Ethena's USDe stablecoin saw total value locked decline from $14.8 billion in October to $7.6 billion, a contraction exceeding 50%. The drawdown occurred as annual percentage yields compressed to approximately 5.1%, falling below the 5.4% cost of borrowing USDC on Aave. The shift triggered unwinding of leveraged carry-trade positions that had previously driven growth.

Bitcoin transaction fees have dropped to their lowest level in 12 months, generating approximately $300,000 daily for miners. This represents less than 1% of total miner income, with the 3.125 BTC block subsidy contributing around $45 million per day. The figures highlight the network's current reliance on inflation-based rewards rather than transaction fees.

Pump.fun launched Mayhem Mode as an optional feature deploying an AI agent to trade newly created tokens during their first 24 hours. Daily token launches averaged 17,800 after the feature's debut, compared to 17,300 in the preceding week. Platform revenue fell during the period despite the new mechanism.

Uniswap generated over $985 million in protocol fees from January through October 2025, averaging approximately $93 million monthly. The decentralized exchange protocol recently introduced a governance proposal implementing fee burns and protocol revenue capture mechanisms, according to The Block's Data and Insights newsletter analysis.

ZCash's shielded pool now accounts for 23% of total ZEC supply, up from 18% in October, according to The Block's Data and Insights newsletter. The growth reflects increased privacy adoption on the network. ZEC price climbed from around $400 in early November to $750, with trading volume on Coinbase reaching $345 million over 24 hours, surpassing Ethereum's $288 million.

Stablecoin issuers account for 60% to 75% of total daily revenue across major crypto protocol categories. Tether's CEO Paolo Ardoino stated the company is projected to generate $15 billion in profit this year with a 99% margin. Rising competition is prompting some issuers to explore new value-sharing models, with platforms like Coinbase offering 3.85% APY on USDC holdings.

Major cryptocurrency mining equities have posted triple-digit returns over the past 12 months, significantly surpassing Bitcoin's 65% gain during the same period. Riot Blockchain climbed 110% while Hut 8 Mining soared 211%. The sector's performance reflects strategic shifts toward AI infrastructure and high-performance computing revenue streams.

Hyperliquid and BNB Chain now account for more than 60% of total fees generated across major Layer 1 blockchains, while Solana's share has declined from over 50% earlier this year to 9%. The shift stems from reduced memecoin trading on Solana and growing derivatives activity on competing networks. Derivatives transactions generate significantly higher fees per trade than memecoin swaps, enabling platforms like Hyperliquid to capture over 40% of L1 fees despite lower user counts.