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[Chart: Aave V3 vs Lido vs Ethena] Executive summary: DeFi in 2025 In 2025, DeFi moved further away from a cycle-defined speculative arena and closer to a durable financial system with recognisable primitives, maturing market structure, and
The tokenized equities market has crossed $963.04 million in value as of January 2026, representing a ~2,878% YoY increase from approximately $32 million in January 2025.
Report by DL Research based on content provided by RedStone [Chart: RedStone Oracles] Key Takeaways Credora introduces DeFi-native risk ratings that translate complex protocol risks into an A–D scale based on Probability of Significant Loss
In this report, we discuss how Variational is approaching this problem through a brokerage-style model that connects traders to liquidity through RFQs, internal market making, and isolated onchain settlement.
As traditional assets move onchain and the boundary between crypto and traditional finance becomes less distinct, CEXs are positioned to take another step: becoming integrated access and infrastructure layers through which users and institutions can move between asset classes, settlement systems, and onchain applications.
The launch is only the beginning. What follows determines where liquidity settles, who captures value, how communities coordinate, and whether a project becomes more than a tradable asset. What happens after the launch?
Scope of the research report [Chart: BlackRock BUIDL vs Ondo Yield Assets vs Centrifuge] Tokenisation is expanding rapidly across financial markets.
Purpose and scope of the report This report examines how kpk structures and operates curated vaults, and what that implies for liquidity, risk controls, and governance under stress and real market conditions.
Katana in One Paragraph Katana is a ve-native, chain-level system that coordinates liquidity and emissions across the network.
- Beyond storage: How Trust Wallet’s new CEO is redefining the wallet around trading
- Trade everything: How Variational is bringing 100+ TradFi markets onchain
- TechWaves PR founder on why institutional DeFi has a communication problem
- Ekiden’s Founder on how they plan to make onchain derivatives institution-ready
- Startale Group CEO on vertically integrated Web3 infrastructure
- OKX Europe CEO on MiCA, X-Perps, and the future of regulated trading
- Breaking the bank: Pierre Person’s mission to redistribute stablecoin revenue
- OpenPayd CEO on connecting fiat and digital assets at a global scale
- CertiK CEO on securing Web3, the AI Agent threat, and why formal verification is the future of finance
- Aerodrome Contributor on Predictive Allocation and the future of DEXs
- The $120 trillion unlock: Why programmable compliance is the final frontier for onchain institutional capital
- Space and Time CMO on agentic finance and verifiable data
Boardwalk: Closing the Gap Between Token Launches and Token Economies
The token survives, but the economy around it often doesn’t. This is one of the strangest features of crypto. Enormous effort goes into creating markets, yet remarkably little attention is paid to what happens after the opening bell. Boardwalk begins with an observation that, despite being obvious in hindsight, is often ignored: creating a market is only the beginning. What follows is a longer and more difficult process. Liquidity has to remain. Participants need reasons to stay engaged. Value generated by the network must find its way back to the people building it. A community must become something more than a collection of traders. The launch is only the beginning. What follows determines where liquidity settles, who captures value, how communities coordinate, and whether a project becomes more than a tradable asset. What happens after the launch?
