Perpetual DEX volumes hit $1 trillion in September 2025. Eight of the top 10 investable tokens are down 80-99% from highs. One protocol commands 60-75% market share. We scored them all, only one made the cut.
Securitize runs BlackRock’s $2B tokenized fund but has no token. The tokens retail can buy? Weak economics. We scored 10 RWA tokens (P-Score™): ONDO leads despite governance-only utility, IXS trades below AUM with dual licenses, SYRUP captures 25% revenue.
A former Barclays CEO, a former Fed president, and a former NYSE COO just created a Nasdaq-listed vehicle to accumulate HYPE. We break down what PURR is, who’s behind it, and what their legal teams likely concluded about regulatory risk—plus what this changes (and doesn’t change) for HYPE holders.
A CEX-killer generating $1.3B in annualized revenue with an 11-person team?
Centralised time bomb? Validators controlled by the foundation? 68% of supply under insider control? An insurance fund that nearly collapsed in March 2025.
Both narratives contain truth. Both miss what matters.
IXS trades at $32 million. Ranked somewhere around #850 on CoinGecko. Down 78.6% from its all-time high. Volume under $500K. TVL showing $230K on-chain. By every surface metric, this is a failed DeFi token waiting to delist.
There is one problem with that narrative.
