Animoca Brands Research

Our latest report on Tokenized Gold is out! Here are the 8 things you need to know: 👇 1️⃣ Growth Potential: Tokenized gold is only 0.075% of the investment gold market. If it mirrors Gold ETFs (7% penetration), we’re looking at a 90x expansion to US$400B. 2️⃣ Industry Leader Insights: Features expert perspectives from HSBC’s Head of Digital Assets and Currencies, Global Macro, Bugra Celik. 3️⃣ Macro Tailwinds: With gold breaching US$5,000/oz in 2026, geopolitical risks and inflation are driving investors. 4️⃣ Key Players: @tether @tethergold ($XAUT) and @Paxos Gold ($PAXG) have over 90% of the market value. TradFi giants are also active, like HSBC and WisdomTree. Other players include @matrixdock ($XAUM), @ComTechOfficial ($CGO), @VNX_Platform ($VNXAU), @DGLD_Official (DGLD), Aurox Finance (@AlloyX_Limited, @CantonNetwork). 5️⃣ RWA Heavyweight: At US$5.8B, gold accounts for 98.2% of tokenized Commodities, overtaking Private Credit as the 2nd largest RWA category behind US Treasuries. 6️⃣ Trading Volume Surge: Spot trading for $PAXG and $XAUT is up 17x & 53x YoY. Gold perps on @HyperliquidX (US$6.6B) now see more cumulative volume than perps on tech stocks like $NVDA and $TSLA. 7️⃣ Yield-Bearing Gold: New products from @libeara, @Theo_Network, @PleasingGolden, @streamex, @orogoldapp provide yield via lending and gold leasing activities. 8️⃣ DeFi & Operational Integrity: Gold tokens are utilized in DeFi lending on @Morpho, while @chainlink is key for proof of reserves and price data feeds.

Our latest report on Tokenized Gold is out! Here are the 8 things you need to know: 👇 1️⃣ Growth Potential: Tokenized gold is only 0.075% of the investment gold market. If it mirrors Gold ETFs (7% penetration), we’re looking at a 90x expansion to US$400B. 2️⃣ Industry Leader Insights: Features expert perspectives from HSBC’s Head of Digital Assets and Currencies, Global Macro, Bugra Celik. 3️⃣ Macro Tailwinds: With gold breaching US$5,000/oz in 2026, geopolitical risks and inflation are driving investors. 4️⃣ Key Players: @tether @tethergold ($XAUT) and @Paxos Gold ($PAXG) have over 90% of the market value. TradFi giants are also active, like HSBC and WisdomTree. Other players include @matrixdock ($XAUM), @ComTechOfficial ($CGO), @VNX_Platform ($VNXAU), @DGLD_Official (DGLD), Aurox Finance (@AlloyX_Limited, @CantonNetwork). 5️⃣ RWA Heavyweight: At US$5.8B, gold accounts for 98.2% of tokenized Commodities, overtaking Private Credit as the 2nd largest RWA category behind US Treasuries. 6️⃣ Trading Volume Surge: Spot trading for $PAXG and $XAUT is up 17x & 53x YoY. Gold perps on @HyperliquidX (US$6.6B) now see more cumulative volume than perps on tech stocks like $NVDA and $TSLA. 7️⃣ Yield-Bearing Gold: New products from @libeara, @Theo_Network, @PleasingGolden, @streamex, @orogoldapp provide yield via lending and gold leasing activities. 8️⃣ DeFi & Operational Integrity: Gold tokens are utilized in DeFi lending on @Morpho, while @chainlink is key for proof of reserves and price data feeds.

Our latest report on Tokenized Gold is out! Here are the 8 things you need to know: 👇 1️⃣ Growth Potential: Tokenized gold is only 0.075% of the investment gold market. If it mirrors Gold ETFs (7% penetration), we’re looking at a 90x expansion to US$400B. 2️⃣ Industry Leader Insights: Features expert perspectives from HSBC’s Head of Digital Assets and Currencies, Global Macro, Bugra Celik. 3️⃣ Macro Tailwinds: With gold breaching US$5,000/oz in 2026, geopolitical risks and inflation are driving investors. 4️⃣ Key Players: @tether @tethergold ($XAUT) and @Paxos Gold ($PAXG) have over 90% of the market value. TradFi giants are also active, like HSBC and WisdomTree. Other players include @matrixdock ($XAUM), @ComTechOfficial ($CGO), @VNX_Platform ($VNXAU), @DGLD_Official (DGLD), Aurox Finance (@AlloyX_Limited, @CantonNetwork). 5️⃣ RWA Heavyweight: At US$5.8B, gold accounts for 98.2% of tokenized Commodities, overtaking Private Credit as the 2nd largest RWA category behind US Treasuries. 6️⃣ Trading Volume Surge: Spot trading for $PAXG and $XAUT is up 17x & 53x YoY. Gold perps on @HyperliquidX (US$6.6B) now see more cumulative volume than perps on tech stocks like $NVDA and $TSLA. 7️⃣ Yield-Bearing Gold: New products from @libeara, @Theo_Network, @PleasingGolden, @streamex, @orogoldapp provide yield via lending and gold leasing activities. 8️⃣ DeFi & Operational Integrity: Gold tokens are utilized in DeFi lending on @Morpho, while @chainlink is key for proof of reserves and price data feeds.

Imagine an app where you truly own your digital identity — no data harvesting, no hidden trade-offs. Just a secure space for your chats, assets, and AI. Telegram + TON are pushing this vision into reality. We just published a report on how this stack can deliver digital freedom and privacy to 1B users. It’s time to expect more from the tools we use every day. Read full article: research.animocabrands.com/post/cmmmx28un…

In our opportunistic prediction scenario, #PerpDEX trading volume can reach 2x of that on CEX by the end of 2028 👇 #PerpDEX Author: @shuang_log2pi 1/ The Volume Explosion 📈 In 2025, op 10 Perp DEXs hit $7.9T in volume—tripling 2024’s $1.5T. 2/ On-Chain Spot Liquidity Creates Stickiness That Fuels Perp Trading Spot DEX-to-CEX ratios smashed the historical 10% ceiling, holding above 20% for 5 straight months.

x.com/i/article/2031…

Imagine an app where you truly own your digital identity — no data harvesting, no hidden trade-offs. Just a secure space for your chats, assets, and AI. Telegram + TON are pushing this vision into reality. We just published a report on how this stack can deliver digital freedom and privacy to 1B users. It’s time to expect more from the tools we use every day. Read full article: research.animocabrands.com/post/cmmmx28un…

The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot Download: docsend.com/v/w3qyw/animoc… TL;DR 1) The Projected Flippening 📈 The DEX-to-CEX perpetual volume ratio has been in steady growth, going from 4% to 12% in 2025. We believe this trend will continue. In our opportunistic prediction scenario, Perp DEX trading volume can reach 2X of that on CEX by the end of 2028. 2) The Strategic Advantage of "Perp-First" ⚡ Perp DEXs lead through superior capital efficiency—up to 100x leverage on stablecoin collateral. Unified Vault Architectures draw from a single pool, generating significantly higher fees per dollar of liquidity. 3) Evolution of Trading Infrastructure 🔧 Trading infrastructure evolved from high-latency liquidity pools (400ms–2s) to hybrid order books (1.5K–10K TPS) and now purpose-built L1s with on-chain matching engines delivering sub-second finality (~0.2s) and CEX-level performance. 4) The Wallet Becomes the New Perp Trading Front End 🔐 Perp DEXs turn wallets (Phantom, Backpack, etc.) into seamless derivatives terminals. Hyperliquid’s builder codes enable wallets to route orders and earn up to 0.1% fees on facilitated perp volume—creating sustainable revenue and UX incentives. 5) Emerging Trends: The "Everything Exchange" 🌐 Perp DEXs are becoming universal financial hubs by onboarding real-world assets (gold, equities) and event-based prediction markets, consolidating mass liquidity to function as borderless clearinghouses between on-chain and legacy markets.