The third quarter of 2025 confirmed the strong comeback of the crypto market, against a backdrop of US monetary easing and renewed appetite for risk. Bitcoin and Ethereum reached new all-time highs, but it's mainly the structure of the on-chain market that has profoundly evolved. In his new quarterly Briefing, @BukovskiBuko3 analyzed more than 30 macro, on-chain, and financial indicators to provide a comprehensive overview of the period: 👉 Asset performance: Ethereum (+72%) outperformed Bitcoin (+8%), while gold increased by +16%, confirming the coexistence between safe-haven and risk assets. 👉 Capital flows: more than $9.2 billion flowed into Ethereum, six times more than all other blockchains combined. Solana confirmed its comeback with +$1.5 billion, while Tron maintained a solid position thanks to its transaction revenues. 👉 TVL and on-chain economy: total value locked on L1s jumped by 68%, driven by the recovery of DeFi and the growth of real-world asset tokenization. Ethereum accounts for 56% of the total, far ahead of Solana and Avalanche. 👉 Stablecoins: supply increased by $46 billion during the quarter, almost exclusively on Ethereum and Solana, indicating a massive return of liquidity to the markets. 👉 Network activity: Hyperliquid now dominates on-chain transaction volume with more than 2 billion weekly operations, while Solana remains the leader in number of active users (50 million per week). 👉 Developers: Ethereum maintains a clear lead, with nearly 200 active developers weekly, proof of its technological vitality. 👉 Relative valuation: Near appears as the most undervalued L1 per active user ($67 per WAU), while Cardano remains one of the most disconnected from its economic fundamentals. 🏆 The big winners of the quarter: 1️⃣ @Ethereum, institutional market driver and pillar of tokenized finance. 2️⃣ @HyperliquidX, new transactional reference and effective deflationary model. 3️⃣ @Solana, mainstream ecosystem with record activity. 4️⃣ @trondao, champion of monetization via stablecoins. 5️⃣ @NEARProtocol, network with strong revaluation potential. Against this backdrop, the Fed's rate cuts and the rise of gold remind us that caution remains necessary: the current monetary easing could be masking a deeper economic slowdown. A pivotal quarter that @TheBigWhale_ decodes in depth: performance, flows, inflation, valuation, TVL, stablecoins, revenue, users... everything is covered to understand how the new on-chain economy is structured. 👉 Briefing link: