DWF Labs announced that the crypto market is undergoing significant changes, driven by over $19 billion in liquidations. This shift is steering the market towards a balance sheet-driven structure. The supply of stablecoins has surged by more than 50%, with over $20 billion now in yield-bearing stablecoins. Additionally, on-chain real-world assets (RWA) have expanded from $4 billion to $18 billion. The trading shares of derivatives on both decentralized (DEX) and centralized exchanges (CEX) have quadrupled. As the market matures, altcoins are gaining attention amid these structural changes.