.@Ronin_Network just delivered its best week of transaction fee revenue since late 2024 - with revenue climbing every single week since June and more than doubling since. These consistent fee gains usually point to real usage growth rather than just speculative hype. At the same time, BTC hitting new all-time highs often precedes rotation into ecosystems with strong fundamentals and active user bases. Ronin is looking like a prime candidate for that next wave. This might just be the early signal of another major "Ronin season" kicking off.

People - especially on Ethereum love to hype up stablecoins recently, but the hard truth is they generate almost no onchain revenue for the chain beyond just existing. Stablecoin issuers make billions in revenue, yet almost none of it is onchain. It comes from investing and holding reserves offchain. And there’s no crypto-native way to invest in them or participate in that revenue - no token, no DAO, no upside (only a stock). Meanwhile, actual user-generated onchain revenue is down bad: -50% since the start of the year. The charts only look decent when you add stable coin issuers - one of the few sectors still growing (which doesn't do revenue onchain). This whole stablecoin-as-a-win narrative is a recent cope. It’s lazy, especially on ETH where almost every major trend since 2023 has been fumbled.

Looks like @Ronin_Network summer is starting again 🌞 Over the past two weeks: • Daily active wallets are up +150%, showing a big surge in on-chain activity. • Revenue from transaction fees is up +80% WoW, meaning users aren’t just logging in - they’re actively spending and playing. • Gas used per second has doubled, signaling real demand for blockspace. The charts looks a lot like the explosive growth we saw in H1 2024 - but this time, the ecosystem is way more mature. All major onchain games are on Ronin, the $RON price seems to have stabilized and the community is bigger than ever.

Everyone wants to catch the hottest new narrative. But there’s a harsh truth most forget: peak mindshare usually means the trade is already done. Social-Fi, ICM, DeFAI all dominated X over the last month. Constant attention, endless threads, everyone calling them “the next big thing.” Meanwhile, price action this month tells a different story: • Social-Fi: down ~55% • ICM: down ~45% • DeFi-AI: down ~35% When the narrative dominates, most value is already priced in. By then, the big moves are over, and what’s left is usually just exit liquidity for early holders. The real edge is in spotting narratives before they go mainstream. When they’re quiet, ignored, and unfashionable. By the time they’re in every thread and every pitch deck, the risk/reward has flipped against you. Being early or unfashionable is uncomfortable. Being late feels safe - but that’s usually where the pain starts.

Great to see @1kxnetwork at the top of the @KaitoAI_ VC leaderboard over the past 12 months with 14.8% of the Mindshare- about 40% ahead of #2. Mindshare is earned over time. Honored to keep showing up.

Everyone’s jumping on the new "revenue meta" - if you’re looking for the best data, definitely check out @DefiLlama and @tokenterminal. They lead the space with top-notch, complementary coverage and relatively low overlap.

.@Ronin_Network is having its best days since the start of the year daily active users (DAU) have surged past 600k, doubling in just a week. The last time we saw a jump like this, $RON kicked off a major bull run, and the chain grew to over 2 million DAUs. This time, the Ronin ecosystem is far more mature, with a stronger game lineup and more on-chain activity meaning we could see even bigger numbers ahead.

That’s the tragedy of ETH: @ethereum's revenue relative to its fully diluted valuation (FDV) has been on a steady decline since early 2022, and it just fell back to 2021 levels. At its peak, ETH’s revenue/FDV ratio was 1.21 -meaning it was generating $1.21 in annualized revenue for every $1 of fully diluted market cap. Pretty good. Last month, that ratio dropped to just 0.02. In other words, for every $1 of potential market cap today, Ethereum produces only 2 cents in annualized revenue. Yes, L2 scaling has pushed activity off mainnet and reduced direct fee revenue. But even so, that alone can’t justify such a drastic drop in this ratio. Data via @tokenterminal

Pengu is on track to average 1B views per day by EOY. $PENGU is cryptos mascot. 🐧