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Reading: The perps wars are heating up
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Ethereum

The perps wars are heating up

Last updated: December 29, 2025 11:35 pm
Published: 1 month ago
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This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

Happy Monday, and hope you all had a merry Christmas! We’re back with updates on recent crypto performance as we move into the New Year.

Gold led traditional benchmarks higher this week while BTC slipped nearly 1%, diverging from the broader risk-on mood. Solana ecosystem tokens outperformed, with JTO and DRIFT posting double-digit gains as L2s and Ethereum-linked sectors bled. Aave still dominates DeFi lending with 86% of protocol revenue, but its grip has loosened from 91% in January as Fluid and newer entrants chip away. Meanwhile, Lighter continues to beat out Hyperliquid on weekly…

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