Blockchain Revenue Snapshot
According to Nansen data, a limited number of public blockchains are generating significant revenue. In the past seven days, only 11 public blockchains have generated over $100,000 in revenue. The top performers in this category include Tron, Ethereum, Solana, BNB, Bitcoin, and Base. These leading blockchains collectively account for over 95% of on-chain user spending. The majority of other public blockchains exhibit low activity levels, with some generating negligible revenue.
"October 11th Insider Whale" Profitable Trade
An entity identified as the "October 11th Short Insider Whale" has successfully closed its long positions. This whale concluded its long positions, which comprised 15,000 ETH valued at $45.32 million, through a series of batch transactions. The overall profit realized from this trade amounted to $846,000.
The duration of this profitable long position was less than four days. Currently, only a Bitcoin long position initiated on November 8th is showing a loss. All other positions held by this whale are profitable, contributing to a cumulative profit of $101 million.
Arthur Hayes on Perpetual Contracts and Price Discovery
BitMEX co-founder Arthur Hayes has published an article titled "Survival of the Fittest: How Perpetual Contracts Are Disrupting Traditional Finance." In this piece, Hayes highlights the ongoing efforts by traditional finance (TradFi) to maintain its dominance in stock trading. He anticipates significant developments as market participants increasingly embrace stock index perpetual contracts.
Hayes predicts that the first sector to see market dominance by perpetual contracts will be the offshore trading of U.S. stock price risk. He asserts that all stocks, including U.S. equities, will eventually be tokenized. However, he emphasizes that stock index perpetual contracts do not require stock tokenization to achieve success. The existing infrastructure for stock perpetual contracts is mature and capable of rapid scaling. Current daily trading volumes for stock index perpetual contracts exceed $100 million, with expectations that this figure will soon reach billions of dollars daily as traders and market makers become more familiar with the contract specifications.
Furthermore, Hayes suggests that perpetual contracts will serve as a crucial tool for institutional and retail traders to hedge risks over the weekend, especially given the frequent breaking news and announcements that occur after the TradFi market closes on Fridays. This increased demand for weekend hedging is expected to accelerate the implementation of 24/7 trading on major U.S. securities trading platforms.
Looking ahead, Hayes forecasts that by the end of 2026, price discovery for major U.S. tech stocks and key stock indices, such as the S&P 500 and Nasdaq 100, will predominantly occur within the perpetual contract market for retail investors. He envisions a significant shift in the market landscape, where financial media will begin referencing S&P 500 perpetual contract quotes as the primary pricing source, rather than the CME Globex version. Hayes also posits that the next generation of cryptocurrency exchange billionaires will emerge from the convergence of perpetual contracts and the stock market.