From August 2021 through 2023, blockchains captured 90%+ of monthly crypto revenue. By mid-2026, that share dropped to 25%. The new breakdown: 🔸 Finance apps: exceeded 50% in most months 🔸 Consumer apps: steady meaningful share 🔸 Blockchains: down to ~25% 🔸 Physical and crypto infrastructure: rounding errors The economic center of crypto moved from the base layer to the apps running on it. Early cycles were infrastructure-focused because infrastructure was the only place value could accrue. Users paid L1 gas fees because there was nowhere else for the money to go. Ethereum's high fees, Solana's spikes, Bitcoin's security budget drove revenue. As blockchains became cheaper, more scalable, and more reliable, apps could finally support real users and capture their own revenue streams. Finance apps (perp DEXs, lending protocols, stablecoin issuers, trading tools) earn fees from trading volume, not just gas. Consumer apps (memecoin launchpads, wallets, social tools) turn engagement into sustained revenue as they find market fit. The internet followed the same arc. In the 1990s, ISPs and backbone providers made the money. By the 2010s, applications and platforms captured most of the value. Crypto is following that path, faster and with full transparency because everything settles onchain. You can't value L1s solely on the claim that they capture all fees anymore. App-layer protocols have proven that lean teams can generate hundreds of millions in revenue across: 🔸 @HyperliquidX -style derivatives platforms 🔸 @Pumpfun -style consumer platforms 🔸 The wider DeFi stack These products now capture economic surplus that once flowed almost entirely to validators and miners. That diversification is healthy. Crypto no longer depends on one revenue source or one narrative. The infra succeeded, which is why its revenue share fell. Finance and consumer apps now generate the majority. That's where the next decade of value compounds. h/t: @Blockworks

The RWA cycle is getting more interesting as projects move past tokenizing assets and start building actual financial systems around them @Arvo_Protocol already sits around a real operating land business, with treasury contributions, vaults, rewards and an access layer built around $ARVO Moving that token onto RH chain puts the participation side of the model closer to an ecosystem that is already leaning heavily into tokenized assets, credit and onchain financial products That puts @Arvo_Protocol closer to the kind of onchain environment its access layer is built for The operating business keeps doing its job offchain, while $ARVO becomes the coordination layer for the users participating around it onchain > treasury activity gets more visible > staking + rewards get wider distribution > governance gets closer to the users holding the asset > liquidity around the token gets another venue to deepen And that is where I think the RWA thesis starts getting more complete The asset itself is only one layer. the stronger models will be the ones that can build an actual financial system around that asset, and Robinhood chain gives @Arvo_Protocol more room to push in that direction

RWA perps went from ~$150M in OI last December to $5.1B today, ~30x in nine months and traders came for one thing, which is a market that never closes. The unlock was @HyperliquidX 's HIP-3. Listing a new asset now means staking $HYPE and setting an oracle + risk params, w/o a custodian or transfer agent in the loop so the cost of spinning up a market dropped to a price feed and a set of parameters. trade[XYZ] ran w/ it hard enough that it now holds ~70% of all DEX RWA open interest. That listing speed shows up directly in how capital moves: cheap listing → markets go live as fast as a theme forms → flow rotates into whatever TradFi can't serve off-hours Oil was the first wave. Commodities made up ~81% of RWA volume in January, and by early April crude OI had climbed to ~$1B, the biggest slice of the book. On the Hormuz weekends, w/ CME dark, Hyperliquid's crude perp was the only live tape in the world, and on some days WTI volume there actually beat ETH. By July the money had rotated into memory, w/ SK hynix, Micron & Sandisk making up ~60% of RWA volume. None of those names has a CME futures pit so traders got a live, 24/7 market for the hottest theme of the year the moment it started moving. Same logic is why a SpaceX pre-IPO perp now carries ~$125M in OI. That's the part TradFi hasn't built. Here's how the $5.1B splits across 1,000+ live markets: 🔸 Public equities: ~50% 🔸 Precious metals: ~17% 🔸 Equity indices: ~17% 🔸 Oil: ~7.5% The S&P 500 is the biggest single market at $400M+, w/ SK hynix and gold right behind at ~$300M each. The off-hours numbers are what make this different from anything TradFi offers, and they only work if the feed keeps ticking when CME and cash equities don't. @redstone_defi 's Live is one of the layers built to keep those marks continuous overnight and through weekends. 🔸 @AleaResearch put ~65% of equity & index volume on Hyperliquid outside US cash hours 🔸 Weekend spreads have averaged ~1.4 bps 🔸 Over the July 4 holiday, closed-market prices landed within a median 0.5% of the reopen 🔸 RWA perps out-trade spot tokenized stocks by an order of magnitude on a typical day 🔸 Venues now book ~$900K in daily fees Imo there's still a lot of room to run, since all of this onchain OI is only ~1% of the notional in CME's E-mini S&P 500 contract alone. The regulated pipes are connecting too: Ripple Prime added Hyperliquid gold, silver & oil in April, Coinbase has since filed for single-stock perps and Kraken has announced plans for US-facing HIP-3 markets, pending approval. Onchain traders proved the demand first, and now the rest of the market is building toward it. Which asset do you want perps on next? h/t: @DefiLlama

RedStone is now ISO/IEC 27001:2022 certified. Audit done and certificate issued by @SGS_SA. The certificate will bolster trust in RedStone among current and prospective TradFi and enterprise partners.

Our founders Marc, Louis and Zad discuss why they built Arvo, and where they’re taking it next.

As DeFi assets continue to mature, I think trust + quantifiable risk assessment will become increasingly important infrastructure for the next leg of adoption. It's easy to surface yield onchain, but what's much harder is answering the real question when you start allocating capital. What are the true (seen & unseen) risk am I actually taking to earn it? A 10% APY across two vaults can represent completely different exposures across smart-contract risk, collateral quality, liquidity, counterparty risk + potential loss severity. Retail capital can sometimes operate on reputation + headline APY. Institutional capital generally can't. Funds, treasuries + professional allocators need a defensible framework for comparing opportunities, quantifying downside + ultimately justifying why capital should be deployed in the first place. That's why I think @CredoraNetwork is such an important component of @redstone_defi's increasingly verticalised stack. Rather than simply assigning subjective scores, Credora translates DeFi risk into quantifiable probabilistic outputs: 1. Assets are assessed through Probability of Default (PD) 2. Markets use Probability of Significant Loss (PSL) derived from 100,000 Monte Carlo simulations alongside additional risk factors specific to the exposure Those probabilities are then mapped onto the familiar A+ → D rating framework, calibrated using 30+ years of historical default data from S&P, Moody's + Fitch. More importantly, this isn't limited to tokenised RWAs or stablecoins. Credora's coverage extends across tokens, lending markets + vaults, including the crypto-native structures that traditional rating frameworks often aren't designed to assess. Its ratings are already distributed directly into major DeFi venues including Morpho + Spark, while its public platform covers 160+ vaults, 250+ markets + 60+ assets. IMO, this is an underrated prerequisite for DeFi's maturation. TradFi didn't scale institutional credit markets purely because assets existed + yields were attractive. It developed an entire infrastructure around pricing, ratings, risk models, reporting + settlement that allowed different pools of capital to understand what they owned and operate within defined mandates. DeFi increasingly needs its own version of those rails. And this is where the strategic fit with RedStone becomes much clearer. RedStone tells protocols what an asset is worth. Credora helps allocators understand the risk of owning or lending against it. Combined with RedStone's broader institutional infrastructure, that pushes the stack beyond simply providing oracle feeds towards something much closer to an end-to-end financial intelligence layer. Pricing → risk assessment → collateralisation → liquidation → settlement. Each additional layer makes the others more valuable. And IMO that's ultimately where the acquisition becomes particularly strategic. As more institutional capital moves onchain, the opportunity isn't simply to provide data to more assets. It's to become the infrastructure through which those assets are priced, understood, trusted + ultimately allocated to. The next leg of DeFi adoption requires more than yield, it requires making risk legible enough for serious capital to participate at scale.

I think we can all agree that most of the strongest bets in any crypto cycle are the ones that already have clear PMF @jumperapp fits that well because it already has the distribution most super-app products are still trying to build with over $40B in lifetime volume, 100k+ monthly active users, top 3 in bridging volume and already a top 10 swap aggregator, the distribution is already there so imo the next step is seeing how much more of a user’s onchain journey jumper can capture inside one interface today that activity is still fragmented across bridges, swaps, yield, perps and tokenized assets. Jumper’s thesis is to collapse those separate workflows into one place. and the roadmap is starting to reflect that. 🔸jumper Advanced for heavier execution 🔸jumper RWA for tokenized stocks + real-world assets 🔸jumper Perps for aggregated derivatives flow Each one adds another reason for existing users to stay inside the product instead of bouncing between apps, which is the part I think matters most And since @jumperapp already has the traffic, expanding the number of financial actions users can take inside one consumer layer just makes a lot of sense

NEW: @Brickken, a tokenization platform with 150+ clients and $660M in tokenized assets, has selected RedStone as its data infrastructure partner. Brickken-issued assets can now access the full RedStone stack: feeds, T+0 settlement via Settle, and @CredoraNetwork risk ratings, the data layer to enable work in DeFi for RWA's.

1> A lot of @Token_Logic’s work at @aave can be traced back to one pattern. taking a part of the system that is sitting idle, overfunded or too narrowly designed, and give it a clearer economic job GSM liquidity, stkGHO, umbrella, local GHO minting, even the newer RWA/private credit mandate all fit into that [🧵]

Hyperliquid's monthly active addresses just printed 291.9K, a fresh ATH, up from a ~132K January trough. 30d perp volume sits at $178.7B, OI's at $13.51B, and 30d protocol revenue is roughly $60M. Aster, Lighter, Pacifica, GMX and dYdX did about $119B in combined 30d volume. HL alone is doing roughly 1.5x that. For comparison combined OI for those same five is only around $2B against HL's $13.5B. The gap's even wider there. And this growth's happening w/o a points program. The incentive era ended at TGE back in Nov 2024, so everything since has had to be earned on product rather than emissions. Three things are compounding at once: 🔸 147 HIP-3 markets were live as of Sep 21, with ~$1.3B in 24h volume that day. HL's turning into the settlement layer other people build distribution on top of. 🔸 Manual borrows went live Sep 18 on the same HyperCore book as portfolio margin, and outstanding borrows printed $269M that day. That's the first manual, user-facing credit primitive on that book. 🔸 Payward confirmed it intends to deploy CFTC-wrapped, allowlisted HIP-3* markets via Bitnomial + NinjaTrader Clearing. HIP-3* lets that venue plug into HL's core infra without needing a separate build from scratch, bringing regulated access onto the same infrastructure. The fees tie that activity back to HYPE. Around 99% of eligible perp protocol fees go to the Assistance Fund's HYPE buybacks and burns, while HIP-3 deployers take a cut of their own markets' fees too. 26,310 HYPE got burned in 24 hours around Sep 19, worth about $2.42M at the time. Cumulative burn is sitting near 48.76M HYPE, close to 4.88% of max supply. HYPE hit an ATH near $96 on Sep 21, the same week as the HIP-3 volume, borrows launch and Payward headline. The same flywheel is showing up across more than one chart. imo, this is TradFi <> DeFi convergence at this stage of the cycle. Between Sep 16 and Sep 21, one week of headlines added to HIP-3 growth that was already building. Payward brings distribution, HIP-3 expands the range of assets people can trade, and borrows improve capital efficiency. All of that is landing together and feeding back into token scarcity through the fee engine. The address count reflects how those pieces are compounding together. h/t @artemis for the active-address data

So tokenized RWAs (ex-stables) just crossed $38.5B onchain. That's 3.2x where this market was when GENIUS was signed in July 2025 ($12B then). Back in mid-2024, the whole category was still under $3B, so that's somewhere around 12-13x. Fourteen months of real compounding. And the mix inside that $38.5B is arguably more interesting than the total itself. The category breakdown: 🔸 Treasury debt & MMFs: ~$15.5B (~40% of the market), or up to $18B on the broader bonds+MMF bucket some trackers use. Mostly BUIDL (@BlackRock / @Securitize ), USYC (@circle ), Franklin Templeton's BENJI/iBENJI products, and USDY (@Ondo ). 🔸 Commodities: ~$5B, almost entirely gold via XAUT + PAXG. 🔸 Everything else, credit, active strategies, tokenized equities, PE, VC: the remaining ~45%, and it's a real, growing slice of the market now. Equities have been the fastest-growing sleeve this year. Non-U.S. gov debt has held steady in the $1-1.4B range this whole time, call it ~$1.3B. Same dollar figure. But it's gone from being a large chunk of a sub-$3B market to ~3% of a $38.5B one, simply bc everything around it scaled up so much faster. A stable base underneath a much bigger stack. GENIUS itself is a stablecoin reserve law, not a tokenization statute. It doesn't tokenize anything directly. But the reserve requirements it created pushed real demand toward short-duration onchain Treasuries as the compliant place to park yield-bearing collateral. And imo that demand is a big part of why the Treasury sleeve looks like this: TradFi issuers building the settlement layer stablecoins now need. Treasuries proved issuance can scale this fast. About 12% of tracked tokenized value is already active onchain as collateral or in DeFi. That's a real base to build from, esp this early on. What's the next catalyst that actually moves the other 45%? h/t @RWA_xyz

Privacy's up 213% since Bitcoin's Oct 2025 high, while every other sector's still down 27-74% over the same window. One green bar on a board full of red. Easy assumption would be ZEC pumped and dragged the sector with it. And that's not far off since it's ~62% of the weight. But pull it out and privacy's still +56% since the BTC high on its own, which would still lead every other category. The ZEC-specific catalyst is fairly traceable. On Aug 25 @Grayscale converted its legacy Zcash Trust into ZCSH, the first US-listed spot ZEC product on NYSE Arca, w/ NAV around $313.5M going in. AUM growth since breaks down as: 🔸 Price appreciation doing a chunk of the work 🔸 Actual creations, $70M+ per Grayscale 🔸 A DCG-related in-kind contribution 🔸 Crossed $500M+ total by early September per Grayscale's own Sep 8 framing There is real wrapper demand in the mix, not only mark-to-market Why ZEC got the wrapper before other privacy assets comes down to design. Optional transparency → viewing keys, selective disclosure → still listed on Coinbase, Binance, Kraken. That compliance path is basically what made a US ETF possible in the first place. Fully private-by-default coins generally don't get that door. Supply backs it up too. 🔸 Shielded ZEC supply: 8-11% in 2024 → ~29% now 🔸 Stock metric, not proof of payment volume on its own, but it's held up through the year 🔸 Makes the 29% read as earned rather than just a number going up XMR ran its own version of this w/o any wrapper involved, hitting a new ATH in January. No ETF, still printed the high, on narrative, positioning, and years of scarcity from exchange delistings building up. Different mechanism, same underlying demand for private money. What stands out is having a regulatory unlock on one side and a rising shielded balance on the other, both reinforcing the same direction, in a sector that was basically ignored a year ago. That's the pitch @Zcash has been making for years, optional privacy as the compliance bridge rather than privacy as a liability. imo the tape's finally catching up to the thesis. h/t: @glassnode

Ultra proud to be part of @redstone_defi, one of the teams that made the most progress through this bear market. - RedStone live (low-latency data) adoption is ramping fast in perps. Soon, we'll announce 3 partnerships with Tier S brands. The most liquid pre-IPO Anthropic market already runs on this infrastructure. - Many projections point to at least $4T in RWAs onchain by 2030, but the key missing part to make them fully usable in DeFi and in crypto in general is instant redemptions and instant liquidations. Many RWAs still redeem at T+3, some even at T+180. That's the problem we're solving with RedStone Settle, with Tier S clients already lined up to use it, including @OpenEden_X announced yesterday - This week, we secured a deal from one of the largest institutional RWA player in the space. More soon. - @CredoraNetwork by RedStone caught traction in DeFi risk ratings. Around 10% of DeFi is currently assessed by Credora, and the team is working on a new risk framework for [redacted] assets. - Many oracle providers left the space this year, including one that raised the same Series A amount we did, at the same time, from a similar set of investors. It shows the level-headedness of our leadership team, which knows how to build a company for the long game. We're ready for the RWA decade, Onwards!

Tokenized stock volume on Base just hit $792M over the past 30 days, up 535.8%, against a token supply of only ~$24M across all issuers Which means that float's turned over more than 30x in a single month. 🔸 Aerodrome: $611.4M (77%) 🔸 Uniswap v4: $145.7M 🔸 Uniswap v3: $31.0M @coinbase issued stocks on the B20 standard (NVDAc, AAPLc, GOOGLc, METAc) on Base Aug 24, backed 1:1 by shares sitting at Alpaca, and honestly what surprised me wasn't that volume showed up, it was where it all piled in. Coinbase's B20 tokens make up around 88% of that $792M, w/ the rest coming from issuers already live on Base like @BackedFi , @centrifuge , and @DinariGlobal . Aerodrome's (@aeroxyz) ve(3,3) model lets AERO emissions get pointed straight at Slipstream's 5bp pools, so spreads stay tight, and that pulls in more order flow, which means more fees, which gives everyone more reason to keep emissions pointed there. And It's a loop feeding itself, and that's basically why one venue's soaking up most of a market that's technically open across several DEXs. Uniswap v4 and v3 aren't sitting on the sidelines tho, $176.7M combined is real liquidity still spreading across the rest of the Base ecosystem rather than pooling in one spot. What's also worth noting is the speed here. Aug 24 launch to a $100M single-day print by Sep 12 is 19 days, and the $792M is the fuller 30-day sum since then all coming from a live Coinbase set of roughly 10 minted names (eligible non-US users only, per Reg S). And volume's only the part you can see. These same tokens can sit as collateral on Aave, Morpho, and Euler, dividends adjust through an onchain multiplier, and you hold the keys yourself. xStocks alone already lists 700+ names, so if Base's catalog ever gets close to that, $792M probably isn't the ceiling, it's just where the story starts. h/t: @tokenterminal cc: @jessepollak

DeFi always surfaces APY, but risks don’t get the same treatment. That’s why risk rating agencies are now developing their methodologies for the blockchain era. How does Credora compare to others?

So the CLARITY Act faces a Senate procedural vote today at around 18:15 UTC. It needs 60 votes. Even if all 53 Republicans vote yes, seven Democrats or independents aligned with them still have to join in. Cross-party support decides this one. Will it advance?

Significant milestone for @entropyIO crossing $1B in cumulative trading volume across its pre-IPO + RWA HIP-3 markets. This also serves as a pretty good demonstration of why @redstone_defi's ability to adapt its oracle stack around emerging financial primitives is becoming increasingly important. Entropy isn't simply listing another set of crypto perps. It's bringing markets like pre-IPO equities + RWAs into a 24/7 perp environment, where the underlying assets themselves may trade only during fixed market hours, have fragmented liquidity or, in the case of private companies, lack an official public market price altogether. That creates a fundamentally different oracle problem. A conventional price feed can simply aggregate liquid spot markets. Here, the pricing infrastructure has to account for when the underlying market is closed, where alternative price discovery is occurring + how much executable liquidity actually exists behind each reference price. As you can tell, it isn't a typical perp primitive & this is possible thanks to RedStone Live. Here, RedStone integrates custom data sources + implements a liquidity-weighted methodology that dynamically blends Entropy's own order book with external reference pricing based on executable depth. 🔸When the book has meaningful liquidity, more weight can be placed on endogenous price discovery. 🔸When liquidity thins, the mark increasingly relies on RedStone's external reference. And all of this has to work continuously for markets trading 24/7, even when their TradFi counterparts don't. IMO the broader takeaway is that as onchain markets expand into increasingly novel assets + derivatives, oracle infrastructure can't remain one-size-fits-all either. HIP-3 makes deploying entirely new perp markets permissionless. That dramatically expands the design space, but it also creates new pricing problems that need infrastructure capable of evolving alongside them. Entropy crossing $1B is therefore a nice validation of both sides of that equation where: 1. New financial primitives require new market infrastructure 2. RedStone is increasingly building its stack around the specific markets That's a pretty powerful position to occupy as the surface area of onchain finance continues expanding. Keep an eye for more key milestones to come fast soooooon