➥ Ethereum just became the unexpected winner in onchain perps over the last 7 days, $ETH processed $11.42B in perpetual volume, up 178% WoW that is now: • 42% higher than Solana’s $8.04B • 70% larger than Ethereum’s own spot DEX volume • roughly $1.36B per day at the latest snapshot what caught my attention is that this happened while Ethereum spot volume fell 11.9% for the week so this is not a broad trading recovery, capital is specifically rotating toward leveraged markets on Ethereum that makes sense as more equity, commodity and index perps move onchain ETH still holds the deepest stablecoin and RWA liquidity base which gives its derivatives layer a stronger collateral foundation than raw user-count comparisons suggest and clearly @Morpho is the benefiting from this the most with $6.15m in fee generated within just 24hr i’m watching whether Ethereum can hold above $10B in weekly perp vol that will support the price action stronger this period imo