In Today’s Issue:
Need to Know DeFi Ecosystem Shifts
This Week in Hemi: Updates, Protocol Highlights, New Partnerships, and More
Predictive Signals
This Week’s Hemi Yield Opportunities
Scroll to the bottom for the answer.
Q: How often does Bitcoin automatically adjust its mining difficulty?
Monad (MON) Mainnet Launch & Token Drop Rocks DeFi Sentiment
Monad’s mainnet went live on Nov 24, launching with a 100 billion token supply and ≈ 10.8% unlocked at genesis including the public sale and airdrop.
The token initially spiked more than 35–55% before volume and perpetual-derivative flows cooled, putting pressure on big-money sentiment. Some of those shifts came after public doubters openly reversed bullish calls, underscoring short-term volatility and narrative uncertainty around mega-airdrops.
Wider Stablecoin & Capital Flight to Safety Continues
Stablecoin supply has ticked up again and reports indicate the total stablecoin market cap now exceeds $300B, and inflows into USDC and USDT continue in the face of crypto price movement.
DeFi-wide volume and risk-asset appetite remain muted; many protocols are seeing lower utilization, while demand for stable-yield or conservative pools holds firm. This contrasts sharply with the frenzy around launch-phase L1s like Monad.
Yield-Native Protocols Holding Amid Volatility
Despite turbulence around speculative token launches, yield-native protocols remain resilient. Fee-based trading DEXs, structured yield farms, and stablecoin lending platforms continue to see steady or growing usage. Analyst flow data suggests stable allocations to fee-generating and interest-bearing pools rather than high-beta altcoin staking.
Weekly DeFi Market Snapshot
Total DeFi TVL: ~$120–130B, down sharply from October’s ~$178B peak as token prices and leverage reset.
Stablecoin Supply: >$300B and rising as stablecoins remain one of the most reliable on-chain liquidity reservoirs.
Capital continues rotating from high-velocity altcoin pools into conservative yield, stable-coin collateral, and infrastructure-grade chains.
Protocol & Ecosystem Updates
V2 Running Smooth on Testnet
Hemi Network V2 is now live and staying in sync on testnet, with only legacy infrastructure left to retire. Fusaka-related updates are implemented and undergoing final validation ahead of Ethereum’s December 3 upgrade.
Staked hemiBTC Launches Next Week
The new yield-bearing staked hemiBTC ERC-20 goes live after the holiday, giving users an easy way to deposit hemiBTC and earn yield through an actively managed strategy. Under the hood, staked hemiBTC will initially route through a Morpho-based vault, with allocations dynamically rebalanced as new Bitcoin-native yield sources come online.
Incentives Moving to Continuous Rewards
The team is transitioning away from long “seasons” toward ongoing liquid incentives. For now, the Merkl page remains the source of truth for liquidity mining rewards.
The Anatomy of Bitcoin Yield Report
Bitcoin should work as hard as the people who hold it. Read the full report on productive and speculative Bitcoin yield.
Click here to read the full report.
Partner Spotlights
hemiBTC is also live on Stargate, providing anyone with onchain access to BTC-based liquidity within Hemi’s productive DeFi ecosystem. Stake hemiBTC on Hemi for boosts and access to productive BTC-powered yield.
Hemi and LI.FI are joining forces to execute seamless swaps and bring crosschain functionality from numerous EVM networks into the Hemi ecosystem. LI.FI is one of the most widely integrated bridge and swap API providers in Web3, connecting liquidity sources, DEXs, and bridging providers in one place.
Jumper, powered by LI.FI, serves as the user-facing frontend for efficient DeFi routing. It provides a streamlined interface for executing swaps and bridging between chains in one flow. Use Jumper to initiate a transaction on any supported network and route the output directly to Hemi without manual switching or multiple transactions.
Macro and Crypto Positioning
Fed Policy Outlook: Futures and market-implied data now point around the mid-80% range probability of a 25 bp cut at the December FOMC, following softer economic data and rising labor-market headwinds. This interest-rate easing expectation is helping anchor renewed risk sentiment across the equities and digital assets sectors.
Risk Sentiment: U.S. equity indexes rebounded sharply this week as investor confidence returned, boosted by expectations of rate cuts and improving liquidity. The S&P 500 and Nasdaq saw gains, while Treasury yields eased toward a one-month low near 4%. The positive equity tone is reflected in crypto, where recent swings have produced uneven sideways action.
Crowd Ranges: Polymarket’s ‘What price will Bitcoin hit in 2025?’ market shows traders clustered in a mid-range six-figure band, with both upside and downside tails still meaningfully priced. Markets continue to assign material probability to a re-test of lower levels, reflecting sensitivity to macro data and liquidity.
Key Takeaways
Easing Expectations Fuel Risk Assets: The sharp rise to ~84% odds for a December Fed cut signals a macro environment tilting back toward liquidity which is a potential catalyst for renewed crypto interest.
Bullish Base, But Path Risk Remains: While trader sentiment centers on a mid-range six-figure outcome for BTC in 2025, markets still price significant downside risk, indicating traders are hedging volatility rather than leaning into full-risk-on positioning.
Pool | APY* | Asset | Begin Earning |
SushiSwapV3 HEMI-USDC.e | 154.91% | HEMI, USDC.e | |
SushiSwapV3 HEMI-USDT | 147.61% | HEMI, USDT | |
SushiSwapV3 HEMI-hemiBTC | 133.06% | HEMI, hemiBTC | |
SushiSwapV3 WETH-HEMI | 132.65% | WETH, HEMI | |
SushiSwapV3 WETH-MSETH | 40.24% | WETH, MSETH |
*APY varies by strategy, custody jurisdiction, and market conditions.
Merkl connects users to reward programs across the Hemi ecosystem. Explore the full list of yield opportunities here.
A: Every 2,016 blocks, or roughly once every two weeks.
