Hello readers,

We published the Q3 edition of The ETH Report and The SOL Report today.

We feel strongly that this is the most valuable “public good” in the market for tokenholders and anyone interested in tracking economic activity across the two largest smart contract networks.

These are data-only reports with quarter-to-quarter and year-to-year variance explanation, free of noise, hype, and analyst opinion.

Report Contents:

Operating Performance (REV, Real Yield, Total Yield)
Network Fundamentals (GDP, Bridge Flows, Staked Assets, RWAs, TVL, etc)
Stablecoins (Supply, Velocity, etc)
Efficiency KPIs (DeFi velocity, Cost to Produce $1 of REV, etc)
Token Economics (Issuance, Burn, Net Dilution)
DeFi (DEX activity, lending)
Layer 2 Ecosystem (Fees, Margins, Active Addresses, Rent paid to L1, etc)
Layer 2 Stablecoins (Supply, Velocity, etc)
Store of Value (ETFs, ETH Held in Treasury, Supply in Smart Contracts)
Fair Value (Realized Price, 200 WMA, etc)
Relative Strength (Performance vs beta pairs)
Correlations (GDP vs Price, Transactions vs Price, etc)

Special thanks to our Sponsors for making the reports possible:

BIT Digital: the leading global platform for high-performance computing infrastructure and one of the largest ETH treasury companies. NASDAQ: BTBT

Solstice: the “Ethena of Solana.” Solstice is the issuer of the USX stablecoin on Solana, which is focused on delivering stable, real institutional-grade yield via delta-neutral strategies that don’t rely on hype or speculation.

Download the Reports

Below are the links to download the reports, which include access to the supporting data dashboards:

In case you’re wondering, yes, I need your email to download the reports so that we can track the submissions. We think it’s a fair trade-off for the time, skill, and resources that went into producing the reports and dashboards.

As always, we will never use your email address for any purpose other than sending you high-quality research, data, and market insights.

Earnings Calls

The “Earnings Calls” with Bankless will be broadcast live on YouTube at 11am EST (ETH) and 1pm EST (SOL).

Here are the links:

Take a Report.

And Stay Curious.

Disclaimer: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This research report is for general educational purposes only, is not individualized, and as such should not be construed as investment advice. The content contained in the report is derived from both publicly available information as well as proprietary data sources. All information presented and sources are believed to be reliable as of the date first published. Any opinions expressed in the report are based on the information cited herein as of the date of the publication. Although The DeFi Report and the author believe the information presented is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements herein not misleading, all information and materials in the report are provided on an “as is” and “as available” basis, without warranty or condition of any kind either expressed or implied.

The ETH Report: Q3-25

+ access to our dashboards. A public good, made for Tokenholders.