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

Moca Network is building the chain-agnostic digital identity infrastructure for the open internet - one universal account for your assets, identity, and reputation across multiple ecosystems. Moca Network has direct (Animoca Brands) access to a portfolio of 540+ companies to tap into 700M+ addressable users.

AIR Kit, as the key product built by Moca Network, enables Web2 and Web3 projects to create a universal embedded account for users to own and use assets, identity, and reputation data, while getting access to a suite of DeFi and consumer services. AIR Kit empowers all large user base apps to create a Telegram mini-app like ecosystem within their own apps with embedded blockchain features, while ensuring these users can use the same account, identity, reputation across all consumer apps on any chains adopting the AIR Kit.

Mocaverse, one of the key consumer platforms adopting the AIR Kit, alongside SK Planet, One Football, and more partners, provides curated experiences and rewards to users based on their identity and reputation through Moca ID and products like Mocana, MocaDrop and MocaList.

$MOCA is the utility token that powers the Moca Network - used as fees for transactions, data generation, storage, verification for users and AI agents, and for DAO governance. It is issued by the Moca Foundation.

<ul><li>Decentralized identity (DID) has not been about why but about when.</li><li>With the mass adoption of crypto as the new financial rail and the rapid growth of the agentic web, the moment for DID has arrived.</li><li>We estimate that spending on blockchain-enabled decentralized identity will reach $20B, driven by the digitalization of personal identity and the dramatic increase of AI agents.</li></ul>

Decentralized identity (DID) has not been about why but about when.With the mass adoption of crypto as the new financial rail and the rapid growth of the agentic web, the moment for DID has arrived.We estimate that spending on blockchain-enabled decentralized identity will reach $20B, driven by the digitalization of personal identity and the dramatic increase of AI agents.

Decentralized Identity: The Moment Has Arrived

Tether Gold (XAU₮) is a stablecoin that provides ownership on a 1:1 basis of one fine troy ounce of gold on a physical bar of gold that meets the Good Delivery standard of the London Bullion Market Association (LBMA). This technology allows access to a stablecoin that provides ownership of physical gold while avoiding the drawbacks associated with physical gold, such as high storage cost and limited accessibility. Note: XAU₮ tokens can be fractionated up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce).

<ul><li>Growth Potential: Tokenized gold currently represents ~0.075% of the total investment gold market.</li><li>A compelling adoption comparison is gold ETFs, which took around 5-6 years to reach ~7% penetration.</li><li>In a much lower penetration scenario of say, 0.5%, tokenized gold growth would be over 6x (to US$28 billion). </li></ul>

Growth Potential: Tokenized gold currently represents ~0.075% of the total investment gold market.A compelling adoption comparison is gold ETFs, which took around 5-6 years to reach ~7% penetration.In a much lower penetration scenario of say, 0.5%, tokenized gold growth would be over 6x (to US$28 billion). 

Toncoin (TON) is the native cryptocurrency of the decentralized layer-1 blockchain, The Open Network (TON). The TON blockchain is open-sourced and supported by many network contributors, including the Switzerland-based non-profit organization, the TON Foundation.

<ul><li aria-level="1">Our fourth research piece on TON and Telegram focuses on how they protect digital freedom and privacy at scale, contrasting with the dominant internet business model that commodifies user data for ad sales.</li><li aria-level="1">Telegram's commitment to digital freedom, anchored by privacy protection, is evident in its technological evolution.</li><li aria-level="1">It began with the proprietary encryption method (MTProto) and decentralized key management</li></ul>

Our fourth research piece on TON and Telegram focuses on how they protect digital freedom and privacy at scale, contrasting with the dominant internet business model that commodifies user data for ad sales.Telegram's commitment to digital freedom, anchored by privacy protection, is evident in its technological evolution.It began with the proprietary encryption method (MTProto) and decentralized key management

Telegram X TON: How to Build a Business that Brings Digital Freedom and Privacy to 1 Billion Users

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

BNB was launched in 3rd July 2017 as an ERC-20 Token that enabled holders to get discounted trading fees at Binance Exchange. BNB has evolved over time to also be the native token of its own blockchain. BNB can still be used to pay for discounted Binance services though it is also heavily used as payment for gas when confirming transactions on BNB Chain.

<ul>
<li aria-level="1">Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M).</li>
<li aria-level="1">This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year.</li>
<li aria-level="1">Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. </li>
</ul>


Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025 (dropping from 1,645 to 1,302), particularly in the small FDV segment (under $30M).
This decline is consistent with the overall observation of a slowdown in the altcoin space throughout the year.
Top Exchanges Expanding Scope: Major exchanges are expanding their coverage to mid-size tokens and directly listing more small FDV assets. 


2025 Listing Report: Exchange Listing of Altcoin and RWAs, Alpha Programs, and New Iterations of IDO

Animoca Research provides institutional-grade analysis, in-depth insights, and unbiased information to all participants in the digital asset industry

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

Decentralized Identity: The Moment Has Arrived

Decentralized identity (DID) has not been about why but about when. With the mass adoption of crypto as the new financial rail and the rapid growth...

Animoca Brands Research

State of Tokenized Gold

Growth Potential: Tokenized gold currently represents ~0.075% of the total investment gold market. A compelling adoption comparison is gold ETFs...

Animoca Brands Research

Telegram X TON: How to Build a Business that Brings Digital Freedom and Privacy to 1 Billion Users

Our fourth research piece on TON and Telegram focuses on how they protect digital freedom and privacy at scale, contrasting with the dominant...

Animoca Brands Research

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

2025 Listing Report: Exchange Listing of Altcoin and RWAs, Alpha Programs, and New Iterations of IDO

Contraction in Altcoin Listings: There were 21% fewer unique tokens listed on centralized exchange spot markets across 9 exchanges in 2025...

Animoca Brands Research