Last month I wrote that conditions looked as bad as they could get. Historically, moments like that often signal that the bottom is near – that activity is about to return and the market will start waking up again.
This time the market had other plans.

And just when I thought we’ve hit the rock bottom there came a knocking from down below…

Trading activity across the entire crypto market remained extremely subdued. Volatility collapsed even further. New token launches and listings basically halted. Risk appetite among retail traders stayed near cycle lows. Even pumpfun look more like dumpfun…

This is, without exaggeration, the worst market environment I’ve seen since mid-2019 – worse than anything during the 2020-2023 crypto winter in terms of actual on-the-ground retail trading activity.

When trading disappears, it affects everything downstream: volume, revenue, rewards, sentiment.

And yet – even in this environment – the GOOD ecosystem kept moving forward.

More importantly, toward the end of the month we started seeing the first signs of stabilization. Volumes stopped falling. Brief bursts of activity returned – small, but noticeable. The relentless deterioration that defined most of the month finally paused.

After months of steady decline, simply stabilizing is already progress.

the product – building through the freeze

On the product side, this month was quieter than we would have liked.

We made meaningful progress internally, but the major release we’ve been working toward – the DEX Gem Sniper bot + the upgraded DEX Screener – is still not live.

The delays are frustrating, but largely expected.

These systems operate in a very hostile environment. Buying newly launched tokens automatically across DEXs requires extensive safeguards to protect users from honeypots, copycats, and malicious contracts. Finalizing those safeguards – and the underlying infrastructure – simply takes time.

But we are now significantly closer to launch than we were a month ago.
The bot is built. The logic is ready. We’re in the final stages of implementing fail-safes and making sure the user experience meets our standards before we ship it.

Meanwhile, development finally started on another foundational feature: true limit orders on DEXs.
Once native limit orders are in place, we’ll be able to bring the full suite of order types we currently offer for centralized exchanges to decentralized trading as well:

  • Market orders (swaps)
  • Stop-market orders
  • True limit orders
  • Stop-limit orders
  • Trailing stop orders
  • Trailing stop-limit orders

Beyond manual trading, this infrastructure first and foremost enables DEX Grid bots. But it also allows us to offer Limit take-profits for manual trading and DCA bots on DEXs.

In other words, this is one of those foundational pieces that enables an entire layer of functionality downstream.
Another positive signal this month: development cadence.

We shipped four app updates over the last month. Three were mostly bug-fix releases, but the pace itself matters. It shows our internal delivery cycle is accelerating.

In short: progress continues – just not as fast as we’d like.

Hyperliquid – still the bright spot

Even with overall activity at cycle lows, the integration continues generating meaningful trading volume inside the platform.

Last month we launched HIP3 support – Hyperliquid’s equities and commodities markets.

The timing was terrible. We went live right into the worst market conditions imaginable.

And yet, the traction has been solid.

Within the first month, roughly 50% of goodcryptoX’s Hyperliquid volume came from HIP3 instruments.

If the market had been even slightly healthier and the overall volume,ues higher, we’d be calling this a massive win. Given the circumstances, it’s still impressive – and it reinforces something important:
our releases do move the needle.

If we hadn’t shipped HIP3 when we did, we would have missed half the Hyperliquid revenue we generated this month.
More broadly, Hyperliquid now accounts for 40-60% of our total DEX revenue on any given day. And we’ve only integrated it a few months ago – back in late November.

That puts things in perspective. When we ship meaningful features, they compound quickly. And the roadmap ahead is full of them:

  • DEX Gem Sniper
  • DEX Grid bot
  • TradingView strategy bots (DEX + CEX)
  • Screener and Sniper expansion to CEXs
  • Prediction markets (likely)

Each one will move the revenue needle – independent of market conditions.
And when the market eventually turns, the hard work we’re doing now will start paying off in a much bigger way.

the token – steady growth in terrible conditions

If you looked only at the GOOD token ecosystem metrics without seeing the broader market backdrop, you might not even guess how bad conditions currently are.
Despite everything happening outside, the ecosystem kept expanding.

token holders

The number of GOOD holders continues growing steadily.
We’re now approaching 1,300 holders, up from 1,000 just a few months ago.
Steady growth during a market deep-freeze is a very positive signal.

revshare participation

Participation in the revenue sharing program also continued expanding. Eligible wallets grew 170 -> 190, marking another double-digit month-over-month increase.

The absolute numbers may still look small, but consistency matters more than magnitude. Month-over-month compounding is what builds real ecosystems over time.

The number of tokens participating in revshare grew even faster: from ~9.6M to 13M GOOD (~35% growth).

This reflects two things happening simultaneously:

1. New users joining the program
2. Existing participants increasing their holdings

Both are exactly what we want to see.

For the second month in a row, the number of tokens entering the revshare program exceeded the number of tokens unlocked through vesting.

That means circulating supply is effectively being absorbed by the ecosystem – not the other way around.

And most unlocked tokens (treasury, ecosystem, marketing allocations) remain in wallets, not entering the market.

The growth is being driven by real demand.
The growth is being driven by real demandSource:  Revshare Dashboard

revshare yield

With more tokens participating and trading volumes still depressed, yields naturally adjusted downward.

Revshare APY this month fluctuated roughly between 6% and 15%.

That’s not the eye-watering 50-100%+ numbers we saw last month – but it remains competitive relative to other opportunities in the market, especially considering it’s funded by real platform revenue, not emissions.

More importantly, participation continued growing even as yields declined.

That suggests holders believe in the long-term trajectory of both the platform and the token – not just chasing short-term yield.
suggests holders believe in the long-term trajectorySource: Revshare Dashboard

auto-compounding

Most revshare program participants continue to auto-compound their rewards.

This mechanism alone bought roughly 100,000 GOOD from the market this month.

Since launch, cumulative buybacks from compounding now exceed 700,000 GOOD.

That’s real buying pressure, generated automatically by the system.

burns

Even with reduced revenue, the burn mechanism kept working exactly as designed.
This month:

  • ~35,000 GOOD removed via daily burns
  • ~70,000 GOOD burned in the monthly burn event
Total burned this month: over 100,000 GOOD

Cumulative burn now stands at almost 600,000 GOOD – permanently removed from the 1 billion fixed supply in roughly six months.

That’s a meaningful reduction in circulating supply already. And the mechanism scales automatically with platform activity.
meaningful reduction in circulating supplySource: Burn Dashboard

liquidity farming

We also relaunched and expanded our GOOD-USDC liquidity farming program.

The response from the community has been strong.

One interesting behavior we’re observing: capital rotation between the revshare program and the liquidity pool. Holders actively move tokens between these two opportunities depending on where they see better yield at any given moment.

That kind of dynamic optimization is actually healthy – it shows the ecosystem is becoming more efficient and self-balancing.

zooming out

Right now the market still feels like deep winter.

Trading activity remains suppressed. Risk appetite is low. Many traders are simply waiting on the sidelines.

But toward the end of the month, we started seeing the first small signs of stabilization.

Volumes stopped falling. Brief activity spikes returned. The free-fall paused.

If that stabilization holds, the next phase may slowly begin.

Maybe the market will start thawing – like early spring after a long winter.

We’ve learned enough over the years not to make bold predictions about timing.

Crypto markets have a habit of humbling anyone who tries.

What we can control is what we build.

And that hasn’t changed.

We keep shipping.
We keep improving the product.
We keep expanding the ecosystem.

This month we shipped four updates. The cadence is accelerating. Gem Sniper is nearly ready. True limit orders on DEXs are in development. HIP3 is already generating meaningful traction.
Eventually, the market will wake up again.
 
And when it does, we intend to be ready.


stay GOOD