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Markets around implementation and follow through on decisions can also allow for better pricing and be a better gauge of how likely and impactful governance outcomes truly are. e.g. I own protocol token A and am bullish on a proposal so long as it can be implemented in the next

Preparing for takeoff.

Underrated report by Zack on blob activity since Pectra activation : galaxy.com/insights/resea… You can get the updated numbers on blob usage and costs from this Galaxy Research Dune dashboard : dune.com/glxyresearch_t…

the aggregate loan book size of crypto lenders rose in Q1 2025 to the HIGHEST since Q1 2022 (the literal top) LEDN jumped into 2nd place after a monster Q1, followed by new contributor Two Prime, Galaxy & Coinbase this & other fascinating insights in our Q1 leverage report 👇

i know some are worried about the bitcoin treasury companies and their debt becoming a problem but for now we think those fears are overblown there really isn’t that much debt in the scheme of things, and most not due for 2+ years