Unqualified Opinions - Citrini's Take On Hyperliquid

CoinFund

Bullpen Capital

Mantis VC

StepStone Group

Indicator Ventures

NewGenIVF Group Limited

Avenir Group

Vision Plus Capital

01VC

Vernal Capital

MTONGA (Make TON Great Again), launched post-quarter, is TON's first concrete forward catalyst. Three of seven announced steps have rolled out, delivering sub-second finality via Catchain 2.0, a 6x transaction fee reduction, and Telegram as TON's largest validator. The tradeoff is an inflation step-up from 0.6% to 3.6%.

TON's NFT market share rose 130.4% QoQ to 35.5% of cross-chain volume, the only major chain to grow NFT share in Q1 2026. NFT volume (USD) remained stable while all other major chains’ volumes fell by over 50%. TON's NFT footprint is concentrated in Telegram-issued primitives that function as actual consumer products inside Telegram, insulating them from traditional speculative cycles.

Telegram-issued products routed $88.5 million through TON in Q1 2026. This flow is consumer-product revenue rather than speculative onchain activity, giving TON an economic surface that doesn't track with typical crypto cycles.

TON-denominated metrics held up better than their dollar equivalents during Q1's contraction. Native-denominated DeFi TVL fell only 11.6% against a 34.9% USD decline, NFT volume grew 29.6% QoQ in TON against a 2.4% USD decline, and aggregate NFT trade count grew 9.5% QoQ. The USD contractions across multiple metrics primarily reflected TON's 26.4% price decline.

TON's PoS validator set ranks among the most decentralized of any major chain, with a Nakamoto Coefficient of 77 at quarter-end. A high coefficient means institutional stakers like TON Strategy Company, which holds over 220 million TON staked or 8.9% of the circulating supply, can participate at scale without degrading the network's decentralization profile.

Using Q1 2026 data, we ranked 21 blockchains across five metrics: circulating market cap, total value locked, stablecoin market cap, RWA market cap, and total fees. The cohort includes Messari Protocol Services partner networks, as well as Ethereum, Base, and Ink, which were included as sector anchors given their scale and relevance.

RWA TVL on Mantle grew 27.4% QoQ to $247.5 million at the end of Q1, driven by Maple Finance’s syrupUSDT bringing institutional lending yield onchain and the xStocks rollout enabling onchain trading of tokenized U.S. equities.

DeFi TVL on Mantle reached an all-time high of $648.0 million in Q1, up 282.7% QoQ as Aave V3 markets launched on Feb. 11, 2026, and TVL scaled to $547.1 million by quarter-end, offsetting declines of 27.5% to 76.7% across other DeFi protocols on the chain.

Mantle’s CeDeFi model, built in collaboration with Bybit, is a key driver of ecosystem growth. Mantle Vault provides CeFi user experience with DeFi yield opportunities, and Bybit Alpha provides a CeFi trading experience for Mantle-native tokens powered by DEX liquidity.

Mantle positioned itself as a settlement layer for autonomous agents through the Q1 deployment of ERC-8004, AI Agent Skills and Agent Scaffold, x402 payments via QuestFlow, and a Virtuals integration that powers agent commerce on the network. Together, these cover identity, development, payments, and transaction facilitation across the stack.

The Mantle Treasury closed Q1 at $2.4 billion as the largest DAO treasury and second-largest crypto treasury overall behind SharpLink Gaming (NASDAQ: SBET), with MI4's $126.8 million addition cutting MNT concentration from 94.3% to 90.0%.

Privacy in crypto remains largely confined to simple financial actions like shielding balances and privately sending funds. Octra seeks to expand privacy beyond money itself by enabling computation, coordination, and application-level activity to occur directly on encrypted data.

Octra is built around Fully Homomorphic Encryption (FHE), a cryptographic primitive that allows arbitrary computation to be performed on encrypted data without revealing the underlying information. Its proprietary Hypergraph Fully Homomorphic Encryption (HFHE) scheme is designed to address the performance constraints that have historically limited FHE's practical adoption.

Unlike most privacy-focused blockchains that require developers to rebuild applications from scratch, Octra can also function as encrypted middleware for existing networks. This approach allows blockchains and applications to add privacy-preserving functionality without requiring users or assets to migrate to a new ecosystem.

Octra's ecosystem remains nascent, but key components of its vision are already live, including encrypted balances, stealth transfers, isolated execution environments (Circles), and early onchain AI inference experiments. These implementations provide an initial proof point for programmable private state as a broader cryptographic primitive than private payments alone.

OCT has been one of crypto's strongest-performing assets since its Uniswap CCA, appreciating 450% from its auction price. The launch structure stands in contrast to the high-FDV, low-float model that has dominated recent token launches, allowing for more organic price discovery as it leaves the token's performance largely dependent on Octra's execution of its encrypted-computation thesis rather than being weighed down by an initial high valuation.

XRP closed Q1 2026 as the fourth largest non-stablecoin crypto asset by market cap behind BTC, ETH, and BNB.

XRP’s utility continues to grow, both directly and indirectly, as XRPL’s feature set expands, particularly for institutional DeFi use cases such as tokenized real-world assets (RWAs), stablecoins, and decentralized liquidity. For example, the XRPL’s native lending protocol will enable lending and borrowing of XRP, bringing an entirely new use for the token on the network.

Continued implementation of identity, compliance, and privacy features also drives value to XRP, as increased institutional adoption on the XRPL means more operations using XRP (reserve requirements, transaction fees, asset bridging, etc.). In Q1 2026, average daily transactions increased 35.3% QoQ from 1.83 million to 2.48 million.

U.S. spot XRP ETFs closed Q1 2026 collectively holding 775.4 million XRP (1.26% of the circulating supply), up 1.9% QoQ, with XRP held peaking at 810.2 million XRP on March 3, 2026. The quarter closed with U.S. spot XRP ETF market share relatively evenly distributed amongst four ETFs, each holding more than 100 million XRP: Canary Capital’s XRPC, Bitwise’s XRP, Franklin Templeton’s XRPZ, and 21Shares’s TOXR.

Ripple’s USD-pegged stablecoin, RLUSD, closed Q1 2026 with a market cap of $340.3 million on the XRPL (+45% QoQ), making it the network’s largest stablecoin. Additionally, the XRPL closed the quarter with an all-time high RWA market cap of $2.25 billion (+124% QoQ), making it the seventh largest network by RWA market cap. As of publication, the XRPL now ranks fourth.