DeepFlowTech

Authors: Alex Immerman & Santiago Rodriguez
Compiled by: Deep Tide TechFlow
Deep Tide Editor's Note: a16z broke down how Revolut achieved a 76% CAGR in a mature financial market through its 2025 annual report. The numbers themselves are remarkable enough, but what's more worth reading is the growth logic behind them: not earning money from interest spreads, ROE that's 3-4 times that of traditional banks, user NPS more than double the industry average—put together, this is no longer a challenger bank story.
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As growth-stage investors, we often say that great companies let the numbers speak for themselves. As a UK-listed company, Revolut is required to disclose annual financial data, and its numbers are outliers—to put it conservatively:
Revenue growth of 46%, reaching

Wintermute Asia launches WTI crude oil CFD over-the-counter trading service, supporting 24/7 trading with zero trading fees. The contract is customizable to meet institutional needs, with Wintermute acting directly as the counterparty. The CEO noted that this initiative aims to address trading demand amid Middle East geopolitical tensions and during traditional market closures.

Layer 1 blockchain project Berachain officially enters the Japanese market. Starting March 25, its native token $BERA is now listed on SBI VC Trade exchange, supporting Japanese yen trading. This marks that the project has complied with Japanese regulatory requirements. The exchange will also conduct a trading incentive campaign worth 10 million Japanese yen.

Eli Ben-Sasson, when reviewing the current crypto market, points out that the current bear market is different from previous ones, resembling more of an impact from traditional finance. Despite short-term innovation momentum being insufficient, long-term freedom and innovation will drive industry development.

Authors: José Sanchez & Kelvin Koh
Compiled by: Deep Tide TechFlow
Deep Tide Editor's Note: In February 2026, the way traditional financial institutions entered DeFi underwent a qualitative shift: no longer strategic partnership announcements, but direct purchases of governance tokens and routing products to decentralized infrastructure.
Within five days, Citadel bought ZRO, BlackRock bought UNI and listed BUIDL on UniswapX, Apollo committed to acquiring 9% of Morpho's token supply within four years, and Spartan Group believes this is the true inflection point for DeFi institutionalization.
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DeFi Institutionalization Inflection Point
In February 2026, within just five days, a batch of landmark institutional-crypto collaborations emerged densely, and we believe this marks

The Ethereum Foundation has released a post-quantum computing upgrade roadmap, planning to complete preliminary upgrades before 2029, involving four key hard forks aimed at enhancing network security and supporting quantum computing protection. Quantum computing poses a threat to current public key cryptography, making related work necessary to proceed in advance.