Ink
An Ethereum layer 2 the general crypto press barely covers. That is the reason it is a beat here: when nobody is writing about a chain, its own numbers are the only account of it there is.
- $198.5m
- -3.2%
- $4.8m
- +31.6%
- $220.5k
- $158.4m
- Velodrome V3$1.3m 26.1%
- Uniswap V4$441.7k 9.1%
- Uniswap V3$339.9k 7.0%
- Nado Spot$283.4k 5.8%
- otomate.trade$71.0k 1.5%
- Calamari$1.8k 0.0%
Every xStock on the chain, verified by its issuer rather than by its name, with the number of addresses holding each one. Most of the roster has one.
Eight of those listings actually trade. Live prices and the tape, and every fill resolved to the wallet that signed it, which is how you find out the floor has seven seats on it.
- An Ethereum layer 2, listed as its own chain by DefiLlama
- 57073
Kraken Lends Out Tokenized Nvidia and Moves the Collateral Off Ink
The exchange's new xStocks vaults put tokenized equities and ETFs to work in DeFi lending markets, targeting up to 2 percent a year, and the collateral leaves Ink for Solana to do it.
A chain can hold under a billion dollars of capital and route more than that in a single day. Understanding why the three headline numbers move independently is the difference between reading a chain and guessing at it.
Total value locked gets the headlines, but stablecoin supply is the harder number to fake and the one that tells you what a chain is actually for. Here is how the two relate, and what the ratio between them means.
Velocity, Not Depth: What DEX Volume to TVL Actually Tells You
A chain can print billions of daily swap volume against a few hundred million of locked value. The ratio is not a scandal or a badge of honour, it is a description of what kind of liquidity the chain has, and it can be gamed.
Quotrons Burned 60% of Its Own Supply, and Its Stock Venue Has Yet to Run an Epoch
The ERC-404 collection on Robinhood Chain has destroyed 2,667 of its 4,444 tokens to hardwire terminals that earn tokenized stock. The pools those rewards come from sit on Ink, have traded about $56,900 in total, and the S&P 500 ETF is 69 percent of it.
Ink Carries 963 Tokenized Stocks, Five Times Robinhood Chain's Roster
Kraken's layer 2 holds the largest verified tokenized equity roster on any chain this desk counts: 963 companies issued by Backed Finance, against 196 on Robinhood Chain. Most of them are held by a single address, which is what a market looks like before it opens.