Clara Medalie is Director of Research at Kaiko and covers industry trends, market structure, and crypto liquidity. She can be contacted at

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  • Liquidity

    07/09/2023 Deep Dive

    The Crypto Liquidity Concentration Report.

    We are back this week with a brand new crypto liquidity analysis. Using trade volume and market depth, we find that the majority of liquidity is concentrated on just a handful of exchanges.

    Written by Clara Medalie
  • Stablecoin

    13/07/2023 Deep Dive

    The State of Stablecoins

    This week, we explore the state of stablecoin market structure to better understand their systemic importance to cryptocurrency markets. We’ll focus on the top five stablecoins by market cap: USDT, USDC, BUSD, TUSD, and DAI.

    Written by Clara Medalie
  • Stablecoin

    30/05/2023 Deep Dive

    Stablecoin Liquidity: Diving Into the Data

    This quick analysis explores market depth and trade volume for the top 5 stablecoins: USDT, USDC, BUSD, DAI, and TUSD. The increasingly competitive stablecoin landscape is dominated by Tether on centralized exchanges, but USDC reigns in DeFi.

    Written by Clara Medalie