In the latest issue of State of the Network, Senior Research Associate @TanayVed examines how the largest digital asset exchanges are converging on tokenized equities, RWA perpetual futures and onchain infrastructure, how far adoption has actually scaled this year, and which tokenization models the SEC's new Innovation Exemption does and does not cover. Key Takeaways: 🔹 Exchanges are converging across tokenized equities, RWA perpetuals, and blockchain infrastructure, as they build out multi-asset venues spanning both crypto native and traditional markets. 🔹 This is helping diversify activity beyond crypto trading, with Binance's tokenized stock volume reaching over $3.7 billion in a single month, and RWA perpetuals peaking above 30% and 60% of futures volume on Binance and Hyperliquid. 🔹 The SEC's new Innovation Exemption opens a path for tokenized stocks to trade onchain, a significant step toward bringing this activity onshore. ➡️ Read the full issue: ow.ly/rFO350ZQg7V

What moved markets this week? Here's the latest from @TanayVed in Talos State of the Market | August 27 – September 2, 2026: ⚡ Warsh hinted at September rate hikes at Jackson Hole, breaking the strongest Bitcoin ETF inflow streak since October 2025. 📊 BTC's correlation with gold hit an all-time high as the debasement trade takes center stage heading into the September FOMC. 🔗 Robinhood Chain saw a record in daily DEX volume as memecoins and tokenized stocks collided on the same chain. 👀 All eyes turn to Friday's payrolls report ahead of the September rate decision. ➡️ Read it here: ow.ly/GP6Q50ZISqj ➡️ Or subscribe on LinkedIn: ow.ly/zR8950ZISqk

Best chart from this SOTN. Even though USDC yield on Aave returns ~31 bps less than the 1yr treasury in 2026, yield v other crypto assets shows USDC - on certain timeframes - can outperform risk-on asset lending

In the latest issue of State of the Network, Talos Researchers @TanayVed and @HCDuschang unpack the August 19th market rally, crypto’s relative performance across asset classes and assess the sustainability of the move. Key Takeaways: 🔹 Compressed volatility and a build up in derivatives positioning across crypto markets met with the Treasury’s bond market support, triggering a short squeeze that liquidated more than $1.6B on August 19th. 🔹 BTC gained 23% to reach its highest level in three months, as the move broadened into liquid majors, fundamentally strong tokens and crypto-equities. 🔹 The rally reversed months of underperformance against equities. BTC’s 30-day correlation to gold rose to ~0.6 going into the event, positioning it to benefit as the Treasury’s liquidity support creates a favorable backdrop for scarce assets. 🔹 The sustainability of this rally will hinge on durable spot demand. Bitcoin ETFs added $1.7B in net inflows and exchanges saw $3.07B in BTC outflows this week, providing constructive early signals. ➡️ Read the full issue: ow.ly/MFRl50ZFchM

BTC is going through one of its quietest stretches in recent history. 30-day realized volatility is near its lowest for this time of year (3rd percentile), and spot volumes have also compressed. If history rhymes, this may not last much longer

GOOGL beat on revenue last week but fell ~7% on raised capex guidance to $195-205B. This sparked a rotation out of high AI spenders and into Apple as the "anti-capex hedge." Perps tracking these stocks on @HyperliquidX are showing this rotation play out heading into earnings. AAPL open interest is building (~$80M) as funding turns bearish ahead of tomorrow's report. With the Fed holding rates steady and Big Tech earnings ahead, it's shaping up to be a pivotal week.

SpaceX goes public in ~1 hour. Check out the pre-IPO perps dashboard we built to see how activity is developing around the $SPCX open 👇

In the latest issue of State of the Network, Senior Research Analyst @TanayVed examines how pre-IPO perpetual futures work, tracing @Cerebras (CBRS) through its IPO as a case study in on-chain price discovery and gauging what @SpaceX is pricing across venues ahead of June 12th. Alongside this issue, we have built a dashboard tracking these markets in real time: ow.ly/KGZQ50Z9lV2 Key Takeaways: 🔹 Pre-IPO perpetual futures create synthetic, 24/7 derivative markets for private companies like SpaceX, OpenAI and Anthropic, providing exposure to their expected valuations before they go public. 🔹 Cerebras’ (CBRS) Nasdaq debut showed @Hyperliquid’s pre-IPO perp had already priced it within 1.3% of the $350 opening price, showing that these markets can provide a credible signal for IPO pricing. 🔹 Ahead of SpaceX’s June 12th IPO, SPCX perps are trading at an aggregated VWAP of $155 across venues against a $135 IPO price, with over $215M in open interest and $2.2B in cumulative volume across Hyperliquid, Binance and other venues ➡️ Read the full issue and check out the dashboard: ow.ly/Bbro50Z9lRN

Hyperliquid oil perps went from almost zero to $1B+ in daily volume in just a week. First silver, now oil. The road to all asset classes is heading onchain

My FY 2025 Coinbase revenue estimate: $7,177M. Full breakdown and rationale below #CoinbaseChallenge

The top 10 alts now make up ~82% of altcoin market cap, up from ~70% in recent years. Liquidity is concentrating in a handful of majors, leaving smaller tokens exposed to shorter narrative bursts.

Coin Metrics State of the Network is an unbiased, weekly view of the crypto market informed by our own network (on-chain) and market data. In the latest issue, @Uniswap Flips the Fee Switch: From Governance Token to Value Accrual, @TanayVed breaks down Uniswap Labs’ post–fee switch token economics, assesses burn and fee dynamics and valuation implications for UNI and explores what this shift means for the broader DeFi sector. Key Takeaways: - Uniswap’s fee switch links the UNI token to protocol usage through supply burns. Protocol fees now flow into UNI supply reduction, shifting UNI from governance-only to direct value accrual. - Early data implies ~$26M annualized protocol fees and a ~207x revenue multiple. Ongoing burns of ~4M UNI per year embed high growth expectations into UNI’s $5.4B valuation. - DeFi is shifting toward fee-linked token models. Burns, staker distributions, and ve-style locking are all attempts to better align tokenholders with protocol economics, shaping how the sector is valued. Read more: ow.ly/3BQl50XW714