📝 Editor’s Note:

Coming to you from beautiful Buenos Aires, where the OurNetwork team has enjoyed Devconnect, DuneCon and more, welcome to this week’s issue of OurNetwork.

This one takes a look at privacy, a sector which pushed into the spotlight in part because of the rise of Zcash, a token launched in 2016, which has jumped by 15x in the past 90 days to become a top 20 crypto asset by market cap.

It’s not just Zcash however. Privacy protocols’ total value locked reached an all-time high of $1.33B on Nov. 11, according to DefiLlama. Leading that growth is Tornado Cash, a mixing protocol, Railgun, a privacy protocol, and Aztec, the Layer 2. Together those comprise over 99% of privacy protocols’ TVL, again according to DefiLlama.

That the top protocols encompass such different use cases hints at a major theme in privacy: it’s not as simple as hidden transactions. Privacy is about controlling identity and minimizing revealed data, features which enable regulated actors and institutions to operate with the precision their onchain operations can require.

In this issue, we’re lucky to have Surf Query and Seoul Data Labs dig into the onchain latest of Zcash and Railgun, two leaders in the resurgent privacy space.

Let’s dive in.

– ON Editorial Team

Zcash | Railgun

Zcash 🕵🏻‍♂️

👥 Surf Query | Website | Dashboard

📈 Growing Zcash Activities Reveal Growing Demand for Privacy Through ZK-Snarks Technology

• Zcash is a privacy-first cryptocurrency, like Bitcoin but with anonymous transactions. That’s possible with zk-SNARK tech, proving validity without revealing details. Now people can shield funds (using private z-addresses that hide sender, receiver, and amount, via encryption) and transfer with privacy, or choose transparency for audits. As of today, Zcash has processed over 2.4M transactions, with over 4.8M ZEC in shielded supply.

  

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📝 Editor’s Note:

The prediction-market space has entered a new era.

Volumes that peaked during the 2024 U.S. presidential cycle are now being surpassed, with industry data showing combined weekly notional trades across platforms topping $2B. Total value locked (TVL) across all prediction market platforms, has crossed $300M for the first time since last November.

At the center of this surge are Polymarket and Kalshi. Intercontinental Exchange (ICE) — owner of the New York Stock Exchange — has committed up to $2B in investment in Polymarket, the leading player in this space, valuing it at roughly $8-9B. ICE will also become the global distributor of Polymarket’s event-driven data, signaling institutional finance’s growing endorsement of prediction-market infrastructure.

Although not onchain yet, Kalshi has publicly confirmed plans to move onto blockchain rails. The company has already launched partnerships with Solana and Base through its “KalshiEco Hub,” paving the way for on-chain market integration.

Other emerging platforms — including Opinion, Limitless, and Myriad — are also competing for users in what’s shaping up to be one of the most dynamic, data-driven frontiers of modern finance.

In short: what began as a niche arena for election speculation is rapidly maturing into a full-fledged financial-market infrastructure — bridging the worlds of blockchain and institutional capital.

– ON Editorial Team

Polymarket | Opinion | Limitless | Myriad Markets

Polymarket 🔵

👥 Seoul Data Labs | Website | Dashboard

📈 Polymarket Is Winning Prediction Markets. Capital Efficiency Is Next.

• Polymarket has led onchain prediction markets with $23B+ in cumulative volume since its launch, including a peak of $371M traded in a single day during the 2024 US presidential election. Its USDC-powered platform has attracted hundreds of millions in capital, fueling growth that extends beyond election hype. Yet, much of this USDC remains idle in wallets and smart contracts, resulting in low capital efficiency and limited value creation for both the protocol and its users.

  

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📝 Editor’s Note:

Welcome to OurNetwork’s latest.

This week, we’re back checking on the latest in stablecoins, a sector which has only seemed to get hotter this year as it nears $300B, according to our friends at RWA.xyz.

Not to say there haven’t been setbacks. Some stablecoins didn’t live up to their names this week as three stablecoins with $100M-plus market caps depegged by well over 50%.

Still, while there’s been volatility and shuffling among newer stablecoins, the top slot has remained steady with Tether’s USDT having maintained its over 40% market share since 2021.

The stablecoin story is far from over. Let’s get the latest from RWA.xyz, Surf Query, Jordan Jackson, and Alex.

– ON Editorial Team

Sector Overview | USDC | USDe | USDS

👥 rwa.xyz | Dashboard

📈 Stablecoin Market Nears $300B, Up $50B Since July 2025

• Stablecoin supply surged $50B since July, reaching nearly $300B. Tether (USDT) and Circle (USDC) dominated with 86% market share, adding $26B (+17%) and $13B (+21%) respectively. Other stablecoins grew $12B (+40%). USDT and USDC’s dominance reflects deep network effects as new stablecoin and tokenized asset pairs are denominated in them, cementing their role as the preferred rails for transfers and on/off-ramps.

  

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📝 Editor’s Note:

Welcome to OurNetwork’s latest.

Happy Halloween and welcome to OurNetwork’s latest. This week we’re covering oracles, whose data feeds quietly underpin all of crypto.

Indeed, according to DefiLlama’s data, oracles now secure well over $90B in value. Chainlink in particular, has had a strong year to date, going from just over 50% market share to over 60% market share in terms of total value secured.

Still others like Redstone and Chaos Labs have carved out niches in the oracle landscape.

Redstone, for example, is responsible for over 99% oracle market share on HyperEVM, the Ethereum Virtual Machine built into Hyperliquid, the finance-focused Layer 1.

And Chaos Labs’ oracles have been on a tear as well, having jumped 15x in two years in terms of total value secured, according to DefiLlama.

Shoutout to mar1na, Veronica, and Chaos Labs for coverage in this one.

Let’s get into it.

– ON Editorial Team

Chainlink | RedStone | Chaos Oracles

Chainlink 🔷

👥 mar1na | Website | Dashboard

📈 A Backbone of Connectivity, Chainlink Crosses $8B in Transfers as it Deepens Integrations with TradFi Institutions, Treasuries, and Crypto

• Chainlink enables offchain-to-onchain and interchain data transfers with decentralization-compatible oracles and interoperability technology. Foundational to moving crypto’s data, Chainlink has processed over $8B in transfers, 53% of this volume being in the past three months. Chainlink has 165 blockchain partners, and its Cross-Chain Interoperability Protocol (CCIP) is currently live on 67 chains, according to the Chainlink Ecosystem website. Per DefiLlama, Chainlink collects ~$10K in fees daily.

  

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📝 Editor’s Note:

Welcome to OurNetwork’s latest.

Today we’re checking out Real World Assets, a sector that has hit its stride in 2025 and has grown by a factor of 250 in the past five years, according to our friends at RWA.xyz.

A big shoutout to them for leading this issue off. Also thank you to Graham, Alex, and Antonio, for covering some of the most significant players in the RWA space.

Let’s get into it.

– ON Editorial Team

Sector Update | Centrifuge | Ondo | Tether Gold

👥 RWA.xyz | Website

📈 Tokenized Assets (Excluding Stablecoins) Surged in Q3 2025, Adding Over $7B in Value Across Diverse Asset Classes.

• The tokenized asset market cap surpassed $32B, expanding by $7.3B (+29%) in Q3 2025. While private credit and U.S. Treasuries remain dominant, tokenized institutional funds, commodities, non-U.S. bonds, and stocks together added nearly $3B, accounting for nearly 40% of total quarterly growth. The expansion was driven by new issuances and growing demand for higher-yield, higher-risk assets, as excess liquidity continued to flow into tokenized markets.

  

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