Bespoke digital asset research and market intelligence

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?

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.

A growing share of lending activity now happens through curated vaults. In this model, users deposit capital into a vault, and that capital is allocated across selected lending markets according to predefined risk rules set by risk curators.

Argentina had roughly 8.6 million crypto users as of 2024, representing around 20% of the population. Of those, 12.5% are active on a monthly basis, significantly higher than any other country in Latin America. Volumes speak for themselves: more than $91 billion in value moved through Argentina over the twelve months to mid-2024, while the broader LATAM region generated $730 billion over 2025.

Zama is DeFi's universal entry point for shielding, transferring, earning, and swapping digital assets confidentially.

[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

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.

With the launch of Bitget Stocks 2.0, Bitget doubled down on its investment in this growing market. To understand how it compares, we look at how Bitget’s tokenized equities function, how they differ from competing products, and what their spreads and order-book depth reveal about its standing in the tokenized-equity race.