As seasonal weakness sweeps across the cryptocurrency market at the end of Q3, hype could reach new highs. Unlocked volume remained the hardest hit in Q4. While perpetual swaps dominate (over 80% market share), the real bright spot is spot trading volume, whose market share has risen from 2% to 11% over the past three months. Meanwhile, total value locked (TVL) has tripled to $2.1 billion. Annualized revenue: $1.27 billion MC/rev: 10.5x