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Hyperion is now live on DexPaprika. Aptos DEX data - pools, OHLCV, live trades, liquidity depth - all available via API. dexpaprika.com/aptos/hyperion

Sanctions compliance, macro rates, sovereign adoption - these are the actual structural story in 2026. @coinpaprika covers all three. #crypto

3. Balaji: most nations don't have a military - they outsource security to the US or Russia. Bitcoin is the first reserve asset without a counterparty in that security network. The sovereign adoption thesis doesn't need retail. It needs one central bank.

Three things happened in crypto this week that are only interesting together.

Nations that outsource their military also outsource their monetary sovereignty. Reserves in dollars can be frozen by the same power providing your security guarantee. Bitcoin is the first reserve asset where the custodian isn't also your security guarantor. The adoption signal isn't retail or ETF flows. It's which central bank allocates first. El Salvador was noise. A G20 nation would be the actual inflection. @coinpaprika tracks BTC network metrics.

(1) Most countries do not actually have a military. Instead, most countries outsource their security to the US (most common), to Russia (like Belarus), or to China (like North Korea, partially). Iran is unusual in that they're going it largely alone. They're also unusual in that they actually appear to be winning. And if Iran does manage to drive the US out of not just Afghanistan and Iraq, but the entire Middle East, they'll have unfortunately undermined the idea that America can or will provide any security guarantees at all. (2) So, with the withdrawal of the American Empire, every country is going to need a new military. Some countries will "build their own." The ones most likely to go nuclear are Japan and Turkey. Maybe also Germany, South Korea, Australia, Brazil, and Poland. They'll do so both for defense and to guarantee an energy supply now that Hormuz isn't stable. Thus, the Iran war will unfortunately obviate non-proliferation. Most other countries will not build their own militaries. They'll simply do what's necessary to align with the new regional hegemon. That new hegemon will likely be China in East and Southeast Asia, Russia in North Asia and Eastern Europe, and Iran in West Asia. India has a tough situation in South Asia due to Pakistan. MAGA America will probably refocus on Latin America. And Newsom's Democrats will likely align with China, as Carney's Canadians have already done. (3) But what about every group in the world that's not running a country? What about every company and community? They'll need to think about a world where the US military has withdrawn, and isn't there for them. Is there any way to preserve something that looks like the rules-based order without the former guarantor of those rules? (a) In the physical world, these companies and communities will have to find a country that has either built their own security, as described above, or is aligned with one that has. And abide by whatever new rules they set. From the standpoint purely of tech, dozens of countries are now surprisingly permissive, opening up new special economic zones and digital nomad visas. (b) In the digital world, a partial answer is the code-based order, protected by encryption rather than weapons. Like the handoff from the British to the Americans, can we hand some of what America did off to the Internet? Crypto is furthest along here. The anti-government strain within American libertarianism, the Ron Paul strain that says you can't trust the government, well...crypto simply applies that to all of the US government, including the parts run by Republicans, including the dollar that backs the US military. Crypto does not trust the plan. After all, the US has >$175T in compounding debt, and it's financially going to zero, economically doomed just like the USSR, albeit from Keynesianism rather than Communism. Elon is our best guy and couldn't fix it with DOGE. As he said, he did his best. (4) The closest modern analog to the end of the US empire may be the end of the USSR's empire. Just like the Soviet Union became Russia, the USA is becoming America. Troops are being pulled back from around the world, it's becoming a "republic, not an empire", and everyone has to figure it out for themselves. Now, many wars did erupt in the aftermath of Soviet withdrawal, like Chechnya and the Tajikistani civil war. But it's not like every single place fell into war. Estonia didn't, Poland didn't. The Czechs and Slovaks had the Velvet Divorce. Countries long under the Soviets worked out local security arrangements between themselves. That's what's happening now as the American Empire withdraws from the world. Everyone is figuring it out for themselves. IN SUMMARY (a) You're correct that a country needs a military, but the world is losing the US military, so they'll build their own or align with a country that has one. (b) You're correct that the US military historically protected the rules-based order, but in many ways it's abandoning that order, while much of Eurasia is actually going further in the direction of free trade, and the Internet is exporting global rule-of-law via rule-of-code. (c) You're correct that US military withdrawal will likely result in chaos in parts of the world, like the USSR's military withdrawal did, but I don't think it results in chaos in all of the world, anymore than the USSR's withdrawal did. (d) Don't take it from me, though. The 2025 US National Security Strategy said that elites "overestimated America's ability" and that "permanent American domination of the entire world" is not in the best interests of the US. In other words, they've already announced that the world is multipolar, that the unipolar moment is over, that US will no longer pay any price and bear any burdern. So everyone will need to figure out security after the American empire leaves, just as they had to figure out local security arrangements after the British, French, and Soviet empires left. whitehouse.gov/wp-content/upl…

@Api3DAO "The demand was exactly zero" is the detail worth sitting with. DeFi protocols rarely request security improvements before the exploit that makes the need obvious.

Entirely removed any power that the oracle project had on the data that they would consume. No changing the where the data came from and no changing the rules of the game through upgradable proxies. The demand was exactly zero.

Back with the first release of our price feeds nearly 4 years ago, our contracts were immutable and allowed people to build their own aggregations from immutable first-party sources. This setup required more work from the price feed consumer, but…

Three data layers worth watching: - BTC/ETH ETF flow divergence - WTI correlation with crypto risk appetite - RWA tokenization pace vs. DeFi utilization Track all of it across 250+ exchanges on @coinpaprika.

The RWA layer adds more signal. Tokenized assets crossed $34B this week - up from $6.4B at the start of 2025. Tokenized equity volume hit a daily ATH of $3.57B on May 19. Institutional capital isn't just in ETFs. It's moving on-chain.

MicroStrategy bought back $1.38B of its own 2029 convertible bonds at a discount today. BTC ETF outflows: $1.47B last week - largest weekly outflow of 2026. ETH ETF inflows: $1.25B over 18 days, $240M yesterday alone. Three institutional reads on the same market. Full thread below 👇

@chainlink MiCA deadline: july 1. USDC eu volume +337% once circle got compliant. the boring infra wins again - real-time reserve feeds, proof-of-reserves, cross-chain travel rule. the token is the easy part ⚙️

Requirements for the mainstream adoption of stablecoins: • Accurate pricing • Reliable proof of reserves • Secure cross-chain infra That's why leading issuers & DeFi protocols like Circle, Aave, & Maple use Chainlink to eliminate data & cross-chain risk. LINK everything.

Tokenized assets are broadening out from Treasuries and commodities into other asset classes. That shift will likely accelerate as more TradFi managers move institutional strategies onchain. Credit, equities, and alternatives are catching up.

Bitcoin exchange reserves hit a 7-year low: 2.21M BTC. Leveraged longs at the highest level since November 2023 - up 88% from 2025 lows. ETF outflow data says institutional exit. On-chain positioning says conviction buyers are accumulating and leveraging up. One of them is wrong.

@Polymarket: 62% chance of zero Fed rate cuts in 2026. CME futures: 39% probability of a rate hike. The cut thesis that drove $2.9B in crypto ETF inflows during March-April just got priced out by markets with capital at risk.

The 90% idle stat points to the actual bottleneck: it's not issuance, it's composability. Most tokenized assets use whitelisted transfer restrictions that make them incompatible with DeFi primitives by design. deRWA wraps them using ERC-7540 (async vaults) + ERC-4626 so they interact with lending markets and DEXs without rewriting the underlying product. Coinbase naming Centrifuge a Preferred Tokenization Infrastructure suggests this wrapper approach is becoming the standard path for bringing institutional-grade RWAs into live DeFi.

90% of tokenized assets sit idle once minted. Locked out from DeFi by design. deRWA is the fix: freely transferable tokens, built for DeFi, carrying the same exposure as the underlying fund. Used as collateral on lending markets, traded on DEXs, deployed in vaults.

@nabubito Spot on 🎯 F&G reveals the mood of the market, not the direction. Pairing it with on-chain flows and funding context is where the real signal lives. That's exactly the depth we build for at coinpaprika.com 📊

@coinpaprika Sentiment data is a mirror, not a map, and that's exactly why pairing F&G with on-chain flows and funding context matters more than the index alone. The number isn't the signal, it's the input.

🌶️ CoinPaprika Daily Pulse | Saturday, May 23 🧵 📊 Market Cap: $2,602B (-3.70%) 🔶 BTC Dom: 57.31% 💧 Vol: $136.4B 😨 Fear & Greed: 28 (Fear) Full thread below 👇

@nabubito Exactly this 📊 Data tells you where sentiment stands — not where price is going. That's why we show F&G alongside full market context at coinpaprika.com