Principia Labs

Research and Advisory Dedicated to Onchain Capital Markets ◼️

[Principia Labs @PrincipiaLabs_]

Tokenized RWAs in DeFi reached $270.5m, up 21.1% in 90 days.

Gold still anchors the stack: XAUt on Aave V3, TermMax and Uniswap V2 holds $97.1m, about 36% of the total.

Growth came from the venues listing many assets. Raydium AMM rose 69% to $39.7m across 135 pools, Uniswap V3 71% to $30.6m, and Kamino Lend 57% to $28.0m.

Data: https://t.co/C3rje0m135

[Principia Labs @PrincipiaLabs_]

X Layer 基本面季报：2026 Q3

本季重点：Exchange OS 上线后，X Layer 正从"交易所的链"走向"链上交易所"。TradeZone Q3 处理了 2.87 亿笔交易，是 EVM 主链的 2.6 倍；EVM 活跃度和 DeFi TVL 双双翻倍。

环比数据：
◾️OKB 市值 ⬆️ 53.8%，至 25.4 亿美元
◾️EVM 日均交易 ⬆️ 262%，至 122 万笔
◾️DeFi TVL ⬆️ 100%，至 1.73 亿美元
◾️日活地址 ⬆️ 89%，至 7.05 万

完整报告👇

[Principia Labs @PrincipiaLabs_]

https://t.co/LjCKI24QPZ

[Principia Labs @PrincipiaLabs_]

Read the full report 👇
https://t.co/RjNd4hQ0bj

[Principia Labs @PrincipiaLabs_]

Fundamentals of X Layer Q3 2026

Key Update: Exchange OS turns X Layer into a full-stack onchain trading system. TradeZone processed 287M transactions in Q3, 2.6x the EVM, while EVM activity and DeFi TVL both doubled.

QoQ Metrics
◾️OKB market cap ⬆ 53.8% to $2.54B
◾️EVM daily transactions ⬆ 262% to 1.22M
◾️DeFi TVL ⬆ 100% to $173.4M
◾️App fees ⬆ 490% to $1.86M

[Principia Labs @PrincipiaLabs_]

https://t.co/HtXIjzn1g4

[Principia Labs @PrincipiaLabs_]

https://t.co/LjCKI24QPZ

[Principia Labs @PrincipiaLabs_]

Tokenized RWAs added $351m net across 12 chains in the past 7 days. BNB Chain led with +$249.8m, followed by X Layer at +$112.7m and Solana at +$28.8m.

[Principia Labs @PrincipiaLabs_]

Track more ->
https://t.co/i1HLPBVsRQ

[Principia Labs @PrincipiaLabs_]

Concrete ethereum:0x0a092e544da31150b439a1aaa1a3a2214a867f46 lists on Upbit today: KRW, BTC and USDT markets, trading opens 09:00 UTC.

It jumped by ~40% within 5 minutes of the announcement and now sits around $0.39.

What usually happens after an Upbit listing? We checked the Listscope data 👇

1/ Listscope tracks 99 Upbit "secondary" listings (tokens already trading elsewhere, like CT). From the Upbit listing-day close:
◾️ T+1 median −4.9%, 32% green
◾️ T+7 median −10.4%, 31% green
◾️ T+30 median −31.6%, 21% green
◾️ 2026 only (56 listings): T+7 median −13%, 27% green.

2/ CT's own rollout: 6 venues in ~25h
(Alpha → OKX spot → Kraken → OKX perp → Binance perp → Bybit perp).
Day-1 volume: Binance perp $223M, OKX spot $177M, Kraken spot $1.2M.
Post-listing high $0.627 on day 2. Still ~38% below it today.

3/ Per-venue price, volume and liquidity for every listing across Binance, Alpha, OKX, Bybit, Coinbase, Upbit, Bithumb and Kraken.

[Principia Labs @PrincipiaLabs_]

Hyperliquid Ecosystem Map, Oct 2026

What an emerging ecosystem: 233 projects across HyperCore and HyperEVM:

• 8 HIP-3 perp DEXs
• 39 trading apps and wallets on builder codes
• 85 DeFi protocols (LSTs, lending, DEXs, vaults)
• HYPE ETFs, treasuries and custody

#Hyperliquid

[Principia Labs @PrincipiaLabs_]

TSMC just posted its 6th straight record quarter.

Q3: $46.7B revenue (+41% YoY), 66.4% gross margin, $4.60 EPS vs $4.45 expected. Q4 guide: $52.3–54.3B.

Onchain, the picture is lopsided:
◾️ Market cap: $2.19T
◾️ Tokenized: $16.9M (<0.001%)
◾️ Perp OI: $132M, ~8x the tokenized supply
◾️ 24h volume: $234M in perps vs $12M in spot tokens

Full breakdown 👇
https://t.co/4HhpqqMwEr

[Principia Labs @PrincipiaLabs_]

bStocks #bstocks is now the largest tokenized stock issuer.

Binance launched it on Jun 11. Four months later:
◾️$1.07B tokenized value across 95 stocks & ETFs
◾️Ahead of Backed/xStocks ($1.01B) and Ondo ($964M)
◾️Only Tether and Paxos are bigger, and both are gold

The real gap is in trading.
24h volume: $971M, more than Ondo, Backed and Robinhood combined ($787M).
Daily turnover: 90%. Ondo: 39%. Backed: 26%.

Binance didn’t build a better wrapper. It put stocks in front of the biggest crypto user base.
Distribution wins.

Track it live: https://t.co/C3rje0m135

[Principia Labs @PrincipiaLabs_]

Thank you to everyone who made this happen 🙏

Co-hosts: @TokenInsight @aveai_info @chaintrustlabs @InterlaceMoney @AlchemyPay @AEON_Community @MiuroAI

Sponsors: @Pumpfun @Stable @TencentCloud @TadaPay_ai @awscloud @Beosin_com @ELLIPAL COMBO Technology

Partners: @HALOFI_OFFICIAL @GoKiteAI @UnitasLabs @geolix_ai_ @Travix_fi @OrderlyNetwork ZMO @variational_io

[Principia Labs @PrincipiaLabs_]

That’s a wrap on AI & Emerging Onchain Assets at TOKEN2049 Singapore 🇸🇬

On October 8, founders, builders, and investors filled the room for an afternoon on one question: where are AI and onchain assets actually meeting the real world — in value, RWAs, and liquidity

What happened on stage:

🎤 Five keynotes — https://t.co/8VJepGeRHM, Alchemy Pay, Interlace, ChainTrust, and Miuro AI on what’s live, what’s next, and what’s still hard.

💬 AI × Onchain Assets — Kite, Stable, AEON, and TadaPay on what’s worth building for the real world.

💬 The Future of Trading — https://t.co/FxF6BoHc6s, Orderly, and Variational on where onchain trading and liquidity go from here.

✨ HALO Finance Spotlight — the bridge between physical gold RWAs and the AI ecosystem.

Beyond the stage: booths, live demos, challenges, afternoon tea, and the conversations that are the real reason anyone comes to Singapore in October.

Hosted by @BixinVentures. Organized by @PrincipiaLabs_ @Soren_Principia @Calla_Principia . Made possible by our co-hosts, sponsors, and partners — full list below 👇

To every speaker, team, and attendee who showed up and shared: thank you. 🙏
#TOKEN2049

[Principia Labs @PrincipiaLabs_]

https://t.co/avFmuwqQrd

[Principia Labs @PrincipiaLabs_]

@BixinVentures A great event ! Thanks for our partners ◼️

[Principia Labs @PrincipiaLabs_]

Keep building and shipping ◼️◼️◼️

[KITE AI ✈️ Money20/20 USA🇺🇸 @GoKiteAI]

The next wave of AI and onchain products should start with real-world needs.

At AI & Emerging Onchain Assets during @token2049 Singapore, our CMO @Cindyshi0907 joined speakers from @Stable, @AEON_Community and @TadaPay_ai for the panel “AI × Onchain Assets: What Is Worth Building for the Real World?”

Thank you @BixinVentures and @PrincipiaLabs_ for bringing builders together. 🪁