On the second Tuesday of each month, The Block Research team hosts an analyst call reviewing the past month’s trends and relevant topics. You can register for next month’s analyst call here. This month, Larry Cermak analyzed the latest trends from the month of July , including a side-by-side look at total adjusted on-chain volume for Bitcoin and Ethereum. Mika Honkasalo explained how the term “cryptocurrencies” is becoming a misnomer, with the narrative of what tokens are shifting towards being considered equity in internet-native businesses.  Omkar Shanbhag presented Synthetix’s new Binary Options offering, along with the coinciding spikes in volumes and prices of their native token, SNX. Matteo Leibowitz built off Omkar’s presentation, highlighting Synthetix success over the last 18 months but addressing concerns around the protocol’s glaring lack of demand.