ifreqs

Solana says its weekly DEX transactions are up 65% YoY. The dollars didn't follow: weekly DEX volume is down two-thirds.

★ Counts vs dollars (Nov 3–9, 2025 vs Oct 19–25, 2026)
→ DEX transactions: 100.8M → 152.5M a week, +51% (Dune).
→ DEX volume: $44.5B → $14.8B, −67%. DefiLlama shows −68%.
→ Average trade: ~$441 → ~$97.
→ Daily DEX traders: 753K → 906K, +20%. Each now makes ~24 trades a day, up from ~19.

★ What it means for the chain
→ $SOL averaged $104 last week vs $161 in that November week, −35%.
→ Fees rose 23% in SOL but fell in dollars: $5.5M → $4.4M a week.
→ App revenue: $31.1M → $30.1M a week. It peaked at $42.5M in the week of Sep 7, the same week DEX transactions peaked at 189M. Since then revenue is −29% and transactions −19%.

→ Caveat: I couldn't reproduce Solana's +65.4%, because the site's data only goes back to Oct 28, 2025. Against the first full week inside that window, I get +51%. Providers also disagree on the count: last week ranged from 129M (Top Ledger) to 365M (Solscan).

More trades, smaller tickets, flat revenue. Is that organic demand, or bots splitting orders?

SoFi just gave consumers a tokenized deposit: 4.40% APY, FDIC-insured, convertible 1:1 into its stablecoin. Banks are shipping this RWA lane now. $QNT is the token crypto traders tie to it, and it is up ~15% in 24h.

★ What SoFi launched (Oct 22)
→ Each SoFi Earn (SOFIE) token is one dollar on deposit at SoFi Bank.
→ It converts 1:1 into SoFiUSD to buy crypto or move funds onchain 24/7. The stablecoin itself pays nothing.
→ SoFi's pitch: Fed research puts ~$64B, or 21.2% of stablecoins, idle in inactive wallets.

★ The bank pipeline
→ The Clearing House picked Quant on Sep 24 to power the interoperability layer of its tokenized deposit network, linked to the RTP and CHIPS rails. TCH clears $2T+ a day. Launch is set for H1 2027.
→ JPMorgan's deposit token has run on Base since Nov 2025.
→ Five regional banks, including Huntington, M&T and KeyBank, chose ZKsync for the Cari network.

★ The token (CoinGecko, CoinGlass)
→ ~$213 now, ~+250% in 3 months: a $55.9 close on Aug 18, a $373 high on Sep 27, a $179 close on Oct 24.
→ Today's move is futures-led: $784M futures volume vs $85M spot in 24h. OI +22% on Binance and +38% on Bybit.
→ Liquidations were small ($1.04M, $719K of it shorts) and funding is flat. That's new positions, not a squeeze.
→ Binance long/short accounts went from 0.93 on Saturday to over 1.2.

→ Caveat: SoFi's release doesn't name Quant, and TCH's never mentions the QNT token. Nothing ties network fees to it. Trackers also disagree on supply: CoinGecko counts 14.56M circulating ($3.10B), CoinGlass 12.07M ($2.59B).

Tokenized deposits are clearly coming. Do they need QNT, or just Quant the company?

Bitcoin dominance is holding ~60.6%, a level last seen in late May. But $BTC is down 5% in 30 days. The share went up because everything else fell harder.

★ The chart (TradingView, BTC.D)
→ 60.6% now, up from 59.4% on Sep 24.
→ Above its 50-day (59.8%) and 200-day (59.6%) averages. RSI is 67, close to the 70 line.
→ The 1-year ceiling is ~61%: a 61.4% wick on Nov 4, 2025 and a 61.1% close on May 5, 2026.

★ Where the share came from (last 30 days)
→ BTC −5.0%. Total crypto market cap −7.0%. Everything except BTC −9.8%.
→ ETH/BTC −8.9% to 0.0290, RSI 25. $ETH dominance is down to 10.7%.
→ USDT dominance +6.7% to 6.87%. Stablecoins don't fall in a selloff, so their share rises by default.

★ The last two times BTC.D reached ~61%
→ Nov 2025: BTC.D fell from 60.8% to 59.1% by Nov 21 as BTC dropped 16%. USDT + USDC dominance rose 1.2 pts. ETH/BTC was flat.
→ May 2026: BTC.D fell from 61.1% to 57.9% by Jun 3 as BTC dropped 21%. USDT + USDC rose 1.8 pts. ETH/BTC −3%.
→ Both times, stablecoins took more than half of the share BTC lost, and ETH's share fell too.

→ Caveat: TradingView counts stablecoins in the total. Without USDT and USDC, BTC's share is ~67%. CoinGecko shows 60.1% because it tracks a different set of coins. And two tops aren't a pattern.

BTC.D is back at the ceiling with RSI near 70. If it rolls over again, is that an alt season, or another move into stablecoins?