CoinDesk Research
Latest from CoinDesk Research
The Futarchy of Privacy: Umbra's Fit in a Private Crypto World
Institutions need privacy. Umbra’s moat is encrypted shared state via Arcium MXE. Key catalysts: Feb 2026 mainnet launch and Solana Confidential SPL.
Tron Network - Q4 2025
With record intent-based volume growth and expanding institutional integrations, TRON reinforced its role as the backbone of global retail stablecoin settlement in Q4 2025.
Capture the Flow: Evaluating the Ranger Finance Launch Narrative
Aggregators win by cross-selling high-margin products. Ranger raised $86M on MetaDAO to be Solana's trading hub, though RNGR faces post-ICO sell pressure.
Pudgy Penguins: A New Blueprint for Tokenized Culture
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
State of the Blockchain 2025
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
Binance, Bitstamp and Coinbase Top CoinDesk’s November 2025 Exchange Benchmark
CoinDesk’s Exchange Benchmark is the industry standard for assessing risk and resilience among global digital asset exchanges.
Inside Zcash: Encrypted Money at Planetary Scale
A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.
The $19 Billion Liquidation That Shook Crypto
A historic $19 billion in leveraged positions vanished within 24 hours, exposing how macro shocks, leverage, and thin liquidity combined to trigger crypto’s largest-ever liquidation event.
