The DeFi season in cryptocurrency may have secretly started: 10x Research analysis!!
The research company 10x Research published an analysis stating that a new upward cycle in the world of decentralized finance may be in the initial stage. The company noted that stablecoins have significantly entered the Ethereum network, but this situation has not yet been reflected in prices.
In the company's analysis, the headline was “Are we in the first phase of the 2026 DeFi cycle?” Using this headline, the company analysts implied that we may already be in the early stages of a new DeFi bull period, especially highlighting the increase in stablecoin usage:
“Stablecoins are largely returning to Ethereum. There is a flow… However, prices have not yet reacted to this capital flow. This means we are in the pre-investment preparation phase. We are not in a trading period right now; we are in a capital accumulation phase. Historically, these periods are the preparatory stage just before the real bull cycle begins.”
“Regulation is becoming clearer”
Company analysts stated that the long-standing regulatory uncertainties in the U.S. are beginning to come to an end:
“Regulatory uncertainty in the U.S. is decreasing, clarity is emerging. This situation will open the door for more institutional and legal capital inflow into the DeFi world. After Trump's election victory, the GENIUS Act came. The Market Structure Law is next… This law will also make the DeFi and stablecoin markets more official.”
“Positioning towards Ethereum…”
The report noted that the transition to stablecoins on the Ethereum network accelerated especially after last year's U.S. elections:
“The supply of Ethereum-based stablecoins increased by $48 billion after the U.S. elections. Tron, on the other hand, only grew by $15.8 billion during the same period. This difference can be interpreted as a signal that ‘Capital is now shifting to the Ethereum ecosystem.’
