We've put together our first piece of work, a Payments Dashboard. The crypto card market has been steadily growing in size since its launch. In the early days, it was closer to an experimental space driven by a handful of early adopters. Now, with both issuance volumes and the number of places to spend increasing together, it's gradually establishing itself as a real market. That said, it was surprisingly hard to find a single place where you could intuitively track this trend. So we gathered the scattered data and organized it into a dashboard, making it easy to see the market's growth trajectory and key metrics at a glance. Going forward, starting with payments, we plan to keep covering data across a range of topics. Finally, a sincere thank you to the @PaymentScan team for providing such rich and accurate data.
Crypto Card Market Crossed $7.5B in Cumulative Payments, Which Chain Carries the Most Volume? Roughly one-third of crypto card payments currently happen on TRON. Of the roughly $650M in card payments processed across 19 chains in April 2026, TRON alone accounts for 32.7%, or about $213M. TRON's lead traces back to USDT distribution. Crypto cards run mostly on USDT, so payments happen wherever the user's balance sits. As of April 2026, payment assets are roughly 62% USDT and 26% USDC. USDT is more than twice the size of USDC, and about 45% of total USDT supply, or $87B, sits on TRON. Beyond that, @RedotPay, which accounts for roughly 70% of cumulative card volume, also routes most of its payments through TRON. Payment assets skew toward USDT, USDT skews toward TRON, and the top issuer skews toward TRON as well. Three distributions stack on the same chain, and that overlap is what gets TRON to 32.7%. Which Chains Picked Up the 25.7%p TRON Lost? TRON's share peaked at 58.4% in July 2024, larger than every other chain combined at the time. Over the following 21 months, 25.7%p have leaked out, and the slide is still ongoing. @solana, on the other hand, has been climbing steadily. Sitting below 1% through September 2024, Solana moved into the 4 to 5% range as users began topping up USDC or USDT on Solana to fund payments. The share settled into the 10 to 12% range entering 2026. @Optimism, meanwhile, held at 1.94% through March 2026 before jumping to 9.7% in April, a nearly 5x move in a single month. The shift is explained almost entirely by a single event. On April 15, 2026, https://t.co/1o7AkxGL40 Cash migrated its card infrastructure from Scroll to OP Mainnet, bringing over 70,000 active cards and more than $220M in TVL. The Next Competition Is Which Chain Ecosystem Captures the Card Payment Flow As of April 2026, the top five chains (TRON, BSC, Optimism, Ethereum, and Solana) cluster between roughly 10% and 33%. A year earlier, TRON alone held 51.7%, and the market has since moved one step away from single-chain dominance toward a multipolar structure. The driver behind that shift is USDC growth. USDC has grown to roughly 26% of card payment assets, and USDC issuance sits mostly on Ethereum, Solana, Base, and Optimism rather than TRON. The user-facing experience on the card itself, though, has barely moved. Card payment funds are still almost entirely USDT and USDC, and the fees users see (0% to 1.75% depending on the card) are unrelated to chain choice. With the same card, paying on TRON or on Optimism costs the user the same. What multipolarity actually shifted is not the user-facing price but the flow of capital between issuers and chain ecosystems. The next competition in this market is which chain pulls card payment tokens into its own ecosystem and converts them into stablecoin liquidity and DeFi activity.
Can HIP-4 break the prediction market duopoly? In the Four days since HIP-4's mainnet launch, daily volumes came in at $3.0M, $3.6M, $3.8M, and $3.6M, roughly $14M cumulative, or about $3.5M per day on average. @Polymarket, over the same window, did $190M, $205M, $189M, and $175M, averaging around $190M daily. The gap between the two platforms is roughly 54x. Across the broader prediction market, where @Kalshi and Polymarket together hold more than 80%, HIP-4 sits at about 0.3%. The first market to go live on May 2 was a BTC daily binary. It settles every day at 06:00 UTC against HyperCore's BTC mark price, after which the next cycle immediately opens under a fresh outcome ID, a recurring binary outcome structure. Outcome contracts are simple betting units priced between 0 and 1: if the outcome resolves in your favor you get $1, otherwise $0. There's no leverage and no liquidation, so a $100 bet caps your downside at $100. The same structure can power yes/no prediction markets like "Trump to win," as well as options-style products where the payoff is defined by a price range. For now only binaries, questions with two possible answers, are live. Multi-outcome markets, where the answer is one of several, are slated for later. That said, simply adding more markets isn't really the point of HIP-4. What sets it apart is that, unlike other new protocols that have to build a market from scratch, HIP-4 plugs in as a contract category on top of an already-established Hyperliquid. Polymarket and Kalshi each run their own separate user pools and payment rails. Polymarket uses Polymarket USD (pUSD), Kalshi uses its own infrastructure, so new traders have to go through a separate funding step. HIP-4 skips that step entirely: anyone already trading on Hyperliquid can access it directly. Four days in is too early to read a share trend. @HyperliquidX itself does around $9B in daily volume, and HIP-3, built on the same builder model and launched earlier, grew to roughly 40% of Hyperliquid's total volume within seven months of mainnet. If HIP-4 follows a similar trajectory, daily volumes could plausibly scale into the multi-billion-dollar range.
We're excited to share our newly revamped FP RESEARCH page, where you can explore a wide range of articles and newsletters, along with insights from the researchers leading each of our five newly restructured divisions. In addition, the Data Division, which I oversee, is preparing to launch its own dedicated dashboard targeted for Q2, and we will continue to publish charts and articles featuring data-driven insights on a regular basis. Our previous posts have also been updated as well. We appreciate your continued interest and support! Link: https://t.co/nYpY5oO6nm
BTC spot ETFs bled $6.5B over 4 consecutive months (Nov 2025 to Feb 2026), the longest drawdown since launch. March broke the streak, but it's still early in the month and the rebound is largely driven by IBIT. > During the same period, gold hit new ATHs while BTC dropped and the S&P 500 also softened. Not just a crypto problem, but a broad risk-off rotation across equities and digital assets? > Jane Street holds 20.3M IBIT shares as an authorized participant. During the outflow period, there was debate that APs hedging via futures instead of buying spot BTC structurally suppressed prices. If that hedging pressure was real, the March reversal could partly reflect those positions unwinding. The truth behind the "10AM Slam" rumor may never be known, but the structural question remains: how much of ETF inflow actually reaches the spot market?
.@base DeFi TVL 2M ETH (~$3.8B), #1 L2 on @DefiLlama. > ETH-denominated chart strips out price inflation. ~0.1M ETH (Aug '23) → ~1.0M ETH (Jan '25) → ~2.0M ETH (Feb '26). Real capital doubling each year. > 2M ETH with no native token yet. If $BASE launches and this TVL re-rates, or if it was all token anticipation and unwinds?
We just created the Sui Mega Dashboard. I found it annoying having to dig through scattered sources to look at @SuiNetwork data, so I decided to put everything in one place. I organized various metrics like Tokens, network activity, ecosystem developer count, and DAT into sections so you can get a full picture at a glance. For DeFi data, I used data from our Sui data partner, @NoodlesFi. Sui is the chain that led me to join @FourPillarsFP, so it holds a special place for me. As a validator, We've been thinking about how we can contribute more to the ecosystem. I put a lot of effort into this one, so I'd appreciate it if you could drop a ⭐️! LFG @SuiNetwork @FPvalidated