Our Data Debrief and Deep Dive insights are published twice a week.


28/09/2023 Deep Dive

Q3 Token Liquidity Rankings

We’re back with another edition of Kaiko Research’s quarterly liquidity ranking, this time enhanced with more metrics and expanded to the top 40 tokens. As mentioned in previous rankings, it’s our contention that market capitaliza...

Written by Riyad Carey
  • Liquidity

    28/09/2023 Deep Dive

    Q3 Token Liquidity Rankings

    We’re back with another edition of Kaiko Research’s quarterly liquidity ranking, this time enhanced with more metrics and expanded to the top 40 tokens. As mentioned in previous rankings, it’s our contention that market capitalization is a flawed metric, and a ranking of liquidity is more representative of a token’s true value. Let’s see how the tokens fared this quarter before breaking down the components that went into the ranking.

    Written by Riyad Carey
  • 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
  • XRP

    04/09/2023 Data Debrief

    Bitcoin ETF Decision Ignites Volatility

    Markets pulled back after the SEC delayed a decision on several ETFs until October. In other news, Coinbase’s Base blockchain continues to see strong activity, the SEC settled with an NFT issuer, and a judge called ETH a commodity.

  • Stablecoin

    31/08/2023 Deep Dive

    Defining Depegs: A New Metric for Stablecoin Stability

    This week we present a novel method for measuring the severity of stablecoin depegs.

    Written by Riyad Carey
  • Memecoins

    28/08/2023 Data Debrief

    PEPE Plunges as Founders Sell

    Markets are flat with BTC and ETH still trading at 2-month lows. Last week, MasterCard and Visa announced they are stepping back from Binance card partnership, the IRS proposed new crypto tax rules, and the U.S. central bank Jackson Hole symposium failed to move markets.

  • Liquidity

    24/08/2023 Deep Dive

    Comparing Liquidity on Uniswap and Binance

    This week we’ll take our first in-depth look at Market Depth on CEXs and on Uniswap V3 with a comparative approach. We’ll mainly focus on liquidity distribution across prices and markets, aiming to enhance our understanding of liquidity dynamics and provide you with tools to harness the potential of CEX/DEX data. In today’s trading landscape with DEXes gaining market share, knowing which exchanges or pairs offer optimal trade execution is crucial. Kaiko’s depth data makes that possible.

  • Bitcoin

    21/08/2023 Data Debrief

    Top Trends of the Summer

    Volatility came back to life last week as BTC dropped 9% in under 24 hours, hitting its lowest level since June. Today’s Data Debrief is taking a broader view of the market, revisiting some of the key trends shaping the market this summer.

  • CEX

    18/08/2023 Deep Dive

    Where Has the Volatility Gone?

    This week we recap a slow summer, examining volatility, liquidity, and volumes.

    Written by Riyad Carey
  • Curve

    14/08/2023 Data Debrief

    Curve 3pool Sees $175m Outflows

    Last week, the U.S. SEC delayed its decision on the Ark 21Shares Bitcoin spot ETF application and said it will appeal the Ripple court ruling, Coinbase officially launched its Base Blockchain. The U.S. Fed added Hedera-based Dropp to its list of FedNow service providers.

  • Tether

    07/08/2023 Data Debrief

    Tether Imbalance on Curve Raises Questions

    The DeFi sector continues to reel from the Curve exploit, although more than 70% of funds have been returned. In non-exploit news, Coinbase exceeded analyst expectations with Q2 revenues, a wave of companies filed for ether ETFs, and Tether is now one of the largest Bitcoin holders.

  • Curve

    03/08/2023 Deep Dive

    Loans, Buy Walls, and OTC Deals: The Curve Finance Exploit

    Curve Finance is back as the center of attention in DeFi just a few weeks after CEO Michael Egorov’s large CRV-backed loans drew scrutiny. This time, however, the inciting incident was an exploit.

    Written by Riyad Carey
  • Binance

    31/07/2023 Data Debrief

    The Impact of Binance's Zero-Fee Volume

    It was a landmark week for crypto regulation after the House Financial Services Committee advanced a crucial bill that could provide clearer guidelines for the industry if passed. In other news, Curve Finance experienced an exploit, crypto ETPs saw record inflows, and the Bank of Italy tapped Polygon for an institutional DeFi pilot.

  • CEX

    27/07/2023 Deep Dive

    Breaking Down Worldcoin's Launch

    Worldcoin’s launch was one of the most unique and controversial in recent years. Much of the controversy stems from the understandable skittishness with Worldcoin’s goal (creating a global identity network) and sci-fi-like methods of achieving this goal (eyeball scans). This has been nicely summarized by the MIT Technology Review here. I’ll instead focus on why this launch was unique by analyzing tokenomics, trading, and liquidity.

    Written by Riyad Carey
  • Bitcoin

    24/07/2023 Data Debrief

    Altcoin Dominance Hits 4-Month High

    The SEC finally responded to the Ripple ruling, asserting the case was “wrongly decided,” contributing to a slight pullback for altcoins amid a wider rally. This week, we explore Bitcoin dominance, centralized exchange concentration, the Arkham token launch, and bearish bets against BNB.

  • DeFi

    20/07/2023 Deep Dive

    Deep Dive: EthCC Edition

    This week we have a special edition of our research dedicated to EthCC. The Kaiko team gave three technical presentations exploring market concepts, looking at Uniswap V3 LP trading strategies, market manipulation on centralized exchanges, and the importance of liquidity data in DeFi.

  • XRP

    17/07/2023 Data Debrief

    XRP Volume Surpasses BTC Following Landmark Ruling

    Markets are soaring after a judge ruled in (partial) favor of Ripple’s case with the SEC. Meanwhile, Celsius’ CEO was arrested for fraud, Binance laid off 1,000 workers, and Multichain is shutting down.

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