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.

Bitcoin remained range-bound over the past week despite a hawkish Fed meeting that caused equity markets to shudder. Meanwhile, Mt Gox postponed its creditor repayment deadline, Balancer suffered yet another attack and Bybit announced it will suspend its UK services. This week we explore:

BTC made some early morning gains, crossing $27k for the first time since August 31. This capped a volatile week triggered by concerns around FTX’s altcoin liquidations. In other news, Deutsche Bank will offer crypto custody for institutional clients and the ECB hiked rates to an all-time high.This week we explore:

This week we take another look at just–in–time liquidity, a little-studied phenomenon that has generated $750bn in liquidity event volume on Uniswap V3 this year.

It was another low-volatility week for crypto markets, though plenty still happened. Visa expanded stablecoin settlement to Solana, the London Stock Exchange Group is exploring plans for a digital asset business, and three DeFi protocols were hit with CFTC enforcement actions.This week we explore:

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.

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.

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

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.

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.

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.

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

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.

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 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.

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.