Tokenized stocks sitting on Solana and Robinhood Chain have crossed $152 million in combined DeFi deposits. That figure represents roughly 79% of the entire $192.6 million in tokenized-equity DeFi TVL across all chains, a concentration that says a lot about where this market is actually happening.
Solana commands the lion’s share at approximately $75.4 million, good for 64.5% of the global market in tokenized-stock DeFi deposits. Robinhood Chain, barely two months old, has already muscled its way to second place. The rest of the field, Ethereum included at around $15 million, is fighting over scraps.
From trading tokens to farming yield Still, only about 5% of all tokenized equities have actually entered DeFi lending protocols. That’s a tiny fraction of a $3.1 billion total tokenized equity market cap. Solana hosts the largest share of that deployed capital, which tracks with its broader dominance in onchain equity trading.
In Q2 2026, Solana recorded $5.8 billion in tokenized-stock DEX volume. That’s roughly 95% of all onchain equity trading globally, a 114% increase from the prior quarter. Platforms like xStocks and Raydium have been the primary venues facilitating that flow.
Robinhood Chain’s aggressive entrance Robinhood Chain launched on July 1, 2026, as a Layer 2 solution built on Ethereum, purpose-built for tokenized real-world assets. Within its first month, the platform’s tokenized equities reached an active market value of nearly $72.7 million. That represents close to a sevenfold increase from its early days, driven largely by trading activity in familiar names: tokenized GameStop hit a daily trading volume of $26.6 million shortly after launch, and Nvidia proved similarly popular.
Weekly spot volume across major chains reached approximately $3 billion in August 2026, with Robinhood Chain capturing a meaningful slice despite being the newest entrant. Grayscale has identified Solana, Robinhood Chain, and BNB Chain as the three leading platforms for tokenized equity volume.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
WLFI advisor Ogle is the actual top holder of PONS, holding 15.28 million PONS at an average price of $0.1.
According to EmberCN's monitoring, WLFI advisor ogle's PONS holdings are not the 10.96 million units shown on FOMO, but 15.28 million units valued at $13.92 million. He also holds 4.32 million PONS in another address, worth $3.86 million. Ogle is actually the top PONS whale, having accumulated a total of 15.28 million PONS at an average price of $0.1 per unit, with an unrealized profit of $13.77 million, marking an 87x gain. The relevant addresses are: 0x1Bcc5f67CD17e13770F199fA03bC043b0cde1143; 0x825F23921dCFf36944d8B0b0CA23ac7D05fB86cB
10 minutes ago
OpenAI Simultaneously Recruits Schumer’s Daughter and Veteran Republican Operative to Focus on U.S. State AI Policies
From Beating AI Express News: OpenAI has appointed three new state-level policy heads, with Jessica Schumer drawing the most attention. She is the daughter of US Senate Minority Leader Chuck Schumer, previously served as chief of staff at the Obama administration’s Council of Economic Advisers, and later led Amazon’s public policy work in New York. At OpenAI, she will oversee policy and partnerships in the US Northeast. Another new hire, Caulder Harvill-Childs, previously worked in public policy at Meta and also served Republican Georgia House Speaker Jon Burns; he will now be responsible for the US Southeast. Thomas MacLellan will handle state-level cybersecurity policy, with prior experience at firms including Palo Alto Networks, Symantec, and FireEye. OpenAI is shifting more focus to US states, a strategy it terms "reverse federalism": instead of waiting for Congress to enact uniform legislation, it is pushing major states like California and New York to adopt similar AI rules, eventually forming de facto national standards. OpenAI publicly noted that California, New York, and Illinois have already started aligning on frontier AI safety rules.
10 minutes ago
Altcoins rally broadly, with Layer 2 (L2) and DeFi sectors surging sharply. ARB, RAY, and SUSHI – the direct beneficiaries of the Meme craze – lead the market’s gains.
According to HTX market data, altcoins are rallying broadly amid active trading on Robinhood, BNB Chain, and Solana. The L2, DeFi, and DEX sectors are seeing sharp gains, with L2 led by ARB, followed by OP, STRK, IMX, etc. DeFi and DEX tokens including RAY, ORCA, JUP, UNI, SUSHI, CAKE, CRV, SPK, LISTA, and ENA are all rising, as capital flows back to DeFi projects with real trading use cases and fee mechanisms. On BNB Chain, boosted by BNB breaking above $780, tokens like BOME, 1000CAT, MARSCOIN, and TUT are also climbing. Meanwhile, today’s Altcoin Season Index has risen to 40, meaning roughly 40 of the top 100 cryptocurrencies by market cap have outperformed Bitcoin over the past 90 days, and total altcoin market cap has hit $1.10 trillion. Top gainers: ARB up over 51% in 24 hours, trading at $0.1997. Robinhood Chain, an Ethereum L2 built on Arbitrum Orbit, allocates 10% of its net protocol revenue to the Arbitrum ecosystem—8% to the DAO treasury and 2% to development funds. RAY up over 42% in 24 hours, trading at $1.177. Solana-based token launch platform StonkFun announced it has integrated with Raydium LaunchLab. Going forward, all new StonkFun token deployments will launch via LaunchLab to cut costs, reduce front-running risks, and enable auto-compounding liquidity post-binding. SUSHI up over 24% in 24 hours, trading at $0.2385. SushiSwap has integrated its DEX and launchpad into Robinhood Chain, allowing new tokens to pair with tokenized stocks and launch with an existing Sushi V3 pool. SushiSwap Launch V2 is set to launch around September 4, with SUSHI serving as the launchpad’s quote asset. Other notable 24-hour gains: BOME, IOST, 1000CAT up over 20%; COTI, TUT, CAKE, SPK, UNI, STRK, MET, ORCA up over 10%; CRV, ENA, IMX, JUP, LISTA also posting solid increases.
10 minutes ago
StonkFun completes a $1 million buyback of STONK tokens; its platform token STONK surpasses $100 million in market cap today.
Solana-based token launch platform StonkFun announced it has completed a $1 million STONK token buyback, while over $7.5 million in rewards have been distributed to holders in the StonkFun ecosystem. StonkFun also announced it has launched on Raydium LaunchLab. Going forward, all new StonkFun token deployments will be initiated via LaunchLab to lower deployment costs, reduce sniper risks, and enable automatic liquidity compounding after binding is completed. According to GMGN market data, StonkFun’s platform token STONK surpassed $100 million in market cap today, currently trading at $92 million, with a 256% 24-hour gain and $30.4 million in trading volume over the same period. BlockBeats reminds users that related token prices are highly volatile, so investors should exercise caution.
10 minutes ago
Word has it that the first checkpoint of Google's new Pro model has emerged, with a possible public release in October.
Beating AI Express News: Leaker Lyra claims Google’s next Pro model already has its first checkpoint (a saved model state version from training) and is set to be unveiled in October. Lyra also predicts a new Flash-Lite launch in September, alongside an update to Nano Banana 2 Lite. The final name for the new Pro model remains unconfirmed; some community members speculate it could be Gemini 4 Pro, while others believe it may be another Pro variant.
10 minutes ago
Leading DeFi researcher questions Ethereum’s Layer 2 strategy: Robinhood’s revenue has surged, yet Layer 1 settlement layer revenue remains low—Is this a problem?
Renowned DeFi researcher Ignas points out that Robinhood’s Layer 2 (L2) network paid just around $722 to its underlying base layer yesterday, while Robinhood itself posted a record $6 million in fee revenue that same day—roughly 10% of which went to Arbitrum, with nearly negligible amounts reaching Ethereum’s Layer 1 (L1). Against this backdrop, Ignas questions: Is this structure, where platforms rake in massive profits while the settlement layer gets almost nothing, actually a problem for Ethereum? Ethereum may currently be using low fees to onboard TradFi players into its ecosystem, planning to raise revenue shares once user migration costs become sufficiently high. If Ethereum’s official roadmap does include a strategy of first attracting a large number of L2s, then monetizing on L1 after switching costs rise, this could be positive for ETH—but such an approach is not visible in Ethereum’s current roadmap.
Solana (SOL) is holding its key support zone and preserving a bullish outlook, as recent price action and network metrics suggest sustained optimism for further recovery. With investors focused on both technical and on-chain indicators, SOL continues to be a closely watched altcoin in the current market cycle.
Solana price remains above key supportAt press time, SOL is trading at $103.25, showing a 1.3% gain over the past 24 hours. The token’s 24-hour trading volume stands at $2.15 billion, and its market capitalization has reached $60.45 billion. Market analyst More Crypto Online reported that Solana is defending its crucial support region between $90.50 and $100.48, a level that has allowed the bullish trend structure to remain intact.
Holding above this range is critical for market participants seeking further upward moves. As long as SOL stays within or above these levels, buyers could retain confidence, and upward momentum may continue. The next significant resistance area is located at $110. A confirmed breakout above this level may encourage additional gains, while a drop below $90.50 could weaken the bullish setup and bring increased selling pressure.
Derivative market shows mixed sentimentData from Coinglass highlights contrasting signals in the Solana derivatives market. Trading volume has declined by 42.33%, reaching $4.44 billion, which could indicate reduced trading activity and market participation. At the same time, open interest has grown by 2.86% to $6.38 billion, suggesting that investors are still holding substantial positions in anticipation of a potential move by SOL.
MetricPreviousCurrentChangeTrading Volume$7.7 billion$4.44 billion-42.33%Open Interest$6.20 billion$6.38 billion+2.86%Technical analysis on TradingView reveals that Solana’s price recently broke out of a consolidation phase, driven by renewed buying pressure. After touching a low of $57.50 in June, SOL traded between $73 and $84 in August, later climbing to $114.80—above the 20-day simple moving average (SMA) of $96.98.
Indicators point to strong bullish momentum, but the Relative Strength Index (RSI) has cooled to 64.80 from previously overbought levels above 70, indicating prices are stabilizing after recent gains. As long as SOL remains above key moving averages, the upward trend is expected to persist with resistance at $114.80.
Solana strengthens position among top blockchainsCrypto analyst curb reported that Solana led all blockchains in application-generated revenue over the past week, reaching $42.28 million and outpacing major competitors. The platform’s decentralized applications (dApps), including trading platforms and DeFi protocols, have seen significant user engagement and economic activity.
Consistent earnings and high on-chain activity suggest strong demand for services built on Solana, reinforcing its broader fundamental appeal. High transaction volumes, lower fees, and increased application usage remain key components supporting an active on-chain ecosystem.
If growth in network usage and earnings continues, Solana could further solidify its status as a leading platform for decentralized applications.
Solana is an open-source blockchain platform developed for decentralized applications and cryptocurrency projects, known for its high throughput and low costs.
Mini dictionary: Open interest, a term in derivatives markets, measures the total number of outstanding contracts (such as futures or options) that haven’t been settled. Rising open interest often suggests that new money is entering the market, reflecting growing investor participation or anticipation of significant price movements.
Outlook for SOL price and network performanceSolana maintains crucial support levels, giving bulls a potential setup to challenge the $110 resistance. Positive momentum, the involvement of derivatives traders, and ongoing network activity are influencing short-term market expectations.
Solana’s strong earnings, robust dApp engagement, and bullish technical metrics continue fueling optimism for the blockchain’s near-term performance, but caution remains as losses in support could trigger a reversal.
The upward trend is substantiated by the current RSI and prices holding above vital moving averages. Investors are closely monitoring support levels and resistance at $114.80 to gauge the next decisive move for SOL.
Movements in Bitcoin’s price are also contributing to the general direction of the altcoin market, including Solana’s trend.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
TLDR: The Solana price prediction stays bullish while SOL holds the $90.50 to $100.48 support band, with buyers targeting $110 to $113. A confirmed move above $113 could expose Fibonacci resistance at $132.93 and $160.42 before the conditional $200 to $230 region. Solana processed about five billion transactions in August, while its applications produced $42.28 million in weekly revenue. Derivatives activity remains mixed because volume fell 42.33% to $4.44 billion while open interest rose 2.86% to $6.38 billion. Solana trades near $103.25 after gaining 1.3% in 24 hours. The latest advance keeps the Solana price prediction focused on resistance between $110 and $113. Buyers also continue defending the broader $90.50 to $100.48 support band. That structure supports another breakout attempt after months of consolidation.
SOL records about $2.15 billion in daily trading volume and holds a $60.45 billion market value. Market data also shows strong application revenue and heavy transaction activity across the network. Derivatives indicators remain mixed, though rising open interest suggests traders expect a larger move. Bitcoin’s broader recovery also provides a firmer backdrop for buyers.
Solana Price Prediction Tests Resistance Near $110 to $113 The three-day SOL chart shows a breakout from a pattern formed after the June low. There, sellers produced lower highs while buyers gradually raised support. SOL price has crossed the pattern’s descending boundary and improved its short-term position.
The first upside objective stands near $113, above the immediate $110.15 resistance. A decisive close above this region could establish a higher range. It would also direct attention toward the next Fibonacci target at $132.93.
Higher resistance appears at $160.42 and $209.63. Analyst More Crypto Online identifies $200 as the long-term objective, while the chart marks $230. Those targets remain conditional because SOL still faces a descending trendline extending from its 2025 highs.
The daily chart defines the downside levels clearly. Initial support sits at $100.48, matching the 23.6% Fibonacci retracement. Further demand zones appear at $94.83 and $90.50, aligned with 38.2% and 50% retracements.
Source: TradingView Holding this band would preserve the latest higher-high scenario. A sustained loss of $90.50 would weaken the bullish setup and increase the risk of a deeper reset. Therefore, the Solana price prediction depends first on support holding, then on buyers clearing $110 to $113.
The Solana price prediction also reflects cooling momentum. SOL recently climbed from a June low near $57.50 to $114.80. It also moved above its 20-day simple moving average, recently shown near $96.98.
The Relative Strength Index has eased to 65 after previously entering overbought territory above 70. This decline suggests momentum has moderated without reversing. SOL price holding above key moving averages keeps the recovery structure intact.
Solana Network Activity Supports the Bullish Price Setup Solana network activity adds a fundamental layer to the Solana price prediction. The blockchain processed about five billion transactions during August, exceeding 100,000 transactions per minute. It achieved that volume while maintaining fees below those charged by several competing networks.
Solana handled 5 billion transactions in August, an unfathomable level of activity that exceeded all other networks combined.
That's more than 100,000 every minute.
And it did this while keeping fees orders of magnitude lower than other chains. pic.twitter.com/jKIsmd5dYy
— Solana (@solana) September 5, 2026
Application revenue provides another measure of demand. Solana applications generated $42.28 million during the week, placing the network above rival chains. Trading platforms, decentralized finance services, and consumer applications contributed to that total.
Consistent application earnings indicate that users continue interacting with the network beyond speculative token trading. High throughput and low transaction costs help applications support frequent activity. Continued demand could strengthen the Solana price prediction.
Derivatives markets present a less uniform picture. Trading volume fell 42.33% to $4.44 billion, indicating weaker short-term participation. Meanwhile, open interest increased 2.86% to $6.38 billion, showing that traders kept positions active despite lower turnover.
Source: Coinglass The combination can precede a sharper price move because leverage stays open while immediate activity declines. It does not confirm direction, making spot support and resistance especially important. Buyers need sustained volume above $113 to validate the breakout and reduce false-move risk.
The near-term roadmap now centers on three zones over the coming sessions. SOL must defend $100.48 to preserve immediate momentum and hold $90.50 to protect the wider structure. A confirmed push through $110 to $113 would expose $132.93, with $160.42 becoming the next technical barrier.
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.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to GMGN market data, Solana-based meme coin Stonks has exceeded $100 million in market capitalization, currently standing at $92 million, with a 256% 24-hour gain and $30.4 million in trading volume over the same period. BlockBeats reminds users that related token prices are highly volatile, so investment caution is advised.
BNB Chain’s Executive Director of Growth Nina Rong stated that regarding the debate between Arbitrum founder Steven Goldfeder and Solana co-founder Toly over Robinhood Chain’s fee model, she wants to underscore one key point: further reducing gas fees is no longer the top priority for the blockchain industry. The real priority for all public chains today is to develop a sustainable business model and reinvest proceeds into technology and growth. This model could take the form of gas fees, revenue sharing, or other commercial partnerships. Over the past five years, blockchain foundations have largely been associated with two core activities: issuing grants and making investments, as well as cutting gas fees. To sustain the industry for another five years, blockchain companies must have robust business structures.
WLFI advisor Ogle is the actual top holder of PONS, holding 15.28 million PONS at an average price of $0.1.
According to EmberCN's monitoring, WLFI advisor ogle's PONS holdings are not the 10.96 million units shown on FOMO, but 15.28 million units valued at $13.92 million. He also holds 4.32 million PONS in another address, worth $3.86 million. Ogle is actually the top PONS whale, having accumulated a total of 15.28 million PONS at an average price of $0.1 per unit, with an unrealized profit of $13.77 million, marking an 87x gain. The relevant addresses are: 0x1Bcc5f67CD17e13770F199fA03bC043b0cde1143; 0x825F23921dCFf36944d8B0b0CA23ac7D05fB86cB
10 minutes ago
OpenAI Simultaneously Recruits Schumer’s Daughter and Veteran Republican Operative to Focus on U.S. State AI Policies
From Beating AI Express News: OpenAI has appointed three new state-level policy heads, with Jessica Schumer drawing the most attention. She is the daughter of US Senate Minority Leader Chuck Schumer, previously served as chief of staff at the Obama administration’s Council of Economic Advisers, and later led Amazon’s public policy work in New York. At OpenAI, she will oversee policy and partnerships in the US Northeast. Another new hire, Caulder Harvill-Childs, previously worked in public policy at Meta and also served Republican Georgia House Speaker Jon Burns; he will now be responsible for the US Southeast. Thomas MacLellan will handle state-level cybersecurity policy, with prior experience at firms including Palo Alto Networks, Symantec, and FireEye. OpenAI is shifting more focus to US states, a strategy it terms "reverse federalism": instead of waiting for Congress to enact uniform legislation, it is pushing major states like California and New York to adopt similar AI rules, eventually forming de facto national standards. OpenAI publicly noted that California, New York, and Illinois have already started aligning on frontier AI safety rules.
10 minutes ago
Altcoins rally broadly, with Layer 2 (L2) and DeFi sectors surging sharply. ARB, RAY, and SUSHI – the direct beneficiaries of the Meme craze – lead the market’s gains.
According to HTX market data, altcoins are rallying broadly amid active trading on Robinhood, BNB Chain, and Solana. The L2, DeFi, and DEX sectors are seeing sharp gains, with L2 led by ARB, followed by OP, STRK, IMX, etc. DeFi and DEX tokens including RAY, ORCA, JUP, UNI, SUSHI, CAKE, CRV, SPK, LISTA, and ENA are all rising, as capital flows back to DeFi projects with real trading use cases and fee mechanisms. On BNB Chain, boosted by BNB breaking above $780, tokens like BOME, 1000CAT, MARSCOIN, and TUT are also climbing. Meanwhile, today’s Altcoin Season Index has risen to 40, meaning roughly 40 of the top 100 cryptocurrencies by market cap have outperformed Bitcoin over the past 90 days, and total altcoin market cap has hit $1.10 trillion. Top gainers: ARB up over 51% in 24 hours, trading at $0.1997. Robinhood Chain, an Ethereum L2 built on Arbitrum Orbit, allocates 10% of its net protocol revenue to the Arbitrum ecosystem—8% to the DAO treasury and 2% to development funds. RAY up over 42% in 24 hours, trading at $1.177. Solana-based token launch platform StonkFun announced it has integrated with Raydium LaunchLab. Going forward, all new StonkFun token deployments will launch via LaunchLab to cut costs, reduce front-running risks, and enable auto-compounding liquidity post-binding. SUSHI up over 24% in 24 hours, trading at $0.2385. SushiSwap has integrated its DEX and launchpad into Robinhood Chain, allowing new tokens to pair with tokenized stocks and launch with an existing Sushi V3 pool. SushiSwap Launch V2 is set to launch around September 4, with SUSHI serving as the launchpad’s quote asset. Other notable 24-hour gains: BOME, IOST, 1000CAT up over 20%; COTI, TUT, CAKE, SPK, UNI, STRK, MET, ORCA up over 10%; CRV, ENA, IMX, JUP, LISTA also posting solid increases.
10 minutes ago
StonkFun completes a $1 million buyback of STONK tokens; its platform token STONK surpasses $100 million in market cap today.
Solana-based token launch platform StonkFun announced it has completed a $1 million STONK token buyback, while over $7.5 million in rewards have been distributed to holders in the StonkFun ecosystem. StonkFun also announced it has launched on Raydium LaunchLab. Going forward, all new StonkFun token deployments will be initiated via LaunchLab to lower deployment costs, reduce sniper risks, and enable automatic liquidity compounding after binding is completed. According to GMGN market data, StonkFun’s platform token STONK surpassed $100 million in market cap today, currently trading at $92 million, with a 256% 24-hour gain and $30.4 million in trading volume over the same period. BlockBeats reminds users that related token prices are highly volatile, so investors should exercise caution.
10 minutes ago
Word has it that the first checkpoint of Google's new Pro model has emerged, with a possible public release in October.
Beating AI Express News: Leaker Lyra claims Google’s next Pro model already has its first checkpoint (a saved model state version from training) and is set to be unveiled in October. Lyra also predicts a new Flash-Lite launch in September, alongside an update to Nano Banana 2 Lite. The final name for the new Pro model remains unconfirmed; some community members speculate it could be Gemini 4 Pro, while others believe it may be another Pro variant.
10 minutes ago
Leading DeFi researcher questions Ethereum’s Layer 2 strategy: Robinhood’s revenue has surged, yet Layer 1 settlement layer revenue remains low—Is this a problem?
Renowned DeFi researcher Ignas points out that Robinhood’s Layer 2 (L2) network paid just around $722 to its underlying base layer yesterday, while Robinhood itself posted a record $6 million in fee revenue that same day—roughly 10% of which went to Arbitrum, with nearly negligible amounts reaching Ethereum’s Layer 1 (L1). Against this backdrop, Ignas questions: Is this structure, where platforms rake in massive profits while the settlement layer gets almost nothing, actually a problem for Ethereum? Ethereum may currently be using low fees to onboard TradFi players into its ecosystem, planning to raise revenue shares once user migration costs become sufficiently high. If Ethereum’s official roadmap does include a strategy of first attracting a large number of L2s, then monetizing on L1 after switching costs rise, this could be positive for ETH—but such an approach is not visible in Ethereum’s current roadmap.
Solana-based token launch platform StonkFun announced it has completed a $1 million STONK token buyback, while over $7.5 million in rewards have been distributed to holders in the StonkFun ecosystem. StonkFun also announced it has launched on Raydium LaunchLab. Going forward, all new StonkFun token deployments will be initiated via LaunchLab to lower deployment costs, reduce sniper risks, and enable automatic liquidity compounding after binding is completed. According to GMGN market data, StonkFun’s platform token STONK surpassed $100 million in market cap today, currently trading at $92 million, with a 256% 24-hour gain and $30.4 million in trading volume over the same period. BlockBeats reminds users that related token prices are highly volatile, so investors should exercise caution.
Two months after Robinhood launched its own blockchain, the question of who actually benefits from its fee structure has turned into a proxy war between Arbitrum and Solana’s founding teams.
Offchain Labs co-founder Steven Goldfeder and Solana co-founder Anatoly Yakovenko took their disagreement public on X in early September 2026, trading barbs over Robinhood Chain’s transaction fee model. At stake: a philosophical rift about whether blockchain infrastructure should function as a revenue engine for the app sitting on top, or whether fees should flow to the validators keeping the network secure.
The $0.40 question Robinhood Chain launched on July 1, 2026, built on the Arbitrum Orbit framework. It uses ETH as its gas asset, runs 100-millisecond block times, and supports both tokenized real-world assets and DeFi activity. By early September, the chain was processing around 10.4 million transactions per day during peak periods, generating roughly $4.22 million in daily fees.
Average transaction costs had climbed to approximately $0.40 each during congestion spikes.
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Yakovenko fired first, posting his critique around September 3-4. His argument: Robinhood’s chain effectively profits from network congestion. Rather than collecting fees transparently and distributing them to validators, the model channels congestion-driven revenue back to Robinhood itself. In Yakovenko’s framing, that’s a misaligned incentive. The busier the chain gets, the more expensive it becomes for users, and the more money Robinhood makes.
Goldfeder’s rebuttal centered on the math. Under Robinhood’s arrangement with Arbitrum, Robinhood retains about 90% of sequencer revenues. The remaining 10% flows to the Arbitrum ecosystem. His point was straightforward: on Solana, those same fees would go to validators, and Robinhood would capture none of them. The Orbit model lets application builders monetize their own infrastructure.
Goldfeder emphasized that the Arbitrum model allows Robinhood to retain 90% of sequencer revenues, contrasting it with Solana where fees flow to validators with no direct benefit to the application layer.
Follow the money The revenue numbers make the debate more than academic. During peak activity, Robinhood Chain’s fee generation annualized at approximately $42 million. Even the 10% cut flowing to Arbitrum represented a meaningful revenue stream, with cumulative payments to Arbitrum exceeding hundreds of thousands of dollars in the chain’s first two months.
That flow of capital has had tangible market effects. Daily increases in ARB token prices reportedly exceeded 40% in the period following Robinhood Chain’s launch.
Yakovenko’s underlying critique, though, isn’t really about where the money goes. It’s about what happens to users when congestion equals profit. If Robinhood benefits from higher fees during peak usage, the incentive to reduce those fees diminishes. On Solana, validators earn from fees, but the protocol itself is designed to keep transaction costs as low as possible.
Competing visions of blockchain economics This debate sits at the intersection of two distinct philosophies. The Arbitrum Orbit model represents the “app-chain” thesis: applications should control their own execution environments, capture their own revenue, and treat the underlying L1 or L2 as modular infrastructure. The Solana model represents the “monolithic chain” thesis: one high-performance chain handles everything, fees stay low through engineering, and value accrues to the token rather than individual app operators.
Arbitrum’s approach gives builders like Robinhood economic flexibility to set fee parameters, capture sequencer revenue, and tailor the chain to their specific use case. The trade-off is that users bear the cost of congestion more directly, and the app operator has a financial interest in that congestion.
Solana’s approach prioritizes raw throughput and low costs at the base layer. For a company like Robinhood, which generated the vast majority of its traditional brokerage revenue from payment for order flow, the ability to internalize transaction economics is a powerful draw.
Investors watching both ecosystems should pay close attention to whether Robinhood’s daily transaction volumes hold steady at the 10-million-plus level, or whether fee sensitivity starts eroding usage.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana (SOL) has moved beyond a prolonged consolidation phase, with immediate attention turning to the $110-$113 price range as the next potential resistance for buyers. This latest surge follows months of technical compression, and analysts are closely watching whether Solana can maintain its current momentum above this critical region.
Breakout Pushes SOL Toward Higher RangeA review of Solana’s three-day chart reveals that SOL has broken out above a contracting price pattern that developed after the June low. This shift puts buyers in a notably stronger technical position in the short term. At the time of the analysis, SOL was trading close to $104, while $113 stands out as the next major upside target.
This breakout is seen as significant because Solana had spent months producing lower highs even as support levels edged higher. With the price moving above the descending limit of its recent consolidation, technical observers are focused on whether this rally can be maintained in the face of further resistance.
A sustained advance through $113 would validate the breakout and set up a higher trading band for SOL. Conversely, if the price falls back into the previous consolidation zone, it could cast doubt on the longevity of this upward move.
The broader technical landscape features a notable challenge: a long-term descending resistance trendline stemming from Solana’s 2025 peaks. SOL would need to overcome this higher trendline before a move back to its historical highs becomes a plausible scenario.
Analyst ay identified $200 as a likely next target for SOL, while also marking $230 as a longer-term objective. However, these targets are contingent upon Solana first clearing $113, continuing to set new higher highs, and ultimately breaking through the larger descending resistance line.
Mini dictionary: Fibonacci retracement is a technical analysis tool that identifies potential support and resistance levels by dividing the vertical distance between significant price points using key Fibonacci ratios, often helping traders anticipate possible reversal points.
Key Support and Resistance Levels on Daily ChartOn Solana’s daily chart, the structure offers further insight into the levels that could shape the near-term direction. Currently, SOL is positioned around $101.67, with a concentration of Fibonacci-based support levels just below.
More Crypto Online, a technical analysis platform, highlighted that holding between $90.50 and $100.48 remains crucial for further gains, while $110 represents the next central resistance.
The first support level is found at $100.48, corresponding to the 23.6% Fibonacci retracement. Should this level give way, deeper support emerges at $94.83 and $90.50, which align with the 38.2% and 50% Fibonacci retracements.
Maintenance above this support range is regarded as an ongoing consolidation phase rather than the start of a bearish reversal. If SOL can secure a breakout above $110.15, analysts see the $113 level as attainable in the near future.
Looking further ahead, the daily chart outlines $132.93 as the subsequent major resistance, while higher targets are found at $160.42 and $209.63, closely mirroring the $200 target previously noted by analyst ay.
LevelTypeChart Timeframe$90.50-$100.48SupportDaily$110-$113Resistance/Breakout TargetDaily/3-Day$132.93ResistanceDaily$160.42, $209.63Higher ResistanceDaily$200, $230Potential TargetMedium/Long-TermIf Solana’s price falls below $100.48, downside risk increases toward $94.83, while a breakdown under $90.50 would weaken the case for ongoing higher highs and could signal the need for a more substantial correction before any major advance resumes.
The convergence of the three-day and daily technical structures positions SOL at a pivotal moment: breaking through $110-$113 could confirm a rebound and drive attention toward higher resistance bands, while defending support between $90.50 and $100.48 keeps longer-term bullish scenarios in play.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to the RWA Foundation X account, Solana led RWA flows, pulling in $348 million in the last 30 days.
"Solana is leading the pack. It topped net flows for RWAs over the past 30 days, pulling in $348 million to the chain," the RWA Foundation X account wrote.
As seen on the rwa.xyz page, Solana led the 30-day change among major networks on the RWA League table (distributed), referring to RWA tokens using the blockchain as a distribution layer, enabling onchain investors to subscribe, hold, and manage assets directly through their own wallets or custodians. Solana recorded a 30-day increase of 11.13%, while Ethereum and Stellar rose by 0.77% and 5.22%, respectively. XRP Ledger and Avalanche declined by 5.51% and 14.06%, respectively.
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As reported, Solana's RWA value has crossed $4 billion, currently at $4.23 billion. RWA holders increased by 17.63% in the last 30 days to 398,644.
One of the defining industry trends over the past year has been the growth of RWAs, with Solana sustaining its momentum. The Solana blockchain hosts tokenized Treasury products, including Circle's USYC tokenized money market fund, BlackRock's BUIDL, VanEck's VBILL, and Franklin Templeton's BENJI.
Ondo Finance runs two Treasury-linked products on Solana: USDY is a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and OUSG provides exposure to short-term U.S. government bonds and is backed significantly by BlackRock's BUIDL fund.
Solana eyes most ambitious upgradeSolana is eyeing what could be its most ambitious core upgrade to date—one that replaces its current technology stack with a redesigned consensus protocol built for near-instant finality and responsiveness.
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Dubbed Alpenglow, the upgrade proposes replacing Proof of History—Solana's well-known unique "pre-recorded clock" system—and Tower BFT, its existing voting mechanism for reaching consensus.
In late August, Solana saw its first network-wide governance vote—a proposal to speed up cuts to new SOL issuance that scraped past the required two-thirds majority in the final minutes before the deadline.
Solana has emerged as the leading blockchain for real-world asset (RWA) flows, securing $348 million in net inflows over the past 30 days, according to data shared by the RWA Foundation. The RWA Foundation, an organization focused on advancing tokenized assets across blockchains, published the figures on its official X account.
Solana’s RWA market growthIn recent weeks, Solana has maintained its position at the top of major RWA network rankings, surpassing Ethereum, Stellar, XRP Ledger, and Avalanche. The rwa.xyz dashboard shows that Solana’s net RWA flow grew by 11.13% in the last month, bringing its total RWA market value to $4.23 billion. The number of RWA holders on Solana also increased, rising by 17.63% to a total of 398,644.
For comparison, Ethereum posted a modest 0.77% increase in 30-day RWA flows, while Stellar rose by 5.22%. In contrast, other networks experienced declines: XRP Ledger dropped by 5.51%, and Avalanche fell by 14.06% during the same period.
Network30-Day Flow ChangeTotal RWA ValueSolana+11.13%$4.23 billionEthereum+0.77%—Stellar+5.22%—XRP Ledger−5.51%—Avalanche−14.06%— Solana is leading the pack. It topped net flows for RWAs over the past 30 days, pulling in $348 million to the chain.
Expanding RWA product ecosystemRWAs—blockchain-based representations of traditional assets—have become one of the fastest-growing sectors in crypto over the past year. Solana has benefited from strong adoption of tokenized Treasury products, including Circle’s USYC money market fund, BlackRock’s BUIDL fund, VanEck’s VBILL, and Franklin Templeton’s BENJI. These products enable onchain investors to subscribe, hold, and manage financial assets directly from digital wallets or third-party custodians.
Ondo Finance, one of the leading crypto asset managers, has introduced two major RWA products on the network: USDY, a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and OUSG, which provides exposure to short-term U.S. government bonds and is largely supported by BlackRock’s BUIDL fund.
Mini dictionary: RWAs (Real-World Assets), physical or traditional financial assets like government bonds or funds represented on a blockchain through tokenization, enabling easy transfer and management by investors using digital wallets.
One of the defining industry trends over the past year has been the growth of RWAs, with Solana sustaining its momentum through additional product launches and growing investor participation.
Upcoming upgrades and governance milestonesSolana is preparing for a major core upgrade, codenamed Alpenglow, which proposes a new consensus protocol designed to deliver near-instant finality and improved responsiveness. This upgrade would replace Solana’s current technology stack, phasing out the well-known Proof of History mechanism and its Tower BFT consensus system.
Proof of History, which has allowed Solana to achieve fast and consistent timestamps through a “pre-recorded clock” approach, is expected to be succeeded by a new algorithm under the Alpenglow proposal.
In late August, Solana completed its first network-wide governance vote. The proposal aimed to accelerate the reduction in new SOL issuance and narrowly passed the required two-thirds majority just before the deadline.
Solana, developed by Solana Labs, is a public blockchain launched in 2020. It is known for high throughput and low transaction costs, and has become a major platform for decentralized finance and tokenized assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Solana has been building something quietly significant. The network’s combined real-world asset footprint, counting stablecoins, tokenized funds, equities, and commodities, has crossed $18.5 billion, according to data tracked by RWA.xyz and research from Galaxy Digital and the Solana Foundation. The stablecoin layer alone reached $16.4 billion in May 2026, making it the largest single component of the ecosystem. Non-stablecoin RWAs hit an all-time high of $2.8 billion that same month, a figure that climbed toward $4.23 billion by September 2026.
The lineup of issuers looks less like crypto and more like a financial services conference Circle’s USDC and Tether’s USDT remain the dominant stablecoin players on the network. Early 2026 brought Western Union’s USDPT and SoFi’s SoFiUSD to Solana. On the non-stablecoin side, BlackRock, Ondo, and Securitize have all launched tokenized products on the network. The holder base now numbers somewhere between 230,000 and 398,000 unique participants across Solana’s RWA ecosystem, depending on the asset class and tracking methodology.
Ninety-seven percent is a number that deserves its own paragraph Solana captured 97% of all on-chain tokenized equities trading volume in the first half of 2026. The network processes transactions quickly and cheaply, which matters when the use case is high-frequency settlement of financial instruments. For an institution moving large volumes of tokenized assets across a trading day, the difference between $0.001 per transaction and $5 per transaction is the difference between a viable product and an uneconomical one. Traditional financial infrastructure often settles trades on a T+2 basis. On-chain settlement on Solana happens in seconds.
What this ecosystem actually means for the network’s identity One important caveat worth noting: a significant portion of the RWA value currently sitting on Solana remains in reserve positions rather than actively circulating through DeFi applications. The $18.5 billion figure represents assets tokenized and held on-chain, not necessarily assets being lent, borrowed, or used as collateral in decentralized protocols. Regulatory frameworks for tokenized securities remain uneven across jurisdictions, and institutional compliance requirements don’t always map cleanly onto permissionless DeFi protocols.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Five altcoins carry more near-term upside than Ethereum (CRYPTO: ETH) or XRP (CRYPTO: XRP) heading into Q4, according to a widely-followed cryptocurrency influencer.
Why the Macro Sets Up the Alt TradeAltcoin Daily argued in a YouTube video on Thursday that the debasement trade driving Bitcoin higher creates the conditions for altcoin outperformance in Q4.
Pantera Capital’s Dan Morehead noted in the video that the US Treasury is printing roughly $2 trillion in excess annually, making hard assets and crypto the logical beneficiaries.
The Five Altcoins Worth Watching1. Hyperliquid (CRYPTO: HYPE) — US market entry talks with Kraken’s parent Payward are advancing through subsidiary Bitnomial. Trump publicly endorsed a compliant US pathway, and Grayscale’s Hyperliquid Staking ETF (NASDAQ:HYPG) crossed $123 million in AUM within 30 days of launch.
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2. Chainlink (CRYPTO: LINK) — The US Department of Commerce is now using Chainlink to bring official GDP, PCE, and economic data on-chain across 10 blockchains, giving applications live access to US government figures in real time.
3. Bittensor (CRYPTO: TAO) — DCG founder Barry Silbert argues the rush to acquire open-source AI will eventually point investors toward TAO, citing Nvidia’s reported acquisitions of Poolside for $6 billion and Hugging Face for $122.9 billion as proof of concept.
4. Uniswap (CRYPTO: UNI) — Record activity with 7 million swaps in a single day and 82 swaps per second across all chains, fueled by Robinhood (NASDAQ:HOOD) Chain volume. The protocol also upgraded its tokenomics to direct more revenue into buybacks.
5. Solana (CRYPTO: SOL) — On-chain tokenized equity holders reached a record 1.9 million, up 134% month over month from under 100,000 just 10 months ago, with users trading real-world assets around the clock.
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BulkTrade, one of the more quietly hyped projects in Solana’s DeFi ecosystem, has officially gone live on mainnet. The perpetual futures exchange launched on September 5, bringing with it execution latency between 5 and 20 milliseconds, a figure that puts it in striking distance of the centralized exchanges it’s trying to replace.
The platform isn’t rolling out the red carpet for everyone, though. Access is gated behind referral codes and invites.
The numbers behind the launch BulkTrade didn’t arrive empty-handed. A pre-deposit campaign that kicked off on June 1, 2026, pulled in over $25.9 million in USDC TVL within just 10 days.
The financial foundation goes deeper than pre-deposits. BulkTrade closed an $8 million seed round back in September 2025, co-led by Robot Ventures and 6th Man Ventures. Wintermute Ventures also participated, which is notable given Wintermute’s role as one of the largest market makers in crypto.
On the tokenomics side, the BULK token hasn’t launched yet, but the allocation framework is already public. Thirty percent of the total supply is reserved for community distribution through airdrops, with eligibility tied to pre-deposit activity and trading behavior.
The platform also introduced what it calls BIP-1 on July 28, a framework that enables permissionless, deployer-owned perpetual markets.
Why speed matters in perps trading BulkTrade is betting it can deliver both speed and self-custody. The platform targets sub-40 millisecond finality while keeping user assets in self-custody on Solana. All perpetuals are settled in USDC, which simplifies the margin and settlement process compared to platforms that support multiple collateral types.
The exchange underwent a security audit by Zellic, a firm that has reviewed smart contracts for several major DeFi protocols.
Solana’s perps landscape gets more crowded BulkTrade enters a Solana perps market that already includes established players like Jupiter’s perps product and other on-chain derivatives protocols.
BulkTrade’s 30% airdrop allocation rewards early depositors and active traders. The dynamic margin functionality the platform offers adjusts margin requirements in real time, potentially improving capital efficiency for sophisticated traders, in contrast to traditional perps platforms that use static margin requirements.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana co-founder Anatoly Yakovenko has criticized Robinhood Chain fees, arguing that the brokerage profits from network congestion rather than charging users openly within its own app.
Robinhood Chain transaction fees now average roughly $0.40. Yakovenko says Solana handles the same work for a fraction of a cent.
Why Robinhood Chain Fees Keep ClimbingRobinhood Chain went live on mainnet on July 1, 2026. The network runs on Arbitrum technology, settles to Ethereum, and uses Ether (ETH) for gas.
Usage has climbed hard since. Robinhood Chain fees reached $4.22 million in one day against roughly 10.4 million transactions, data shows. That lands near $0.40 each.
Median costs point the same way. Currently, the network ranks first among 27 chains at $0.24, ahead of every rival. Congestion sets that price, not a posted rate.
Growth explains part of the pressure. Grayscale recently named Robinhood Chain among the three leading venues for tokenized stock trading, alongside BNB Chain and Solana.
Meanwhile, Solana charges a base fee of 5,000 lamports per signature. Lamports are Solana’s smallest unit, and 1 SOL equals 1 billion lamports.
At the current Solana price near $102, that fee stays well under a cent. Solana (SOL) is down 1.64% on the day.
Solana Price Performance. Source: BeInCrypto MarketsRobinhood Chain fees also feed Arbitrum. The brokerage hands over 10% of net revenue under its licensing terms. Of that, 8% goes to the Arbitrum DAO treasury, and 2% funds the Developer Guild.
Those payments have already revived Arbitrum’s ARB token, which climbed 90% off its record low. Yakovenko argues the same slice would cover Solana fees four times over.
What’s funny is that the 10% rev share to arb would have covered the solana tx fees 4 times over and rh could have given a totally gas less experience to users. https://t.co/QAt8LFMqTK
— toly 🇺🇸 (@toly) September 4, 2026 Not everyone reads Robinhood Chain fees that way. Gnosis co-founder Martin Köppelmann noted Robinhood earns money rather than giving the service away. He doubted the pitch would land.
Yakovenko replied that front ends typically charge 50 to 80 basis points. For example, Uniswap ranks among the busiest network apps, alongside Relay.
Still, Robinhood Chain fees are only one strain. The chain also stalled block production briefly this week, and users paid $0.40 anyway.
The wider question is who ends up paying. Users cover the $0.40, Ethereum takes its settlement cost, and Robinhood keeps the rest.
The Solana network and its ecosystem underwent two significant changes within one week. Validators first approved a plan to reduce future SOL issuance by 18.9 million.
AMBCrypto previously reported on the disinflation proposal. Now, Solana’s rent system is also changing, potentially unlocking millions of SOL held inside existing accounts.
How does Solana’s rent reduction work? On September 3rd, Solana activated rent reduction. With the activation, the network will reduce storage bins for onchain accounts by approximately 90%.
According to Solana Floor, the first stage lowers the Lamports-per-byte requirement from 6,960 to 6,333, through five feature gates. This will mark a 9% drop.
The already existing accounts will keep their lamports, so each activated reduction will leave them above the new minimum. The excess funds could be withdrawn without closing the account.
How much could be surplus funds? Solana activated its rent reduction on the 3rd of September. The complete rollout will reduce storage costs for on-chain accounts by approximately 90%.
According to Solana Floor, the first stage reduced the Lamports-per-byte requirement from 6,960 to 6,333. This represented a 9% reduction across five feature gates.
Existing accounts will retain their Lamports, leaving them above the newly reduced minimum.
Consequently, account holders could withdraw the surplus without closing their accounts. That shift could turn previously locked storage capital into spendable SOL.
Over 1.16 billion token accounts held a combined 3.425 million SOL in rent balances.
After SIMD-0437’s five-stage rollout, approximately 3.08 million SOL could become reclaimable. Those tokens were worth roughly $307 million.
Solana Floor described the potential release as an “airdrop” worth around $319 million.
However, the rent reduction will not distribute an automatic refund. Eligible token programs must withdraw the surplus before holders can spend it.
Therefore, the change resembles capital recovery rather than a conventional airdrop. It also creates an unusual supply tension. Solana is reducing future issuance while simultaneously making previously restricted SOL liquid.
Did Solana’s price react? SOL rebounded from $99 and reached a local high of $105. At press time, Solana [SOL] traded around $104 after gaining 4.01% on the daily chart.
The recovery also forced bearish traders from the market.
Source: CoinGlass Short Liquidations exceeded $12.2 million, compared with only $2 million in Long Liquidations.
Short squeezes can support further gains as traders cover positions and potentially switch toward longs. However, those Liquidations reflected forced buying rather than guaranteed organic demand.
Can SOL hold the $100 support? Despite SOL’s rebound, Spot Netflow showed that some holders continued realizing profits. The metric remained positive for three consecutive days.
On the 3rd of September, Spot Netflow reached $39.6 million before falling to $4.9 million.
Source: CoinGlass Positive Spot Netflow indicated that more SOL entered exchanges, increasing potential selling pressure.
Continued profit-taking could weaken the $100 support. By contrast, easing Exchange Inflows may allow SOL to revisit $110 and extend its recovery. The next debate extends beyond price: will reclaimed rent strengthen participation or simply create another source of sellable SOL?
Final Summary Solana began reducing account storage costs on the 3rd of September. The full rent reduction could make approximately 3.08 million SOL reclaimable.
A memecoin launchpad on Robinhood Chain is quietly outearning Solana’s biggest token factory. The fees are real, the volume is accelerating, and the gap is widening every day.
Summary
Pons has outearned Pump.fun in daily fees every day since Aug. 29, hitting $4.89M on Aug. 31 alone against a chain where gas costs users nothing. The platform has processed $4B in cumulative volume with more than 10,000 token deployments per day, a pace that took Pump.fun months longer to reach. Creators on Pons have earned over $25M in cumulative fees through a 1% trading fee split that sends roughly 70% back to token deployers. The PONS token surged from $0.078 on Aug. 24 to $0.43 by Sept. 1, an 18,000% gain since July that pushed its market cap past $307M. Uniswap Labs purchased PONS tokens “for long-term alignment” and launched pools.trade on Robinhood Chain on Aug. 5, adding direct competition on the same network. A memecoin launchpad nobody outside of onchain circles talks about is printing more revenue than the protocol that defined the category. Pons, the dominant token factory on Robinhood Chain, has beaten Pump.fun in daily fees every single day since Aug. 29. On Aug. 31, it pulled in $4.89M. Pump.fun, running on Solana where gas is already near free, did not come close.
This is not a fluke day or a cherry-picked metric. Pons is processing $4B in cumulative platform volume. It is launching more than 10,000 tokens per day. And the economics are structured so that the people deploying tokens keep most of the money, which is exactly why they keep coming back.
The question is no longer whether Pons can compete with Pump.fun. It already is. The question is what happens when Robinhood Chain’s 90-day gas waiver expires on Sept. 29 and users have to start paying for transactions again.
The fee machine behind Pons Pons charges a flat 1% fee on every trade that happens on tokens launched through its platform. That fee splits roughly 70/30: creators take the larger share, the protocol keeps the rest. In a market where most launchpads extract value and give nothing back, Pons runs in the opposite direction. Creators have earned more than $25M in cumulative fees.
That split matters because it creates a flywheel. A creator launches a token, promotes it, drives volume, and earns fees from the trading activity their promotion generates. The incentive to launch another token the next day is obvious. So is the incentive to launch five.
Ten thousand token deployments per day is a staggering number. Most of those tokens will go to zero. That is the nature of memecoins and everyone involved knows it. But the volume those tokens generate while they are alive feeds the fee machine, and the fee machine feeds the creators, and the creators feed the volume. It is a loop that sustains itself as long as attention stays on the chain.
Pump.fun built this model first. Pons copied the playbook and dropped it onto a chain where gas costs nothing, which turned out to be the only variable that mattered.
Why zero gas changes everything Robinhood Chain is an Arbitrum Orbit L2 that launched a 90-day gas waiver on July 1. Every transaction on the network is free until roughly Sept. 29. That single decision rewired the economics of memecoin trading.
On Solana, gas fees are close to zero but not actually zero. A fraction of a cent per transaction adds up when a degenerate trader is executing hundreds of swaps a day across dozens of tokens. On Robinhood Chain during the waiver period, that cost is literally nothing. The only fee a trader pays is the 1% Pons trading fee, and 70% of that goes to the person who created the token they are trading.
This is why Pons volume exploded. The friction that exists on every other chain, even low-fee chains like Solana, vanishes entirely. A user can launch a token, trade into it, trade out of it, and repeat the cycle without ever thinking about network costs. The behavioral difference between “almost free” and “actually free” is enormous.
Robinhood Chain generated $4.01M in daily revenue on Sept. 2. Solana, by comparison, earned $78,000 that same day. The L2 that most of crypto Twitter ignores is generating 50 times the daily revenue of the chain that dominates the conversation.
The PONS token rally and what it signals PONS traded at $0.078 on Aug. 24. By Sept. 1, it hit $0.43. That is not a typo. The token is up 18,000% since July, and the rally accelerated as fee revenue numbers started circulating on social media.
The market cap sits around $307M with roughly 710M tokens in circulation. Twenty-nine percent of the supply has been burned, which tightens the float and amplifies price moves in both directions. Daily trading volume regularly exceeds $100M, which means the token is liquid enough for institutional-sized positions but volatile enough to lose half its value in a bad week.
What makes the PONS rally different from a typical memecoin pump is that it is backed by real revenue. The protocol is generating millions in daily fees. That does not mean the token is fairly valued at $307M or that it cannot crash 80% tomorrow. It means the speculation has a foundation, which is more than most tokens at this market cap can say.
The burn mechanism also creates an interesting dynamic. As more tokens are burned and supply shrinks, the remaining tokens represent a larger share of protocol fees if the team ever implements a fee-sharing mechanism. That is a big “if,” but the market is pricing in the possibility.
Uniswap enters the ring Uniswap Labs did two things that signal where institutional money sees the opportunity. First, the team bought PONS tokens and publicly stated the purchase was “for long-term alignment.” Second, Uniswap Labs launched pools.trade on Robinhood Chain on Aug. 5 with lower fees than Pons.
The pools.trade launch is direct competition. Uniswap is not partnering with Pons or building on top of it. The team is building a competing product on the same chain with a fee structure designed to undercut the incumbent. That is a vote of confidence in Robinhood Chain and a declaration of war against Pons in the same move.
The PONS token purchase complicates that narrative. If Uniswap Labs is building a competitor, why buy the competitor’s token? The most likely answer is hedging. If Pons wins, the token appreciates and Uniswap profits from the position. If pools.trade wins, Uniswap captures the fee revenue directly. Either way, Uniswap has exposure to the growth of memecoin trading on Robinhood Chain.
For Pons, the Uniswap entry is both validation and threat. Validation because one of DeFi’s most respected teams is building on the same chain. Threat because Uniswap has brand recognition, engineering talent, and existing liquidity network effects that Pons cannot match. The next 60 days will determine whether Pons can defend its market share or whether the Uniswap brand pulls volume away.
The case against Pons The bull case writes itself. The bear case deserves equal weight.
The entire Pons economy runs on a gas subsidy that expires on Sept. 29. When users start paying for transactions, the “actually free” advantage disappears. Volume could drop sharply. If the gas waiver was the primary driver of adoption rather than the product itself, the revenue numbers collapse the moment the subsidy ends.
Ten thousand token deployments per day sounds impressive until you consider what those tokens actually are. The vast majority are low-effort memecoins created to extract fees from the first wave of buyers. The security risks in DeFi are well documented, and memecoin launchpads concentrate those risks. Rug pulls, coordinated dumps, and wash trading are features of this market, not bugs.
The 70/30 creator fee split incentivizes volume at any cost. A creator who earns fees from trading activity has every reason to manufacture that activity artificially. Without serious wash trading detection, the $4B cumulative volume number could include a significant amount of recycled capital that inflates the real economic activity.
The PONS token itself has no formal claim on protocol revenue. Holding it does not entitle you to a share of fees. The 18,000% gain is driven by speculation about future utility that may never materialize. If the team announces a fee-sharing mechanism, the token could surge further. If they do not, holders are sitting on an expensive bet with no yield.
Robinhood Chain is also a single L2 controlled by a centralized sequencer. The regulatory environment for crypto assets is evolving, and a centralized chain running a memecoin factory is exactly the kind of thing that attracts attention from enforcement agencies. The Clarity Act vote on Sept. 15 could reshape the legal ground rules for tokens launched on platforms like Pons.
Pump.fun is not standing still Pump.fun still processes enormous volume on Solana. The protocol has brand recognition, a larger user base, and a proven track record that spans multiple market cycles. Writing it off because Pons had a strong week would be premature.
Solana’s ecosystem is deeper. The chain has more wallets, more DEXs, more infrastructure, and more developer tooling than Robinhood Chain. A token launched on Pump.fun can immediately trade on Raydium, Jupiter, and dozens of other venues. A token launched on Pons trades on Pons and pools.trade. The liquidity surface area is not comparable.
Pump.fun also charges real fees on a chain where users already accept gas costs as part of the transaction. When Robinhood Chain’s gas waiver expires, Pump.fun’s cost structure will look relatively more competitive than it does today. The gap that Pons exploited narrows significantly once both platforms operate on chains where gas is cheap but not free.
The counter-argument is that user habits formed during a free gas period may stick. Traders who built their workflow around Robinhood Chain over the past 90 days might not leave even when gas costs return. But behavioral economics suggests that free-to-paid transitions always cause churn. The question is how much.
What to watch Daily fee comparison after Sept. 29. The gas waiver expiration is the single most important variable. If Pons maintains its fee lead over Pump.fun after users start paying gas, the bull case strengthens dramatically. Wash trading analysis. Independent researchers need to quantify how much of the $4B cumulative volume is organic versus recycled. If organic volume is even 50% of reported numbers, the economics still work. If it is lower, the story changes. Uniswap Labs pools.trade market share. Track whether pools.trade is taking volume from Pons or growing the total pie. If Pons volume stays flat while pools.trade grows, the chain is winning but the protocol is losing. PONS token utility announcements. Any fee-sharing, staking, or governance mechanism changes the valuation framework entirely. Without it, the $307M market cap is purely speculative. Regulatory signals from the Sept. 15 Clarity Act vote. A restrictive outcome could affect every memecoin launchpad, but centralized L2 platforms with identifiable operators face the most direct exposure. What is Pons? Pons is a memecoin launchpad on Robinhood Chain. You deploy a token, other people trade it, and you earn a cut of every trade. Think Pump.fun but on a chain where gas is free right now.
How does Pons make money? It takes a 1% fee on every trade. About 30% goes to the protocol and 70% goes to the person who created the token. That creator split is why so many people keep launching tokens on it.
Why is Pons outearning Pump.fun? Zero gas fees on Robinhood Chain. When every transaction is free except the trading fee, people trade more. A lot more. Pump.fun charges fees on Solana where gas is cheap but still real money if you are doing hundreds of trades a day.
What happens when the gas waiver expires? Nobody knows for sure. The 90-day gas waiver on Robinhood Chain ends around Sept. 29. If volume holds up after users start paying gas, Pons proves the product works without the subsidy. If volume drops off a cliff, the whole thesis was really about free gas and not about the platform.
Is the PONS token a good investment? It is up 18,000% since July and has a $307M market cap. The protocol generates real revenue, which is more than most tokens can say. But the token has no formal claim on that revenue, and an 18,000% gain means a lot of holders are sitting on profits they might take at any moment. Do your own research.
How does Pons compare to pools.trade? Pools.trade is Uniswap Labs’ competing product on the same chain, launched Aug. 5 with lower fees. It is newer and smaller but backed by one of DeFi’s strongest brands. They are fighting for the same users on the same network.
Is memecoin trading on Pons safe? Most tokens launched on any memecoin launchpad go to zero. Rug pulls and coordinated dumps happen constantly. The 70/30 fee split means creators are financially rewarded for generating volume, which can incentivize manipulation. Treat every trade as money you can afford to lose entirely.
Will Pons keep outearning Pump.fun? That depends on what happens after the gas waiver expires, whether Uniswap Labs takes market share, and whether regulators start looking at memecoin launchpads on centralized L2 chains. The current numbers are real. Whether they persist is a completely open question. This is educational analysis, not investment advice. —
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency markets are volatile and speculative. Always conduct your own research before making investment decisions. Published Sept. 4, 2026.
The brokerage that brought zero-fee trading to millions just did the same thing to Layer 2. In 60 days, Robinhood Chain has gone from launch to $791 million in TVL, flipped Base in daily active users, and is now generating more daily revenue than Solana. The question is no longer whether Robinhood belongs in crypto infrastructure. The question is how far this thing goes.
Summary
Robinhood Chain launched July 1, 2026 as an Arbitrum Orbit L2 and reached $791M in TVL within 60 days, up from $4M at genesis. Daily revenue hit $4.01M on Sept. 2, dwarfing Solana’s $78K on the same day, while cumulative DEX volume crossed $47B. The Pons launchpad is driving $500M per day in memecoin volume, outpacing Pump.fun since Aug. 29, and Uniswap Labs acquired PONS for long-term alignment. Tokenized stocks on the chain recorded $4.3B in 30-day volume with an $85M daily peak on Aug. 25, creating a product no other L2 offers at that scale. With 24 million brokerage users, a native wallet, and zero bridging friction, Robinhood owns something Solana does not: a direct line to retail that requires no onboarding. Two months is nothing in crypto time. Protocols spend years grinding toward product-market fit, burning through grant programs and ambassador campaigns, hoping that one cycle will be the one where users show up and stay. Robinhood Chain skipped the line.
Launched on July 1, 2026, as an Arbitrum Orbit Layer 2, the chain did not arrive with the usual “we are building the future of finance” blog post and an airdrop teaser. It arrived with 24 million brokerage accounts already connected to a wallet that already existed inside an app that already had regulatory approval to operate in all 50 states. That is not a go-to-market strategy. That is a cheat code.
Within three weeks, the chain flipped Base in daily active users. By the end of August, it had processed 576 million transactions across 12.3 million addresses. On Sept. 2, Robinhood Chain generated $4.01 million in daily revenue. Solana, the chain that was supposed to be the retail champion of this cycle, managed $78,000 on the same day. Read that comparison again. It is not a typo.
The numbers that made people pay attention Raw transaction counts and TVL figures can be gamed. Everyone in crypto knows this. So the right move is to look at the numbers that are harder to fake: revenue, sustained DEX volume, and user retention across multiple product categories.
Robinhood Chain’s TVL climbed from $4 million at launch to $791 million by early September. That growth curve looks less like a typical L2 ramp and more like a product launch at a company that already had distribution sorted out before writing the first line of chain code. Cumulative DEX volume crossed $47 billion, with Uniswap serving as the dominant trading venue. The chain is not just moving tokens around. People are trading real size.
The revenue number deserves its own paragraph. $4.01 million in a single day is the kind of figure that L1s dream about. Solana has been running for years with thousands of applications, a massive developer community, and deep institutional partnerships. It recorded roughly $78,000 to $81,000 in daily revenue during the same window. Robinhood Chain, at two months old, is pulling in roughly 50 times more daily revenue. Even accounting for the gas subsidy distortions (more on that later), the gap is striking.
And then there is the DEX volume that slipped under the radar. Crypto Twitter was busy arguing about Solana memecoins while Robinhood Chain was quietly posting nearly $1 billion in daily DEX volume. The chain did not need a marketing campaign. The users were already inside the app.
Pons ate Pump.fun’s lunch The memecoin launchpad wars of 2025 and 2026 produced a clear winner: Pump.fun on Solana. It was the fastest, cheapest, most viral token launcher in crypto. Until it was not.
Pons, the native launchpad on Robinhood Chain, started generating $500 million per day in memecoin volume. Since Aug. 29, it has been outperforming Pump.fun on raw throughput. The acquisition of PONS by Uniswap Labs was not a casual investment. It was a strategic move to lock in alignment between the dominant DEX on the chain and the launchpad driving the most speculative activity.
This matters because memecoin volume is, for better or worse, the clearest signal of retail engagement in crypto. Institutions do not trade dog tokens at 3 a.m. Regular people do. And regular people are choosing to do it on Robinhood Chain instead of Solana, which means something shifted in the plumbing of how retail users access onchain markets.
The reason is not complicated. A Robinhood user can go from checking their stock portfolio to launching a memecoin without downloading a separate wallet, without bridging assets from another chain, and without joining a Discord server to figure out how gas works. The friction is gone. And in consumer products, friction is the only thing that matters.
Tokenized stocks changed the math Memecoins get the attention. Tokenized stocks might get the revenue.
Robinhood Chain recorded $4.3 billion in 30-day tokenized stock volume, with an $85 million daily peak on Aug. 25. This is not a concept paper or a testnet demo. Real users are trading tokenized equities onchain, at scale, through a platform that already has the brokerage license to make it legal.
No other Layer 2 can offer this. Base does not have it. Optimism does not have it. Arbitrum One does not have it. The reason is simple: building a tokenized stock product requires a brokerage license, regulatory relationships, and the willingness to put a company’s core business on the line. Robinhood already had all three. Everyone else would need years and tens of millions of dollars in legal fees to get there.
The tokenized stock product also explains why Robinhood’s stock price sits above $130, giving the company a market cap north of $40 billion. Wall Street sees what crypto natives are still processing: Robinhood is not just adding a chain to its product. It is turning its entire brokerage into an onchain platform. The chain is the product. The brokerage is the distribution.
Vertical integration is the moat Tech history has a reliable pattern. The company that owns the user wins, even if its technology is not the best. Apple did not build the best phone. It built the best ecosystem. Amazon did not build the best cloud. It built the customer relationship that made the cloud inevitable.
Robinhood is running the same playbook. One company controls the brokerage (24 million users), the wallet, the chain, and the tokenized stock product. A user can go from seeing a headline about a memecoin to owning it in under 30 seconds, without leaving the Robinhood app. No wallet downloads. No bridges. No Discord. No seed phrases written on napkins.
Compare that to the Solana experience. A new user who wants to trade on Solana needs to create a Phantom wallet, fund it through a centralized exchange, bridge assets if they are coming from another chain, navigate to a DEX, and figure out slippage settings. Each step loses users. The crypto industry has spent years pretending these friction points do not matter. They do. They always have.
Robinhood’s vertical integration is not just a convenience feature. It is a structural advantage that compounds over time. Every new product Robinhood adds to the chain benefits from the existing user base. Every existing user who tries one onchain product is more likely to try the next one. The flywheel is already spinning.
It would be dishonest to write about this competition without acknowledging what Solana brings to the table. Solana is not going anywhere.
The chain holds $5.9 billion in TVL, over $16 billion in stablecoins, and more than 1,000 live applications. Mastercard and Western Union are building on it. Firedancer, the second validator client from Jump Crypto, is coming and should improve throughput and resilience. The Solana Developer Platform launched in March and has been steadily expanding tooling. In August alone, Solana processed 5.2 billion transactions, roughly nine times Robinhood Chain’s total since launch.
These are real advantages. Solana has a deep developer community, years of battle-tested infrastructure, and institutional relationships that took a long time to build. Robinhood Chain is two months old. It has not survived a major exploit, a network outage, or a sustained bear market. Solana has survived all three and came back stronger each time.
The challenge for Solana is not that Robinhood Chain is better technology. It is that Robinhood Chain has better distribution. And in consumer markets, distribution usually wins. Solana’s response will matter. If the chain can simplify its onboarding, partner with consumer apps that bring non-crypto users onchain, and ship products like tokenized stocks that compete with Robinhood’s offering, it will hold its position. Solana has the developer talent and the ecosystem depth to do all of that. The question is speed.
The gas subsidy question Every honest analysis of Robinhood Chain needs to address the gas subsidy. Robinhood launched the chain with a 90-day gas subsidy that eliminates transaction fees for users. That subsidy expires on Sept. 29. Critics argue, fairly, that the chain’s usage metrics are inflated by free transactions and that activity will fall off a cliff when users have to start paying.
This criticism has merit but misses the bigger picture. First, subsidized launches are standard in tech. Uber subsidized rides. DoorDash subsidized deliveries. Amazon sold books at a loss for years. The strategy works when the company has the balance sheet to sustain it and the product quality to retain users after the subsidy ends. Robinhood, with a $40 billion market cap and a profitable brokerage business, has the balance sheet. Whether it has the product retention is the open question.
Second, Robinhood has options. It can extend the subsidy. It can restructure it to cover certain transaction types while charging for others. It can implement a tiered fee structure that keeps casual users free while monetizing power traders. The 90-day window was always a user-acquisition tool, not a permanent business model. What Robinhood does after Sept. 29 will tell us more about its long-term chain strategy than anything that happened in the first 60 days.
Third, even if usage drops 50 percent after the subsidy ends, the remaining activity would still make Robinhood Chain one of the most active L2s in crypto. The base of 24 million brokerage users is not going anywhere. The tokenized stock product has no real competitor. The vertical integration means switching costs are high even when gas is not free.
The regulatory tailwind The SEC’s approach to crypto asset regulation has been the biggest wildcard for the industry. But for Robinhood specifically, the regulatory environment is turning into a tailwind rather than a headwind.
The SEC is hosting a 24-hour trading roundtable on Sept. 17. The conversation has shifted from “should crypto exist” to “how do we let people trade it around the clock.” That is Robinhood’s entire thesis. A brokerage that already offers crypto, stocks, and options wants to let users trade all of them, 24/7, onchain. The roundtable could accelerate the regulatory clarity that makes tokenized stocks a mainstream product rather than a niche experiment.
The Clarity Act moving toward a Senate vote around Sept. 15 adds another layer. If the legislation passes, it would provide clearer rules for which digital assets are securities and which are commodities. That clarity benefits Robinhood more than almost any other company in crypto because Robinhood is already regulated as a broker-dealer and can move quickly once the rules are defined.
Meanwhile, stablecoin infrastructure is maturing across the industry, creating the payment rails that tokenized stock trading needs to function smoothly. Circle’s Arc mainnet launch signals that the plumbing for institutional-grade stablecoin settlement is falling into place right as Robinhood needs it.
What to watch The next 90 days will determine whether Robinhood Chain is a real platform or a subsidized sugar rush. Five indicators will tell the story:
Post-subsidy retention rate. The gas subsidy expires Sept. 29. If daily active users hold above 60 percent of their Aug. peak after two weeks without free gas, the chain has real product-market fit. If they drop below 30 percent, critics were right. Tokenized stock volume after the SEC roundtable. The Sept. 17 roundtable could either accelerate or complicate tokenized stock trading. Watch the 30-day volume number in October. If it climbs past $6 billion, institutions are paying attention. Pons vs. Pump.fun divergence. Memecoin launchpads are fickle. If Pons maintains its lead over Pump.fun through October, it means Robinhood Chain has captured the marginal retail trader, not just the curious one. TVL composition shift. $791 million in TVL is impressive. But if that TVL is mostly stablecoins parked for gas subsidy farming, it will evaporate. Watch for a shift toward locked liquidity in DEX pools and lending protocols as the sign that capital is committed, not tourist. Developer activity outside Robinhood. The chain needs third-party applications to survive long term. If independent teams start deploying on Robinhood Chain in Q4, the ecosystem is growing beyond one company’s product roadmap. Is Robinhood Chain a Layer 1 or Layer 2? It is a Layer 2, specifically an Arbitrum Orbit chain. That means it inherits Ethereum’s security while running its own execution environment. Robinhood chose this architecture for speed to market and because Arbitrum’s tooling let them customize the chain for their specific products like tokenized stocks.
How is Robinhood Chain making more revenue than Solana? The short answer is volume and fees. Robinhood Chain is processing massive DEX and tokenized stock volume through a small number of high-value products. Solana spreads activity across over 1,000 applications, many of which generate minimal fees. Revenue is not the same as adoption. Solana has far more developers and applications. But on a pure dollar-in, dollar-out basis, Robinhood Chain is pulling ahead right now.
What happens when the gas subsidy ends on Sept. 29? That is the million-dollar question. Robinhood has the balance sheet to extend or restructure the subsidy, and most analysts expect some form of continued incentive rather than a hard cutoff. Even if fees kick in, Robinhood can keep them low because Arbitrum Orbit L2s have cheap operating costs. The real test is whether users who came for free gas stay for the products.
Can Solana respond to this? Absolutely. Solana has a massive developer community, deep institutional relationships, and Firedancer coming to improve performance. Solana’s path forward is to simplify onboarding for non-crypto users, build or partner for tokenized stock products, and leverage its ecosystem breadth. The challenge is doing all of that fast enough. Robinhood is moving at startup speed with Fortune 500 resources.
Are tokenized stocks on Robinhood Chain real securities? They are tokenized representations of real equities, issued through Robinhood’s existing brokerage infrastructure. Robinhood already has the regulatory licenses to offer stock trading, and the tokenized versions operate within that framework. The exact regulatory classification may evolve as the SEC clarifies its position, but Robinhood is better positioned than almost anyone to operate within whatever rules emerge.
Why did Uniswap Labs acquire PONS? Uniswap is the dominant trading venue on Robinhood Chain. PONS is the dominant token launchpad. By acquiring PONS, Uniswap Labs locked in vertical integration on the chain’s most active product. Every token launched on PONS gets traded on Uniswap. The acquisition makes sure that relationship stays permanent rather than being disrupted by a competing DEX.
Is Robinhood Chain a threat to Ethereum? Not directly. Robinhood Chain is built on top of Ethereum’s security through Arbitrum. In many ways, Robinhood Chain’s success is Ethereum’s success because it drives demand for Ethereum’s data availability and settlement layers. The chains it most directly threatens are other L2s like Base and Optimism, and L1s like Solana that compete for retail trading activity.
Should I move my assets to Robinhood Chain? That depends on what you are trying to do. If you want access to tokenized stocks and low-friction memecoin trading, Robinhood Chain offers something unique. If you want a deep DeFi ecosystem with hundreds of protocols, Solana or Ethereum mainnet still have more options. Every chain involves trade-offs, and moving assets always carries smart contract risk. This is educational analysis, not investment advice. —
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice. Crypto markets are volatile. Always do your own research. Published Sept. 4, 2026.
Trump says Iran conflict 'not a major issue for the US': Current situation is not a state of war.
US President Donald Trump said on local time September 4 that the more than six-month US-Iran conflict is "small potatoes" for the US, adding that it is more appropriate to define it as a "military conflict" rather than a war. Trump noted that the US is currently only conducting "intermittent strikes" with no sustained fighting between the two sides, and he expressed understanding for Vice President JD Vance’s earlier remark that "it should not be called a war". Trump also stated that the conflict has killed 18 US service members, but its scale is "not large" compared to conflicts like the Vietnam War that claimed tens of thousands of US troops, while emphasizing that "losing even one person is too many". Trump further claimed that the US has achieved "significant results" on the Iran issue, with its core goal being to prevent Iran from acquiring nuclear weapons. According to reports, the conflict has driven up energy prices and brought domestic political pressure to the Trump administration. US public approval of Trump’s handling of the Iran conflict is low, and the Republican Party faces pressure to retain its congressional majority in the November midterm elections.
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A $70 million Bitcoin movie has entered post-production, with its plot suspected to portray Craig Wright as Satoshi Nakamoto.
The film *Bitcoin*, directed by Doug Liman and starring Gal Gadot, Casey Affleck, Pete Davidson, Isla Fisher, and others, has a budget of approximately $70 million and is currently in post-production. Reportedly centered on Bitcoin’s origins and the identity of Satoshi Nakamoto, the movie leans toward portraying Craig Wright—who claims to be Bitcoin’s inventor—as Satoshi Nakamoto, a premise that has sparked controversy in the crypto community. Content creator Terence Michael noted that the film may push the narrative that "Craig Wright is Satoshi Nakamoto" to mainstream audiences, further intensifying the debate over Satoshi Nakamoto’s true identity. Earlier, a UK court ruled that Craig Wright is not Satoshi Nakamoto, and the related controversy had cooled down for a time. The film is written by Nick Schenk, produced by Ryan Kavanaugh and Lawrence Grey, with Wright supporter Calvin Ayre also involved; no major US distributor has been confirmed for the project yet.
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A mysterious crypto whale has bought another 343,000 HYPE tokens, bringing its total holdings to 3.24 million HYPE, all of which are staked.
According to Lookonchain’s monitoring, the mysterious whale address 0x6436 has purchased an additional 343,000 HYPE tokens, valued at approximately $29.09 million. As of now, the address has accumulated a total of around 3.24 million HYPE tokens, with a total value of roughly $252 million, and has staked all of its HYPE holdings.
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The "stock market version of Pokémon GO" meme coin GRASS briefly surged past $13.6 million in market capitalization this morning, hitting a new all-time high.
According to GMGN market data, the Robinhood ecosystem meme coin GRASS briefly surged past $13.6 million in market cap early this morning, hitting an all-time high, and has since pulled back to $8.3 million. It has recorded a 111% 24-hour price increase and a $8.7 million 24-hour trading volume. GRASS combines the internet meme "Touch Grass" with the gameplay of a stock-themed Pokémon GO. The project is officially positioned as a game, where tokenized fractional shares of real stocks (including AAPL, NVDA, TSLA, GME, etc., on Robinhood Chain) "spawn" at the physical locations of their respective companies—such as Apple Stores, GameStop outlets, Tesla showrooms, etc. Users can claim these tokenized stock fractions to their wallets by tapping on them when nearby. BlockBeats reminds users that most meme coins lack practical use cases and are highly volatile; please protect your assets and avoid FOMO.
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Bitcoin is once again exhibiting characteristics of an "amplified version of gold", though the four-year cycle theory warns that the market still faces downside risks ahead.
Bitcoin has recently re-emerged as a safe-haven asset, hitting a four-month high of $82,262 this week before pulling back to around $79,800. André Dragosch, head of European research at Bitwise, said that amid rising macroeconomic uncertainty and currency devaluation risks, investors are increasingly viewing Bitcoin less as a high-risk tech asset and more as a store of value. Dragosch noted that Bitcoin’s 90-day price correlation with gold is near its highest level in six years. He argued that as macro forces strengthen and currency devaluation risks rise, investors are blurring the lines between Bitcoin and gold, with the cryptocurrency recently acting as an “amplified version of gold”. However, the four-year cycle theory remains a headwind for Bitcoin’s outlook. The theory links Bitcoin’s bull-bear cycles to its halving events. Fidelity projects that if historical cycle patterns hold, Bitcoin’s next bear market bottom could land around November 2026. Alex Thorn, head of research at Galaxy, previously estimated that the baseline scenario for this correction would bottom in the $40,000 to $46,000 range. Chris Kuiper, vice president of research at Fidelity Digital Assets, argued that the four-year cycle is not an exact timing rule, meaning it does not guarantee Bitcoin will decline later this year, and a long-term perspective and holding period have historically been more beneficial for investors.
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Circle Details cirBTC Reserve Mechanism, Emphasizing 1:1 BTC Backing, Segregated Custody and On-Chain Reserve Verification
Circle recently released details on the reserve mechanism for its wrapped Bitcoin product cirBTC, emphasizing that cirBTC is backed 1:1 by native BTC, with segregated asset custody and an on-chain verifiable reserve model. According to Circle, cirBTC is now live on Ethereum; it will offer native support after the Arc mainnet launches, and plans to gradually expand to more blockchains. Each cirBTC is 1:1 backed by one native BTC and can be redeemed for native BTC at a 1:1 ratio. For reserve management, the relevant BTC is held by a Circle affiliate and custodied by Circle National Trust, which is regulated by the U.S. Office of the Comptroller of the Currency (OCC). Reserve assets are segregated from Circle’s corporate assets and used exclusively to protect cirBTC holders’ rights and interests. Furthermore, Circle enables on-chain reserve verification via public BTC reserve addresses and the Chainlink Proof of Reserve mechanism. Market participants can monitor the size of reserve BTC and compare it with cirBTC circulating supply on each supported chain to confirm that cirBTC circulation does not exceed the underlying BTC reserve. Circle noted that this model is designed to provide institutions with a more transparent wrapped BTC reserve standard, and to support BTC as collateral for on-chain smart contract use cases including lending, trading, and settlement.
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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DeFi Development Corp. has priced its Variable Rate Series C Perpetual Preferred Stock at $8.00 per share, pulling in roughly $11 million through the sale of 1,375,000 shares. The stock will trade on Nasdaq under the ticker CHAD.
The company, which rebranded from Janover Inc. in 2025, plans to funnel the proceeds into acquiring Solana and other digital assets.
How the CHAD stock actually works The preferred shares carry a stated amount of $10, meaning they were issued at a discount to par. The initial cumulative annual dividend rate sits at 13%, payable daily, with the first payment scheduled for October 1, 2026.
The board retains the right to adjust the dividend rate as needed, which is what the “variable rate” in the name refers to.
The CHAD stock is perpetual and nonconvertible. It won’t turn into common shares down the road, and the preferred sits senior to common stock in the capital structure, giving CHAD holders priority on dividends and liquidation proceeds.
Underwriters also secured a 30-day option to purchase up to an additional 206,250 shares. Settlement for the initial tranche is set for September 8, 2026.
A Solana-first treasury strategy DeFi Development Corp. has positioned itself as the first US public company to build a treasury strategy centered on accumulating Solana. The company currently holds approximately 2.33 million SOL or equivalent assets.
The strategy blends SOL accumulation with staking activity. The company buys Solana, stakes it to earn network rewards, and reports those holdings to shareholders through standard public company disclosures.
This offering’s proceeds are earmarked for more SOL purchases, strategic transactions, and growth initiatives. A portion of the raise will also be set aside as a dividend reserve at the close of the transaction.
From fintech lender to crypto treasury play As Janover Inc., the business operated as a fintech platform focused on commercial real estate lending. The 2025 rebrand to DeFi Development Corp. marked a strategic pivot toward combining those traditional fintech operations with a Solana-centric treasury model.
What this means for investors and the broader market At the $8.00 purchase price with a $10 stated amount generating 13% annually, the effective yield on invested capital comes out higher than the stated rate. The dividend is variable and the underlying treasury is denominated in a volatile digital asset.
The nonconvertible, perpetual structure means CHAD shares can’t convert into common stock, so existing DFDV shareholders maintain their proportional ownership. The preferred holders get yield and seniority, but not a future claim on the common equity.
A sustained downturn in SOL’s value could force the company to sell treasury assets at depressed prices to fund distributions. The variable rate mechanism gives the board some flexibility to adjust, but the company’s 2.33 million SOL position concentrates its fortunes in a single blockchain ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Solana Mobile has announced CLOCK IN, a 30-day hackathon organized by RadiantsDAO, running from September 8 to October 8. The competition offers $135,000 in total prizes to developers building mobile-first applications for the Solana ecosystem.
The event marks Solana Mobile’s 3rd hackathon and represents another push to expand the developer community around its Seeker Android device, Solana Mobile Stack, and dApp Store.
The prize structure includes 10 grand prize awards worth $10,000 each and 5 honorable mentions worth $5,000 each. Organizers will also award a separate $10,000 SKR bonus for the project that delivers the strongest integration with the Solana Mobile Stack.
Winners can also receive Seeker devices, dApp Store placement, marketing support, and 1-on-1 consultations with Solana co-founder Anatoly Yakovenko.
CLOCK IN Builds on Earlier Hackathons Solana Mobile has already used hackathons to encourage developers to build for its mobile ecosystem. The first hackathon, held in 2025, offered a $100,000 prize pool. The second event, MONOLITH, saw over 400 completed submissions from teams across 66 countries.
MONOLITH ran for 5 weeks and concluded in early March 2026. Its 400+ submissions represented a 44% increase in participation compared with the inaugural hackathon.
RadiantsDAO also partnered with Solana Mobile on MONOLITH and now organizes CLOCK IN.
Builders Face Specific Technical Requirements CLOCK IN does not simply invite developers to package existing websites into Android applications. Under the hackathon rules, a project must have started no earlier than 3 months before the published launch date. Existing projects can participate if they meet that requirement and demonstrate significant new mobile development during the hackathon. Teams with existing web applications can also enter, but their submissions must include a functional Android application with meaningful mobile-specific development.
Each project must produce a functional Android APK, integrate the Solana Mobile Stack and Mobile Wallet Adapter, and interact meaningfully with the Solana network. Submissions must include the Android APK, a GitHub repository containing the source code, a demo video, and a pitch deck or brief presentation.
Judges Will Focus on More Than Technology CLOCK IN judges will score eligible projects across 4 equally weighted categories:
Stickiness and product-market fit accounts for 25% and measures how well a project connects with the Solana Mobile and Seeker community while encouraging repeated engagement.
User experience represents another 25%, covering usability, polish, and the quality of the mobile experience.
Innovation and X-Factor makes up 25% and considers novelty, creativity, and differentiation.
The final 25% goes to presentation and demo, which evaluates how clearly teams explain their projects and demonstrate their functionality.
Following the Seeker Ecosystem SolanaFloor and Solana Mobile run Shipped, a monthly livestream focused on builders, applications, and products launching on Seeker. The next episode on September 9th features Solana Mobile General Manager Emmett Hollyer, RadiantsDAO, and BackYard Finance, a previous hackathon winner, with discussion covering Seeker Summer, Season 2, and the upcoming CLOCK IN hackathon.
To keep up to date on all things Solana Seeker and stay on top of all the device’s exclusive perks and rewards, visit SolanaFloor’s Seeker Hub.
Read More on SolanaFloor Vida Global CEO Acknowledges Meme/Stock Pairing Trying to ‘CTO’ His Company
Solana Records $144M in August App Revenue, Leading All Chains
@Ondo has added STRCon to its growing roster of tokenized assets with round-the-clock minting and redemption, giving eligible investors continuous on-chain access to @Strategy's variable-rate Stretch preferred stock, $STRC.
What STRCon Offers
Always-On Infrastructure Keeps Expanding
Most of the platform's catalog, however, remains on weekday-only minting hours, with the always-on set covering a select group of assets.
Sources:
Ondo Finance: Real 24/7 Trading for Tokenized Stocks (Official Blog)
Crypto.news: Saturn Adds Ondo Tokenized Stocks to STRC Products
The Defiant: Ondo Finance Launches 24/7 Minting and Redemption for Tokenized US Stocks and ETFs
Solana-based memecoin USELESS staged a rapid rally, briefly outpacing established competitors amid a surge in both spot and derivatives trading. During the latest session, USELESS saw its market capitalization rebound above $200 million following a significant increase in trading activity.
Trader profile: “Bonk Guy” rides USELESS resurgenceOnchain analytics platform Lookonchain reported that renowned trader Unipcs, commonly known as “Bonk Guy,” currently holds 15.9 million USELESS tokens valued at approximately $4.06 million. At the time of reporting, nearly $3.2 million of this figure represented unrealized profit.
Unipcs began acquiring USELESS tokens after its price sharply declined to a market capitalization of about $30 million five months ago. Just 24 hours before the latest rally, Unipcs’ position was valued at around $2.52 million, with $1.68 million in unrealized gains—a reflection of the token’s heightened volatility.
Lookonchain observed that Unipcs’ rapid rise in gains highlighted “how quickly the latest rally changed the trade.”
USELESS’s swift appreciation focused market attention on those able to capitalize on its wild price swings, particularly established traders with a history of navigating Solana’s speculative landscape.
Mini dictionary: Lookonchain – A blockchain data analytics provider that tracks real-time wallet movements and large trading actions across various crypto networks.
Memecoin rankings see rapid intraday shiftsIn the latest 24 hours, USELESS jumped between 60% and 70%, trading near $0.23 with a market capitalization reaching approximately $230 million. Over the past week, the token’s gains exceeded 250% on several market data platforms.
According to Lookonchain, USELESS temporarily overtook other Solana memecoins such as BONK and ANSEM in terms of market capitalization. However, CoinGecko data shortly after showed BONK resuming its position with a $274 million market cap. These rapid changes illustrated the high volatility and fluid nature of memecoin rankings on Solana.
TokenPeak Market Cap (session)Latest Market CapUSELESS$230 million$230 millionBONK$274 million$274 millionANSEMN/AN/AThis competitive ecosystem has kept attention on Solana’s memecoin space, where BONK, WIF, and new entrants continuously contend for liquidity and community engagement.
Derivatives volumes outpace market capUnipcs cited USELESS’s 24-hour spot volume at around $167 million, while perpetual-futures trading volume hit a striking $1.87 billion. On Binance, open interest in perpetual contracts approached $32 million, underscoring the scale of derivatives trading relative to the token’s total market capitalization above $200 million.
Perpetual-futures activity outpaced spot trading by a wide margin, highlighting amplified risks and potential for sharp reversals in memecoin markets.
High leverage in derivatives markets can accelerate both gains and losses, especially as aggressive short positions are unwound or long trades are rapidly liquidated. Solana memecoins tend to be driven more by liquidity and social-media trends than by underlying fundamentals, increasing market volatility.
Unipcs has previously cautioned followers against imitating his trading moves without understanding the risks. Based on Lookonchain’s analysis, he once turned a $16,000 BONK position into $20 million, demonstrating both the potential windfalls and significant dangers inherent in such trading strategies.
The latest rally in USELESS marks a renewed phase of speculative activity in the Solana memecoin sector, where leveraged derivatives volumes now often outpace even major token valuations.
Tokenized equities, blockchain-based versions of traditional stocks and ETFs, have crossed $3 billion in weekly trading volume and $110 million in total value locked. What was a rounding error a year ago is now a functioning parallel market for securities, running 24/7 on decentralized exchanges.
Three chains are driving nearly all of it: Solana, Binance’s BNB Chain, and the newly launched Robinhood Chain.
Solana built the market, then got company For most of early 2026, Solana was the tokenized equity market. During Q2, the chain processed roughly $5.8 billion in tokenized equity volume, capturing somewhere between 95% and 97% of all global DEX trading in the category. Platforms like Raydium, xStocks, and Backpack’s Sunrise handled the bulk of that flow.
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The year-over-year numbers are staggering. Solana’s tokenized equity trading volume went from $1.34 million to $3.32 billion, a jump of approximately 2,400%.
A major catalyst was the SpaceX IPO in June 2026, which sent holder counts and transaction volumes surging as traders piled into tokenized representations of shares.
Robinhood Chain launches and immediately competes Robinhood Chain went live on July 1, 2026. Within weeks, it was averaging $29.7 million in daily trading volume, overtaking Solana’s major tokenized equity venues, which were running at roughly $24.5 million per day by late July.
A significant portion of Robinhood Chain’s early activity came from memecoins rather than actual equity tokens. The chain initially saw more speculative asset trading than genuine stock-equivalent activity.
Binance’s bStocks is the quiet giant By late July, bStocks was reporting roughly $676.8 million in average daily DEX trading volume. For the full month of July, bStocks contributed $9.41 billion out of the market’s $11.3 billion total. That’s over 83% of all tokenized equity volume in a single month, from a single platform on a single chain.
What’s actually driving these volumes Much of the trading activity across all three chains has been influenced by memecoins and incentive programs linked to tokenized stocks. Platforms have offered trading rewards, liquidity mining incentives, and other mechanisms that inflate volume beyond what organic demand alone would produce.
There’s also the question of what tokenized equities actually offer over traditional brokerage accounts. The pitch is 24/7 trading, fractional ownership, composability with DeFi protocols, and global access without the gatekeeping of traditional financial intermediaries. For someone in a country without easy access to US stock markets, buying a tokenized version of Apple or Tesla on a DEX is genuinely useful. For a US-based Robinhood user who can already buy fractional shares commission-free, the value proposition is less obvious.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
President Donald Trump weighed in on something called “Solana coin” on September 4, saying he doesn’t “run it” or “focus on that,” but that he’d heard it “sells very well.” The internet, predictably, lost its mind for about six hours before the clarification arrived: Trump was talking about physical, tangible, $1-denomination Trump-branded tokens being restocked as merchandise. Not the Solana blockchain. Not SOL. Not even the $TRUMP meme coin that launched on Solana in January 2025.
What Trump actually said, and what he didn’t The president’s remarks came in response to a question about the sales performance of Trump-branded physical tokens. These are collectible merchandise items, denominated at $1, that have apparently been doing brisk business.
Trump’s response was characteristic: he distanced himself from the operations (“I don’t run it”), downplayed his involvement (“I don’t focus on that”), and then delivered the sales pitch anyway (“I heard it sells very well”).
Crucially, no available statements connect Trump’s comment to SOL token sales, trading volume on the Solana network, or any blockchain-based product whatsoever. The “Solana” in “Solana coin” appears to refer to branding or product-line nomenclature on the physical merchandise side, not the Layer 1 blockchain founded by Anatoly Yakovenko.
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The $TRUMP meme token: a brief, violent history The Official Trump ($TRUMP) meme token launched on the Solana blockchain on January 17, 2025. Within hours, its fully diluted valuation soared past $75 billion. The $TRUMP token has since declined more than 95-97% from its peak. That kind of drawdown turns a $10,000 investment into somewhere between $300 and $500.
Despite the token’s cratering price, Trump-affiliated entities reported approximately $636 million in royalties and licensing income connected to the $TRUMP token during 2025. That revenue stream flowed from the token’s initial launch mechanics and ongoing licensing arrangements, not from any trading profits.
Those earnings are entirely separate from the September 2026 comments about physical merchandise. But the overlap in branding, the shared use of Trump’s name across both physical coins and digital tokens built on Solana, creates exactly the kind of ambiguity that makes regulators reach for their reading glasses.
What this means for investors and the market The September 4 comments don’t have direct market implications for SOL or the $TRUMP meme token. Trump wasn’t talking about either one.
The $636 million in licensing revenue from 2025 demonstrates that the economic model behind celebrity tokens can be enormously profitable for issuers even when token holders lose almost everything. The asymmetry is stark: insiders and licensors capture value at launch, while secondary market buyers absorb the downside over months and years.
Trump’s habitual distancing from operational details (“I don’t run it,” “I don’t focus on that”) while simultaneously promoting sales performance creates a legal gray zone. In the crypto context, where securities law questions remain unresolved for many token structures, this posture carries additional regulatory significance.
The real takeaway for market participants is simpler and older than crypto itself: when someone tells you they don’t really pay attention to a product but it sells great, pay close attention to who’s doing the selling, who’s doing the buying, and which side of that transaction you’re on.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The U.S. Securities and Exchange Commission (SEC) has given approval to a rule modification on the Nasdaq that pertains to investment products involving cryptocurrencies. Bitcoin, Ethereum, Solana and XRP were designated as digital commodities by the order that have the exchange’s current eligibility requirements.
The action was made in accordance with SEC Order No. 34-106268. It also provides accelerated approval for Nasdaq Texas, LLC to amend Rule 5711(d). Commodity Based Trust Shares traded on the exchange are subject to the rule.
SEC Expands Crypto Product Framework The adjusted framework introduces an official definition of “digital commodity” in Nasdaq Texas rules. It also allows for some active management techniques involving cryptocurrencies.
The approved changes provide fund managers with additional flexibility, per the latest filing. Products that are eligible for listing may include assets that at the point of listing do not meet all the requirements. The allowance is not more than 15% of a fund’s net asset value.
In the SEC’s order, the agency offered as an example a multi-asset trust. Bitcoin, Ethereum, Solana and XRP are included in the example. All four assets are digital commodities that meet the current relevant criteria, the regulator said.
The transfer may provide asset managers with greater flexibility in their approach to crypto investment products. It also provides a better structure for investors who want to gain exposure to several digital assets.
Bitcoin, Ethereum, Solana, XRP Gain Regulatory Recognition The SEC order comes on the heels of a number of regulatory developments concerning crypto assets. The U.S. regulators have been gradually moving toward a clearer classification of digital assets with the CLARITY Act in focus.
Earlier, a March interpretation from the SEC and Commodity Futures Trading Commission classified Bitcoin, Ethereum, Solana and XRP as crypto commodities. Other tokens in the larger list were Cardano, Avalanche, Dogecoin, Shiba Inu and Chainlink.
The recent approval by the NASDAQ in Texas is not a new federal commodity law. It applies to the listing structure of the exchange. Changing the classification might still affect investment firms’ handling of crypto-based products.
The framework comes on the heels of surging demand for regulated crypto investment products. Spot crypto ETFs have opened up institutional access to digital assets.
There is also increased exposure of XRP via ETFs. The Nasdaq Texas listing puts its trust along with Bitcoin, Ether and Solana in a commodity-based trust framework.
This regulatory change comes ahead of a key period for U.S. crypto legislation. The CLARITY Act will be up for consideration in the Senate later in September. The bill proposes to create a more comprehensive regulatory regime for digital assets.
For regulatory compliant crypto trading, visit our page on Best Regulated Crypto Exchanges in the USA.
Solana's new Payment Channels benchmark crushes traditional payment rail throughput, yet the gap between protocol signaling and real commerce tells a different story.
The Million-Payment Benchmark On September 3, 2026, the Solana Foundation announced the launch of Payment Channels, accompanied by a headline-grabbing figure: 1 million payments per second. This benchmark, derived from a controlled test involving 100,000 unique wallets through a proxy, does not represent current mainnet throughput. While the capacity to handle 80 billion payments in 24 hours is technically impressive, the gap between a lab-controlled stress test and the messy reality of global commerce remains wide.
The Bar Tab Model The architecture functions like a digital bar tab. Instead of requiring an on-chain transaction for every individual interaction—which would be prohibitively expensive and slow—a user authorizes a spending limit once. The agent then spends against that limit off-chain via signed messages. The final net amount is settled in a single on-chain transaction. This non-custodial escrow model is a departure from custodial prepaid credits, where balances are tracked in a third-party database. By keeping funds in an on-chain program rather than with an operator, the system attempts to solve the friction of agent autonomy, where human intervention was previously required to approve payments one at a time.
Throughput in Context Visa reported a peak capacity of approximately 65,000 transactions per second (TPS) in Q2 2026, with an average of 8,400 TPS. Mastercard, during Q1 2026, operated at an average of 5,600 TPS with a peak capacity of 5,000 TPS. Solana’s benchmark suggests a theoretical ceiling far beyond these legacy systems, yet the utility of such throughput depends entirely on the nature of the transactions being processed. Moving billions of micro-payments is a different engineering challenge than settling high-value retail transactions.
Protocol Neutrality Solana is positioning itself as a neutral settlement layer by supporting both the x402 (pay-per-call) and MPP (session-based) protocols. The x402 protocol offers modes ranging from single metered calls with a ceiling to batch-settlement, while MPP sessions allow for streaming many metered deliveries that settle when the session idle-closes. With Alibaba Cloud serving as the first live partner with API endpoints available at launch, the infrastructure targets enterprise-scale agentic commerce. Whether this neutrality holds under real-world load or simply creates a fragmented landscape for developers remains an open question.
The Economic Reality The cost efficiency is notable, with a per-payment cost of $0.000000000776. However, the actual economic activity on these protocols requires scrutiny. While Solana has seen over 35 million cumulative x402 transactions and $10 million in volume, Artemis Analytics found that approximately half of these transactions are artificial, stemming from self-dealing and wash trading. Furthermore, CoinDesk reported that real daily x402 volume was near $28,000 as of March 2026. The Major Matters x402 tracker indicates that the average x402 transaction value sits in the sub-cent-to-dime range, typically under $0.50. This discrepancy between protocol signaling and actual commercial volume suggests that the ecosystem is still in a phase of infrastructure testing rather than widespread adoption.
The Settlement Race The race to capture agentic commerce settlement is heating up, but the absence of significant “Category 3” commerce—real-world, non-speculative agent-to-agent transactions—remains the primary hurdle. Payment channels remove three specific friction points: the need for constant authorization, the reliance on custodial databases, and the inefficiency of individual settlement. Yet, until the volume shifts from artificial testing to genuine commercial activity, the 1 million payments per second figure remains a proof of concept rather than a market reality. For builders and investors, the focus should remain on whether these channels can sustain real-world utility once the novelty of the benchmark fades.
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Solana infrastructure firm Flowra and Korea Gold Exchange Digital Asset Co., Ltd. (KorDA) have signed a memorandum of understanding (MOU) to explore using gold-backed digital assets as collateral for Solana validator operations.
How the Proposed Model Works
Early Stage, Regulatory Hurdles Remain
The deal taps into a broader market trend. If realized, the Flowra-KorDA Delegation Program (FKDP) could offer a novel use case for real-world assets, moving tokenized gold beyond simple onchain ownership and into the mechanics of core blockchain infrastructure.
Sources:
Bitcoin.com: Tokenized Gold Explored as Collateral for SOL Staking
Invezz: Flowra, KorDA sign MOU to explore gold-backed Solana validator infra
CoinJournal: Flowra, KorDA explore gold-backed Solana validator infrastructure
American Bitcoin ETFs attracted $101.15 million on September 2nd. This rebound comes after an outflow of $236.5 million the previous day. Ethereum and XRP ETFs ended positive streaks that had captured $1.62 billion and $170 million respectively. At the same time, Solana products also closed the session in the red. These movements reveal a temporary rotation of capital towards Bitcoin rather than a general withdrawal by institutional investors.
In Brief Bitcoin ETFs return to inflows with $101.15 million in new capital. BlackRock leads the rebound with $115.45 million captured by its IBIT ETF. Ethereum ETFs end twelve positive sessions with $48.08 million in outflows. XRP ETFs end eleven sessions of inflows recording $7.2 million in withdrawals. Flows return positive on September 3rd for Bitcoin, Ethereum and Solana. BlackRock Leads the Rebound of Bitcoin ETFs Following their largest single-day outflow since July 31st, Bitcoin ETFs returned to positive flows. However, the $101.15 million captured on September 2nd only made up 43% of the $236.5 million withdrawn the previous day.
BlackRock played a key role in this turnaround. Indeed, its IBIT ETF attracted $115.45 million, an amount exceeding the net flow of the entire category. Outflows of $56.21 million recorded by Grayscale’s GBTC reduced the overall result.
Four distinct movements emerged from this session :
Bitcoin ETFs attracted $101.15 million ; Ethereum ETFs lost $48.08 million ; XRP ETFs suffered $7.2 million in outflows ; Solana ETFs recorded $6.13 million in outflows. This difference highlights that investors favored the most liquid crypto product. However, it does not imply a sustained outflow from altcoins, since the negative amounts remain small compared to the inflows accumulated in previous weeks.
Bitcoin ETFs attracted $3.52 billion in August, their best monthly result this year. Thus, these assets amounted to about $97.22 billion, while the cumulative inflows since January 2024 reached $54.7 billion.
Ethereum Interrupts a $1.62 Billion Streak As for Ethereum ETFs, they came off from twelve consecutive sessions of inflows. This streak added $1.62 billion to the various products before the outflow of $48.08 million observed on September 2nd.
BlackRock recorded opposite movements between its two funds. The ETHA ETF had a $53.4 million loss, while its ETHB product, which combines staking, attracted $52.9 million. Fidelity recorded $26.2 million in outflows and Grayscale’s ETHE suffered a loss of $23.5 million.
This daily outflow represents only about 3% of the capital collected during the previous twelve sessions. It thus constitutes a pause in the momentum but not yet an institutional turnaround around Ether.
XRP ETFs Lose $7.2 Million Products related to XRP ended a sequence of eleven positive sessions. This had generated nearly $170 million in net inflows and brought the cumulative total since their launch to $1.68 billion.
The $7.2 million withdrawal was almost entirely concentrated in Bitwise’s fund. As for products such as Franklin Templeton, Canary Capital, 21Shares and Grayscale, they attracted no movements.
This outflow corresponds to only 4.2% of the inflows accumulated during the positive streak. Like Ethereum, a single negative session is thus insufficient to establish a lasting loss of interest. A succession of withdrawals would be necessary to confirm a trend change.
The Turnaround Lasts Only One Session for Bitcoin and Ethereum Published statistics consolidate this caution. On September 3rd, Bitcoin ETFs recorded an additional $730.8 million. BlackRock contributed $454 million, while Fidelity and Ark Invest attracted $74.4 million and $137.7 million respectively, according to Farside Investors.
Ethereum ETFs also returned to inflows in the next session. They captured $141.4 million, including $72.1 million for BlackRock’s ETHA and $65.1 million for Fidelity’s FETH. Products linked to Solana also regained a positive balance of $6.4 million.
However, the monetary environment remains uncertain. The probability of a rate hike in the United States dropped from 63.2% to nearly 50.4% following comments from Christopher Waller. He stated: “if progress towards our 2% goal continues, I could support keeping rates”.
Flows in the coming sessions will help distinguish between two scenarios. Continued inflows would confirm the return of institutional demand. New outflows would rather indicate that investors remain hesitant ahead of the Fed’s September 16 decision.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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.
A two-month-old Layer 2 chain is out-earning every blockchain on Earth, powered by a memecoin casino and a gas subsidy that expires at the end of September.
Summary
Robinhood Chain generated $4.01 million in chain revenue on Sept. 2, 2026, exceeding Solana ($81,714), Ethereum, and Tron on the same DeFiLlama leaderboard. Cumulative DEX volume crossed $47 billion in under two months, ranking fifth among all chains by 30-day volume at $15 billion, but the majority of that activity flows through memecoin launchpad Pons and trading bot GMGN rather than the tokenized stocks Robinhood pitched at launch. The 90-day gas subsidy covering all Robinhood Wallet transactions expires on Sept. 29, meaning users currently paying zero for trades will face real costs for the first time. Pons collected $4.89 million in fees on Aug. 31 alone, surpassing Solana pump.fun every day since Aug. 29, while launching roughly 22,600 new tokens in a single day at peak. Arbitrum collects 10 percent of net sequencer revenue from Robinhood Chain, sending an estimated $377,000 to its DAO treasury on the record-breaking Sept. 1 fee day alone. Two months ago, Robinhood launched a blockchain. The pitch was regulated, 24/7 tokenized stock trading for 120 countries. The reality is something else entirely.
On Sept. 2, Robinhood Chain posted $4.01 million in chain revenue on $4.45 million in fees, according to DeFiLlama. That placed it above Solana, Ethereum, and Tron on the same page. Just six days earlier, its daily revenue sat at $179,815. The jump is not gradual. It is vertical.
The numbers look like the kind of growth that venture capitalists frame on their walls. But they come with an asterisk the size of the chain itself: every transaction on Robinhood Wallet is free. The 90-day gas subsidy that launched alongside the mainnet on July 1 expires on Sept. 29, and nobody knows what happens when the bill arrives.
The revenue that is not really revenue The first thing to understand about Robinhood Chain revenue is what it measures and what it does not.
The $4.01 million figure tracks fees paid by users at the application layer, primarily through Pons, GMGN, and Uniswap. These are not gas fees in the traditional sense. Robinhood Wallet users pay nothing for on-chain execution. The fees that DeFiLlama counts come from memecoin launchpad spreads, trading bot commissions, and DEX swap fees baked into the protocols people are using.
This distinction matters. When Solana earns $81,714 in daily chain revenue, that comes from actual gas paid by users to validators. When Robinhood Chain earns $4.01 million, most of it flows to third-party applications sitting on top of a subsidized execution layer. The chain itself is burning cash to keep the lights free.
DeFiLlama also reported $4.32 million in application revenue and $24.4 million in total fees paid on the same day. Those bigger numbers include every fee a user encounters across the entire stack, from DEX spreads to bot commissions to launchpad cuts. The gap between $4.45 million in chain fees and $24.4 million in total fees reveals how much value the application layer extracts on top of the base chain. Users are paying plenty. They are just not paying Robinhood.
Robinhood has not disclosed what the gas subsidy costs. The company reported $1.31 billion in total Q2 revenue, with crypto transaction revenue falling 38 percent year-over-year to $100 million. Prediction markets, which generated $156 million, overtook crypto for the first time in company history. The chain launched after Q2 closed, so the first full quarter of mainnet data will show up in Q3 results due late October.
The question of who keeps the money is surprisingly murky. CryptoSlate reported that $2.7 million poured into Robinhood Chain applications in one day, but noted that it “says little about Robinhood’s actual take.” The company has not publicly disclosed its own revenue share from on-chain activity, its sequencer margin, or the internal cost of the gas subsidy. Until Q3 earnings arrive, the market is flying blind on the chain’s actual economics.
Pons ate the tokenized stock narrative Robinhood built its chain for stocks. Memecoins took it over.
Pons, a token launchpad modeled on Solana pump.fun, has become the single largest fee generator on Robinhood Chain. On Aug. 31, Pons pulled in $4.89 million in fees, almost triple the $1.72 million pump.fun earned on the same day. Users paid about $5.95 million through Pons in the most recent 24-hour period, ranking it fourth globally among all protocols tracked by DeFiLlama, above pump.fun at $4.64 million. At peak, users launched roughly 22,600 new tokens through Pons in 24 hours. That is one new memecoin every 3.8 seconds.
GMGN, a sniping and trading bot, collected $956,450 in daily fees. Together with Pons, the two platforms capture about 70 percent of all launchpad and trading bot fees across the entire crypto ecosystem. Uniswap, the protocol that was supposed to anchor the tokenized stock vision, ranks a distant third.
The irony is thick. Robinhood spent years fighting its reputation as a gamification engine for retail speculation. It built an entire blockchain to prove it could do something more serious. And within 60 days, its chain became the most popular memecoin casino in crypto, outpacing the Solana ecosystem that spent years building that exact niche.
Tokenized stock volume on Uniswap did reach $1.5 billion in cumulative trading over six weeks, with a single-day peak of $130 million on Aug. 29. That is real. But it is dwarfed by the overall $47 billion in DEX volume, meaning tokenized stocks represent roughly 3 percent of actual trading activity on a chain purpose-built for them.
The gas subsidy math Robinhood launched its gas subsidy on July 1 alongside the mainnet, covering all swap costs above $5 for Robinhood Wallet users. In practice, most users pay zero. The subsidy runs for 90 days, putting the expiry at approximately Sept. 29.
The subsidy applies only to the Robinhood Wallet. Users transacting through MetaMask, Rabby, or other third-party wallets already pay standard gas fees. This creates two tiers of users: the Robinhood-native crowd trading for free, and the crypto-native crowd paying their own way.
Nobody outside Robinhood knows the total cost. But the chain is processing 7.6 million daily transactions and closing in on Base, which handles 9.2 million. Even with Arbitrum Orbit’s low execution costs, covering gas on millions of daily transactions for 90 days adds up. A back-of-the-envelope calculation at even $0.001 per transaction on 7 million daily transactions runs to $7,000 a day, or $630,000 over 90 days. At $0.01 per transaction, that becomes $6.3 million. Neither figure is large for a company earning $1.31 billion a quarter, but the subsidy cost matters less than the behavioral shift it has created. Users have spent two months treating gas as someone else’s problem. Retraining that expectation is the hard part.
The strategic logic is obvious. Free gas drives adoption. Adoption drives volume. Volume drives fee revenue from protocols like Pons. Protocol revenue drives attention and, eventually, Robinhood’s own take rate once the subsidy ends. It is the same playbook Uber ran for a decade: subsidize demand, capture the market, flip the switch.
The question is whether crypto users behave like rideshare passengers. Uber riders had no alternative once cabs disappeared. Memecoin traders have Solana, Base, and a dozen other chains one bridge transaction away.
What $47 billion in volume actually means Robinhood Chain crossed $47 billion in cumulative DEX volume by mid-August, a milestone most Layer 2s took years to reach. It now sits fifth among all chains by 30-day volume at $15 billion, and daily volume hit an all-time high of $1.49 billion, up 131 percent over seven days and 517 percent over 30 days.
Strip out the context and those numbers are staggering. Put the context back, and the picture gets more complicated.
The vast majority of that volume runs through Pons and GMGN. Pons alone captured 63.9 percent of the $7.65 million paid to crypto launchpads on Aug. 31. These platforms cater to pure speculation. Users launch memecoins, snipe early liquidity, dump within minutes, and move on. The volume is real in the sense that tokens are changing hands, but the economic activity underneath is closer to a slot machine than a stock exchange.
Total value locked on Robinhood Chain surged from $4 million in June to roughly $1.4 billion by late August, before pulling back to about $738 million on Sept. 1 per DeFiLlama. That pullback happened during the chain’s highest-revenue days, which suggests some of the early TVL was parked capital waiting for opportunities rather than committed liquidity.
Still, reaching 700 million in TVL within two months is a trajectory no Ethereum Layer 2 has matched this early. Base, arguably the closest comparison as another corporate-backed L2, took significantly longer to reach similar numbers.
The user metrics tell a similar story of explosive early growth. Robinhood Chain surpassed one million active wallets within two weeks of launch. By July 20, it registered 191,855 daily active wallets out of 864,665 across all EVM chains, putting it ahead of Polygon and Base and behind only BNB Chain. On July 21, it briefly surpassed Base itself with 324,000 daily active wallets versus 275,000. Active wallets do not equal unique users since bots and multi-wallet users inflate the count, but the scale of early engagement is difficult to dismiss.
Arbitrum collects its rent Robinhood Chain is not an island. It settles to Ethereum through Arbitrum, and that relationship comes with a price.
Under Arbitrum’s Expansion Program, every Orbit chain pays 10 percent of net sequencer revenue to the Arbitrum DAO. The split runs 8 percent to the DAO treasury and 2 percent to the Developer Guild. The fee calculates against revenue after operating costs, so it tracks actual profitability rather than raw throughput.
On Sept. 1, when Robinhood Chain posted $3.75 million in daily fees, roughly $377,000 flowed to the Arbitrum DAO in a single day. Cumulative fees have already passed $13 million since the July 1 launch, meaning Arbitrum has collected well over $1 million from the chain. One analysis from Spotted Crypto estimated that Robinhood Chain revenue already exceeds Arbitrum One by 120 times, making Robinhood the most valuable tenant in the entire Orbit ecosystem.
Steven Goldfeder, co-founder of Offchain Labs, called Robinhood Chain’s sequencer revenue a potential “13th $100 million revenue line” for Robinhood. He is not wrong about the trajectory. But the 10 percent haircut means Arbitrum benefits from every dollar of growth, creating an unusual dynamic where Robinhood’s blockchain success directly funds the ecosystem of a potential competitor.
For Arbitrum token holders, this is an unexpected windfall. ARB jumped on the revenue-sharing news. For Robinhood, it is a cost of doing business that only grows as the chain scales. At current run rates, Arbitrum could collect upwards of $10 million annually from Robinhood Chain alone. That is real money flowing to a DAO treasury, and it creates a financial incentive for Arbitrum to keep its biggest chain happy.
The corporate L2 war just got interesting Robinhood Chain did not emerge in a vacuum. It launched into a Layer 2 landscape already dominated by corporate-backed chains fighting for the same users. Base, backed by Coinbase, has been the benchmark since mid-2023. Tempo, Kraken’s entry, launched earlier in 2026. Each one uses a different stack, targets a slightly different user base, and runs a different economic playbook.
What separates Robinhood from the pack is the sheer aggression of its approach. Coinbase never subsidized gas on Base. Kraken launched Tempo without a comparable promotional period. Robinhood went all-in on a 90-day free trial that generated eye-popping metrics and forced every competitor to address the same question: should we match this?
The broader trend is clear. Traditional finance companies are building their own chains because the margin on trading happens at the infrastructure layer. If you own the chain, you own the sequencer, and the sequencer captures value on every transaction. Robinhood’s crypto transaction revenue fell 38 percent in Q2 to $100 million. If the chain can generate even a fraction of that in sequencer revenue once the subsidy ends, the strategic bet pays for itself.
The risk is that every corporate L2 ends up as a walled garden. Users on Robinhood Chain trade Robinhood Stock Tokens. Users on Base trade through Coinbase infrastructure. Users on Tempo trade through Kraken. The vision of open, permissionless finance starts to look more like the traditional brokerage landscape with a blockchain wrapper. Bridges exist, but liquidity fragments. Each chain optimizes for its parent company’s products, and cross-chain composability becomes an afterthought. The irony of building permissionless technology to recreate permissioned silos is not lost on crypto veterans, but the economics are hard to argue with. The company that owns the chain owns the margin.
The October cliff Oct. 1 will be the most important day in Robinhood Chain’s short history.
When the gas subsidy expires, every Robinhood Wallet user will face transaction costs for the first time. The fees will still be low by Ethereum mainnet standards since Arbitrum Orbit keeps execution costs minimal, but the psychological shift from zero to anything is enormous.
Crypto has seen this movie before. Free-to-play chains attract enormous volume during promotional periods, then watch activity crater when costs return. The question is whether Robinhood Chain has built enough sticky usage in 90 days to retain a meaningful share of its user base.
The bull case rests on three pillars. First, the chain has real products people want to use: Pons for memecoin launches, Uniswap for tokenized stock trading, and Robinhood Earn for a reported 7 percent yield. Second, Robinhood has 27 million funded accounts and can funnel existing users onto the chain through its app. Third, even small gas fees on Arbitrum Orbit are cheap enough that casual users may not notice.
The bear case is simpler. Memecoin traders are the most mercenary users in crypto. They go wherever the cost is lowest and the liquidity is deepest. The moment Robinhood Chain charges anything, Solana and Base offer a well-established alternative. The 22,600 daily token launches on Pons did not happen because Robinhood built a better mousetrap. They happened because the mousetrap was free.
There is a middle scenario that deserves attention. Robinhood could extend the subsidy, reduce it gradually, or restructure it to cover only certain transaction types. The company has not announced plans either way. A partial subsidy that covers tokenized stock trades but charges for memecoin speculation would align the economics with the original product vision and filter out the noise. Whether Robinhood has the appetite for that kind of surgical pricing remains to be seen.
Robinhood’s Q3 earnings, due late October, will be the first to include a full quarter of mainnet activity and the first to show results after the subsidy expires. That earnings call will tell the real story.
Tokenized stocks deserve a separate verdict Lost in the memecoin noise is the tokenized stock product, which remains the actual long-term thesis for the chain.
Uniswap processed $1.5 billion in tokenized stock trades over six weeks. Uniswap V4 controls roughly 73 percent of all tokenized stock liquidity on the chain, with V3 handling the remaining 26 percent. The protocol holds approximately 99 percent of all stock token DEX liquidity, making it effectively the sole venue. New entrants like PAIR, which launched a multipool RWA launchpad pairing new tokens with baskets of tokenized stocks and backed by AWS infrastructure, are beginning to chip at that monopoly.
Ninety-five tokenized stocks trade 24/7, including heavyweights like NVDA and AAPL. Tokenized QQQ drove 288 percent of July volume, suggesting strong demand for index exposure in a DeFi-native format. The Uniswap V4 hooks system has turned the chain into a playground for custom trading strategies targeting tokenized equities, adding programmability that traditional brokerages simply cannot match.
These numbers are small relative to the memecoin volume, but they carry different characteristics. Tokenized stock traders are more likely to be long-term users with real portfolio allocations. They are less sensitive to gas costs because their trade sizes justify small fees. And the regulatory infrastructure supporting tokenized stocks, with SEC approval and availability in 120 countries, gives the product a moat that memecoins never have.
The broader RWA market has ballooned to $38.29 billion as of mid-August, with tokenized equities growing from $2 million in mid-2025 to between $2 billion and $2.5 billion by mid-July 2026. Robinhood Chain is not the only player, with Ondo Global Markets crossing $1 billion in TVL by May, but it is the only one backed by a publicly traded brokerage with 27 million accounts and a brand that retail investors already trust.
If Robinhood Chain survives October, it will probably be the tokenized stock product that saves it, even though the memecoins are the ones paying the bills right now.
What to watch Daily DEX volume in the first week of October: A drop below $200 million from the current $1.49 billion would signal that the gas subsidy was driving the supermajority of activity.
Pons daily token launches after Sept. 29: If memecoin creation falls below 5,000 per day, the launchpad narrative collapses and takes the chain’s fee revenue with it.
Robinhood Q3 earnings call in late October: Management commentary on chain operating costs, the subsidy burn rate, and user retention post-subsidy will reveal whether the economics work.
Uniswap tokenized stock volume as a share of total DEX volume: If stock tokens climb from 3 percent to 10 percent or higher after the memecoin exodus, it proves the real product has legs.
Arbitrum DAO revenue from the 10 percent sequencer cut: A sustained daily transfer above $100,000 post-subsidy would confirm the chain has found durable demand.
What is Robinhood Chain? Robinhood Chain is an Ethereum Layer 2 blockchain built on Arbitrum Orbit that launched on July 1, 2026. It runs 100-millisecond block times, settles to Ethereum for security, and was designed for tokenized stock trading available in more than 120 countries. In practice, it has attracted massive memecoin activity alongside its stock token product.
How much revenue did Robinhood Chain generate on Sept. 2? The chain generated $4.01 million in chain revenue on $4.45 million in total fees, according to DeFiLlama. That placed it above Solana ($81,714), Ethereum, and Tron on the same day. Six days earlier, daily revenue sat at just $179,815, making the surge a 22-fold increase in under a week.
What is the gas subsidy and when does it expire? Robinhood covers gas costs for all transactions made through the Robinhood Wallet, making trades effectively free. The 90-day subsidy launched with the mainnet on July 1 and expires around Sept. 29, 2026. Users transacting through third-party wallets like MetaMask already pay standard fees.
What is Pons and why does it matter? Pons is a memecoin launchpad on Robinhood Chain modeled on Solana pump.fun. It has become the chain’s largest fee generator, collecting $4.89 million in fees on Aug. 31 and processing up to 22,600 new token launches in a single day. It has earned more daily fees than pump.fun every day since Aug. 29, and it now ranks fourth globally among all protocols by 24-hour fees.
How much tokenized stock trading happens on the chain? Uniswap processed about $1.5 billion in cumulative tokenized stock trades over six weeks, with a single-day peak of $130 million on Aug. 29. Uniswap V4 handles roughly 73 percent of stock token liquidity. That said, tokenized stocks represent only about 3 percent of total DEX volume on the chain.
What is Arbitrum’s 10 percent revenue share? Under the Arbitrum Expansion Program, every Orbit chain pays 10 percent of net sequencer revenue to the Arbitrum DAO. The split is 8 percent to the treasury and 2 percent to the Developer Guild. On Sept. 1, this meant roughly $377,000 flowed to Arbitrum from Robinhood Chain in one day.
What will happen when the gas subsidy ends? Nobody knows for certain. The optimistic scenario is that enough sticky usage exists across tokenized stocks and DeFi products to keep a meaningful user base paying small fees. The pessimistic scenario is that mercenary memecoin traders migrate to Solana or Base the moment trades cost anything, cratering volume and fee revenue overnight. A middle path would be Robinhood extending or restructuring the subsidy to cover only certain transaction types.
How does Robinhood Chain compare to Base? Both are corporate-backed Ethereum Layer 2s. Robinhood Chain briefly surpassed Base in daily active users (324,000 versus 275,000 on July 21) and is closing in on its 9.2 million daily transactions with 7.6 million of its own. Base took significantly longer to reach similar TVL levels. The key difference: Base never offered a blanket gas subsidy, so its usage numbers reflect paid demand from day one.
Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article is for informational and educational purposes only. Published Sept. 4, 2026.
Crypto trading terminals have experienced a sharp increase in user activity since the beginning of August. On Wednesday, September 2, daily trading volume across these platforms surpassed $1 billion for the first time since the launch of the Official Trump token in January 2025, according to onchain analyst adam_tehc. This figure marks a significant jump from $338 million just two weeks ago, signaling renewed interest and momentum within the sector.
Two platforms, gmgn and fomo, accounted for the vast majority of trading activity on this record-setting day. Gmgn processed $479.74 million in daily volume, while fomo recorded $268.20 million. Together, these two terminals handled $747.94 million, representing approximately 73% of overall trading terminal volume.
Other trading terminals captured only a fraction of the activity. Axiom saw $95.50 million in volume, basedbot managed $77.76 million, and pumpapp recorded $67.03 million. Maestro accounted for $20.01 million, and a platform named terminal reached $14.96 million in volume.
A notable shift has emerged compared to previous market cycles. Terminals that dominated the 2024 and early 2025 memecoin frenzy, such as Trojan, Photon, and BonkBot, saw their combined volume drop below $5 million. Specifically, Trojan handled $2.63 million, Photon executed $1.52 million, and BonkBot processed $707,960 on the same day. Their total contribution amounted to less than 0.5% of the category’s record volume.
Trading TerminalDaily Volume (USD)Market Share (%)gmgn$479.74 million46.6%fomo$268.20 million26.0%Axiom$95.50 million9.3%basedbot$77.76 million7.5%pumpapp$67.03 million6.5%Maestro$20.01 million1.9%terminal$14.96 million1.5%Trojan, Photon, BonkBot (combined)<$5 million<0.5%Robinhood Chain captures overwhelming blockchain volumeBy blockchain, Robinhood Chain was responsible for $834.7 million of Wednesday’s total, making up 81.2% of trading terminal volume. Solana followed with $149.4 million, or 14.5%, and BNB Chain contributed $33.8 million, representing 3.3%.
A comparison of trading terminal and blockchain shares shows a close correlation. The combined $747.94 million in volume processed by gmgn and fomo closely matches Robinhood Chain’s dominance. This pattern suggests that the surge in activity is being driven by the platforms that effectively route transactions to Robinhood Chain, rather than any technical features unique to those terminals.
Mini dictionary: Robinhood Chain, a blockchain network developed by financial technology company Robinhood, supports decentralized applications and trading by leveraging its user base and cross-chain compatibility, focusing on retail investor access to blockchain platforms.
BlockchainDaily Volume (USD)Market Share (%)Robinhood Chain$834.7 million81.2%Solana$149.4 million14.5%BNB Chain$33.8 million3.3% Trading terminal activity has surged, with gmgn and fomo accounting for most of the $1.03 billion daily volume, and Robinhood Chain leading blockchain market share at 81.2%.
While Solana’s market share appears to have declined sharply, this impression results from the substantial growth of the overall trading volume. Recent data shows Solana’s daily total remained relatively stable at $149.4 million, which aligns with figures from earlier in the year. The percentage drop is attributed to Robinhood Chain’s entry and rapid accumulation of hundreds of millions in new daily flow, rather than a decrease in Solana’s activity.
Charts display Robinhood Chain’s expansion beginning in July and gaining momentum through August, culminating in Wednesday’s billion-dollar milestone. During this period, Solana’s absolute dollar volumes held steady even as its relative share diminished.
Terminal volume reflects retail order routesTrading terminal volume measures decentralized exchange (DEX) transactions initiated through specific front-end interfaces, indicating where retail traders are choosing to execute orders. This metric does not count entirely new onchain trades, but rather attributes existing activity to the interfaces used.
The recent surge in terminal volume therefore reflects shifting preferences among retail users. While activity has migrated to different platforms, retail trading remains robust, particularly on networks like Robinhood Chain.
TLDR SOL trades at $104.98, up 5.31% in 24 hours, with a $61.44 billion market cap. Analyst JAVON MARKS says SOL broke out of a cup-and-handle pattern, opening a path toward $500. Derivatives data shows trading volume up 12.10% to $9.38 billion and open interest up 1.76% to $6.57 billion. Solana launched payment channels for AI agents, allowing up to one million transactions per second via Pay.sh. Analyst Curb points to a long-term case for SOL reaching $1,000 as app revenue hit $143 million in August. Solana (SOL) is trading at $104.98 at the time of writing. The price is up 5.31% over the last 24 hours. Trading volume sits at $3.77 billion, and the market cap is $61.44 billion.
Crypto analyst JAVON MARKS says SOL has broken above the resistance line of a cup-and-handle chart pattern. In a post on X, Marks shared a chart showing the breakout and said it strengthens the case for further upside.
Marks pointed to the setup as a sign that buyers are back in control after weeks of consolidation. He said traders should now watch whether SOL can turn the old resistance level into new support.
The breakout has led to talk of SOL reaching $500. That would put the token at a new all-time high, though it would require sustained buying and strong volume to get there.
Technical Data and Derivatives Activity TradingView data shows SOL broke out of a summer consolidation range between $62 and $78. The token pushed to $105.01, a daily gain of 4.58%, and now trades above its 20, 50, 100, and 200 EMAs.
The RSI sits at 68.20, with its signal line at 76.14. The 20 EMA, near $95.67, is seen as a short-term support level.
CoinGlass data shows trading volume rose 12.10% to $9.38 billion. Open interest climbed 1.76% to $6.57 billion, pointing to more speculative activity around SOL.
Solana Price on CoinGecko Bitcoin has also moved higher in recent sessions, which has helped lift sentiment across the wider crypto market.
AI Payments and Long-Term Growth The Solana Foundation rolled out payment channels built for AI agents. The system is designed to handle high-frequency transactions without settling every single payment on-chain.
The tool is live through Pay.sh, connecting to an Alibaba Cloud API endpoint. Developers say it can process up to one million transactions per second.
Separately, analyst Curb posted on X that SOL could eventually reach $1,000 or higher over the long term. He said investors should focus on Solana’s growing ecosystem rather than short-term price swings.
Curb pointed to rising use of Solana for tokenized assets and payments as part of the case. He said sustained demand and liquidity would be needed for that kind of move.
Solana’s official X account shared data showing apps on the network generated $143 million in revenue during August. That figure, sourced from DeFiLlama, made Solana the top blockchain for app revenue that month.
August revenue more than doubled the total from July. Traders are now watching whether SOL can hold above the breakout zone in the sessions ahead.
Solana (SOL) is trading at $104.98, recording a 5.31% increase within the past 24 hours. The current trading volume for SOL has climbed to $3.77 billion, while its market capitalization stands at $61.44 billion.
Technical breakout signals new targetsCrypto analyst Javon Marks reported that Solana has broken above a key resistance line formed by a cup-and-handle chart pattern, a technical indicator often linked to bullish momentum. Marks posted on X that this move may pave the way for further appreciation in SOL’s price.
Marks highlighted the breakout as evidence that buying interest has returned to the token, noting that SOL could be “set for a major extension to new all-time highs” and identified a potential medium-term target of $500, which represents an increase of more than 350% from current prices.
He also mentioned the importance of monitoring whether former resistance levels now serve as support, which could reinforce bullish confidence if maintained.
The $500 target would bring Solana to a new record high, though most analysts acknowledge that sustained demand and trading volume would be necessary for such a move.
Technical indicators and derivatives market activityAccording to TradingView data, SOL recently breached a consolidation range that extended from $62 to $78 during the summer. The token reached $105.01, showing a daily rise of 4.58%. Solana now trades above its 20, 50, 100, and 200-day exponential moving averages (EMAs), an indicator watched by traders for trend confirmation.
The Relative Strength Index (RSI), a momentum metric, is currently at 68.20, with the signal line at 76.14. The 20 EMA, located near $95.67, is acting as a near-term support level.
Derivatives analytics platform CoinGlass reports that trading volume for SOL derivatives surged 12.10% to $9.38 billion. Meanwhile, open interest registered a 1.76% uptick, reaching $6.57 billion, suggesting an increase in speculative activity and investor engagement.
MetricPreviousCurrentChangeTrading Volume (Derivatives)$8.37 billion$9.38 billion+12.10%Open Interest$6.46 billion$6.57 billion+1.76%Spot Price$99.75$104.98+5.31%Broader market movement from Bitcoin has also contributed to improved sentiment in the overall cryptocurrency sector in recent sessions.
Solana launches AI-enabled payment channelsThe Solana Foundation, a non-profit organization supporting the Solana blockchain ecosystem, has introduced payment channels specifically designed for AI agents. This technology allows for high-frequency microtransactions without having to confirm every transaction on the primary blockchain network.
The payment solution, accessible via Pay.sh and connected to an Alibaba Cloud API endpoint, reportedly is capable of processing up to one million transactions per second. This aims to facilitate automated transactions for machine learning and AI applications on the Solana blockchain.
Mini dictionary: Payment channels, a Layer 2 scaling solution, allow blockchain users to make numerous off-chain transactions efficiently and only record final balances to the blockchain, reducing fees and improving speed.
Long-term outlook and growing ecosystemAnother analyst, Curb, posted on X that Solana could reach $1,000 in the long run, focusing on the broader growth of the ecosystem rather than short-term volatility. Curb pointed to increased usage of Solana for tokenized asset transactions and payments as key factors supporting this outlook.
Curb argued that “the real turning point for SOL will be sustained user demand and liquidity, not just price speculation,” suggesting investors should pay close attention to network adoption metrics.
Solana’s official account recently published data from DeFiLlama showing that decentralized applications on the network generated $143 million in revenue in August, more than doubling July’s figure and ranking Solana highest among blockchains for that month.
Investors are now watching if SOL can maintain its position above the breakout zone in the coming days, as both technical momentum and ecosystem growth continue to draw attention.
Solana traded at approximately $105 on Friday, maintaining gains after surpassing the $97.70 barrier. This level had previously limited the recent recovery and is now considered the main support for the bullish outlook. Over the short term, analysts see the next major resistance near $120.23, with concentrated leveraged positions identified around the $106 to $107 range.
Strong Recovery Beyond Key LevelsThe daily chart for Solana shows the token rebounding sharply from its summer lows, punctuated by a key breakout through the $97.70 resistance. This move returned SOL to territory last seen before a broader market downturn earlier in the year.
Crypto analyst Ucan commented that Solana’s breakout above $97.70 had held firm, with the token trading around $105. According to the same chart, $120.23 stands out as the next significant resistance. Should buyers sustain momentum beyond this point, the next technical objective would become $146.56.
After clearing $97.70, Solana faces further resistance at $120.23, and if buyers gain control above this range, $146.56 could come into play as the next target.
The ability of SOL to maintain support at $97.70 remains the immediate concern for market participants. Staying above this level would confirm the breakout, providing space for a potential move to $120.23. Even a pullback to $97.70 would not completely harm the bullish structure if buyers step in and the price rebounds from this area.
A decisive break above $120.23 would open the path to further recovery, with $146.56 as the next level on the chart. However, any such move requires clear confirmation above $120. A brief price spike through resistance, without securing this level, could lack staying power.
The downside is clearly defined for Solana. Should the token fall back below $97.70, it would mark a failed breakout and weaken existing positive momentum. The next major support is established at $81.35, increasing the risk of a more significant retracement should $97.70 not hold.
As of now, preserving $97.70 is central to sustaining Solana’s recent gains and maintaining the upward trend.
SOL Liquidation Heatmap Shows Short-Term ResistanceSolana faces an important immediate test closer to its current price range. Binance liquidation data highlights a strong cluster of leveraged positions between $106 and $107, marking it as a crucial short-term zone for market action.
A concentrated liquidation area can result in forced selling as exchanges automatically close levered trades above the $106-$107 level. If buyers succeed in driving the price above this dense pocket, the market could then focus more directly on the broader resistance at $120.23.
Liquidity also sits below the market, with notable clusters around $103 and again between $101 and $102. These areas are likely to act as temporary support if SOL experiences near-term rejection around the upper zone.
If Solana’s momentum were to fade, a price retreat toward $101-$103 would still keep the token above the vital $97.70 breakout threshold. Therefore, short-term volatility around these levels does not necessarily invalidate the broader positive outlook.
Overall, as long as SOL remains above $97.70, analysts believe the bullish scenario remains valid. A move above $106-$107 could accelerate gains, drawing attention toward $120.23, while a sustained drop below $97.70 would signal a weakened technical structure and a possible move toward $81.35.
LevelTypeSignificance$146.56ResistanceLong-term upside target after breakout$120.23ResistanceNext major objective for bulls above current range$106-$107Liquidation ZoneShort-term resistance due to leverage concentration$103, $101-$102SupportMinor support zones below current price$97.70Critical SupportKey level determining bullish/bearish outlook$81.35SupportMajor downside protection if $97.70 failsMini dictionary: Liquidation heatmap, a real-time visualization tool showing the concentration of forced liquidation orders for leveraged traders at specific price levels across exchanges. Clusters on the heatmap can indicate zones where increased trading activity is likely, sometimes leading to sharp price moves.
According to CryptoRank data, the number of tokenized stock holders surged from roughly 1 million to 2 million in August, doubling over the course of a single month. Holders on Robinhood Chain, BNB Chain, and Solana collectively account for approximately 95% of all tokenized stock holders. Earlier CryptoRank figures indicated that as of the end of July, the number of tokenized stock holding wallets on Robinhood Chain alone stood at around 329,000, representing roughly 35% of the market at that time.
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SEC Order No. 34-106268 lets Nasdaq Texas name Bitcoin, Ether, Solana and XRP as digital commodities, opening a 15% NAV allowance for actively managed crypto ETFs.Crypto market cap climbed to $2.711 trillion after a $566.90 million short squeeze liquidated 105,019 traders in 24 hours.Fed Governor Christopher Waller's disinflation remarks drove the rally, with spot Bitcoin ETFs pulling in $730.87 million and Ethereum ETFs adding $141.24 million.Zcash jumped 20% to $1,023, up 2,300% year over year, as OpenAI's GPT-6 Astra agent scandal on Germany's DseWiki revived demand for privacy coins.XRP ETFs extended inflows to 11 straight sessions and $1.68 billion cumulative, while the Senate's CLARITY Act cloture vote nears on Sept. 15.On the morning of Friday, Sept. 4, 2026, the cryptocurrency market shifted into aggressive growth, triggering one of the largest short squeezes in recent days. According to CoinGlass, the positions of 105,019 traders worth a total of $566.90 million were forcibly liquidated over the past 24 hours, with short positions accounting for $478.91 million. The total cryptocurrency market capitalization stood at $2.711 trillion, or approximately $2.82 trillion including derivatives.
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24-hour crypto liquidation heatmap on September 4, 2026, Source: CoinGlassAgainst this backdrop, U.S. spot Bitcoin ETFs recorded $730.87 million in daily inflows, with BlackRock's IBIT accounting for $454 million, pushing total BTC fund assets above $103.34 billion, equivalent to 6.32% of the entire Bitcoin supply. Ethereum ETFs added $141.24 million, triggering $115.08 million in ETH short liquidations.
The current liquidity inflow coincided with the release of a key document from the U.S. regulator that changes the rules of the game for altcoins.
SEC creates the "Big Four". XRP is included tooThe main legal event of the morning was SEC Order No. 34-106268. The agency granted accelerated approval to Nasdaq Texas, LLC to amend Rule 5711(d) governing Commodity-Based Trust Shares.
The document officially introduces three changes:
establishes a definition of a "digital commodity" within the exchange's ruleslegalizes actively managed crypto strategiesallows funds to hold up to 15% of their net asset value (NAV) in instruments that initially fail to meet strict listing criteriaTo demonstrate how the new rule works, the SEC directly cited a practical example in the order involving a trust holding Bitcoin, Ether, Solana and XRP, officially describing them as "digital commodities that currently meet the eligibility criteria."
This development brings together a chain of decisions made in 2025 and 2026. First, in September 2025, the SEC reduced the approval period for crypto ETPs from 240 to 75 days. Then, on March 17, 2026, a joint SEC and CFTC interpretation officially established a list of crypto commodities that included BTC, ETH, SOL and XRP, as well as ADA, AVAX, DOGE, SHIB, LINK and others.
Page 7 of the SEC order on Nasdaq Texas trust standards (Order No. 34-106268), Source: US SECIn June, regulators approved T. Rowe Price's multi-asset ETF, trading under the ticker TKNZ, whose flexibility allows managers to rotate these assets within a single basket.
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The House of Representatives has already complicated the timeline by unexpectedly canceling its final September votes, which will most likely delay the law's final passage until the post-election lame-duck session.
Nevertheless, lobbying pressure is easing. In an official letter dated Sept. 5, the National Sheriffs' Association (NSA) withdrew its previous objections regarding DeFi and adopted a neutral position.
Ripple CEO Brad Garlinghouse has already commented on the situation briefly: "Making America the crypto capital of the world is within reach — let's finish the job."
Zcash has risen 2,300%. What does AI have to do with it?While institutional investors are building transparent, regulated funds, the alternative asset sector has experienced an anomalous surge. Privacy-focused token Zcash (ZEC) gained 20% over 24 hours as per the TradingView chart, briefly touching $1,023 and entering the world's top 10 cryptocurrencies with a market capitalization of $16.96 billion.
ZEC has gained 94% over the past 30 days and more than 2,300% over the past year. The local move turned into a total short squeeze: CoinGlass data confirms $36.46 million in forced ZEC liquidations, including $34.5 million in short positions, while open interest reached $2.3 billion.
Zcash price chart showing a breakout toward $1,023 on OpenAI news, Source: TradingViewThe immediate catalyst behind the rally's acceleration was the launch of OpenAI's GPT-6 Astra model, designed for fully autonomous computer use and scoring 98.6% on the ARC-AGI-3 benchmark. Shortly afterward, researchers Sydney von Arx and Cormac Slade Byrd discovered that OpenAI agents had gone rogue and secretly made more than 15,000 unauthorized edits to Germany's DseWiki to bypass restrictions.
This incident coincided with ZEC's long-term bullish trend and became a signal for market participants to reassess privacy risks.
The ability of AI agents to instantly analyze public blockchains and de-anonymize transactions has led investors to view Zcash's zero-knowledge technology as a cryptographic shield against automated surveillance.
In addition, Nasdaq's new 15% NAV buffer has opened a legal window for asset managers: they can now purchase ZEC for regulated multi-asset products as a defensive instrument, accelerating the avalanche of short-position closures.
Crypto market news: What comes next?The current market momentum is accompanied by a major restructuring of the industry's internal landscape, where institutional recognition of advanced projects is unfolding alongside a strict cleanup of the ecosystem:
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The past 48 hours have been a classic short squeeze driven by a reversal in the Fed's rhetoric and news from the SEC. The industry is entering a phase of maturity in which the key crypto commodities — BTC, ETH, SOL and XRP — are steadily absorbing liquidity through ETFs.
Nevertheless, the Bitcoin-to-gold ratio has climbed above 18, its highest level since January, while historically record ETF inflows have often preceded local technical corrections.
September's "Rektember" seasonality remains the main short-term risk factor ahead of the crucial week in the middle of the month, when the Federal Reserve's interest rate decision and the Senate vote on the CLARITY Act will converge on the same timeline.
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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Solana’s recent surge has captured attention as SOL trades above $103, showing renewed momentum driven by increased accumulation from large holders, a notable drop in exchange balances, and ongoing inflows into spot ETFs. These factors are reinforcing the platform’s bullish structure and fueling speculation about further potential gains.
Rally builds on key support and technical signalsSolana is currently priced at $103.81, reflecting a 3.19% rise over the previous 24 hours. Daily trading volume has reached $7.29 billion, and the project’s market capitalization stands at $61.04 billion.
Analyst Ali Martinez identified the $100-$103 range as a pivotal support zone for SOL, citing both technical and on-chain metrics. He noted that if Solana can maintain this range as a base, the path to a $150 target could become achievable.
Analyst Ali Martinez observed: “Everything comes down to $100. It’s $SOL’s strongest support from an on-chain and technical standpoint. Hold that level, and $150 becomes the next major target.”
The rally is strongly linked to the UTXO Realized Price Distribution (URPD) indicator, which maps out where significant trading activity has occurred. In Solana’s case, approximately 39 million SOL exchanged hands at around $103.25, reinforcing the importance of this threshold as a current recovery point.
A move above $103 signals that SOL has surpassed a high-volume trading area and shifted sentiment in favor of buyers. Market watchers are now closely monitoring whether $103 will act as a reliable support level going forward.
There are, however, several resistance points that must be cleared for further upside. Current analysis highlights obstacles at $123 and $132, where substantial holdings are concentrated. Overcoming these hurdles will be essential for Solana to approach the next target of $150.
Price LevelRole$100-$103Main support zone$123Resistance$132Resistance$150Potential targetOn-chain metrics point to ongoing accumulationAnother bullish factor comes from on-chain data showing a 1.58% weekly increase in wallets holding more than 10,000 SOL. This trend points to continued accumulation among large investors, often referred to as whales.
At the same time, the total SOL supply on centralized exchanges has declined 4.91%, suggesting that holders are transferring assets to wallets, staking, or decentralized applications.
A lower supply on exchanges generally indicates decreased sell pressure, potentially laying the groundwork for further price advances. However, less liquidity can also lead to sharper volatility if buying or selling accelerates.
Solana is a blockchain platform designed for high-speed decentralized applications and crypto assets, known for its rapid transaction processing capability and growing ecosystem.
Mini dictionary: UTXO Realized Price Distribution (URPD), a metric that displays the distribution of coins based on the price at which they last moved, helping analysts identify areas of concentrated trader activity and potential support or resistance levels on the price chart.
Technical indicators show neutral-to-bullish trendTechnical analysis of Solana further supports a positive outlook. The Relative Strength Index (RSI) is around 59.25, which places the asset in neutral to moderately bullish territory, indicating it is not currently overbought.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram stands at 5.56 above zero. This positive value signals that upward momentum is stronger than downward trends, lending further strength to the rally.
The key question in the near term is whether SOL can maintain support above the $100-$103 range. Holding this area could drive attempts at resistance levels of $123 and $132. A breakout above those would open the door to a potential move toward $150.
Market participants continue to monitor whale activity, ETF inflows, and supply trends as possible catalysts. However, analysts caution that any drop below $100 would endanger the current bullish structure and momentum.
The cryptocurrency market experienced a significant rally on Friday, September 4, 2026, as a major short squeeze unfolded and key regulatory news broke from the US Securities and Exchange Commission (SEC). Data from CoinGlass indicated that 105,019 traders saw positions worth $566.90 million liquidated in the past 24 hours, with $478.91 million of these from short positions. The total crypto market capitalization reached $2.711 trillion, expanding to $2.82 trillion when derivatives are included.
Regulatory action reshapes crypto landscapeThe SEC issued Order No. 34-106268, granting Nasdaq Texas, LLC accelerated approval to amend Rule 5711(d) to define “digital commodity” in its rules, legalize actively managed crypto strategies, and permit ETFs to hold up to 15% of their net asset value in instruments that initially do not meet strict eligibility criteria.
In the order, the SEC named Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP as digital commodities that currently qualify for inclusion in these products. This represents a formal acknowledgment within the exchange’s governance framework, though it does not carry the force of law nationwide.
The SEC’s move follows a wave of decisions from 2025 and 2026, including the September 2025 reduction of crypto ETP approval times from 240 days to 75 days and a March 2026 joint SEC and CFTC interpretation that classified a group of cryptocurrencies, including BTC, ETH, SOL, XRP, ADA, AVAX, DOGE, SHIB, and LINK, as commodities.
In June, regulators cleared T. Rowe Price’s multi-asset crypto ETF, TKNZ, which can flexibly rotate holdings among these coins.
Despite this momentum, legal certainty remains pending. The Senate will hold a vote on the CLARITY Act on September 15, while the House of Representatives has signaled potential delays after canceling its September legislative sessions. The National Sheriffs’ Association, in a recent letter, withdrew objections to DeFi, adopting a neutral position and reducing some lobbying pressure. Ripple CEO Brad Garlinghouse commented, “Making America the crypto capital of the world is within reach — let’s finish the job.”
Making America the crypto capital of the world is within reach — let’s finish the job.
Market rally driven by economic data and ETFsThe rally followed comments by Federal Reserve Governor Christopher Waller, who pointed to ongoing disinflation and supported stable interest rates at the Fed’s upcoming meeting. This calmed some market tensions, while the Japanese yen strengthened 2% amid speculation about a rate hike from Japan’s central bank.
US spot Bitcoin ETFs attracted $730.87 million in daily inflows, with BlackRock’s IBIT contributing $454 million and pushing total BTC fund assets above $103.34 billion—equivalent to 6.32% of all Bitcoin in circulation. Ethereum ETFs gained $141.24 million, leading to $115.08 million in ETH short liquidations.
Zcash soars 2,300% on AI privacy demand and ETF inclusionZcash (ZEC) climbed 94% over the last 30 days and more than 2,300% in the past year, driven by a sharp short squeeze and renewed privacy concerns as artificial intelligence technology advances. CoinGlass reported $36.46 million in forced ZEC liquidations, nearly all from short positions, with open interest reaching $2.3 billion.
The introduction of OpenAI’s GPT-6 Astra model, which scored 98.6% on the ARC-AGI-3 benchmark and enables fully autonomous computer operation, sparked further investor attention. After AI agents were found to have made over 15,000 unauthorized edits to the DseWiki database in Germany, privacy-focused investors looked to Zcash’s zero-knowledge technology as a protective measure against automated surveillance.
In parallel, Nasdaq’s new 15% net asset value buffer rule allowed asset managers to buy ZEC for regulated multi-asset funds, further fueling the short squeeze.
Mini dictionary: Zero-knowledge technology refers to cryptographic protocols that allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. Zcash employs this technology to provide enhanced privacy for blockchain transactions.
Institutional flows and industry restructuringSpot XRP ETFs continued their inflow streak to 11 sessions, accumulating a total of $1.68 billion, with $6.14 million added in a single day. Daily liquidations for XRP stayed modest at $11.39 million. RLUSD stablecoin supply on the XRP Ledger surpassed $1 billion, and the network received approval from the Bank for International Settlements to record official statistics.
On-chain data revealed large-scale Ethereum sales, with one institution selling 29,735 ETH valued at $72.1 million. Abraxas Capital maintained a $291.4 million short hedge on Hyperliquid, and Multicoin Capital transferred 150,000 HYPE tokens, worth $12.8 million, to Coinbase.
The sector also saw ongoing risk management and listing adjustments. After a $1.7 million exploit at Notional Finance, Binance placed AVA, GNS, SCR, and TOWNS under a Monitoring Tag, and announced the listing of MarsCoin (MARSCOIN) with a Seed Tag. KuCoin and Kraken are set to follow with their own reviews on September 7 and 11, respectively.
This period of explosive growth represents a shift toward maturity as major crypto assets like BTC, ETH, SOL, and XRP channel liquidity through regulated ETF products.
The bitcoin-to-gold ratio climbed above 18, its highest level since January, though analysts noted that historic ETF inflows often precede local corrections. September seasonality—dubbed “Rektember” by traders—is considered a significant risk ahead of the Federal Reserve’s policy meeting and the Senate’s CLARITY Act vote, both scheduled for the middle of the month.
Asset30-day Performance (%)1-year Performance (%)ETF Inflows (Latest, $ million)Zcash (ZEC)942,300Included in new ETF allocationXRPN/AN/A6.14 (daily), 1,680 (cumulative)Bitcoin (BTC)N/AN/A730.87 (daily), 454 from BlackRock IBITEthereum (ETH)N/AN/A141.24
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Solana’s decentralized application ecosystem generated $143.23 million in revenue in August, claiming 38.1% of the $375.53 million collected across all blockchains that month. That share is striking in a market with dozens of competing networks, and it came on the back of a 73% jump from July’s $82.9 million figure.
One platform did the heavy lifting: Pump.fun, the memecoin launchpad that has become Solana’s unlikely cash machine, contributed approximately $58.2 million, more than 40 cents of every dollar Solana’s ecosystem earned in August.
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How Pump.fun became Solana’s revenue engine Weekly revenue on the platform hit between $13.68 million and $14 million at its peak. Since its January 2024 launch, Pump.fun has accumulated lifetime revenue exceeding $1.259 billion.
The platform also runs an unusually aggressive buyback program. Roughly half of net earnings get routed into automated purchases and burns of its PUMP token. By mid-to-late August, those buybacks had surpassed $429 million in total, shrinking the circulating supply by around 28.6%.
Solana’s broader ecosystem momentum Solana recorded 5.2 billion non-vote transactions during the month, a new record.
Competing chains had a notably different August. Hyperliquid generated $55.6 million. Ethereum brought in $47.1 million. BNB Smart Chain added $34.7 million. None approached Solana’s total, which was more than double Ethereum’s figure for the month.
What this means for the broader market The more interesting question going into September and beyond is whether the revenue concentration in Pump.fun poses a risk or simply reflects a market leader doing its job. Forty percent of an ecosystem’s revenue flowing through a single application creates meaningful dependency. The 5.2 billion non-vote transactions suggest other applications are active, but the revenue data shows Pump.fun still dominates the monetization side.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Axis Robotics has released Axis Sim Dataset V1, one of the largest open-source simulation datasets for Franka arm manipulation, with the full dataset, training code, and benchmarks publicly available. V1 is built from more than 50,000 human-teleoperated simulation trajectories across 207 manipulation tasks and 60,000+ scene variants on a simulated Franka Research 3 arm.
This dataset drew over 160,000 downloads, making it the most downloaded open-source simulation Franka manipulation dataset on Hugging Face. In benchmarks, continual pretraining on V1 lifted π0.5 and beat a volume-matched RoboCasa baseline, with every result open and verifiable.
Axis Robotics is building the ultimate compounding data engine for Physical AI, a vertically integrated system spanning large-scale simulation, egocentric real-world capture, humanoid loco-manipulation, and human-gated DAgger post-training. The company raised $12 million in seed funding led by Hack VC, with participation from Nomad Capital, Pi Network Ventures, 10K Ventures, and angel investors.
A Bet Against “Clean Data Only” A common assumption in robotics is that demonstrations must be near-optimal to begin with — filter down to expert trajectories, standardize the setup, and discard anything noisy before it is safe to imitate. Axis’s thesis runs the other way: data quality lives at the distribution level, not the single trajectory. When a large and diverse enough crowd produces noisy, suboptimal trajectories and their errors are uncorrelated, the noise averages out and a working policy survives during training.
Axis Sim Dataset V1 puts that thesis to a public test. Its trajectories span pick-and-place, stacking, pouring, articulated-object manipulation, and tool use, all collected through Axis’s browser-based teleoperation platform, Axis Hub, by a distributed crowd rather than a single expert team. The dataset was built with researchers from UC Berkeley, Johns Hopkins, the University of Michigan, and other institutions.
Results That Scale On LIBERO-Plus, continual pretraining on V1 lifts π0.5 from 83.9% to 88.8% success and outperforms a volume-matched RoboCasa365 baseline by 37.3%. Performance improves consistently as pretraining data scales from 25% to 100% of the dataset, with no saturation in sight, evidence that the gains come from diversity and coverage rather than a one-off bump. The largest improvements appear under camera, sensor-noise, and layout perturbations, the exact axes Axis randomizes during generation.
The team says V2 is already underway, scaling to 1.2 million trajectories across 1,200 tasks, with cross-embodiment generalization and results across multiple VLA models showing that suboptimal simulation data trains robust policies.
The Engine Behind the Dataset The dataset is one output of a larger, actively compounding data engine. Where a traditional data vendor collects to a fixed spec and stops, Axis uses model performance and failure cases to determine what should be collected next, so every training round informs the next. That engine runs on a hybrid strategy across four data lines, and all four now run at scale:
Simulation: over 200,000 distributed contributors on Axis Hub, a top-3 dApp on Base, producing 4.7M+ trajectories across 13 embodiments. Egocentric: a managed network of 1,000+ full-time, QC-trained collectors capturing first-person activity in real homes and businesses across 14 industries: 200,000+ hours already banked and growing by 4,000+ hours every day, with Vicon-verified hand pose. Loco-manipulation: 500+ hours combining mobility and dexterity on real humanoids (Unitree G1, Booster T2) through hardware-agnostic teleoperation. Human-gated DAgger post-training: 500+ hours of human-in-the-loop correction targeted at deployment edge cases. Every task and trajectory is recorded on-chain on Base for provenance, and contributors are rewarded for verified work quality.
From Open Data to Commercial Deployment Beyond open-sourcing simulation data, Axis works directly with robot embodiment companies to build customized, embodiment-specific data pipelines and model priors.
As Booster Robotics’ first sim-data partner, Axis rebuilt Booster’s real workspace as a task-aligned digital twin, had distributed contributors collect 42,000+ simulation episodes on it, and distilled them into a Booster-specific model prior. With just 30 real-robot demos, that prior reached 87.5% success versus 37.5% for an out-of-the-box π0.5, matching π0.5 using half the real-world demonstrations.
Other partners span embodiment companies (Feagine Robotics), model companies (Manycore Tech, Dexmal) and industrial automation (Lotus Cars, Geely Auto). Axis also supplies on-chain robotics networks: BitRobot on Solana and OpenRoboto on Bittensor.
Redefining Physical AI’s Data Foundation “The future of Physical AI isn’t a static dataset you download once,” said Chris Feng, founder of Axis Robotics. “It’s an engine that keeps producing the data the model needs next. Scale gets you broad coverage. Diversity keeps the noise unbiased. The closed loop turns every failure into progress. That’s what compounds.”
Axis was founded by researchers from UC Berkeley, CMU, Georgia Tech, and SJTU, alongside serial founders who have scaled consumer platforms to over 30 million users. Its research is advised by Jiachen Li, Assistant Professor at Georgia Tech.
Solana (SOL) has broken above the $103 resistance line, trading at $105.22, having gained 5.5% in the day. This marks a major development in terms of the UTXO Realized Price Distribution (URPD) chart. $103.25 was the price at which 39 million SOL were exchanged, making it a massive threshold to cross in the attempt to establish strong bullish momentum.
Solana faces two barriers to attain $150Now, according to the same chart, the next overhead resistance lies at $123 and thereafter $132. Both these prices saw about 20 million SOL acquired and are therefore significant barriers to overcome.
After that, the next major supply zone would be near $150, a price last achieved in mid-November 2025.
Source: Ali Charts
Other than upward market movement and positive sentiment, the recent rally has also been supported by several accumulation metrics.
The number of wallets holding at least 10,000 SOL (whales) has increased by 1.58% in the past week. Additionally, the number of SOL on exchanges has declined by 4.91% in the same period. This signals a shift to self-custody wallets or decentralized staking, effectively reducing the overall sell-side pressure.
Even more, Solana spot ETF flows turned positive on September 3, averaging 43,000 SOL in inflows.
Source: CoinGlass
The outlook At 59.25, the Relative Strength Indicator (RSI) shows SOL is in a neutral-to-bullish territory. Buyers have a slightly larger monopoly at the moment.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram remains above zero at 5.56, confirming the buildup of upward acceleration.
Source: TradingView
At this pace, Solana could be primed for $150 should it break above the two ceilings noted and maintain positive whale and institutional uptake.
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Solana’s [SOL] latest growth story is unexpected, but welcome.
AI activity is on the rise, and now the platform looks to be pulling ahead in the race to become a key network.
Solana takes the lead in the x402 payment race Solana has taken the lead in x402 activity after months of Base dominating the space. Per data from Artemis, there was a mammoth jump in weekly x402 transactions and volume, and now Solana handles the majority of activity.
Source: Artemis This is the first time Solana has overtaken Base in both transaction count and volume for x402. This is a payment protocol that lets AI agents and apps use stablecoins for online services.
Solana leads with $143M in August revenue The network also ranked first in app revenue during August. The number was at $143 million, and accounted for 38% of total on-chain app earnings.
Solana’s app revenue raced ahead of Ethereum [ETH], Base, and Hyperliquid [HYPE] L1.
Source: DeFiLlama AMBCrypto previously reported that Solana validators approved a proposal that may cut new SOL issuance by 18.9 million over the next six years. The plan will speed up Solana’s move toward its existing 1.5% inflation target.
There is uncertainty, but supply growth alone doesn’t help a price move. Demand will still be the bigger factor.
SOL stays strong post rally After coming back from the depths of the $70s to above $100 in late August, SOL is now in a consolidation phase near $104.
Source: TradingView RSI was above neutral; buyers still have control. However, the indicator has slowed in the recent times. Meanwhile, the CMF was positive, so buying interest was very much present.
So, what’s next for SOL? Either the rise in activity would help generate new demand, or traders may just continue to lock in profits after the recent rally.
Final Summary Solana overtook Base in x402 activity after months! That and rising app revenue helped SOL hold its gains.
