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

Thematic (Sector/Industry)

<ul><li>Frontier intelligence converged; price didn't. </li><li>Claude Fable 5 (Intelligence Index 60) and GPT-5.6 Sol (59) sit one point apart at roughly a 3x cost spread per task.</li><li>Five models from three labs now cluster within six points at the top of the leaderboard. </li></ul>

Frontier intelligence converged; price didn't. Claude Fable 5 (Intelligence Index 60) and GPT-5.6 Sol (59) sit one point apart at roughly a 3x cost spread per task.Five models from three labs now cluster within six points at the top of the leaderboard. 

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

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