With the first quarter of 2026 coming to a close, it’s a good moment to take stock of the developments and themes that shaped crypto markets. Q1 2026 was driven by a combination of geopolitical and macroeconomic uncertainty, creating a volatile, risk-off backdrop. While it was a challenging quarter for crypto markets with the total market cap sliding ~22%, themes like tokenized equities and 24/7 onchain trading of traditional asset classes stood out as bright spots, building on fundamental progress in the industry. In this issue of State of the Network, we look back at Q1 2026 to understand the market trends and ... (full story)