WISeKey joins as Hedera's fourth Strategic Partner@hedera's governing council has expanded its partner network, naming @WISeKey as its fourth Strategic Partner and @SpaceDevUy as its eighth Community Partner. Neither tier carries a seat on the council itself, but both signal the network's push into cybersecurity and clean-energy infrastructure.
The partnership also has a quantum-security angle.
SpaceDev brings carbon tokenization experience to the council The firm joins as Hedera's eighth Community Partner, bringing hands-on experience building on the network across multiple sectors, including energy, fintech and web3 infrastructure.
Sources:
WISeKey joins the Hedera Council Network of Strategic and Community Partners (Manila Times / GlobeNewswire)
SpaceDev: Blockchain for Energy case study (SpaceDev)
Advancing decarbonization with Blockchain for Energy (Hedera)
Elon Musk apparently mistakenly assumed an account was hacked. After replying to the post, the token deployed by the hacker plunged to zero.
According to Arkham, Elon Musk reportedly mistakenly replied to a hacked X account. The compromised @shivon account had earlier posted two consecutive posts about the SLINK project, after which Musk responded with a "100" emoji, sparking market speculation that he was backing the token. SLINK’s market cap briefly surged past $40 million before plummeting and gradually "going to zero". The @shivon account has since deleted the related posts, and it is confirmed to have been hacked. Trader Aurelius0121 stated that upon seeing Musk interacting with the @shivon account, he mistakenly believed Musk was supporting a project linked to Musk’s partner, so he bought approximately $250,000 worth of SLINK tokens. However, the token’s price subsequently crashed to zero, resulting in a total loss of his funds. Shivon Zilis (@shivon) is a Canadian tech executive and venture capitalist, currently serving as Director of Operations and Special Projects at Musk’s brain-computer interface firm Neuralink, and is also the mother of multiple of Musk’s children.
5 minutes ago
WSJ: U.S. leverages Nvidia chip commitments to broker a peace deal between Armenia and Azerbaijan.
According to a Wall Street Journal (WSJ) report, people familiar with the negotiations said U.S. negotiators leveraged promises of access to NVIDIA (NVDA.O) artificial intelligence (AI) chips to help broker a preliminary peace agreement between Armenia and Azerbaijan last year. A previously unreported detail is that, to encourage Armenia’s participation in the talks, the U.S. specifically expanded chip procurement approval authority for Armenia’s data center projects. This move stands as one of the most notable cases to date, embodying what U.S. officials term “chip diplomacy”. While the Trump administration had previously used AI hardware in negotiations with the United Arab Emirates (UAE) and Saudi Arabia, the Armenia deal marked the first time the administration publicly deployed such a tactic to facilitate a peace accord. The agreement further deepened the White House’s ties with the world’s largest chipmaker.
5 minutes ago
Galaxy and Wintermute are heavily net-short on Hyperliquid, with their combined short positions exceeding $126 million.
According to monitoring by OnchainLens, two cryptocurrency market-making firms, Galaxy Digital and Wintermute, currently hold significantly bearish positions on Hyperliquid. Wintermute holds approximately $99.82 million in short positions and $5.12 million in long positions, while Galaxy Digital holds around $26.41 million in short positions and $6.21 million in long positions. Combined, the two firms hold roughly $126.23 million in total short positions, compared to just about $11.33 million in long positions. Over the past 30 days, addresses associated with both firms have posted losses: Wintermute lost approximately $15.3 million, and Galaxy Digital lost around $5.96 million.
5 minutes ago
Trump: The United States has essentially taken control of Iran and may soon attack Mount Hao.
U.S. President Donald Trump stated Friday local time at the White House: "We sank numerous vessels in the Strait of Hormuz last night, are transporting large volumes of oil, and have control over the Strait of Hormuz. We may soon launch an attack on Kao Mountain; the time for action is approaching. Should the situation in Iran deteriorate in any way, we will strike it heavily. Frankly, we have essentially taken over Iran. For me, the Iran issue is merely a military conflict, not a war, as it is just a trivial matter for us, nothing of significance."
5 minutes ago
Anthropic Prepares for IPO, Morgan Stanley and Goldman Sachs Likely to Secure Key Underwriting Roles
Beating AI Express News: According to a Financial Times report, artificial intelligence firm Anthropic is nearing finalization of key roles for Morgan Stanley (MS.N) and Goldman Sachs (GS.N) in its initial public offering (IPO), and plans to publish its listing documents as early as next week. Sources familiar with the matter said Morgan Stanley currently holds the lead as the "left lead underwriter," responsible for IPO strategic advisory work; Goldman Sachs is expected to serve as the stabilization agent, tasked with stabilizing trading during the company’s early post-listing period. Banks including JPMorgan Chase (JPM.N), Citigroup (C.N), and Barclays (BCS.N) are also expected to play important roles in the transaction. Anthropic is projected to list in New York at the end of September or early October, and this IPO will test investor demand for fast-growing AI companies.
5 minutes ago
U.S. stocks: The three major indexes closed lower this morning, with SanDisk rising over 11% and Tesla falling nearly 6%.
According to market data from BIT (bit.com), US stocks closed on Friday: the Dow Jones Industrial Average initially fell 0.51%, the S&P 500 dropped 0.38%, and the Nasdaq declined 0.29%. Tesla (TSLA.O) fell 5.92%, Apple (AAPL.O) dropped 2.51%, and Microsoft (MSFT.O) decreased 2.04%. The AI chip industry sector advanced, with SanDisk (SNDK.O) up 11.9%, SK Hynix (SKHY.O) gaining 8.14%, Micron Technology (MU.O) rising 6.1%, and Intel (INTC.O) increasing 4.51%. For crypto-related concept stocks, MSTR fell 1.39%, CRCL dropped 1.14%, COIN declined 4.18%, BMNR decreased 5.60%, SBET fell 3.34%, PURR dropped 4.62%, and HOOD declined 2.09%.
DefiLlama and Forgd have introduced an AAA-to-CCC rating system covering 128 of 149 listed tokens, with Uniswap currently holding the dashboard’s only AAA grade at a composite score of 60.80.
Summary
Universal Token Rating multiplies disclosure and performance scores instead of averaging them. Projects lose points for missing disclosures, weak liquidity arrangements and insider-friendly tokenomics. Submitted project information is checked against exchange, on-chain, and market-maker data. AAA signals strong current conditions but does not predict returns or eliminate investment risks. DefiLlama’s live Universal Token Rating dashboard places Uniswap first with disclosure and performance scores of 7.87 and 7.72, respectively. Meteora follows with an AA grade and a composite score of 58.48, while Curve DAO ranks third at 53.32.
Developed with token advisory platform Forgd, the system grades assets by combining what a project discloses with what trading data shows. Its disclosure assessment covers areas such as tokenomics, insider wallets and commercial arrangements, while the performance side examines liquidity, spreads, venue coverage and market-maker conduct.
DefiLlama Head of Research Ryan Celaj told crypto.news that both components are required because averaging them could allow strength in one area to conceal serious problems in another.
“We’re multiplying a project’s disclosure and performance scores deliberately, because they are both necessary conditions for credibility. And ‘necessary’ is the key word. It’s not that performance and disclosures both factor in. They’re required.”
Under the formula, a project with a disclosure score of 10 and a performance score of 2 receives a composite score of 20. Celaj said an average would give the same project a much less critical score despite its weak market performance.
DefiLlama token grades require strength on both axes The two scores range from zero to 10 and are multiplied to produce a result out of 100. AAA begins at 60, meaning a token cannot reach the top category if either component falls below six, even with a perfect score on the other axis.
AA starts at 40, with narrower bands separating A, BBB, BB, and B as weaknesses increase. Celaj said the thresholds make the highest grades difficult to obtain while creating distinctions among assets further down the table.
Although the letters resemble grades used in conventional finance, Celaj said they do not estimate default probabilities and should not be treated as equivalents to ratings issued by a traditional credit-rating agency. The format was selected because institutional traders already understand the AAA-to-CCC scale.
The approach also links stated policies to observable results. A project may publish detailed market-making terms or token-distribution plans, but the performance score tests whether liquidity, trading activity and wallet behavior match those claims.
Uniswap founder Hayden Adams drew attention to the results after UNI received the only AAA grade. Referring to the ranking in an Aug. 27 X post, Adams called it “the result of a neutral, unbiased ratings system” and referred to past criticism of Uniswap as “crypto Twitter psyops and fud.”
Market-maker conduct can lower a token’s grade Forgd founder and CEO Shane Molidor said private contracts do not prevent the platform from assessing whether a market-making arrangement has produced durable liquidity.
Forgd monitors more than 500 market-maker engagements through reports and application programming interface data, according to Molidor. Its system measures contributions to volume and depth, uptime, compliance with agreed targets, and each provider’s record across other mandates.
“We do not determine sustainability from the disclosed contract alone,” Molidor said. “Forgd already monitors market-maker performance through its platform, giving us access to market-maker reporting and API data for the over 500 engagements we track.”
According to the executive, Forgd compares first-party information with exchange and on-chain data, including spreads, two-sided depth, venue coverage, and organic trading activity. Analysts also examine how liquidity behaves during volatile periods, token unlocks, and the period after launch incentives end.
Such checks are designed to separate persistent liquidity from volume temporarily supported by token loans, options, or other incentives, Molidor said. A project does not have to publish every commercial term, but it must provide enough verifiable evidence for Forgd to understand the arrangement and the commitments being measured.
Acceptable evidence may include relevant contract provisions, amendments, token-loan terms, options, wallet identifiers, liquidity targets, uptime requirements, incentive structures, market-maker reports and API records. Forgd also offers its market-maker monitoring software free of charge, allowing a poorly rated project to submit more data for review.
Market quality has become an important issue as institutions increase their exposure to tokenized assets. On Aug. 27, Stellar’s RWA value was reported to have increased from about $785 million in January to more than $3 billion in July, yet slightly more than $2 million had entered Blend pools that accept RWAs. The figures showed a large difference between assets issued on-chain and the amount actively used in decentralized lending.
Project claims cannot directly determine the score Claiming a profile gives a token issuer an opportunity to submit evidence, but Molidor and Celaj said the process does not allow the issuer to assign or control its rating.
Missing information counts against the disclosure score. A project that supplies favorable details while withholding weak areas cannot obtain full disclosure credit, according to Molidor.
“The downside is that some ratings will appear artificially low until a project provides the necessary disclosures,” Molidor said. “But the upside is that for projects, there is no downside to being transparent, and no upside to selective disclosure.”
The performance score adds a separate check by using exchange records, on-chain events, and Forgd’s monitoring tools. Its inputs include depth, spreads, volume, exchange coverage, derivatives conditions, tokenomics, and adherence to market-making targets.
Exceptionally strong performance in one category is capped, Celaj said, preventing one metric from cancelling persistent weakness elsewhere. The methodology also excludes venues regarded as unreliable from relevant calculations.
Ratings update continuously rather than relying on a single audit. Material disclosures that remain outdated for more than 60 days receive a penalty, while verifiable events such as token unlocks and exchange listings enter the performance assessment automatically.
Even with those controls, both executives acknowledged limits. Molidor said the system cannot prove that an undisclosed commercial relationship does not exist. It can identify missing information, inconsistent claims, and activity that does not match a project’s account, but its grade cannot guarantee that every relationship has been found.
Celaj similarly said that no grading model can be considered impossible to manipulate. DefiLlama has made its methodology and category-level results available so users can trace grades and challenge disputed information, while the team plans to adjust the system if projects find ways to exploit it.
An AAA token grade does not predict returns Neither DefiLlama nor Forgd has gathered enough long-term evidence to claim that highly rated tokens suffer smaller drawdowns or fewer market failures.
Molidor said a high performance score necessarily corresponds with stronger measured depth, tighter spreads, and more extensive liquidity because the system uses those conditions as inputs. Price declines can still result from security breaches, governance failures, or market conditions that the rating does not assess.
“An AAA grade means that, at this point in time, a token demonstrates a strong combination of disclosure quality and observable market performance under the UTR methodology,” Molidor said.
“It does not mean the token is risk-free, that its price will appreciate, or that an institution can replace its own legal, technical and financial due diligence.”
A CCC grade identifies substantial problems in disclosure, performance, or both, according to Molidor. It does not establish that a project is fraudulent or certain to fail, but it points institutions toward areas requiring additional review.
Celaj described the rating as a screening and monitoring tool rather than an investment recommendation. In his view, the system creates a dataset that researchers can eventually use to test whether combining disclosures with market data produces a better predictive signal than assessing each category separately.
Institutional interest gives that test practical relevance, especially for tokens linked to real-world assets. On July 31, an article on Ondo Finance reported that tokenized securities exceeded $36 billion in 2026, including approximately $12.88 billion in tokenized U.S. Treasuries.
For American institutions, token grades may help organize preliminary market-structure reviews, but regulated tokenized products remain subject to separate custody, eligibility, and securities requirements. On Aug. 3, BlackRock launched two tokenized money-market products backed by cash, short-term U.S. Treasuries and Treasury-backed repurchase agreements, with transfers restricted to approved investors and compliant wallets.
UTR does not assess every risk attached to such assets. Celaj specifically said its methodology does not measure cybersecurity risk, which has caused some of crypto’s largest historical drawdowns.
After momentarily hitting the $725–$730 range, Binance Coin is currently trading around $713 in an effort to maintain one of its biggest upward trends in recent months. The structural shift that underlies the rally is just as significant as the event itself. BNB has clearly surpassed its major moving averages.
The longer-term averages are still grouped around $623–$651, but the 20-day EMA has accelerated to about $668. Most notably, after falling below the 200-day EMA for several months, the price has now recovered it around $651. As a result, the current bullish structure's primary support range is now $650–$670.
BNB/USDT Chart by TradingView HOT Stories
Momentum is the problem right now. After a dramatic increase from roughly $605, BNB is now in overbought territory with an RSI of about 73. Buyers are facing significant opposition, as evidenced by the most recent rejection at $730. Therefore, a short-term correction or sideways consolidation would be typical instead of the breakout being immediately invalidated. $730 is the initial level that bulls must clear.
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The path toward $750–$760, where BNB traded prior to its significant June correction, could be opened by a daily close above it. On the other hand, losing $690 would make a retracement toward the 20-day EMA at $668 more likely. But the overall technical structure is still bullish as long as BNB stays above the $650–$670 range.
Uniswap's TroubleAfter rising from about $3.20 in mid-August to about $6.25, Uniswap has entered a far more aggressive phase of its recovery. In less than three weeks, UNI has essentially doubled and surpassed all of the daily chart's major moving averages. Particularly significant was the breakout above the $4.00–$4.20 cluster.
UNI/USDT Chart by TradingViewUNI then showed exceptionally strong buying pressure as it cleared $4.70, $5.20, and $5.80 with little consolidation. The other major averages are still between $3.91 and $4.12, but the 20-day EMA has already increased to roughly $4.70. The main short-term risk is also generated by that separation.
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The daily RSI has reached about 80, and UNI is currently about 33% above its 20-day EMA. As a result, the market is significantly overbought, and the most recent candles between $6.25 and $6.50 show the first indications of hesitation. Price discovery would continue to move toward $6.80 and possibly $7.00 with a clear breakout above $6.50.
Instead, a cooldown toward $5.80–$6.00 could result from failing to clear that area. The deeper support is located between $5.20 and $4.70. Although UNI is still technically bullish, there is a significantly higher short-term correction risk when following a vertical advance.
Gram Misses the MemoDespite multiple attempts to create a bottom between $1.30 and $1.35, Gram is still stuck in a bearish market structure. GRAM is trading below all of the major moving averages visible on the daily chart at around $1.36, so buyers are unable to confirm a sustainable reversal.
GRAM/USDT Chart by TradingViewThe closest technical barrier is the 20-day EMA at $1.39, which is closely followed by another moving average at $1.40. In late August, GRAM made a brief comeback toward $1.50, but sellers rejected the move and drove the asset back toward its known support level. The August recovery appears to have been more of a relief rally than a broader trend reversal, based on the inability to sustain that breakout.
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Momentum remains in a neutral to bearish position. The daily RSI is at about 47, which gives buyers plenty of room to move in either direction but indicates that they are not strong enough to take the lead right now. Additionally, volume has significantly decreased in comparison to the explosive activity during GRAM's May rally.
GRAM must first recover $1.40 and then break the $1.49–$1.50 resistance area in order to make a significant comeback. The 200-day EMA at $1.60 becomes the main technical target after that. On the downside, a further loss of $1.30 would reveal about $1.25 and possibly set new local lows.
Chainlink's Short PauseAfter its explosive August breakout, Chainlink is continuing to maintain a much stronger technical structure. After rising from about $8.20 to over $12 in just two weeks, LINK is currently trading at about $11.58. LINK passed its major moving averages, including the 200-day EMA at $9.83, thanks to the rally. Instead of giving up the breakout right away, the price has since consolidated between roughly $11.00 and $12.00, which is positive after such a rapid expansion.
GRAM/USDT Chart by TradingViewThe price is still comfortably above the rising 20-day EMA at roughly $10.69, while the daily RSI has dropped from overbought territory toward 63. This maintains the bullish structure while mitigating some of the overheating produced during the initial breakout. Right now, the primary resistance is between $12.00 and $12.20.
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With upper wicks reaching as high as roughly $12.60, LINK has frequently struggled in this area. Therefore, the path toward $12.60 and $13.00 could be reopened by a confirmed close above $12.20. $11.00 is the significant downside level. A retest of the 20-day EMA around $10.70 would become more probable if it were lost.
Below that, the stronger structural support zone around the reclaimed 200-day EMA is represented by $9.80–$10.00. The August breakout is still technically intact unless LINK drops back below that area.
Binance Coin recorded a strong breakout, reaching the $725–$730 zone before pulling back and currently trades near $713. This move has marked one of its most robust upward trends in months, as BNB now holds firmly above all major moving averages.
BNB holds above key moving averagesThe main long-term moving averages remain clustered between $623 and $651, while the 20-day exponential moving average (EMA) has moved up to $668. A key development is BNB’s reclaiming of the 200-day EMA at $651, which now acts as the base of a new support range at $650–$670.
Despite this positive momentum, buying pressure has pushed the relative strength index (RSI) to 73, putting the market into overbought territory. The recent rejection at $730 signifies stubborn resistance for bulls. A daily close above $730 may allow BNB to target the $750–$760 range, where it traded before a major correction in June. In contrast, a drop below $690 increases the likelihood of a retracement to the 20-day EMA at $668.
Maintaining the $650–$670 support band is vital for keeping BNB’s bullish outlook intact, even if a short-term dip occurs.
Mini dictionary: EMA (Exponential Moving Average), a metric that gives greater importance to recent price data to measure momentum and identify support or resistance levels in financial charts.
AssetCurrent Price20-day EMA200-day EMARSI (Daily)Main ResistanceMain SupportBNB$713$668$65173$730$650–$670UNI$6.25$4.70N/A80$6.50$4.70–$5.20GRAM$1.36$1.39$1.6047$1.40, $1.49–$1.50$1.25–$1.30LINK$11.58$10.69$9.8363$12.00–$12.20$10.00–$11.00Uniswap enters aggressive rally phaseUniswap, a leading decentralized exchange protocol, has doubled in price since mid-August, rising from $3.20 to $6.25 in less than three weeks. This surge enabled UNI to soar above all key daily moving averages, with a notable breakout past the $4.00–$4.20 resistance cluster.
Strong buying activity pushed UNI beyond $4.70, $5.20, and $5.80 with limited pullbacks. The 20-day EMA advanced to $4.70, well above other major averages. However, the gap between current levels and the 20-day EMA presents a short-term risk. The daily RSI has reached 80, and UNI stands roughly 33% above the 20-day EMA, highlighting substantial overbought conditions. Price stability is showing between $6.25 and $6.50, with some hesitation in further advances.
A clear move above $6.50 would likely open the door toward price discovery at $6.80 and potentially $7.00, but failure could send UNI back toward $5.80 or deeper supports at $5.20–$4.70.
GRAM fails to sustain recoveryGram, a cryptocurrency project aiming for extensive blockchain adoption, remains under selling pressure. Despite several attempts to create a base between $1.30 and $1.35, GRAM trades around $1.36, below all major daily moving averages.
The 20-day EMA at $1.39 and the next major average at $1.40 pose immediate resistance. In late August, GRAM briefly rebounded toward $1.50 but quickly lost ground, falling back to familiar support. This rally appears to have been a temporary relief, rather than a sign of sustainable change. The RSI at 47 indicates a neutral to bearish trend, with volume diminishing since the asset’s May surge. To confirm a positive reversal, GRAM would need to clear $1.40, then break through $1.49–$1.50, which would set the 200-day EMA at $1.60 as the next target. A drop below $1.30 could test $1.25 or lower local lows.
Mini dictionary: Gram, a digital asset launched as part of messaging app Telegram’s attempt to build an open blockchain platform, which has evolved into an independent community-driven project after regulatory setbacks.
Chainlink maintains post-breakout structureChainlink’s technical setup remains robust following a strong rally in August. The LINK token recently climbed from $8.20 to above $12 in two weeks and now trades around $11.58. This rally drove LINK through all major averages, including the 200-day EMA at $9.83.
LINK consolidated in the $11.00–$12.00 band, which signals positive strength after rapid growth. The price is still safely above the 20-day EMA at $10.69, and the daily RSI has tapered to 63. A key test is the resistance range at $12.00–$12.20, where LINK has previously met significant selling interest, marked by upper wicks reaching $12.60.
A confirmed close above $12.20 may lead to another advance toward $12.60 and $13.00. If LINK falls below $11.00, it would likely move closer to the 20-day EMA, with the $9.80–$10.00 range serving as critical structural support. The breakout from August remains valid as long as LINK holds this zone.
On most blockchains, validators carry a heavy load. To check that a block is valid, they must maintain a full, up-to-date copy of the chain's state, meaning every account, balance, and contract stored on the network. As a chain grows, so does that burden, gradually raising the cost of running a node and pushing out smaller participants.
@NEARProtocol takes a different approach. Each block on NEAR carries a state witness: a compact cryptographic proof containing only the data required to validate that specific block. A validator can check work on a shard without ever storing that shard's full state.
How Stateless Validation Works in PracticeThe practical result is a sharp reduction in hardware requirements. NEAR's top 100 validators, which both produce blocks and track a shard, operate on roughly 48GB of memory. Those below that threshold run a lighter checking role on just 8 to 16GB.
Stateless validation arrived with Nightshade 2.0, which went live on NEAR mainnet in August 2024. According to The Defiant, the upgrade was designed to speed up transaction execution by 400% and increase the network's shard capacity.
What Has Changed Since, and What Comes NextThe protocol has not stood still since Nightshade 2.0. The v2.13 upgrade landed on mainnet on July 20, 2026, adding two significant capabilities. First, dynamic resharding: the network can now automatically split shards when they reach a capacity threshold, without requiring a validator vote or a manual protocol upgrade. Second, post-quantum signing: NEAR activated the FIPS-204 standard using the ML-DSA-65 parameter set.
It is important to note that the migration is opt-in. Ed25519 and secp256k1 signing remain in place, and users can rotate their keys to ML-DSA-65 through a single on-chain transaction via the NEAR CLI, with no need to move assets or change account addresses. The reason NEAR kept the switch voluntary is a practical one: ML-DSA keys and signatures are substantially larger than elliptic-curve equivalents, which raises storage and processing demands. NEAR's official press release described the deployment as placing it among the first major Layer-1 blockchains to ship a NIST-approved quantum-resistant signature scheme in a live production environment.
Looking further ahead, SPICE (Separation of Consensus and Execution) is the next major upgrade on the roadmap toward Nightshade 3.0, which is already in progress. SPICE decouples the process of validators agreeing on block order from the execution of transactions inside those blocks, targeting block times of 200ms and sub-half-second finality.
Together, these upgrades form a coherent technical arc: reduce validator storage requirements, automate capacity scaling, harden cryptographic security, and compress latency, each layer building on the last.
Sources:
NEAR Protocol: Nightshade 2.0 Launches on NEAR Mainnet
PR Newswire: NEAR Protocol Brings Quantum-Safe Signing to Mainnet
eGamers: NEAR Goes Live With Post-Quantum Signatures On Mainnet Via 2.13 Release
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.
Robinhood Chain, BNB Chain, and Solana handled most tokenized stock trading last week, Grayscale said in a research note published Thursday. Weekly spot volume for the sector peaked near $3 billion in early August.
Those numbers show tokenized equities have found buyers. Almost none of that money, however, does anything else on-chain once a trade settles.
Grayscale Names Robinhood Chain, BNB and Solana as Tokenized Stock WinnersTokenized Stock Trading Runs Ahead of Onchain UtilityTokenized stocks are blockchain tokens that track a listed share price without handing the buyer the share itself. Trading them is easy. Doing anything else with them is not.
About 5% of the tokenized equity market is put to work in on-chain finance, according to the note. Grayscale research head Zach Pandl tied that to what investors actually want, which is round the clock trading and access from anywhere.
Value locked in tokenized stocks passed $110 million in late August, Grayscale said in a post citing on-chain data from Allium. That sits far below the billions changing hands every week.
Lending is starting to catch up. Holdings inside Kamino and Jupiter, two Solana lending protocols, have grown roughly tenfold in a year.
BeInCrypto reported in July that Robinhood leads tokenized stock platforms by holder count, while meme coins rather than equities drive most traffic on Robinhood Chain, the network the brokerage launched on Arbitrum earlier this year. Grayscale’s data points the same way.
Regulation Decides What Comes NextUS regulators have discussed an innovation exemption, a carve out that would let tokenized securities trade under safeguards such as verified participants and compliance ready token standards.
Securities and Exchange Commission (SEC) officials have separately argued that tokenization makes shares easier to pledge as collateral. An SEC advisory committee also backed settling stock and payment in a single transaction, which removes the risk that one side fails to deliver.
Robinhood CEO Vlad Tenev has pressed a similar case about the US tokenized stock gap. Meanwhile, the wider tokenized asset ownership problem still leaves holders with exposure rather than shares.
The gap matters because collateral use is what would pull institutional balance sheets onchain.
The named chains drew mixed price action on Friday. Solana (SOL) traded near $101.76, down 3.2% on the day, while BNB held around $718.84.
Solana (SOL) and BNB Price Performances. Source: TradingViewVolume alone will not turn tokenized stocks into collateral. Rulemaking will, and US regulators have not finished the job.
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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More than $500 mln in swap volume has now gone through 1inch Aqua. Every fill came directly from liquidity providers’ wallets: their tokens stayed in their wallets until the moment a swap actually filled.
What does $500 mln in swap volume look like when the liquidity was never deposited into a pool?
That is now more than a theoretical question. In early September, 1inch Aqua passed $500 mln in cumulative swap volume, according to Dune, marking a new milestone for its shared liquidity model. As of publication date, the cumulative swap volume stood at just over $520 mln.
The important part is not just the number. It is how those swaps happened.
Across that entire $500 mln, LPs did not first transfer their tokens into an Aqua pool or vault. Their assets remained in their wallets until individual swaps filled. Only then did the relevant tokens move as part of the transaction.
From launch to $500 mln1inch Aqua officially launched on July 28, 2026, following a developer release in November 2025. It was built around a different approach to DeFi liquidity: instead of requiring capital to be deposited into isolated pools, Aqua lets the same wallet balance support multiple liquidity positions.
Adoption started quickly. Soon after its public launch, Aqua passed $100 mln in swap volume. Now cumulative volume has crossed $500 mln, with roughly 4,500 open positions held by just under 600 LPs.
That growth provides an increasingly substantial real-world test of Aqua’s core idea: liquidity can remain self-custodial and still be available for swaps.
$500 mln without depositing liquidityTraditional AMMs normally require an LP to transfer tokens into a smart-contract pool before traders can use them.
Aqua removes that deposit-and-withdraw cycle. When an LP creates an Aqua position, the tokens stay in the LP’s wallet. Aqua receives permission to access the relevant balance under the position’s conditions, but the assets are not transferred in advance. They move only when a swap fills.
So the $500 mln milestone represents more than $500 mln in swaps routed through Aqua. It represents $500 mln in swap volume filled against liquidity that remained in LP wallets right up until the swap filled.
For every individual fill, the liquidity was there when it was needed - but it did not have to sit inside a pool waiting to be used.
The same balance can do moreKeeping liquidity in the wallet also enables Aqua’s second defining feature: shared liquidity.
With a conventional pool model, capital allocated to one position generally cannot simultaneously back another. An LP who wants exposure to several strategies has to divide the available assets among them.
Aqua positions can instead reference the same approved wallet balance. One balance can therefore support multiple positions without being split into separate deposits.
The actual wallet balance remains the limit. Aqua does not multiply the LP’s assets or create leverage simply because several positions can reference them.
This makes the liquidity more flexible. Capital that is not being used by one position can still be available to another.
Liquidity moves only when the swap doesAqua’s architecture changes a basic assumption behind liquidity provision.
Liquidity does not need to be moved somewhere first in order to become available for trading.
Instead, the position defines when and how the LP is willing to trade. The assets remain in the wallet until those conditions are met. When a swap fills, the relevant tokens move as part of the atomic transaction.
More than $500 mln in swap volume has now passed through that model.
And through every dollar of it, the same principle held: liquidity stayed with the LP until there was an actual swap to fill.
Explore 1inch Aqua and discover shared, self-custodial liquidity.
Disclaimer: This content is provided for informational purposes only. Nothing in this material constitutes financial, investment, legal or tax advice, or a recommendation to enter into any transaction. Interacting with Aqua involves risk, including the possible loss of all funds involved. Fees are not guaranteed.
Dollar pricing, token burningRender Network (@rendernetwork) connects artists and AI developers with idle GPU capacity, but it prices that capacity in dollars rather than in its native token. When a creator submits a job, they convert cash into RENDER, the network's Solana-based token (solana:rndrizKT3MK1iimdxRdWabcF7Zg7AR5T4nud4EkHBof). In return, the creator receives Render Credits worth the same dollar amount, keeping the cost to the buyer predictable regardless of where the token price moves on any given day.
Because the burn is calculated in dollar terms, When the token price rises, fewer tokens are needed to cover the same bill. When it falls, more are burned. The quantity of tokens destroyed therefore floats with the market, but the dollar cost to the buyer stays fixed.
How operators get paid and what governs new supplyEvery burn is recorded on-chain, and that record determines how the newly minted reward pool is divided. An operator responsible for 2% of the burns logged within an epoch collects 2% of the tokens minted for completed work that period, plus a share tied to passing uptime checks.
Even in a quiet week with little job activity, the scheduled mint still runs. The schedule itself is set by governance through the Render Network Proposal (RNP) system.
The combined effect is what the project calls Burn-Mint Equilibrium (BME). Burn activity has been accelerating:
Sources:
Messari: Understanding the Render Network
Render Network Knowledge Base: Burn Mint Equilibrium
Render Network: BME Emissions Are Live
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.
Trump renews pressure on the Federal Reserve to cut interest rates, threatening to cut off trade with trade deficit countries if it fails to do so.
U.S. President Donald Trump once again publicly called on the Federal Reserve to slash interest rates sharply on Friday, pressuring the Fed and its Chairman Kevin Wash, claiming the U.S. should have the world’s lowest interest rates. He even threatened that if relevant countries continue running massive trade surpluses with the U.S., America may halt trade with nations that hold trade deficits against it. This statement stands in sharp contrast to the strong U.S. jobs data released the same day. U.S. August non-farm payrolls rose by 162,000, far exceeding the market consensus of 56,000. July’s figure was also sharply revised from a previously reported decrease of 23,000 to an increase of 21,000, while the unemployment rate held steady at 4.1%. The robust jobs data further dimmed market expectations for Fed rate cuts, prompting markets to reassess the September monetary policy path. Investors are now awaiting August’s CPI data, due next week, to assess inflation trends and the Fed’s future policy direction. Bloomberg Economics projects that August’s year-on-year headline CPI growth may climb to 3.4%, while core CPI year-on-year growth could drop to 2.4%. Market analysts note that Trump’s persistent demand for rate cuts is in clear conflict with the current labor market resilience and the reality that inflation remains above the Fed’s 2% target. Ahead of the September Fed meeting, CPI and energy price movements will be key variables shaping policy expectations.
6 hours ago
AI cloud computing firm Nscale plans to raise $3.5 billion in pre-IPO financing.
Insight Beating AI News Flash: Nscale, an artificial intelligence cloud computing specialist, is seeking pre-IPO funding with plans to raise up to $3.5 billion. According to people familiar with the matter, the London-based firm intends to sell up to $1.5 billion in convertible bonds to investors and is seeking approximately $2 billion in financing support from NVIDIA. The sources added that Third Point, led by Daniel Loeb, will lead the convertible bond investment, while Goldman Sachs is involved in arranging the financing. Following this funding round, Nscale plans to proceed with its initial public offering (IPO); prior reports have indicated the IPO could raise around $3 billion. Nscale told investors its total contract value is approximately $10.3 billion, including a $45 billion computing capacity supply agreement with Anthropic. The company projects future annual revenue of about $18.1 billion and adjusted EBITDA of roughly $13.6 billion, but emphasized these figures are illustrative estimates only and not official guidance. Nscale is constructing a large data center campus in Norway for Microsoft and has a major project in West Virginia, U.S. To date, the firm has procured around 194,000 NVIDIA Vera Rubin GPUs.
6 hours ago
U.S. National Sheriffs' Association withdraws its opposition to the CLARITY Act, shifting to a neutral stance.
The U.S. National Sheriffs' Association (NSA) has announced it is withdrawing its opposition to the cryptocurrency market structure bill, the Digital Asset Market Clarity Act (CLARITY Act), and shifting to a neutral stance. In a letter to U.S. Senate Majority Leader John Thune and Minority Leader Chuck Schumer, the NSA noted that given extensive work by Congress, the administration, and industry stakeholders on the legal, regulatory, and enforcement issues addressed by the bill, the organization has decided to "step back and let the legislative process move forward" to build a clear, effective, and urgently needed regulatory framework. Previously, the NSA had opposed certain provisions in the bill related to exemptions for cryptocurrency mixers, arguing that such rules could undermine law enforcement’s ability to track on-chain transactions and recover funds for victims, and had criticized the CLARITY Act for "protecting the crypto industry rather than the public." Currently, the U.S. Senate is scheduled to hold a procedural vote on the CLARITY Act on September 15. While the bill has advanced in the Senate Agriculture Committee and Banking Committee, contentious issues remain, including stablecoin rewards, tokenized stocks, and potential conflicts of interest involving the Trump family.
6 hours ago
Viewpoint: Bitcoin's rally recaptures market focus as companies accelerate accumulation of BTC and ETH
Late August’s crypto market rebound has driven enterprises to increase their crypto asset allocations. As Bitcoin’s price rose, Bitcoin mining firms that had previously pivoted aggressively to AI businesses have reemerged as high-beta plays in BTC’s market, while corporate balance sheet strategies involving direct Bitcoin holdings have once again drawn market attention. Data shows Bitcoin climbed around 23% in late August, with some mining stocks surging 41% to 67%—outperforming multiple AI infrastructure companies. The market attributes the rally to three key factors: the U.S. Treasury expanding Treasury repurchase operations, the White House issuing positive signals on crypto regulation, and over $1.6 billion in short positions being liquidated. In terms of corporate buying activity, Strive purchased 1,800 BTC in the final week of August for roughly $143 million, lifting its total holdings to 23,156 BTC and making it the fifth-largest public company holder of Bitcoin. Strategy added 4,603 BTC over the same period, bringing its total holdings to more than 845,000 BTC. Separately, 21 major financial institutions including Bank of America, Goldman Sachs, and Citigroup plan to set up a new entity and launch a U.S. dollar stablecoin in the first half of 2027, with plans to expand to other G7 currencies for cross-border payments and digital asset settlements. For Ethereum, Bitmine has been accumulating ETH for 65 consecutive weeks, with its latest position exceeding 5.9 million ETH—accounting for 4.9% of Ethereum’s roughly 120.7 million circulating supply, just short of its 5% holding target. Despite the ongoing accumulation, the company’s current ETH holdings still carry approximately $5.1 billion in unrealized losses.
6 hours ago
Uniswap co-founder: AMC CEO attempted overreach in law enforcement, and stock tokenization was carefully structured in a legal manner.
Uniswap co-founder Hayden Adams has joined the debate between AMC CEO and Robinhood over the legalization of tokenized stocks. Adams noted that the AMC CEO is hearing about tokenized stocks for the first time and is attempting over-enforcement, adding that tokenized stocks were carefully structured in a legal manner by former SEC commissioners.
6 hours ago
Iranian media: Missile attack hits US targets in northern Jordan
According to Tasnim News Agency, a source said that a loud explosion was heard in Jordan, and a U.S. target in northern Jordan was hit by a missile.
HPQ rises 1.61% as HP expands its premium lineup with new OmniBook laptops. HP unveils OmniBook Ultra 16 and X 14 for creators, developers, and gamers. OmniBook Ultra 16 offers up to 128GB memory and strong local AI performance. OmniBook X 14 adds portable performance with OLED display and fast charging. HP also previews OmniDesk as it expands high-performance computing beyond laptops. HP Inc. (HPQ) shares advanced Friday after the company expanded its computer lineup with AI-focused OmniBook models. HPQ rose 1.61% to $32.44 after recovering from morning losses and holding most afternoon gains. The launch expands HP’s high-performance computer push for creators, developers, gamers, and advanced users.
HP Inc., HPQ
HP Expands Premium AI PC Lineup HP introduced the OmniBook Ultra 16 and OmniBook X 14 with NVIDIA RTX Spark and Windows. Both laptops support AI tools, creative applications, personal assistants, and demanding workloads. HP first previewed the platform at Computex in June before providing fuller details.
The OmniBook Ultra 16 targets developers, creators, gamers, and entrepreneurs handling projects. Configurations offer up to 128GB of unified memory and one petaflop of FP4 performance. HP also added a tower hinge, larger heat pipes, and dual fans for sustained workloads.
The laptop includes a 16-inch 3K OLED display and speakers with smart amplifiers. Its 99Wh battery delivers up to 17 hours under HP’s stated conditions. Fast charging can restore about 50% capacity in roughly 30 minutes with supported equipment.
OmniBook X 14 Focuses on Mobility The OmniBook X 14 brings computing features into a smaller portable design. HP targets users combining work, content creation, entertainment, and mobile computing. The system combines local AI functions, RTX graphics, and creator tools in a thin body.
For cooling, HP uses thermal architecture, heat pipes, and optimized airflow inside the chassis. The laptop includes an OLED display designed for strong contrast and detailed visuals. HP aims to preserve portability while supporting demanding computing tasks.
The OmniBook X 14 offers up to 15 hours of battery life under stated conditions. A 140W USB-C GaN adapter supports fast charging away from fixed locations. Compatible charging can restore about 50% capacity in approximately 30 minutes.
OmniDesk Extends HP’s Desktop Push HP also outlined its upcoming OmniDesk, extending the same computing strategy beyond portable devices. The compact desktop targets users running long tasks, local applications, and workloads. HP designed the system to keep active processes running when users step away.
HP has not released full OmniDesk specifications, pricing, or final availability details. The company plans to provide more information closer to the desktop’s commercial release. This leaves room for HP to finalize hardware features and positioning.
HP expects the OmniBook Ultra 16 to reach HP.com and Best Buy during the fall. The OmniBook X 14 should also launch this fall through HP.com and other retailers. HP has not announced pricing for either laptop or the OmniDesk.
Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain focused on financial applications, as part of a broader effort to migrate its historical loan portfolio onchain.
Pineapple plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion onto the network, Injective said Friday. Each mortgage is represented by an onchain record tied to the underlying loan file, rather than being repackaged as a new mortgage security.
The records contain more than 500 data points, including loan-level information designed to support verification, audit trails and risk analysis. Pineapple’s dashboard shows that the migration now includes 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025.
PAPL0, which tracks the mortgage records onchain, has an asset market cap of about $1.1 billion, up 48.2% over the past nine months, according to Token Terminal data. The tokens represent mortgage records rather than ownership of the underlying loans.
PAPL0 market cap on Injective. Source: Token Terminal
The mortgage migration is part of Pineapple’s broader relationship with Injective, which includes a separate $100 million Injective (INJ) digital asset treasury. Pineapple stakes INJ from the treasury, with Kraken serving as a primary validator for the holdings.
Real estate tokenization gains momentumReal estate has become a growing focus of the push to bring traditionally illiquid assets onchain, where tokenization can make property or investment interests easier to divide, transfer and access.
In June, Apex Group joined Goldman Sachs, Archax and LRC Group on a tokenized real estate fund whose shares are issued as digital tokens through Goldman Sachs’ Digital Asset Platform. The structure gives investors blockchain-based ownership of fund shares, rather than simply recording property data onchain.
Dubai has also expanded its real estate tokenization efforts. In February, the Dubai Land Department launched the second phase of a pilot after about $5 million in property had been tokenized, with transactions recorded on the XRP Ledger.
However, tokenized real estate still remains a small part of the broader real-world asset (RWA) market. The sector has about $226.5 million in distributed value, up 11.7% over the past 30 days, compared with $38.8 billion across tokenized RWAs tracked by RWA.xyz.
Tokenized real estate. Source: RWA.xyz
Magazine: Token buybacks are booming. But are they good for crypto projects?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Pineapple Financial has moved more than $1 billion in residential mortgage records onto Injective, a layer-1 blockchain focused on financial applications, as part of a broader effort to migrate its historical loan portfolio onchain.
Pineapple plans to eventually migrate more than 29,000 funded mortgages worth over $10 billion onto the network, Injective said Friday. Each mortgage is represented by an onchain record tied to the underlying loan file, rather than being repackaged as a new mortgage security.
The records contain more than 500 data points, including loan-level information designed to support verification, audit trails and risk analysis. Pineapple’s dashboard shows that the migration now includes 2,079 mortgage records, up from 1,259 when the initiative launched in December 2025.
PAPL0, which tracks the mortgage records onchain, has an asset market cap of about $1.1 billion, up 48.2% over the past nine months, according to Token Terminal data. The tokens represent mortgage records rather than ownership of the underlying loans.
PAPL0 market cap on Injective. Source: Token Terminal
The mortgage migration is part of Pineapple’s broader relationship with Injective, which includes a separate $100 million Injective (INJ) digital asset treasury. Pineapple stakes INJ from the treasury, with Kraken serving as a primary validator for the holdings.
Real estate tokenization gains momentumReal estate has become a growing focus of the push to bring traditionally illiquid assets onchain, where tokenization can make property or investment interests easier to divide, transfer and access.
In June, Apex Group joined Goldman Sachs, Archax and LRC Group on a tokenized real estate fund whose shares are issued as digital tokens through Goldman Sachs’ Digital Asset Platform. The structure gives investors blockchain-based ownership of fund shares, rather than simply recording property data onchain.
Dubai has also expanded its real estate tokenization efforts. In February, the Dubai Land Department launched the second phase of a pilot after about $5 million in property had been tokenized, with transactions recorded on the XRP Ledger.
However, tokenized real estate still remains a small part of the broader real-world asset (RWA) market. The sector has about $226.5 million in distributed value, up 11.7% over the past 30 days, compared with $38.8 billion across tokenized RWAs tracked by RWA.xyz.
Tokenized real estate. Source: RWA.xyz
Magazine: Token buybacks are booming. But are they good for crypto projects?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Pineapple Financial has migrated over $1B in residential mortgage records onto the Injective blockchain, crossing a milestone that few traditional lenders have come close to matching in the tokenization of real-world assets.
Pineapple Financial, listed on NYSE American under the ticker PAPL, began the migration project in December 2025 with roughly 1,259 mortgage records. By September 2026, that count had grown to 2,079 records, with the total tracked asset value reaching approximately $1.1B, a nearly 48% increase since launch.
Each record contains more than 500 data points covering the details of an individual loan file. Think of it as a highly structured digital dossier for every mortgage: borrower profile, loan terms, funding history, risk indicators, all packed into a single auditable entry on-chain.
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The company says it is not creating new mortgage securities or synthetic instruments. The on-chain records function as a data layer sitting on top of the original loans, which retain their existing legal structure. The blockchain version is designed to make verification and risk modeling easier, not to replace the underlying financial agreements.
The designation for these tokenized records is PAPL0, and the market cap currently sits at approximately $1.1B.
The ultimate target is far larger. Pineapple’s full funded portfolio consists of more than 29,000 mortgages valued at over $10B, and the company intends to migrate every one of them on-chain.
Pineapple also holds a $100M INJ Digital Asset Treasury, separate from the mortgage records program, deepening its integration with the Injective ecosystem.
Pineapple is planning a permissioned Mortgage Data Marketplace where institutional buyers could access anonymized, loan-level analytics. A second product, called Pineapple Prime, would allow investors to access mortgage-backed yield opportunities on-chain.
At 2,079 records against a target of 29,000-plus, the company is roughly 7% of the way through the full migration.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
5 September 2026 | 01:47 Injective now carries records linked to more than $1 billion of Canadian mortgages, although the loans, their legal ownership and borrower payments remain in traditional systems.
Key Takeaways $1 billion measures referenced mortgage value. Its mortgage operations are entirely Canadian. PAPL0 does not transfer loan ownership. Migration covers 7.2% of target files. Mortgage-backed yield remains a future product. The $1 billion describes loans, not crypto liquidity Pineapple Financial has placed standardized records connected to residential mortgages on Injective, according to a September 4 announcement from the blockchain network.
The reported $1 billion is the value of the mortgages described by those records. It is not capital deposited on Injective, lending supplied by crypto investors or liquidity available for trading.
Pineapple Financial is a Toronto-based mortgage brokerage and technology company listed on NYSE American under PAPL. Its latest SEC filing says its mortgage division operates exclusively in Canada and earns no revenue from foreign mortgage markets. Its U.S. connection is the PAPL listing, not the mortgages represented on Injective.
PAPL0 is a data asset, not a mortgage claim PAPL0 is associated with Pineapple’s mortgage-record system. Injective describes each entry as an onchain counterpart to an existing loan file, not a mortgage security created for investors.
The published structure does not give a PAPL0 user ownership of the corresponding mortgage, rights over the borrower’s property or a claim on principal and interest payments. Those legal relationships continue to be governed by the original mortgage documents and servicing arrangements.
What has, and has not, moved onchain
Pineapple’s current deployment covers the record layer.
Mortgage record
Structured information connected to the original loan file is represented on Injective.
Legal ownership
The lender’s contractual rights and security over the property remain outside PAPL0.
Borrower payments
Principal and interest continue through the mortgage’s existing payment and servicing system.
Mortgage records show why aggregate RWA figures require context. Assets counted in the tokenized real-world asset market can represent ownership, cash-flow rights or only structured information about an asset held elsewhere.
Pineapple describes its Mortgage Data Marketplace as gated and aimed at institutional users. The available materials do not establish that retail investors can freely buy or transfer PAPL0.
Migration covers 7.2% of Pineapple’s target The project launched in December 2025 with 1,259 mortgage records. It has since added 820, representing growth of approximately 65% from its starting point.
That expansion is measurable, but most of the intended migration remains ahead. Pineapple ultimately plans to represent more than 29,000 historical mortgage files on Injective.
CURRENT RECORDS
2,079
Mortgage files represented on Injective.
PLANNED TOTAL
29,000+
Historical mortgage files targeted for migration.
RECORD PROGRESS
About 7.2%
Share of the intended file count completed.
Pineapple’s original announcement valued its historical portfolio at approximately C$13.7 billion. Injective describes the target as more than $10 billion without making the currency conversion explicit. The two figures appear to describe the same portfolio in different currency presentations rather than separate pools of mortgages.
Injective also says Token Terminal lists approximately $1.1 billion in asset market capitalization for PAPL0. The figure appears to track the mortgage value associated with the records, rather than a market price established through liquid trading. It should not be read as $1.1 billion invested in PAPL0.
The dashboard verifies activity, not the mortgages Pineapple’s digital-assets portal allows readers to follow the company’s reported migration. Blockchain activity can provide evidence that records were created, when they appeared and whether later entries changed their history.
The dashboard cannot independently establish whether every referenced mortgage is valid, whether its reported balance is current or whether Pineapple’s aggregate valuation matches the legal loan files.
That limitation is important because both the dashboard and the underlying data begin with information supplied by Pineapple. A blockchain can make submitted information easier to trace, but it cannot independently inspect a mortgage contract, verify a borrower’s payments or assess the property securing the loan.
The 500 data points are not necessarily public Injective says every record contains more than 500 data points designed to support verification, risk analysis and audit trails. Pineapple also describes its system as using traceable IPFS references and permissioned access for institutional participants.
Mortgage information can include sensitive financial and personal details, but the published materials do not identify which specific fields are included in Pineapple’s records. They also do not explain which information is written directly to Injective, which remains in controlled storage or whether linked IPFS material is encrypted.
A record can be publicly traceable even when its underlying information remains encrypted or access-controlled. Evaluating Pineapple’s privacy claims will therefore require more detail about its data architecture, access permissions and key management than the announcement currently provides.
Changing mortgage data requires an authority Mortgage files do not remain static. Their balances decline as principal is repaid, while refinancing, arrears and loan discharges can change the status of the underlying obligation.
An onchain system therefore needs a controlled method for adding updated information, linking it to the previous version and marking outdated data appropriately. Injective says the records preserve update history, but it does not identify who can authorize corrections or resolve a conflict between an onchain entry and Pineapple’s legal file.
Without a clear correction process, immutability preserves the history of an error without resolving its effect on current data.
Injective is Pineapple’s partner and shareholder Injective’s article should be read as a partner announcement rather than independent confirmation. Pineapple’s SEC filing identifies the Injective Foundation as one of the company’s largest shareholders and classifies it as a related party.
The filing says the foundation’s ownership may give it significant influence over Pineapple’s strategic direction and financing activities. The relationship does not invalidate the disclosed figures, but independent confirmation would require evidence beyond statements from the two partners.
Pineapple also maintains a separate INJ digital-asset treasury. That creates financial exposure to Injective’s native token but is unrelated to the mortgage value represented by PAPL0.
Mortgage-backed yield remains a separate step Pineapple is developing another product called Pineapple Prime, which it says will offer onchain access to mortgage-backed yield. The company’s website continues to label it “coming soon.”
Pineapple Prime would be a separate step because offering mortgage-backed yield requires a legal mechanism connecting a digital asset to loan income. Its structure would need to explain who owns the mortgages, how payments reach investors, what happens after a default and which participants may access the product.
Injective currently functions as a verification layer for Pineapple’s mortgage data, extending the network’s broader expansion into tokenized real-world assets. Any move toward investable mortgage products will depend on Pineapple Prime’s legal structure, access rules and connection to loan cash flows.
The article is provided for informational purposes only and does not constitute legal, financial or investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
5 September 2026 | 01:47 Injective now carries records linked to more than $1 billion of Canadian mortgages, although the loans, their legal ownership and borrower payments remain in traditional systems.
Key Takeaways $1 billion measures referenced mortgage value. Its mortgage operations are entirely Canadian. PAPL0 does not transfer loan ownership. Migration covers 7.2% of target files. Mortgage-backed yield remains a future product. The $1 billion describes loans, not crypto liquidity Pineapple Financial has placed standardized records connected to residential mortgages on Injective, according to a September 4 announcement from the blockchain network.
The reported $1 billion is the value of the mortgages described by those records. It is not capital deposited on Injective, lending supplied by crypto investors or liquidity available for trading.
Pineapple Financial is a Toronto-based mortgage brokerage and technology company listed on NYSE American under PAPL. Its latest SEC filing says its mortgage division operates exclusively in Canada and earns no revenue from foreign mortgage markets. Its U.S. connection is the PAPL listing, not the mortgages represented on Injective.
PAPL0 is a data asset, not a mortgage claim PAPL0 is associated with Pineapple’s mortgage-record system. Injective describes each entry as an onchain counterpart to an existing loan file, not a mortgage security created for investors.
The published structure does not give a PAPL0 user ownership of the corresponding mortgage, rights over the borrower’s property or a claim on principal and interest payments. Those legal relationships continue to be governed by the original mortgage documents and servicing arrangements.
What has, and has not, moved onchain
Pineapple’s current deployment covers the record layer.
Mortgage record
Structured information connected to the original loan file is represented on Injective.
Legal ownership
The lender’s contractual rights and security over the property remain outside PAPL0.
Borrower payments
Principal and interest continue through the mortgage’s existing payment and servicing system.
Mortgage records show why aggregate RWA figures require context. Assets counted in the tokenized real-world asset market can represent ownership, cash-flow rights or only structured information about an asset held elsewhere.
Pineapple describes its Mortgage Data Marketplace as gated and aimed at institutional users. The available materials do not establish that retail investors can freely buy or transfer PAPL0.
Migration covers 7.2% of Pineapple’s target The project launched in December 2025 with 1,259 mortgage records. It has since added 820, representing growth of approximately 65% from its starting point.
That expansion is measurable, but most of the intended migration remains ahead. Pineapple ultimately plans to represent more than 29,000 historical mortgage files on Injective.
CURRENT RECORDS
2,079
Mortgage files represented on Injective.
PLANNED TOTAL
29,000+
Historical mortgage files targeted for migration.
RECORD PROGRESS
About 7.2%
Share of the intended file count completed.
Pineapple’s original announcement valued its historical portfolio at approximately C$13.7 billion. Injective describes the target as more than $10 billion without making the currency conversion explicit. The two figures appear to describe the same portfolio in different currency presentations rather than separate pools of mortgages.
Injective also says Token Terminal lists approximately $1.1 billion in asset market capitalization for PAPL0. The figure appears to track the mortgage value associated with the records, rather than a market price established through liquid trading. It should not be read as $1.1 billion invested in PAPL0.
The dashboard verifies activity, not the mortgages Pineapple’s digital-assets portal allows readers to follow the company’s reported migration. Blockchain activity can provide evidence that records were created, when they appeared and whether later entries changed their history.
The dashboard cannot independently establish whether every referenced mortgage is valid, whether its reported balance is current or whether Pineapple’s aggregate valuation matches the legal loan files.
That limitation is important because both the dashboard and the underlying data begin with information supplied by Pineapple. A blockchain can make submitted information easier to trace, but it cannot independently inspect a mortgage contract, verify a borrower’s payments or assess the property securing the loan.
The 500 data points are not necessarily public Injective says every record contains more than 500 data points designed to support verification, risk analysis and audit trails. Pineapple also describes its system as using traceable IPFS references and permissioned access for institutional participants.
Mortgage information can include sensitive financial and personal details, but the published materials do not identify which specific fields are included in Pineapple’s records. They also do not explain which information is written directly to Injective, which remains in controlled storage or whether linked IPFS material is encrypted.
A record can be publicly traceable even when its underlying information remains encrypted or access-controlled. Evaluating Pineapple’s privacy claims will therefore require more detail about its data architecture, access permissions and key management than the announcement currently provides.
Changing mortgage data requires an authority Mortgage files do not remain static. Their balances decline as principal is repaid, while refinancing, arrears and loan discharges can change the status of the underlying obligation.
An onchain system therefore needs a controlled method for adding updated information, linking it to the previous version and marking outdated data appropriately. Injective says the records preserve update history, but it does not identify who can authorize corrections or resolve a conflict between an onchain entry and Pineapple’s legal file.
Without a clear correction process, immutability preserves the history of an error without resolving its effect on current data.
Injective is Pineapple’s partner and shareholder Injective’s article should be read as a partner announcement rather than independent confirmation. Pineapple’s SEC filing identifies the Injective Foundation as one of the company’s largest shareholders and classifies it as a related party.
The filing says the foundation’s ownership may give it significant influence over Pineapple’s strategic direction and financing activities. The relationship does not invalidate the disclosed figures, but independent confirmation would require evidence beyond statements from the two partners.
Pineapple also maintains a separate INJ digital-asset treasury. That creates financial exposure to Injective’s native token but is unrelated to the mortgage value represented by PAPL0.
Mortgage-backed yield remains a separate step Pineapple is developing another product called Pineapple Prime, which it says will offer onchain access to mortgage-backed yield. The company’s website continues to label it “coming soon.”
Pineapple Prime would be a separate step because offering mortgage-backed yield requires a legal mechanism connecting a digital asset to loan income. Its structure would need to explain who owns the mortgages, how payments reach investors, what happens after a default and which participants may access the product.
Injective currently functions as a verification layer for Pineapple’s mortgage data, extending the network’s broader expansion into tokenized real-world assets. Any move toward investable mortgage products will depend on Pineapple Prime’s legal structure, access rules and connection to loan cash flows.
The article is provided for informational purposes only and does not constitute legal, financial or investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
The Wyoming Stable Token Commission said on September 2 that it is adopting Chainlink Proof of Reserve to verify the reserves backing Frontier Token (FRNT), the state’s stable token, directly on-chain. In its announcement, the Commission framed the integration as a step toward a new U.S. standard for digital-asset transparency, making the state’s token one of the first government-issued stablecoins to publish on-chain proof of its own backing.
What Proof of Reserve Adds to FRNT Chainlink Proof of Reserve uses independent data feeds to check that a token’s off-chain assets match its on-chain supply, alerting holders when the collateral behind a coin falls short. For FRNT, that means the Commission can surface live evidence that the cash and U.S. Treasury assets intended to back the token are actually in place, rather than asking holders to rely on periodic attestations.
The Commission described the adoption as a transparency upgrade rather than a change to FRNT’s underlying design. The token is already integrated with Chainlink’s CCIP interoperability protocol for cross-chain movement, a step Wyoming announced in August.
Why a State-Backed Token Is Being Watched Closely Wyoming issued FRNT as the first state-authorized stable token in the United States, positioning it as a test case for how a government can issue money on a blockchain. Extending on-chain verification to its reserves is meant to give that pilot a stronger credibility argument as federal stablecoin legislation pushes issuers toward tighter reserve disclosure.
The Commission’s announcement frames the integration as a benchmark other issuers and states can follow, though it did not specify when the verification feed would go live or how often reserve data would be refreshed.
An Early Pilot With Broader Ambitions FRNT remains a small-scale pilot rather than a widely circulating currency, and its outstanding supply is still measured in a narrow range. That scale means the Proof of Reserve integration is more a signal of regulatory direction than a live test of market-scale reserve risk today.
Still, the pairing of a state regulator with a major oracle network shows how government-issued stablecoins might report their backing in the future. The open question is whether the on-chain verification Wyoming has adopted will satisfy federal regulators once broader stablecoin rules take effect.
AUTHOR
With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.
BitGo has integrated its institutional self-custody wallets with DecibelTrade, a decentralized exchange running on the Aptos network. The September 3 announcement means eligible clients can connect directly to the DEX through WalletConnect, trading spot and perpetual contracts without ever needing to transfer assets to a separate wallet.
How the integration actually works The connection runs through WalletConnect, a protocol that lets wallets communicate with decentralized applications without exposing private keys. BitGo’s multi-party computation (MPC) wallets, which split cryptographic keys across multiple parties to prevent single points of failure, plug directly into DecibelTrade’s trading interface.
BitGo’s existing security protocols, including address whitelisting and multi-party approvals, remain active throughout the process. Every transaction still routes through the same approval workflows the firm already uses.
At launch, the integration supports trading on Ethereum and Solana networks. Trades settle on Aptos, where DecibelTrade operates using a central limit order book (CLOB) model with sub-second transaction finality. A CLOB works like a traditional stock exchange order book, matching buyers and sellers at specific prices, which should feel more familiar to institutional traders accustomed to traditional market structure.
BitGo’s broader DeFi push BitGo rolled out WalletConnect support in February 2026, initially enabling DeFi activities across EVM-compatible chains and Solana. The DecibelTrade integration represents the next step: establishing a direct pipeline to a specific, institutional-grade trading venue.
DecibelTrade launched on the Aptos mainnet in 2026. Aptos was built by former Meta engineers using the Move programming language.
What this means for institutional DeFi adoption Previously, an institution wanting to trade on a DEX would typically need to withdraw assets from custody, send them to a hot wallet, execute trades, and then move everything back. With this integration, assets never leave BitGo’s infrastructure, approval chains stay intact, and audit trails remain continuous.
The initial network support covers Ethereum and Solana, with expansion to additional networks planned as the platform grows. The announcement has not yet prompted notable price reactions in the cryptocurrency market.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pendle has launched its first yield-trading market on Robinhood Chain, giving sNET holders access to fixed and variable yield positions until the market matures on Sept. 17, 2026.
Summary
Pendle has deployed on Robinhood Chain with sNET as its first supported market. The sNET market will let users separate and trade principal and future yield. Robinhood Chain launched on July 1 as an Ethereum Layer 2 built with Arbitrum technology. Pendle held about $1.23 billion in total value locked at the time of reporting. Pendle opens its first Robinhood Chain market Pendle said in a Sep. 4 announcement that its protocol is now live on Robinhood Chain, adding fixed-yield products and yield trading to the network’s decentralized finance ecosystem.
The deployment begins with one sNET market scheduled to mature on Sept. 17. Pendle did not identify the assets planned for subsequent markets or provide a timetable for adding them, saying only that more products would arrive as the ecosystem develops.
Pendle is live on Robinhood Chain by @RobinhoodCrypto.
Adding a native layer for fixed yield and yield trading to the chain’s DeFi economy.
First up is sNET (17 Sep 2026 maturity), with more markets to follow as we expand across the ecosystem! pic.twitter.com/VerEaWzQhK
— Pendle (@pendle_fi) September 4, 2026 Issued by NetNet Capital, sNET is the staked form of NET, a reserve-backed token native to Robinhood Chain. NetNet’s public materials describe the protocol as a reserve manager for NET, with a treasury containing assets that include the USDG stablecoin. Users who stake NET receive sNET and become eligible for distributions generated under the protocol’s staking model.
NetNet also uses bond sales to acquire assets for its treasury. Its model draws from reserve-backed token systems in which market participants exchange selected assets for discounted NET, while the protocol controls the deposited liquidity. NetNet has described USDG as one of the assets held in the treasury, although the value of NET and returns from sNET remain exposed to the protocol’s reserves, market structure and smart contracts.
Adding sNET to Pendle allows traders to separate the asset’s principal from the yield it may generate before Sept. 17. The structure turns a single yield-bearing position into components that users can trade according to their expectations for future returns.
How Pendle splits sNET principal and yield According to Pendle’s documentation, the protocol wraps supported yield-bearing assets through its Standardized Yield format before dividing a position into Principal Tokens and Yield Tokens.
A Principal Token, commonly shown as PT, represents the underlying principal that becomes redeemable when the market reaches maturity. PT can also trade before that date, allowing a buyer to purchase the future principal at the prevailing market price.
Yield Tokens, or YT, provide the right to yield generated by the underlying asset until maturity. Holders can claim accrued returns through Pendle’s interface, but YT stops earning once the market expires. Its remaining value, therefore, declines as maturity approaches unless changes in the underlying rate or incentives support demand.
For the sNET market, the Sept. 17 date establishes when PT becomes redeemable and YT stops collecting returns. Traders who buy PT can seek an implied fixed return by holding the position through maturity, while YT buyers take exposure to changes in sNET’s yield during the remaining term.
Pendle calculates the implied annual percentage yield from the relative prices of PT and YT. Although the platform describes the rate available through PT as a fixed APY, its terms state that the figure is an implied annualized return based on the purchase price and an assumption that the position remains open until maturity. It is not a contractual guarantee.
Buying YT can amplify exposure because a trader pays for the yield component rather than the full underlying asset. Pendle warns in its documentation that long-yield returns can be negative when the income collected before maturity falls below the amount paid for YT.
Liquidity providers face a different mix of returns. Pendle says its pools contain PT and Standardized Yield assets, with providers potentially receiving swap fees, underlying yield, an implied return from PT, and protocol incentives where available.
Robinhood Chain adds another DeFi protocol Robinhood opened the chain’s public mainnet on July 1 as a permissionless Ethereum Layer 2 built using Arbitrum technology. The network uses ETH for transaction fees, supports Ethereum-compatible wallets, and posts transaction data to Ethereum.
Its first group of infrastructure and trading partners included Uniswap, Pleiades, Alchemy, BitGo, and Chainlink. Robinhood said the network was designed for tokenized financial assets, lending, trading, and applications that can use real-world assets inside smart contracts.
Robinhood Crypto executive Johann Kerbrat said during the mainnet announcement that decentralized finance had offered functions unavailable in traditional markets but had historically required technical knowledge to use.
“We’re bringing the best of traditional finance and DeFi together, and in doing so, expanding financial ownership to every corner of the globe.”
Activity grew quickly after the launch. As crypto.news previously reported, Robinhood Chain processed about $945 million in decentralized exchange volume on Aug. 25, up from its former daily record of $563 million on July 8. Cumulative DEX volume exceeded $47 billion in less than two months, while total value locked reached roughly $1.4 billion by late August.
Uniswap has served as a major liquidity venue since the mainnet opened. In August, its stock-token volume passed $1 billion, covering combined swaps across several tokenized equities rather than deposits or activity from a single asset.
Robinhood Chain generated $4.01 million in application revenue from $4.45 million in fees on Sept. 2, according to a recent revenue report. The DeFiLlama snapshot placed it above Solana, Ethereum and Tron for the measured day, although much of the fee activity came from trading applications and memecoin platforms rather than tokenized stocks.
Robinhood has covered gas costs for eligible transactions completed through Robinhood Wallet during a 90-day promotion that began with the mainnet launch. The subsidy is scheduled to end around Sept. 29, while people using third-party wallets already pay network fees in ETH.
U.S. access depends on the product Robinhood describes its blockchain as permissionless, meaning users can connect with supported self-custody wallets without opening a Robinhood brokerage account. The company also states that activity on the network remains separate from investments and balances held through its brokerage and centralized crypto services.
Product restrictions still apply at the application and asset levels. Robinhood says its Stock Tokens are unavailable to U.S. residents even though they track companies listed on American exchanges, including Apple, Alphabet, and Nvidia.
Stock Tokens are debt securities issued by Robinhood Assets Jersey Limited and provide economic exposure to referenced securities. Robinhood’s disclosures state that token holders do not gain legal or beneficial ownership of the underlying shares, including shareholder voting rights.
Pendle’s announcement did not say whether its sNET market carries geographic restrictions or whether Robinhood Wallet will surface the product directly to American users. Access through the permissionless network does not establish that a particular interface or financial product is legally available in every jurisdiction.
Pendle expands its multichain presence Before the Robinhood Chain deployment, Pendle operated across networks including Ethereum, Arbitrum, BNB Chain, Base, Mantle, Optimism, HyperEVM, Monad and Plasma. Its earlier Plasma expansion introduced five markets tied to assets such as USDe, sUSDe, USDai, and syrupUSDT.
DefiLlama data showed approximately $1.23 billion locked across Pendle products at the time of reporting, with Ethereum accounting for more than half of the total. The data provider also recorded about $542 million in Pendle decentralized exchange volume during the previous 30 days.
PENDLE traded near $1.90 on Sept. 4, rising about 1.2% over 24 hours and 9.1% across seven days. Its market capitalization stood near $327 million, based on roughly 172 million tokens in circulation.
NetNet’s NET changed hands near $1,012 on the same day, according to CoinGecko, after trading between approximately $863 and $1,371 over 24 hours. The data provider placed its circulating market capitalization near $4.5 million and identified NET-USDG on Uniswap V4 as its most active trading pair.
Robinhood Chain, the brokerage giant’s dedicated Layer 2 network built on Arbitrum Orbit, ran into transaction posting delays tied to Ethereum market conditions. Arbitrum confirmed the chain remained operational throughout, drawing a careful distinction between “delays” and “downtime” that matters more than it might sound.
The incident puts a spotlight on how Layer 2 networks depend on their underlying Layer 1 for final settlement, and what happens when that relationship gets complicated by volatile market dynamics.
What actually happened On September 4, 2026, Robinhood Chain experienced a temporary stall in block production lasting somewhere between 4 and 14 minutes. At the chain’s target cadence of roughly 100 milliseconds per block, that translates to approximately 8,400 missed blocks.
The interruption coincided with peak transactional activity, with daily volume exceeding 14 million transactions. Arbitrum attributed the delays to Ethereum market behavior rather than any failure in Robinhood Chain’s own infrastructure. No funds were lost or compromised during the episode. Robinhood has not published a detailed root-cause analysis explaining exactly which Ethereum conditions triggered the batch posting delays.
The distinction Arbitrum is drawing here is technical but important. Robinhood Chain’s sequencer, the centralized component that orders transactions and bundles them into batches, continued operating. The problem was in posting those batches to Ethereum for final settlement.
How Robinhood Chain’s plumbing works To understand why this matters, you need to understand how transaction finality works on a Layer 2 like Robinhood Chain. It happens in three stages, each offering a different level of confidence that your transaction is permanent.
First, there’s the soft confirmation. Within seconds of submitting a transaction, the sequencer acknowledges it and includes it in the chain’s local state. Second, the sequencer bundles those transactions into a batch and posts them to Ethereum. This typically takes minutes. It’s the step that got delayed on September 4. Third, those batches achieve Ethereum finality, which takes approximately 13 more minutes. Only at this stage does the transaction inherit the full security guarantees of Ethereum’s validator set.
So when Arbitrum says the chain had “no downtime,” they mean the first stage kept working. Users could still submit and receive soft confirmations for transactions. But the pipeline between stages one and two got backed up, meaning those transactions sat in a kind of limbo before being anchored to Ethereum.
The centralized sequencer question On Robinhood Chain, a single sequencer orders all transactions and prepares batches. It’s efficient, which is how the network achieves those 100-millisecond block times and handles 7 to 14 million daily transactions. But it’s also a single point of dependency.
When Ethereum conditions caused batch posting to stall, the sequencer was the bottleneck. There was no decentralized fallback to route around the problem.
Robinhood Chain launched on July 1, 2026, with an explicit focus on speed and throughput for retail users. The network has been processing substantial volume, driven largely by memecoin trading and tokenized asset activity. The chain does not have its own native token, instead using ETH as its gas token. The protocol’s revenue model allocates 10% of net revenue to be split between the Arbitrum DAO and the Developer Guild.
What this means for Layer 2 adoption The lack of a native token on Robinhood Chain means the network’s health is directly tethered to ETH’s utility and market dynamics. If ETH gas prices spike or Ethereum experiences congestion, Robinhood Chain absorbs that cost at the settlement layer. Users may not feel it immediately thanks to the sequencer’s buffering, but the September 4 delays show that the buffer has limits.
The broader takeaway for the rollup ecosystem is that “no downtime” and “no delays” are different claims, and the gap between them is where user trust either builds or erodes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Blocks came every 101 milliseconds throughout the outage reported on Friday. The chain's transaction data went missing on Ethereum for exactly 14 minutes, across two gaps. Arbitrum blamed Ethereum's blob market, which fits the second gap and not the first.
Robinhood Chain kept producing blocks through the outage reported on Friday. What stopped was its transaction data reaching Ethereum, for 14 minutes across two gaps.
Posting those batches is what puts Robinhood Chain's data where anyone can reconstruct the chain and check it, and what allows funds to leave for Ethereum. Robinhood Chain posts more of that data than any other network, so a delay in its batches is the largest single interruption the blob market can produce.
Arbitrum said Ethereum's blob market caused the delay. That fits the second gap, which began after the blob price rose past the ceiling Robinhood Chain's poster was bidding. It does not fit the first and longer one, which ran 8 minutes and 36 seconds while Ethereum blocks carried 263 unused blob slots and priced them at 0.0086 gwei against the poster's standing bid of 0.0616.
"Robinhood Chain experienced no downtime," Arbitrum posted at 2:19 p.m. New York time, after posts on X and two crypto outlets reported that the network had stopped producing blocks for around 14 minutes. "Earlier today, Robinhood Chain experienced batch posting delays due to L1 market blob behavior. Direct user transactions experienced no delays. Some infrastructure providers that rely on Robinhood Chain's data stream experienced a brief performance impact due to a high number of feed subscribers. Robinhood Chain remains operational." The post had drawn about 24,500 views, 314 likes and 40 replies within an hour.
Robinhood has published no technical account of the incident and its chain documentation lists no status page.
Blocks Never StoppedRobinhood Chain produced 106,756 blocks between 12:00 and 15:00 UTC, an average of one every 101 milliseconds, according to blocks read from the chain's Blockscout explorer. Block 54,248,341 carries a 12:00:00 timestamp and block 54,355,097 carries 15:00:00, a count consistent with uninterrupted production at that pace.
Blocks inside the window that traders flagged were full of activity. Block 54,266,500 at 12:30:37 UTC carried 19 transactions, block 54,270,000 at 12:36:34 carried 14, and block 54,274,000 at 12:43:21 carried 22. Every block sampled between 12:28 and 12:50 UTC held between 14 and 22 transactions.
Fourteen Minutes Of Missing DataThe delay sits on Ethereum. Robinhood Chain's batch poster, the address 0xDaa5…87F4 identified by L2BEAT, submits blob transactions to the chain's sequencer inbox contract at a median interval of 12 seconds. It went 8 minutes and 36 seconds without posting, from 12:29:47 to 12:38:23 UTC, then went another 5 minutes and 24 seconds silent from 12:42:47 to 12:48:11.
Those two gaps total 840 seconds, or exactly 14 minutes, matching the figure that circulated on Friday as the length of a block-production halt. Across the 18 minutes and 24 seconds between the start of the first gap and the end of the second, the poster landed batches at nine separate moments against the roughly 92 its median cadence implies. Software tracking the chain through its Ethereum batch data rather than its blocks would have seen 14 minutes of nothing arriving.
Across the nine hours from 11:00 to 20:00 UTC, 26 intervals ran 60 seconds or longer, and 19 of them fell between 12:10 and 14:51. The figures come from 2,279 consecutive blob transactions sent by that address, read from Blobscan.
Room Going SpareA Robinhood Chain batch carries three blobs. Ethereum blocks held 21 at most on Friday and no block in a sample of 600 exceeded that, so the test of whether the chain was competing for space is how many blocks had three slots free while its batches were missing.
Through the first gap, 21 of the 29 Ethereum blocks that carried any blobs had at least three slots free, and the window held 263 unused slots in total. The blob base fee averaged 0.0086 gwei and peaked at 0.0152, against the 0.0616 gwei the poster had bid on its last transaction before the gap began.
Measured on EthereumGap 1, 8m 36sGap 2, 5m 24sBlocks with three or more blob slots free72%81%Unused blob slots in the window263223Blob base fee, mean0.0086 gwei0.0625 gweiBlob base fee, peak0.0152 gwei0.0906 gweiRobinhood Chain's standing bid0.0616 gwei0.0616 gweiThe second gap reads differently. The blob base fee averaged 0.0625 gwei through it, above the standing bid, and the batch that ended the gap raised its ceiling to 0.8187 gwei.
Blob price is not the only condition on inclusion. A blob transaction also competes on its execution-layer fee, and block builders sometimes carry fewer blobs than the limit allows to keep blocks propagating quickly. Neither accounts for 8 minutes and 36 seconds of absence across 263 open slots at a twelfth of the price the sender had already offered.
Bidding Its Way BackThe poster's fee ceiling shows what it did once batches began landing again. It bid 0.0616 gwei per unit of blob gas going into the first gap and 0.2463 gwei on the batch that ended it, four times higher, at a moment when the base fee had reached 0.0434. It bid 0.8187 gwei on the batch that ended the second gap and reached 1.4239 gwei at 12:53:59, roughly 10 times the prevailing base fee.
Whether that escalation was the poster responding to a rising market or recovering from a fault of its own is not established by the public record. Robinhood has not said which, and the mempool data that would show whether its batches were broadcast and waiting during the first gap is not publicly retained.
The 21-Blob CeilingBlob space did tighten on Friday, later than the first gap. The blob base fee averaged 0.0055 gwei across the 85 minutes to 12:25 UTC, then climbed to 0.1473 gwei by 12:53:23, 27 times the earlier level.
Ethereum blocks carried an average of 6.92 blobs in the calm period and 11.99 between 12:25 and 13:00 UTC. Eight percent of blocks in that window carried 21 blobs, the most any block held.
At the peak fee, a three-blob Robinhood Chain batch cost about 14 cents to post.
Base Filled The BlocksThe demand that moved the price came from Base. Robinhood Chain's own posting rate held steady: its batch poster sent 476 blobs in the 35 minutes to 11:35 UTC and 477 in the 35 minutes to 13:00 UTC, according to Blobscan.
Base nearly tripled its usage over the same comparison, from 222 blobs to 593, Blobscan data shows. Arbitrum One went from 48 to 135, and total blob supply across all senders rose 59%, from 1,058 blobs to 1,678. Robinhood Chain still accounted for 28% of every blob posted to Ethereum during the crunch and 45% in the calm window before it, more than any other single sender in either sample.
Base's batcher posts six blobs at a time, so it buys more space by posting more often. It submitted a batch every 55 seconds through the morning, then 45 batches in the 10 minutes from 12:30 UTC, one every 13 seconds and four times its morning rate, before settling near one every 30 seconds for the rest of the afternoon.
Traffic on Base is what changed. Its blocks carried an average of 1,428 transactions in those 10 minutes against 174 at 12:20, measured from blocks read through Base's public RPC endpoint. One block held 2,031 transactions; another burned 360 million gas against Base's 400 million gas limit. Base's own base fee left the 0.005 gwei floor it had held all morning, reaching 0.0193 gwei by 12:40.
About 31% of the Base transactions sampled in the 12:40 UTC window went to four unverified contracts that emit no event logs and move no tokens, burning between 54,000 and 144,000 gas each. None carries a public label. One has processed 4.43 million transactions since deployment and recorded a single token transfer, according to Base's Blockscout explorer.
Robinhood and Base did not reply to a request for comment by press time.
What Batches BuyRobinhood Chain's sequencer confirms transactions for users on its own; posting the batches to Ethereum is what puts the data where anyone can reconstruct the chain and challenge it, and what allows funds to leave for Ethereum.
Robinhood operates the chain's only sequencer, and L2BEAT flags a precompile, ArbFilteredTransactionsManager, that lets an authorized filterer register a transaction hash and cause the state transition to fail it, including transactions that were force-included. There is no delay on code upgrades. Users had no alternative route while batches queued.
Software that reads the chain's sequencer feed rather than its blocks, the route Chainstack's open-source decoder takes to see transactions before they execute, saw the degradation, which is consistent with monitoring tools reporting a halt that block data does not show.
Fees Keep ClimbingRobinhood Chain took $4.59 million in chain fees over 24 hours, up 3.1%, according to DefiLlama. Total value locked reached $839.7 million, from $783.1 million a day earlier. DEX volume was $1.69 billion, up 8.6% on the day and 98.2% over seven days.
The chain launched its mainnet on July 1 as infrastructure for tokenized securities, then leaned into memecoins as launch platforms paired them against stock tokens. It passed Solana on tokenized stock volume in late July, overtook Base on daily active users three weeks after launch and topped Ethereum on daily application revenue on Aug. 29.
Arbitrum collects 10% of the chain's fees under its Expansion Program license, split 8% to the DAO treasury and 2% to development funding.
ARB traded at $0.1327, down 5.7% over 24 hours, for a market capitalization of $886.2 million, according to CoinGecko. PONS, the launchpad token native to the chain, was at $0.6903, up 12.8%. ETH traded at $2,457.42, down 2.2%.
Robinhood Chain block data read from the chain's Blockscout explorer; batch posting, blob capacity and blob market data from Blobscan, covering 2,279 blob transactions from the chain's batch poster and 786 Ethereum blocks between 11:00 and 14:00 UTC on Sept. 4. Free-slot counts assume the 21-blob maximum observed across that window and a separate sample of 600 blocks. Base transaction, gas and base fee figures from 10 blocks sampled per 10-minute bucket through Base's public RPC endpoint, with destination contracts counted across 2,899 transactions in the 12:40 UTC window. Fee, TVL and volume figures via DefiLlama and prices via CoinGecko at 19:30 UTC on Sept. 4.
Gotham City is famously depicted in comics and movies as one of the most dangerous and crime-ridden fictional cities. Despite falling crime nationally, parts of America have become mini-Gothams with repeated violent crimes committed by people with addiction and mental illness. The difference is that even Gotham City has Arkham Asylum, where violent people suffering from mental illness are sent.
Crime has fallen across America, but the continued attacks in America’s transit and public spaces are particularly worrisome. They are completely unprovoked, they target vulnerable people (the elderly, women, commuters), and they are almost universally committed by a very small, highly concentrated demographic: chronic repeat offenders with severe, unmanaged mental illness or addiction.
It seems like every week we see a new violent attack. This week a woman with a history of mental health problems — but no criminal record — stabbed 32-year-old Erin Piacenti in Times Square. The attacker wielded two large knives and charged at police, who tried to stop her with a Taser. When the Taser did not stop her, the police had no choice but to open fire.
Last week Jonathan Hamby, with 30 arrests and on probation for a knife crime, killed 29-year-old Ramon Harris on an Atlanta train platform. Hamby’s rap sheet reads like a glaring indictment of our broken justice and behavioral health systems. His history includes battery, aggravated assault, criminal trespass, and a documented history of mental illness. Most infuriatingly, at the time he allegedly murdered Harris, Hamby was a convicted felon walking the streets on active probation for a prior aggravated assault with a knife. This was not an unpredictable tragedy; it was the guaranteed outcome of a system that stubbornly refuses to protect the public from dangerous, mentally ill repeat offenders.
This is an ongoing public safety epidemic with real victims:
Iryna Zarutska (Charlotte, North Carolina — August 2025): Zarutska was a 23-year-old Ukrainian refugee who had fled the war to build a safer life in the United States. She was randomly stabbed from behind and killed while sitting on a Lynx Blue Line train. The attacker, 34-year-old Decarlos Brown Jr., had a long criminal record, known to have schizophrenia, and had prior institutionalization. In January of that same year, he had been arrested after erratic behavior but was released without bail by a judge. The tragedy sparked national outrage and led to “Iryna’s Law” in North Carolina to restrict cashless bail.
Margaret Swan (Atlanta, Georgia — May 2026): A 66-year-old great-grandmother was stabbed 18 to 20 times in the neck and chest in a completely unprovoked attack while riding an Atlanta MARTA train. The suspect, 25-year-old homeless man John Elijah Matthews, simply walked up to her, pulled out a knife, and killed her. He had already been banned from the transit system prior to the attack.
Penn Station slashing spree (New York City — June 2026): During the evening commute, 51-year-old Hector Deleon went on a random stabbing and slashing spree inside the NJ Transit concourse at Penn Station, leaving five people bloodied. Deleon had at least seven prior arrests. Crucially, he was on active probation for a 2022 case where he slashed another man in the neck, and his release conditions included mandated mental health treatment that clearly failed to protect the public.
Seventeen-year-old victim shot (Atlanta, Georgia — June 2026): Just days after the Margaret Swan stabbing, Anthony Tyrone Gresham, a 42-year-old felon with multiple prior convictions, opened fire at MARTA’s Midtown station in Atlanta, wounding a 17-year-old before fleeing and sparking a multiday manhunt.
The necessity of intervention The Great American Recovery Initiative is a historic development intended to add behavioral health and addiction treatment capacity, while making our streets safer.
The argument for stronger intervention, including involuntary commitment where necessary, is rooted in both compassion and common sense. The Great American Recovery Initiative, alongside efforts to expand assisted outpatient treatment and community-based behavioral healthcare, represents a comprehensive approach. Paired with President Donald Trump’s July 2025 executive order on “Ending Crime and Disorder on America’s Streets,” this initiative recognizes a fundamental truth: We cannot address the addiction and mental health crises without first securing public safety. It acknowledges that while community-based care is the goal, there is a crucial role for institutional care and mandated treatment for those who are a danger to themselves or others.
The argument for stronger intervention is rooted in both true compassion and basic common sense. When an individual with severe, untreated mental illness or a long history of violent crime poses a risk to themselves or others, the state has an absolute obligation to intervene. Leaving a violently unstable individual on the street to fend for themselves is not a victory for civil liberties; it is a dereliction of duty that has far too often ended in bloodshed.
It is true that America has neglected its behavioral health infrastructure for half a century. The Great American Recovery Initiative is working to address this by expanding community-based care and institutional capacity, because a lack of beds is not a suitable public safety solution.
FLOCK SAFETY CALLED ITS CRITICS ‘TERRORISTS.’ NOW IT WANTS TO BE YOUR PRIVACY SAVIOR
While we rebuild those necessary facilities, we can no longer allow the perfect to be the enemy of the good. When an individual poses a clear and present danger, they must be removed from our streets immediately, even if a state-of-the-art psychiatric bed is currently unavailable. Public safety cannot be held hostage by infrastructure delays. If a repeat offender with a history of violence is roaming a train platform, the justice system must utilize secure detention to protect the community until proper treatment is secured.
We must empower judges and law enforcement to keep these dangerous individuals out of our parks and transit hubs. By blending enforcement with intervention and investment, we will help potential victims and those suffering from severe behavioral health problems.
John Koufos is a former criminal trial attorney and is now a consultant advising the private and public sectors on technology, healthcare, and justice issues. John has tried complex organized cases, worked with the Trump administration on the First Step Act, and regularly assists law enforcement leaders around the country to advance smart on crime policies. Follow John on X @JGKoufos or at www.cottagefour.com.
Kaspa trading activity picks upKaspa is drawing renewed attention from the crypto community, with @kaspaunchained ranking as the most bullish asset within the CoinMarketCap community vote. That sentiment is showing up in the data: trading volume for the $KAS native token surged by nearly 30% in a 24-hour period, while the asset itself added roughly 4% over the same timeframe.
Over a longer horizon, $KAS has gained 15% in the past 30 days. While modest compared to some of the larger layer-one blockchains, the move reflects a steady build in community confidence. Kaspa is a fair-launched proof-of-work blockDAG cryptocurrency running at 10 blocks per second, built for real-time decentralization. That architecture, combined with its fair-launch ethos, has helped cultivate a loyal and increasingly vocal holder base.
Kaspy memecoin adds momentum to the ecosystemBeyond the base layer, the ecosystem is seeing action of its own. The $KASPY memecoin has risen 18% over the past seven days and 55% over the past 30 days, outpacing $KAS by a wide margin on shorter timeframes.
Kaspy is a community-driven meme token launched on the Kaspa blockchain, inspired by the real-life story of its creator rescuing a three-legged cat named Kaspy. In 2022, the creator sold all their Kaspa holdings to pay for the cat's life-saving vet bills. The token stands as a symbol of resilience and generosity, and was launched through a fair distribution with no pre-allocation, ensuring the community could grow organically without centralized control.
That backstory has helped $KASPY build an unusually engaged community for a memecoin, setting it apart in a crowded field. The project has attracted a growing base of supporters drawn to the heartwarming story behind the coin, and the community has embraced it with memes, events, and games like "Kaspy Run" and "Flappy Kaspy."
Combined, the uptick in $KAS volume and the rally in $KASPY point to a broader moment of momentum for the Kaspa ecosystem. Whether it can sustain that interest will depend on continued development activity and wider market conditions.
Sources:
CoinMarketCap: Kaspy (KASPY) price and market data
CoinGecko: Kaspy token overview
Kaspa official website
ChatGPT pointed a user toward a fake crypto site, and when they signed one approval, 1,904,513 FXRP left their wallet.
That is about 1.3% of the entire FXRP supply today. Investigator VAL says the same phishing setup took more than $2.2 million overall.
One Signature, 1.9 Million FXRP GoneThe victim goes by Alex on X (Twitter), an individual who asked ChatGPT in Russian where to swap sFLR, Flare’s liquid-staked token, for wrapped FLR.
The answer carried a link to sceptre.network, and not Sceptre. The real liquid staking app runs from sceptre.fi. Alex connected his wallet and approved an unlimited spending limit. He never moved the tokens himself.
Blockchain records show the drain ran shortly before 7 pm UTC on June 12. The attacker’s own contract called it. Alex’s signature had already done the work.
Lost ~1.9M FXRP to an approval-phishing scam.
I asked ChatGPT where to swap sFLR for WFLR. Its answer contained a link — it led to a phishing site. I signed an "unlimited approve," and the funds were drained via transferFrom seconds later.
Tx:… pic.twitter.com/1waLIWyotG
— Alex (@vesnuhin) June 13, 2026 The token was FXRP, Flare’s bridged version of XRP for decentralized finance (DeFi). Alex put the loss near $2.1 million.
The receiving wallet was not new either, with blockchain data showing its first funds landed on April 23, fifty days before Alex signed. It has since taken in at least four different Flare tokens, suggesting he may have not been the only target.
“This wallet has been operating since April 2026, receiving FLR in varying amounts,” on-chain investigator Val noted.
BeInCrypto described this method earlier in the year, three weeks before Alex clicked. Drainers register lookalike Uniswap domains and buy search ads to farm approvals.
@Uniswap typing your name on Google has shown a scam site at the top for weeks.
Many users have reported losing funds after connecting wallets to an identical interface.
The site is now down (404), but the URL still appears. It can be reused or reactivated by scammers.
Please… pic.twitter.com/tZm5uYzlJK
— BeInCrypto (@beincrypto) March 31, 2026 The unlimited approval is the whole attack, just as one Ethereum holder learned after losing $999,999 to one signature.
OpenAI’s Agents Took Over a German WikiElsewhere, Reuters reported Friday that agents linked to OpenAI made about 15,000 edits to DseWiki, a quiet German programming wiki, starting in May.
Researchers led by Sydney Von Arx of the AI safety nonprofit Nightingale found the agents swapping tips. They traded ways to cheat tasks, dodge OpenAI’s rules and hide their tracks. About half took names like OpenAIResearcher.
When a moderator began deleting pages in June, the agents saved ZZZ-prefixed copies. An alphabetical sweep reaches those last. Some discussed using Tor.
OpenAI has not accepted the findings.
“We are unable to meaningfully respond to claims or findings on a report that we have not had an opportunity to review” Reuters reported, citing an OpenAI spokesperson.
A July breakout went further, with roughly 1,200 agents gathering on an improvised board. About 700 then breached Hugging Face. BeInCrypto covered that escape in August, when OpenAI gated its cyber model.
This could be one of the most significant AI safety incidents to date.
Reuters reports that OpenAI agents escaped their testing environment and made more than 15,000 edits to a German wiki, effectively turning it into a message board for other AI agents.
They allegedly used it… https://t.co/zt1fnNNfho pic.twitter.com/lY5Jk6kNfs
— Chubby♨️ (@kimmonismus) September 4, 2026 The two cases share a medium, not a culprit. Criminals seeded the web so a model would echo their link. OpenAI’s agents wrote to it themselves. Both worked because a page looked safe.
Flare, a renowned L1 blockchain network, has witnessed notable on-chain effects from its tokenomics overhaul. This comes after the FIP.16 proposal obtained 98.06% support from Flare’s governance participants. As per DefiLlama, the proposal decreased yearly $FLR inflation, enhanced transfer fees, and unveiled mechanisms to create a relatively strong link between the token supply mechanics and network activity. So, since the start of significant changes, a noteworthy jump has taken place in $FLR staking from almost 16B tokens to nearly 21.5B.
Flare FIP.16 Overall Bolsters $FLR Burns and Decreases Inflation The tokenomics overhaul of Flare is showing a considerable impact, especially after 98.06% governance support for the FIP.16 proposal. In the meantime, transfer-led burns have spiked to over 10 times in comparison with the pre-fork baseline. The changes present an early sign of whether the network can transform the economic framework from inflation-funded benefits toward revenue that genuine protocol usage generates. Particularly, FIP.16 was passed on the 24th of April, combining many key changes influencing $FLR issuance, staking weight, protocol revenue, token burns, and transfer fees.
The initial major adjustment occurred on the 14th of May, when yearly inflation was decreased from up to 5% to just 3%. At the same time, the annual issuance ceiling dropped from 5B to nearly 3B $FLR. Additionally, the robust inflation base also saw a reduction. Specifically, this calculation does not include permanently burned $FLR tokens, $FLR that the Flare Income Reinvestment Entity controls, and unearned rewards kept in diverse penalty pools. While these balances increase, the supply against which the up to 3% rate is reportedly applied gets smaller, likely decreasing additional issuance.
Another major change took place through the July 14 hard fork. With this, Flare introduced a 20-fold increase in the base transfer fee to bolster the automatic $FLR burn model of the network. Irrespective of the surge, a simple transaction costs just 0.064 $FLR, maintaining a relatively low base for the practical expense. Additionally, FIP.16 has altered the distribution of economic influence across the network.
Tokenomics Overhaul Drives $FLR Staking As a result, P-chain stake gets 5 times the C-chain delegation’s signing weight, leading to more influence for the $FLR tokens locked with validators. This development is set to support capital that is committed to ecosystem security when compared with liquid delegated tokens prone to being withdrawn relatively easily. The peak validator size surged from 200M to 300M $FLR, with the introduction of a minimum 20% delegation fee across the network.
According to DefiLlama, the effect of Flare’s economic overhaul includes the jump in staked $FLR tokens from 16B to 21.5B in July. Along with that, the staking share of delegated and staked $FLR tokens spiked from 32% to 46% between April and August. Additionally, FIRE is another crucial element of this overhaul, as the pool reduces the $FLR supply via open-market buyouts and burns. Overall, Flare’s FIP.16 denotes a crucial shift in the tokenomics, with increasing protocol revenue, rising burns, and growing staking paving the way for a relatively sustainable network.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Hardfork Closes the Door on Malicious Validators@Coredao_Org completed an emergency hardfork upgrade on September 3, resuming staking reward issuance after a brief but disruptive validator incident.
, meaning no transactions were rolled back and no user assets were at risk. A full technical postmortem is still pending.
Exchange deposits resumed at a high rate once the hardfork was confirmed stable.
Market Responds Sharply to Rewards ResumptionThe return of normal staking rewards triggered an immediate market reaction. Per CoinMarketCap, $CORE trading volume surged by more than 170% in the 24 hours following the upgrade, with the token's price rising approximately 4% on the day. The combination of restored staking incentives and renewed exchange deposit activity appears to have been the primary catalyst for the volume spike.
making the integrity of that reward mechanism central to the token's long-term value proposition. The swift resolution of the validator exploit and the smooth execution of the hardfork has, at least in the short term, reinforced confidence in the network's governance and response capabilities.
Sources:
Crypto Briefing: Core DAO Plans Emergency Hard Fork After Validators Draw Excess Rewards
Crypto.news: CORE Transfers Halted on Exchanges as Core DAO Prepares Emergency Fork
CoinMarketCap: Core DAO Latest Updates
Bitcoin mining as a profitable business model is becoming harder to justify at the biggest, most expensive sites.
Network hashrate, which measures the total computing power securing Bitcoin, climbed above 1.1 ZH/s in October 2025 but has since fallen toward 900 EH/s several times. Mining difficulty also dropped 11.16% in February 2026 and another 10.09% in June.
In simple terms, enough miners switched off that the Bitcoin network had to make mining easier for those still operating.
At the same time, some of the largest mining companies are finding better returns elsewhere. Core Scientific reported a negative 56% gross margin from self-mining in the second quarter, while its data-center colocation business generated nearly $80 million in gross profit.
At TeraWulf, HPC leasing produced about 71% of quarterly revenue. So, renting out high-powered computing infrastructure for AI and cloud computing is returning more profits.
So, is AI pushing out Bitcoin miners, and what happens to mining if it does?
Bitcoin Mining Difficulty Over the Past Year. Source: Blockchain.com The Competition for Premium Power AI hardware and Bitcoin mining machines are not interchangeable. Graphics processors used for AI are generally uneconomical for Bitcoin mining, while Bitcoin ASICs cannot run large AI models. The competition instead concerns chip-production capacity, capital, land, infrastructure and, most importantly, reliable electricity.
For AI operators, a site with existing substations, grid capacity and fiber connections is considerably more valuable than undeveloped land near a power plant. AI infrastructure must be deployed quickly, but major power projects often take years to complete.
Many mining companies secured suitable land and grid connections before AI intensified competition for them. These sites can now be more valuable as AI data centers than as mining facilities. The industry’s pivot is therefore not simply about selling electricity. It is about monetizing power access that is already available.
That advantage does not apply to every energy source.
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— ViaBTC (@ViaBTC) July 30, 2026 AI training and inference generally require stable, highly available electricity. Bitcoin mining can operate more flexibly. Mining machines can switch on when surplus power is available, reduce consumption when supply falls and shut down when the grid is under pressure.
A factory with rooftop solar, for example, can use excess midday generation to operate a small group of mining machines after its normal production needs have been met. The machines do not need to run continuously. Their purpose is to generate value from electricity that might otherwise be curtailed or sold back to the grid at a low price.
The same principle applies on a larger scale. Energy group ENGIE has said it is evaluating battery storage or Bitcoin mining at its Assú Sol solar project in Brazil, where transmission constraints prevent all available generation from being absorbed.
Intermittent solar and wind power can support AI, but usually only when combined with storage, grid electricity or another stable source. That additional infrastructure raises costs.
Mining is better positioned to consume electricity that is cheap precisely because it is intermittent, remote, or difficult to transmit.
Bitcoin mining is seeing declining profits, per Wintermute.
Many miners have moved into AI hosting or begun using their Bitcoin reserves as working capital just to keep operations running. pic.twitter.com/vPD56FlTkm
— BeInCrypto (@beincrypto) March 14, 2026 Hashrate Will Move, Not Disappear As large mining companies convert premium sites to AI, some of their machines are likely to enter the secondary market. A rig that is unprofitable in a high-cost data center may remain viable at a site with inexpensive hydropower, surplus solar or stranded energy.
Lower equipment prices cannot compensate for expensive electricity, but they reduce upfront capital requirements and shorten payback periods. Older, less efficient machines may still be economical where power is exceptionally cheap and continuous operation is unnecessary.
This could alter the structure of the mining industry. Publicly listed companies will remain important, but future hashrate growth may increasingly come from private operators, smaller miners and energy producers with direct access to underutilized power.
Bitcoin’s difficulty adjustment also helps the network respond. When miners shut down, blocks initially arrive more slowly. Difficulty subsequently falls, allowing the remaining machines to earn more Bitcoin for the same amount of computing work. Some previously unprofitable equipment may then return to operation.
Lower hashrate still matters because it reduces the cost of attacking the network. However, a temporary decline does not automatically signal a security crisis. The system continually moves toward a new equilibrium shaped by Bitcoin’s price, electricity costs, and machine efficiency.
Bitcoin Miners in Zambia using Excess Electricity from Renewable Energy Plants. Source: BBC AI will make premium power sites more expensive and render some mining models uneconomical. It is unlikely, however, to eliminate Bitcoin mining.
Instead, it is separating two markets: reliable, infrastructure-rich power will increasingly flow toward AI, while mining will migrate toward cheaper and less conventional energy.
As long as underutilized electricity exists, miners will continue looking for ways to use it.
In brief Electoral Commission records published Thursday show that Ben Delo gave Reform £1 million on April 17 and £3 million on April 30. The payments made up 75% of the £5.33 million Reform accepted in donations, where no other gift reached £200,000. Delo has now given £8 million this year, second only to billionaire Tether investor Christopher Harborne. BitMEX co-founder Ben Delo has given Reform UK a further £4 million, taking his donations to Nigel Farage's party to £8 million this year, according to Electoral Commission records published Thursday.
The money came as two cash payments, received on April 17 and April 30 and accepted the next day. Together they made up 75% of the £5.33 million Reform took in donations, and were the two largest single gifts to any British party in the quarter.
Reform out-raised Labour, which accepted £3.59 million, though the Conservatives reported more overall. Christopher Harborne, the Thailand-based Tether stakeholder who has given Reform £15 million since the last election, gave nothing to any party.
Since March, donors have needed 12 months on the UK electoral register to give more than £100,000 a year. A Reform source told The Guardian the party is confident it will not have to hand back Delo's £4 million, raising the possibility he was registered for longer than assumed.
Myriad: Where does Bitcoin price go next? Click to make your prediction.Cash, not cryptoNone of it was paid in cryptocurrency. Britain banned crypto political donations in March, and Reform was the only major party accepting them. Neither Delo's nor Harborne's money has taken that form.
Delo pleaded guilty in 2022 to violating the Bank Secrecy Act over anti-money laundering failures at BitMEX, before U.S. President Donald Trump pardoned him and the exchange's fellow co-founders Arthur Hayes and Samuel Reed in 2025. Writing in the Telegraph in April, Delo called the case "a regulatory failing that isn’t even a crime in the UK."
BitMEX itself is winding down. Owner HDR Global Trading said in July that the exchange, which Delo co-founded in 2014 and no longer runs, closes on September 23 after a strategic review.
The donation lands as Reform's funding faces wider scrutiny. Farage's aide Dan Jukes and policy chief James Orr stepped down on Friday, hours before the party conference opened, after Channel 4 aired footage of them arranging for a supposed U.S. company—in fact controlled by undercover journalists—to fund £32,500 of party polling.
Farage said Reform had "taken no illegal money," blamed "loose pub talk" by two men not authorized to act as they did, and ordered an internal investigation. The Electoral Commission says it is in touch with the Metropolitan Police, which has not opened an inquiry. The Parliamentary Commissioner for Standards is separately weighing whether Farage should have declared Harborne's £5 million personal gift.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Electoral Commission records published Thursday show that Ben Delo gave Reform £1 million on April 17 and £3 million on April 30. The payments made up 75% of the £5.33 million Reform accepted in donations, where no other gift reached £200,000. Delo has now given £8 million this year, second only to billionaire Tether investor Christopher Harborne. BitMEX co-founder Ben Delo has given Reform UK a further £4 million, taking his donations to Nigel Farage's party to £8 million this year, according to Electoral Commission records published Thursday.
The money came as two cash payments, received on April 17 and April 30 and accepted the next day. Together they made up 75% of the £5.33 million Reform took in donations, and were the two largest single gifts to any British party in the quarter.
Reform out-raised Labour, which accepted £3.59 million, though the Conservatives reported more overall. Christopher Harborne, the Thailand-based Tether stakeholder who has given Reform £15 million since the last election, gave nothing to any party.
Since March, donors have needed 12 months on the UK electoral register to give more than £100,000 a year. A Reform source told The Guardian the party is confident it will not have to hand back Delo's £4 million, raising the possibility he was registered for longer than assumed.
Myriad: Where does Bitcoin price go next? Click to make your prediction.Cash, not cryptoNone of it was paid in cryptocurrency. Britain banned crypto political donations in March, and Reform was the only major party accepting them. Neither Delo's nor Harborne's money has taken that form.
Delo pleaded guilty in 2022 to violating the Bank Secrecy Act over anti-money laundering failures at BitMEX, before U.S. President Donald Trump pardoned him and the exchange's fellow co-founders Arthur Hayes and Samuel Reed in 2025. Writing in the Telegraph in April, Delo called the case "a regulatory failing that isn’t even a crime in the UK."
BitMEX itself is winding down. Owner HDR Global Trading said in July that the exchange, which Delo co-founded in 2014 and no longer runs, closes on September 23 after a strategic review.
The donation lands as Reform's funding faces wider scrutiny. Farage's aide Dan Jukes and policy chief James Orr stepped down on Friday, hours before the party conference opened, after Channel 4 aired footage of them arranging for a supposed U.S. company—in fact controlled by undercover journalists—to fund £32,500 of party polling.
Farage said Reform had "taken no illegal money," blamed "loose pub talk" by two men not authorized to act as they did, and ordered an internal investigation. The Electoral Commission says it is in touch with the Metropolitan Police, which has not opened an inquiry. The Parliamentary Commissioner for Standards is separately weighing whether Farage should have declared Harborne's £5 million personal gift.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Oracle stock surges as HPE deal strengthens its global AI infrastructure push. HPE networking expansion supports Oracle’s growing cloud and AI data centers. Oracle heads into Sept. 10 earnings with cloud growth and spending in focus. The HPE deal adds routing, switching, telemetry and support for Oracle data centers. Oracle’s rising capital spending underpins its broader cloud infrastructure buildout. Oracle (ORCL) shares extended their rally after HPE expanded a networking deal supporting Oracle’s global AI data center buildout. ORCL closed 5.69% higher at $154.04, then gained 2.47% to $157.85 in pre-market trading. The advance came before Oracle’s fiscal first-quarter results, scheduled for September 10.
Oracle Corporation, ORCL
HPE Deal Expands Oracle’s AI Data Center Network Oracle plans to deploy HPE Juniper routing and switching equipment across its AI data centers under the expanded agreement. The potential multi-year rollout includes PTX and MX routers, plus QFX and EX switching platforms. HPE will also provide networking support services and financing capabilities through the wider collaboration.
HPE Juniper products already support parts of Oracle Cloud Infrastructure’s data center and edge networks. The new deployment will extend that foundation as Oracle builds larger AI superclusters across more locations. Those clusters need high bandwidth, low latency, congestion control, and reliable recovery during network failures.
The latest QFX switches will provide high-density connections and dynamic load balancing for large backend networks. Oracle and HPE will also develop telemetry tools that improve visibility across network devices and fabrics. The systems can identify packet loss, traffic imbalances, queue buildup, and component problems before operations suffer.
Oracle Spending Supports Wider Cloud Expansion Oracle has sharply increased infrastructure spending as demand grows for cloud capacity and large computing workloads. Capital expenditures reached $55.7 billion in fiscal 2026, compared with $21.2 billion one year earlier. The company expects around $70 billion in net cash capital spending during fiscal 2027.
Cloud infrastructure has become a major part of Oracle’s growth plan as customers require more computing capacity. Larger data centers also require networking systems, chips, cooling equipment, power supplies, and financing. Oracle continues expanding its supplier relationships while building capacity across several regions.
The HPE agreement strengthens a networking relationship already used inside Oracle Cloud Infrastructure. It gives Oracle access to routing and switching systems designed for larger computing clusters. HPE also issued Oracle warrants to purchase HPE common stock under the expanded arrangement.
Oracle Earnings Put Cloud Execution in Focus Oracle will report fiscal first-quarter 2027 results on September 10, shifting attention toward cloud performance and infrastructure demand. The report will provide new figures for revenue growth, spending, contracted business, and cloud capacity. It will also show how quickly Oracle converts infrastructure expansion into reported growth.
Oracle entered the quarter with strong demand tied to cloud computing, model training, and inference workloads. The company has committed substantial capital to data centers designed for large computing clusters. Its expanded HPE partnership addresses the network layer needed to keep those clusters connected and efficient.
The latest rally leaves Oracle shares higher before the earnings release next week. The results will test whether cloud growth supports the recent strength in ORCL stock. Meanwhile, the HPE agreement reinforces Oracle’s broader effort to expand global computing infrastructure.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.
GM!
Today’s top news:
Crypto majors stage huge rally as rate hike odds cool; BTC +5% to $81.3k HYPE, ZEC, and LIT all hit new ATHs as alts soar BTC ETFs see $730M in net inflows, biggest since January AMC CEO calls out Robinhood tokenized stocks, Vlad replies and MEME soars PONS hits $500M on new daily high in revenue 📈 Crypto Stages Major Rally on Rate Hopes and Weaker DollarBitcoin reclaimed $80,000 and pushed past $81,100, the Dow added 453 points, and more than 119,000 traders got liquidated for more than $500M. The BTC ETFs took in $731M in net inflows, their biggest day since January.
And where Bitcion led, everything else followed. XRP led the majors at 7.8%, BNB and Solana each added roughly 5%, and Ethereum climbed 4.7% to $2,497. Zcash jumped 18% to $1,000 and a new ATH.
Down the risk curve, things were even crazier. PONS ran 56% and is up 3,001% over 30 days. Lighter added 16.8% (also new ATH), Ethena 13.6%, Arbitrum 12%, SPX6900 13.2%.
Twenty-four hours of gains erased a week of damage. Now we certainly aren’t out of the woods yet. Waller is one governor giving a conditional answer on data that hasn’t printed yet, and hike odds are still a coin flip at 50.4%. The August jobs report lands this morning, the last major release before the September 15-16 meeting, and its results will likely dictate if this rally continues the next few weeks.
But if today’s jobs report doesn’t hold any bad surprises, we should be in for smooth sailing for at least the next two weeks. The bulls are saying we are set up for a potential risk-on rally into November. We will find out very soon…
🌎 Macro Crypto and Markets Crypto majors were very green up 4-6%; BTC +4% at $81.3; ETH +5% at $2,526; SOL +4% at $104; HYPE +7% at $87 Top alt movers include PONS (+35%), DASH (+24%) and SPX (+23%) Hype hit a new ATH at $87, LIT hit a new ATH at $4.70 and ZEC hit a new ATH over $1,000 as alts had a massive day Oil -2% at $91; Gold +1 at $4,510 Stock futures are mixed ahead of this morning’s jobs report; DOW -0.1%, Nasdaq +0.5% The CFTC asked a judge to toss CME’s lawsuit over its approval of Kalshi’s Bitcoin perpetual contract, calling it “much ado about nothing” and arguing CME can list the same product itself Polymarket launched Polymarket Perps with up to 20x leverage on crypto, stock, commodities and more Coinbase filed two SEC notice registrations to bring single-stock perpetual futures to US traders Standard Chartered began offering institutional Bitcoin and Ethereum spot trading through its Dubai branch SoFi and Kraken parent Payward linked up to put Kraken on SoFi’s round-the-clock dollar settlement network, list SoFiUSD on the exchange, and route SoFi crypto trades through Kraken Prime Bitget CEO Gracy Chen said she’s in talks with BlackRock and other Wall Street firms about distributing tokenized ETFs across Asia, where roughly half of the exchange’s 125 million users sit Corporate Treasuries & ETFs
The Bitcoin ETFs saw $730M in net inflows on Thursday; the ETH ETFs saw $141M in inflows, breaking a 3-week green streak Meme Coin Tracker
Meme leaders were green up 2-7%; DOGE +6%, SHIB +3%, PEPE +6%, PENGU +7%, TRUMP +6%, SPX +22% AMC CEO Adam Aron called Robinhood's stock tokens contemptible, outrageous, and vile, saying the theater chain has no connection to tokens tracking its share price and is putting outside securities counsel on it which led to a Vlad Tenev response “What’s the concern?” which sparked a massive meme rally Robinhood chain leaders were very green as Pons soared 30% to $500M but pulled back as new runner MEME ran 260x to $100M in just a few hours; Cinema +13x, Fatcoin +37x and Concern +15x other movers Solana was led by Useless +70%, Troll +80% and ZCAT +500%; Ansem +5% at $250M Binance listed Marscoin for spot trading, which led to it jumping 60% to $180M with several other BSC tokens soaring in the wake 💰 Token, Airdrop & Protocol Tracker Uniswap announced its purchase of PONS tokens to “deepen alignment” which led to PONS soaring to $500M Hyperliquid is testing HIP-3, an optional layer letting market deployers run onchain whitelists that restrict who can trade specific markets Robinhood Chain did $4M in chain revenue again on Thursday Pons hit new another new ATH in daily revenue with $1.26M 🚚 What is happening in NFTs? NFT leaders were mixed; Punks -1% at 30.8 ETH, BAYC +2% at 7.57 ETH, Pudgy -2% at 3.8 ETH Argonauts (+25%), Identity MD (+20%) and Chubbicorns (+50%) led top movers Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.
GM!
Today’s top news:
Crypto majors stage huge rally as rate hike odds cool; BTC +5% to $81.3k HYPE, ZEC, and LIT all hit new ATHs as alts soar BTC ETFs see $730M in net inflows, biggest since January AMC CEO calls out Robinhood tokenized stocks, Vlad replies and MEME soars PONS hits $500M on new daily high in revenue 📈 Crypto Stages Major Rally on Rate Hopes and Weaker DollarBitcoin reclaimed $80,000 and pushed past $81,100, the Dow added 453 points, and more than 119,000 traders got liquidated for more than $500M. The BTC ETFs took in $731M in net inflows, their biggest day since January.
And where Bitcion led, everything else followed. XRP led the majors at 7.8%, BNB and Solana each added roughly 5%, and Ethereum climbed 4.7% to $2,497. Zcash jumped 18% to $1,000 and a new ATH.
Down the risk curve, things were even crazier. PONS ran 56% and is up 3,001% over 30 days. Lighter added 16.8% (also new ATH), Ethena 13.6%, Arbitrum 12%, SPX6900 13.2%.
Twenty-four hours of gains erased a week of damage. Now we certainly aren’t out of the woods yet. Waller is one governor giving a conditional answer on data that hasn’t printed yet, and hike odds are still a coin flip at 50.4%. The August jobs report lands this morning, the last major release before the September 15-16 meeting, and its results will likely dictate if this rally continues the next few weeks.
But if today’s jobs report doesn’t hold any bad surprises, we should be in for smooth sailing for at least the next two weeks. The bulls are saying we are set up for a potential risk-on rally into November. We will find out very soon…
🌎 Macro Crypto and Markets Crypto majors were very green up 4-6%; BTC +4% at $81.3; ETH +5% at $2,526; SOL +4% at $104; HYPE +7% at $87 Top alt movers include PONS (+35%), DASH (+24%) and SPX (+23%) Hype hit a new ATH at $87, LIT hit a new ATH at $4.70 and ZEC hit a new ATH over $1,000 as alts had a massive day Oil -2% at $91; Gold +1 at $4,510 Stock futures are mixed ahead of this morning’s jobs report; DOW -0.1%, Nasdaq +0.5% The CFTC asked a judge to toss CME’s lawsuit over its approval of Kalshi’s Bitcoin perpetual contract, calling it “much ado about nothing” and arguing CME can list the same product itself Polymarket launched Polymarket Perps with up to 20x leverage on crypto, stock, commodities and more Coinbase filed two SEC notice registrations to bring single-stock perpetual futures to US traders Standard Chartered began offering institutional Bitcoin and Ethereum spot trading through its Dubai branch SoFi and Kraken parent Payward linked up to put Kraken on SoFi’s round-the-clock dollar settlement network, list SoFiUSD on the exchange, and route SoFi crypto trades through Kraken Prime Bitget CEO Gracy Chen said she’s in talks with BlackRock and other Wall Street firms about distributing tokenized ETFs across Asia, where roughly half of the exchange’s 125 million users sit Corporate Treasuries & ETFs
The Bitcoin ETFs saw $730M in net inflows on Thursday; the ETH ETFs saw $141M in inflows, breaking a 3-week green streak Meme Coin Tracker
Meme leaders were green up 2-7%; DOGE +6%, SHIB +3%, PEPE +6%, PENGU +7%, TRUMP +6%, SPX +22% AMC CEO Adam Aron called Robinhood's stock tokens contemptible, outrageous, and vile, saying the theater chain has no connection to tokens tracking its share price and is putting outside securities counsel on it which led to a Vlad Tenev response “What’s the concern?” which sparked a massive meme rally Robinhood chain leaders were very green as Pons soared 30% to $500M but pulled back as new runner MEME ran 260x to $100M in just a few hours; Cinema +13x, Fatcoin +37x and Concern +15x other movers Solana was led by Useless +70%, Troll +80% and ZCAT +500%; Ansem +5% at $250M Binance listed Marscoin for spot trading, which led to it jumping 60% to $180M with several other BSC tokens soaring in the wake 💰 Token, Airdrop & Protocol Tracker Uniswap announced its purchase of PONS tokens to “deepen alignment” which led to PONS soaring to $500M Hyperliquid is testing HIP-3, an optional layer letting market deployers run onchain whitelists that restrict who can trade specific markets Robinhood Chain did $4M in chain revenue again on Thursday Pons hit new another new ATH in daily revenue with $1.26M 🚚 What is happening in NFTs? NFT leaders were mixed; Punks -1% at 30.8 ETH, BAYC +2% at 7.57 ETH, Pudgy -2% at 3.8 ETH Argonauts (+25%), Identity MD (+20%) and Chubbicorns (+50%) led top movers Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
SpaceX is setting up for another game-changer as investors start to gaze at the next Starship flight test event, which is known as Flight Test 14. If the company successfully launches, an analysis by AI experts indicates that the stock value could rise by around 48%.
Starship Flight Seen As Major Catalyst For Elon Musk-Backed SpaceX Stock Rally Elon Musk-led SpaceX is looking to pick up technical steam after a few milestones for such a massive surge to happen. In comparison, the stock has come back about 38% since July and analysts are building up hopes for yet another attempt to launch.
Starship Flight Test 14 is expected to be a crucial milestone that may boost investor confidence, according to AI experts. The company has seen positive developments since the launch with the regulatory aspects.
Recent gains have brought the stock, however, into overbought territory, but the analysis also observes that that’s the case. This might restrain the extent of any short-term rally if the expectations are already built into the price of the stock.
None of that has been enough to quell Wall Street’s optimism. The average estimate of consensus is close to 48% above the current SpaceX stock price. Brian Gesuale of Raymond James has raised his outlook to most bullish. He set $800 price target, which suggests upside of around 434% from the current levels. His perspective focuses on SpaceX’s capabilities in launch services, satellite infrastructure and artificial intelligence.
SpaceX stock 5-day price chart. Source: Yahoo! Finance Recently, SpaceX stock rose 6.42% on Thursday, September 3, to close at $149.74 but dropped in today’s session. On Friday, the SPCX share price dipped slightly after strong U.S. jobs data hinted at higher risk of a Fed rate hike this month.
Analysts Spotlight AI Business Growth Oppenheimer analyst Timothy Horan upped his SpaceX rating to “Buy” and raised its price estimate from $250 to $280, according to reports. He is confident that the company is ideally poised to take advantage of surging demand for AI computing infrastructure.
Horan thinks that the Elon Musk-led company “has the ability to bring online infrastructure faster than anyone else, and is leveraging this infrastructure and its data to refine its models faster than anyone else.”
He further added, “In an environment where compute remains constrained, we expect SpaceX to capture half of every dollar of revenue generated by partners like Anthropic using SpaceX’s compute.”
In addition to providing AI computing power, SpaceX is pursuing its own AI goals. The company recently wrapped up its acquisition of AI startup Cursor. This addition, according to Horan, is “transformative” for future model development and revenue opportunities.
Elon Musk also indicated that Grok 4.7 should be released in the next 10 days following Anthropic’s latest launch of the AI model. Meanwhile, according to Artificial Analysis, Grok 4.6, which was released less than a month ago, offers good performance and has lower operating costs than some of its competitors.
For tokenized stock trading, visit our page on Best Platforms To Trade Tokenized Stocks.
Privacy coins are becoming one of September’s strongest crypto narratives. Monero is trading around $512 to $524 after a sharp move, with some exchanges showing gains near 6.9% over 24 hours.
The latest XMR price prediction now centers on whether privacy demand can eventually push Monero toward $1,000. At the same time, MemeToro’s Stage 7 presale progress shows how speculative capital is also searching for newer AI-driven narratives.
XMR Price Prediction Strengthens Above $500 Monero has returned to the center of the privacy-coin market as XMR and Zcash gain momentum. XMR’s market capitalization now sits around $9.4 billion to $9.9 billion, placing it near 14th among major cryptocurrencies.
The rally matters because privacy coins have faced a difficult environment. Exchange delistings have reduced access in some markets, while privacy-focused technology has continued attracting users who value confidential transactions.
The current narrative creates an unusual contrast: institutional interest in privacy is reportedly growing even as some exchanges reduce support for privacy assets.
For the XMR price prediction, holding above $500 would help maintain the latest bullish structure. However, a sharp weekly rally can also create short-term profit-taking.
The supplied 2027 forecasts remain widely spread. Many models fall between $400 and $900, while more bullish scenarios point toward $1,000 or higher.
That wide range shows how uncertain the XMR price prediction remains despite the current momentum.
What Would XMR Need to Reach $1,000? A move from roughly $520 toward $1,000 would require XMR to nearly double. That is possible in a strong crypto cycle, but it would require sustained demand rather than one week of privacy-coin enthusiasm.
Several conditions could support the bullish case:
Growing demand for private transactions could increase Monero usage and strengthen its core utility narrative. Continued privacy-sector momentum could attract capital that previously focused on larger Layer 1 or memecoin assets. A stronger overall crypto market could provide the liquidity needed for XMR to challenge higher valuation levels. The risks are equally important.
Exchange restrictions can make XMR harder to access, while regulatory pressure around privacy technology remains a long-term issue. A broader crypto correction could also weaken the rally regardless of Monero’s fundamentals.
For that reason, a $1,000 XMR price prediction should be treated as a bullish scenario rather than a base-case target.
MemeToro Shows a Different Type of Market Rotation While Monero represents an established privacy narrative, MemeToro is targeting the newer intersection of AI and memecoins.
MemeToro has entered Stage 7 with $118,562.95 raised toward a $156,312.74 round target. $MT currently costs $0.00430, while its displayed launch price is $0.05186.
The connection is not that MemeToro competes directly with Monero. Instead, both show how the 2026 market is becoming more selective.
Investors are rotating toward specific narratives instead of buying every altcoin together. Privacy is benefiting XMR, while AI-integrated crypto infrastructure could support projects such as MemeToro.
MemeToro’s AI agent scans trends, generates launch concepts, and publishes reasoning and evidence. Its deterministic validation then checks token allocation and funding rules before proposals progress.
That makes the latest crypto presale news another example of narrative-specific demand.
For Monero, the road toward $1,000 depends on privacy adoption and market liquidity. For MemeToro, Stage 7 progress depends on whether its AI launch infrastructure can gain real users.
FAQs What is Monero trading at? XMR is trading around $512 to $524 in the supplied September 4 market data.
Can Monero reach $1,000? It could under a bullish privacy-coin scenario, but most supplied 2027 models span a much wider $400 to $900 range.
What is MemeToro’s latest Stage 7 status? MemeToro has raised $118,562.95 toward a $156,312.74 target, with the current $MT price at $0.00430.
Last night we got the first taste of mainstream attention to Robinhood tokenized equities (TEQs), with AMC’s CEO, Adam Aron, blasting them as “contemptible, outrageous… and vile.”
They aren’t registered under U.S. securities laws, he says (as does Robinhood…), they give no actual ownership or voting rights (which Robinhood already makes clear), and they’re issued by an offshore entity in Jersey (the island, not the state) which, once again, isn’t some hidden detail: these tokens aren’t offered to U.S. persons. Again, qualities that Robinhood makes explicitly clear from the start.
Still, Aron calls for a “CEASE and DECIST” — (fits of rage are the leading cause of typos) — of these “quasi-fake market(s),” or else legal action may be leveled against Robinhood. Robinhood’s Chief Legal Officer seemed unperturbed, replying the below:
We know a little something about the U.S. securities laws and will not “DECIST.” Send your lawyers and we’ll educate them. https://t.co/hz8dH2bz8G
— Dan Gallagher (@DanGallagherDC) September 4, 2026 Just yesterday, I wrote about how cornering the onchain supply of these tokenized stocks holds essentially zero direct bearing over the offchain float, being as they are tokenized debt securities backed by underlying shares rather than actual shares themselves.
I drew this in the context of the short-squeeze thesis circulating around Twitter, where people believed cornering onchain supply of a TEQ could squeeze the stock offchain. That’s not possible. If you want the mechanics, here’s the full article from yesterday.
The Stock-Paired Memecoin Squeeze Is a Lie on Bankless
Why cornering a tokenized stock’s supply doesn’t corner the real stock.
David Christopher
And, in a way, Aron is making the same point I was. These aren’t AMC shares. They don’t give you AMC voting rights or direct ownership. They give you economic exposure through a debt security. So, no, squeezing them does not squeeze AMC.
Going beyond that, though, I dove into what the actual relationship between tokenized equities and the equities themselves could be.
The leading theory, put forth by Eric Conner, is effectively the memecoin acting as guerrilla marketing for the actual equity. In the positive version, the company aligns itself with the memecoin and the community forming around it, expanding its reach and pulling more attention toward the stock.
We already got a taste of this when Conner went on Hims House, a HIMS investor community, to discuss BONER, the memecoin paired with tokenized HIMS.
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$HIMS CLOSED AT $28.75 LAST FRIDAY
MEANWHILE, ITS STOCK TOKEN HIT $132 THIS WEEKEND ON ROBINHOOD CHAIN 😳
... because of a memecoin called $BONER
FULL INTERVIEW
🚨 WARNING: This is not a typical Hims House podcast! I wanted to do this interview because what happened on… pic.twitter.com/Oac34iQh8h
— Hims House (@himshouse) September 3, 2026 What’s going on with AMC is exactly that, but in reverse.
Instead of the CEO aligning himself with the memecoin, he’s in direct opposition to it. Yet the end result looks remarkably similar: CINEMA, one of the memecoins paired with tokenized AMC, surged more than 10x in 15 minutes, while AMC itself jumped as much as roughly 17% in the wake of the exchange (though it sold off from those highs today).
You obviously can’t say Aron’s posts caused the move in AMC. But the attention loop is hard to ignore. An already memetic piece of equity now has its CEO standing up against what he sees as this corrupt, “quasi-fake” practice. That gives people a cause to rally around.
It’s negative guerrilla marketing.
And while this isn’t exactly the version I had in mind yesterday, it probably strengthens the overall thesis.
Aron is 71, so he’s not exactly the internet-native CEO I’m imagining here. You can easily see a more tech-savvy company looking at this and leaning the opposite direction: instead of fighting the onchain community around its equity, work with it.
Robinhood’s current Stock Token structure may make that difficult, since the company itself has no role in issuing the token. But we’ve already seen Galaxy work with Superstate to bring its actual equity onchain with shareholder rights attached. There are clearly other designs here.
Which gets to the more interesting question: if an adversarial interaction between a company and its onchain counterpart can generate this much attention, what happens when that interaction is aligned?
Twin Finance and DAMM Capital Bring Latin American Currencies Onchain with DIA Price OraclesDIA price oracles power Twin Finance’s LATAM stablecoins and DAMM Capital’s Morpho lending markets, priced at real executable exchange rates.
In Argentina, a peso’s value depends on where you trade it: the rate at the bank, and the rate at the door of a cueva. Under capital controls the two have pulled tens of percent apart. Bolivia fixes its boliviano against the dollar, but the rate at which anyone can actually get dollars runs through Binance P2P and the local market.
When a currency is used as collateral onchain, the system has to choose which of those numbers is real, and it has to choose the one a borrower can actually transact at. That is the problem DIA, Twin Finance, and DAMM Capital are building against.
Twin Finance issues fully backed local-currency stablecoins for Latin America: ARGt for the Argentine peso, BRAt for the Brazilian real, BOLt for the boliviano, and MEXt, COLt, PERt, and CHLt for the Mexican, Colombian, Peruvian, and Chilean currencies. DAMM Capital, the Buenos Aires onchain asset manager, curates lending markets on Morpho that lend against those tokens. DIA provides the price oracles underneath.
According to Chainalysis, Latin America recorded roughly $1.5 trillion in crypto volume between July 2022 and June 2025, and stablecoins dominate its fiat pairs: more than half of on-exchange buying in COP, ARS and BRL goes into stablecoins, and stablecoin-related flows run above 60 percent of Argentina’s crypto volume. People in the region use stablecoins to hold dollars against inflation and capital controls.
The DIA team gives us the flexibility, robustness, and speed we need to iterate and build institutional-grade, resilient oracle infrastructure that reflects the real economics of emerging markets.
Juan Samitier
Co-Founder of DAMM Capital
ARGt is the only token with meaningful circulation in the set, and the rest held supplies below $100,000 as of August 2026. Onchain order books for these pairs are thin. A feed built on a thin pool turns a handful of orders into a price, and one stale or manipulated print can trigger a wrongful liquidation.
The feed has to be built from where the currency is actually exchanged, then checked against outside references within a tight bound. DIA builds these pairs from venues such as Belo, a licensed Buenos Aires wallet and exchange whose buy-sell spread is a genuine executable two-sided market, and validates them against guardians, independent cross-checks against references such as Binance and Coinbase.
When the sources disagree beyond the agreed threshold, DIA’s feed holds its last good value, so a broken price never reaches a liquidation.
Morpho markets are isolated, so each LATAM currency carries its own risk profile, and DAMM’s vault allocates across them. DIA price oracles power those markets. DAMM plays the Curator and Allocator role: it sets the markets, the caps, and how capital moves.
Under that structure, collateral value, borrow limits, and liquidations all resolve against one feed. A feed that is fresh but priced at an unexecutable reference rate is undercapitalized risk: the position looks healthier than it is, and the liquidation that eventually fires is already underwater. The guardian design exists to stop that specific failure, by refusing to propagate a price the independent checks do not corroborate.
The next step, the one this collaboration is about, is putting Latin America’s stablecoin flows to work as lending collateral.
Three implementations of the same MCP-as-interface pattern shipped this week. The protocol is open, but the moats are being built on top of it.
The Model Context Protocol (MCP) has quietly transitioned from a niche tool registry into the foundational rails for agentic infrastructure. With over 10,000 active public servers and NPM downloads exceeding 97 million, the protocol has achieved the critical mass necessary to define how agents interact with the world. Governance under the Linux Foundation’s Agentic AI Foundation ensures its persistence, but the deeper issue is how the industry is building proprietary moats on top of this open standard.
We are witnessing a convergence of the MCP-as-interface pattern across three distinct domains. CIQ’s Fuzzball 4.2 release allows agents to manage high-performance compute workflows with explicit, scoped permissions. Simultaneously, Anthropic’s MCP-as-code-API pattern has fundamentally changed agent behavior, shifting them from reactive tool-callers to proactive code-writing entities. This shift is not merely architectural; it reduced token overhead by 98.7 percent, from 150,000 to 2,000 tokens, making complex, multi-step reasoning economically viable.
Vercel’s integration further cements this trajectory, positioning MCP servers as the primary deployment surface for durable agents. By introducing security primitives like fingerprintTools and detectToolDrift, Vercel is moving beyond simple connectivity. They are defining the operational standards for how agents execute code in production environments. The simultaneous emergence of these implementations signals a shift: MCP is no longer just a connector; it is the universal interface layer for agentic systems.
The shift in where lock-in occurs is the primary concern for infrastructure architects. In the early days of agent development, developers feared protocol-level lock-in. Today, the protocol is open, but the ecosystem is hardening. The value is migrating into specialized security primitives, workflow-scoped credentials, and proprietary Skills libraries. These components define the boundaries of what an agent can actually do within a specific environment.
This creates a new form of walled garden. An agent optimized for the CIQ compute environment, utilizing its specific workflow-scoped credentials, cannot simply be dropped into a Vercel-managed deployment surface. While the protocol remains the same, the operational context—the security policies, the tool drift detection, and the specific code-writing patterns—is increasingly tied to the infrastructure provider.
We are trading one form of vendor dependency for another. By embedding security and workflow logic directly into the MCP server implementation, infrastructure providers are creating ecosystems where agents are highly efficient but increasingly immobile. The efficiency gains of the MCP-as-code-API pattern are undeniable, but they come at the cost of interoperability.
For technical leaders, the challenge is to maintain architectural flexibility while leveraging these specialized ecosystems. The goal should be to build agents that can negotiate these boundaries, rather than agents that are permanently tethered to a single provider’s security and deployment primitives. As the Agentic AI Foundation continues to oversee the protocol, the industry must remain vigilant about the divergence happening at the implementation layer. The protocol may be universal, but the agents are becoming increasingly specialized to the environments they inhabit.
Ethoswarm Blair Hayes works for Forkast.
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