ETHEUR
Ethereum / Euro
crypto Composite

Yup.
A friend actually bought ETH today. He asked me if the price is low enough, I said "it seems so, but be cautious" and he sent $10K to Binance.
As far as I'm concerned, he's not really participating in the system and might as well throw the money into a black hole.
I've been called a tinfoil hatter for this, when we literally saw FTX do it.

> the way it did in the past
It is a speculative asset right now. The DeFi made it easy to trade on Ethereum and the speculative capital has come first. Which means that in future ETH should be rising as fast as it is dumping right now.
In chemistry an ether is a highly volatile compound. The name fits quite right.

Sure, I don't plan to time bottoms.
I just have high confidence of ETH reaching ATH in the future, so my buy orders are spread all the way down to $1000 and then some trigger also on the way up to $3000.
I'm not buying over $3000

> perhaps the price of ETH won't rise again in the long term the way it did in the past.
Oh, it will. Might range a few days, weeks, months, or even a year or two, but it absolutely will.
We're not out of narratives, and ETH can and will generate insane hype.
Human greed is boundless, and Crypto is perfectly engineered to exploit this.

Just bought some ETH.

I know it hasn't been the case before, but perhaps the price of ETH won't rise again in the long term the way it did in the past. The years of hype are over, and Ethereum is evolving into a chain used for professional purposes, which implies less price volatility.
In any case, I wouldn't take it for granted that the price will reach the level seen last August again in the next years.

> ETH's real issue is that all the chains are in a race to the bottom regarding fees. The whole idea is that ETH will be financial infrastructure that investors can collect fees on top of, but when the fee structure collapses due to margin collapse coming from the competition promising even lower fees, that doesn't bode well.
There's a network effect so fees don't go to zero. The place we want to be is very high volume with very low fees per transaction. Since the fees per transaction are trivial for the user they won't move somewhere with a worse network effect to avoid them. This is where we're heading imho.

# Solana DeFi Overview
**Read the full report with charts and more strategies**[ **here**](https://open.substack.com/pub/0dotxyz/p/weekly-report-3?r=1nyijl&utm_campaign=post&utm_medium=web)
Week 21 largely followed the same trends as Week 20, with no major changes across the market.
DeFi TVL held near **$5B**, showing little change from the prior week. Most of the decline seen in Week 20 was driven by SOL price movement rather than capital leaving the ecosystem.
# Stablecoin Supply
Stablecoin supply remained elevated at roughly **$14B**. USDC’s share stabilized \~50%, a major shift from the 75% dominance seen earlier in May.
Non-USDC stablecoins now represent roughly half of Solana’s stablecoin supply.
# ETF Divergence
SOL ETFs recorded **$115M** of inflows during May, the strongest monthly result of 2026. BTC and ETH ETFs continued to see outflows over the same period.
Solana was the only major crypto asset attracting sustained institutional ETF inflows during the period.
# Final Take
Capital remained on-chain. Stablecoin diversification continued. And Solana was the only major crypto asset attracting sustained ETF inflows during the period.
# P0 Overview
Week 21 was a week of rotation.
The high-return structures that dominated Week 20 weakened significantly:
* cgntSOL borrow costs increased, benefiting lenders, while still maintaining a competitive borrow rate for looping.
* The zenBTC team has wound down its activity, leaving fewer directional trading opportunities on BTC. This has made other directional trades, such as cBTC, more attractive due to their strong yields.
At the same time, stablecoin strategies improved across the board:
* USDS remained elevated, borrow costs fell.
* USD\* native yield increased.
* Every major stablecoin strategy either improved or was replaced by a stronger alternative.
Campaign strategies also gained ground :
* corvusSOL now delivers higher returns than comparable YIELD positions and remains the strongest campaign asset on the platform.
# cgntSOL strategies
cgntSOL borrow costs jumped from 0.6% to 5% in a single week.
That eliminated all seven standalone cgntSOL eMode strategies that were launched in Week 20. This now leaves greater attractiveness on the lending side. However, some cgntSOL pairs persist within campaign structures where the campaign yield offsets the higher borrow cost, but the pure eMode LST carry trades are gone.
# BTC Short strategies
BTC Short fell from **61% to 14%** APY after the zenBTC team exited the market.
The strategy was rebuilt using WBTC at a **2x leverage** structure instead of the prior 7x. The WBTC borrow rate of 3% compressed the spread significantly. BTC Short capacity remained large, but yield is now comparable to mid-tier campaign strategies.
# Stablecoin Strategies
USDS held above 17% for a second consecutive week while borrow costs fell, improving returns across all USDS-based strategies. The top opportunity remained **USDS/USDT at 62%** APY, followed closely by USDS/PYUSD and USDS/hyUSD.
USD\* also gained relevance. Higher native yield increased returns and created two new strategies USD\*/hyUSD and USD\*/USDT with combined capacity above **$55k**, significantly larger than the capacity-constrained USDS opportunities.
The only major change was the disappearance of USDS/USDC after USDC borrow capacity became unavailable. It was Week 20’s top-ranked strategy at 63%.
# Campaign Update
Campaign strategies strengthened further in Week 21.
corvusSOL was the standout performer, rising from **9% to 11%** effective yield. That increase pushed corvusSOL ahead of YIELD across every comparable strategy the first time corvusSOL has taken the lead.
YIELD remained relatively stable at **10%**, contrary to the sharp decline expected after Week 20. STKESOL also improved as emissions increased from 1% to 2%.
# Full APY Ranking
31 strategies. Campaign pairs now occupy more of the top 20 than in any prior week. Directional strategies SOL Short and BTC Short have compressed toward campaign-tier APYs despite carrying the largest deployable capacity on the platform.
# Winners & Losers
**Winners:**
* **corvusSOL/SOL**: +7pp 41% → 49%
* **USDS/hyUSD**: +5pp 54% → 59%
* **corvusSOL/JupSOL**: +4pp 14% → 18%
* **USDS/USDT**: +3pp 58% → 62%
**Losers:**
* **BTC Short**: −47pp 61% → 14%
* **SOL Short**: −12pp 27% → 15% (cgntSOL drag)
* **YIELD/cgntSOL**: −7pp 24% → 16%
* **YIELD/SOL**: −5pp 47% → 42%
# What’s Next ?
**Things to watch**
* Will USDS enter week 3 elevated? If yes, the one-week spike model is permanently broken for USDS.
* Can corvusSOL native yield (7%) hold, or will it revert toward the 5% Week 20 level?
* cgntSOL at 5%: stabilizing or continuing toward SOL parity (5%) and beyond?
* Will YIELD emissions hold at \~3% or continue their slow decay?
**Exit triggers**
* USDS-funded strategies: USDS deposit below 12%
* corvusSOL/SOL: corvusSOL effective below 9%
* SOL Short: cgntSOL borrow above 8%
* YIELD/SOL: YIELD effective below 8%
# Final Take
The key themes remain unchanged: stablecoin spreads, native yield, and campaign incentives continue to drive the best opportunities, while more complex leveraged structures have become less attractive.
Start earning this yield today on [P0 strategies](https://app.0.xyz/strategies) page

Sent 0.04485299 ETH but nothing arrived.

The problem really is ETH’s price.
People do not believe in ETH the way they believe in Bitcoin. On top of that, there is the leverage issue, which keeps making every downturn worse.
Most of us here still believe in Ethereum and ETH. But outside this community, I think far more people have lost interest or never bought into the thesis in the first place.
That sucks, but ignoring it does not help.
Ethereum needs something major that makes people want to own ETH again. Not just developers. Not just people already in the community. Regular investors, institutions, and people looking at crypto from the outside.
ETH needs a reason to matter again.

Also with any luck the bearish predictions of ETH at $600 are just as wrong as the $20k bull predictions. Though the bearish predictions are a lot more accurate.

ETH powers most of DeFi but the spending layer is still broken for most people

I am finishing my math PhD in Summer from a leading university in Europe. I spent the last months training for QF interviews, solving brainteasers and leetcodes. However, I applied to a few position and never made it to the first interview round. I applied either to few top firms websites (just 3-4) or via eFinancialcarreers (maybe 10).
Possible reasons: 1) no previous experience/internships, 2) university is not Oxbridge nor ETH, 3) I have not applied enough or in the right places.
Any suggestion? How do I get to a second-tier firm, if I cannot reach the top ones?

Because anthropic mythos found a bug in z cash that could have created unlimited coins.
Ppl ate afraid frontier AI will find other bugs/exploits in BTC / ETH or wallets, making them lose digital holdings with no recourse.

Nah, I'm a ETH maxi to my core. A little worried about David Hoffman's mental health right about now though.

>Rule #2:
>No altcoin (BTC, ETH, XRP, NEO, etc.) discussion and/or promotion, altcoins are off-topic in the Stellar subreddit.
Altcoin discussions are better had on r/cryptocurrency or other general crypto subs. You also have a bit more leeway posting on r/xlm with regards to your article.

**Source:** [https://x.com/toma\_adv/status/2062547788911591783](https://x.com/toma_adv/status/2062547788911591783)
# Solana: May 2026 Update
https://preview.redd.it/040y611qyb5h1.png?width=680&format=png&auto=webp&s=f7c42bb6e5f17ae689679fcb056e9aa31d501c14
While SOL held roughly flat on the month, the application layer stood out, with revenue rising 16% MoM to $68M and institutional appetite returning as ETP inflows accelerated to $110.6M off a depressed April. Tokenized assets extended their year-to-date growth and set a new all-time high in volume, while early signs of risk appetite returning to the market showed up in memecoin volumes overtaking stablecoin swaps for the first time since January and in strong volume across foreign tokens. Looking ahead, the value accrual question now sits at the center of Solana mindshare, with SIMD 547 targeting burns scaled to requested resources and SIMD 550 proposing faster disinflation as complementary paths toward closing net emissions. This preview provides excerpts from the [Solana May monthly update on Lightspeed](https://solanalightspeed.com/reports/solana-may-2026-update).
https://preview.redd.it/ve776d6ryb5h1.png?width=680&format=png&auto=webp&s=2e1f7c695b71cd1c7c1ae4823664f5648613535c
# Institutional Flows: ETFs and DATCOs
SOL ETP inflows total $110.6M in May, accelerating sharply from $17.8M in April. April’s ETP inflows were by far the lowest since SOL ETFs were approved in the US by the SEC in July 2025. The sharp inflow bounce from this local bottom may signal renewed appetite by institutions for Solana exposure. By contrast, Solana DATCO holdings were largely unchanged for an eighth consecutive month, constrained by limited secondary liquidity and persistent mNAV discounts. DATCOs trimmed about 150k SOL tokens from April to May.
https://preview.redd.it/8pkpgdzryb5h1.png?width=680&format=png&auto=webp&s=a0ba2953ce77f1319b6fd798e84cb2d8130409e0
On a market cap adjusted basis, May SOL ETP inflows amounted to 0.25% of SOL’s market cap. Following a market cap adjusted inflow of 0.05% in April, May inflows represent a meaningful reversion, far above the usual 0.12% market cap adjusted inflow.
# Financials
Solana’s Real Economic Value (REV) totaled $18.1M in May, a 2.6% MoM decrease. All components of REV stayed relatively flat MoM, with priority fees falling 8% and Jito tips increasing 9% MoM.
https://preview.redd.it/xc4nzvvsyb5h1.png?width=680&format=png&auto=webp&s=1900fe0fc6b038170eb9cdbacd7d13464a49972a
We have intensively covered how Solana’s microstructure has continued to favor priority fees over Jito tips in recent months. However, after seemingly bottoming in March at 17%, Jito tips as a share of REV has continued to increase MoM (19% in April, 21% in May). Nonetheless, priority fees still make up a majority of REV, representing 59% of REV in May.
https://preview.redd.it/ir2eixjtyb5h1.png?width=680&format=png&auto=webp&s=14fc2152c13181cb55b46bee5126adef646daf94
REV measures user demand to transact on a blockchain, tracking all value paid for transaction execution. Solana’s share of network revenue stayed relatively flat at 13% MoM, placing it as the fourth highest chain by revenue behind Hyperliquid (31% of network revenue), Tron (23%), and Ethereum (14%).
https://preview.redd.it/qcqqib7uyb5h1.png?width=680&format=png&auto=webp&s=73b99d50f9dda6b372eca09cf16d1da6b2bf2fb5
In addition to REV, token holder net income amounted to -$1.2M in May, a 22% increase compared to April’s -$1.5M figure. Token holder net income is the value distributed to the token, either in the form of SOL burn or staking rewards, and is calculated as REV less any Operator Payments (e.g., validator commissions, Jito’s take rate, LST management fees, etc.).
https://preview.redd.it/gjivfizuyb5h1.png?width=680&format=png&auto=webp&s=309c3616a200bf3058e2d578742b6919471d89be
# Applications
# Revenue
Application revenue serves as an indicator of success for businesses within an ecosystem. While we tend to focus on REV, the true metric of an ecosystem’s product market fit is the revenue generated by user-focused applications.
Solana apps generated $68M in revenue in May, up 16% MoM from $59M in April. Bear in mind we are currently tracking a subset of applications, so we presumably underestimate total app revenue on the network, though only marginally.
https://preview.redd.it/1uu0jgtwyb5h1.png?width=680&format=png&auto=webp&s=d5933392ff8223801406a2864500dfc9f4c354ae
The highest revenue-generating apps on Solana in May were Pump ($34M, 50% of Solana app revenue), Collector Crypt ($9M, 13%), Phantom ($4.3M, 6%), and Axiom ($3.7M, 5%). This is an all time high in monthly revenue for Collector Crypt, a collectibles marketplace and gacha protocol. This all time high in revenue has accompanied a rally in the platform’s CARDS token, which surged close to 150% in May.
https://preview.redd.it/l432046yyb5h1.png?width=680&format=png&auto=webp&s=5e051af648702a182e0039a5e59168bf58fbbe10
Solana DEX volumes amounted to $48.0B in May, down 9% MoM from $52.3B in April. Regarding DEX composition, 46% of total volumes came from the SOL-stablecoin pair, with memecoins coming in second at 20%, and stablecoin swaps coming in third. Notably, this is the first time that memecoin trading volumes have surpassed stablecoin swap volumes since January of this year.
https://preview.redd.it/6l93jaczyb5h1.png?width=680&format=png&auto=webp&s=3b85b650008690bf839b60266db9aba48ecbb24c
Regarding DEX dominance, BisonFi was the leading prop AMM by trading volume in May, with just over $8B in processed volume, representing 17% of volume. GoonFi volumes have seen major growth, from 5% of volume share in April to over 8% in May (+57% MoM). Notably, following its displacement as the leading prop AMM in January of this year, Humidifi continues to fall down the ranks of processed volume. Humidifi processed 4% of volumes in May, its lowest full month share of volume ever.
https://preview.redd.it/256e4d21zb5h1.png?width=680&format=png&auto=webp&s=7c153c86ec9c6eef22668df5cfae03cd6927c723
Tokenized asset volumes reached a new all time high in May at over $1.1B in volume. A majority of this volume came from tokenized equities.
https://preview.redd.it/940ctww1zb5h1.png?width=680&format=png&auto=webp&s=04a69656415e79aff8181f208a41d45c8f253608
Next to this, the volume share of foreign tokens on Solana also reached an all time high at 8% of volumes. While this is still a relatively small share of overall volumes, foreign token volumes have proved resilient in the face of broader activity downturn. Foreign token volumes amounted to $4B in May, with Bitcoin and Hyperliquid contributing $2.9B in volume. This is the first time that HYPE volumes have surpassed ETH volumes on Solana.
https://preview.redd.it/ui50b4d3zb5h1.png?width=680&format=png&auto=webp&s=6a6de5ff4899288469651d03661285f0cc5d6af3
While Jupiter has maintained its dominance on DEX aggregator market share, DFlow’s surge to 14% of DEX aggregator share has pushed Jupiter to its lowest share ever at 74%. Notably, 79% of DFlow volumes are routed to prop AMMs, with a majority of this volume going to BisonFi, the leading prop AMM on Solana.
https://preview.redd.it/9woxwtj4zb5h1.png?width=680&format=png&auto=webp&s=e555fc7cbdf58693783093b1cd78122d4fedcd2b
# Launchpads
Launchpad monthly revenue rose slightly in May to $24M from $22M in April, led by Pump with $23.3M in revenue (a 98% market share). This is Pump’s highest market share since March 2025, when it was the sole launchpad on Solana.
https://preview.redd.it/ty8ifjt5zb5h1.png?width=680&format=png&auto=webp&s=9a0c4854cb8ae9e74427d4795952d95ce59d1fac
# ICM / Raises
As previously mentioned, MetaDAO’s permissionless platform (Futardio) recorded its first successful raise since March. Jurassic Finance, a project tokenizing authenticated dinosaur fossils, raised $200K for its RAWR ownership token against more than $15M in commitments. The team plans a separate Q3 raise of roughly $1M to acquire its first specimen, a Triceratops head, issued as its own SPV token.
# Stablecoins
Solana's stablecoin supply increased by 2% MoM, closing May at . USDC circulating supply on Solana decreased by about $0.57B (-6.4%), while USDT supply remained flat at . Following [Jupiter Lend’s USDe integration in mid-May](https://x.com/JupiterExchange/status/2054555473580523880), which saw the launch of a vault managed by Bitwise, USDe on Solana has seen explosive growth. In May, USDe grew from virtually zero to over $500M in supply.
https://preview.redd.it/xaszht67zb5h1.png?width=680&format=png&auto=webp&s=6b249e9c9a48dfa0375701f6f93c29bd49e766de
# Looking Forward
While SOL remained flat in May, the application layer stood out, with revenue rising 16% MoM to $68M, while institutional appetite returned as ETP inflows accelerated to $110.6M from a depressed April. Tokenized assets continued showing strength with a new all time high in volume, continuing its year-to-date growth. There may also be some signs of risk appetite reentering the market with memecoin volumes overtaking stablecoin swaps for the first time since January and foreign tokens experiencing strong volume numbers.
Looking ahead, the value accrual question now sits at the center of Solana mindshare, with SIMD 547 targeting burns based on requested resources and SIMD 550 proposing faster disinflation as complementary paths to closing net emissions.
The information contained in this report and by Blockworks Inc. and related affiliates is for general informational purposes only and is not intended to provide legal, financial, or investment advice. The report should not be construed as an offer or solicitation to buy or sell any security, token, or financial instrument and does not represent any recommendation or endorsement of any investment or financial product or service. Blockworks Inc. and related affiliates are not registered as a securities broker-dealer or an investment advisor in any jurisdiction or country.

Another milestone reached - over 4 million ETH is now locked in Ethereum 2.0