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Crypto Long & Short: Inside the 300-to-1 onchain gap between the dollar and euro
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Key facts
- Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume
- Euro vault AUM across DeFi increased from roughly €12 million a year ago to €135 million today, still representing only 2.4% of total vault AUM
- Revenue is up about 561% over the past week (one $804,000 day drove 60% of it), while STONK is up about 679% during the same period
- As MiCA-compliant issuance scales and native euro-denominated collateral, credit and vault rails come online, the 300-to-1 EUR/USD imbalance should compress rapidly
Summary
This is your institutional newsletter, Crypto Long & Short. The dollar leads the euro about 3 to 1 offchain and more than 300 to 1 onchain. “StonkFun revenue ignites as memecoin mania gathers onchain attention” in Chart of the Week. By Ryan Connor, research partner at RockawayX.