Movers and Shakers February 2026

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 February 2026.

Hyperliquid (HYPE)

What it is: Hyperliquid is an on-chain trading platform supporting perpetual derivatives and spot markets, designed to deliver centralized-exchange performance while benefiting from on-chain operation improvements.

How it works:

• Hyperliquid operates through HyperCore, which manages validators, orderbooks, margining, and trade execution using the HyperBFT consensus mechanism to enable high throughput and low latency.
• HyperEVM allows developers to integrate external price feeds and build financial applications, while the HIP-3 upgrade enables the creation of custom perpetual markets using Hyperliquid’s underlying infrastructure.

Token utility:

• HYPE can be staked with validators to secure the network and align incentives across traders and infrastructure providers.
• HYPE can be deposited to create perpetual markets or placed in vaults that generate yield through custom market-making strategies.

Plume Network (PLUME)

What it is: Plume Network is a layer-2 blockchain designed to scale real-world asset tokenization while supporting compliance, data integrity, and on-chain usability.

How it works:

• Plume’s Arc tokenization engine enables issuers to integrate compliance and data systems directly into the network, ensuring assets meet regulatory and security requirements.
• The Nexus data highway delivers external price feeds on-chain, while the Plume sequencer orders transactions and submits data to Ethereum for finality and data availability.

Token utility:

• PLUME is used to pay gas fees and can be staked with validators to ensure accurate data is posted to Ethereum.
• Staked PLUME provides governance rights, validator rewards, and application-level benefits for ecosystem participants.

^{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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