Movers and Shakers April 2026

Digital assets approaching broader market accessibility

This content is informational only and does not constitute investment advice.

Each month, we highlight digital assets whose trading markets are approaching the criteria for inclusion in our pricing and market data coverage, based on the Coin Metrics Market Selection Framework and Trusted Volume Framework. These frameworks help assess whether an asset has sufficient real trading activity and dependable data across exchanges to make it suitable for standardized market analysis.

Market Selection Framework: This framework is a process used to evaluate whether a particular spot market (a traded asset pair on a specific exchange) reflects trading activity in a transparent and representative manner. Constituent markets approved through this process are used as inputs for Coin Metrics prices. 

Trusted Volume Framework: This framework evaluates exchanges to assess whether the volume observed reflects genuine market participation versus artificial or low-quality activity, measuring dependability using observable metrics such as transparency, resilience, security, data quality, API quality and regulatory compliance. Talos uses this framework to select venues for inclusion in Coin Metrics’s  data offerings. 

This Month’s Movers & Shakers

Below are the protocols whose trading markets are expected to meet the criteria of both frameworks during the month of April 2026.

Espresso (ESP)

What it is: Espresso (ESP) is a network scaling solution enabling fast finality for Layer-2 blocks.

How it works:

• Espresso validators run HotShot consensus protocol to quickly finalize Layer-2 block states. This allows networks to check finalized states in seconds instead of minutes.
• Espresso also provides data availability services for Layer-2s to store and retrieve state data while minimizing computation needs.  

Token utility:

• ESP tokens are staked by validators in the Proof-of-Stake Layer-1 to secure transactions and provide data availability services.
• ESP tokens are paid by Layer-2s to store state data and pay for additional services such as decentralized sequencing.

Babylon (BABY)

What it is: Babylon is an asset management system that provides protocols for BTC to be used in DeFi. 

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How it works:

• Trustless Bitcoin Vaults (TBV) are self-custodial vaults created for users to deposit their bitcoin. BTC is never co-mingled. Once locked, users can use BTC in various DeFi protocols.
• BTC can be staked with validators on the Babylon Genesis chain to receive rewards for validating transactions and securing checkpoints between the Proof-of-Stake chain and Proof-of-Work Bitcoin.

Token utility:

• BABY can be staked on the Babylon Genesis chain with BTC to earn rewards for securing the network.
• BABY is the native gas token used to pay transaction fees and deploy smart contracts on Babylon Genesis.

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^{Disclaimer: The information herein is provided for informational purposes only. Talos Trading, LLC and its affiliates (“Talos”) does not give any representations or warranties in relation to the accuracy, validity, or completeness of the information of this material, including without limitation the factual information obtained from publicly available sources considered by Talos to be reliable at the time. Talos accepts no liability for any consequences of using the information contained in this material. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication and are subject to change without notice. Neither this material nor any copy thereof may be taken, reproduced, or redistributed, directly or indirectly, without Talos’s prior written permission. Any views or opinions expressed are those of the authors and do not necessarily reflect the views of Talos. This communication does not constitute an offer to buy or sell, or a promotion or recommendation of, any digital asset, security, derivative, commodity, financial instrument, or product or trading strategy. This document and information are not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.}

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