On-chain Weekly Digest: Lighter launches equity perps, starting with $COIN and $HOOD, both at 10X leverage
Robinhood to launch new derivatives exchange for prediction markets push in 2026, Grayscale Files to List First Zcash ETF in the U.S. Amid 1,000% Rally...
On-Chain Overview
The crypto market remains in a bear-market technical repair phase as US QT ends and the probability of a 25 bp FOMC rate cut remains elevated, while BTC trades in a broad consolidation range. Trading activity softens (DEX volume down 22.23%, Solana DEX down 7.7%), Lighter leads Perp DEX volume, and ETF flows turn positive on the week.
Crypto market cap fell 1.35% 7D as DEX activity declined 22.23% 7D; Solana remained No. 1 by DEX volume despite a 7.7% weekly pullback. PumpSwap stood out with revenue rising +15.76% this week and +59.17% over three months.
（Data accurate as of: 1 Dec, 2025, 7:00 am, UTC）
Altcoin, Meme coin, NFT and RWA
Altcoins, memes, and NFTs continued their three-month market cap declines (Alt –2.35% 7D; Meme –5.92% 7D; NFT –2.82% 7D) amid broad volume contraction, while tokenized RWAs were the only segment to show sustained strength (+1.06% 7D; +19.67% 3M).
（Data accurate as of: 1 Dec, 2025, 7:00 am, UTC）
Macro, Stocks & Commodities
Equities and gold strengthened this week (S&P +3.73%, Nasdaq +5.37%, Gold +2.9%) amid softer yields and a lower VIX, while DXY drifted slightly and oil remained subdued.
（Data accurate as of: 1 Dec, 2025, 7:00 am, UTC）
Key Events of the Week
1. Prediction Market | MYRIAD hits $100M trading volume milestone, growing 10x in three months (24 Nov)
2. NFT | Art Blocks has announced its Final Three projects (25 Nov)
3. Digital Art | Beeple announces Art Basel exhibition (25 Nov)
4. Prediction Market | Robinhood to launch new derivatives exchange for prediction markets push in 2026 (25 Nov)
5. Privacy | Grayscale Files to List First Zcash ETF in the U.S. Amid 1,000% Rally (26 Nov)
6. DEX | Lighter launches equity perps, starting with $COIN and $HOOD, both at 10X leverage (26 Nov)
Key Takeaways
From a market data perspective: Total crypto market cap is down 1.35% WoW; DEX volume is down 22.23%; Lighter leads perp DEX volume. Altcoins market cap fell 2.35%, memes -5.92%, and NFTs -2.82%, while RWAs Market Cap rose +1.06% WoW and +19.67% over 3M.
From a market events perspective: Art Blocks announced its final three projects; Beeple confirmed an Art Basel exhibition; Lighter launched 10x equity perps, starting with $COIN and $HOOD; Robinhood plans a prediction markets; and Grayscale filed to list the first US Zcash ETF.
Excellent roundup of the on-chain derivative expansion. The Lighter launch with 10x equity perps is especially notable because it brings traditional equity exposure directly on-chain with signifcant leverage, which could attract a different type of trader than pure crypto natives. If this catches on and other DEXs follow suit, we might see more liquidity shifting from centralized venues to decentralized ones, particularly as people seek to avoid counterprty risk after whats happened with centralized exchanges in past years.