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HYPE Payout - Hyperliquid Labs set for first HYPE token payout as 1.2 million tokens unstake.
Regulatory Tensions - As Democrats gain in odds to take U.S. House, Waters bashes SEC chair on crypto.
LIT Launch - Lighter DEX launches LIT token with 25% airdrop.
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Decentralized cloud computing marketplace that lets users buy compute (CPU, GPU, storage) directly from a global network of providers
Fee revenue increased ~11% QoQ in AKT terms and ~4% in USD, supported by higher deployment volume and tooling improvements
New compute leases rose ~42% QoQ to ~27,000, driven by expanded model support and developer tooling enhancements
GPU usage remained robust with utilization consistently >50%, despite a slight drop in total GPU capacity
Usage is growing fast: Q3’25 marked the 5th straight quarter of network activity growth
~824K average DAAs (+93.5% QoQ) and ~2M daily tx by active addresses (+87.1% QoQ)
Gaming is biggest activity driver, gaming transactions up sharply QoQ and multiple consumer-style titles contributing meaningful daily address activity
DEX activity hit new highs with spot volume up to ~$43M average daily (+75% QoQ)
Decentralized cloud storage network where users pay to store encrypted data across independent storage providers
Q3 2025 was a transition quarter, dominated by the completion of Sia’s major V2 upgrade rather than organic demand growth
V2 positions Sia for better long-term scalability, faster syncing, browser-based access, and easier developer integrations
The Sia Foundation professionalized its ecosystem strategy, accelerating app, wallet, analytics, and SDK development post-upgrade
From Our Sponsor
As we wrap up 2025, the memecoin sector looks like it got left in the gutter. The total market cap of memes is now sitting around $42 billion after peaking north of $150 billion late last year, with flagship dogs like DOGE down 65% YTD to $0.13, SHIB down 70%, and PEPE cratered over 80% from its highs. Google searches for "crypto" are currently at one-year lows. Retail has checked out after the Trump-family token implosions, and Solana's once insane memecoin launch frenzy has cooled daily volumes sharply from Q1 peaks, though DEX activity still clears billions.
This is good news because it means 2025 was the year of the memecoin purge, something the market desperately needed. The political hype, rug-pull scandals, and coordinated whale games washed out the weak hands and fake volume. CoinGecko’s memecoin report ties the significant 2024 move to Solana launchpads (Pump.fun), major exchange listings, and a volume spike that briefly reached $87.4B daily at its peak. What’s left is a cleaner battlefield, primed for the real trenches to bring it back in 2026.
Why the comeback?
Retail always returns when boredom sets in. Currently, Bitcoin is trading sideways around $88k–$90k, institutions are accumulating BTC via ETFs, altcoins continue bleeding, and precious metals ripped (gold +70–80%, silver +150%), sucking even more liquidity from risk-on plays. History may not repeat, but it often rhymes. Following the post-FTX bear lows, memecoins led the 2023–2024 rotation with PEPE, BONK, and WIF, turning micro-caps into billions.
The infrastructure has never been better. Solana remains the default venue for fast retail speculation due to its low and liquid prices. On the revenue side, the numbers vary by definition and window, but multiple sources put Solana’s 2025 revenue/fees in the low single-digit billions. With revenue becoming such a significant stream of income, networks such as Solana will likely continue to endorse memecoin projects to help drive fee numbers even higher.
Finally, catalysts are stacking up for 2026, including potential altcoin ETFs spilling liquidity, macro easing if rates get cut further, and inevitable viral trends. When BTC finally breaks $100k+ again, capital will begin rotating down the risk curve, straight into the trenches where the 100x moonshots hide. The old guard (DOGE, SHIB, PEPE) might lag without fresh narratives, but new waves of cat/frog revivals, AI memes, or whatever absurdity captures holders’ attention will fill the void. Newer winners, such as WHITEWHALE, demonstrate that new tokens can still experience significant gains through coordinated hype.
Memecoins thrive on excess liquidity, FOMO, and boredom. 2025 delivered the hangover, 2026 brings the hair of the dog. Strap in, the trenches aren't dead, they're just reloading.
