon for privacy-first apps built with Nox. Integrated dstack from Phala Network into Nox's Chain of Trust.
@Arcium: Processed over 2M encrypted computations.
@MidnightNtwrk: Launched several hackathons and builder programs to onboard privacy-first devs.
@nillion: Closed the Operator Guild submissions.
@PhalaNetwork: Launched their Foundation account on X.
@fhenix: Partnered with SedonaFi to bring CoFHE encrypted banking to Arbitrum (hidden balances,

Tbh there are a lot of very positive and bullish signals this week.
1️⃣ T. Rowe Price ($1.9 trillion asset manager) launched first actively managed multi-token crypto ETF
The name is TKNZ on NYSE Arca.
Initial allocations include 40.75% Bitcoin, 18.42% Ethereum, 11.01% BNB, 9.44% SOL, 9.37% XRP, and 6.45% HYPE, with a 0.75% management fee.
This could drive capital into diversified crypto exposure.
2️⃣ The DTCC ran a day-long pilot on July 15 with 25+ major institutions, including JPMorgan, Goldman Sachs, BlackRock, and Vanguard. It successfully tokenized equities, Treasuries, and ETFs on block

Last time we were below the rainbow chart in March 2023.
Back then, $BTC was at $16K.

I literally feel like it’s easier to breathe

Perp DEXs are the fastest-growing sector in Web3.
They accounted for less than 2% of total crypto perpetual volume in early 2023, but by 2026, that share climbed above 10%, according to @TheBlockCo.
I think one of the biggest reasons is the low barrier to entry.
Perp trading is nowhere near as complicated as options or other TradFi instruments. You deposit USDC or USDT, pick your leverage, choose long or short, and you're in. That's it.
There are also technical improvements like faster execution, cross-margin accounts, deeper liquidity, and better interfaces.
Which is cool and all, but I think

Got a new crypto card on my watchlist for testing, it's @JAM_Card_X.
TL;DR: It's a self-custodial all-in-one platform for storing, swapping, and spending your crypto seamlessly through Apple Pay & Google Pay.
Most interesting perks I've found:
- $500K daily transaction limit (far above average)
- Gasless USDT transfers
- Embedded multi-chain swaps
- Embedded P2P platform
Will test it out for a couple of weeks and report back.
It's fully live, so you can also download the app, get your JAM card, and start spending here: