on-chain

User Momilio posted: On-chain options are currently the biggest blank space and opportunity in the cryptocurrency field. This content is excerpted from its upcoming on-chain options research report, currently just a summary of one chapter. Momilio stated: Mature financial markets will eventually expand to options, and cryptocurrency has reached a turning point; constraints are no longer regulatory or infrastructural, market-making liquidity has improved, and pricing systems can now support larger-scale transactions. It also noted: The trading volume of on-chain options is still only 6.9% of Deribit's options trading volume, and to reach critical scale, a large influx of retail order flow is necessary.Momilio stated: The annual trading contracts for U.S. options increased from 4.19 billion in 2017 to 15.2 billion in 2025, a growth of 263%, primarily due to retail investors. After Robinhood launched commission-free options in December 2017, the proportion of S&P 500 options on the same day rose from 5% to over 60% within ten years. By 2023, the proportion of contracts expiring within a week rose to 68%, with same-day options accounting for 43%; SSRN research shows that over 75% of retail-related trades are contracts expiring on the same day.In India, the premium for stock options is expected to reach 190.65 trillion rupees by the fiscal year 2026, which is 45.8 times that of the fiscal year 2016, with over 90% of retail derivatives traders only engaging in options. By the end of 2024, the Securities and Exchange Board of India will raise the minimum contract size from 500,000 rupees to 1.5 million rupees and restrict weekly expirations to only one benchmark index, with premiums still increasing by 7% in the fiscal year 2026. In the first half of 2026, the trading volume of options contracts on Indian exchanges reached 39.3 billion, which is 4.5 times that of the U.S. at 8.7 billion, while U.S. premiums of $6.3 trillion are nearly 5 times India's $1.3 trillion.

AI-driven on-chain infrastructure project Bullshot announced that it has completed a $7.7 million financing round. The project stated that this round of financing received support from investors, partners, and strategic supporters.Bullshot claims that it is building the next generation of AI-driven on-chain infrastructure, integrating token creation, trading, and autonomous AI agents within the same ecosystem. The project stated that this financing will strengthen its plans for ongoing construction and expansion on-chain.

S&P Global (NYSE: SPGI) announced that it has completed the acquisition of the on-chain financial security standards provider OpenZeppelin. The transaction was first announced on September 17, and the financial terms were not disclosed, with no significant impact expected on S&P Global's financial performance.OpenZeppelin was founded in 2015 and has completed over 900 security service projects, identifying more than 10,000 vulnerabilities before product launches. Its open-source smart contract library, OpenZeppelin Contracts, supports a value transfer scale of over $38 trillion, covering various mainstream stablecoins and tokenized funds.This acquisition will expand S&P Global's risk assessment capabilities to the on-chain technology risk layer, with both parties planning to jointly develop a new generation of on-chain security assessments and benchmarks. After the acquisition, OpenZeppelin will continue to operate as an independent business unit under its original brand, with founder Demian Brener remaining as the head and reporting to S&P Global Ratings President Yann Le Pallec. OpenZeppelin Contracts will continue to be open-source, free, and publicly maintained.

On-chain treasury protocol Ducat tweeted that the team has decided to gradually shut down the protocol. The protocol design includes a price floor mechanism, and during the shutdown process, the team will prove that Ducat is fully backed by the treasury.The official team has taken a snapshot of the holders, and those who meet the criteria can redeem the corresponding fair value within the treasury without a cooling-off period. Tokens purchased from the liquidity pool after the snapshot will not be eligible for redemption.

According to Lookonchain monitoring, the HYPE price has dropped 22% from its peak.Currently, the largest HYPE short address 0xf02d holds 715,334 HYPE short positions, valued at approximately 54.57 million USD, with an unrealized profit of 5.56 million USD. Additionally, it has earned about 620,000 USD through funding rate income.

Analyst Darkfost stated that the largest Bitcoin UTXO spending activity since 2026 has occurred on-chain, with a single UTXO valued at over 1 million dollars accumulating a total spending amount of over 21 billion dollars, involving more than 230,000 BTC. The related operations are likely from the same entity.Most of these UTXOs had been dormant for 1 to 6 months, and about 4.6 billion dollars came from long-term holders (LTH) who had held for 1 to 3 years. Darkfost pointed out that these Bitcoins may primarily be transferred between different addresses, and there are currently no obvious signs of flowing to exchanges, so it cannot be concluded that there is a large-scale sell-off. If the destruction of the related UTXOs corresponds to realized profits or losses, the on-chain realized profit and loss indicators may show significant changes.

According to a report by Bloomberg citing on-chain data analysis platform Dune, the on-chain trading volume of tokenized stocks and ETFs in the third quarter exceeded $37 billion, with monthly trading volume increasing nearly 18 times compared to January, covering over 200 trading venues and 12 blockchains.During the same period, the on-chain trading volume of perpetual contracts linked to stocks, ETFs, and stock indices on the decentralized perpetual contract trading platform Hyperliquid reached $201 billion. Dune stated that currently about 25% of cryptocurrency spot trading is conducted on-chain.

Decentralised.co published: The on-chain options trading volume is still less than 1% of perpetual contract DEX, while traditional market options trading is about three times that of futures. The institution backtested Bitcoin daily closing prices from January 2018 to October 2026, finding that among the ultimately profitable longs, the liquidation probabilities for 10x perpetual contracts over 180 days, 90 days, and 60 days were 47%, 29%, and 18%, respectively. It replayed three $1,000 Bitcoin longs on October 10, 2025: the 10x perpetual was liquidated at 21:14, the 30-day call option dropped to a low of $181 but returned to over $800 within an hour, and a $52 7-day put option helped the 10x long survive the downturn.Decentralised.co: In the past, on-chain options often failed due to fragmented order books, difficult hedging, and locked funds. Hegic depositors lost most of about $80 million in May 2021, Lyra depositors experienced a 4.9% loss in the Bitcoin pool and a 17.6% loss in the Ethereum pool within 7 months, and PsyOptions closed its product in June 2024. With the combination of perpetual liquidity like Hyperliquid, the locked funds required to sell a Bitcoin call option could be reduced from about $100,000 to about $15,000, while monthly returns increased from 1.8% to about 12%.The article lists Hyperliquid as the main venue for hedging liquidity, with the options protocol Derive (formerly Lyra) as the underlying engine, Paradex handling large trades, and Hypercall being the first options venue built on Hyperliquid. Derive liquidated about $18 billion in notional options value in the year ending October 19. After Paradex integrated with Paradigm on September 15, the date options trading volume increased from less than $3 million to $58.7 million within a week, and open contracts decreased from over $250 million to about $96 million by October 14. By September 2026, the notional value of on-chain options is expected to double to $5 billion, with premiums rising to $85 million.

According to The Block, the crypto data analytics platform Dune has announced the launch of a real-time market data stream, with spot trading data available approximately 1 second after a transaction, covering over 200 on-chain trading platforms across 12 blockchain networks, including Solana, Ethereum, Base, BNB Chain, and X Layer; the perpetual contract data stream will track trades on Hyperliquid and Lighter.Fredrik Haga, co-founder and CEO of Dune, stated that on-chain transactions currently account for about 25% of the total volume of cryptocurrency spot trading, and as the trading of tokenized assets develops, the market demand for on-chain data continues to grow.Dune claims that the new data service will help hedge funds, asset management companies, market makers, and brokers track on-chain price discovery within existing market data systems. The company also noted that the joint venture OKXICE between OKX and Intercontinental Exchange (ICE) has submitted an application to list 63 tokenized stocks on X Layer.

ARK Invest's Q3 2026 DeFi report shows that stock tokenization has become the main driving force behind the rebound in on-chain trading activity for the quarter. The trading volume of tokenized stock spot DEX reached approximately $50 billion, about 9 times that of the previous quarter, with its share of total spot DEX trading volume rising from about 1% to around 9%. Overall, DEX spot trading volume increased by approximately 13% quarter-over-quarter to $571 billion, marking the first growth in nearly four quarters.Robinhood Chain achieved approximately $65 billion in DEX trading volume and $51 million in network revenue in its first quarter, with network revenue nearing the level of BNB Chain during the same period. However, ARK expects that recent adjustments to the Gas mechanism will cause the chain's revenue to decline from current levels. The total supply of stablecoins decreased by about 3% quarter-over-quarter to $309 billion, but adjusted trading volume increased by approximately 16% quarter-over-quarter to $781 billion, with the number of monthly active addresses growing by about 39% to 73 million.In the perpetual contract DEX, there is a divergence between open positions and trading volume: the value of open contracts increased by about 76% quarter-over-quarter to $24 billion, while quarterly trading volume decreased by about 16% to $1.4 trillion. Among them, Hyperliquid's open contract value is about $13 billion, accounting for approximately 53%. ARK believes this indicates fewer but larger positions held for longer durations.

On October 20, the on-chain intelligence platform Arkham announced the launch of Arkham Enterprise, positioned as a high-level analytical platform for professional workflows, with uses including asset tracking, risk scoring, case management, and transaction research. Arkham stated that the platform relies on the world's best tagging set, containing 3.9 billion attribution records, covering $18 trillion in on-chain transaction volume. On the same day, the company adjusted the features of the free platform and launched Enterprise Grants.The data update frequency for both the free and Enterprise platforms has been upgraded in sync. Previously, a large amount of data and tags were updated once a day; after the underlying infrastructure was rebuilt, transactions, new tags, and address balances have been changed to real-time updates, with new transactions appearing without needing to refresh the page. Most alerts supporting on-chain have reduced latency by about 80%, and the database load will also decrease. Tracer 2.0 has been rebuilt for professional on-chain investigations, allowing users to pull counterparties into a network graph from any address and track funds hop by hop; with the addition of bridge support, funds can be followed across supported chains in the same tracking. Visualizer 2.0 presents incoming and outgoing transactions, counterparties, and tokens in real-time through an interactive graph after pasting an address or entity.Enterprise also offers case management and risk scoring. The former allows investigation findings to be grouped by case and form structured records; the latter assesses the risk of addresses and entities based on Arkham attribution data, with indicators covering sanction exposure, mixer exposure, sources of funds, and the number of transaction hops between addresses and marked sources. The adjustments to the free version effective that day include: Tracer 2.0, transaction filtering, complete transaction history, creation of custom tags and entities, and the counterparty section of the browser page is only available to Enterprise users. Free users can view the most recent 100 transactions and retain and edit existing custom tags and entities; the free platform still includes all Arkham tags, Visualizer 2.0, prediction markets, block explorers, and tagging features. Enterprise Grants provide free access to Enterprise for select independent investigators, researchers, and public interest organizations.

The founder of the Solana landing service analysis platform Circular, Ben, stated that he believes the trading terminal Axiom charges traders through misleading "validator bribes" and routes the related funds to the landing service Lunar under HelloMoon. Ben mentioned that since April, the bribes paid by Axiom traders to Lunar amount to approximately $55.7 million, but the latest 30-day analysis shows that only about 1% can be traced back to additional on-chain validator incentives, and he inquired whether Axiom shares in this tip revenue.Circular claims that it reconstructed the activities related to Lunar and Axiom from April 26, 2026, to October 19, based on on-chain payment flows: during this period, Lunar received 530,166 SOL in bribes, valued at approximately $55.67 million based on its quoted price of $105/SOL, corresponding to 189 million successful payments of bribes to Lunar from Axiom transactions. In the last 30 days, 45 million Axiom transactions made payments to Lunar, accounting for 80.6% of successful Axiom transactions; Lunar received 138,964 SOL, approximately $14.59 million, of which about 1,579 SOL was attributed to additional on-chain validator incentives, accounting for 1.14%.Ben also cited on-chain cases from September 26 and October 7, stating that after he paid bribes as suggested by the Axiom interface, the identifiable additional priority fee increase was about 1% of the amount paid to Lunar. He indicated that Axiom controls transaction routing and fee recommendations and has published its associated Lunar address on GitHub for verification. The above content represents Circular's on-chain statistics and personal judgment, and the post also states that the related proportions do not exclude other service costs or off-chain payments, and its estimate of the platform's revenue share is not based on tracked payments to Axiom.

X-Agent's latest Dune data shows that as of October 20, the platform's related on-chain activities have reached 1,268,897 transactions, with the number of Agentic Wallets reaching 39,649. At the same time, a total of 680,285 x402 payments and 233,188 AI Activity Syncs have been generated.From the Dune trend data, X-Agent's on-chain activity saw significant growth in October, with Transactions rapidly increasing in volume for the month, and x402 Payments also experiencing notable growth recently. Compared to traditional AI products that mainly measure user numbers, conversation volume, and model invocation counts, what is more noteworthy in this data set is that AI Agents within the X-Agent ecosystem are gradually generating real, verifiable on-chain economic activities.Through the infrastructure of Agentic Wallet, x402 payments, and AI Activity Sync, Agents are evolving from mere information exchange tools to economic participants capable of executing tasks, using wallets, initiating payments, and generating on-chain records. This further validates the path of the Agent Economy that X-Agent is promoting: Build → Act → Pay → Verify. From "creating AI Agents" to "enabling Agents to truly execute and transact," X-Agent is attempting to connect Agent capabilities, on-chain execution, and payment settlement into a complete closed loop.As the scale of x402 payments and Agentic Wallet continues to grow, the Agent Economy is gradually transforming from a concept into real network activities that can be directly observed and measured by on-chain data.

Solana's official announcement states that in Q3 2026, the number of non-voting transactions on the Solana chain reached 8.92 billion, an increase of 104% compared to Q4 2025.

According to CoinDesk, on-site infrastructure provider ZeroHash announced the launch of the AUTH product at the Money20/20 USA conference held in Las Vegas. This product is a set of on-chain identity verification and account connection tools designed to address user experience issues during the on-chain transfer of crypto assets, stablecoins, and tokenized securities. Users no longer need to copy long strings of wallet addresses made up of letters and numbers, nor do they need to manually select a blockchain network to complete asset transfers.It is reported that AUTH transforms on-chain asset transfers from an address model to an account model, allowing users to directly connect self-custody accounts with custodial accounts. The process involves: selecting the account to connect, logging in via account credentials and multi-factor authentication, and then assets are transferred directly on-chain, with the entire process being nearly instantaneous.AUTH currently offers over 600 connections, covering both custodial and non-custodial accounts, involving approximately 250 million users across more than 190 countries. Partner platforms include Robinhood, Gemini, Coinbase (exchange and wallet), MetaMask, and Phantom.ZeroHash stated that AUTH emphasizes trust and control in addition to usability: replacing original addresses with verified, user-authorized accounts, while allowing partners to configure the supported account types, on-chain assets, and transfer methods themselves.In addition, ZeroHash appointed Ryan Beaudry as the General Manager of AUTH, who previously served as the Executive Vice President of Global Open Finance Products and Operations at Mastercard. AUTH can be used as a standalone product or enabled through ZeroHash's existing SDK, and platforms that have integrated other ZeroHash products do not need to connect separately.

Snapshot posted on platform X, stating that ENS is voting to activate ENSv2 on the Ethereum mainnet through an on-chain proposal that includes 15 calls. This proposal is executed in one go by the execution contract controlled by the ENS DAO, which, if passed, will freeze new registrations of version 1 while allowing un-migrated domain names to continue renewing.After the upgrade, ENSv2 will allow owners to customize the subdomain registry and grant resolution rights individually without transferring domain ownership. In addition, ENS Labs will synchronize eligible domain names, open v2 registrations and migrations, and transfer the remaining management rights to the ENS DAO.

The outstanding balance of Coinbase's crypto asset collateralized loans has reached $2.3 billion, with the product launching in January 2025. Eligible users outside of New York State can stake Bitcoin to borrow USDC without selling their holdings, with loans routed through the Morpho decentralized lending protocol on the Base network.Coinbase has added fixed-rate loans through Morpho Midnight, expanding the stakable assets to XRP, DOGE, ADA, and LTC; as of mid-September 2026, the scale of floating-rate loans has exceeded $1.4 billion, supported by approximately $3 billion in collateral. JPMD tokenized deposits from JPMorgan Chase have been operating on Base for institutions since mid-2026, while Citigroup and BNY Mellon are also advancing related layouts, and several UK banks plan to launch related networks in 2027.

Crypto podcast host Andy (@andyyy) posted a preview stating that a major AI product/feature will be released in the coming days, aimed at institutional-level on-chain asset management, with embedded risk strategies. It is reported that this product has already conducted pilot programs with several funds and asset management institutions.Andy previously accurately predicted the launch of the SEC's crypto exemption policy a week in advance.