THORChain, a cross-chain DEX protocol, has publicly challenged crypto market data source website CoinGecko over how it defines and ranks “Bitcoin DEXs.” The protocol argued that the current list elevates custodial services while excluding the only protocol to process large-scale, non-custodial native BTC swaps.

The dispute follows CoinGecko data showing ChangeNOW controlling nearly all reported Bitcoin DEX volume, despite operating as a custodial intermediary.

Quick question for @CoinGecko: what's the definition of a Bitcoin DEX?

Your rankings show ChangeNOW at #1 with 99.8% market share. But ChangeNOW is a custodial aggregator, not a decentralised exchange.
Magic Eden is listed but trades Runes NFTs, not Bitcoin swaps.

THORChain has… pic.twitter.com/4wdTI4wVOr

— THORChain (@THORChain) January 30, 2026

ChangeNOW listing brings backlash

THORChain questioned CoinGecko’s criteria after the data site listed ChangeNOW, described by THORChain as a custodial aggregator, rather than a dominant Bitcoin DEX.

The protocol also highlighted Magic Eden’s inclusion, noting its activity centers on Runes NFTs rather than native Bitcoin swaps. According to THORChain, labeling such platforms as “decentralized” misrepresents where on-chain Bitcoin liquidity actually exists.

THORChain says the omission creates a “statistical blackout” that understates Bitcoin DeFi. Despite processing $118 billion in native cross-chain volume since 2019, its Bitcoin pools are unranked in the specific Bitcoin DEX subcategory. 

According to CoinGecko data, total volume across all DEXs hovers near $10.42 billion in the last 24 hours, representing 6.8% shares in global DeFi activity.

Nodes versus custodians

THORChain maintained that a validator-based system, secured by more than 100 independent node operators and roughly $51.28 million in bonded RUNE, cannot be grouped with services that custody user funds behind internal accounts.

From the protocol’s perspective, the issue isn’t rankings but definitions. If custodial aggregators qualify as “DEXs,” it says, then the label itself has lost meaning and needs to be reworked to reflect how decentralization actually functions on-chain.

CoinGecko has long been a widely trusted data source in the crypto market, used by traders, analysts, and developers to track prices, volumes, and on-chain activity across thousands of assets. The company is reportedly valued at around $500 million, reflecting its role in crypto market infrastructure and the growing competition in data and analytics.

Market context

THORChain’s RUNE is currently trading around $0.49, with roughly $37 million in daily volume and a market cap near $175 million, according to CoinMarketCap. The dispute comes as Bitcoin DeFi gains attention and data platforms face scrutiny over methodology, especially as CoinGecko itself is reportedly exploring strategic options amid a tougher data market.

Also read: XRP Ledger Token Escrow Amendment Enters Activation Countdown

Justin Sun, founder of the TRON network, says 2026 will be the year when major tradefi leaders, like asset manager BlackRock and stock exchanges Nasdaq and NYSE, begin to push for settlements and tokenized assets on the blockchain. Sun wants to position TRON as the settlement layer for that shift.

In an interview on January 29, Sun said TRON could support trillions of dollars in on-chain settlement as early as 2026. “Our focus is to support stablecoins, issuers, and developers with low fees and high throughput, and to keep upgrading the network so it can handle much larger settlement volumes in the future,” he said.

Stablecoin powers TRON’s trillion-dollar vision

For Sun, the signal of TRON’s relevance is not its native token TRX, but the scale of value moving across the network. USDT circulating on TRON has surpassed $83 billion, far exceeding the market value of TRX itself.

The network is built as a neutral infrastructure, prioritizing throughput, low fees, and reliability, while allowing applications and stablecoins to capture most of the economic value. This design has turned it into one of the most widely used settlement networks, especially for remittances and high-frequency stablecoin transfers.

A bid to become a global settlement layer

Looking ahead, TRON aims to serve as a bridge between traditional finance and blockchain-based settlement. Sun said the network plans to work with major financial institutions and market infrastructure providers, including exchanges and asset managers, to support 24/7 settlement of tokenized dollars and securities.

If assets are to be traded and settled continuously across regions, from Asia to Africa, blockchain rails become unavoidable. In Justin’s view, stablecoins will be central to the transition, and TRON aims to be the network processing this flow.

Scaling for institutional volumes

To support that vision, TRON developers are exploring transaction batching and settlement-layer upgrades aimed at handling institutional-scale volumes more efficiently. Sun said these changes are critical if the network is to support millions of high-value transactions daily without sacrificing speed or cost.

TRON already processes an estimated tens of billions of dollars in daily transfer value, and the founder framed upcoming improvements as preparation for a much larger load rather than speculative growth.

Earlier this week, the network surpassed 4.59 million active accounts, marking a 36% increase month over month. The surge has been driven largely by the firm’s token dominance in USDT settlement and its recent Base integration, even as TRX price action remains under pressure.

High usage, muted price response

Despite growing activity, TRX has struggled to reflect that adoption. The token is trading near $0.29, down on the week, even as daily active accounts and transaction counts continue to rise.

Analysts say TRON’s fee model limits direct TRX demand, pushing growth toward stablecoin activity rather than price appreciation.

Sun acknowledged the gap but maintained that infrastructure-first growth is deliberate. Previous decisions, like cutting network fees by 60% in 2025, were framed as long-term investments in usage rather than short-term revenue optimization.

The founder also said Tron’s long-term ambition is to become a global settlement layer capable of hosting trillions of dollars in real-world financial assets, aligning with initiatives already being explored by major institutions like Nasdaq. 

According to him, traditional stock exchanges are moving toward 24/7, on-chain settlement infrastructure, and TRON aims to position itself as the blockchain network that can support that scale.

Also read: Hyperliquid Slashes Team Payouts 98% to Protect HYPE Floor

Nubank, one of Brazil’s most valuable companies, received conditional approval from the Office of the Comptroller of the Currency (OCC) to form a U.S. national bank. The approval, announced on Thursday, marks a major step that could expand its role in digital asset custody and crypto-adjacent services.

The move positions fintech to operate directly under U.S. federal oversight rather than relying on partnerships as it scales its presence in the world’s largest financial market.

A regulatory gateway to digital assets

Once fully licensed, Nubank would be able to fill other licenses to offer digital asset custody alongside deposits, cards, and lending. This would place the firm among a small group of federally regulated institutions capable of combining traditional banking with crypto infrastructure in the U.S., a space regulators have historically treated with caution.

The approval remains conditional, with additional sign-offs required from the FDIC and the Federal Reserve. Nubank said it expects to capitalize the bank within 12 months and open it within 18 months, following standard OCC requirements.

US expansion and crypto footprint

The conditional approval strengthens Nubank’s presence in the U.S., where Nu Holdings Ltd. (NU) is already listed on Nasdaq. Shares are trading at $18.02, down 3.92%, as the fintech moves closer to operating under a full federal banking framework.

In 2025, Nubank hired Michael Rihani, formerly of Coinbase, to lead its crypto division. Together, the Nasdaq listing, bank approval, and crypto hires signal a push to expand regulated digital asset services in the U.S.

Institutional strategy over partnerships

By pursuing a full national bank charter, Nubank is opting for direct regulatory alignment instead of operating crypto services through intermediaries. This approach strengthens its credibility with regulators and institutional partners while giving it more control over products such as custody, payments, and potentially tokenized financial services.

Company executives have framed the decision as a long-term infrastructure play rather than a short-term expansion, signaling a focus on compliance-first growth in the U.S.

“When we started over a decade ago, our goal was to prove that technology and design could fundamentally change how people interact with their money. Today, this conditional approval validates our ability to scale that mission into the world’s largest financial market under a comprehensive federal framework,” said David Vélez, Founder and CEO of Nubank.

Global scale behind the US push

Nubank currently serves more than 127 million customers across Brazil, Mexico, and Colombia, where it already operates under strict local regulation. Its U.S. entry builds on that foundation, potentially allowing crypto-related products developed under a federal framework to scale across multiple markets over time.

The strategy also follows recent crypto-focused hires and product expansions, reinforcing the view that Nubank is laying groundwork for deeper digital asset integration rather than treating crypto as a peripheral feature.

Also read: US DOJ Forfeits $400M from Dark Web’s Biggest Cryptocurrency Mixer