Crypto infrastructure company Startale Group has selected Sunnyside Labs’ Privacy Boost as the official privacy partner for its Startale App, built for Soneium, a Sony-linked blockchain network. 

Startale Group said Tuesday that the integration will add self-custodial private transfer features to the app, including shielded balances, private peer-to-peer transfers and privacy-enabled payment flows on Soneium.

The move adds a consumer-facing privacy layer to Startale’s Sony-linked Soneium ecosystem as crypto apps try to give users more control over visible onchain activity while preserving compliance mechanisms for operators.

Sunnyside Labs co-founder and CEO Taem Park told Cointelegraph that selective auditability means transaction details remain hidden from the public, while authorized service operators can review them through a feature called Audit View. 

Related: Japan’s SBI VC Trade launches retail USDC lending as stablecoin use grows

He compared the system to traditional finance, in which banks can view customers’ transactions for compliance purposes. “This means AML and regulatory obligations can be met without requiring all activity to be publicly transparent. This is a fundamentally different architecture from privacy tools that obscure transactions from everyone, including the operator,” Park told Cointelegraph. 

The design leaves a key question over who ultimately controls access to private transaction data. While Privacy Boost is designed to hide transaction details from the public, its Audit View model preserves operator-level visibility for compliance purposes. That means users are relying not only on cryptography, but also on Sunnyside Labs’ controls around when and how shielded transaction records can be reviewed. 

Selective disclosure faces privacy, compliance tradeoffs

The Audit View model puts Startale’s integration in the same category as privacy systems that try to keep transaction data hidden from the public while still allowing some form of review by trusted or authorized parties.

Zcash, one of the earliest privacy-focused blockchain networks, uses zero-knowledge proofs and supports selective disclosure through viewing keys. Secret Network uses a similar access-control concept for private smart contract data, with its documentation describing viewing keys as encrypted passwords for viewing data tied to a specific smart contract and private key.

Examples of selective disclosure implementations. Source: TRM Labs

Blockchain analytics company TRM Labs said in a Feb. 19 report that transaction view keys provide “strong privacy but weak compliance utility,” particularly for high-value transfers, rapid fund movements or systemic monitoring. 

Privacy Boost’s Audit View model appears to take a different approach by giving authorized operators access to private transaction records for compliance purposes. That may make the system more practical for regulated consumer applications, but it also means disclosure is not controlled only by users.

In its findings, TRM Labs said that “No single privacy regime satisfies all stakeholder needs.” However, the company added that hybrid approaches combining visibility, access controls and limits around private-asset conversions may offer the most workable path.

Magazine: AI-driven hacks could kill DeFi — unless projects act now

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2071.97, down 0.4% (-9.25) since 4 p.m. ET on Friday.

Eight of 20 assets are trading higher.

Leaders: APT (+1.3%) and AAVE (+0.6%).

Laggards: XLM (-1.7%) and HBAR (-0.9%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Decentralized finance (DeFi) has transformed financial transparency by making vast amounts of blockchain data publicly accessible. However, access does not equal understanding. Without the right analytical approach, even experienced participants can misinterpret signals and make costly decisions. This article explores how to properly read Total Value Locked (TVL), leverage analytics platforms, identify opportunities through on-chain data, and avoid misleading metrics.

1. Understanding TVL (Total Value Locked) Beyond the Surface

Total Value Locked (TVL) is one of the most widely cited metrics in DeFi. It represents the total value of assets deposited in a protocol’s smart contracts. While often used as a proxy for trust and adoption, TVL can be misleading if interpreted naively.

Key considerations:

• Price Sensitivity: TVL fluctuates with token prices. A rise in TVL may reflect asset appreciation rather than new capital inflows.
• Double Counting: Assets can be reused across protocols (e.g., staking LP tokens), inflating TVL figures artificially.
• Capital Efficiency: High TVL does not necessarily indicate efficiency or profitability. Some protocols generate more revenue with lower TVL.
• Liquidity Composition: Understanding whether TVL consists of stablecoins, volatile assets, or incentivized deposits is crucial.

Takeaway: TVL should be contextualized alongside metrics like protocol revenue, user activity, and capital turnover.

2. Leveraging Analytics Platforms

Modern DeFi analytics platforms provide tools to interpret blockchain data effectively. Among the most widely used is Dune Analytics, which allows users to query blockchain data using SQL and visualize it through dashboards.

Popular platforms include:

• Dune Analytics — Custom dashboards, community-driven insights
• DeFiLlama — TVL tracking across chains and protocols
• Nansen — Wallet labeling and smart money tracking
• Glassnode — Advanced metrics for macro-level insights

Best practices:

• Cross-check data across multiple platforms to avoid bias
• Understand the methodology behind each metric
• Customize dashboards to track specific strategies or protocols

Takeaway: Tools are only as powerful as the user’s ability to interpret them critically.

3. Finding Opportunities Using On-Chain Data

On-chain data offers a transparent view into market behavior, enabling users to identify emerging opportunities before they become widely known.

Key strategies:

• Wallet Tracking: Monitor “smart money” wallets to identify early positioning in new protocols
• Liquidity Flows: Track capital entering or exiting protocols to gauge momentum
• Token Distribution: Analyze holder concentration to assess risk and decentralization
• Yield Analysis: Compare real yield (fees generated) versus incentivized yield (token rewards)

For example, a sudden increase in liquidity combined with rising user activity—but without excessive token incentives—may indicate organic growth.

Takeaway: Early signals often appear in behavior, not headlines.

4. Avoiding Misleading Metrics

Not all metrics are created equal. Some are intentionally designed to attract users rather than inform them.

Common pitfalls:

• Inflated APYs: High yields often rely on unsustainable token emissions
• Vanity Metrics: User counts or transaction volumes can be inflated through bots or incentives
• Short-Term Spikes: Temporary liquidity mining campaigns can distort long-term viability
• Ignoring Risk Factors: Metrics rarely account for smart contract risk, governance issues, or market volatility

A protocol offering 1,000% APY may appear attractive, but if the reward token rapidly depreciates, real returns may be negative.

Takeaway: Always distinguish between nominal and real value.

Conclusion

DeFi analytics is not about memorizing metrics—it is about understanding context, questioning assumptions, and synthesizing multiple data points into a coherent view. Tools like Dune Analytics and Nansen empower users to navigate this landscape, but critical thinking remains the most valuable asset.

In a market driven by transparency yet clouded by noise, those who can interpret on-chain data effectively gain a decisive edge.

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Already noted for embracing digital assets, the U.S. Commodity Futures Trading Commission is also leaning into artificial intelligence to pick up the slack after slashing more than a fifth of its workforce, Chairman Mike Selig said in an interview with CoinDesk.

Selig, who is set to appear at Consensus 2026 in Miami next week, said AI and automation can make up for the personnel cuts under President Donald Trump’s campaign to reduce federal staffing. He said the agency — on its way to become a leading U.S. regulator for the crypto sector — is pushing toward using the technology to review registration applications and even help in market surveillance.

The CFTC registration process currently relies on the manual submission of documents, Selig said, so “we’re building out systems to automate that, to make it much more efficient.” “AI tools can be used to review the applications, flag certain things for the staff, make their jobs easier, make it much faster for them to provide feedback and also reject certain things that aren’t materially complete,” he said. “We can see something come in with blank space or inadequate descriptions or things that are clearly wrong, picked up by AI, and it can reject those or put them at the back of the line.”

Selig said his staff is currently being trained on using Microsoft’s Copilot for the first time, but the agency is also building some “in-house” tools for “reviewing swap data, reviewing for market-surveillance purposes; We have tools now that can help us reach conclusions about certain trades and all of that. So we’re embracing technology.”

The chairman has been at the helm of the U.S. derivatives regulator for four months, and it has leapt into the fray on emerging technologies, including the oversight of both crypto and the prediction markets.

Crypto taxonomy

Even in the absence — so far — of a new crypto law from Congress, one of Selig’s major initiatives has been embracing oversight of the industry. To that end, he said the most important action taken to-date was the joint guidance alongside the Securities and Exchange Commission to set out a “taxonomy” for digital assets — a system of definitions for how each subset of crypto will fit into the range of regulatory jurisdictions.

“That is a massive development that is going to allow market participants, software developers and consumers to engage with crypto systems and crypto assets with confidence that they’re not tripping into the securities laws,” he said, though the interpretive guidance doesn’t yet carry to full force of permanent policy. “Now we have clarity,” he said. “We understand what our responsibility is at the CFTC, and we will be taking action to police fraud, manipulation, insider trading in crypto markets, and we think that’s going to have a huge impact, in addition to the clarity for consumers and users of the asset class.”

Prediction markets

But his prediction-markets foray, involving the businesses such as Kalshi, Polymarket, Crypto.com, Coinbase and Gemini, has been the most immediately contentious. Selig’s unbending stance that the CFTC is the only relevant regulator of these firms has put him at odds with the states who have challenged the companies for running afoul of state gaming laws — especially in the sports betting realm. He’s sued several states, most recently including New York, defending the agency’s “exclusive jurisdiction.”

Late last week, the CFTC joined in a Department of Justice case against a U.S. Army Special Forces soldier who is accused of placing prediction-market bets on the military action in Venezuela that he took part in. Gannon Ken Van Dyke, a master sergeant among the Army’s vaunted green berets, was arrested and charged with using confidential government information and fraud, plus the CFTC’s own complaint against him for insider trading.

“We are on the case and continue to watch for news,” Selig said of his agency’s enforcement stance on prediction markets. “We will be taking action against bad actors in our markets, and we’re taking this very seriously. It’s not lip service, and market participants should be on notice.”

Read More: U.S. CFTC’s Selig says AI has helped make up for staffing cuts at key crypto watchdog

Key Takeaways

• Redburn Atlantic raised Snap to “Buy” with a $10 price target, up from $5
• Snapchat+ subscription revenue projected to surge to $1.75B within three years
• Company expected to achieve GAAP profitability by 2026
• AI-powered efficiency initiatives could drive gross margins beyond 60%
• Despite gains, SNAP remains down approximately 25% in 2025 and 41% off its 52-week peak

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Shares of Snap (SNAP) rallied approximately 7-8% during Monday’s session following a significant upgrade from Redburn Atlantic, which elevated the social media company to “Buy” while doubling its price objective from $5 to $10.

Snap Inc., SNAP

The new $10 price objective suggests potential gains of approximately 65% from SNAP’s pre-upgrade trading levels.

This wasn’t merely a ratings change — Redburn delivered a comprehensive investment thesis explaining why the firm believes Snap is approaching a pivotal inflection point.

Redburn’s bullish stance hinges on Snap’s strategic pivot beyond pure reliance on advertising revenue. Though digital advertising remains the primary income source, the firm highlighted the rapidly expanding Snapchat+ premium subscription offering as the compelling catalyst.

Analysts project subscription income will more than double across the coming three-year period, climbing from approximately $700 million to $1.75 billion. This trajectory would elevate subscriptions from 13% of total revenue to 22%.

This type of stable, recurring income stream represents a fundamental transformation for a business historically vulnerable to the volatile swings of digital advertising markets.

The Path to Consistent Profits

Redburn’s analysis also emphasized operational discipline as a critical component of the investment case. The company reportedly achieved GAAP breakeven status last year — when excluding its experimental Spectacles hardware division — and analysts forecast Snap will deliver “meaningful profitability” by 2026.

Reaching this benchmark would mark a significant achievement for a company that has consistently struggled with profitability since its 2017 public debut.

Substantial workforce reductions combined with a strategic transition toward AI-driven operations are anticipated to elevate gross profit margins above the 60% threshold. Redburn characterized this evolution as Snap finally maturing into a streamlined, profit-oriented enterprise.

Monday’s price action brought SNAP shares into contact with its 100-day moving average. Market watchers noted that a convincing breakout above the $6.20 level would indicate a fundamental shift in long-term momentum favoring bulls.

The stock also temporarily surpassed important technical resistance points, capturing attention from momentum traders monitoring for potential trend reversals.

Current Market Position

Despite Monday’s impressive gains, Snap shares remain underwater by roughly 25% for the year and continue trading approximately 41% beneath the 52-week high of $10.35 reached in July 2025.

An investor who allocated $1,000 to SNAP five years ago would currently hold a position worth around $100.

The broader Wall Street analyst consensus remains more cautious than Redburn’s optimistic outlook. The overall rating stands at “Hold,” though the consensus price target of approximately $7.99 still indicates over 30% potential appreciation from present levels.

SNAP has experienced single-day moves exceeding 5% on 26 different occasions over the trailing twelve months, underscoring the stock’s characteristic volatility.

The Redburn upgrade represents the most aggressively bullish perspective on the stock in recent quarters, though this optimistic viewpoint has not yet gained widespread acceptance among Wall Street research firms.

Chainlink (LINK) recorded its highest single-day exchange outflow since December 2, 2025, according to data shared by Santiment. 

The data showed that 970,430 LINK left known exchanges on April 27, 2026. The withdrawn tokens were worth about $8.95 million based on LINK’s average price at the time. Large exchange outflows often show that traders are moving assets into private wallets.

The withdrawals came as the wider crypto market slowed after a recent rally. Chainlink still saw strong activity, as traders appeared to use the price pullback to increase their holdings.

Exchange outflows can reduce the amount of LINK available for trading on platforms such as Binance. If demand remains steady, lower exchange supply may support price stability.

LINK price slips despite rising demand

LINK traded at $9.23 at the time of writing, according to CoinGecko data. The token was down 0.98% over the past 24 hours, showing weak short-term momentum.

The decline came after a recent price recovery. However, the latest withdrawal data showed that some investors continued to accumulate LINK despite the weaker price action.

BridgeTower uses Chainlink stack for tokenized securities

Elsewhere, BridgeTower Capital has deployed Chainlink’s full infrastructure stack to support tokenized securities tied to the DOM X Arizona Copper-Gold Project. The project is linked to an $11 billion U.S. natural resource initiative.

The companies described the deployment as “live production infrastructure” rather than a pilot. The move adds another real-world asset use case for Chainlink as institutional interest in tokenization grows.

Ondo Finance has teamed up with financial technology giant Broadridge to give holders of tokenized stocks and exchange-traded funds (ETFs) the ability to participate in proxy voting.

Broadridge has built a Web3-enabled relay system where tokenholders connect their crypto wallet to Broadridge’s ProxyVote platform, submit their voting preference, and Ondo’s issuer then votes the real shares accordingly, with the entire process recorded onchain for transparency, according to a Tuesday announcement.

“By working with Broadridge, we are enabling holders of our on-chain tokenized stocks to access governance and voting capabilities, with all the additional benefits on-chain tokens provide,” Matthieu de Vergnes, global head of institutional at Ondo Finance, said.

Proxy voting is when a shareholder authorizes someone else to vote on corporate matters on their behalf. It has long been a standard feature of traditional equity ownership, but tokenized stocks have largely lacked it. The Broadridge integration addresses this gap, letting investors sign in via their crypto wallets, confirm their holdings and submit votes.

Related: SEC ‘on the cusp’ of onchain tokenized securities exemption: Atkins

Tokenized stocks hit $1.15 billion

Tokenized stocks have surged to $1.15 billion in distributed value, up 25.46% over the past 30 days, according to data from RWA.xyz. Monthly transfer volume stands at $2.27 billion, with over 217,000 holders, up 9.26% in the last month alone.

Tesla, NVIDIA, and S&P 500-linked products are among the most prominent assets by value, alongside Circle Internet and Strategy-linked tokens.

Tokenized stocks continue to grow. Source: RWA.xyz

Ondo, which claims roughly 70% of the tokenized stock market with over $700 million in total value locked, offers its products across Solana (SOL), Ethereum (ETH) and BNB Chain (BNB). The tokens are backed by the corresponding stocks or ETFs.

Related: UK plans payments rule changes for stablecoins, tokenized deposits

Franklin Templeton, Ondo bring tokenized ETFs to crypto wallets

Last month, Franklin Templeton and Ondo Finance announced a partnership to bring tokenized versions of Franklin’s ETFs onchain, giving investors access through crypto wallets rather than traditional brokerage accounts. The initial offering covers five funds spanning US equities, fixed income, and gold, available across Europe, Asia-Pacific, the Middle East and Latin America, with US access pending regulatory clarity.

Meanwhile, Binance has listed 10 tokenized assets from Ondo Global Markets on its Binance Alpha platform, including tokens tracking Apple, Nvidia and the Invesco QQQ ETF.

Magazine: Should users be allowed to bet on war and death in prediction markets?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.