Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

Crypto

<ul><li aria-level="1"><p>The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark.</p></li><li aria-level="1"><p>In the conservative scenario, 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.</p></li><li aria-level="1"><p>In our opportunistic prediction scenario, Perp DEX trading volume can reach 2X of that on CEX by the end of 2028.</p></li></ul>

The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark.In the conservative scenario, 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.

The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, and Lido.</li><li>According to estimates from the Depository Trust and Clearing Corporation (DTCC), Boston Consulting Group (BCG), and Citi, transactions of tokenized assets could exceed $3 quadrillion annually by 2030. </li><li>While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins (tokenized money) represent significant volume as well.</li><li>Institutions are tokenizing and transacting assets on blockchains at an accelerating rate, driven by the structural advantages of the onchain format, including global liquidity, instant settlement, and enhanced programmability, all operating on unified global rails. </li></ul></div>

Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, and Lido.According to estimates from the Depository Trust and Clearing Corporation (DTCC), Boston Consulting Group (BCG), and Citi, transactions of tokenized assets could exceed $3 quadrillion annually by 2030. While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins (tokenized money) represent significant volume as well.Institutions are tokenizing and transacting assets on blockchains at an accelerating rate, driven by the structural advantages of the onchain format, including global liquidity, instant settlement, and enhanced programmability, all operating on unified global rails. 

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

Special Projects Analyst at Delphi Digital, Delphi Digital

Gerryl Pay

Special Projects Analyst at Delphi Digital

Institutional-Grade Crypto Research & Data

Delphi Digital

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

<ul>
<li>Zetachain is building a bridge into a  smart contract platform in a bid to create a platform for omnichain smart contracts.</li>
<li>Omnichain smart contracts enable applications to live on multiple chains but still be connected and share liquidity.</li>
<li>There is opportunity for Zetachain to seize across DeFi, NFTs, and Ordinals. Whether this will happen comes down to strategy execution and ecosystem building.</li>
</ul>


Zetachain is building a bridge into a  smart contract platform in a bid to create a platform for omnichain smart contracts.
Omnichain smart contracts enable applications to live on multiple chains but still be connected and share liquidity.
There is opportunity for Zetachain to seize across DeFi, NFTs, and Ordinals. Whether this will happen comes down to strategy execution and ecosystem building.


A Comprehensive Analysis of Zetachain (Executive Summary)

Crypto Analyst

Edward Wu

<ul>
<li>GMX is a decentralized spot and perpetual exchange on the Ethereum Layer 2 scaling solution Arbitrum.</li>
<li>This protocol is absolutely a shining star in today’s market. Token price, TVL, and transaction volume are all in an upward trend.</li>
<li>It is also labeled as one of the best “Real Yield” opportunities for Liquidity Providers.</li>
</ul>


GMX is a decentralized spot and perpetual exchange on the Ethereum Layer 2 scaling solution Arbitrum.
This protocol is absolutely a shining star in today’s market. Token price, TVL, and transaction volume are all in an upward trend.
It is also labeled as one of the best “Real Yield” opportunities for Liquidity Providers.


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GMX (GMX CURNCY)

The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot

The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark. In the conservative scenario,...

Animoca Brands Research

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins...

Water Tower Research

A Comprehensive Analysis of Zetachain (Executive Summary)

Zetachain aims to create a platform for omnichain smart contracts, allowing applications to live on multiple chains while maintaining connectivity...

Delphi Digital

GMX – A DeFi Real Yield Protocol

GMX is the hottest decentralized perpetual trading platform and holding its liquidity token GLP is likened to holding a blue-chip crypto portfolio...

Edward Wu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The PerpDEX Gold Rush: The Great Momentum of Onchain Pivot

The Projected Flippening: Perp DEX volume exploded to $7.9 trillion in 2025, more than tripling 2024’s watermark. In the conservative scenario,...

Animoca Brands Research

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins...

Water Tower Research

A Comprehensive Analysis of Zetachain (Executive Summary)

​Zetachain aims to create a platform for omnichain smart contracts, allowing applications to live on multiple chains while maintaining connectivity...

Delphi Digital

GMX – A DeFi Real Yield Protocol

GMX is the hottest decentralized perpetual trading platform and holding its liquidity token GLP is likened to holding a blue-chip crypto portfolio...

Edward Wu

Zetachain aims to create a platform for omnichain smart contracts, allowing applications to live on multiple chains while maintaining connectivity...