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Base still on top
Burns, records and reversals

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It’s Monday, and we’re kicking off the week with Ethereum back on top with a 20% rally, record transactions, and strong ETF/DAT inflows driving a “quality first” tape. Base holds the crown as the biggest token factory for the second week straight, while GEOD posts its largest-ever burn, offsetting over half of its emissions. With ETF flows swinging back positive, I’m watching for breadth to pick up from here.

While both Ethereum and Solana ecosystems experienced negative days early on last week (Ethereum hitting -6% and Solana -5%), Ethereum saw a sharper and more sustained rebound. This was driven by outperformance from Pendle and ENA while many Solana tokens lagged.

Last week’s leadership was a classic “quality first” tape: ETF inflows + large market caps + visible fundamentals (usage/fees/burns) = high-REV outperformance. At the same time, beta started to broaden as several low-REV names caught a bid, which matches the momentum. If ETF flows persist and majors stabilize, that breadth typically extends into the lower-REV cohort in subsequent weeks.

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On Friday’s 0xResearch livestream, we covered:
The 90% historical correlation between BTC and the gaming stocks since 2018. We also noted the recent post-ETF launch divergence, and observed that gaming stocks may act as a leading indicator for altcoin performance due to shared sensitivity to risk-on macro conditions.
Pendle’s launch of Boros, the onchain swap market for perpetual futures funding rates and its early success. We looked at how Ethena’s stablecoin benefits Ethena, Pendle and Aave (but mostly Pendle). We also discussed how USDE principal tokens have high utilization rates on Aave, and how Aave is illustrating its dominance over Morpho and Euler despite entering the PT market later.
Ethereum treasury companies have been acquiring approximately 1.8m ETH ($7b) since June. We considered operational risks vs. underlying asset exposure, and assessed how premiums to NAV could quickly flip to discounts if asset prices decline sharply.
Trends in IPOs, ICOs and tokenized equity, citing Figma’s rapid post-IPO repricing, the launch of tokenized pre-IPO shares on Solana and Hyperliquid, and the potential for onchain equity markets to expand access for retail investors while enabling collateralization in DeFi lending protocols.
Coinbase’s rollout of onchain DEX trading in the US (excluding New York), its plans to support Solana, and the likely liquidity benefits for Base-native applications such as Aerodrome. We reinforce the role of large centralized platforms in driving adoption of onchain trading models.
Find the full livestream on YouTube, Spotify, Apple Podcasts and X.
This summary was generated with AI tooling.
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Token creation, burns and transaction flows
For the second week in a row, Base continues to be the home of most tokens created. Last week, Base edged out Solana again with over 264k tokens created vs. Solana with ~222K. This was a pullback from Base’s 333k in the previous week (vs. Solana at 191k), but still a strong showing.

80% of GEODNET data revenue is allocated toward purchasing and burning GEOD. Last week marked the highest weekly burn, at $81.4m or 530k GEOD.

This increase in GEOD burned led to over 50% of emissions (issuance) being offset. For perspective, Ethereum’s burn rate was 3.65% over the same period.

But don’t feel bad for Ethereum. It also experienced a record high of its own in terms of weekly transactions (over 12m).

Not to mention the 20% rally over the last seven days to $4,270, assisted by digital asset treasury (DAT) flows. In fact, DAT volumes have reversed their downward trend to hit record highs. And remember, in this game, liquidity is key!

We’ve also seen a reversal in ETF flows. Over the last week, the $465m net outflow on Aug. 4 was offset by the $461m net inflow on Aug. 8. This left us with $320m in net inflows for the week.

— Marc

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