This week's research trends can be summarized as a week in which "trust-building infrastructure" and "structural restructuring toward institutional and practical use" unfolded simultaneously. 071 Research noted that while blockchain has restored data sovereignty, privacy remains an incomplete issue, and zero-knowledge proofs (ZK) are emerging as a next-generation trust infrastructure that "verifies without revealing information." In the same vein, Messari analyzed that the expansion of Injective's RWA perpetual futures (cumulative $6 billion) is signaling the full-scale transplantation of traditional assets to on-chain derivatives markets, while Creditcoin highlighted the expansion of digital credit infrastructure in emerging markets through EVM and USC (cryptographic proof-based interoperability).
Meanwhile, the ecosystem has been reorganized with a focus on "user experience" and "operational stability." VeChain and Moonbeam have attempted to strengthen their practical use base as Layer 1/Polkadot representative chains through mainnet upgrades and infrastructure improvements, while The Sandbox has expanded SAND beyond game tokens into an economic axis encompassing creation, governance, and L2 (SANDchain). Talus has attempted to standardize the execution and verification of decentralized AI agents with an on-chain automation framework, demonstrating that the combination of "AI x blockchain" is moving beyond the idea stage and entering the productization stage.
In terms of market structure, "concentration risk" and "regulatory-compliant collaboration model" were key keywords. Exyrist diagnosed that the KRW stablecoin competition is being reorganized not through technology but through a coalition of exchanges, banks, fintech, and big tech. Kaiko warned that the concentration of exchanges is a structural vulnerability that can destabilize the entire market even with a single incident. Crypto.com also raised concerns about fraud and profitability risks in cloud mining, while Tiger Research, along with the liquidity pressures of the 2028 Strategy, raised the need for an "MSCI-level benchmark index" in the cryptocurrency market, sending the message that standards and safeguards become increasingly important in a growth phase.
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■071 Research
"Privacy: Blockchain Alone Isn't Enough"...071 Research Highlights the Rise of Zero-Knowledge Proof-Based Trust Infrastructure
While blockchain technology has restored data sovereignty, its ability to protect privacy is limited due to the public nature of transaction records. Zero-knowledge proof (ZK) technology, which verifies facts without exposing information, is rapidly emerging as a key complementary solution. 071 Research reported that ZeroBase is leading the market by building a "trust-based data infrastructure" that can be utilized even in regulated environments, such as financial systems, through a decentralized ZK network based on a Trusted Execution Environment (TEE).
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Messari Research
VeChain leaps to "Layer 1" for real-world use with mainnet upgrade… What key achievements did Mesari Research see?
VeChain is strengthening its position as a real-world, Layer 1 blockchain with a Renaissance upgrade, including the launch of the Galactica Mainnet and the launch of the Hayabusa DevNet for the DPoS (Delegated Proof of Stake) transition. Mesari Research highlighted key achievements, including the introduction of the new Stargate staking economy, an 800% surge in TVL in the DeFi sector, and the securing of cross-chain scalability, and concluded that VeChain's structural growth is in full swing.
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Injective: Changing the Derivatives Paradigm… The RWA Perpetual Futures Market Exceeds $6 Billion
Mesari Research analyzed that the RWA (Real Asset) Perpetual Futures Market on blockchain-based financial platform Injective has surpassed $6 billion in cumulative trading volume, ushering in a new paradigm for trading traditional financial assets in a Web3 environment. This is attributed to Injective's asset-efficient design, which enables on-chain trading of various assets, including stocks, commodities, and pre-IPO companies, with up to 25x leverage, and the launch of its native EVM mainnet, which has driven strong market demand.
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Creditcoin leaps forward as a digital credit infrastructure for emerging markets, enhancing scalability with EVM and USC.
Creditcoin is accelerating its technological evolution with a dual-chain architecture that integrates EVM (Ethereum Virtual Machine) compatibility and the USC (Universal Smart Contract) framework, targeting financial inclusion in emerging markets, according to Mesari Research. Building on this technology, Creditcoin is collaborating with institutions like the Central Bank of Nigeria to expand its on-chain credit history and lending infrastructure, raising the possibility of becoming a core infrastructure within the global on-chain credit stack.
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Changing the Prediction Market Landscape… Mesari's Four-Stage Innovation Architecture Draws Attention
Prediction market startup Opinion has shown signs of emerging as a market leader, achieving a cumulative notional trading volume of $3.1 billion within a month of its launch, Mesari Research reports. Opinion is overcoming structural limitations with a four-stage innovative architecture encompassing AI-powered market creation tools, Metapool, which resolves liquidity fragmentation, and a prediction market token standard. Opinion is also attempting to integrate macroeconomic data into financial products.
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Moonbeam's ecosystem rebounds with gaming and infrastructure growth… Mesari: "Polkadot emerges as a leading player."
Moonbeam, a leading player in the Polkadot ecosystem, saw a strong recovery in Q3 2025, driven by a more than 24% increase in gaming transaction volume and the successful launch of a cross-chain bridge. In particular, Moonbeam is creating real-world use cases in the real-world asset (RWA) sector, such as the integration of the Brazilian real-backed stablecoin tBRL, thereby enhancing functional reliability and raising expectations for long-term network effects.
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"SAND is not just a gaming token"… Mesari highlights the evolution of The Sandbox's Web3 creative ecosystem.
Mesari Research has determined that The Sandbox is evolving beyond a simple metaverse game into a complex Web3 creative ecosystem platform centered around the SAND token. Specifically, the company is building a ZKsync-based SANDchain (Layer 2) to provide creator-specific financial infrastructure and an efficient reward system. Furthermore, the company is accelerating creator monetization strategies and platform engagement through the integration of no-code tools and AI technology.
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"The birth of a coordinator for decentralized AI infrastructure"...Mesari focuses on the Talus ecosystem.
Talus is emerging as an orchestrator of decentralized AI infrastructure, Mesari Research reports, by introducing Nexus, an on-chain automation framework, to address transparency and trust issues in AI agents. Talus is leveraging the scalability of the Sui-based Move VM to standardize AI workflows and demonstrate technological breakthroughs in the convergence of AI and blockchain, with over 70,000 executions demonstrated on a testnet.
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■ AM Management
Bitcoin rebounds amid interest rate uncertainty…AM Management predicts continued strength in digital assets.
Amidst complex factors such as expectations of interest rate cuts and expanded ETF trading ahead of the US Federal Open Market Committee (FOMC), Bitcoin (BTC) is demonstrating high resilience and sustaining the strength of digital assets, according to AM Management. With Bitcoin solidifying its position as the seventh-largest asset by market capitalization, the report predicts that while the recent rebound satisfies the initial conditions for a bottoming out, a shift in the Federal Reserve's monetary policy stance will be a key variable in determining the medium-term trend.
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■ Exilist
"Who you team up with and how you team up will determine your success." Exirist diagnoses the transition to a "federated model" for won-denominated stablecoins.
Exyrist analyzed that the competitive landscape in the Korean won stablecoin market is shifting from a battle for technological prowess between single institutions to a "consortium model with division of labor" through multilateral alliances involving exchanges, banks, fintechs, and big tech companies. The researcher added that the "most suitable combination"—one that simultaneously secures the reliability, distribution network, and technological prowess demanded by regulators—will determine the success or failure of the project, and that the Naver Financial-Dunamu (Upbit) combination is currently attracting attention as the standard.
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Kaiko Research
"A single exchange collapse could shake the entire market," says Kaiko Research, warning of structural risks to cryptocurrencies.
Kaiko Research warned that the global cryptocurrency market is extremely concentrated, centered around Binance, and that legal and operational issues arising from a single exchange pose a structural risk that could destabilize the entire market. As evidenced by the FTX bankruptcy, the market remains highly vulnerable, and urgent structural reforms are needed to mitigate exchange-centric concentration and strengthen security standards to ensure market stability and protect investors.
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■ Crypto.com
"Cloud Mining: Opportunity or Trap?" Crypto.com warns investors to "check risks" before investing.
While cloud mining offers the advantage of participating in mining without upfront costs, it also carries various risks, including the possibility of Ponzi schemes and uncertainty about profitability due to increased mining difficulty, prompting caution when investing, Crypto.com warned. The report recommends caution against companies promising unrealistic returns or operating with opaque structures, and minimizing uncontrolled risks through thorough research and small, diversified investments.
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■ Tiger Research
2028: A Test of Strategy's Survival... Bitcoin Price and Liquidity Crisis in the Spotlight
Strategy, a digital asset management company, is likely to face a cash flow crisis due to the exercise of a call option on its large-scale convertible bonds in 2028, a critical watershed moment for the company's survival, according to Tiger Research. The report warned that with aggressive leverage structure changes driving the static bankruptcy line to $23,000, a vicious cycle could emerge, potentially leading to massive Bitcoin selling pressure in the event of a market downturn.
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"The cryptocurrency market also needs an MSCI," Tiger Research emphasizes the urgency of establishing index standards.
Tiger Research emphasized the urgent need for a robust and reliable benchmark index, like MSCI, which influences the flow of investment funds in traditional financial markets. Despite the availability of various indices, investment funds remain concentrated in Bitcoin and Ethereum due to trust issues and limited product accessibility. Tiger Research suggested that index development would be a crucial foundation for maturing the market structure.
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