Key Takeaways BigBear.ai's Q3 revenue jumped 31% to $43.6 million, while backlog climbed 22% sequentially to $330 million.Booz Allen raised fiscal 2027 adjusted EPS guidance to $6.50-$6.70, backed by a $40.9 billion backlog.BBAI faces persistent losses, while BAH's 75% ROE and discounted valuation strengthen its investment case.
BigBear.ai Holdings, Inc. (BBAI - Free Report) and Booz Allen Hamilton Holding Corporation (BAH - Free Report) operate in overlapping markets centered on U.S. national security, defense technology, Artificial Intelligence (AI), cybersecurity and government technology services. Both help government agencies use advanced technology to improve intelligence, strengthen security and support mission-critical decisions.
BigBear.ai is a specialized AI and decision-intelligence technology provider, with additional exposure to travel and trade, supply-chain operations, computer vision and digital identity. Meanwhile, Booz Allen is a broader advanced-technology and government solutions company, spanning national security, civil government and commercial customers, with substantial consulting, engineering, cybersecurity and defense technology capabilities.
Let's dive deep and compare the two stocks' fundamentals to determine which is the better investment now.
The Case for BigBear.ai StockNew contract wins and a growing backlog provide visibility into BigBear.ai's potential future demand. Growing demand for AI and analytics across defense, intelligence, border security and civilian agencies is creating numerous opportunities for the company. Since the second quarter of 2026, BBAI has announced more than 25 new contracts representing more than $225 million in total contract value, including government recompetes and classified national-security awards. Its backlog increased 22% sequentially to $330 million at the end of the third quarter. The company also added customers such as the FBI, U.S. Coast Guard, NASA, the Department of Energy and the Department of Veterans Affairs.
BBAI reported third-quarter 2026 revenues of $43.6 million, up 31% year over year, marking its third consecutive quarter of growth. Management raised full-year revenue guidance to $150-$165 million, with the midpoint implying approximately 23% growth over 2025. The stronger outlook suggests recent contract wins and demand for secure AI solutions are beginning to translate into sales. Revenue growth also accelerated sequentially during the quarter, strengthening management’s confidence heading into year-end and 2027.
Besides, differentiated secure-AI capabilities offer another positive for BigBear.ai. Its model-agnostic approach allows customers to access multiple AI models and build workflows while handling sensitive information in secure or disconnected environments. The company also brings mission expertise and a security-cleared workforce, attributes that can be difficult for less-specialized competitors to replicate. Beyond national security, its digital-twin and predictive-analytics offerings serve critical infrastructure and healthcare customers. Almost $400 million in cash and investments give management resources to pursue product development and carefully selected acquisitions, provided these investments generate attractive returns.
However, persistent losses and negative adjusted EBITDA remain important risks for BigBear.ai. The company recorded a third-quarter 2026 net loss of $91.9 million against net income in the year-earlier period. Adjusted EBITDA was still negative at $9.1 million, showing that the business has not yet reached operating profitability on this measure. Selling, general and administrative expenses also increased, partly due to Ask Sage amortization, higher labor and headcount, and sales and marketing spending. Investors need evidence that revenue growth can eventually produce sustainable profits and stronger cash generation.
The Case for Booz Allen StockBooz Allen’s recent earnings performance and higher profit guidance support a positive investment case despite a challenging revenue environment. In the second quarter of fiscal 2027, adjusted earnings per share increased 18.1% year over year, with adjusted EBITDA margin also improving modestly, reflecting the company’s ability to protect profitability amid revenue pressures. Management raised its fiscal 2027 adjusted EPS guidance to $6.50-$6.70 from $6.00-$6.35, signaling confidence in execution and earnings resilience. Continued cost discipline and an improving technology-focused business mix could support earnings growth, although revenue conversion remains important.
BAH’s substantial backlog and resilient national security business provide visibility into future opportunities. Total backlog reached approximately $40.9 billion at the end of the second quarter of fiscal 2027, up 1.9% year over year. Demand is supported by defense modernization, geopolitical tensions, intelligence requirements and the need for advanced capabilities at the tactical edge. These factors position Booz Allen to compete for complex government technology programs. Strong backlog and funded awards could help offset weakness in civilian markets, provided contracts convert into revenues as expected.
Booz Allen’s investments in cybersecurity, AI and defense technology could create additional growth opportunities beyond traditional consulting services. The company is developing its Vellox agentic cybersecurity suite, including Guile, which is designed to counter AI-enabled attacks in real time and has entered private beta with government and commercial customers. Management also cited strong demand for Zero Trust capabilities and cybersecurity solutions across government and commercial markets. The acquisition of Ultra I&C Mission Solutions expands its portfolio of software-centric, hardware-enabled defense products and adds an established customer base. By combining proprietary technology with its security expertise and mission relationships, Booz Allen aims to build more scalable offerings.
However, BAH’s financial flexibility warrants attention as it invests in acquisitions and new technology capabilities. The balance sheet reflected approximately $4.4 billion in debt as of Sept. 30, 2026, with net leverage rising to 3.3 times from 2.5 times a year earlier. Recent acquisitions have contributed to Booz Allen’s strategic expansion but also increased integration and capital-allocation demands. If revenue growth remains subdued or expected acquisition benefits take longer to emerge, elevated leverage could limit financial flexibility and increase pressure to sustain cash generation.
Stock Performance & Valuation Trends: Clearing the Picture?As witnessed from the chart below, shares of Booz Allen have outperformed those of BigBear.ai over the past six months.
Image Source: Zacks Investment Research
Considering valuation, over the last five years, BigBear.ai has been trading above Booz Allen on a forward 12-month price-to-sales (P/S) ratio basis.
Image Source: Zacks Investment Research
Overall, from these technical indicators, it can be deduced that BBAI stock offers a declining trend with a premium valuation, while BAH stock offers an improving growth trend with a discounted valuation.
Earnings Estimate Trends Are Poles ApartThe Zacks Consensus Estimate for BBAI’s bottom line for 2026 and 2027 indicates losses per share of 27 cents and 16 cents, respectively, which have remained unchanged over the past 60 days. However, the estimated figures for 2026 and 2027 imply year-over-year growth of 67.1% and 40.7%, respectively.
BBAI’s EPS Trend
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BAH’s fiscal 2027 and fiscal 2028 earnings has trended upward in the past seven days to $6.51 per share and $6.83 per share, respectively. The estimated figures for fiscal 2027 imply flat year-over-year growth, while the same for fiscal 2028 indicates year-over-year improvement of 4.8%.
BAH’s EPS Trend
Image Source: Zacks Investment Research
Return on Equity (ROE) of BBAI & BAH StocksBooz Allen’s trailing 12-month ROE of 75% significantly exceeds BigBear.ai's negative average, underscoring its efficiency in generating shareholder returns.
Image Source: Zacks Investment Research
Which Stock Has More Upside Potential: BBAI Stock or BAH Stock?BigBear.ai offers substantial growth potential through new government contracts, expanding backlog and specialized secure-AI platforms. Its differentiated capabilities in intelligence, defense and border security, alongside adequate liquidity, could support expansion. However, persistent operating losses, negative adjusted EBITDA, rising expenses and uncertain cash generation remain significant concerns.
Meanwhile, Booz Allen offers a stronger financial foundation, supported by substantial backlog, resilient defense demand and improving earnings expectations. Its investments in cybersecurity, AI and defense technology could create additional growth opportunities, while cost discipline supports profitability. However, elevated debt, acquisition integration challenges and subdued revenue growth could constrain financial flexibility.
Overall, Booz Allen stock appears to be the more compelling choice for investors seeking comparatively stronger fundamentals and greater earnings visibility. Its improving earnings outlook, established government relationships and superior profitability outweigh BigBear.ai stock’s more speculative growth opportunity. As both stocks currently carry a Zacks Rank #3 (Hold), investors considering either stock may favor BAH stock while waiting for clearer evidence of durable profitability from BBAI stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Equinor's KNARR center will test underwater robots and autonomous vessels to improve offshore efficiency.EQNR targets annual savings of hundreds of millions of Norwegian kroner via robotics & vessel optimization.EQNR and Gassco invested NOK 16 million in KNARR, which offers subsea testing at depths of up to 250 meters.
Equinor ASA (EQNR - Free Report) opened the Karsto Marine Robotics Centre, or KNARR, on Oct. 28, 2026, to test and develop technology for offshore operations. The facility supports the company’s efforts to lower operating expenses and improve the efficiency of its existing energy infrastructure.
Robotics Offers Cost-Saving Opportunities for EQNREquinor sees potential annual savings of several hundred million Norwegian kroner from underwater robots and autonomous vessels. Assigning smaller tasks to drones allows the company to reserve larger vessels for more demanding work. Realizing these savings would support EQNR’s profitability and operating cash flow.
Operating Infrastructure Supports Testing for EQNRKNARR is located at the Karsto processing plant in Tysvaer, Norway. Its connection to an operating facility allows developers to test equipment around existing subsea structures, pipelines and power cables. This provides practical operating experience before technology is deployed more widely.
EQNR’s Safer Maintenance Supports OperationsThe center will support solutions for inspection, environmental monitoring and maintenance of offshore installations. Using robots for these activities reduces workers’ exposure to risk. Improved monitoring gives Equinor more information for maintenance decisions, supporting safe and efficient production.
EQNR’s Sensor Testing Helps Assess EquipmentThe three test areas offer water depths of 25, 140 and 250 meters. The facility has three kilometers of subsea cable and associated electronics for extended sensor testing. These resources support the assessment of technologies such as distributed acoustic sensing under operating conditions.
EQNR’s Shared Investment Supports DevelopmentEQNR and Gassco have allocated NOK 16 million to establish KNARR, with scope for expanding its functions. The center will be available across maritime industries, allowing suppliers and research groups to test equipment and work with industry partners on practical applications.
EQNR’s Cost Targets Remain the Investment FocusKNARR’s financial relevance lies in its contribution to Equinor’s goal of significantly reducing operating costs by 2035. More efficient inspection and vessel use offer potential savings across offshore operations.
Successful testing, wider deployment and measurable expense reductions will enable the company to boost earnings and increase investor appeal.
EQNR Zacks Rank & Other Key PicksEquinor currently sports a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the energy sector are Antero Resources Corporation (AR - Free Report) , Eni S.p.A. (E - Free Report) and EOG Resources, Inc. (EOG - Free Report) . Eni currently sports a Zacks Rank #1, while Antero Resources and EOG carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Antero Resources, Eni and EOG have a presence in upstream operations, making their business models sensitive to fluctuations in commodity prices.
Key Takeaways SIMO's Q3 earnings jumped 335% as revenues surged 131%, beating consensus estimates on both fronts.SSD controller sales rose 55-60%, while Ferri & Boot Drive sales soared 2,580-2,585% year over year.SIMO expects Q4 revenues of $588M-$616M, with gross margins of 54-55% and operating margins of 36-37%.
Silicon Motion Technology Corporation (SIMO - Free Report) reported strong third-quarter 2026 results, with both the top and bottom lines surpassing the Zacks Consensus Estimate. Non-GAAP earnings of $4.35 per American depositary share (ADS) increased 335% year over year and beat the consensus estimate of $3.30 by 31.82%.
Revenues surged 131% year over year to approximately $560 million, exceeding the Zacks Consensus Estimate of $533 million by 5.07%. Growth was supported by robust demand for SSD controllers and Ferri & Boot Drive solutions, with the latter witnessing a remarkable 2,580-2,585% year-over-year sales increase.
SIMO's Net Income ImprovesOn a GAAP basis, net income increased to $65.3 million or $1.91 per ADS from $39.1 million or $1.16 per ADS in the year-ago quarter. However, GAAP earnings declined sequentially from $136.1 million or $3.99 per ADS, primarily reflecting a $78 million investment loss compared with a substantial investment gain in the preceding quarter.
Non-GAAP net income climbed to $149.2 million from $33.8 million in the prior-year quarter. Sequentially, adjusted net income improved from $83.1 million, reflecting higher sales volumes and improved operating profitability across the company's storage controller and solutions businesses.
Silicon Motion's Revenues Gain on Storage DemandQuarterly revenues increased to $560.2 million from $242 million in the year-ago quarter. Sequentially, sales improved 24% from $451 million, driven by strong momentum in enterprise and edge SSD controllers, automotive storage solutions and enterprise boot drive products.
SSD controller sales increased 55-60% year over year and 20-25% sequentially, benefiting from expanding demand for edge and enterprise storage applications. Sales of embedded Multi-Media Card and Universal Flash Storage (eMMC+UFS) controllers rose 35-40% year over year but declined 10-15% sequentially.
Ferri & Boot Drive solutions sales increased 75-80% sequentially, supported by rapid adoption of automotive, edge artificial intelligence (AI) and enterprise boot drive solutions. Management highlighted growing contributions from its MonTitan enterprise and AI controllers as the company expands beyond traditional consumer storage markets.
SIMO's Margins Expand Despite Higher CostsNon-GAAP gross profit increased to $300.7 million from $117.8 million in the year-ago quarter. Gross margin expanded to 53.7% from 48.7%, reflecting improved profitability alongside strong revenue growth. Sequentially, gross margin improved from 50.2%.
Non-GAAP operating expenses increased to $120.7 million from $79.5 million a year ago. GAAP research and development expenses rose to $115.8 million from $69.5 million, reflecting the company's continued investments in storage controller technologies.
Non-GAAP operating income surged to $180 million from $38.3 million in the prior-year quarter. Operating margin expanded to 32.1% from 15.8%, highlighting the benefits of increased scale and a growing contribution from higher-value storage products.
Silicon Motion's Cash Flow and LiquidityAs of Sept. 30, 2026, Silicon Motion had cash and cash equivalents of $845.9 million compared with $74.4 million at the end of June. Cash, cash equivalents and restricted cash totaled $953.6 million, reflecting proceeds from the company's convertible senior notes offering.
Operating activities utilized $256.1 million during the quarter, compared with cash generation of $26.9 million in the year-ago period. Capital expenditures totaled $23 million, including $20.1 million for equipment, software, design tools and other routine purchases and $2.9 million for building construction.
SIMO's Capital Initiatives and Dividend GrowthDuring August 2026, Silicon Motion completed a $1.15 billion offering of 0% convertible senior notes due 2031. The company received approximately $1.13 billion in proceeds and repaid $59.2 million in bank loans during the third quarter.
The board also declared an annual cash dividend of $2.30 per ADS, representing a 15% increase. The dividend will be paid in quarterly installments of 57.5 cents per ADS, with the first payment scheduled for Nov. 19, 2026.
Silicon Motion's Outlook Signals Continued MomentumFor fourth-quarter 2026, management expects revenues between $588 million and $616 million, representing sequential growth of 5-10% and year-over-year growth of 111-121%. Non-GAAP gross margin is projected between 54% and 55%, while non-GAAP operating margin is expected between 36% and 37%.
Management expects continued momentum from enterprise and AI storage applications, supported by its expanding SSD controller portfolio and Ferri product offerings. Despite rising NAND flash prices and pricing pressures in certain consumer markets, the company expects record annual revenues in 2026, representing growth of more than 100% year over year.
Zacks RankSIMO currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming ReleasesArista Networks Inc. (ANET - Free Report) is scheduled to release third-quarter 2026 earnings on Nov. 3. The Zacks Consensus Estimate for earnings is pegged at $1.08 per share, suggesting a growth of 44% from the year-ago reported figure.
Arista has a long-term earnings growth expectation of 22.8%. Arista delivered an average earnings surprise of 8.9% in the last four reported quarters.
Akamai Technologies, Inc. (AKAM - Free Report) is slated to release third-quarter 2026 earnings on Nov. 5. The Zacks Consensus Estimate for earnings is pegged at $1.67 per share, indicating a 10.2% decline from the year-ago reported figure.
Akamai has a long-term earnings growth expectation of 5.9%. Akamai delivered an average earnings surprise of 4.8% in the last four reported quarters.
GLOBALFOUNDRIES Inc. (GFS - Free Report) is set to release third-quarter 2026 earnings on Nov. 4. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share, implying a rise of 24.4% from the year-ago reported figure.
GLOBALFOUNDRIES has a long-term earnings growth expectation of 21.2%. GFS delivered an average earnings surprise of 10.9% in the last four reported quarters.
SummaryHarrow trades at a 52-week low due to management miscommunication and short-term revenue volatility, but its fundamentals remain robust.Vevye and Iheezo, Harrow's flagship drugs, both address large, underpenetrated markets and are positioned for significant growth as coverage expands and pricing stabilizes.Temporary headwinds, including inventory dynamics and coverage transitions, have obscured accelerating prescription trends and pricing tailwinds expected to materialize in H2 and beyond.DCF analysis suggests Vevye and Iheezo alone justify a 40% higher share price, under conservative growth assumptions, with additional upside from other branded drugs and an established distribution network.FabrikaCr/iStock via Getty Images
Harrow (HROW) has been a frustrating stock to own recently; management's inability to manage expectations has resulted in Harrow missing consensus estimates 5 times in the past 8 quarters. After committing, during the March 2, 2026, earnings call, to be more
29 Followers
Analyst’s Disclosure: I/we have a beneficial long position in the shares of HROW either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Decentralized cryptocurrency exchange Uniswap (UNI) has reached two significant milestones in network usage. Daily active addresses have reached their highest level in the past year, while newly created addresses have seen the strongest increase since September 2020.
According to shared data, the number of daily active addresses on the Uniswap network has risen to 14,591. During the same period, 13,137 new UNI addresses were created, marking the highest network growth in approximately six years.
The increase in network activity followed technical improvements made to the Uniswap ecosystem.
The Aggregator Hooks feature enables the routing of external liquidity through the Uniswap v4 infrastructure, while the VolatilePair Hooks enhancement expanded the scope of dynamic pricing mechanisms.
Additionally, the planned OP Enterprise upgrade for Uniswap’s second-layer network, Unichain, is expected to take place on October 29th.
With the activity in the ecosystem, signs of recovery have also been observed in the UNI price. While the token is trading around $7.25, the $7 level stands out as a critical support in the technical view.
According to the analysis, the fact that the UNI price remains above $7 and the number of active addresses maintains high levels could support the possibility of a continuation of the upward trend.
In upward movements, the $7.50 level is being watched as the first significant resistance and for confirmation of the strengthening momentum.
It is believed that if this level is surpassed, the $8 region could come back into focus.
Conversely, the drop in the UNI price below $7 and the significant decrease in network activity may indicate that the increase in end-users is a temporary trend rather than sustainable growth.
While current data points to a strong increase in Uniswap usage, there is no certainty that this will translate into a long-term price hike.
*This is not investment advice.
Follow our Telegram and X account now for exclusive news, analytics and on-chain data!
The TJAR fee conversion tool, first built for the Uniswap Protocol, is now open to other apps, and Robinhood is already using it
Uniswap has opened up its Token Jar, known as TJAR, to the wider crypto app ecosystem. It is an onchain tool that takes the jumble of tokens an app earns in fees and turns them into the one token the team actually wants.
The pitch is simple. Instead of ending up with a junk drawer of assets, an app can collect its fees in stablecoins, its own token, or whatever it prefers.
How the Token Jar works
Crypto apps face a version of this every day. Users pay fees in whatever tokens they happen to be trading, so revenue arrives scattered across many different assets.
TJAR is Uniswap’s answer to that sprawl. An app sends its incoming fees into a Token Jar contract, where they pile up.
From there, searchers compete to convert the accumulated assets into the app’s chosen token. Searchers are third parties hunting for profitable opportunities onchain, and here they handle the swapping work.
Setup is designed to be minimal. Deploying a Token Jar takes a single transaction, which configures the target token, the price settings, and the address where converted funds should be delivered.
Those settings are not carved in stone by default. Teams can adjust them later, or they can permanently lock them if they want the configuration fixed for good.
From Uniswap plumbing to public infrastructure
TJAR did not start life as a product for other teams. It was originally built specifically for the Uniswap Protocol, handling fee conversion for Uniswap itself.
The original Token Jar has already seen meaningful use. It processed over $15.3 million in conversions from Uniswap-related activity in the previous month alone.
The system is currently live on seven blockchain networks. Uniswap has indicated that more expansions are planned.
The most recognizable early adopter is Robinhood. The brokerage uses TJAR to convert the fees it earns through the Uniswap API into stablecoins, specifically USDC and USDG.
What this means for builders and the broader market
For developers, the biggest change is that fee conversion no longer has to be a custom engineering project. Teams that would otherwise build and maintain their own swapping logic can plug into existing infrastructure instead.
The choice of target token also opens up different strategies. An app that collects fees in stablecoins gets predictable revenue it can budget around, which is the route Robinhood took.
An app that collects fees in its own token is making a different bet. It gets steady accumulation of that asset, which some teams may prefer for their own economic design.
For now, Uniswap has taken a tool that already handled over $15.3 million in monthly conversions for its own protocol and made it available to everyone else.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
TJAR lets teams choose which token they receive as fee revenue. Robinhood is the first integration partner, with others to follow, Uniswap Labs said.
Uniswap Labs has launched an open-source fee conversion tool called TJAR, naming Robinhood as its first integration partner.
Uniswap Labs said apps can end up holding thousands of tokens from the fees they collect across chains. Teams have usually had to build their own infrastructure to convert those holdings into a few chosen tokens.
"TJAR replaces that infrastructure with an open market. Apps deposit their fees into a Token Jar. Searchers compete to convert them, and the app automatically receives fees in its chosen token," Uniswap Labs said.
Token Jar was originally built for Uniswap's protocol fees. Uniswap Labs said it handled over $15.3 million in conversions in September and is now available through TJAR for other apps to use.
Converting the fees The app chooses a token it wants to receive and sets an amount. A searcher can pay that amount through a contract called a Releaser to collect assets from the jar, according to Uniswap's documentation.
The jar does not set a price for each token it holds, according to the documentation. Searchers decide whether to accept the trade, with payment going to the recipient chosen by the app.
Uniswap uses UNI for these payments and sends it to a burn address. Other apps can choose which token to receive and where to send it.
"Anyone can set up a token jar in a single transaction. You can change the token, price, and destination at any time, or choose to lock settings permanently," Uniswap Labs said.
Uniswap DAO governance can also set an optional protocol fee for TJAR. None is set at present, according to the documentation.
Robinhood integration Robinhood is the first integration partner for TJAR, Uniswap Labs said, adding that more integration partners would follow.
"Robinhood is already using TJAR across its supported chains for fees collected through the Uniswap API," Uniswap Labs said. "Fees are converted as they come in, and Robinhood receives fees from its jars in USDC and USDG."
Robinhood and Uniswap already work together.
Uniswap's trading protocols are live on Robinhood Chain, while its web app, wallet, and API support Robinhood Stock Tokens.
TJAR is live on seven chains, according to Uniswap Labs. The company said developers can access the code, deployment addresses, and audit reports.
The Funding newsletter: Stay on top of the latest crypto VC funding and M&A deals, news, and trends with my free bi-monthly newsletter, The Funding. Sign up here!
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.
Uniswap Labs announced it is opening Token Jar, its former protocol fee management tool, as an open-source utility called TJAR to third-party applications, with Robinhood serving as the first integrated partner. Apps can deposit cross-chain collected fee tokens into Token Jar, where searchers compete to convert them, and the application automatically receives its selected token. Token Jar recorded over $15.3 million in conversion volume in September. For its own operations, Uniswap uses UNI for payments and sends tokens to a burn address; other applications can choose their own receiving token and address. Robinhood has already used TJAR for fees collected via the Uniswap API on its supported chains, converting the fees to USDC and USDG. TJAR is now live on seven blockchains, with developers able to access its code, deployment addresses, and audit reports. The Uniswap DAO can set an optional protocol fee for TJAR, which has not been charged to date. The two parties have a prior collaboration: Uniswap’s trading protocol is deployed on Robinhood Chain, and its web app, wallet, and API also support Robinhood’s stock tokens.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
2 hours ago
HYPE continues its rally, breaking through $97, and is just $1 away from hitting a new all-time high.
According to HTX market data, HYPE has continued its rally, breaking through the $97 mark, surging over 20% in 7 hours, and is only $1 away from hitting a new all-time high. Earlier news, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into the U.S. regulated market.
2 hours ago
Strategy Perpetual Preferred Stock (STRC) rises to $99.95.
Strategy’s third-quarter financial results are upcoming, and its perpetual preferred stock STRC has climbed to $99.95, its highest level in 165 days. STRC is designed to trade around $100 via a floating dividend mechanism. When STRC nears par value, the company can raise capital through at-the-market (ATM) share issuances to purchase bitcoin — a route the market commonly dubs the "bitcoin money printer". Previously, after STRC fell below par value, such ATM offerings were temporarily halted.
2 hours ago
Axis Robotics Responds to AXIS Token Sell-Off: Suspects Over-the-Counter (OTC) Counterparties Defaulted on Sell Orders, Team and Investor Tokens Remain Untouched
Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions. The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market. Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.
2 hours ago
The Canadian government and Nvidia have participated in Cohere's financing round, with the latter's valuation exceeding $20 billion.
Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.
2 hours ago
Alphabet’s quarterly report filings disclose its AI exposure exceeds $1 trillion, with over one-third of the growth in its unfulfilled cloud contracts coming from joint ventures.
According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.
New York, United States, October 29th, 2026, Chainwire
Uniswap Labs today released TJAR, permissionless infrastructure that converts an app’s onchain fees into a single token. Robinhood is the first integration partner, with more coming soon.
Today, apps that charge a fee are paid in whatever tokens their user’s trade. Over time, that adds up to thousands of different tokens, across every chain they support. Typically, consolidating these holdings into a few chosen tokens has meant building custom conversion infrastructure.
TJAR replaces that infrastructure with an open market. Apps deposit their fees into a Token Jar. Searchers compete to convert them, and the app automatically receives fees in its chosen token.
The Token Jar framework was first built for Uniswap Protocol fees. In September, Token Jar handled more than $15.3M in conversions. TJAR lets any team use the same system for its own fees.
TJAR is now live on seven chains. Documentation, deployment addresses, and guides are available on the Uniswap Developer Platform.
About Uniswap Labs
Uniswap Labs is a core contributor to the Uniswap Protocol, the world’s largest decentralized exchange, with more than $4.7 trillion in all-time trading volume. Uniswap Labs builds products trusted by millions of users and leading financial institutions to access onchain liquidity, including the Uniswap Web App, Uniswap Wallet, Uniswap API, and UniswapX.
For more information, please visit https://app.uniswap.org
On October 29, 2026, Uniswap launched TJAR, opening its Token Jar fee-conversion framework to other apps across seven chains. Apps collect fees in mixed assets and receive a chosen token when a searcher pays to release the jar’s holdings.
Robinhood already uses TJAR for fees collected through the Uniswap API and receives $USDC and $USDG, according to the announcement. Existing API integrators can direct fees into a jar by setting it as the fee recipient in their quote request. The framework also accepts fees from apps, hooks and other integrations.
Uniswap originally built the framework for its own protocol fees. It says the framework handled more than $15.3M in conversions last month. That figure covers activity before the product opened to other apps, not receipts generated by the launch.
A fixed payment releases selected assets The overview describes a pair of immutable contracts. The Token Jar holds incoming assets; the Releaser sets the payment needed to withdraw them. The operator chooses the payment token, threshold and destination. The jar holds balances without pricing its contents or maintaining a separate inventory.
A searcher names the assets it wants and submits a release transaction. The releaser sends the threshold payment to the operator’s chosen recipient. The jar then transfers its full balance of each named asset to the searcher’s recipient. The searcher receives the assets as they are and handles their subsequent conversion.
Selecting fewer assets costs the same threshold payment. Assets omitted from the list stay in the jar for a later searcher. A profitable release requires the selected holdings to be worth more than the payment and gas. The price stays fixed as balances accumulate, so searchers compete over the margin they will accept.
The deployment guide describes how the threshold affects collections. A high threshold produces fewer, larger releases and leaves more value waiting in the jar. A low threshold produces more frequent sweeps. Waiting exposes collected tokens to price fluctuations; frequent sweeps can lose fee value when incoming assets overshoot the threshold.
Operators control the terms and the exit Anyone can deploy a paired jar and releaser through a single Factory transaction. The Factory configures the pair, transfers ownership to the chosen owner and appoints an optional configuration setter. It retains no authority over the contracts it deploys.
The jar owner controls which releaser may move its assets. The releaser owner controls the release terms and the configuration-setter role. A delegated setter can change the terms but cannot appoint its own replacement or redirect the jar to a different releaser. Both contracts initially belong to the same address. Their ownership can subsequently be transferred.
The releaser documentation requires the payment token, recipient, threshold and maximum asset-list length to change together. Every configuration update advances a nonce, as does a competing release. Transactions submitted against an outdated nonce revert instead of executing under changed terms.
Lowering the threshold can immediately make existing holdings available at a cheaper price. The documentation warns that this can leak value as soon as the change lands. Ownership transfers are single-step and final if sent to the wrong address. Permanently renouncing control without a configuration setter freezes both the terms and the jar’s releaser selection.
Governance can add a release fee The Fee Controller documentation states that the protocol fee is currently 0 bps on every supported chain, with no fee recipient set. Uniswap governance controls this optional fee separately on each chain. The contract’s hard cap is 1000 bps, or 10%. These settings come from the documentation; they were not independently verified through fee-state readings for this article.
If activated, the fee is charged in the chosen payment token on top of the operator’s threshold. Searchers must include it when pricing a release. The releaser reads the controller at execution, so a fee change can occur without advancing the releaser’s nonce. The caller’s maxFee parameter sets a separate bound that makes an unexpectedly expensive release revert.
The payment token’s behavior can also affect a release. A transfer-tax token can deliver less than the nominal threshold to its recipient. A pause or blacklist can prevent payment. If a future protocol-fee recipient cannot receive the token, releases revert. Collected assets remain in the jar until the recipient or payment token changes.
Deployment checks come before fee routing The deployment list names Ethereum, Optimism, $BNB Chain, Polygon, Base, Arbitrum and Robinhood Chain. The Factory uses the same address on each chain. An Ethereum RPC check found deployed code at the listed factory at block 26299243. That check confirms code presence on Ethereum only. It does not verify every deployment or how the contracts are connected.
Operators must deploy the jar before directing fee sources to it. The documentation warns that funds sent to a predicted address on an unsupported chain remain stranded until the Factory arrives, with no guarantee that it will. Deployments from the same account and salt can share an address across chains, so monitoring must identify jars by both chain and address.
Searchers discover pairs through Factory events, then check the jar’s current releaser. Anyone can deploy a releaser pointing at an existing jar, but only adoption by the jar owner authorizes withdrawals. After replacement, an old releaser can continue returning normal configuration values even though every attempted release fails.
The searcher guide requires searchers to discover assets through token-transfer logs and native-transfer traces, then check balances. A named token that fails during transfer reverts the entire release. Searchers must simulate the asset list and omit failing tokens. The default list limit is 20 assets per release. The guide directs searchers to prioritize the most valuable holdings within that limit and the available gas.
Uniswap’s launch announcement gives no schedule for additional chains. Its deployment page lists the Factory and Fee Controller, but not individual operators’ jars.
Amidst a volatile altcoin market, Unisawp [UNI] is showing signs of growing network adoption and improving market momentum.
According to Santiment’s analysis, daily active addresses on Uniswap have reportedly reached 14,591, the highest level in a year. At the same time, 13,137 new UNI addresses were created, marking the largest spike in network growth since September 2020.
Source: Santiment/X
UNI’s price action tells us a different story
This comes as UNI’s price was trading at $7.04 at press time after a drop of 2.0% in the past 24 hours. However, the 24.8% year-to-date growth in price action suggests that this drop might be just a short-term thing.
This means that $7 is acting as a key support level, and $7.50 is thereby serving as the next resistance zone, which could confirm the altcoins’ rally.
Source: Trading View
Needless to say, a sustained move above $7.50 could strengthen the case for a recovery toward $8. However, a break below $7, particularly alongside declining network activity, could suggest that the recent adoption surge is temporary.
What’s behind the network’s growth?
Coming to the increase in network activity, this looks like it might have happened because of several ecosystem developments.
Starting with Aggregator Hooks that are designed to route external liquidity through Uniswap v4, potentially improving how traders access liquidity across different platforms.
Then there are these VolatilePair Hooks, which expand the protocol’s flexibility in managing pricing for volatile trading pairs.
Meanwhile, Unichain’s planned OP Enterprise upgrade on 29th October was yet another step in the development of Uniswap’s blockchain ecosystem. Together, these developments might have supported greater trading efficiency, liquidity access, and network usage.
Based on these developments, the altcoin’s protocol also generated approximately $6.112 billion in cumulative fees, including nearly $89 million over the past 30 days, as per DeFiLlama data.
Source: DeFiLlama
This has also pushed Uniswap’s trading infrastructure ahead of platforms such as Hyperliquid, Aave, and Morpho in the cited fee-generation comparison.
Additionally, Uniswap has also reportedly added $7.7 billion in year-to-date trading volume in tokenized stocks, pointing to its expanding role beyond conventional cryptocurrency swaps.
Not everything is rosy yet
This comes as the month of October 2026 saw Uniswap’s total open interest decline sharply from September’s peak of over $600 million, falling to approximately $350 million by the 29th of October.
Source: Santiment This suggests reduced leveraged trading activity and a potential cooling in speculative demand for UNI. Meanwhile, the network realized profit/loss fluctuated around the baseline, ending near 17.5, indicating relatively muted profit-and-loss activity compared with earlier spikes.
However, AMBCrypto’s recent report saw Uniswap witnessing significant exchange withdrawals after a Galaxy Digital-linked wallet transferred roughly $12 million in tokens over six days, raising the possibility of institutional accumulation.
Yet, taken together, these trends suggest that despite rising network adoption, derivatives market participation is showing mixed sentiments, forcing investors to keep an eye on UNI’s next price move.
Final Summary
UNI’s protocol has generated approximately $6.112 billion in cumulative fees, including nearly $89 million over the past 30 days.
In October, Uniswap’s total Open Interest declined sharply from September’s peak of over $600 million, falling to approximately $350 million.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, Oct. 29, 2026 (GLOBE NEWSWIRE) -- San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) announces that, further to its news release dated October 16, 2026 entitled "San Lorenzo Announces Upsize of Private Placement to up to $80 Million" (the "Upsize News Release"), it has filed a Second Amended and Restated Offering Document (as defined below) in connection with its best-efforts private placement of up to 15,094,400 common shares of the Company (the "Offered Shares") at a price of $5.30 per Offered Share for aggregate gross proceeds of up to $80,000,320 (the "Offering"). The Offered Shares include up to 9,433,900 Offered Shares (the "LIFE Shares") for aggregate gross proceeds of up to $49,999,670 (the "LIFE Offering"), being issued pursuant to the "listed issuer financing exemption" under Part 5A of National Instrument 45-106 – Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935 (the "LIFE Exemption").
The Second Amended and Restated Offering Document has been filed to provide that, in addition to being offered to purchasers resident in all the Provinces of Canada (except Québec) pursuant to the LIFE Exemption, the LIFE Shares may now also be offered: (i) in the United States (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "1933 Act")) by way of private placement pursuant to available exemptions from the registration requirements of the 1933 Act and applicable state securities laws, and (ii) to purchasers outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.
For further details of the Offering, the terms of which otherwise remain unchanged, please refer to the Upsize News Release and to the Second Amended and Restated Offering Document.
There is a second amended and restated offering document dated October 29, 2026 (the "Second Amended and Restated Offering Document") related to the LIFE Offering that can be accessed under the Company’s profile at www.sedarplus.ca and on the Company website at https://www.sanlorenzogold.ca/. Prospective investors should read this offering document before making an investment decision.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States. The securities have not been and will not be registered under the 1933 Act or any state securities laws and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
About San Lorenzo
San Lorenzo Gold Corp. is a Canadian mineral exploration company advancing its 100%-owned Salvadora Project in Chile’s Atacama Region, approximately 15 kilometres from Codelco’s El Salvador copper-gold mine. Salvadora hosts multiple gold and copper-gold discoveries and mineralized centres identified through drilling, geophysics and surface exploration across the property.
San Lorenzo is focused on expanding known mineralized systems, testing a growing pipeline of exploration targets and systematically defining the scale and potential of Salvadora’s broader mineralized systems.
For further information, please contact:
San Lorenzo Gold Corp.
Brandon Gaspar, Chief Executive Officer
Email: [email protected]
Investor Relations: Acuity Advisory Corp.
Telephone: +1-604-837-5440
Cautionary Note Regarding Forward-Looking Information
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact are forward-looking information. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offering, including the offering of the LIFE Shares in the United States as well as to purchasers outside of Canada and the United States; the successful closing of the Offering and the total proceeds from the Offering; the timing to close the Offering; and obtaining any required approvals. Such forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Key Takeaways Ondas and Draganfly are expanding their defense drone portfolios amid rising demand for unmanned systems.Ondas secured more than $270 million in orders since June 30, boosting revenue visibility into 2027.Draganfly's Canadian defense deal offers potential for 5,000 systems, but rising expenses remain a concern.
The global drone industry has reached a pivotal growth phase driven by increasing uptake across commercial, government and military sectors.
According to a report from Mordor Intelligence, the global drone tech market is expected to witness a CAGR of 9.1% from 2027 to 2032. The convergence of drones with artificial intelligence (AI), cloud computing and edge processing is further driving adoption across verticals.
Ondas Inc. (ONDS - Free Report) and Draganfly (DPRO - Free Report) both operate in the defense and unmanned systems domain, but from very different positions in terms of scale and maturity.
These companies bring unique strengths to the table, which make this an intriguing comparison for investors.
So, the question arises: which stock makes a better investment pick at present? Let us dive into the fundamentals, valuations, growth outlook and risks for each company.
The Case for ONDSOndas’ investment appeal is supported by its rapidly expanding autonomous defense portfolio, substantial order momentum and growing exposure to mission-critical defense programs. On Oct. 7, 2026, ONDS announced that it has secured more than $165 million in aggregate orders from the second half of August through Oct. 1. This, when combined with roughly $105 million of orders disclosed on the last earnings call (Aug. 13, 2026), brings total orders to more than $270 million since June 30, improving revenue visibility into 2027.
Management noted that broad-based strength across product categories and geographies contributed to strong order activity. Importantly, the latest wins include strategically significant orders for ULTRA and IonStrike, with both platforms progressing through key customer-validation milestones. ONDS acquired ULTRA through the DZYNE buyout. ULTRA is a long-endurance autonomous aircraft delivering multi-day ISR, while IonStrike targets the growing counter-UAS market, including defense against Shahed-class drones.
The orders also include the recent $56 million Electronic Safe & Arm Devices award, supporting a European loitering munition program. This represents an important early commercial development following Ondas’ acquisition of GATE Technologies and Bron Technologies last month. In September, Ondas also acquired three defense technology businesses (Insignito, Ottopia Defense and Caribou Labs) for $56 million, payable in cash or its common stock, with potential performance-based earn-outs of up to $32 million based upon achieving key performance milestones through 2028.
ONDS is expanding its counter-drone reach through innovation. In September, Ondas launched Dronebuster REACH, extending its non-kinetic counter-UAS capabilities. The first Dronebuster REACH system is already under contract for delivery to the Office of Naval Research following customer acceptance testing. The system will support C-UAS research, evaluation and testing activities, providing an early validation point for Ondas’ new product.
ONDS is expanding its counter-drone reach through innovation. In September, Ondas launched Dronebuster REACH, extending its non-kinetic counter-UAS capabilities. The first Dronebuster REACH system is already under contract for delivery to the Office of Naval Research following customer acceptance testing. The system will support C-UAS research, evaluation and testing activities, providing an early validation point for Ondas’ new product.
Ondas is also strengthening its position in the airborne defense and aircraft protection market following the successful installation and European Union Aviation Safety Agency certification of the Airborne Missile Protection System (“AMPS”) on the Bombardier Global 7500 aircraft. Developed by its subsidiary BIRD Aerosystems, AMPS incorporates advanced missile warning, threat detection and confirmation, tracking and directional infrared countermeasures capabilities to protect aircraft against infrared-guided missile threats.
For all the excitement surrounding revenue growth, second-half ramp and profitability remain the key tests for ONDS. The company updated its full-year revenue outlook to $525-$550 million from the previous target of at least $525 million, representing more than 10 times the reported figure for 2025. At the midpoint, the outlook implies more than 30% year-over-year organic growth on a pro forma basis. The pace of order conversion and production scaling will determine whether ONDS can deliver the steep second-half ramp embedded in its outlook
Coming to profitability, second-quarter operating expenses were $199 million, substantially exceeding the quarterly revenues of $83.8 million. At the last earnings call, management cautioned about some gross-margin pressure during the second half of 2026 because of product mix and excess capacity associated with newly acquired businesses.
However, the company expects adjusted EBITDA losses to narrow beginning in the third quarter and has pulled forward its profitability timeline. Management now targets adjusted EBITDA profitability for the operating platform, including OAS and Ondas Sentinel, by the fourth quarter of 2026 and company-wide adjusted EBITDA profitability by the fourth quarter of 2027.
The rapid pace of acquisitions also creates execution risks. Integrating multiple businesses into a broader portfolio while meeting rising delivery schedules increases execution risk across systems, manufacturing and product roadmaps. Delays could slow backlog conversion and postpone expected operating leverage.
The Case for DPRODraganfly is a Canada-based drone solutions and systems developer. The company’s drones include the Commander 3XL, Heavy Lift Drone, Commander 2 and Draganfly Medical Response Drone and the Apex drone aimed at ISR, marketed for the military and public safety.
Draganfly’s recent commercial progress has strengthened its growth prospects in the military drone market. In September, the company announced a five-year contract with the Government of Canada to supply low-cost tactical ISR unmanned aircraft systems to the Canadian Armed Forces. DPRO added that the agreement includes an initial firm commitment for 100 systems, along with associated ground control stations, support equipment, payloads, data links, documentation, spare parts and training. More importantly, the contract provides options for the Canadian Armed Forces to acquire up to 4,900 additional systems, bringing the potential total to 5,000 units.
The contract followed the company's selection as a qualified supplier across all five capability streams of Canada's Defense Drone Initiative Marketplace.
DPRO is also focused on expansion within U.S. defense markets. The company recently announced defense sales of its Heavy Lift and Commander 3XL systems across U.S. light infantry divisions. The announcement included inaugural Heavy Lift sales and follow-on Commander 3XL purchases from an existing customer already operating Draganfly's Flex systems. In October, DPRO set up Draganfly Defense USA, a subsidiary focused on expanding its footprint in the country defense markets and addressing the defense-specific compliance, regulatory and security requirements.
In September, Draganfly also received a $5 million strategic investment from Unusual Machines and a leading U.S. Investment Fund, totaling $10 million. DPRO plans to use net proceeds to advance the development of its strategic capabilities and meet working capital requirements.
Draganfly is also expanding into counter-UAS and autonomous strike applications as well as public safety applications. On the last earnings call, management highlighted its selection alongside F4 Defense International for an initial development contract by DEVCOM Army Research Laboratory for a rapidly deployable, multilayered counter-drone system.
DPRO's colloboration with the International Association of Campus Law Enforcement Administrators provides a framework to offer drone systems, training and implementation services to affliated educational institutions. During the second-quarter earnings call, management indicated that more than 50 campuses were in its initial pipeline.
Despite its encouraging strategic progress, Draganfly's financial performance remains a significant concern. DPRO has a relatively small revenue base compared with its expanding operating expenses. Second-quarter 2026 revenues increased 26% year over year to approximately C$2.66 million while operating expenses surged to C$16.1 million. This resulted in an operating loss of C$15.6 million for the quarter. The disconnect between increasing commercial opportunities and relatively limited revenue realization remains a key concern.
Price Performance & Valuation for ONDS & DPROYear to date, both ONDS and DPRO are down 29.7% and 47.2%, respectively.
Image Source: Zacks Investment Research
ONDS trades at a forward 12-month price-to-sales ratio of 4.17X, lower than DPRO’s 4.56X.
Image Source: Zacks Investment Research
How Do the Consensus Estimates Compare for ONDS & DPRO?For both ONDS and DPRO, earnings estimates for the current year have remained unchanged over the past 60 days.
ONDS
Image Source: Zacks Investment Research
DPRO
Image Source: Zacks Investment Research
ONDS or DPRO: Which Is a Better Pick?Ondas appears relatively better positioned, backed by its considerably larger revenue base and solid order momentum. ONDS’ diversified defense portfolio gives it an edge over DPRO, which is still in the early stages of translating contract opportunities into meaningful revenues. Both
ONDS and DPRO carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
HAUPPAUGE, N.Y., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Dime Commercial Bancshares, Inc. (the “Company” or “Dime”) (NYSE: DCOM), announced today that it is supporting the Moriches Bay project again this year. The project is a not-for-profit organization committed to improving water quality and restoring the natural balance of Moriches, through oyster restoration, raising public awareness, and engaging local communities for support.
ABOUT DIME COMMERCIAL BANCSHARES, INC.
Dime Commercial Bancshares, Inc. is the holding company for Dime Commercial Bank, a New York State-charted trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1).
¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial banks with less than $20 billion in assets.
FORWARD-LOOKING STATEMENTS
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.
HAUPPAUGE, N.Y., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Dime Commercial Bancshares, Inc. (NYSE: DCOM, DCOM PR and DCBG) (the “Company”) announced that its Board of Directors declared a quarterly cash dividend of $0.34375 per share on the Company’s 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on November 16, 2026 to holders of record as of November 9, 2026.
ABOUT DIME COMMERCIAL BANCSHARES, INC.
Dime Commercial Bancshares, Inc. is the holding company for Dime Commercial Bank, a New York State-charted trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1).
¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial banks with less than $20 billion in assets.
FORWARD-LOOKING STATEMENTS
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.
Why 3 Struggling Stocks Are Suddenly Spending Big on BuybacksFTAI Aviation NASDAQ: FTAI reported third-quarter results marked by record Aerospace Products performance, growth in its Strategic Capital platform and progress in its power-generation business, while reaffirming its 2026 and 2027 segment guidance.
Adjusted EBITDA totaled $348.3 million in the third quarter, up 15% from $303.5 million in the second quarter and 17% from $297.4 million a year earlier, Chief Financial Officer Nicholas McAleese said. Net income attributable to shareholders was $149.1 million, or $1.45 per share, compared with $117.6 million in the prior quarter.
Get FTAI Aviation alerts:
Beyond Big Tech: 3 Non-Tech Earnings Winners to WatchChief Executive Officer Joe Adams said the company is positioning itself as a provider of maintenance, leasing and financing solutions for airlines operating mid-life narrowbody fleets. He cited limited availability of new aircraft, extended delivery timelines and continued maintenance challenges for newer-generation engines as factors supporting demand for FTAI’s products.
Aerospace Products Sets Records
FTAI’s Aerospace Products segment generated $910 million in revenue, up 76% year over year, and $282.4 million in adjusted EBITDA, up 57% from the year-earlier period. The segment’s EBITDA margin was 31%, consistent with the company’s 30% guidance.
These 3 Stocks Just Graduated to the MSCI World IndexThe company produced a record 311 CFM56 engine modules during the quarter, bringing year-to-date production to 877 modules. Management said it remains on track to produce 1,200 modules in 2026 and 1,700 in 2027. Adams said FTAI’s CFM56 market share reached approximately 15% during the quarter.
Management said the company expects a roughly 30% EBITDA margin in Aerospace Products over the next several years. Adams said the margin expectation reflects a customer mix that includes large and small airlines as well as both heavy and light engine shop visits.
FTAI said it is seeing increased interest in engine leasing and financing as airlines seek to preserve liquidity. Adams said the company can rebuild and sell engines directly, exchange them for runout engines or arrange leases through capital partners. The structure allows airlines to finance maintenance needs while FTAI can sell leased assets to financial partners, he said.
During the call, management also pointed to a transaction with WestJet as an example of its integrated model. WestJet sold 27 Boeing 737-700 aircraft: 17 leased aircraft went to Strategic Capital II through a sale-leaseback, while 10 off-lease aircraft were acquired by Aerospace Products for engine harvesting and module production.
Strategic Capital Expands
Aviation Leasing generated $104 million in adjusted EBITDA, up 18% sequentially. The total included $50 million from balance-sheet leasing and $54 million from Strategic Capital, including $7.4 million in servicing fees and $46.2 million in returns from FTAI’s 19% co-investment in the 2025 special-purpose vehicle.
President David Moreno said Strategic Capital now accounts for more than half of Aviation Leasing EBITDA. Strategic Capital I was fully committed at 301 aircraft, and FTAI expects substantially all of those aircraft to close by Dec. 31, representing about $6 billion of total capital deployed. Since the end of the quarter, the company closed a $1 billion transaction involving 30 aircraft, according to Moreno.
Strategic Capital I distributed 17.5% of commitments during the year and plans to distribute another 5% at year-end, management said. Strategic Capital II began investing in September and had commitments for 109 aircraft, including the WestJet transaction.
FTAI has raised $5.5 billion in warehouse financing from 13 lenders across the two Strategic Capital vehicles in less than two years, Moreno said. He added that sale-leaseback activity is increasing as airlines pursue liquidity. In Strategic Capital I, about 20% of aircraft sourcing has come from sale-leasebacks, compared with about 40% so far in Strategic Capital II.
Power Business Reaches Testing and Contract Milestones
FTAI said its Mod-1 power unit completed critical testing milestones, reaching 25 megawatts of peak output and 23.1 megawatts of continuous baseload output. Testing was completed using both natural gas and liquid fuels.
The company also said it has more than 100 Mod-1 units under contract for delivery in 2027 and 2028, with most of those commitments weighted toward 2027. Customer deposits received during the quarter totaled $234 million, partially offsetting inventory investments for future production.
Management expects production to begin at roughly zero to five units per month before increasing to 10 to 15 units per month by the end of 2027. The company said this production ramp supports its target of delivering 100 units during 2027, though Moreno said the range of potential 2027 Power EBITDA reflects execution on the production ramp and customer delivery schedules.
FTAI also announced a joint venture to develop a mobile, trailer-mounted combined-cycle unit designed to add 9 megawatts of output by using excess heat without additional fuel, emissions or water. Management said the system is expected to raise efficiency above 50%, with first units scheduled for testing in the second half of 2027.
Capital Returns, Balance Sheet and Outlook
The company announced a new $500 million accelerated share repurchase program that is expected to be completed by year-end. It also increased its total repurchase authorization to $1 billion. FTAI had repurchased $80 million of stock since its initial September authorization, leaving $420 million available for opportunistic open-market purchases for one year after the accelerated repurchase is completed.
FTAI ended the quarter with approximately $3.5 billion of total debt, $386 million of cash and approximately $3.1 billion of net debt. Net debt to run-rate adjusted EBITDA was 2.2 times, below the company’s stated target range of 2.5 to 3.0 times. Management said it expects leverage to remain below 3.0 times while funding the accelerated repurchase through a combination of its revolver and capital-markets access.
For the first nine months of 2026, FTAI generated $724 million of adjusted free cash flow before growth initiatives. The company now expects full-year adjusted free cash flow before growth initiatives of $1.1 billion, lowered by $61 million for opportunistic engine acquisitions. Growth initiatives are expected to total $463 million for the year, driven primarily by Power research and development and facility spending.
FTAI reaffirmed 2026 adjusted EBITDA guidance of $1.05 billion for Aerospace Products and $475 million for Aviation Leasing. Its 2027 adjusted EBITDA outlook remains $2.3 billion at the lower end of its range, including $1.4 billion from Aerospace Products, $450 million to $750 million from FTAI Power and $450 million from Aviation Leasing.
The company also maintained its quarterly dividend at $0.50 per share, payable Nov. 23 to shareholders of record as of Nov. 10.
About FTAI Aviation (NASDAQ:FTAI)FTAI Aviation Ltd. is an aviation-focused company that owns, acquires, leases and sells commercial aircraft engines, aircraft and related aviation assets. Its portfolio primarily supports the global narrowbody aircraft market, with a particular focus on widely used engine platforms such as the CFM56 and V2500.
The company provides engine leasing solutions to airlines, aircraft leasing companies and other aviation customers. It also supplies aviation parts and materials and offers maintenance, repair and overhaul-related services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in FTAI Aviation Right Now?Before you consider FTAI Aviation, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and FTAI Aviation wasn't on the list.
While FTAI Aviation currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Japan Tax Free, JPYC, and UPBOND are building a system to send eligible traveler refunds to wallets on Avalanche C-Chain
Tourists leaving Japan may soon get their consumption tax back in something other than cash. Japan Tax Free, JPYC, and UPBOND are developing a system that would send eligible traveler tax refunds straight to wallets on Avalanche C-Chain.
The refund arrives as JPYC, a stablecoin pegged to the Japanese yen.
How the JPYC refund system is supposed to work Japan Tax Free runs JapanRefund, a service that processes tax refunds for foreign visitors. The company has announced plans to let eligible travelers receive those refunds in JPYC.
The service is set to launch on November 1, 2026. All refund transactions will settle on Avalanche C-Chain, the network’s smart contract layer.
Travelers who already hold a compatible wallet can use it. Those who don’t will be able to set one up through UPBOND, the partner handling wallet creation.
Merchants, meanwhile, get a lighter load. Under the planned setup, shops do not handle the details of customers’ financial data.
Japan is rewriting the tax-free shopping rules anyway The timing is not a coincidence. The JPYC launch lines up with a nationwide shift in how Japan handles tax-free shopping for visitors.
Japan is moving to a “refund-upon-departure” model. It replaces the older approaches, which included point-of-sale exemptions and immediate refunds at a counter.
Under the new rules, tourists pay the full price, tax included, when they shop. They get the tax back only after customs verifies their purchases as they leave the country.
There is also a deadline. Refunds have to be completed within a 90-day limit.
That change creates a new logistics problem. Once the traveler has departed, someone has to send money to a person who is no longer in the country, possibly to a foreign bank account, possibly in a different currency.
Why use a stablecoin at all The partners have laid out three goals for the system: more efficiency, lower intermediary fees, and stronger compliance with anti-money laundering rules.
The compliance piece leans on a core feature of public blockchains. Every transaction leaves a permanent, readable record on-chain.
JPYC’s legal standing matters here JPYC is not just another crypto asset in Japan’s eyes. It is officially recognized as an electronic payment instrument under the country’s Payment Services Act.
That classification separates it from other crypto in Japanese law. It is a big reason a mainstream tax-refund operator can use it without wading into murkier regulatory territory.
The relationship between Japan Tax Free and UPBOND is not new either. The two firms announced their partnership on March 3, 2026.
According to the research findings, the effort also aligns with governmental interest in exploring blockchain technology for financial operations.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
OpenAI's mid-tier model posts a median task cost of $0.62, making a case that cheaper can still be competitive
OpenAI’s GPT-6.1 Terra, running at its Max setting, has placed #8 in Agent Arena. It posted a 10.6% net improvement and a median task cost of $0.62.
What the numbers show
Agent Arena ranks AI models on agentic work. These are tasks where the model acts on a user’s behalf rather than simply answering questions. Terra (Max) came in eighth overall.
The 10.6% net improvement is the headline metric from the ranking. Next to it sits the cost figure: a median of $0.62 per task.
Broader evaluations put Terra’s median task costs between $0.40 and $0.62. The Agent Arena result sits at the top of that range. That fits a Max configuration, which trades extra compute for better output.
The model has posted solid scores elsewhere as well. On Terminal-Bench 4.0 it scored 50.3%, compared with 21.5% for its predecessor, GPT-5.6 Terra, at maximum effort.
Terra (Max) also achieved a 60% pass rate on the Agents’ Last Exam at max effort. It scored around 74% on OSWorld, a benchmark that measures how well a model can operate a computer the way a person would.
Where Terra fits in the GPT-6 family
OpenAI released GPT-6.1 Terra on October 26, 2026. The company designed it for cost-efficient visual reasoning, agentic tasks, and natural writing.
The target use cases include clicking through screens, filling out forms, processing invoices, and handling documents.
API pricing comes in at $1 per million input tokens and $5 per million output tokens. That makes it approximately 50% more affordable than its closest counterparts, GPT-6.1 Sol and GPT-5.6 Terra.
The model also reportedly completes tasks more than three times faster than its more expensive siblings.
Terra is available through ChatGPT Work, Codex, and the API under the model ID gpt-6.1-terra. It is not accessible through the standard ChatGPT chat interface.
It also ships with a context window of 1.05 million tokens.
Within OpenAI’s GPT-6 series, Terra occupies the middle of the menu. Sol and Astra sit above it as the high-performance models. Luna sits below as the lighter option.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.
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.
Polygon Labs has extended its Open Money Stack, a comprehensive suite connecting bank accounts, crypto wallets, and payout services, to the Solana network. This development enables businesses and developers building on Solana to access funding from bank accounts, offer customer wallets, and orchestrate payouts through integrated solutions.
Expansion to support stablecoin demandPolygon Labs CEO Marc Boiron identified strong customer demand and robust stablecoin activity as key drivers behind the decision to bring Open Money Stack to Solana. Earlier this month, a similar expansion was made to Tron amid rising usage across various blockchain ecosystems.
Token Terminal data shows Solana registered approximately $5.76 trillion in stablecoin transfers between January 1 and October 27. Tron saw an even greater figure, with $6.94 trillion in stablecoin transfers during the same period.
Vibhu Norby, chief product officer at the Solana Foundation, emphasized that as payment activity increases, connecting Solana to bank accounts, wallets, and global payout networks positions businesses to deliver stablecoin payments to a broader customer base and reach new markets.
Integrated payment solutions and ecosystem adoptionPolygon’s Trails service has already facilitated transfers between Solana and Ethereum-compatible networks since August. Boiron noted that the latest improvements enable businesses to leverage bank, card, and cash funding, customer accounts, embedded wallets, and streamlined payout options using a single integration point.
He also observed that businesses increasingly operate across multiple blockchain networks and want to avoid the complexity of piecing together separate bank providers, wallets, routing services, and payout partners for each network.
Boiron explained that the Open Money Stack had previously been available for eligible use cases on Polygon, Ethereum, and other Ethereum Virtual Machine (EVM) networks, and that expanding to Solana broadens the reach of integrated payments infrastructure.
Ecosystem data compiled by The Grid indicated that, as of last year, there were 478 companies and 261 projects operating within the Solana ecosystem. Among the early adopters of the new integration is Kira, a service offering US dollar accounts and stablecoin-based cross-border payment solutions for businesses.
Regulatory foundation and acquisitionsThe move to include Solana follows Polygon’s acquisition of Coinme, which provided its US payments division with 37 money transmitter licenses and 11 state-level exemptions, allowing the company to serve customers in 48 states across the country.
With stablecoin transaction volumes remaining high on Solana, businesses invested in this blockchain may require timely access to relevant transfer and funding data. CryptoAppsy’s real-time charts and customizable portfolio tools provide Solana-focused enterprises and users with up-to-date insights, helping them respond quickly to market shifts linked to the network’s expanding payment utility.
Polygon continues to seek opportunities to expand its payments infrastructure as interest in blockchain-based settlement options gains momentum among traditional and digital finance providers.
Ondo Finance has made all seven Ondo Intelligent Portfolios available on Solana, following more than $40 million in TVL on Ethereum and BNB Chain in four weeks.
@Ondo Finance has deployed all seven of its Ondo Intelligent Portfolios on @Solana, extending a product line that adds portfolio-style asset management to onchain tokens.
The expansion follows a quick start on other networks. The portfolios run on @ethereum and @BNBChain, with Solana now added as a third network.
How the Portfolios Work and
The tokens are not available to U.S. investors.
Ondo's Existing Solana FootprintOndo is not new to the network. That figure covers the company's wider business.
John Hoffman, Managing Director and Head of Portfolios at Ondo Finance, said in the release that
Sources:
Ondo Finance press release: Ondo Intelligent Portfolios Lineup Expands to Solana (PR Newswire)
ETHNews: Ondo Brings BlackRock-Designed Portfolios to Solana Investors
Morningstar (PR Newswire): Ondo Launches Intelligent Portfolios, Powered by BlackRock
Backpack Securities have taken Solana DeFi by storm, rapidly becoming tokenized equity issuer of choice among the network’s traders.
But for many months, Backpack assets have been lacking a key utility, one that has hindered their expansion across the DeFi stack. Backpack Securities have so far been unable to borrow $USDC against their holdings, a coveted feature offered by xStocks, a rival issuer.
In collaboration with Kamino, Backpack Securities can now be collateralized, opening the door to a wealth of fundamental DeFi strategies. Can the new feature help Backpack Securities close the supply gap and assert the firm as Solana’s largest tokenized equity issuer?
Borrow $USDC Against Backpack Securities, on Kamino On October 28, Kamino enabled the collateralization of Backpack Securities, giving Solana DeFi users the opportunity to borrow $USDC against redeemable, 1:1-backed equities that carry economic corporate benefits.
At launch, the Kamino’s new Backpack Market comprises Micron ($MU), SK Hynix ($SKHY), SpaceX ($SPCX), and SanDisk ($SNDK), with risk parameters set by Allez Labs. Suppliers can borrow $USDC against their tokenized equities with an LTV of up to 60%.
“Tokenized equities become useful when they can enter credit markets with transparent onchain risk parameters. Backpack Securities has built its model around 1:1 backing and redemption, and Kamino provides the infrastructure for those assets to serve as collateral. As more of the U.S. equity market moves onchain, we expect borrowing against tokenized shares to become one of the primary ways holders use them.” - Michael Weisz, Kamino CEO
The Backpack Market becomes Kamino’s second major tokenized equity offering. In July 2025, Kamino integrated xStocks-issued assets to launch Solana’s first onchain credit market for tokenized equity derivatives.
Over one year later, Kamino’s xStocks market has amassed over $29M in supplied assets, representing around 81% of all tokenized equity deposits in Solana lending protocols.
Can Credit Markets Help Backpack Close the Gap? While Backpack Securities have already won the hearts of Solana’s traders and taken the lead in weekly DEX volume, the issuer still has a long way to go before challenging the incumbent in onchain supply.
According to Blockworks data, xStocks still boasts a commanding lead in terms of circulating supply. The total value of all onchain xStocks currently sits at over $493M, representing 76% of Solana’s tokenized equity market.
While much of this is no doubt due to the xStocks’ headstart, Solana’s first tokenized equity issuer has so far enjoyed a complete monopoly of permissionless lending markets. Backpack’s entrance into the sector gives its assets a much-needed utility boost, one that will likely assist the issuer in closing the gap on its rival.
Kamino Teases Update on $KMNO The Backpack Market launch comes at a critical time for Kamino. Once Solana’s biggest lending market by deposits and TVL, Kamino recently ceded its crown to Jupiter Lend.
Meanwhile, Kamino has got its eyes firmly set on expansion. In mid September, the lending protocol announced the appointment of new CEO Michael Weisz, a fintech and private market veteran with over 20 years of experience. Additionally, the firm has begun aggressively hiring executive talent, suggesting the protocol is seeking to scale at unprecedented pace.
On a recent podcast appearance, Wiesz hinted that Kamino would be revealing new information around its native token $KNMO, and its ongoing role in the protocol. Until now, $KMNO has primarily functioned as a governance token, although no proposals have ever been formally voted on by holders.
Read More on SolanaFloor Another DAT bites the dust
SkyAI Winds Down $SOL DAT Strategy, Extends Cash Tender Offer to Shareholders
GMTrade is now GMX on Solana, Here’s What You Need to Know:
Ondo Finance announced that its Intelligent Portfolios have launched on Solana, open to eligible non-U.S. investors. All seven portfolios are offered as single on-chain transferable tokens, spanning yield, growth, and theme exposures. Three of the portfolios are based on strategies developed by BlackRock for Ondo: high-yield BLKHIon, high-growth BLKGRWon, and diversified growth BLKDIGon. The remaining four were designed by Ondo, including MAG7Xon, BRAINon, YLD5on, and YLD8on. Approximately four weeks after launch, the total value locked (TVL) of these portfolios on Ethereum and BNB Chain has exceeded $40 million. Ondo noted that its tokenized assets on Solana now hold over $500 million in TVL, with transparent portfolio holdings and programmatic rebalancing, eliminating the need for investors to manage a basket of underlying assets themselves.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
1 hours ago
HYPE continues its rally, breaking through $97, and is just $1 away from hitting a new all-time high.
According to HTX market data, HYPE has continued its rally, breaking through the $97 mark, surging over 20% in 7 hours, and is only $1 away from hitting a new all-time high. Earlier news, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into the U.S. regulated market.
1 hours ago
Strategy Perpetual Preferred Stock (STRC) rises to $99.95.
Strategy’s third-quarter financial results are upcoming, and its perpetual preferred stock STRC has climbed to $99.95, its highest level in 165 days. STRC is designed to trade around $100 via a floating dividend mechanism. When STRC nears par value, the company can raise capital through at-the-market (ATM) share issuances to purchase bitcoin — a route the market commonly dubs the "bitcoin money printer". Previously, after STRC fell below par value, such ATM offerings were temporarily halted.
1 hours ago
Axis Robotics Responds to AXIS Token Sell-Off: Suspects Over-the-Counter (OTC) Counterparties Defaulted on Sell Orders, Team and Investor Tokens Remain Untouched
Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions. The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market. Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.
1 hours ago
The Canadian government and Nvidia have participated in Cohere's financing round, with the latter's valuation exceeding $20 billion.
Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.
1 hours ago
Alphabet’s quarterly report filings disclose its AI exposure exceeds $1 trillion, with over one-third of the growth in its unfulfilled cloud contracts coming from joint ventures.
According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.
As tokenized assets on Solana continue to expand, the leading blockchain network retains sustained demand for tokenized products and has just achieved a new milestone.
Over the past months, Solana has continued to position itself as a major network in tokenization as it continues to see rising activity even when the market is facing a volatile moment.
Solana unlocks new RWA levelPer the latest data shared today, Solana has set a new record for its network as its RWA value crossed $5.19 billion for the first time ever on October 29.
HOT Stories
The milestone has drawn attention across the crypto market as it represents a major increase from the levels recorded earlier in the year.
You Might Also Like
This comes as the blockchain network continues to see rapid expansion of tokenized assets, causing it to reach a new all-time high in real-world asset value.
Notably, the new milestone in the Solana RWA ecosystem has proven its efficiency in the issuance, transfer, and management of tokenized assets.
Solana adds over $1 billion RWA value in one month According to the chart showcased through its X handle, it appears that Solana's RWA value remained relatively low throughout 2024 before it began to surge around mid-2025.
Furthermore, the Solana RWA market continued to gain bigger momentum in 2026 when its total value rose above $2 billion around March of this year before recording sharper increases in subsequent months.
While it has seen a more significant increase within a space of seven months, it has added over $2 billion within that period.
Further data showed that the Solana RWA value had moved beyond $4 billion earlier this month, before making another major jump to $5.19 billion as of October 29.
Ondo Finance announced its Intelligent Portfolios have launched on Solana for eligible non-US investors. The seven portfolios are offered as single on-chain transferable tokens, covering yield, growth, and thematic exposures. Three of the portfolios are based on strategies developed by BlackRock for Ondo: high-yield BLKHIon, high-growth BLKGRWon, and diversified growth BLKDIGon. The remaining four were designed by Ondo itself: MAG7Xon, BRAINon, YLD5on, and YLD8on. Since their launch roughly four weeks ago, the combined total value locked (TVL) of these portfolios on Ethereum and BNB Chain has exceeded $40 million. Ondo noted that its tokenized assets on Solana have a TVL of over $500 million, with transparent portfolio holdings and programmatic rebalancing, eliminating the need for investors to manage a basket of underlying assets on their own.
XRP (CRYPTO: XRP), Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and BNB (CRYPTO: BNB) remain four of the five top altcoins in the market, according to prominent cryptocurrency analyst CryptosRUs.
Why XRP, Ethereum, BNB and Hyperliquid Made the ListGeorge, as the analyst goes by his real name, told the Milk Road Crypto podcast Wednesday that he previously followed a 50-25-25 allocation rule, splitting portfolios between Bitcoin (CRYPTO: BTC), large-cap altcoins and smaller speculative tokens.
He’s since shifted away from that, arguing the sheer number of tokens now competing for the same liquidity pool makes broad altcoin exposure far less reliable than during the 2017 or 2021 cycles.
Hyperliquid as measured by Hyperliquid Strategies (NASDAQ:PURR) completes his list of the top five altcoins.
George says all five share heavy institutional interest, strong user metrics and real utility.
He pointed to Tom Lee’s Ethereum accumulation strategy and growing ETF demand as reasons institutions are taking Ethereum, Solana and XRP more seriously than before.
George said Solana leads Ethereum in daily transactions, daily volume and revenue, even though it remains roughly 60% below its all-time high.
The only metric where Ethereum still leads is total value locked, largely because stablecoins and liquidity pools remain concentrated there.
He called Solana’s recent Alpenglow upgrade a meaningful step toward making the network more suitable for fast financial transactions.
Why Hyperliquid’s Liquidity Edge Looks Hard to BeatGeorge said Hyperliquid’s biggest edge over competitors comes down to liquidity depth, which keeps slippage low for large trades in a way most decentralized exchanges historically couldn’t match.
He pointed to Phantom generating more than $20 million in fees in its first year by building perpetual trading on top of Hyperliquid’s infrastructure as proof of the platform’s flywheel effect.
He also flagged reported CFTC interest in bringing Hyperliquid into the U.S. regulatory framework as a meaningful signal of its staying power.
Hyperliquid on Thursday announced a partnership with Intercontinental Exchange to bring perpetual futures to the United States.
Why the Four-Year Cycle Still MattersBitcoin’s historical four-year cycle tied to halving events will likely continue, George said, though he argued the real driver has always been liquidity flow rather than the halving itself.
Every prior cycle peak has lined up with a US election year, a pattern he attributes to broader liquidity and business cycle timing rather than coincidence.
His price target: Bitcoin reaching $250,000 to $300,000 by 2030, roughly a 3x from current levels, with his five altcoin picks potentially delivering 5x to 10x returns given their smaller market caps.
George said leverage trading remains one of the biggest threats to retail investors in any bull run, noting research suggests only about 2% of traders using leverage actually come out ahead over time.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
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.
Polymarket has launched five-minute cryptocurrency up/down prediction contracts on its regulated U.S. platform. The platform is operated by QCX LLC and regulated by the U.S. Commodity Futures Trading Commission (CFTC). Traders can predict whether assets including Bitcoin, Ethereum, Solana, and XRP will close above or below their starting price within five minutes. Correct predictions pay out $1 per unit, while incorrect ones yield zero, with a structure similar to binary options.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
1 hours ago
HYPE continues its rally, breaking through $97, and is just $1 away from hitting a new all-time high.
According to HTX market data, HYPE has continued its rally, breaking through the $97 mark, surging over 20% in 7 hours, and is only $1 away from hitting a new all-time high. Earlier news, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into the U.S. regulated market.
1 hours ago
Strategy Perpetual Preferred Stock (STRC) rises to $99.95.
Strategy’s third-quarter financial results are upcoming, and its perpetual preferred stock STRC has climbed to $99.95, its highest level in 165 days. STRC is designed to trade around $100 via a floating dividend mechanism. When STRC nears par value, the company can raise capital through at-the-market (ATM) share issuances to purchase bitcoin — a route the market commonly dubs the "bitcoin money printer". Previously, after STRC fell below par value, such ATM offerings were temporarily halted.
1 hours ago
Axis Robotics Responds to AXIS Token Sell-Off: Suspects Over-the-Counter (OTC) Counterparties Defaulted on Sell Orders, Team and Investor Tokens Remain Untouched
Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions.
The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market.
Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.
1 hours ago
The Canadian government and Nvidia have participated in Cohere's financing round, with the latter's valuation exceeding $20 billion.
Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.
1 hours ago
Alphabet’s quarterly report filings disclose its AI exposure exceeds $1 trillion, with over one-third of the growth in its unfulfilled cloud contracts coming from joint ventures.
According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.
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.
Loon's Canadian dollar stablecoin CADC has adopted LayerZero's OFT standard, enabling native transfers across Ethereum, Base, Polygon and Solana, as the token gains Ontario Securities Commission prospectus approval.
Loon, the issuer of the Canadian dollar stablecoin CADC, has moved the token to the OFT (Omnichain Fungible Token) standard from @LayerZero_Core's @LayerZero protocol. The change lets $CADC move between @Ethereum, @Base, @Polygon and @Solana through native transfers rather than wrapped versions routed through bridges, according to the project. All four chains draw on a single shared liquidity pool.
What the OFT Switch ChangesWrapped tokens typically depend on bridge contracts that lock the original asset on one chain and issue a representation on another. A native omnichain standard removes that intermediate step, which can simplify transfers and reduce fragmentation of liquidity across networks. For a smaller currency such as the Canadian dollar, pooling liquidity may matter more than it would for larger stablecoins.
CADC is a fiat-backed token pegged to the Canadian dollar. Loon's support centre says it is backed 1:1 by Canadian dollars held in a segregated cash account at ATB Financial, with monthly third-party attestations of reserves. Loon's website lists availability on Ethereum, Base, Polygon, Arbitrum and Solana.
Regulatory Progress and UsageThe upgrade follows a regulatory milestone. Fintech.ca reported that the Ontario Securities Commission issued a receipt for the final prospectus of CADC Reserve Trust, qualifying distribution of CADC tokens in every Canadian province and territory. Loon Payments serves as the trust's administrator and servicer. BetaKit reported that Loon still has work to do on compliance, including migrating legacy CADC to the new contract.
On usage, Loon's own blog states that Canadians have put nearly C$1 billion in cumulative transaction volume through CADC since 2021, while cautioning that past volume does not indicate future performance. CADC was originally launched by Paytrie, and Loon acquired it in 2025 after a C$3 million pre-seed round led by Version One Ventures, as a PR Newswire release detailed.
Canada's stablecoin market remains small and competitive. CoinGeek noted that the government's new stablecoin framework would currently apply to a handful of issuers, including Stablecorp's QCAD and Loon's CADC.
SourcesFintech.ca: Loon Advances CADC Stablecoin With National Offering Milestone
BetaKit: Loon Clears Key Regulatory Hurdle to Offer Canadian Dollar-Backed Stablecoin
Loon: CADC Is Now Distributed Under a Final Prospectus
Solana Foundation President Lily Liu has said “unblocked and unmuted” as Solana’s Oct. 29 announcement confirmed its integration with Polygon’s Open Money Stack for stablecoin payments.
Summary
Lily Liu quoted Solana’s payment integration announcement with the words “unblocked and unmuted.”
Polygon’s service connects Solana businesses with bank deposits, wallets, asset conversion and payouts.
Solana routing through Polygon Trails was announced in August, before the latest payment release.
Polygon’s U.S. payments business has 37 state money transmitter licenses and 11 applicable exemptions.
Lily Liu’s post quoted Solana’s announcement that its network was live on Polygon’s Open Money Stack, with bank connections, wallets and conversion services available through one integration. Her four-word response appeared above the announcement, which in turn quoted Polygon’s own post about the launch.
In its message, Solana described the service as connecting payment infrastructure to the network and said businesses build where their customers already are. Liu’s response accompanied that announcement without giving an account of the earlier blocking or describing any agreement between the teams.
Polygon’s Oct. 29 announcement describes a payment service that lets businesses collect funds, hold customer balances, move assets between networks and arrange payouts while keeping their products on Solana.
Solana businesses gain bank deposits and payouts
According to Polygon, the supported funding methods include bank transfers, cards, cash, and cryptocurrency. Businesses can convert traditional currencies into digital assets on Solana and convert them back when customers need to withdraw.
The company lists USDC, USDT, PYUSD, SOL and wrapped SOL among the supported assets, with routing between Solana, TRON and Ethereum Virtual Machine networks. One example in the announcement describes accepting USDC from an Ethereum wallet and delivering SOL to a Solana user.
Customer funds can sit in custodial or embedded wallets, while virtual accounts identify the customer or business receiving an incoming bank transfer. Polygon says its embedded Solana wallets use the same application programming interface as its EVM wallets.
Businesses can choose individual services while retaining their existing wallet, compliance provider, ledger or settlement infrastructure, according to the announcement.
As previously reported by crypto.news, Kira is among the companies adopting the Solana payment integration. The fintech serves businesses including over-the-counter trading desks and import brokers that need dollar banking and stablecoin transfers.
Kira co-founder and CEO Edrizio De La Cruz said the company already uses Solana for stablecoin transfers, according to that report. He described the Polygon connection as helping convert those transfers into dollars in customers’ bank accounts when supplier payments fall due.
The report identifies Solana’s September appointment of former Polygon Labs executive Jamal Raees as general manager of payments, with responsibility for working with payment companies and enterprises exploring the network for financial transactions.
The report cites Solana Foundation Chief Product Officer Vibhu Norby as saying the network processed more than $5 trillion in stablecoin transaction volume during 2026.
Polygon Trails supported Solana before the latest launch
In an Aug. 3 announcement, Polygon said its Trails service had begun routing stablecoins and SOL between Solana and more than 20 EVM-compatible chains in both directions.
The supported assets listed then were SOL, wrapped SOL, USDC, USDT and PYUSD. Available routes included Ethereum, Polygon, Base, Arbitrum, Optimism, Avalanche and BNB Chain, alongside other networks.
Polygon described Trails as the cross-chain routing component of Open Money Stack. Its August release said users could fund transactions through cards, Apple Pay or exchange balances, while businesses used one integration without maintaining bridges or prefunding liquidity across chains themselves.
The same release described OMS as combining on-ramps, off-ramps, wallets and settlement with cross-chain routing. Today’s announcement details Solana support across the payment flow, including virtual accounts, embedded wallets and bank payouts.
Between the two announcements, Polygon added TRON support on Oct. 8. Its TRON payment integration introduced recurring USDT deposit addresses, wallet services and transfers to supported EVM networks.
According to that announcement’s coverage, businesses could receive USDT on TRON and deliver USDC on another supported network. Companies could program payment instructions and arrange withdrawals through bank accounts, cards or supported cash pickup services.
Coinme deal supplies U.S. payments coverage
Polygon announced the completion of its Coinme acquisition on Oct. 14, describing coverage across 48 U.S. states through its payments business.
Its acquisition announcement gives a more specific breakdown than the Solana launch page’s reference to licenses across 48 states. The business holds 37 state money transmitter licenses and 11 applicable exemptions, and is registered with the Financial Crimes Enforcement Network as a money services business.
Earlier coverage of the completed Coinme acquisition identified Tazapay, Mesh, Toku and Kira as early OMS customers. Their uses include cross-border business payments, account funding, payroll and dollar banking access.
Polygon’s customer descriptions assign different functions to those integrations. Tazapay uses wallet and fiat conversion services alongside its local banking and SWIFT connections, while Mesh is adding an on-ramp to a network connecting more than 300 wallets, exchanges and financial services.
In its Coinme announcement, Polygon says Toku uses wallet and payout capabilities for workers receiving stablecoins and converting earnings into local currency. The payroll company operates in more than 100 countries, handling employment contracts, withholding, benefits and local filings.
Kira’s services include dollar accounts at multiple U.S. banks and access to ACH, Fedwire, and FedNow, according to the same announcement. Its customers can pay overseas suppliers through SWIFT and move between stablecoins and U.S. dollars.
A sharp rally lifted Bitcoin, Ether, and Solana between 43% and 71% in the third quarter, giving the appearance of a synchronized market recovery.
Key Takeaways
Bitcoin’s NUPL spike tracked price, not fresh capital.
Ethereum fees tumbled 31% despite a 71% rally.
Solana’s quarterly fee pace eclipsed its trailing year.
Solana holders remain 7.4% underwater despite record throughput.
The figures come from Fidelity Digital Assets’ Q4 Signals Report, published October 28 with data through September 30.
Bitcoin
+43%
Q3 price
NUPL 0.09 → 0.36
Ethereum
+71%
Q3 price
Annual fees −31%
Solana
+61%
Q3 price
Q3 fee pace $224M a year
Bitcoin’s profit recovery is mostly the rally restated
Fidelity’s headline profitability metric for Bitcoin is Net Unrealized Profit/Loss (NUPL), which climbed from 0.09 to 0.36 during the quarter. As formulated by Glassnode, NUPL divides the difference between market capitalization and realized capitalization by total market capitalization. Realized capitalization prices each coin at the time it last moved onchain, establishing an aggregate cost basis for the network. A reading of 0.36 indicates that aggregate paper gains account for 36% of market value; it does not mean that 36% of active wallets or investors sit in profit.
Fidelity Digital Assets Bitcoin Net Unrealized Profit/Loss (NUPL) chart.
Because the prevailing spot price sits directly inside both the numerator and denominator of that equation, a market-wide rally mechanically elevates NUPL on its own. At the start of Q3, an initial NUPL reading of 0.09 meant the network’s realized cost basis stood at roughly 91% of its total market cap (1 − 0.09 = 0.91). If that aggregate cost basis is held unchanged while Bitcoin’s 43% quarterly price gain is applied to market value, the sensitivity formula proves that no substantial new capital was required to move the needle:
1 − (0.91 ÷ 1.43) ≈ 0.36
Coindoo’s sensitivity calculation using Fidelity’s rounded inputs
The calculation lands directly on Fidelity’s reported endpoint. While this sensitivity check cannot track individual wallet turnover, it shows that the apparent improvement in Bitcoin’s profitability was largely an arithmetic consequence of the rally itself. One data point in the report reveals an internal tension: Fidelity also reports that Bitcoin trades 45% above its aggregate cost basis, which under the standard formula implies a NUPL closer to 0.31, whereas a 0.36 reading corresponds to trading roughly 56% above cost basis. Regardless of minor methodological divergences, the fundamental takeaway stands: Bitcoin’s profitability signal merely shadowed its price, while broader market participation remained muted.
Ethereum got richer while its fees shrank
Ether posted the strongest performance of the three assets, rallying 71% and driving its NUPL out of deep negative territory (−0.43) back into positive ground (0.16). Yet the cash flow sustaining the underlying protocol deteriorated. According to Fidelity’s full report, rolling 12-month network fees dropped 31%, sliding from $294 million to $204 million. It earned network fees a “Negative” rating – the only such designation across Fidelity’s entire report. Daily fees averaged just $384,000 during the period, oscillating between $133,000 and $1.5 million.
Ethereum Net Unrealized Profit/Loss (NUPL) chart via Fidelity Digital Assets.
Underlying mainnet usage contracted alongside revenue. Ethereum’s 30-day average transaction count slipped 10% to fall below two million daily, and total active addresses declined 6%. Economically relevant addresses rose 30%, suggesting that while retail transactions left the base layer, high-value institutional settlement persisted. Fidelity’s diagnosis of this divergence was unsparing: the substantial increase in base-layer blockspace over the trailing year has yet to produce a proportional increase in economic demand. The pending Glamsterdam upgrade, slated to expand throughput further, will introduce more capacity into an already oversupplied mainnet execution market.
This decoupling is the direct consequence of Ethereum’s modular scaling architecture. Modern rollups execute transactions off-chain and post compressed data batches back to Layer 1, driving down user costs but systematically stripping fee revenue from the base layer. For ETH holders, this architectural shift carries profound economic trade-offs. Depressed base fees reduce the volume of ETH permanently removed from circulation under EIP-1559, turning the asset net-inflationary during the quarter. At the same time, this revenue contraction directly degrades what staking returns actually deliver, as validator yields compress toward bare issuance rewards in the absence of meaningful priority tips.
Stablecoin activity reflected this migration away from Layer 1. Average daily stablecoin settlements on Ethereum fell to $37 billion during the final 30 days of the quarter, marking a 45% drop from the $67 billion daily average recorded in the first month as volume continued shifting toward cheaper execution environments.
Solana’s fees are turning before the trailing number shows it
Solana presented the clearest evidence of operational expansion. Monthly transactions climbed 23% to reach record highs, active addresses expanded 53%, new addresses grew 50%, and economically relevant addresses surged 58%. While low-fee blockchains are inherently prone to automated wallet spam – a measurement distortion that Coin Metrics emphasizes in its address methodology – the 58% jump in economically relevant addresses suggests authentic user growth rather than mere network noise.
Solana’s headline revenue figure masks this intraday turnaround. Trailing 12-month fees dropped 13% to $193 million, primarily because the rolling window discarded the network’s high-activity historical peaks as it incorporated newer data. Looking at the quarter in isolation reveals a pronounced acceleration: daily fee capture averaged $922,000, which annualizes to a run rate of roughly $224 million. That pace comfortably surpasses the trailing-year figure, leading Fidelity to conclude that Solana’s protracted fee decline is finally carving out a durable floor.
Solana network fees and fee volume chart via Fidelity Digital Assets.
Stablecoin velocity accelerated along with transaction counts. Solana processed more than $10 billion per day in stablecoin transfers, up 20% from the second quarter, compressing the volume deficit between Solana and Ethereum to $26 billion (down from nearly $60 billion earlier in the year). Concurrently, Solana’s native stablecoin supply expanded by 9% ($1.37 billion), far outpacing the wider stablecoin market’s modest 0.5% growth.
Yet this operational momentum has not fully repaired investor balance sheets. Solana’s NUPL recovered from −0.73 to −0.08, but that still leaves the average SOL token roughly 7.4% below its aggregate cost basis, representing approximately $5.5 billion in unrealized losses across the network. Raw throughput has outpaced capital recovery, underscoring the ongoing comparison between Solana’s user counts and Ethereum’s financial depth: handling high-velocity transactions does not automatically translate into institutional balance sheet value.
Moving money isn’t earning money
Aggregate transfer volumes demonstrate how much capital is in motion, not how effectively a protocol captures revenue from that movement. Fidelity notes that estimated stablecoin transfer fees on Ethereum remained below $1 for four consecutive quarters, while Solana’s median transaction fee consistently stayed under a tenth of a cent. Under these conditions, billions of dollars in liquidity can cycle across either chain with negligible impact on protocol earnings. How much of that economic activity ultimately accrues to token holders depends entirely on the design of the fee capture engine:
Bitcoin → All transaction fees go directly to miners on top of programmatic block subsidies, serving purely as an operational incentive rather than a token-accrual mechanism. Developer guide
Ethereum → The base fee is permanently burned to reduce circulating ETH supply, while priority tips compensate block-proposing validators. Ethereum docs
Solana → Fifty percent of the base fee is burned while the remaining half goes to validators; priority fees pass entirely to block producers. Solana docs
Across all three networks, onchain activity reaches token holders indirectly – through mining security, validator staking yield, or supply reduction – rather than through direct dividend-like equity distributions. When transaction fees collapse or remain pinned at sub-cent fractions, those value-accrual channels quickly dry up.
Bitcoin’s miners earn more for a different reason
Bitcoin’s fundamental investment thesis has long centered on long-term holding rather than high-frequency transactional throughput, meaning sluggish fee generation carries fewer existential implications for the asset. However, the latest mining data reveals how operator revenues can expand even as onchain fee generation stagnates. Rather than relying on users spending more satoshis to transact, miners benefited from supply-side compute rationalization.
Following Bitcoin’s correction from its late-2025 peak, several major mining operators pivoted power infrastructure and high-performance computing assets away from SHA-256 hashing toward hosting artificial intelligence workloads. As a result, network hash rate dropped 9% year-over-year. With competitive pressure easing, hash price – the expected revenue generated per unit of computing power – jumped 25%. Consequently, miners captured approximately 22% more revenue than they did during the previous halving cycle, despite operating under a block subsidy that was twice as large. The improvement in miner margins stemmed from a drop in domestic competition, not from organic transaction demand.
Three networks, three answers
The third quarter delivered identical price tailwinds to the market’s three major tokens, but revealed three sharply diverging fundamental profiles. Bitcoin’s surge in paper profitability mirrored its price action with near-mathematical precision, while its mining economy leaned on an AI compute pivot rather than blockspace demand. Ethereum’s market capitalization expanded even as its base-layer annual fee revenue shrank 31% to $204 million under the weight of rollup migration. Meanwhile, Solana established a $224 million annualized fee run rate on record user throughput, yet its persistent sub-cent fee model has left the network’s token holders over 7% underwater.
This article is provided for informational purposes only and does not constitute financial or investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
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.
Key Takeaways Celestica trades at 16.79X forward earnings, above its sub-industry's 16.39X but below the sector's 19.25X.CLS saw CCS revenues surge 102% in Q3 2026, driven by 68% networking and 242% Compute & Storage growth.Celestica cut its 2026 free cash flow outlook to $460M from $600M amid rising inventory and capital demands.
Celestica Inc. (CLS - Free Report) is delivering rapid AI-driven growth, higher margins and rising earnings expectations, but the stock no longer carries an obvious valuation discount. Investors are paying a premium to the company’s sub-industry while Celestica commits more capital to meet projected demand.
That creates a clear trade-off. The operating story remains powerful, but the investment case increasingly depends on Celestica converting exceptional growth into durable cash generation without losing efficiency as capacity expands.
CLS Growth Case Is Strong but Valuation Is Less CheapCLS trades at 16.79X forward 12-month earnings, above the 16.39X multiple for the Zacks sub-industry. That premium is modest, but it means the market is assigning additional value to Celestica’s growth profile.
Image Source: Zacks Investment Research
The multiple remains below the 19.25X Zacks Computer and Technology sector level. Still, sustaining a premium to the sub-industry requires continued earnings expansion and disciplined execution, particularly as the company scales quickly.
Celestica’s AI Exposure Supports Rapid ExpansionConnectivity & Cloud Solutions revenues climbed 102% year over year to $4.87 billion in the third quarter of 2026. Networking revenues increased 68%, while Compute & Storage revenues surged 242%, showing how strongly AI and data-center investment is flowing through Celestica’s portfolio.
Peers are also positioning around the same spending cycle. Jabil Inc. (JBL - Free Report) said fiscal 2026 growth was supported by AI infrastructure and has continued adding data-center capabilities. Flex Ltd. (FLEX - Free Report) is expanding its Cloud and Power Infrastructure portfolio, including power-conversion and modular data-center offerings for AI deployments.
CLS Must Convert Growth Into Durable Free Cash FlowCash provided by operating activities reached $389.7 million in the third quarter, up from $126.2 million a year earlier. Free cash flow also improved to about $128 million, but the expansion is absorbing substantial capital.
Inventory rose to $4.51 billion from $2.19 billion at year-end 2025, while third-quarter capital expenditures reached $274.1 million. Celestica lowered its 2026 free cash flow outlook to $460 million from $600 million, primarily because of targeted working-capital investments to support 2027 growth.
Celestica’s Customer Concentration Raises the StakesCelestica’s 10 largest customers accounted for approximately 79% of 2025 revenues. Three major customers in the Connectivity & Cloud Solutions segment represented 32%, 14% and 12% of total net sales, respectively.
That concentration matters more as Celestica expands capacity around projected AI demand. Changes in customer spending, deployment timing or sourcing decisions could affect factory utilization, revenue growth and profitability, making execution increasingly important as the company invests ahead of demand.
CLS Signals Favor Growth and Momentum Over ValueThe balance currently tilts toward growth rather than pure value. Celestica’s earnings outlook, AI exposure and segment momentum support the case for continued expansion, but the sub-industry valuation premium and heavier investment needs reduce the margin for execution errors.
CLS currently carries a Zacks Rank #2 (Buy) and a VGM Score of A. Its Growth Score of A and Momentum Score of A align with favorable growth and earnings-revision characteristics, while the Value Score of C reflects a less-clear-cut valuation setup. Together, those signals support a constructive near-term view, though investors should weigh the stock’s growth profile against cash-flow demands and customer concentration. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Celestica Inc. CLS shares fell 14.4% over one week even after the company reported better-than-expected third-quarter 2026 results and raised its annual outlook. The drop puts the focus on whether accelerating AI infrastructure demand can outweigh heavier investment requirements.
Key Takeaways CLS' Q3 earnings beat estimates by 9.3%, while revenues surged 82.5% on strong AI infrastructure demand.CLS raised its 2026 revenue outlook to $21B and targets $40B in 2027, implying approximately 90% growth.Celestica plans $1.5B-$2B in 2027 capital spending while cutting its 2026 free cash flow outlook to $460M.
Celestica Inc. (CLS - Free Report) turned its third-quarter earnings beat into a forward-looking growth event by raising its 2026 outlook and setting ambitious targets for 2027. The company is scaling rapidly as AI infrastructure spending lifts demand for networking, compute and storage products.
The opportunity is substantial, but so are the execution demands. Investors must weigh accelerating customer demand against heavier capital spending, rising inventories and the risks of building capacity around aggressive growth forecasts.
CLS Q3 Beat Shows AI Infrastructure Demand AcceleratingCelestica reported third-quarter 2026 adjusted earnings of $3.30 per share, topping the Zacks Consensus Estimate of $3.02 by 9.3%. Revenues rose 82.5% year over year to $5.83 billion and surpassed the consensus mark of $5.50 billion by 6%.
Connectivity & Cloud Solutions revenues increased 102% year over year to $4.87 billion. Within the segment, Compute & Storage revenues jumped 242%, while Networking revenues increased 68%, reflecting heavy investment in AI and data-center infrastructure.
The same spending cycle is attracting investment across the manufacturing ecosystem. Jabil Inc. (JBL - Free Report) said fiscal 2026 growth benefited from AI infrastructure demand and brought additional capacity online. Flex Ltd. (FLEX - Free Report) is expanding its Cloud and Power Infrastructure capabilities, including power-conversion technology aimed at AI data centers.
Celestica Raises 2026 Revenue and Earnings GuidanceManagement increased its 2026 revenue outlook to $21 billion from $20.5 billion after the stronger third-quarter performance and expected demand improvement in the fourth quarter. Adjusted earnings guidance rose to $11.55 per share from $11.30.
Celestica kept its 2026 adjusted operating margin outlook at 8.4%. Holding that profitability target while lifting the revenue forecast suggests management expects the business to absorb higher volumes without giving up the margin progress achieved during the year.
CLS Sets a $40 Billion Revenue Goal for 2027Celestica’s initial 2027 outlook calls for $40 billion in revenues, adjusted earnings of $21.50 per share and a 9% adjusted operating margin. The revenue target implies approximately 90% growth from the company’s updated 2026 outlook.
Management expects demand from hyperscalers and AI infrastructure customers to remain strong and said 2028 customer demand forecasts are meaningfully above the 2027 revenue outlook. That visibility supports the scale of the planned expansion, but it also raises the importance of converting customer forecasts into timely deployments.
Celestica’s Expansion Plan Raises Execution DemandsThe 2027 plan requires substantial investment. Celestica expects capital expenditures of $1.5 billion to $2 billion next year as it adds capacity to support projected multi-year demand.
Working-capital needs are already rising. Inventory reached $4.51 billion at Sept. 30, 2026, up from $2.19 billion at year-end 2025. Celestica also reduced its 2026 free cash flow outlook to $460 million from $600 million, primarily because of targeted working-capital investments for 2027 growth. Any change in deployment schedules or customer demand could therefore affect cash generation and capacity utilization.
CLS Signals Reinforce the Growth CaseThe latest outlook strengthens the growth narrative, but the investment case still depends on execution. Celestica must deliver a large capacity ramp while protecting margins and translating higher earnings into cash flow.
CLS currently carries a Zacks Rank #2 (Buy) and a VGM Score of A. Its Growth Score of A and Momentum Score of A support a favorable growth and earnings-revision profile, while the Value Score of C keeps valuation discipline relevant. The combination favors the stock’s growth and momentum characteristics, though the scale of the 2027 ramp leaves little room for operational slippage. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Space Exploration Technologies (SPCX -0.83%) entered the stock market with a bang. The Elon Musk-led space and artificial intelligence (AI) company made its debut earlier this year with the largest initial public offering (IPO) in history, and now sports a market cap of $2 trillion. That is the seventh-largest in the world.
Investors are bullish on SpaceX's growth prospects in AI and space connectivity. What could a $2,000 investment in SpaceX be worth in 10 years' time? When you look at the numbers, a lot is riding on future growth.
SPCX Space Exploration Technologies$144.02-$1.21 (-0.83%)
NASDAQ · As of 1:40 PM ET 10/29/26
Large AI and space investments As Musk is wont to do, SpaceX is trying to tackle many growing industries at once. This includes AI through the xAI business (also owned by Musk) that was acquired before the IPO. SpaceX poured $16.5 billion into AI capital expenditures (capex) last quarter, more than its entire quarterly revenue. (Note that the company calls that segment Super Intelligence.) Management expects a roughly twofold increase in consolidated capex this quarter, resulting in up to $40 billion spent in a single three-month period.
SpaceX is making these large capital investments due to the apparently insatiable demand for data centers among AI companies. Revenue from SpaceX's AI infrastructure division grew by more than 10x last quarter to $7 billion, with further aggressive growth expected this quarter.
It is also growing quickly in space-based connectivity with Starlink satellite internet. Connectivity revenue was $5.25 billion last quarter, up from $3.1 billion in the same quarter a year ago. As more Starlink satellites launch into orbit, Starlink revenue should continue to compound.
Image source: Getty Images.
The bull case assumes aggressive growth While the business is growing quickly, a SpaceX bull case requires very optimistic growth assumptions over the coming years. Musk believes the company's annual recurring revenue (ARR) could reach $500 billion or more by the end of 2027, translating to $125 billion in Q4 2027 revenue.
In the third quarter, revenue was $14.6 billion across all of SpaceX. So getting to $125 billion from now would require close to 10x growth in revenue, which does not seem realistic. But, if SpaceX can become a winning neocloud provider of cloud services for AI, it could reach $1 trillion in revenue sometime in the next 10 years. That's still a highly optimistic prediction, but more realistic than Musk's claim.
Where could SpaceX be trading in 10 years? Now, $1 trillion in revenue would be quite nice for SpaceX, and could lead to $100 billion in operating earnings if margins across the entire business reach 10%. As a reseller of compute, it may only be able to obtain this level of profit margins in a normalized environment. There is much uncertainty over how profitable these AI investments will be, since SpaceX is spending monumental amounts of money on data centers that need customers in order to get a return on the upfront investment.
Now, $100 billion in earnings power versus a current market cap of $2 trillion is a ratio of 20. That's not exactly dirt cheap when making forward assumptions over the next 10 years. For that reason, I think an investment in SpaceX would not do very well at today's prices. I think $2,000 invested in SpaceX will be worth around $2,000 -- or even lower -- 10 years from now.
Gold (XAU/USD) dives over 1% on Thursday after a tranche of US economic data cemented the case for another rate hike by the Federal Reserve (Fed) at the December 9 meeting. At the time of writing, XAU/USD trades at $4,019 after reaching a high of $4,069.
Apple (AAPL +1.71%) has finally done something it resisted for years -- put a touchscreen on a MacBook.
The company unveiled its new MacBook Pro with a PROLED XDR display on Wednesday, with the 14-inch model starting at $2,899 and the 16-inch version costing $3,399. That's a hefty price tag for a laptop, particularly when Apple's new M6 MacBook Pro starts at $1,999.
But there's another number investors should pay attention to: $400.
That's the premium Apple is charging for its touchscreen MacBook Pro compared to an existing model with the same processor. And with Apple preparing to report earnings next week, the new laptop offers an interesting look at how the company is managing rising costs without alienating its customers.
Image source: Getty Images.
Apple isn't abandoning its lower-priced MacsThe important thing about Apple's new MacBook Pro is what the company didn't do.
Apple isn't discontinuing its existing MacBook Pro lineup. It's not forcing customers to pay more money for a touchscreen if they don't want it. The 14-inch MacBook Pro with the M5 Pro chip and mini-LED display remains available for $2,499, while the 16-inch version costs $2,999. That makes the touchscreen premium $400, representing a 16% increase for the smaller laptop and about 13% for the larger model.
And there are plenty of cheaper options. Apple's lineup includes the M6 MacBook Pro at $1,999, the MacBook Air at $1,299, and the entry-level MacBook Neo at $699.
That's an important distinction. Apple isn't raising the price of admission to its Mac lineup. It's giving customers another reason to spend more money.
The new PROLED XDR display uses tandem OLED technology, offering improved brightness and contrast alongside touchscreen capabilities. That could appeal to graphic designers, photographers, or other creative professionals willing to pay a premium for a premium product. For everyone else? There's still a perfectly good MacBook available without the premium.
AAPL Apple$349.72+$5.89 (+1.71%)
NASDAQ · As of 1:35 PM ET 10/29/26
Apple's pricing strategy faces a bigger challengeApple's timing is interesting because the company has been dealing with rising component costs, particularly memory chips.
Demand from artificial intelligence data centers has driven up memory prices, making computers and other electronic devices more expensive to manufacture. Apple has already increased prices on some Macs and iPads this year.
Rather than raising prices across its entire lineup again, Apple appears to be taking a more selective approach. The new touchscreen MacBook Pro uses the same M5 Pro and M5 Max processors found in existing models. Customers aren't paying for a faster chip or substantially longer battery life. They're paying for an improved display and a different way to interact with their computers.
That could be an effective strategy for protecting profit margins, particularly if Apple's most demanding customers are willing to pay for premium features.
But there's a catch. The broader PC market has been struggling. IDC estimates that global PC shipments declined 20% in the third quarter, with Apple down 11%. And touchscreen laptops aren't necessarily commanding premium prices across the industry. Only about 17% of notebooks shipped this year have touchscreens, and those machines sell for slightly less than traditional laptops on average.
Apple is betting that its professional customers will see enough value in the new display to justify spending another $400.
Apple's earnings report could tell investors much moreApple is expected to report fiscal fourth-quarter earnings on Nov. 2, just four days before its touchscreen MacBook Pro begins reaching customers.
Mac revenue will be worth watching. Mac computers generated $10.35 billion in sales for the company's fiscal third quarter, up 29% from a year ago. CEO Tim Cook credited the MacBook Neo for helping drive that growth, while strong MacBook Pro sales also contributed.
But Macs accounted for less than 10% of Apple's $109.4 billion in quarterly revenue. Even a successful touchscreen MacBook Pro won't dramatically change Apple's financial results on its own.
Gross margin could be more important. Apple's chief financial officer previously indicated that higher memory costs accounted for more than the company's entire sequential decline in gross margin during the fiscal third quarter.
Is Apple's touchscreen MacBook Pro good news for investors?I don't see the new MacBook Pro becoming Apple's next blockbuster product -- the company's iPhone business will continue to reign supreme. But that's fine. At nearly $3,000, the touchscreen MacBook isn't designed for the mass market.
But it does allow Apple to test demand for premium touchscreen technology without risking sales across its broader Mac lineup. If professional customers embrace the new model, Apple gets additional revenue from buyers willing to spend more. If they don't, customers still have plenty of alternatives.
The bigger issue is whether Apple can maintain its pricing power while component costs remain elevated. When Apple reports on Nov. 2, investors should pay attention to what Cook and his team say about component prices, demand for higher-priced products, and whether Apple expects additional pressure on profitability.
Because at the end of the day, Apple's ability to defend its profit margins matters far more than whether its newest laptop has a touchscreen.
