Training
Training notes, written from historical data to practise the method. They are not part of the published series and are not in the archive or the feed.
25 September 2026
Starknet: the price is rising but capital is flat
Luca Valente — dictated note, lightly edited
24 September 2026
Raydium AMM is growing more than the other DEXs
Luca Valente — dictated note, lightly edited
24 September 2026
Capital rising and trading on Hyperliquid
Luca Valente — dictated note, lightly edited
23 September 2026
Tezos: capital fleeing but price rising
Luca Valente — dictated note, lightly edited
19 September 2026
Optimism Trails Other Chains on Transactions and Code, Not on Price
OP had a slightly better month than the typical chain token, while transactions and code work on Optimism lagged that same group.
19 September 2026
Optimism's Price Jumped. Its Transactions and Its Developers Didn't
On 19 September Optimism's price capped a 29% rise in three days while its transaction count fell sharply the same day.
16 September 2026
Fees in Step, Trading Far Ahead: Aerodrome V1 Against Its Peers
The fee line of Aerodrome V1, a decentralised exchange on Base, counts what traders pay per swap, and voting token holders get part of it.
16 September 2026
Has a Fee Spike This Big Happened Before?
Fees on Aerodrome V1 jumped 192.4% in a single day, to their highest level in ninety days of data.
15 September 2026
SUNSwap V2: Trading And Fees Outrun Stablecoins
Two of SUNSwap V2's usage lines jumped together.
28 August 2026
Deposits Set A High. Solana's Stablecoins Matched Peers.
Marinade Liquid Staking ended 28 August with deposits at a 90-day high and its chain's stablecoin balance up over the month by the group median.
27 August 2026
A Rough Fee Day Against A Month Ahead Of Its Peers
Fees on Hyperliquid's spot order book fell 21.2% in a single day, and the broader usage picture is still ahead of its peer group.
22 August 2026
Meteora DLMM's Fees Have Risen Since 19 August
Which of Meteora DLMM's usage measures turned up before its fees jumped 94.5% in a day?
18 August 2026
Since 3 August, Polygon's Stablecoins Fell On 12 Of 16 Days
A single loud trading day sits on top of a month that otherwise looks flat, and Polygon's usage lines moved the other way underneath it.
6 August 2026
Tezos's Usage Trails Peers. Its Price Barely Moved In Three Days.
August 6, and Tezos's usage lines are trailing peers while its price barely moves from day to day.
27 July 2026
Rocket Pool's Commits Have Pointed Up Since The Week Of 14 June
Rocket Pool's token rose 23.6% over the past month, while the typical token in its group went down.
25 July 2026
66.4% More Commits, While ICP Moves With Its Group
Internet Computer's commits are up 66.4% in a month; why do the weeks inside that month show no steady climb?
15 July 2026
Is Jupiter's Price Moving Without Its Usage?
I don't know yet whether Jupiter's price gain means more than the numbers behind it.
5 July 2026
Fewer Commits And A Rising Price At Ether.fi
By the close of 5 July, the ETHFI token was climbing, and the code work on Ether.fi was running well behind its peers.
3 July 2026
Development Moved First At Dolomite, The Price Came Last
On 3 July, Dolomite's token price had only just turned up, weeks after the code work on the protocol began to pick up.
23 June 2026
60.3 Points Ahead On Code At Curve, Close To Its Group On Price
Curve's code changes ran 60.3 points ahead of its peers' over the past month, while its token fell about as far as theirs.
19 June 2026
Stellar's Value Locked Has Been Rising Since 12 June
I don't know yet whether Stellar's rise this month is its own, or something its whole group of chains is doing together.
9 June 2026
34.3% In A Month For INJ, Less Capital On Injective
What is INJ's 34.3% rise in a month standing on, if the money held on Injective's own chain shrank faster than at its peers?
8 June 2026
Worldcoin's Capital Beat Its Peers. So Did The Price.
Worldcoin's price and the money on its chain both beat their peers over the past month, yet the price is lower than three days ago.
7 June 2026
Has SD's Price Caught Up With Stader's 91.2% Fee Drop?
Stader's fees jumped 74.4% in a single day, then the month told a different story.
10 May 2026
The Portal Number That Doesn't Move With The Rest
Portal's biggest number belongs to the chain it runs on, and on 10 May stablecoins on Ethereum sit exactly where its bridge peers sit.
4 May 2026
Uniswap's Fee Jump Has No Match In Its Own Recent Record
Whether Uniswap's 193.1% jump in daily fees is a turning point or one loud day nobody remembers isn't clear yet.
2 May 2026
$324 Million, a 90-Day High for Sei's Stablecoins
Money is flooding onto Sei's stablecoins while its price stays still.