Four Pillars

Heun

Division

Data

Bio

Heun believes on-chain data offers the most accurate view of blockchain projects. He focuses on building the infrastructure that reliably pulls data from the chain, and on reading the movements of users and markets within it to deliver meaningful insights.

ALL38 Article1 Comment4 Report1 Data32

Data

Roughly one-third of crypto card payments currently happen on TRON. Of the roughly $650M in card pay...

Heun

· May 19, 2026

c4lvin(Four Pillars) recently published the 2026 Korea Web3 Market Report, which lays out where the ...

Heun

Division

Bio

Roughly one-third of crypto card payments currently happen on TRON. Of the roughly $650M in card pay...

c4lvin(Four Pillars) recently published the 2026 Korea Web3 Market Report, which lays out where the ...

In its State of Tokenization Q1 2026 report, Pantera Capital frames today's tokenization market as a...

In the four days since HIP-4's mainnet launch, daily volumes came in at $3.0M, $3.6M, $3.8M, and $3....

Korea's Already-Efficient Simple Payment Stack, Is There Room for a KRW Stablecoin?Naver Pay, KakaoP...

Stablecoin market hit ~$300B. USDT + USDC still dominate at 86.7%, down slightly from 90.2% a year a...

G published a 140 pages research paper on Hyperliquid, covering technical architecture, fee economic...

Crypto payment cards processed $607M onchain in March 2026, up 224% YoY. Cumulative volume reached ~...

Perp DEX weekly fees peaked at $160.6M (Sep 29, 2025). Now $28.3M, down 82%. 70% of that peak was As...

Non-USD stablecoin supply grew +300% over 3 years (ex-EURT, $0.35B to $1.1B), outpacing USD stableco...

$CRCL fell 20% yesterday after the Clarity Act draft targeted passive stablecoin yield. Same day, Te...

HyperEVM stablecoin supply surged from $0 to $940M in 12 months. USDC alone accounts for ~$600M (63%...

The stablecoin market has quietly become one of the largest payment networks in the world. ~$300B in...

Kalshi's category evolution is dramatic. During the 2024 election, politics consumed over 90% of all...

Buying every new listing on Upbit and Bithumb in 2025 at day-1 close left you with roughly $0.31–$0....

BTC spot ETFs bled $6.5B over 4 consecutive months (Nov 2025 to Feb 2026), the longest drawdown sinc...

Total Lido stake declined from 9.8M ETH peak to 9.2M, but CSM grew to 561K ETH (6.1%) in 5 months an...

Mapped leader share across 15 crypto revenue categories ($5M+ monthly). In most categories, a single...

trade.xyz dominates the majority of HIP-3 volume, but non-XYZ deployers collectively grew from $6M t...

Sui stablecoins currently at ~$603M, 0.18% of the $331B global market. Still early with room to grow...

Walrus encoded data hits 1.91PB ATH (46% of 4,123TB total capacity), surpassing the Jun 2025 peak of...

RWA onchain market cap hit ~$22B, but only ~$2.1B sits in DeFi. That's a 9.4% utilization rate. &gt;...

Base DeFi TVL 2M ETH (~$3.8B), #1 L2 on Defillama.&gt; ETH-denominated chart strips out price inflat...

Hyperliquid monthly volume peaked at $427B in Aug, 2.5x the Jan level ($188B). &gt; Spot share expan...

Ether.fi announced migration from Scroll to Optimism . Completion would push OP Mainnet TVL from $21...

Ponyo(Four Pillars) wrote "The Case for Selling $OP Before $BASE" back in 2025. The thesis: Base gen...

Upbit's 2025 data signals a generational shift: 30s dominate overall users (28.7%), but 20s lead new...

Dreamcash hit $3.3B cumulative volume in 27 days on HIP-3, averaging $123M/day with a peak of $382M ...

The KOSPI stayed in a 2,000–3,000 range for over a decade and just broke above 5,000 in early 2026 &...

USDH hit ~$83M in 5 months. Deployed by Native Markets, the fastest-growing native stablecoin on Hyp...

HIP-3 went from $24M to $5.2B daily volume in 4 months. Silver perps alone account for half. &gt; Mo...

Walrus hits NEW ATH in encoded data volume&gt; 1.6 PB encoded data, surpassing the previous peak of ...

2026 Outlook: Restructuring - Heun's Perspective

2026 Outlook: Restructuring

Aave’s Aggressive Move to Challenge TradFi

Unstoppable Growth of LayerZero

Who Owns the Future of Prediction Markets

Korean Investors Go Max Long on Crypto Stocks

RWA onchain market cap hit ~$22B, but only ~$2.1B sits in DeFi. That's a 9.4% utilization rate. >...

Base DeFi TVL 2M ETH (~$3.8B), #1 L2 on Defillama.> ETH-denominated chart strips out price inflat...

Hyperliquid monthly volume peaked at $427B in Aug, 2.5x the Jan level ($188B). > Spot share expan...

HIP-3 went from $24M to $5.2B daily volume in 4 months. Silver perps alone account for half. > Mo...

Walrus hits NEW ATH in encoded data volume> 1.6 PB encoded data, surpassing the previous peak of ...