Luca Valente · Crypto research https://lucavalente-research.github.io/ On-chain and macro research by Luca Valente. en Fri, 09 Oct 2026 09:05:58 +0000 SOL deposited in Marinade Liquid Staking fell 2.4% in 30 days; value locked +9.6% https://lucavalente-research.github.io/real-money-2026-10-08.html https://lucavalente-research.github.io/real-money-2026-10-08.html Thu, 08 Oct 2026 00:00:00 +0000 Marinade Liquid Staking's value locked went from $242.7M to $266.0M in the 30 days to 8 Oct 2026 (+9.6%). Token prices account for +12% of the change and net deposits for −2.7%. Source: DefiLlama. POL (ex-MATIC)'s health index: 41 out of 100, below the median of 19 peer chains https://lucavalente-research.github.io/health-index-2026-10-07.html https://lucavalente-research.github.io/health-index-2026-10-07.html Wed, 07 Oct 2026 00:00:00 +0000 POL (ex-MATIC)'s health index was 41 out of 100 on 7 Oct 2026, place 13 of 19 among its sector peers; 4 of 5 measures were available. Seven days earlier it was 49. Source: DefiLlama, CoinGecko. Jupiter Lend's health index: 57 out of 100, above the median of 28 peer lending protocols https://lucavalente-research.github.io/health-index-2026-10-06.html https://lucavalente-research.github.io/health-index-2026-10-06.html Tue, 06 Oct 2026 00:00:00 +0000 Jupiter Lend's health index was 57 out of 100 on 6 Oct 2026, place 8 of 28 among its sector peers; 4 of 5 measures were available. Seven days earlier it was 44. Source: DefiLlama, CoinGecko. Orca DEX collected 147% more fees than a month earlier https://lucavalente-research.github.io/outlier-2026-10-03.html https://lucavalente-research.github.io/outlier-2026-10-03.html Sat, 03 Oct 2026 00:00:00 +0000 Orca DEX's fees rose 147% in the 30 days to 2 Oct 2026; the median of its 15 peer DEXs rose 18%. Source: DefiLlama, CoinGecko, GitHub. Jupiter Perpetual Exchange: net withdrawals of $23.3M in 30 days; value locked +7.7% https://lucavalente-research.github.io/real-money-2026-10-03.html https://lucavalente-research.github.io/real-money-2026-10-03.html Sat, 03 Oct 2026 00:00:00 +0000 Jupiter Perpetual Exchange's value locked went from $751.0M to $808.8M in the 30 days to 3 Oct 2026 (+7.7%). Token prices account for +11% of the change and net deposits for −3.1%. Source: DefiLlama. Avalanche collected 238% more fees than a month earlier https://lucavalente-research.github.io/outlier-2026-10-02.html https://lucavalente-research.github.io/outlier-2026-10-02.html Fri, 02 Oct 2026 00:00:00 +0000 Avalanche's fees rose 238% in the 30 days to 1 Oct 2026; the median of its 29 peer chains rose 27%. Source: DefiLlama, CoinGecko. WETH deposited in mETH Protocol fell 0.2% in 30 days; value locked +11% https://lucavalente-research.github.io/real-money-2026-10-02.html https://lucavalente-research.github.io/real-money-2026-10-02.html Fri, 02 Oct 2026 00:00:00 +0000 mETH Protocol's value locked went from $572.7M to $637.2M in the 30 days to 2 Oct 2026 (+11%). Token prices account for +11% of the change and net deposits for −0.2%. Source: DefiLlama. Not one of 110 tokens paid above the standard funding rate https://lucavalente-research.github.io/health-index-2026-10-02.html https://lucavalente-research.github.io/health-index-2026-10-02.html Fri, 02 Oct 2026 00:00:00 +0000 On 2 Oct 2026, 0 of 110 tokens had a 7-day average funding rate above the standard +0.0100% per period, 9 were at it and 101 below. The lowest was SAND at −0.0583%. Source: Binance futures. Raydium's 30-day fees: the highest since August 2025 https://lucavalente-research.github.io/outlier-2026-10-01.html https://lucavalente-research.github.io/outlier-2026-10-01.html Thu, 01 Oct 2026 00:00:00 +0000 Raydium's fees rose 395% in the 30 days to 30 Sep 2026; the median of its 15 peer DEXs rose 15%. Source: DefiLlama, CoinGecko. SOL deposited in Marinade Liquid Staking fell 2.2% in 30 days; value locked +13% https://lucavalente-research.github.io/real-money-2026-10-01.html https://lucavalente-research.github.io/real-money-2026-10-01.html Thu, 01 Oct 2026 00:00:00 +0000 Marinade Liquid Staking's value locked went from $241.3M to $272.5M in the 30 days to 1 Oct 2026 (+13%). Token prices account for +15% of the change and net deposits for −2.6%. Source: DefiLlama. Not one of 110 tokens paid above the standard funding rate https://lucavalente-research.github.io/health-index-2026-10-01.html https://lucavalente-research.github.io/health-index-2026-10-01.html Thu, 01 Oct 2026 00:00:00 +0000 On 1 Oct 2026, 0 of 110 tokens had a 7-day average funding rate above the standard +0.0100% per period, 8 were at it and 102 below. The lowest was TRX at −0.0268%. Source: Binance futures. Not one of 110 tokens paid above the standard funding rate https://lucavalente-research.github.io/health-index-2026-09-30.html https://lucavalente-research.github.io/health-index-2026-09-30.html Wed, 30 Sep 2026 00:00:00 +0000 On 30 Sep 2026, 0 of 110 tokens had a 7-day average funding rate above the standard +0.0100% per period, 11 were at it and 99 below. The lowest was TRX at −0.0220%. Source: Binance futures.