Contents
1. On-Chain
1.1. Active Users
1.2. Chain TVL
1.3. Protocol TVL
1.4. Stablecoins
1.5. Bridge Activity
1.6. Protocol Fees
1.7. DEX Activity
2. Price Action
2.1. Returns by Timezone
3. Derivatives
2.1. Perps Futures Basis
3.2. BTC and ETH Put/Call Ratio
3.3. IV
3.4. RV
3.5. IV-RV
3.6. IV Term Structure
3.7. ETH-BTC IV Spread
Summary
The top 3 chains in active users remained the same for the 8th consecutive month, showing notable dominance, and yet again it was Tron that led the metric (Figure 1.1)
Chain TVL change was mixed across metrics as most coins chopped around throughout December. However, Sonic and Aptos stood out with notable reductions in TVL even in native coin terms (Figure 1.2c).
With $2.5B of stablecoin value increase, Tron led another adoption metric last month, but Berachain’s 18% increase was noteworthy given its recent performance (Figure 1.4).
Asia remained the most bullish as it led the timezones in daily average returns for both BTC and ETH (Figure 2.1).
In options markets, Implied Vols drifted lower across all tenors for both BTC and ETH, with 7d IV showing significant compression as it dipped below 35 and 50 respectively (Figure 3.3).
