Global liquidity and onchain liquidity continue to grind higher. Case & Point: 1. Global Liquidity: recently reached a new all-time high of $184.6b with a three-month annualized growth rate of 13.3% (4.1% annualized) *driven by a reduction in bond market volatility as measured by the Move Index + slowing QT out of Europe and the BOJ 2. Onchain Liquidity: Ethereum ecosystem TVL is up nearly 35% over the last few months as stablecoins, active loans, real-world assets, demand for staking, and DEX trading expands. We're seeing a similar dynamic on Solana -- where ecosystem TVL is also at all-time highs and up nearly 40% over the last few months. 3. Stablecoins: USDT supply is up 9.4% this quarter. USDC is up 18%. ---- But what are the risks? Considering that global liquidity and stablecoin supply continued to expand well past the market cycle top in '21, what's the outlook for Q4? We shared an update with readers of @the_defi_report today If you'd like to check out the...
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