In brief Orca and Loopscale merged under the Formation brand, headquartered in New York, with Loopscale co-founder Luke Truitt as CEO; financial terms were not disclosed. Formation targets financing for AI, energy, robotics and defense assets, backed by Orca's $550 billion-plus in trading volume and Loopscale's $150 million in deposits and $2 billion in loans facilitated. Formation plans to operate a tokenized securities venue under the SEC's five-year Innovation Exemption and to introduce issuer tools within 12 months. Solana decentralized exchange Orca and lending protocol Loopscale are merging into a single company called Formation, the two teams announced Wednesday.
The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano as chief strategy and legal officer. Neither announcement discloses financial terms.
Myriad: Where does Solana go next? Click to make your prediction.Formation pairs Orca's trading infrastructure with Loopscale's credit order book and vaults, so an issuer can launch an asset with trading and credit live from day one, according to Loopscale's FAQ. Orca has processed more than $550 billion in trading volume since 2021, while Loopscale reports more than $150 million in deposits and over $2 billion in loans facilitated, according to the companies’ own numbers.
The idea is to provide a full stack of decentralized financial services, integrating liquidity solutions, credit, and vaults into one platform.
Orca launched in February 2021 and raised an $18 million Series A that September. Loopscale, formerly known as Bridgesplit, raised $4.25 million in 2021 from CoinFund, Jump, Coinbase Ventures, Solana Ventures, and Room40.
Formation is targeting AI, energy, robotics, and defense companies whose financing needs it says traditional markets serve poorly.
Truitt cast the merger as a bet that capital markets have to keep pace with the industries they fund. "Every major technological revolution has been paired with a financial one," he said in the press release.
Formation’s business is exploring the possibilities opened by the SEC's Sept. 17 innovation exemption, a five-year order that lets tokenized securities venues trade tokenized U.S.-listed stocks through permissioned automated market maker pools without registering as exchanges. Formation says it plans to operate such a venue and pursue additional licenses, building on Orca's nearly two years of engagement with securities and commodities regulators.
Formation's press release adds that its planned products are subject to legal and regulatory requirements and may not be available to U.S. persons. Loopscale's lending, borrowing, vaults and order book keep running as before, and existing positions are unchanged.
ORCA will serve as the token for all of Formation, so Loopscale will not launch its own, per the same FAQ. Loopscale points keep accruing and will convert later this year.
Over the next 12 months, Formation plans to introduce tools for issuers and new capital allocation strategies alongside its existing trading, lending and vault products.
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In brief Orca and Loopscale merged under the Formation brand, headquartered in New York, with Loopscale co-founder Luke Truitt as CEO; financial terms were not disclosed. Formation targets financing for AI, energy, robotics and defense assets, backed by Orca's $550 billion-plus in trading volume and Loopscale's $150 million in deposits and $2 billion in loans facilitated. Formation plans to operate a tokenized securities venue under the SEC's five-year Innovation Exemption and to introduce issuer tools within 12 months. Solana decentralized exchange Orca and lending protocol Loopscale are merging into a single company called Formation, the two teams announced Wednesday.
The new firm is headquartered in New York and led by Loopscale co-founder Luke Truitt as CEO, with fellow co-founder Mary Gooneratne as chief operating officer and Orca's Christopher Montagano as chief strategy and legal officer. Neither announcement discloses financial terms.
Myriad: Where does Solana go next? Click to make your prediction.Formation pairs Orca's trading infrastructure with Loopscale's credit order book and vaults, so an issuer can launch an asset with trading and credit live from day one, according to Loopscale's FAQ. Orca has processed more than $550 billion in trading volume since 2021, while Loopscale reports more than $150 million in deposits and over $2 billion in loans facilitated, according to the companies’ own numbers.
The idea is to provide a full stack of decentralized financial services, integrating liquidity solutions, credit, and vaults into one platform.
Orca launched in February 2021 and raised an $18 million Series A that September. Loopscale, formerly known as Bridgesplit, raised $4.25 million in 2021 from CoinFund, Jump, Coinbase Ventures, Solana Ventures, and Room40.
Formation is targeting AI, energy, robotics, and defense companies whose financing needs it says traditional markets serve poorly.
Truitt cast the merger as a bet that capital markets have to keep pace with the industries they fund. "Every major technological revolution has been paired with a financial one," he said in the press release.
Formation’s business is exploring the possibilities opened by the SEC's Sept. 17 innovation exemption, a five-year order that lets tokenized securities venues trade tokenized U.S.-listed stocks through permissioned automated market maker pools without registering as exchanges. Formation says it plans to operate such a venue and pursue additional licenses, building on Orca's nearly two years of engagement with securities and commodities regulators.
Formation's press release adds that its planned products are subject to legal and regulatory requirements and may not be available to U.S. persons. Loopscale's lending, borrowing, vaults and order book keep running as before, and existing positions are unchanged.
ORCA will serve as the token for all of Formation, so Loopscale will not launch its own, per the same FAQ. Loopscale points keep accruing and will convert later this year.
Over the next 12 months, Formation plans to introduce tools for issuers and new capital allocation strategies alongside its existing trading, lending and vault products.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Solana’s long-running decentralized exchange Orca and the credit platform Loopscale have combined into a single company called Formation, headquartered in New York.
The October 7, 2026 announcement places Loopscale co-founder Luke Truitt in the chief executive role, with fellow Loopscale co-founder Mary Gooneratne as chief operating officer and Orca’s Christopher Montagano as chief strategy and legal officer.
Financial terms of the transaction were not disclosed.
Formation is designed to link secondary trading, lending, and capital-allocation tools so that an asset can move from launch through financing and distribution without separate counterparties for each step.
Orca contributes its liquidity layer, including concentrated-liquidity pools and market-maker strategies, along with permissioned pools limited to approved participants.
Loopscale supplies an order-book credit market that supports fixed-rate, asset-specific terms and can accept complex collateral, including fully permissioned instruments and liquidity-provider positions.
Vault products then package yield, credit, and market-making strategies for allocators and help issuers connect with the participants needed to grow an asset.
Existing users face no immediate migration.
Both applications continue to run as before, and current trading positions, loans, and vault deposits remain in place.
The two protocols stay the foundation of the ORCA and xORCA token network; documentation indicates that no new token will be issued and that Loopscale points will keep accruing until a later conversion whose details are still pending.
The brands themselves are expected to continue as products under the new company until further updates.
Scale figures cited in the announcement underscore the combined footprint.
Orca has handled more than $550 billion in trading volume since 2021.
Loopscale reports more than $150 million in deposits and has facilitated over $2 billion in loans.
Leadership argues that pairing deep secondary markets with credit and distribution creates a reinforcing loop: better liquidity improves exit options and collateral pricing, credit generates additional reasons to hold an asset and drives trading, and vaults channel allocator capital into both.
The strategic focus extends beyond typical crypto markets into capital-intensive sectors such as artificial intelligence, energy, robotics, and defense.
Truitt has described the “frontier economy” as generating financing needs faster than conventional market infrastructure can adapt, noting that major technological shifts have historically been accompanied by financial ones.
Apollo estimates cited by the company put AI infrastructure requirements near $3 trillion through 2028, with more than half expected to come from external capital.
Formation’s thesis is that programmable markets and reusable on-chain infrastructure can lower the fixed costs of underwriting, legal work, servicing, and distribution, thereby reducing what the team calls the “minimum viable asset”—the smallest issuance that is economically practical to bring to market.
Partnerships already under way include Figure, Shinhan Asset Management, Superstate, R3, and Securitize.
Examples referenced in the announcement include a reinsurance fund that has grown past $250 million with on-chain credit helping compress its cost of capital, a telecom debt product launched in under 30 days with more than $10 million deposited in the first day, and Figure assets that have reached nine-figure assets under management through decentralized credit and secondary markets.
Over the next 12 months the company plans issuer and originator tools, additional capital-allocation strategies, protocol upgrades for credit and market-making, and new assets spanning fixed income and equities.
It also intends to pursue a tokenized securities venue under the US Securities and Exchange Commission’s (SEC) innovation exemption framework issued in September, along with licenses needed to broaden offerings, connecting U.S. issuers with global capital and US investors with tokenized assets. The effort builds on nearly two years of regulatory engagement by the Orca team.
OG Solana DEX Orca and lending protocol Loopscale have merged to form Formation, a new platform focused on capital formation and allocation for tokenized assets and the so-called frontier economy.
The combined company brings Orca’s trading and liquidity infrastructure together with Loopscale’s credit and vault infrastructure. Loopscale co-founder Luke Truitt will lead Formation as CEO, with Mary Gooneratne serving as COO and Orca’s Christopher Montagano as Chief Strategy & Legal Officer.
Both Orca and Loopscale will continue operating as products under Formation. Existing positions, loans, vault deposits, Whirlpool positions, fees, and rewards remain unchanged. The merger also does not introduce a new token. The Orca and Loopscale protocols will form the foundation of the $ORCA and $xORCA token network, with $ORCA representing the combined Formation ecosystem.
"The frontier economy is creating new business models, and financing needs more rapidly than traditional market infrastructure is evolving to serve them. Every major technological revolution has been paired with a financial one. We're at an inflection point that requires capital markets to keep pace with the industries reshaping the economy." - Luke Truitt, CEO of Formation.
The Merger Follows Orca’s Push for a New Growth Phase The merger follows Orca’s recent push to fund a new growth phase. A September 29 DAO proposal sought to retain 80% of protocol fees for development, use 10% for $ORCA buybacks distributed to $xORCA holders, and allocate another 10% to a team-controlled buyback wallet.
The proposal also called for roughly 14.2 million $ORCA, worth about $40.4 million, to support acquisitions, while the community treasury’s $SOL would move into DeFi strategies. The proposal referenced plans to acquire a “leading Solana DeFi protocol” and add credit and yield products, which now aligns with Orca’s merger with Loopscale.
What Happens to Loopscale Points? The merger immediately raised questions among Loopscale users who spent months accumulating points in anticipation of a potential token launch.
Formation’s documentation provides a direct answer: Loopscale will not launch its own token. $ORCA will serve as the token for Formation, including Loopscale.
The points will not disappear, however. Formation says Loopscale points will convert later this year, with specific details coming shortly. Points will continue accruing until that conversion event.
That clarification addresses one of the biggest uncertainties surrounding the merger. Users who accumulated billions of points do not lose them simply because Loopscale joined Orca, but Formation has not yet disclosed the conversion mechanism or how points will translate within the $ORCA ecosystem.
A Full Stack for Tokenized Assets Formation wants to connect several parts of the asset lifecycle that currently operate across separate platforms. Orca provides liquidity through infrastructure such as Whirlpools, Riptide, and permissioned pools. Loopscale adds credit through its order book, which supports fixed-rate loans and asset-specific terms. Its vault products provide strategies spanning yield, credit, and market making.
The combined platforms already operate at significant scale. Orca has processed more than $550 billion in trading volume since 2021, while Loopscale has facilitated more than $2 billion in loans and holds more than $150 million in deposits.
"Orca has spent years building deep liquidity, and we've seen firsthand that liquidity alone isn't enough to scale an asset. The greater challenge is building the credit and distribution those assets need to grow, and Orca and Loopscale built complementary pieces of that infrastructure. Together, we can give issuers a complete path from launch to long-term market adoption." - Christopher Montagano, Chief Strategy & Legal Officer of Formation.
Formation Targets the “Minimum Viable Asset” Formation is targeting a structural problem in traditional capital markets. A $5 million financing can require much of the same underwriting, legal, servicing, and distribution infrastructure as a $50 million transaction. Those fixed costs can make smaller assets economically unattractive to issue. Formation calls this threshold the “minimum viable asset.”
Its thesis argues that tokenization and onchain infrastructure can lower those fixed costs, allowing smaller assets and financing opportunities to reach markets that previously could not support them economically.
The company points to assets across reinsurance, telecom debt, and tokenized credit as examples of what this model could enable.
A Push Toward Regulated U.S. Markets Formation also plans to move toward regulated U.S. capital markets. The company says it intends to operate a tokenized securities venue under the SEC's innovation exemption and pursue the licenses required to expand its offerings.
Over the next 12 months, Formation plans to develop issuer tools, capital allocation strategies, credit infrastructure, market-making products, and new tokenized assets.
For $ORCA holders, the merger's immediate impact remains unclear until more details are revealed. A key question is how Loopscale points will convert and whether that process could create $ORCA sell pressure. If Formation indeed goes that route, another concern would be how quickly the project can increase its revenue to absorb or offset any potential supply hitting the market. For now, though, both projects continue to run as normal.
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Solana-based decentralized exchange Orca and lending platform Loopscale have merged under the new name Formation. The combined team will be led by Loopscale co-founder Luke Truitt as CEO, according to an announcement shared with The Block.
Formation looks to combine Orca's trading infrastructure with Loopscale's lending and investment vaults to give emerging assets a route from issuance to financing and trading, all under one umbrella.
The companies want to move beyond crypto trading and lending into more capital-intensive business sectors like AI, energy, robotics and defense.
"The frontier economy is creating new business models and financing needs more rapidly than traditional market infrastructure is evolving to serve them," Truitt said.
Formation says traditional financing can be too expensive for smaller deals in many cases. It plans to cut those costs and eventually offer access to regulated U.S. capital markets.
Over the next year, Formation plans to roll out tools for asset issuers and new investment strategies. It said it is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize to bring assets to market and help distribute them.
"Liquidity alone isn’t enough to scale an asset," said Orca’s Christopher Montagano, who will serve as Formation’s chief strategy and legal officer.
The release confirmed that both existing protocols will remain foundations of the ORCA and xORCA token network. Financial terms of the merger were not disclosed.
Building on Solana roots Orca has processed more than $550 billion in trading volume since 2021, while Loopscale reports more than $150 million in deposits and facilitating over $2 billion in loans.
The deal is a logical step in Orca's push into the tokenized finance segment. In August, it joined Shinhan Asset Management, the Solana Foundation and Etherfuse in a proof-of-concept project for a tokenized Korean won bond fund.
Orca raised $18 million in 2021 in a round co-led by Polychain Capital, Placeholder and the now-defunct Three Arrows Capital. Loopscale, formerly known as Birdgesplit, raised $4.25 million that year from investors including Solana Labs and Coinbase Ventures.
Technical Vice President of the Solana Foundation: Solana users do not need to enter 'risk aversion mode' as seed phrases are not stored on-chain.
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At 22:43 UTC on October 7, 2026, Formation announced that Orca and Loopscale had merged under a new company called Formation. The announcement says Orca has processed more than $550 billion in trading volume since 2021, while Loopscale has facilitated more than $2 billion in loans and holds over $150 million in deposits.
The combined company is headquartered in New York City. Loopscale co-founder Luke Truitt is its chief executive, Mary Gooneratne is chief operating officer, and Christopher Montagano is chief strategy and legal officer. Formation brings Orca’s trading and liquidity infrastructure together with Loopscale’s credit and vault products.
The merger does not require an immediate user migration. Formation says both applications will continue operating as before and that existing positions, loans and vault deposits are unaffected. Orca separately told traders and liquidity providers that every Whirlpool position, fee and reward remains in place, with nothing to withdraw, migrate or sign. Loopscale gave the same assurance for every loan, Loop and vault position, and said Loopscale points will continue accruing.
What Formation combines Orca supplies the trading layer. Its Whirlpools let investors trade against liquidity supplied by LPs. Riptide lets professional market makers operate their own automated market maker strategies. Permissioned pools restrict trading to approved participants. These structures give Formation several ways to create secondary markets for assets with different access and liquidity requirements.
Loopscale supplies credit and managed allocation. Its order book matches borrowers and lenders through fixed-rate loans with terms set by lenders for specific assets. The announcement says this architecture supports bespoke lending products, complex collateral, permissioned assets and Orca LP positions.
The vault layer consists of Loopscale Earn Vaults and Loopscale Asset Curation. Earn Vaults allocate across strategies involving yield, credit and market making. The curation team structures those strategies and connects issuers with liquidity providers and other participants. Formation presents the three layers as one path for an issuer to launch an asset, establish trading, add borrowing and collateral uses, and attract capital through vault strategies.
Formation describes a cycle between those products. Deeper liquidity helps investors enter and exit positions and can make an asset more useful as collateral. Credit and Loop products create additional uses for the asset and generate trading activity. Vaults direct allocator capital into those markets. This is the commercial case for putting the three functions under one company, although the announcement does not say that their contracts or risk systems have already been combined.
The company says it is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize. Its stated product direction covers tokenized fixed income, equities and other assets, as well as issuer tools, allocation strategies and new credit, market-making and vault infrastructure. No launch date is given for a unified Formation application or for any of those new products.
Formation also plans to pursue regulated U.S. market access. The announcement says the company intends to operate a tokenized securities venue under the SEC framework issued on September 17 and seek the licences needed to expand its offerings. It does not identify the licences, application dates or target launch date.
What changes for users and operators The immediate operational message is continuity. Existing users still access Orca and Loopscale through their current applications. The merger does not move positions into a new contract or require a new signature, according to the teams. That matters because unsolicited migration links or signature requests would conflict with the published instructions. Users can verify product notices against the official Orca, Loopscale and Formation accounts before taking action.
Token mechanics also remain unchanged for now. Orca said that both protocols remain the foundation of the $ORCA and $xORCA token network and that $xORCA staking continues as it does today. The announcement does not describe a new Formation token, a token conversion, a change to staking contracts or revised governance rights.
For borrowers and lenders, Loopscale’s order-book model continues to set fixed-rate terms by asset. For Orca LPs, Whirlpool positions, fees and rewards continue without migration. The merger therefore changes the company and future product roadmap before it changes the protocol interfaces used to manage capital.
The planned integration could reduce the number of separate counterparties an asset issuer must coordinate. Formation says issuers currently assemble liquidity, credit and vault distribution through separate diligence reviews, technical integrations and commercial agreements. The combined company intends to provide one team across those functions. Whether the underlying contracts and risk controls will also be integrated is not stated.
Allocators still face protocol-specific risks. A vault strategy may deploy capital across yield, credit and market-making venues, while lending terms remain asset-specific and Orca liquidity depends on the market structure selected. The announcement describes a common product stack, but it does not publish consolidated disclosures for collateral valuation, liquidations, vault mandates, counterparty exposure or permissioning. Those details will determine whether Formation offers one risk framework or packages several existing systems behind one commercial relationship.
What remains open Formation names origination, issuance, liquidity, credit and distribution as its intended scope. The team says an initial set of products for allocators seeking tokenized assets and investment opportunities remains available on Orca and Loopscale today. It has not published a timetable for a combined interface, new contracts, integrated vaults or its planned tokenized securities venue.
The next verifiable changes will be the first shared product and any regulatory application the company makes public. Until then, users have explicit instructions to keep using the existing protocols without withdrawing, migrating or signing anything for the merger.
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Orca, one of Solana’s oldest DeFi protocols, is setting its sights on growth. Having negotiated terms to acquire a “leading Solana DeFi protocol” that would introduce credit and yield product lines, the Orca DAO has floated a governance proposal to mobilize resources and make adjustments to protocol fee movements.
But despite supposedly unanimous support for the vote itself, Orca DAO members have pushed back hard against the “atrocious” proposal, which currently doesn’t permit holders of staked $ORCA, or $xORCA, to cast votes.
Meanwhile, markets have reacted favorably to the proposal, with $ORCA surging 84% in the last 7 days of trading.
Orca DAO Seeks Growth in New Governance Proposal First published on September 29, Orca DAO’s most recent governance proposal is designed to “resource Orca for its next phase”, suggesting that one of Solana’s oldest DeFi protocols is preparing to head out into deeper waters.
In practical terms, the proposal aims to restructure Orca’s existing buyback program, put the community fee treasury’s $SOL to use in DeFi, and use the community treasury’s $ORCA tokens to acquire businesses and products that will expand the protocol:
Under the new structure, 80% of protocol fees will be retained by Orca to fund ongoing development and growth. 10% will be used to buy $ORCA programmatically off the open market and distributed to $xORCA holders, while the remaining 10% will be routed to another discretionary buyback wallet controlled by the team.
All $ORCA held in the community treasury wallet, (~14.2M $ORCA, valued at $40.4M) will be transferred to a team-controlled account and used for acquisitions.
All $SOL in the community fee treasury will be transferred to a team-controlled wallet and deployed productively across Solana DeFi.
Beyond these main economic and operational changes, certain aspects of protocol governance will also be restructured. The existing governing council will be dissolved and shifted to a more community-centered approach, while also establishing a list of verified and identifiable $ORCA tokenholders.
Currently, 40% of protocol fees are allocated directly to purchasing $ORCA off the open market, with 10% going to a community fee treasury and the remaining 50% supporting Orca’s growth. While popular with tokenholders, the Orca team argues this model isn’t sustainable long-term. The crypto industry is at a critical inflection point, and the team simply needs greater resources if it’s to scale effectively.
One such growth is the proposed acquisition of a leading Solana DeFi protocol, which would expand Orca’s offering to credit and yield products. This would greatly diversify Orca’s revenue streams and help the protocol stay competitive in an expanding market.
At press time, the proposal is set to pass in a landslide. However, despite unanimous support in votes, $ORCA community members are rebuking the vote, which they argue is mechanically set up to pass regardless of tokenholder wishes.
Holders Divided Despite 100% of Votes in Favor Proposal One look at Realms data confirms that Orca’s proposal is set for unanimous approval, with 100% of votes supporting the changes. Voting is set to run until a cool off period, before ending in 5 days time on October 12th.
But despite voting data suggesting otherwise, the Orca community is vehemently opposed to the changes. Critics have called the proposal “atrocious” and “harmful”, while decrying the very mechanics that allegedly block them from voting.
Detractors' chief concerns are centered around the ambiguous terms of the proposed acquisition, which critics argue comes at the expense of tokenholders through future sell pressure from the acquirees. Others have expressed disappointment with reduced buybacks and staking rewards, while also lamenting the dissolution of the council.
Beyond the contents of the proposal itself, critics argue that the mechanics of the vote are only offering an “illusion of democracy”. Holders of $xORCA, or staked $ORCA, are not able to vote. Additionally, unstaking xORCA is subject to a 7-day cooldown, so holders may not have time to convert $xORCA to $ORCA and submit their votes.
Beyond these constraints, the proposal’s conditions of approval demand only that 3M ‘Yes’ are submitted. Even with a majority of ‘No’ votes, the proposal would still pass.
$ORCA Surges 84% as Volume Returns While $ORCA holders might feel disappointed by the ongoing proposal, markets have gifted them a silver-lining. News of the potential acquisition has renewed interest and demand for the $ORCA token, which has climbed 84% in the last 7 days of trading.
As one of Solana’s oldest DEXs, and pioneers of the CLMM model, Orca has benefitted greatly from renewed flows of capital and trading activity across Solana.
Blockworks data suggests Orca’s weekly trading volume has exploded in recent weeks, rising from August lows of $605M to $2B in the first week of October.
Read More on SolanaFloor Perps are Coming to United States
The CFTC is Speed-Running Perps Regulation - Will Incoming Rules Stick?
Orca, a decentralized exchange built on Solana, wants to go shopping. Its DAO has put forward a proposal to acquire an undisclosed Solana DeFi protocol to expand its credit and yield products.
The market did not wait for the community debate to settle: $ORCA climbed 84% as the plan circulated, according to SolanaFloor.
What the proposal actually does The proposal is titled “Resourcing Orca for Its Next Phase.” It was posted on September 29, 2026, after the Governance Council endorsed it unanimously on September 24.
Voting closes on October 10, 2026. Until then, everything below is a plan, not a done deal.
The first major change is how protocol fees get split. Under the proposal, 10% would go to xORCA staking rewards and 10% to buybacks managed by the team. The remaining 80% would be directed to operations.
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The second change involves the treasury. The plan would move approximately 14.2 million ORCA tokens, roughly 19.8% of total supply, out of the community treasury. About 70,000 SOL would go with them. Both would land in a new Strategic Account controlled by the team and restricted to acquisitions only.
The third change is structural. The proposal calls for dissolving the current Governance Council, the same body that just signed off on it.
The acquisition pitch The centerpiece is the strategic purchase of an unnamed leading Solana DeFi protocol. The proposal frames the deal as a way to add credit and yield products to Orca’s lineup.
The acquisition is anticipated to contribute to roughly a 50% increase in Orca’s Total Value Locked, or TVL.
Investors are being asked to price in an acquisition they cannot yet evaluate, as the target has not been named.
Why the community is pushing back Criticism has centered on two points. The first is reduced staking rewards, since xORCA stakers would receive only 10% of fees under the new split. The second is concentrated power. Moving a large slice of the treasury into a team-controlled account, while also dissolving the Governance Council, shifts influence away from token holders and toward the team.
The proposal does include safeguards against excessive token issuance, addressing concerns about dilution through new minting, though it does not directly resolve concerns about who decides how existing assets get spent.
The market’s verdict, so far SolanaFloor reported an 84% jump in $ORCA following the proposal. Separate research tracking the move put the gain at more than 80% in the week leading up to October 7, 2026. Recent trading has ranged from roughly $2.90 to roughly $3.15.
What this means For ORCA holders, the trade-off is direct. They would receive a smaller share of fee revenue through staking today in exchange for a bet that the team can deploy capital to grow the protocol tomorrow. Team-managed buybacks run on the team’s discretion rather than a fixed community-controlled schedule.
The key date to watch is October 10, 2026, when voting closes. After that, attention shifts to the identity of the target protocol, whether the promised credit and yield products arrive, and whether TVL moves anywhere near the projected 50% increase.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Two names familiar to Solana DeFi users are becoming one. According to The Block, Orca and Loopscale are combining into a new entity called Formation.
The stated mission is not another trading feature. Formation is targeting financing for AI, energy, robotics and defense, sectors that usually raise money in boardrooms, not on blockchains.
What the merger brings together Loopscale is the lending half of the pairing. It is a Solana-based protocol that went live publicly in 2025.
Its specialty is fixed-rate borrowing and lending against digital assets. That makes it a bit of an outlier in DeFi, where variable rates are the norm.
Loopscale also uses an order-book model to match borrowers and lenders.
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In a typical pool-based lending market, depositors pour funds into one shared bucket. Borrowers draw from it, and an algorithm sets the rate based on how full the bucket is.
An order book works differently. Lenders post the terms they want, borrowers post what they will accept, and the protocol pairs matching offers.
In March 2025, Loopscale announced an integration that accepted Orca and Raydium LP tokens, the receipts liquidity providers get when they deposit into a trading pool.
That integration was framed as unlocking access to over $1 billion in liquidity through Loopscale’s order-book lending. Liquidity providers could borrow against those positions instead of letting them sit idle.
What this means for users and the market For existing users of both protocols, the immediate questions are practical. How the combined entity handles current products, collateral types and governance will matter more than the new branding.
There are risks worth flagging. Financing defense and energy projects brings regulatory exposure that a pure crypto lending market does not face.
Lending to real-world companies also introduces credit risk of a different flavor. A liquidation engine can sell crypto collateral in seconds. Recovering money from a struggling hardware startup takes considerably longer.
The defense angle specifically raises another consideration. How Formation addresses that tension, including any restrictions on who can lend into those deals, will shape community reception.
Key details to watch include deal terms, leadership structure, the first financing deals Formation announces and how it vets borrowers.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Vest secures $13 million in seed round financing, led by Portal Ventures.
According to Fortune, retail proprietary trading startup Vest Labs announced it has closed a $13 million seed round, led by Portal Ventures, with Citadel Securities, BlackRock, and several KKR executives participating as individual investors. The company did not disclose its post-money valuation. Vest allows eligible traders to use the firm’s capital to trade perpetual contracts in real markets around the clock, with traders retaining up to 80% of profits and the rest going to the company. The firm noted that unlike some retail proprietary trading firms that rely on fees from simulated trading accounts, this model lets Vest benefit from traders’ success rather than betting on their failure. The funding will be used to develop a mobile app, expand its current 22-person team, and add more assets available for round-the-clock trading. Per Vest’s own disclosure, as of late September, roughly 26% of the platform’s around 27,000 traders had received cash payouts, with month-over-month growth exceeding 300% in both monthly active traders and trading volume.
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An address withdrew 3,583.2 ETH from Binance over the past two hours, valued at $9.27 million.
According to on-chain analyst Ai Yi (@ai_9684xtpa), address 0x6f4…52F67 withdrew 3,583.2 ETH from Binance over the past two hours, valued at $9.27 million at an average price of $2,587.32. The address has transferred all the tokens to a new wallet address 0x991…4fa70 via two intermediate transfers.
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Polymarket CEO: Chasing 100x tokens is an "irrational exuberance" game, with some traders shifting to pursue more predictable opportunities.
Polymarket CEO Shayne Coplan told attendees at Singapore’s Token2049 conference that chasing the next 100x token has become a “game of irrational exuberance and hot potatoes”. He noted that traders may buy tokens even if they deem them to have no intrinsic value, solely for their potential to surge 100x, hoping to sell before the price collapses. While some people do accumulate wealth this way, Coplan argued that inflated asset prices will eventually correct. Coplan added that Polymarket’s user growth reflects that some traders are seeking opportunities with more predictable odds rather than chasing the next hot token. He emphasized that prediction markets do not offer exponential upside, though traders with relevant information are still willing to participate. DefiLlama data shows Polymarket recorded roughly $1.21 billion in trading volume over the past seven days, ranking second among prediction markets, while Kalshi saw around $2.3 billion. However, prediction markets also face risks. A prior report from 10x Research pointed out that data-driven professional traders may exploit information asymmetry and price spreads to turn a profit. Additionally, more than a dozen U.S. states have taken legal action against Polymarket, Kalshi, or both over sports event-related contracts.
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Open-source Hermes Agent has been downloaded 22.7 million times; Nous Research secures $90 million in funding for its enterprise-focused business.
Beating AI Insight News Brief: Nous Research completes a $90 million Series B funding round, with valuation hitting $1.5 billion. Robot Ventures led the round, and participants include Nvidia, Microsoft M12, Samsung, USV, etc. The company has raised approximately $158 million in total to date. The new capital will primarily be used to bring Hermes – an open-source agent that has gone viral among developers this year – to the enterprise market. Since its launch in February, Hermes has been downloaded 22.7 million times. Data from OpenRouter shows its usage has surpassed OpenClaw. As of mid-September, Nous’ annualized revenue stood at around $36 million, and the company projects it will exceed $100 million later this year. Nous does not offer another closed agent for enterprises. Hermes remains free and open-source under the MIT license, allowing enterprises to select their own models or deploy on their own cloud or on-premises servers. Nous adds enterprise-focused features on top, including SSO, employee access permissions, workspace isolation, auditing, cost management, and integrations with Slack and Microsoft Teams. The first enterprise deployments have already begun. Its business model is now clear: Hermes is free and open-source, while Nous generates revenue from models, tools, cloud hosting, and enterprise management services. An open-source agent originally targeted at developers has already achieved $36 million in annualized revenue, and now it aims to validate whether this model can scale in the enterprise space.
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Analysis: Bitcoin’s rally lacks trading volume and new capital support, with short-term investors opting to take profits during the upswing.
Glassnode’s report notes that Bitcoin’s breakout above the $85,000 sell wall occurred with low trading volume and limited new capital inflow, followed by a subsequent pullback. The 7-day average of combined daily trading volume on spot exchanges and U.S. spot ETFs stands at roughly $6.8 billion, lower than about 90% of trading days since January 2024. In the 30 days ending October 5, new capital from ETFs, stablecoin growth, and corporate treasury purchases totaled around $4.9 billion, less than 40% of the $12.8 billion realized market cap increase over the same period. On October 4, profitable short-term holders contributed approximately 86% of total inflows to trading platforms that day — a 1-year high — indicating recent buyers are taking profits. The options market has shifted back to a bullish bias, with the put-to-call open interest ratio at around 0.56. Recent liquidation levels are primarily concentrated below the current price; the nearest large liquidation cluster is at $81,700 to $83,300, while Binance’s largest buy order range sits at $81,000 to $81,250. If spot trading volume and ETF buying demand rebound, and Bitcoin firmly closes above $85,500, it will confirm the breakout has gained tangible support, potentially bringing the short liquidation cluster near $92,000 within reach. If the $81,000 buy level is broken, the underlying liquidation cluster could be triggered; altcoin leverage remains elevated, and a continued downturn may spark forced liquidations.
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World Gold Council: Global Gold ETFs Attract Record $31 Billion in Q3 Inflows
The World Gold Council’s report shows that global gold ETFs pulled in $10 billion in inflows during September, pushing the third quarter’s total inflows to a record $31 billion, led by funds listed in Europe and North America. Even as gold prices fell, global gold holdings rose by 67 tons to a record 4,256 tons, while total assets under management (AUM) dropped 7% quarter-on-quarter to $574 billion. At the country and regional level, the third quarter’s record inflows were led by the United States, followed by strong contributions from UK-listed funds. The UK notched its strongest quarter ever, helping Europe hit the same milestone at the regional level.
DeFi has spent years claiming it can move markets faster and cheaper than Wall Street. Now it gets a chance to prove it under regulatory supervision.
Speaking at Korea Blockchain Week 2026, Orca Chief Legal Officer Christopher Montagano said the SEC’s new innovation exemption allows decentralized finance to test whether blockchain rails are actually more efficient than traditional ones.
What the SEC exemption actually allows The SEC issued its Innovation Exemption on September 17, 2026. It grants five years of conditional relief, running until September 17, 2031.
Under the framework, Tokenized Securities Venues (TSVs) and certain liquidity providers can run permissioned trading of tokenized US-listed National Market System (NMS) stocks.
The exemption was built with automated market makers (AMMs) and liquidity pools on public blockchains in mind. On a traditional exchange, buyers and sellers are matched through an order book, with registered dealers and exchanges standing in the middle. An AMM swaps that structure for a pool of assets and a pricing formula, so trades execute against the pool rather than against a specific counterparty. The exemption lets these pools operate without the parties involved registering as exchanges or dealers in the traditional sense.
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The fine print keeps it from being a free-for-all The exemption explicitly states that it is not a ruling on decentralized finance. It also requires compliance controls, including adherence to sanctions rules and issuer consent. Put simply, the company whose stock is being tokenized has to sign off, and the venue has to screen who is trading.
Those conditions draw a clear line between this framework and fully permissionless DeFi, where anyone with a wallet can trade anything.
Montagano said the innovation exemption allows DeFi to test if blockchain rails are more efficient than traditional ones.
Orca’s long road to this moment Orca has been involved in discussions with the SEC around these frameworks since at least 2025. Much of that work has run through Project Open, an effort aimed at compliant on-chain trading of listed equities.
Orca has also had a head start in practice. Tokenized stocks have been trading on the platform since November 2025, including Forward Industries common stock.
Korea Blockchain Week 2026, which wrapped on October 1, 2026, featured tracks focused on regulation and on-chain finance.
What this means for DeFi and traditional markets The five-year window runs until September 17, 2031, giving builders, liquidity providers and regulators time to gather real data on whether on-chain trading of listed stocks delivers on its promises.
For DeFi protocols, the exemption rewards projects willing to build permissioned layers, issuer relationships and sanctions screening. Protocols committed to fully open access may find themselves outside the framework entirely.
Market reaction to Montagano’s remarks has so far been muted. The bigger signal will come from adoption: how many TSVs launch, how much liquidity flows into tokenized stock pools, and how many issuers agree to have their shares traded on-chain.
Because the exemption is conditional and time-limited, its eventual outcome could shape whether a permanent framework follows, or whether the experiment quietly expires in 2031.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
On-chain risk coverage platform OpenCover has announced it is expanding its institutional-grade risk protection to the Solana network. Eligible positions can now access coverage, with the initial rollout covering Kamino, Raydium, Orca, and Jupiter. Specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users, connecting them to underwriters including Nexus Mutual. Following this expansion, Solana ecosystem users can now purchase coverage for risks such as smart contract vulnerabilities, oracle failures or manipulation, liquidation failures, and governance attacks. According to a prior announcement from Nexus Mutual, it has now launched four coverage products on Solana for Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the Solana lending market’s total funds. Of these, Kamino and Jupiter hold over $1 billion and $925 million in lending deposits respectively. OpenCover noted that this launch marks the start of its further expansion of risk transfer infrastructure on Solana, and it will subsequently partner with protocols, asset management firms, and liquidity providers to expand the range of positions eligible for coverage.
Crypto whales added three altcoins in the first 30 hours of September, a month Bitcoin has closed lower in five of the last eight years.
Bitcoin September Record: BeInCryptoThe market opened it 2.2% below Tuesday’s high, so the buying went against the broader market .
Uniswap (UNI)Nansen-labelled crypto whale wallets lifted UNI holdings from 3.20 million to 3.46 million on September 2, a 257,777-token increase worth about $1.62 million. The cohort grew from eight wallets to nine, so a new large holder joined.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The flows around it agree. Fresh wallets took in $2.91 million and exchange balances fell by 351,274 UNI, per Nansen wallet data. UNI is up 9% in 24 hours and 47% on the week, and it returns to this list after whales bought it in July.
UNI Whales Versus Perp Traders: BeInCryptoUsage backs the move. Uniswap handled $2.69 billion in daily volume and $10.7 million in fees, per DeFiLlama protocol data, and those fees feed the UNI burn mechanism approved last December, so heavier trading removes UNI from circulation.
Usage and Price: BeInCryptoTwo groups hedged instead of following. Derivatives traders cut $854,910 of UNI exposure while staying net long, and the whales themselves were net DEX sellers of $130,256 even as balances grew, which reads as locking in part of the gain.
Orca (ORCA)Orca is the cleanest contrarian setup of the three. Labelled crypto whale balances rose from 160,325 to 201,097 ORCA, a 25.4% jump, while the token fell 1.3%.
The cohort stayed at 10 wallets, so existing holders did the buying. Exchanges lost $263,753 of ORCA in 24 hours, the second-largest outflow in 30 days, pulling sell-side supply off the market. It seems that retail and whales are unified on this one.
ORCA Price Versus Whale Balance: BeInCryptoYet, the weekly picture is weaker. Whale flow over seven days is still negative $417,113, so one strong day has not undone a week of selling.
Pump.fun (PUMP)PUMP carries the most disagreement. Whale balances rose 62.75 million tokens, worth about $272,000, and fresh wallets added $1.83 million while the price fell 3.5%.
PUMP Whale and Trader Split: BeInCryptoThe other side is heavier. Smart traders sold $475,249, top-profit wallets sold $1.80 million, and exchange flow flipped from an $885,645 outflow to a $739,671 inflow inside the same window, and tokens moving onto exchanges are usually about to be sold.
Pump.fun has a huge built-in buyer of its own. The company says it spends half of everything it earns buying PUMP on the open market and destroying it, so those tokens can never be sold again. It burned $997,700 worth in the latest day.
That has shrunk the supply, but it has never stopped the price falling when holders sold faster than the company bought. Whale wallets held 4.745 billion PUMP when September began. If they fall back below that, the sellers have won.
PUMP Buyback Ledger: BeInCryptoAnalyst’s View: This is not an altcoin season. It is a bet on three tokens with a built-in buyer, made in a month Bitcoin usually loses.
Three Buyback Engines: BeInCryptoA buyback creates one steady buyer, not proof anyone else wants the token. And in all three cases the whale cohort sold on DEXs while its balances rose, so a rising balance means large wallets hold more, not that they bought on the open market.
Whales Inventory Versus DEX Trades: BeInCryptoUNI has the deepest confirmation, ORCA the sharpest divergence, PUMP the loudest counter-argument.
According to official announcements, anonymous Q&A social game Chomp has secured $3.6 million in funding, jointly led by Jsquare and Blueyard, with participation from VCs including Accomplice, Big Brain Holdings, No Limit Holdings, Reverie, and Caballeros. Chomp is a social game built on anonymous Q&A and prediction mechanics, allowing users to answer questions and predict others’ responses to uncover public sentiment and their own cognitive biases in perceiving others. Beyond its consumer product, Chomp applies this anonymized, well-labeled opinion data to use cases such as AI model training and consumer research. The company believes this type of data can capture subjective opinions hard to access from the public internet, providing high-context data for AI models. Founder and CEO Kiko previously served as COO of Orca, a decentralized exchange in the Solana ecosystem.
South Korea's Shinhan Asset Management is moving to put Korean won-denominated fund assets on a public blockchain, selecting Solana as the infrastructure for a proof-of-concept that could position the network at the centre of Asia's fast-developing real-world asset market.
A Four-Way Bet on Solana
The pilot will cover the full lifecycle of a tokenized fund, from issuance and investor distribution through to regulatory compliance, blockchain operations, and onchain liquidity.
Racing Ahead of Korea's STO Regime That window is narrowing.
The move reflects a broader push by Korean financial institutions to develop onchain capabilities before domestic rules go live, with Solana positioning itself as a preferred network for institutional tokenization in the region.
Sources:
Seoul Economic Daily: Shinhan Asset Signs Four-Way Pact to Test Tokenized Won Funds
PR Newswire: Shinhan Asset Management Signs MOU with Plume
CoinSpeaker: South Korea Amends Tokenized Securities Framework
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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South Korea’s Shinhan Asset Management has signed a four-party memorandum of understanding (MOU) with the Solana Foundation, Etherfuse, and Orca to jointly advance the proof of concept (PoC) for issuing a South Korean won (KRW)-denominated tokenized fund. The fund’s structure is modeled after BlackRock’s BUIDL Fund: overseas institutional investors will purchase the KRW ultra-short-term bond fund managed by Shinhan Asset Management, with its holdings issued in tokenized form. The PoC will cover KYC/AML frameworks, security audits, blockchain operations, compliance, and on-chain liquidity design.
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
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Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
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Analyst: Micron's earnings boost overall market sentiment for the tech sector
Chris Strazzeri, Financial Trading Manager of Moomoo’s Australia and New Zealand branch, stated: “The targeted sell-off indicates that following a sustained, strong rally in AI-related and speculative growth stocks, investors are enforcing strict valuation discipline. This serves as a warning to the market that actual earnings levels must now rise to support the currently overvalued price-to-earnings ratio. Micron Technology’s post-market earnings results largely confirm this, and its robust performance has lifted overall market sentiment in the tech sector.”
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2x Leveraged Long DRAM ETF (RAM) Records $383 Million in Trading Volume on Its First Day of Listing
According to Bitget market data, the Roundhill T-REX 2X Long DRAM Daily Target ETF (Nasdaq ticker: RAM) officially launched trading yesterday. On its first trading day, the fund recorded a total turnover of $383 million, and rose 29.47% in after-hours U.S. stock trading to hit $30.8. Note: RAM’s underlying exposure covers companies engaged in memory-related technologies, including DRAM, NAND and storage solutions, targeting active traders seeking leveraged exposure to the memory chip theme and artificial intelligence infrastructure development.
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BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.
BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.
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Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.
Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.
A full feature walkthrough of the tool purpose-built to move liquidity provision from guesswork to measured capital allocation.
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At a GlanceThe Problem with Managing Liquidity TodayWhat is the Liquidity Terminal?Features, why they matter, and how to use themConclusionThe Problem with Managing Liquidity TodayConcentrated liquidity is the most capital-efficient way to provide liquidity onchain. It is also the most operationally demanding. Unlike full-range liquidity, a concentrated position earns fees only while the market price stays within a defined range. Go outside that range and the position stops earning. Impermanent loss (IL) continues to rack up against the position’s value relative to holding.
The challenge for LPs has never been understanding this in theory, but managing this across multiple positions, in real time from one platform. Without having to stitch together data from external dashboards, price feeds, and spreadsheets to understand what is actually happening to their position.
Most LPs have felt the operational cost of this directly. A position goes out of range over the weekend. By the time it gets rebalanced, fees that could have been earned are gone and the portfolio composition has shifted in ways that were not anticipated. The gap between LP strategy and outcome is, in large part, an information and tooling gap.
The Liquidity Terminal is Orca’s answer to narrowing that gap.
What is the Liquidity TerminalThe Liquidity Terminal is Orca’s dedicated interface for concentrated liquidity management on Solana. It is built on top of Orca’s Whirlpools, Solana’s most widely integrated CLMM infrastructure, and consolidates the key workflows an LP needs into a single product surface:
Historic priceLiquidity distributionPosition simulationRange presetsReal-time position monitoringOut-of-range notificationsPosition HistoryLive PnLThink of the Liquidity Terminal as a painter’s palette. Each feature being a color to paint with. If you only have 4 colors to paint with, the level of detail your painting has will pale in comparison to someone with 8 colors. More colors mean more shades, and more features mean you can paint a clearer picture with your positions. Let’s breakdown each one outlining what each feature does, why it matters, and how to use it. Equipping you with the palatte to paint a clear picture for LPing.
Historic PriceHistoric price displays a price chart for the selected token pair directly within the Terminal.
Why it matters: Range selection without price history is guesswork. An LP needs to see past and present volatility to make an informed decision on a position’s range.
How to use it: Open the Terminal, select your pool, and the historic price chart loads automatically as your context layer.
Liquidity DistributionLiquidity distribution shows where existing capital is concentrated across the price curve of a pool.
Why it matters: Depositing into an already saturated tick range can mean competing for a smaller share of fees. Depositing into an empty or thin tick range can mean minimal fees from lower/non-existent volume.
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How to use it: Review the distribution chart before setting your range to identify depth of liquidity across price ranges.
Position SimulatorPosition Simulator models expected P&L outcomes across price scenarios, time in-range, and LP vs Hold comparison, before any capital is committed.
Why it matters: It replaces manual spreadsheets and visualize scenarios on different strategies, before you ever deposit capital.
How to use it: This tool is accessible without connecting your wallet.
Select any poolIn your Positions table, select the “Simulator” tabSet your range, adjust time in-range slider, and review projected outcomes across price movement scenariosSee expected return comparison for LP vs holding tokensRange PresetsRange presets are predefined range widths that map to common LP strategies. Based on fixed price, single-sided, or historic price.
Why it matters: Reduce friction from strategy to execution within a couple clicks.
How to use it: Found in the “Create a Position” section, select a preset as your starting point, adjust from there using the price chart.
Real-Time Position MonitoringReal-time position monitoring displays a live price chart overlaid with an active position’s range bounds.
Why it matters: A position that goes out of range and is not caught quickly stops earning fees while impermanent loss continues to accrue.
How to use it: Open any pool, connect your wallet of choice, and view under “My Positions” tab after connecting your wallet to see every active position’s current status at a glance.
Out-of-Range NotificationsOut-of-range notifications alert an LP when the market price exits an active position’s range bounds.
Why it matters: It relieves you of needing constant monitoring across multiple positions, which is not a viable workflow at scale.
How to use it: At the top right of the page window, click on the ✉️ icon. Enable notifications that can be sent in-app, email, and via Telegram.
Position HistoryPosition history is a time-stamped log of every deposit, withdrawal, and range adjustment made to a position since it was opened.
Why it matters: Strategy improvement requires data. A capital allocator that LPs who cannot review what they did and when, cannot identify what is working.
How to use it: After selecting a pool, click on the “History” tab next to “Positions”. View a past position’s time, liquidity action, token change, position address, and transaction link.
Live PnLLive PnL shows the current unrealized profit and loss of an active position, updated in real time.
Why it matters: Gain visibility on any position’s health from one terminal.
How to use it: Live PnL is visible on both the “Positions” tab from the Liquidity Terminal and the Portfolio page.
ConclusionThe Liquidity Terminal is the product suite Orca built for Solana’s capital allocators that make serious LP management accessible and seamless at scale. The simulation features remove the guesswork from range selection. Real-time range visualization closes the information latency that causes positions to stay out of range longer than necessary. Best-in-class portfolio tracking makes it possible to manage multiple positions without the operational overhead of doing it manually.
Taken together, these tools represent a shift in how capital allocation can be practiced through providing liquidity on Solana: less reactive, more deliberate, and with the data infrastructure to support iteration and improvement over time.
The Liquidity Terminal is the most robust toolkit for capital allocators that LP on Solana.
Access the best tool for liquidity provision on Solana at orca.so/pools
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
5 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
5 minutes ago
Analyst: Micron's earnings boost overall market sentiment for the tech sector
Chris Strazzeri, Financial Trading Manager of Moomoo’s Australia and New Zealand branch, stated: “The targeted sell-off indicates that following a sustained, strong rally in AI-related and speculative growth stocks, investors are enforcing strict valuation discipline. This serves as a warning to the market that actual earnings levels must now rise to support the currently overvalued price-to-earnings ratio. Micron Technology’s post-market earnings results largely confirm this, and its robust performance has lifted overall market sentiment in the tech sector.”
5 minutes ago
2x Leveraged Long DRAM ETF (RAM) Records $383 Million in Trading Volume on Its First Day of Listing
According to Bitget market data, the Roundhill T-REX 2X Long DRAM Daily Target ETF (Nasdaq ticker: RAM) officially launched trading yesterday. On its first trading day, the fund recorded a total turnover of $383 million, and rose 29.47% in after-hours U.S. stock trading to hit $30.8. Note: RAM’s underlying exposure covers companies engaged in memory-related technologies, including DRAM, NAND and storage solutions, targeting active traders seeking leveraged exposure to the memory chip theme and artificial intelligence infrastructure development.
5 minutes ago
BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.
BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.
5 minutes ago
Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.
Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.
PANews reported on April 20th that Orca, the liquidity protocol within the Solana ecosystem, released an update on the security incident involving its cloud hosting platform Vercel: Orca's frontend is hosted on Vercel. Out of an abundance of caution, all potentially compromised keys and deployment credentials have been rotated. Orca's on-chain protocols and user funds were unaffected. The official team will continue to monitor the situation and provide updates as more information becomes available.
Previously, AI cloud service Vercel disclosed a security incident: its internal systems were accessed without authorization, affecting some users .
Author: PA一线
This content is for market information only and is not investment advice.
A hack has just been reported in the tech world, and this shake-up is no ordinary hallway incident. First, Vercel is not a small lost piece in the digital workshop, but a hinge for many modern applications. Then, the crypto community almost immediately raised its head, aware that a shock on the infrastructure can contaminate everything else. When the floor shakes under the interfaces, even protocols that thought they were solid begin to count the cracks this morning.
In brief Vercel confirmed unauthorized access via Context.ai, an AI tool linked to the Enterprise Workspace. Sensitive variables appear protected, but non-sensitive variables could have been enumerated quickly. Orca has already rotated its accesses, with no impact declared on onchain user funds so far. The danger shifts layers: the attack now targets the real interface, not just the DNS. A breach limited in appearance, massive by position First, Vercel confirmed unauthorized access to some internal systems, while mentioning a limited subset of affected clients. The group engaged external experts, alerted law enforcement, and maintains its services online. Yet, in crypto, the word limited reassures no one. Vercel hosts frontends of wallets, of DEXs, and Web3 dashboards; when this layer moves, the entire storefront can crack.
Guillermo Rauch then detailed the initial entry: a compromised employee via Context.ai, an AI tool linked to Google Workspace OAuth, followed by an escalation to the Vercel environments. Sensitive environment variables would remain protected at rest, but variables marked non-sensitive were enumerated.
In other words, the attack did not hit a protocol directly; it targeted the workshop where the interface served to worldwide crypto market users is built daily now everywhere.
When AI shortens the time between error and impact Then, AI emerges as the real underlying poison. Rauch does not say artificial intelligence invented the attack; he suspects it brutally accelerated it. According to him, the group was highly sophisticated, with surprising speed and a deep understanding of Vercel.
We believe the attacking group is highly sophisticated and, I strongly suspect, considerably accelerated by AI. They moved with surprising speed and a deep understanding of Vercel.
Source: X, Guillermo Rauch In the comments, several developers hammer the point: many systems have been designed against human-speed adversaries, not workflows capable of searching, comparing, and escalating almost breathlessly.
ByteCrafter reminds that the distinction between sensitive and non-sensitive variables can become a trap, as simple read access is sometimes enough to map the entire tech stack.
Crypto discovers its blind spot: the real interface Finally, the real danger for crypto no longer just passes through the DNS or the registrar. Here, the threat targets the hosting layer and, potentially, the build itself. If API keys, private endpoints, NPM or GitHub tokens, and deployment secrets have circulated, the attacker no longer needs to hijack a domain; they can touch the real interface.
Orca has already rotated its accesses as a precaution, while assuring that its onchain protocol and user funds remain intact.
Many systems were designed for human-speed adversaries. AI breaks this assumption long before discovering new attack surfaces. Once a tool inserts into the operational surface, it brings a security friction that people still underestimate.
Source: X, Comments by rexx on Guillermo Rauch’s post The sector thus discovers a more intimate attack surface.
Markers to keep in sight 2 million dollars demanded on BreachForums; 580 employee records shown as samples; Orca rotated its accesses as a precaution; Mandiant is assisting Vercel in the investigation; Next.js and Turbopack remain declared safe. This signal does not arrive alone. In recent weeks, hackers have intensified, and the climate is heavy. The Kelp hack showed how an external flaw can contaminate Aave and trigger massive withdrawals. In this backdrop, the Vercel incident reminds this: crypto is no longer breached through its contracts, but through its plumbing.
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Mikaia A.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Kepler Cheuvreux raises ASML’s European share price target from €1,460 to €1,830.
Kepler Cheuvreux has raised the target price for ASML’s European shares from €1,460 to €1,830.
4 minutes ago
Stifel: U.S. economy in "overheated expansion" as AI investment cycle outweighs consumer pressure
U.S. large diversified financial services holding company Stifel has raised its year-end S&P 500 target and rolled out a stock allocation framework for a "high-growth, high-inflation" environment. The firm lifted its year-end S&P 500 target to 7,800 points, noting the U.S. economy is entering a "running hot" state—where economic growth is strengthening alongside mounting inflationary pressure. Stifel’s models show U.S. growth momentum is picking up while inflation momentum is clearly overheating, a trend that will reshape the market’s leading sector structure in the second half of the year. Instead of traditional consumer sectors, Stifel’s top picks are investment-led cyclical industries, including banks, transportation, materials, energy, semiconductors, software and equipment. The firm adds that fixed-asset investment in AI remains on the rise: large tech firms including Amazon, Microsoft, Meta and Google are projected to combine for roughly $725 billion in total capital expenditures in 2026, some $100 billion higher than prior estimates. This means the AI investment chain is likely to continue outperforming the consumption chain squeezed by inflation. Stifel advises investors to reduce exposure to discretionary consumer, consumer staples, communication services and some financial services sectors, as these areas see weaker earnings revisions. Conversely, the firm favors cyclical value stocks and hedges with defensive value sectors such as insurance, autos, energy and banks.
4 minutes ago
Analyst: Micron's earnings boost overall market sentiment for the tech sector
Chris Strazzeri, Financial Trading Manager of Moomoo’s Australia and New Zealand branch, stated: “The targeted sell-off indicates that following a sustained, strong rally in AI-related and speculative growth stocks, investors are enforcing strict valuation discipline. This serves as a warning to the market that actual earnings levels must now rise to support the currently overvalued price-to-earnings ratio. Micron Technology’s post-market earnings results largely confirm this, and its robust performance has lifted overall market sentiment in the tech sector.”
4 minutes ago
2x Leveraged Long DRAM ETF (RAM) Records $383 Million in Trading Volume on Its First Day of Listing
According to Bitget market data, the Roundhill T-REX 2X Long DRAM Daily Target ETF (Nasdaq ticker: RAM) officially launched trading yesterday. On its first trading day, the fund recorded a total turnover of $383 million, and rose 29.47% in after-hours U.S. stock trading to hit $30.8. Note: RAM’s underlying exposure covers companies engaged in memory-related technologies, including DRAM, NAND and storage solutions, targeting active traders seeking leveraged exposure to the memory chip theme and artificial intelligence infrastructure development.
4 minutes ago
BCA Research raises its S&P 500 target to 8,100 points, with AI remaining a core variable.
BCA Research has become the latest strategy firm to raise its US stock market target, reflecting Wall Street’s growing optimism about earnings support for US equities in the second half of the year. The institution lifted its year-end S&P 500 target from 7,700 points to 8,100 points. BCA’s core view is that first-quarter corporate earnings exceeded expectations in both strength and breadth, and the US economy has re-entered an expansion phase. Similar to JPMorgan Chase, BCA believes this stock rally is not only driven by valuation expansion—earnings themselves are delivering the index’s gains. AI remains the core variable in this assessment. Large tech firms including Alphabet, Microsoft, Amazon, Meta and Oracle continue to increase capital spending on data centers and AI infrastructure, driving growth in orders for chips, servers, construction, power and related industrial chains. This provides a clearer fundamental basis for upward revisions to 2026 and 2027 earnings. The institution points out that risks exist: the earnings expansion brought by AI investments has already been quickly priced into the market. If subsequent returns on capital spending are questioned, or interest rates remain elevated, further upside for the index will require more earnings confirmation rather than relying solely on investor risk appetite.
4 minutes ago
Tom Lee: Markets have nearly priced in two interest rate hikes from the Federal Reserve this year, and the rise in US Treasury yields is weighing on market sentiment.
Tom Lee said the market is still digesting Kevin Warsh’s remarks from his first press conference last week and repricing the macro environment. Over the past week, oil prices have pulled back, with war premiums contracting. Current oil prices are not far from the roughly $65 level seen before the conflict, indicating the market views related war risks as declining. On the other hand, 10-year U.S. Treasury yields continue to rise, now around 4.5%, higher than the pre-conflict level of roughly 4.2%. The main headwind the market has faced recently has shifted from oil prices to yields. Tom Lee noted that the market is not only focused on 10-year U.S. Treasury yields but also starting to price in potential additional interest rate hikes from the Federal Reserve. According to federal funds futures, the market is currently pricing in nearly two rate hikes this year. Bank of America further projected today that the Fed will raise rates three times this year, in September, October, and December respectively. Jeffrey Gundlach often emphasizes the importance of monitoring 2-year U.S. Treasury yields, as they typically lead the Fed and signal the central bank’s policy direction. Between 2023 and 2025, the relationship between 2-year U.S. Treasury yields and the federal funds rate indicated that the Fed’s policy was overly tight, requiring interest rate cuts. However, this relationship has recently reversed, meaning the Fed would need two rate hikes to catch up with 2-year U.S. Treasury yields. He believes that, at least for now, yields have become a headwind for the market.
Solana-based decentralized exchange Orca launched a new system that lets approved investors trade regulated tokenized assets onchain, starting with commodity tokenization firm Streamex and its gold-linked security GLDY. The move reflects the crypto industry’s growing push into tokenized real-world assets, as firms race to build compliant marketplaces for trading products like tokenized commodities, funds and securities.Orca, one of the biggest decentralized exchanges on Solana, is launching new infrastructure aimed at bringing regulated real-world assets onchain, as crypto firms push deeper into tokenized stocks, commodities and other traditional financial products.
The Solana-based platform said Wednesday it had rolled out “permissioned pools,” a system that allows only approved investors to trade certain tokenized assets. The setup is focused on the U.S. market and is designed for issuers that need to comply with securities laws, including identity checks and investor eligibility requirements.
Streamex, a company focused on tokenizing commodity-based assets, will be the first issuer to use the new system, according to Orca. The company said in a press release shared with CoinDesk that its tokenized gold-linked security, GLDY, will be the first regulated asset to trade through Orca’s new infrastructure.
The launch marks an expansion for Orca beyond pure crypto trading and into infrastructure for tokenized financial assets. This comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.
Under the new setup, investors must complete know-your-customer (KYC) checks before they can buy, hold or trade regulated tokens. Issuers can also decide who is eligible to access their assets, with Orca’s system automatically enforcing those rules onchain.
The trading pools run on Orca’s existing liquidity infrastructure, while the exchange’s interface will show users whether an asset has restrictions and whether they qualify to trade it.
“Orca has spent five years building the liquidity infrastructure that Solana’s market structure runs on,” said Orca CEO Michael Hwang in a press release. “As tokenized equities, funds and real-world assets arrive onchain at exponential rates, issuers need more than a place to list.”
PANews reported on May 27th that, according to CoinDesk, Solana decentralized exchange Orca has launched "permissioned pools" infrastructure for tokenized trading of real-world assets with high compliance requirements. The first to integrate is commodity tokenization company Streamex, whose gold-linked security GLDY will be the first compliant token traded on the system. Orca stated that this mechanism is primarily aimed at the US market, allowing only KYC-verified investors to buy, sell, and hold the relevant tokens. Issuers can customize access rules, which will be automatically executed by the on-chain system. The permissioned pools run on top of Orca's existing liquidity infrastructure, and the interface will indicate whether the asset is restricted and whether the user is eligible to trade.
TLDR Orca has launched permissioned pools to support regulated trading on Solana. The new system allows only approved investors to access specific tokenized assets. Investors must complete KYC checks before buying or trading these assets. Streamex will launch the first tokenized gold-linked security called GLDY. Orca enables issuers to control investor eligibility through onchain rules. Orca has introduced new infrastructure to support tokenized real-world assets on the Solana blockchain. The decentralized exchange unveiled permissioned pools designed for regulated trading environments. The system targets compliant access to tokenized real-world assets, especially in the U.S. market.
Orca Introduces Permissioned Pools for Regulated Trading Orca rolled out permissioned pools that limit access to approved investors. The system allows issuers to control participation based on regulatory requirements.
Investors must complete know-your-customer checks before accessing these pools. The platform enforces eligibility rules directly through onchain mechanisms.
The infrastructure focuses on assets that require compliance with U.S. securities laws. These include tokenized equities, commodities, and other financial instruments.
Orca said the pools operate within its existing liquidity framework. The interface also shows users whether they qualify to trade specific assets.
“Orca has spent five years building the liquidity infrastructure,” said CEO Michael Hwang in a statement. He added that issuers now need tools beyond simple listings.
Tokenized Real-World Assets Expand on Solana Through Orca Streamex will be the first issuer to use Orca’s new system. The company plans to list its gold-linked tokenized security, GLDY.
The GLDY asset represents exposure to gold through a regulated structure. It will trade exclusively within Orca’s permissioned pools.
Streamex confirmed the rollout in a press release shared with CoinDesk. The firm focuses on tokenizing commodity-based financial products.
Orca’s system allows issuers to define investor access rules. These rules apply automatically during trading, holding, and transfers.
The platform marks a shift beyond traditional crypto-only trading. Orca now provides infrastructure for regulated financial products onchain.
The move aligns with broader efforts to bring traditional assets into blockchain systems. Companies continue to explore compliant frameworks for tokenized markets.
The exchange will display trading restrictions within its interface. Users will see eligibility status before interacting with any restricted asset.
Orca confirmed that its permissioned pools are now live. GLDY stands as the first regulated asset available through this new marketplace.
Orca has launched permissioned pools on Solana to support compliant secondary trading for RWA assets onchain.
RWA Infrastructure Expands on Orca
Today, issuers can toggle permissions on permissionless infrastructure that permit eligible participants to transact regulated assets on @solana
That means:
– Asset issuers now have a new distribution channel to eligible participants onchain
-… pic.twitter.com/Z3q1oFw3Fd
— Orca 🌊 (@orca_so) May 27, 2026
The new pools allow asset issuers to set eligibility requirements for who can hold or trade their tokens, creating a permissioned trading environment on permissionless infrastructure. The setup is designed for accredited and KYC verified investors, with compliance checks enforced at the token level rather than handled only through offchain processes.
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Streamex, a Nasdaq listed company focused on tokenized commodity real world assets, is the first issuer to use the infrastructure. Its GLDY token, a gold backed, yield bearing tokenized security, will trade through the GLDY Pool on Orca.
The launch expands Orca’s role beyond standard decentralized exchange activity and into onchain capital markets infrastructure. Orca said its AMM infrastructure has processed more than $500 billion in cumulative trading volume since launching on Solana five years ago, with no reported smart contract exploits.
The system uses Solana’s Default Account State extension to initialize token accounts in a frozen state. Wallet holders must complete the issuer’s verification process before they can hold or transact the regulated asset. An onchain access control layer then syncs KYC and accreditation status from the issuer’s platform in real time, allowing eligibility to be continuously enforced.
The model addresses one of the main bottlenecks for tokenized securities: secondary market liquidity. Streamex said GLDY is offered under Rule 506(c) of Regulation D and is available only to verified accredited investors, while Orca’s permissioned pools provide a venue where eligible holders can seek 24/7 liquidity onchain.
The infrastructure could also extend beyond GLDY to other tokenized securities, including stocks, bonds, commodities, real estate, and royalties. For Orca, the launch positions its Solana based liquidity stack as a bridge between regulated asset issuance and decentralized market infrastructure.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Tokenized commodities platform Streamex said it is launching a Solana-based marketplace for trading tokenized assets in partnership with Orca, a decentralized exchange built on Solana.
According to a Tuesday announcement, the trading infrastructure will allow verified accredited investors to buy and sell Streamex’s yield-bearing, gold-backed GLDY token through regulated onchain trading pools operating around the clock.
The system uses identity and compliance checks tied to Streamex’s KYC and accreditation process to restrict trading access to approved investors while enabling secondary market liquidity for regulated digital assets.
The companies said neither Streamex nor Orca will act as brokers or intermediaries for investors seeking to resell the GLDY token.
Trading takes place through permissioned liquidity pools built on Orca, where investor wallets remain frozen until users complete identity verification and accreditation checks. Investor eligibility data is also updated onchain in real time to ensure only approved participants can access the market.
Orca said its automated market maker infrastructure has processed more than $500 billion in cumulative trading volume since launch. The companies said the GLDY trading pool could serve as a model for other tokenized assets tied to stocks, bonds, real estate and commodities.
Exchanges race to build tokenized trading railsThe launch comes amid a broader push to build regulated trading infrastructure for tokenized stocks, funds and other traditional financial assets.
Earlier this month, the US Securities and Exchange Commission approved Nasdaq’s pilot proposal to allow tokenized stocks and exchange-traded funds to trade alongside their traditional counterparts on the same exchange.
Under the proposal, tokenized securities would share the same order books, ticker symbols and shareholder rights as conventional shares. Participation in the pilot is initially limited to eligible participants and securities tied to the Russell 1000 index and some of the biggest exchange-traded funds.
Other exchanges and tokenization companies are also expanding blockchain-based market infrastructure. In March, the New York Stock Exchange signed an agreement with Securitize to develop infrastructure for tokenized stocks and ETFs tied to Intercontinental Exchange’s planned digital trading platform.
Centrifuge, a tokenization platform focused on real-world assets, recently said it plans to bring tokenized Treasurys, private credit and AAA-rated collateralized loan obligation products to the Monad blockchain for use in lending, collateral and secondary market activity.
Data from RWA.xyz shows the tokenized real-world asset market has grown to roughly $34 billion, with Treasury and commodity-backed products representing some of the largest segments.
Source: RWA.xyz
Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves
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.
Tokenized commodities platform Streamex said it is launching a Solana-based marketplace for trading tokenized assets in partnership with Orca, a decentralized exchange built on Solana.
According to a Tuesday announcement, the trading infrastructure will allow verified accredited investors to buy and sell Streamex’s yield-bearing, gold-backed GLDY token through regulated onchain trading pools operating around the clock.
The system uses identity and compliance checks tied to Streamex’s KYC and accreditation process to restrict trading access to approved investors while enabling secondary market liquidity for regulated digital assets.
The companies said neither Streamex nor Orca will act as brokers or intermediaries for investors seeking to resell the GLDY token.
Trading takes place through permissioned liquidity pools built on Orca, where investor wallets remain frozen until users complete identity verification and accreditation checks. Investor eligibility data is also updated onchain in real time to ensure only approved participants can access the market.
Orca said its automated market maker infrastructure has processed more than $500 billion in cumulative trading volume since launch. The companies said the GLDY trading pool could serve as a model for other tokenized assets tied to stocks, bonds, real estate and commodities.
Exchanges race to build tokenized trading railsThe launch comes amid a broader push to build regulated trading infrastructure for tokenized stocks, funds and other traditional financial assets.
Earlier this month, the US Securities and Exchange Commission approved Nasdaq’s pilot proposal to allow tokenized stocks and exchange-traded funds to trade alongside their traditional counterparts on the same exchange.
Under the proposal, tokenized securities would share the same order books, ticker symbols and shareholder rights as conventional shares. Participation in the pilot is initially limited to eligible participants and securities tied to the Russell 1000 index and some of the biggest exchange-traded funds.
Other exchanges and tokenization companies are also expanding blockchain-based market infrastructure. In March, the New York Stock Exchange signed an agreement with Securitize to develop infrastructure for tokenized stocks and ETFs tied to Intercontinental Exchange’s planned digital trading platform.
Centrifuge, a tokenization platform focused on real-world assets, recently said it plans to bring tokenized Treasurys, private credit and AAA-rated collateralized loan obligation products to the Monad blockchain for use in lending, collateral and secondary market activity.
Data from RWA.xyz shows the tokenized real-world asset market has grown to roughly $34 billion, with Treasury and commodity-backed products representing some of the largest segments.
Source: RWA.xyz
Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves
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.
Orca is embracing regulated RWA markets. On May 27, the Solana DeFi OG launched permissioned pools, a compliance-gated liquidity layer built to bring regulated assets onto a public secondary market, with gold tokenization firm Streamex as its inaugural issuer.
The launch reframes Orca's place in Solana's capital markets stack, delivering purpose-built infrastructure for TradFi asset classes and embracing the network’s growing RWA economy.
Solana DEX Unveils Permissioned RWA Pools In collaboration with Streamex, Orca has just unveiled a new protocol-level compliance enforcement layer, enabling issuers of regulated assets control who is eligible to trade them onchain.
Powered by Solana token extensions, regulated tokens are frozen at launch by default, ensuring that a wallet cannot hold or move a regulated asset until it clears the issuer's verification steps. An on-chain access control layer then syncs KYC status from the issuer's platform in real time, enforcing investor eligibility continuously without manual intervention.
Liquidity sits in permissioned pools running on Orca's audited smart contracts, and the protocol's trade module surfaces permissioned-token indicators and KYC-status callouts so eligible investors can navigate what they are cleared to buy.
"Orca has spent five years building the liquidity infrastructure that Solana's market structure runs on, and that foundation matters now more than ever. As tokenized equities, funds, and real-world assets arrive onchain at exponential rates, issuers need more than a place to list. They need distribution through a trusted venue where regulated assets can seamlessly trade subject to eligibility parameters set by issuers." - Michael Hwang, CEO, Orca
Streamex is the first issuer to go live. Its $GLDY token, a gold-backed, yield-bearing tokenized security targeting up to 4% annual yield paid monthly in gold, is the inaugural asset in the framework. Offered under Rule 506(c) to accredited investors, $GLDY can now trade around the clock, with Streamex maintaining the investor whitelist while also earning a share of Orca protocol fees alongside $GLDY transfer fees.
Traditional AMMs Seek to Recapture Market Share The launch comes at a time when traditional AMMs are eager to differentiate themselves and lean into new products and service verticals.
With Prop AMMs commanding 51% of volume share among all Solana DeFi exchange types, permissioned pools across regulated asset classes could offer traditional AMMs a new and exclusive clientele.
Regulated assets demand a user-facing venue that can gate access, verify eligibility, and display compliance status, the precise capabilities prop AMMs stripped out in pursuit of raw execution.
Solana RWA Market Size Crosses $2.58B Solana now hosts roughly $2.58 billion in tokenized real-world assets excluding stablecoins, up about 7% over the past 30 days across more than 1,840 distinct assets, according to RWA.xyz.
Up over 10x in the past 12 months, the explosive growth of Solana’s RWA sector also extends to its holder base. Nearly 220,550 wallets now hold a Solana RWA, a 13.7% jump on the month, with growth led by tokenized equities.
RWA.xyz data shows holder counts dominated by xStocks like Tesla, NVIDIA, the S&P 500, and Apple, alongside tokenized gold and treasuries.
Orca’s collaboration with Streamex may yet be the first drop in the ocean for the exchange’s permissioned pool stack, enabling the venue to attract a variety of exclusive, regulated issuers and bring unique assets onchain.
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Onyxcoin led daily crypto gainers with a 100.5% surge, trading at $0.02 on April 11, 2025. Aergo, Swiftcoin, Orca, and WEMIX followed with strong 24-hour price gains and market activity. Top gainers traded on Binance, Coinbase, and Bybit, reflecting high liquidity and investor demand. On April 11, 2025, the crypto market witnessed a surge in select digital assets, with Onyxcoin (XCN) emerging as the top-performing token of the day. According to data from Phoenix Group, the daily market gainers list featured ten tokens that recorded price increases within 24 hours. These price movements reflected increased market activity, short-term bullish momentum, and potential project developments affecting investor sentiment.
The assets listed were traded across leading cryptocurrency platforms, including Binance, Coinbase, and Bybit, indicating high liquidity and accessibility for retail and institutional participants.
Onyxcoin Registers 100.5% Daily Price Surge Onyxcoin (XCN) led the daily gainers with a 100.5% price increase, making it the most performer on April 11. The asset was trading at $0.02, bringing its market capitalization to $749.8 million. This rise placed XCN ahead of other gainers, highlighting an increase in demand within a short time frame.
Aergo (AERGO) was next, increasing its trading value by 82.8% of its price. It was trading for $0.20 per token and had a total market cap of $109,800,000. Swiftcoin (SWFTC) held the third place on the list due to an increase of 48.6% in its price, now trading at $0.01. Its market capitalization was reported at $152.5 million.
Orca, ZircuIt, and WEMIX Show Notable Market Performance. Other tokens that showed good appreciation in the space are ORCA that appreciated by 44.7%. ORCA has been priced at $2.84, with the company achieving a market value of $158.6 million. AFL was up by 37.8%, it rising to $0.03 in the same period as ZircuIt (ZRC).
WEMIX (WEMIX) advanced by 26.4%, trading at $0.70. Despite a lower percentage increase than XCN and AERGO, WEMIX stood out with one of the highest market capitalizations among the listed assets, valued at $292.6 million.
Remaining Tokens Record Moderate Price Increases Spearx (SPA) gained 26% to trade at $0.01. XYO Network (XYO) recorded a 22.8% increase within the 24-hour window, also trading at $0.01. VIDT Datalink (VIDT) gained 20.1%, reaching a trading price of $0.01.
Curve (CRV) completed the list of daily gainers with an 18.4% increase in price. CRV traded at $0.59 and reported the largest market capitalization among the day’s top gainers, standing at $786.9 million.
Trading Platforms Support High Liquidity Across Gainers All ten assets listed as top gainers were actively traded across some of the industry’s most recognized centralized exchanges. The availability of these tokens on platforms like Coinbase, Binance, and Bybit contributed to increased liquidity and investor participation during the trading day.
This kind of movement, particularly in one direction in a single day, refers to movements of the short-term market, and high trading activities are usually experienced around certain assets. Due to broad market indicators, it was expected to be different in that the performance of the gains was inclined within some tokens, and each of them demonstrated different price actions within their trading index.
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Phoenix Group has published its most recent crypto market snapshot, which shows the digital assets that are in the accumulation stage as of February 23, 2026. The report lists ten tokens with sustained accumulations in both trading and positioning, which argues that investors are quietly building up exposure. The data show that crypto assets in various industries, such as DeFi, metaverse, infrastructure, and payments, are undergoing significant accumulation periods of between three days and thirty days.
The accumulation phase as identified in the report is characterized by a period of above normal trading volumes which is usually systematic positioning by larger market participants or algorithm trading systems. Although price volatility could be mild at this phase, on-chain indicators and liquidity flows can indicate underlying demand.
Short-Term Accumulation: Orca and GoPlus Lead Early Moves Orca (ORCA) has one of the shortest accumulation periods, with a market capitalization of $58.6 million today and three days of accumulation traced. Decentralized exchange protocol Orca seems to be experiencing a resurgence of interest following a comparatively silent period.
GoPlus (GPS) ranks second with a market capitalization of $57.2 million and an accumulation period of twelve days. The Web3 infrastructure project with security in mind has been gaining momentum steadily, implying that traders might be preparing for the possible developments in the ecosystem.
Mid-Cap Crypto Assets: Zilliqa, Somnia, and Fluid Zilliqa (ZIL) has an accumulation period of seventeen days, which is backed by a market capitalization of $82.1 million. Being a scalable, enterprise-oriented layer-1 blockchain, Zilliqa has a long build, so it is unlikely that the interest of investors will fade into a short-lived speculative peak.
Somnia (SOMI) is worth $31.8 million and has accumulated over eighteen days. Somnia, with a small market capitalization relative to Zilliqa, has just under three weeks to build, thus suggesting constant positioning.
The best performer in this segment is fluid (FLUID) with a market capitalization of $157.0 million and an accumulation of twenty-three days. Its greater valuation and the extended period of build might indicate institutional or high-volume trader participation.
Extended Accumulation: Boundless, Kaia, and Infinit Boundless (ZKC) is on its twenty-five-day accumulation mark, but it has a relatively small market capitalization of $19.8 million. In lower-cap tokens, the accumulation breaks out as a sharp movement of the token.
Kaia (KAIA) leads the list in market capitalization of $318.0 million, and has maintained twenty-seven days of accumulation. Its valuation position is close to the upper end of the spectrum, indicating that there might be substantial capital flowing into the crypto asset.
Infinit (IN) with its twenty-seven days of accumulation has a market cap of $19.2 million dollars. Although its size is smaller, the corresponding time period with Kaia includes constant involvement instead of the occasional bursts.
Thirty-Day Leaders: The Sandbox and Alchemy Pay Sandbox (SAND) and Alchemy Pay (ACH) lead in the rank of duration, with a record of thirty days in growth. The metaverse-oriented platform, the Sandbox, has a large market capitalization in the form of a substantial 212.7 million dollars. An entire month of accumulation usually represents systematic positioning as opposed to a short-term purchase.
Alchemy Pay has a $72.3 million market cap, which reveals month long accumulation period as well. Being a crypto-fiat payment gateway provider, its prolonged build may indicate a new revival of payment infrastructure stories.
Crypto Market Implications of the Accumulation Trend The variety of assets on the list of Phoenix Group demonstrates a mixed activity in the digital asset market. Ranging from the decentralized exchange, the likes of Orca, to the infrastructure projects such as Zilliqa, metaverse exposure via The Sandbox, payment solutions like Alchemy Pay, and the new tokens such as Boundless and Infinit, it seems to cut across a variety of verticals.
The coming weeks will decide whether these assets will turn quiet positioning into general market rallies with accumulation periods of between three days and thirty days. At this point, the recent statistics of Phoenix Group indicate that strategic capital management remains under the radar of the crypto market.
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With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.
