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As the dispersion continues, this week has been about steady change rather than descriptive noise. Aerodrome’s net income rose modestly as air was in line with income, while USDai’s TVL showed modest growth. At the same time, tokenized assets continued to grow on loans, Treasurys and assets, while new trading infrastructures, from ultra-low latency chain (Fogo) to permanent assets, moved closer to market indices.
Signs
Markets leaned against risk last week, with dispersion widening in traditional and digital media. BTC fell (-2.3%) while the Nasdaq 100 (-2.1%) and the S&P 500 (-0.7%) also closed lower, reflecting weaker risk sentiment. Gold (+2.3%) was identified as one of the few hedge funds, indicating that the volatility of the exchange and the security as a resumption of the end of the year.
Crypto sector indices reported sharp news. On the other hand, Memecoins (+16.0%) and L2s (+9.7%) are the biggest gainers on a weekly basis, pointing to short-term speculative trends and showing new optimism regarding news scaling and high beta players. AI (+1.3%), Lending (+1.0%), and the Ethereum Ecosystem (+0.9%) also managed the green notes. In contrast, weakness was reported in Solana Ecosystem (-10.5%), DePIN (-7.1%), RWAs (-7.0%), and Crypto Miners (-5.4%), emphasizing the pressure on heavy or very heavy topics. Launchpads (-2.3%) and DEXs (-2.8%) also lagged behind as volumes stabilized.
While the L2 segment performed well this week, under the hood, dispersion was evident. MERL it was well known, the highest of the weekend and the best finish in the north of their peers. MNT he also saw strong forces, grinding further and holding the gains even though the rest of the complexities were cut to the side. OP and ARB track close to the index average, posting slight gains but failing to show the same trend. In the end, BLAST remained an underperformer, down throughout the week.
Weekly charts
Aerodrome’s weekly revenue (protocol revenue minus emissions) is change from long periods of heavy losses to near-break-even and occasional gains. Throughout the period of 2024, gas emissions exceeded the cost of damages, with weekly losses reaching about $20 million per well, indicating aggressive incentives. However, from the beginning of 2025, the losses decreased as the air pressure decreased and the costs stabilized, with recent weeks hovering around zero and changing modestly at times. This is in line with the idea that the economy of the Aerodrome is improving, and the protocol costs are now improving with emissions for the first time since it was established.
USDai’s TVL strategy shows a marketing strategy that is based on the content of the website rather than the content that is sold. TVL rose sharply in September as several large shares entered the system. A special jump indicates a fixed deployment that is linked to a pre-planned event. The rise of TVL above ~$550 million in November means financial pressure and slow redemptions, reinforcing the view that USDai is operating as a valuation tool rather than a trading tool.
Tokenization has evolved from a niche experiment to a breakthrough in financial institutions around the world. Today’s market capitalization is made up of $300 billion in stablecoins, $17.4 billion in private debt, $8.2 billion in US government debt, $2.3 billion in bonds, and $1.4 billion in corporate bonds. Comparisons determine the extent of this change. A report by BCG and ADDX projects that up to $16 trillion of real estate in the world could be realized by 2030, based on the public sector, private markets, real estate and debt instruments. Similarly, Citi predicts $4-5 trillion in digital securities and another $5 trillion in commercial real estate over the same period.
Fogo it appears with the leading companies 40ms block time and ~ 1-second last, giving the economy faster execution than blocks 400ms Solana and the highest response compared to Ethereum and the last minute. While Hyperliquid and Solana record the highest TPS figures on paper, Fogo’s combination of ultra-low latency and sub-second latency puts it near the bottom of the financial market, solidifying its position as a viable alternative to most L1 buyers.
Outside of the Root, the top nine subnets now have ~44% of the total TAO went up traversing subnets and receiving 37.4% of TAO’s emissions. This concentration has gradually decreased from ~52% in May 2025 as more TAO enters smaller or emerging groups. This trend shows a gradual expansion of participation and a better distribution of shares over time.
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