Movers and Shakers May 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 May 2026.

Centrifuge (CFG)

What it is: Centrifuge (CFG) is an intermediated lending platform enabling users to lend assets to institutional tokenized funds.

How it works:

• Fund curators create a fund or vault where lenders can deposit assets to be invested in pre-determined investment products including U.S. treasury bonds and AAA-rated Collateralized Loan Obligations. 
• Institutions can also issue transferable tokenized real-world asset tokens to reduce liquidity risks while enabling investors to earn yield on their lent assets.
• Products are designed with whitelisting criteria such as KYC/AML verification to comply with regulatory requirements.

Token utility:

• CFG tokens can be used to vote on governance decisions to determine protocol developments if governance and operational control are reassumed. Governance is currently managed by the Centrifuge Network Foundation Board.
• On May 20, 2025, CFG tokens were migrated from the Polkadot Centrifuge Chain to Ethereum. Users could swap legacy CFG tokens and Wrapped CFG tokens for new CFG tokens at a 1:1 ratio.

Magic Eden (ME)

What it is: Magic Eden (ME) is an NFT-Ecosystem marketplace on Solana enabling users to create, buy, and sell NFTs across projects.

How it works:

• NFT collections can be listed on Magic Eden for users to discover. When NFT holders put their NFTs up for sale, buyers can bid in SOL to purchase. 
• Users can open packs to acquire NFTs from new collections and collect digital Pokemon cards. 

Token utility:

• ME tokens are staked to gain voting power and staking power to earn additional rewards when using the Magic Eden platform.
• When ME tokens are staked, holders can participate in governance proposals to direct protocol development and create initiatives to incentivize user adoption.

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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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