The hottest Crypto Substack posts right now

And their main takeaways
Category
Top Crypto Topics

What The Hell Happened to Ethereum?

Reverie by Daniel Cawrey • 0 implied HN points • 18 Feb 25
đź”® Crypto Blockchain Ethereum Decentralization Smart Contracts Cryptocurrency
  1. Ethereum has lost its leading position in the crypto space and is now struggling to keep up with faster, more centralized platforms like Solana.
  2. The focus on decentralization has led to scaling issues, making transactions slow and expensive, which frustrates users who just want a simple experience.
  3. Ethereum might end up being a decentralized settlement layer rather than a scalable platform, as users seem to prefer the speed and low fees offered by centralized options.

Are you a GENIUS?

Alex's Personal Blog • 0 implied HN points • 18 Jun 25
đź”® Crypto Regulation Investment Technology Market Trends Corporate strategy
  1. The GENIUS Act passed in the Senate, creating a regulatory framework for stablecoins in the U.S. It's seen as a win for the crypto industry.
  2. AI companies like Elon Musk's xAI are spending massive amounts of money, burning through billions as they try to build advanced AI technology. This raises questions about sustainability and future revenues.
  3. Substack is looking to raise funds again after reaching significant growth in subscribers, but it needs a lot more revenue to become a publicly traded company.

ETH2.0 cut crypto miner's gross margin by half

Miner Weekly • 0 implied HN points • 25 Feb 23
đź”® Crypto Regulation Financial Corporate Hardware and Infrastructure Feature
  1. ETH2.0 significantly reduced crypto miners' gross margins by half after the switch to proof-of-stake, affecting companies like HIVE. This change led to a 77% decrease in HIVE's gross profit in Q4'22.
  2. Transitioning to mining Ethereum Classic did not notably improve HIVE's mining revenues after the switch to ETH2.0, showcasing the challenges faced by mining firms in adapting to the new landscape.
  3. Regulatory developments, such as Montana passing a bill to protect crypto miners, highlight the evolving legal environment surrounding cryptocurrency mining operations.

State of the Network’s Q2 2025 Wrap Up

Coin Metrics' State of the Network • 0 implied HN points • 08 Jul 25
đź”® Crypto Market Analysis Regulations Stablecoins Ethereum Institutional Adoption
  1. The crypto market bounced back in Q2 2025, with the total market cap reaching $3.3 trillion. Popular crypto stocks like Robinhood and Coinbase saw huge gains, indicating renewed investor interest.
  2. Stablecoins gained credibility this quarter, especially with the push for new regulations like the GENIUS Act. This could help stablecoins become more widely used in financial transactions.
  3. Ethereum made significant upgrades to improve its staking and scaling capabilities. This should help lower transaction costs and increase activity on Layer-2 networks.

Inside dYdX: On-Chain Perpetual Futures

Coin Metrics' State of the Network • 0 implied HN points • 01 Jul 25
đź”® Crypto Tokenomics Exchanges Market Dynamics Liquidity Derivatives
  1. The DYDX token is important for the dYdX platform, allowing users to vote on decisions, earn rewards, and help secure the blockchain. This means that holding and using the token is beneficial for both the platform and its users.
  2. dYdX has added a lot of new markets for trading, with 267 options available. This gives traders access to a wide variety of assets, making it easier to find new opportunities in the market.
  3. Despite strong interest in BTC and ETH trading, liquidity on dYdX can fluctuate. This means there are times when it's harder to trade efficiently compared to traditional exchanges, highlighting different behaviors among traders.
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Circle Goes Public: Circle’s Valuation & the Economics of USDC

Coin Metrics' State of the Network • 0 implied HN points • 24 Jun 25
đź”® Crypto Stablecoins Market Trends Revenue Models Regulatory Impact
  1. Circle's market cap has skyrocketed to $63 billion, which is higher than the value of USDC tokens in circulation. This suggests that the market's excitement may not match the company's actual financial performance.
  2. Coinbase plays a huge role in Circle's revenue, earning a substantial share from USDC reserves. This partnership helps Circle get more users but also means they share their profits.
  3. Looking ahead, Circle's earnings depend on how much USDC is in circulation and the interest rates. They need to grow their market and find new ways to make money to stay competitive.

Breaking Down the Rise in Transaction Activity on Avalanche

Coin Metrics' State of the Network • 0 implied HN points • 17 Jun 25
đź”® Crypto Blockchain Transactions Decentralized Finance Layer 1 Smart Contracts
  1. Transaction activity on Avalanche's C-Chain jumped from about 250,000 to nearly 1.2 million, mainly due to a lot of USDC transfers and small transactions under $10.
  2. New tools like DEX routers and the launch of new Layer-1 blockchains, such as MapleStory Universe, helped increase transaction volume by making trades easier and more frequent.
  3. The recent Etna upgrade cut transaction fees by over 90% which made it easier and cheaper for developers to create new applications and blockchains on Avalanche.

Privacy Coins Uncovered: Your 2025 Guide to Anonymous Crypto & Smart Opportunities

The Crypto Journal • 0 implied HN points • 07 Jul 25
đź”® Crypto Cryptocurrency Privacy Regulation Technology Investments
  1. Privacy coins help keep your financial activities private. They make it hard to see who sent money, who received it, and how much was involved.
  2. These coins can protect people in tough situations, like activists under surveillance. They also help maintain financial freedom without outside control.
  3. In 2025, new privacy technologies and projects are emerging. However, there are still risks from regulations and tracking tools that could affect how these coins are used.

Pubco miners slow down BTC sales

Miner Weekly • 0 implied HN points • 06 May 23
đź”® Crypto Regulation Corporate News Hardware & Infrastructure Feature
  1. Bitcoin's network hashrate rise in April resulted in a low daily production benchmark, but the price rally of BTC kept hashprice above $75/PH/s and increased on-chain activities.
  2. Major mining companies have slowed down the pace of liquidating their mined assets, dropping the liquidation ratio to 95% in April due to the bounce in bitcoin's price.
  3. Regulation news includes the White House pushing for punitive tax on crypto mining, while Bhutan plans a $500 million fund for crypto mining in the Himalayas.

Riot realizes 132% of proprietary hashrate

Miner Weekly • 0 implied HN points • 11 Sep 23
đź”® Crypto Mining Energy Regulation Hardware Corporate
  1. Riot achieved 132% of its proprietary hashrate by utilizing power trades and taking advantage of low hashprices, showcasing a unique approach during the bear market.
  2. Due to dropping hashprices, mining companies like Riot may opt to divert some proprietary hashrate to other activities for better profitability rather than focusing solely on mining.
  3. Riot's strategic energy programs in Texas not only contributed to the state's position as a mining hub but also influenced the overall North American power capacity distribution, strengthening the mining industry.

Bitcoin hashrate soars as Bitmain floods US with S19XPs

Miner Weekly • 0 implied HN points • 16 Oct 23
đź”® Crypto Technology Finance Hardware Infrastructure Financial News
  1. Bitcoin's hashrate keeps rising, hitting a record high of 450 EH/s due to increased mining activity and influx of new miners.
  2. Bitmain's U.S. entity has imported a significant number of Antminers, notably the S19XP model, contributing to the growth of bitcoin's hashrate.
  3. North America, especially the U.S., is gaining market share in bitcoin mining with FoundryUSA, Luxor, and MaraPool accounting for a significant portion of total blocks mined.

Bitcoin Mining Hashcost, Explained

Miner Weekly • 0 implied HN points • 21 Dec 23
đź”® Crypto Mining Metrics Companies Hardware Financial
  1. Bitcoin's hashprice reaching new highs above $130/PH/s indicates increasing block rewards from transaction fees.
  2. A new hashcost metric evaluates mining companies' competitiveness by assessing the daily operational costs per hashrate.
  3. Reducing hashcost through improved fleet efficiency and lower energy rates is crucial for mining companies, especially with the halving approaching.

These Pools Are Consolidating Bitcoin Block Rewards with Antpool

Miner Weekly • 0 implied HN points • 28 Dec 23
đź”® Crypto Mining Regulation Hardware Financial Feature
  1. Recent development: Antpool saw a resurgence in hashrate, surpassing Foundry USA in blocks mined. Foundry regained some ground, but on-chain transactions suggest a larger hashrate shift to Bitmain-linked Antpool.
  2. Consolidation trend: 10 of the top 15 mining pools have combined coinbase block rewards since last year, with many independent operators involved. Multiple pools regularly send rewards to the same addresses in single transactions.
  3. Financial dynamics: Payout consolidation likely results from financing agreements, where a central entity controls coinbase and addresses. Speculation rises on Antpool's potential as the financier, raising queries on hashrate diversion agreements with other pools.

Axie Classic Competitive Season 13 is LIVE!

The Lunacian • 0 implied HN points • 22 Jan 26
đź”® Crypto NFTs Blockchain Tokenomics Esports Tournaments Rewards
  1. Season 13 of Axie Classic is live from Jan 22 to Feb 22, and players can compete for over 36,000 AXS across guild leaderboards, arena leaderboards, season champion prizes, guild milestones, and daily mini tournaments.
  2. The Free Battle Pass is back, letting players earn free gold, artifact copies, and up to 4,000 Dust just by playing.
  3. Competitive Circuit 2 now spans four seasons (S13–S16), removes the Guild Wars format, and lifts most previous bans except Maxcy/JDY; it will culminate in an 8-player Classic Champions Invitational with a 5,000 AXS prize pool.

Finally, Bitcoin Miners Can Catch a Short Breath

Miner Weekly • 0 implied HN points • 09 May 24
đź”® Crypto Regulation Hardware Corporate Feature
  1. Bitcoin's mining difficulty dropped by 6% after nearly 20 days post-fourth halving, giving miners relief.
  2. Some inefficient miners unplugged due to low hashprice, causing a decline in hashrate, but public mining companies remained steady.
  3. Despite the difficulty drop, bitcoin's hashprice is expected to recover, benefitting those who stay connected to the network.

Antpool's hashrate resurgence

Miner Weekly • 0 implied HN points • 30 Oct 23
đź”® Crypto Mining Stocks Regulation Hardware Corporate
  1. Antpool's hashrate saw a significant increase in October, reaching the highest number of blocks mined since 2016.
  2. Antpool is in close competition with Foundry USA Pool, with their combined market share at a historic high of 55%.
  3. The rise in Antpool's hashrate could be connected to their cloud mining business launch and importation of S19XPs to the U.S.

Miner Weekly: KucoinPool a Poolin White Label?

Miner Weekly • 0 implied HN points • 17 Sep 22
đź”® Crypto Mining Regulation Hardware Finance Infrastructure
  1. Hashrate movements in major mining pools like Poolin affect the overall distribution of hashing power in the network, leading to observations like KucoinPool potentially being a Poolin white label.
  2. The mining community is reminded of past incidents where crypto exchanges used white labels of established pool operators to attract customers, revealing a dependency on fewer pool operators than commonly assumed.
  3. Regulation, hardware advancements, finance updates, and infrastructure developments are key areas of interest in the mining industry, reflecting the dynamic nature of the cryptocurrency ecosystem.

Lunacian Lounge Episode 2 Recap

The Lunacian • 0 implied HN points • 19 Jan 26
đź”® Crypto Tokenomics NFTs Play-to-Earn Staking Governance
  1. bAXS is an account-bound, 1:1-backed app token you earn and stake but can’t trade, with reputation-based exit fees designed to reward real players and deter bots.
  2. 2026 is being treated as the “big swings” year where the team will make bold economic changes like emissions restructuring and aggressive Axie burn mechanics to fix the Treasury and address the 12M Axie oversupply.
  3. Atia’s Legacy is getting new 3D weapons and accessory rendering focused on Air and Ground items, bringing high-fidelity cosmetics and some light utility across Atia’s Legacy and Axie Core.

Capital Concentration in an Expanding Crypto Universe

Coin Metrics' State of the Network • 0 implied HN points • 20 Jan 26
đź”® Crypto Markets Assets Liquidity Tokenization Derivatives Regulation
  1. Capital is concentrating in major crypto assets, with Bitcoin dominance rising and stablecoins and on‑chain derivatives taking a larger share of total market value.
  2. The altcoin universe is narrowing and becoming top‑heavy, as the top 10 altcoins now make up about 82% of altcoin value and fewer tokens remain above $1 billion market cap.
  3. Large‑cap tokens have decisively outperformed mid and small caps since 2023, signaling investors favor more liquid, established assets and that the market is maturing and consolidating.

Uniswap Flips the Fee Switch: From Governance Token to Value Accrual

Coin Metrics' State of the Network • 0 implied HN points • 13 Jan 26
đź”® Crypto DeFi Tokenomics Governance Valuation DEX
  1. Uniswap turned on a fee switch that routes protocol fees into burning UNI, shifting the token from governance-only to one that directly accrues value through deflationary fee capture.
  2. Early data points to about $26M annualized protocol fees and roughly 4–5M UNI burned per year plus a 100M retroactive burn, which means UNI’s current market value embeds very strong growth expectations (around a ~207x revenue multiple).
  3. This change reflects a broader DeFi trend toward fee-linked token models (burns, staker payouts, vote-escrow) to better align holders with protocol economics, but ultimate value depends on fee capture, volume growth, LP incentives, and regulation.

Crypto’s Constructive Start to 2026

Coin Metrics' State of the Network • 0 implied HN points • 06 Jan 26
đź”® Crypto Markets Derivatives Stablecoins DeFi Altcoins
  1. The crypto market started 2026 on a constructive note: Bitcoin rallied toward $94K and total market cap approached $3.3T, with pockets of altcoin strength showing renewed risk appetite despite geopolitical uncertainty.
  2. Institutional flows resumed—spot Bitcoin ETFs logged roughly $400M in net inflows—while whale selling cooled and retail accumulation increased, and corporate treasuries continued adding BTC and ETH.
  3. Market structure looks cautiously bullish: options and futures positioning favor upside (calls clustered near $100K BTC and $3,500 ETH), stablecoin flows have stabilized and turned positive, and on‑chain activity—especially Ethereum transactions—remains robust.

Congrats to the Ronin Discord reward winners!

Ronin’s Newsletter • 0 implied HN points • 04 Jul 25
đź”® Crypto Blockchain Web3 Gaming Community Rewards
  1. Congratulations to the most active members in the Ronin Discord! Your contributions helped make the community stronger.
  2. Rewards in $RON are being sent out soon. Make sure to share your wallet address to receive them.
  3. Everyone in the Discord can earn rewards by being active and helpful. Keep engaging with the community to get recognized!

These miners have outgrown bitcoin's hashrate during the bear

Miner Weekly • 0 implied HN points • 11 Feb 23
đź”® Crypto Regulation Financial Corporate Hardware Feature
  1. Publicly listed bitcoin mining companies have shown significant growth year-over-year despite a bearish 2022.
  2. In Bitcoin mining, it's crucial not only to grow production but also to surpass competitors and the network's average hashrate.
  3. Bitcoin's average hashrate has notably increased in January 2023, prompting a comparison of public mining companies that have exceeded the network's hashrate.

Miner Weekly: Introducing TheMinerMag

Miner Weekly • 0 implied HN points • 03 Dec 22
đź”® Crypto Mining Regulation Corporate News Hardware & Infrastructure
  1. The MinerMag is a new platform focusing on bitcoin mining companies, aiming to improve industry transparency.
  2. Recent news highlights challenges in cryptocurrency operations, including high energy demand and fraud cases.
  3. Corporate updates include Hut 8 halting mining operations, Compass Mining launching a protection plan, and Alameda's investment in Genesis Digital.

A limit to Bitcoin scale?

Joshua Gans' Newsletter • 0 implied HN points • 26 May 18
đź”® Crypto Bitcoin Blockchain Cryptocurrencies
  1. Eric Budish's paper highlights a potential contradiction at the core of 'proof of work' schemes supporting cryptocurrencies like Bitcoin.
  2. The economic viability of Bitcoin in the long term is based on short-term enforcement mechanisms, which could pose challenges as Bitcoin becomes more economically significant.
  3. The use of specialized ASIC chips for mining may increase Bitcoin's robustness against attacks, but it challenges the democratic philosophy initially associated with Bitcoin.

The Flows Behind the Crypto Market’s Rise to $4T

Coin Metrics' State of the Network • 0 implied HN points • 29 Jul 25
đź”® Crypto Market Trends Regulation Investment Blockchain Digital Assets
  1. Bitcoin's value has risen significantly, surpassing a market cap of $1 trillion and showing strong interest from long-term holders. This indicates that many people believe in Bitcoin's long-term potential.
  2. Demand for Bitcoin and Ethereum is growing, mainly due to popular Bitcoin and Ethereum ETFs and companies starting to invest in these assets. This demand is making it hard for new coins to keep up.
  3. A new law in the U.S. regarding stablecoins brings clearer rules and oversight. This could boost trust and competition in the stablecoin market, which might be good for both consumers and businesses.

Canton Network Overview

Coin Metrics' State of the Network • 0 implied HN points • 22 Jul 25
đź”® Crypto Blockchain Tokens Finance Technology Decentralization
  1. Canton Network is a unique 'network of networks' that helps different blockchains work together while keeping data safe and private. This setup is great for businesses that need to protect their information.
  2. Canton Coin is the main token used in the network, creating rewards for people who help maintain the system, like validators and app developers. The rewards are set to shift over time to encourage more app usage.
  3. The network's Global Synchronizer is key to connecting different applications and allowing secure transactions. This helps users maintain control over their data while still participating in the network.

Taking Stock of Crypto Exchanges Pursuing an IPO

Coin Metrics' State of the Network • 0 implied HN points • 05 Aug 25
đź”® Crypto Exchanges Investing Regulation Market Analysis Trading
  1. Kraken, Gemini, and Bullish are planning to go public, taking advantage of a supportive regulatory environment. This means they want to attract investors by offering shares to the public.
  2. Coinbase's 2021 IPO set a high standard, showing how successful crypto exchanges can be once they go public. Now, these other exchanges are hoping to follow in its footsteps to gain investor interest.
  3. When looking at trading volumes, it’s important to be careful. Some exchanges might report inflated figures, so checking their quality and transparency is crucial for potential investors.

Good HODL, Bad Internet Cash

Reverie by Daniel Cawrey • 0 implied HN points • 06 Mar 24
đź”® Crypto Cryptocurrency Bitcoin Education
  1. Crypto has massive potential but has not yet succeeded as electronic cash, which is one of its original purposes.
  2. Bitcoin's value being at all-time highs leads people to hold onto it rather than spending, creating a barrier to being used as cash.
  3. Although cryptocurrency cannot currently function effectively as cash, it still holds promise for the future.

AXS Staking Revamp

The Lunacian • 0 implied HN points • 26 Nov 25
đź”® Crypto Blockchain Tokens Decentralization Incentives Community
  1. AXS staking rewards will now drop by 5% every 9 days, allowing for continuous staking rewards over time.
  2. Starting January 2026, some players with high Axie scores will receive special rewards through airdrops and monthly snapshots.
  3. These changes aim to understand user behavior better and explore new ways to encourage community participation in staking.

Building A Token That Won't Fail

Athena Scale • 0 implied HN points • 30 Mar 23
đź”® Crypto Tokens Blockchain Cryptocurrency Decentralized
  1. The majority of blockchain startups issue tokens that may not be sustainable in the long term.
  2. Tokens fail when they promise to be a currency for the protocol and a store of value for investors simultaneously.
  3. To create a successful token, consider making it represent a share of the project's revenue and focus on long-term growth rather than quick gains.

The Cambria Ronin Trials are LIVE!

Ronin’s Newsletter • 0 implied HN points • 22 Aug 25
đź”® Crypto Gaming Blockchain NFTs Rewards
  1. The Cambria Ronin Trials are now active, and players can earn boosted rewards in the Duel Arena. This is a fun way to compete and win extra prizes.
  2. There will be a Creator's Invitational Tournament during the Trials where eight creators will host mini-tournaments. Winners have a chance to earn significant rewards like RON tokens.
  3. Players can also earn rewards by participating in duels, staking NFTs, and accumulating points like Mandrogan's Favor, which can lead to special prizes and raffles.

Cross-chain swaps are LIVE in your Ronin Wallet!

Ronin’s Newsletter • 0 implied HN points • 08 Aug 25
đź”® Crypto Blockchain Wallets Exchanges Trading Finance
  1. Cross-chain swaps are now available in the Ronin Wallet, letting you swap tokens between different blockchains easily.
  2. To make a swap, just open the Ronin Wallet and follow a few simple steps—it's quicker and requires less clicking than before.
  3. This new feature is powered by Relay Protocol, which helps you find the best prices and trade routes for your swaps.

How a Web2 Company Uses Crypto to Power Open Data APIs

Olshansky's Newsletter • 0 implied HN points • 22 Aug 25
đź”® Crypto Blockchain Web3 APIs Data Marketplace
  1. There's a chance to create a main hub for finding open data APIs, similar to how Google helps us find websites.
  2. Currently, there's no real marketplace for APIs, making it hard for developers to find what they need.
  3. Two main things are needed: a way to easily find APIs, and assurance that the data they provide is reliable and high-quality.

State of the Network’s 2024 Year in Review

Coin Metrics' State of the Network • 0 implied HN points • 24 Dec 24
đź”® Crypto Bitcoin ETFs Stablecoins Market Trends Regulation
  1. 2024 was a big year for crypto, highlighted by Bitcoin ETFs launching and Bitcoin's price soaring to over $100K. It showed a strong recovery from the previous crypto winter.
  2. Meme coins and stablecoins gained much popularity, with stablecoins being used more globally for payments and financial services. This shift indicates their growing importance in the financial system.
  3. The U.S. presidential election boosted crypto markets due to pro-crypto policies, leading to record institutional interest and optimism for the future. Yet, some regulatory uncertainties are still present.

AIP-004 is LIVE on App.axie!

The Lunacian • 0 implied HN points • 09 Dec 25
đź”® Crypto Governance Staking Treasury Tokenomics NFTs Marketplace Community
  1. AIP-004 would stake the Axie Treasury’s ~23M AXS and 96K RON to earn yield, creating a new revenue stream while slightly lowering staking APR for existing stakers because AXS staking emissions are capped.
  2. Voting for AIP-004 runs Dec 15–22, requires a 66% supermajority to pass, and vote delegation does not carry over so you must delegate again if you want to delegate for this proposal.
  3. Seven new badges were added for specific Axie bodies and land item rarities, and some Axie Score values were adjusted to give more points to Mystic holders with multiple Mystic parts.

Axie Hangouts now have animated Xmas backgrounds!

The Lunacian • 0 implied HN points • 22 Dec 25
đź”® Crypto NFTs Gaming Marketplace Rewards Community Events User Interface
  1. Axie Hangouts now support an animated Christmas-themed background called Nice List Starfall, the first animated hangout scene.
  2. To unlock it you must finish in the Top 1,000 on the weekly Axie Bounty Board during Dec 22–28 by completing Daily Bounties in the Codex on App.axie to earn points and climb the leaderboard.
  3. Once earned you can toggle the animation on or off, but the background will be distributed after the event and won’t be obtainable after the week ends.

Welcome to Origins Postseason 15!

The Lunacian • 0 implied HN points • 24 Dec 25
đź”® Crypto NFTs Play-to-Earn Tokenomics Blockchain Gaming Tournaments Rewards
  1. The Elite 4 finals are on December 28 and will be livestreamed at 7PM PH / 6AM EST, with the champion winning 1,200 AXS plus an Origin Axie.
  2. Players must register three distinct teams of three axies, with strict limits on part overlap and no axie used on more than one team or swapped after registration. Matches use a double-elimination bracket where an unbeaten finalist has a twice-to-beat advantage, and each match is first-to-3 meaning you must win once with each of your teams and cannot reuse a team that already won.
  3. Collectible tickets determine AXS rewards from a 10,000 AXS season pool; 21,574,095 tickets were issued, each worth 0.46351886 mAXS, and AXS will be sent to players' Ronin addresses in the coming weeks.