Jason maps out the post liquidation playbook. "After everyone gets nuked, price tends to go sideways and develops a new range. 80% of the time it's just oscillating between two price points, developing an area of value. Then occasionally it will impulse move up or down and then find a new level of value. That's kind of what started to happen over the last few days." cc @MilkRoad

Our November Chartbook is now open sourced to the public for free. This 40+ page collection walks through the current market environment and key dynamics that could shape the rest of the year. We cover everything from macro positioning to potential crypto catalysts here. 👇

The @SuiNetwork ecosystem continues to grow. Protocols on Sui have passed key thresholds this quarter as the network evolves from proving technical capabilities to demonstrating real utility. Here are some examples. Stablecoins and Payments Daily stablecoin volumes averaged $46.4B and peaked at $139.7B during the quarter. Big players like Ethena brought suiUSDe to Sui and is now working on USDi, a native yield bearing dollar unit intended for direct use in DeFi and payments. Along with this, T'order is a payments SDK that batches multiple transfers into single atomic actions. Mysten Labs and Google ran a live test of the Agentic Payments Standard where six stablecoin purchases from three merchant agents executed as one atomic transaction on Sui. BTCFi Bitcoin based DeFi on Sui exceeded $3.2B in cumulative trading volume with daily peaks above $22M. Over 1300 BTC worth +$170M sits in Suilend markets. Other variants are now available as well, including sBTC from Stacks, tBTC from Threshold, xBTC from OKX, and LBTC from Lombard. Real World Assets @matrixdock recently launched XAUm, a Gold backed token held in audited vaults. Franklin Templeton and Libre rolled out live tokenized products with Sui's infrastructure while VanEck listed a collateralized SUI ETN in Europe and Canary Capital filed for a SUI ETF in the US. These developments mark a shift to production grade issuance with regulated products that are now settling onchain. @suilendprotocol recently crossed $1B deposits this quarter due to its new structured products. Suilend Strategies went live with automated yield loops and leveraged positions across SUI, BTC, and USDC. The protocol also executed 3M in token buybacks, retiring ~3.5% of supply from revenue generated. @CetusProtocol crossed $80B in cumulative trading volume recently and continues to account for most onchain trading on Sui. Cetus also enabled DLMM routes to the Cetus Aggregator which now sources from both CLMM and DLMM pools to improve routing depth. @MMTFinance cleared $22B in cumulative trading volume towards the end of Q3 with $465M TVL. Momentum Vaults launched in August with strategies that automate range management for certain pairs.