The reason why @Morpho is seeing so much success is that it leans into DeFi’s biggest strength: composability it separates the infrastructure from the risk management layer. This allows anyone (tradFi funds, coinbase, yourself, me) to handle the underwriting and risk assessment. Lending moves from being a "black box" to a highly modular system. Also, owning the infra for lending allows enterprises (such as coinbase) to increase margins and provide a customized UX for their users - a huge value prop and a consequence of what I’ve written above.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Kamino: Bull Case Catalysts RWA issuance has grown 350% in the past year, with over $18B now circulating. Institutions are moving to DeFi, but the infrastructure isn’t there yet (despite many claiming the opposite). @kamino is building that missing layer, covering liquidity, fixed-rate credit, and institutional custody. Starting with Solana-native lending three years ago, the platform has grown to over $4B in AUM and more than $16B in issued loans. With 18 audits and three formal verifications, they’ve proven the foundation works. Now comes the next phase. Bull Case Catalyst #1: Institutional Finance & Tokenized Assets Infrastructure on Solana Kamino is positioning itself as the infrastructure layer for institutional finance and tokenized assets on Solana. They’re launching six strategic products to serve the next generation of assets and institutions moving onchain: 1. Fixed Rates: Borrowers lock in interest rates for a fixed period with instant liquidity and auto-rollover. Organizations and RWA issuers can build stable income strategies. FalconX is the pilot borrower. 2. Borrow Intents: Borrowers post onchain instructions with their desired loan terms (collateral, amount, rate, duration). This creates price discovery based on supply and demand, not algorithmic curves. 3. Offchain Collateral: They partnered with Chainlink to solve the custody problem that’s kept institutions out of DeFi. Users can borrow onchain using assets held in qualified custody, unlocking institutional capital that’s been locked out of DeFi. 4. Private Credit: Opens DeFi liquidity for BTC-backed credit on Solana. The global BTC-backed loan market is projected to hit $60B by 2031, but most activity is still outside DeFi. Kamino spent the past year working with regulated institutions to bring this market to Solana. 5. RWA DEX: Provides oracle-priced liquidity for tokenized assets → Asset issuers don’t need third-party market makers, and users get fair value onchain prices. 6. Kamino BuildKit: Plug-and-play DeFi infra for wallets, neobanks, and fintech. Full API and SDK for integrating Kamino’s yield and credit products (includes revenue-sharing for integrators). These six products make Kamino the only integrated platform for organizations and tokenized assets moving to DeFi. It’s a comprehensive institutional finance platform. Bull Case Catalyst #2: Pencosystem Integration PT-sUSDe from @pendle_fi is becoming collateral at Kamino, which should drive serious liquidity from @ethena_labs x Pendle. Pendle is driving “The Era of Stablecoin” in 2025, as 30% of the $11B in yield-bearing stablecoins in circulation are on its platform. Look at what happened with @aave → when PT-USDe was integrated into Aave v3 in July, nearly $1B in PT-USDe was deposited, triggering the cap immediately. Morpho saw around $500M flow in after joining Pencosystem. Right now, Pendle’s sUSDe Pool holds around $1.18B TVL. With PT-sUSDe integrated into Kamino, there'll be a liquidity boost and major TVL growth, ultimately strengthening Kamino's position in attracting institutions and tokenized asset issuers.

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

Kamino: Bull Case Catalysts RWA issuance has grown 350% in the past year, with over $18B now circulating. Institutions are moving to DeFi, but the infrastructure isn’t there yet (despite many claiming the opposite). @kamino is building that missing layer, covering liquidity, fixed-rate credit, and institutional custody. Starting with Solana-native lending three years ago, the platform has grown to over $4B in AUM and more than $16B in issued loans. With 18 audits and three formal verifications, they’ve proven the foundation works. Now comes the next phase. Bull Case Catalyst #1: Institutional Finance & Tokenized Assets Infrastructure on Solana Kamino is positioning itself as the infrastructure layer for institutional finance and tokenized assets on Solana. They’re launching six strategic products to serve the next generation of assets and institutions moving onchain: 1. Fixed Rates: Borrowers lock in interest rates for a fixed period with instant liquidity and auto-rollover. Organizations and RWA issuers can build stable income strategies. FalconX is the pilot borrower. 2. Borrow Intents: Borrowers post onchain instructions with their desired loan terms (collateral, amount, rate, duration). This creates price discovery based on supply and demand, not algorithmic curves. 3. Offchain Collateral: They partnered with Chainlink to solve the custody problem that’s kept institutions out of DeFi. Users can borrow onchain using assets held in qualified custody, unlocking institutional capital that’s been locked out of DeFi. 4. Private Credit: Opens DeFi liquidity for BTC-backed credit on Solana. The global BTC-backed loan market is projected to hit $60B by 2031, but most activity is still outside DeFi. Kamino spent the past year working with regulated institutions to bring this market to Solana. 5. RWA DEX: Provides oracle-priced liquidity for tokenized assets → Asset issuers don’t need third-party market makers, and users get fair value onchain prices. 6. Kamino BuildKit: Plug-and-play DeFi infra for wallets, neobanks, and fintech. Full API and SDK for integrating Kamino’s yield and credit products (includes revenue-sharing for integrators). These six products make Kamino the only integrated platform for organizations and tokenized assets moving to DeFi. It’s a comprehensive institutional finance platform. Bull Case Catalyst #2: Pencosystem Integration PT-sUSDe from @pendle_fi is becoming collateral at Kamino, which should drive serious liquidity from @ethena_labs x Pendle. Pendle is driving “The Era of Stablecoin” in 2025, as 30% of the $11B in yield-bearing stablecoins in circulation are on its platform. Look at what happened with @aave → when PT-USDe was integrated into Aave v3 in July, nearly $1B in PT-USDe was deposited, triggering the cap immediately. Morpho saw around $500M flow in after joining Pencosystem. Right now, Pendle’s sUSDe Pool holds around $1.18B TVL. With PT-sUSDe integrated into Kamino, there'll be a liquidity boost and major TVL growth, ultimately strengthening Kamino's position in attracting institutions and tokenized asset issuers.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

RWA Tokenization: The Quiet Rise of the Distribution Layer The market is entering a new phase as major institutions accelerate tokenization efforts, pulling crypto deeper into tradFi. @krakenfx's partnership with Deutsche Börse clearly shows this shift. They're connecting two previously separate trading infrastructures, and together with Kraken's acquisition of @BackedFi, they now own the full issuance and trading stack for tokenized securities. The trend becomes even clearer with @centrifuge launching Whitelabel and enabling platforms like @daylightenergy_ to tokenize energy assets. Tokenization is moving into sectors with real industrial value, gradually positioning blockchain as the settlement layer for new capital flows. As more assets move onchain, global investors gain more flexible access to U.S. markets, and liquidity and transaction speed increasingly depend on crypto infra. BlackRock reinforces this narrative by comparing tokenization to an infrastructure overhaul similar to SWIFT. They see a future in which any asset can be recorded and transferred directly onchain. This lays the foundation for crypto to become the operational standard for a new financial system, where traditional and digital assets converge within a unified infrastructure. Tokenization can be understood through three linked layers: • The Issuer Layer: handles the creation and legal assurance of the asset. • The Infrastructure Layer: ensures the asset operates correctly on the blockchain. • The Distribution Layer: brings tokenized assets to end users. When all three layers align, tokenization scales quickly and pushes crypto closer to the center of finance. Phase 1 focused on the Issuer and Infrastructure layers. These were built by players such as Securitize, BackedFi, Ondo Global Markets, Robinhood, and Mantle. They created the legal and technical foundations that enable RWAs to be tokenized in a compliant and stable way. Market data shows the explosive growth in this phase. Tokenized stablecoins and U.S. Treasuries have reached $302.15B and $9.06B. Tokenized public equities followed with $681M, a 12,578% increase since early 2024. A major turning point came when Exodus Movement, Inc. ($EXOD) was tokenized on Algorand by Securitize, lifting the market from $10M to nearly $480M. This was the peak of Phase 1. A key question is which chain tokenized equities will choose. At first, Algorand dominated with more than 90% share due to EXOD. But as Securitize’s share declined, Algorand fell accordingly. Ethereum and Solana quickly became preferred destinations for new tokenized assets. Today, Ethereum holds 49.6% market share, Solana 23.75%, and Algorand 19.23%, followed by Stellar and BNB Chain. This shows that stock tokenization is moving toward chains with deeper liquidity and richer ecosystems. Transfer volume tells a different story. Ethereum holds nearly 50% of TVL, but its transfer activity is lower than Solana's. Solana holds only 23.8% of TVL but leads in usage. The difference comes from real utility. On Solana, @xStocksFi built a wide application network by integrating its offering with other DeFi apps. Holders of tokenized stocks can use them as collateral in money markets like @kamino and @piggybank_fi, or use them for leveraged trading on perps like @wasabi_protocol. The possibility to treat a traditional asset like a stock as collateral, a yield-bearing asset, or a leveraged trading asset drives high circulation across the ecosystem. On Ethereum, most tokenized assets remain "inactive" rather than being used. DeFi integrations for tokenized equities are still in their early stages tho. The Distribution Layer is expanding rapidly as platforms grow their partner networks and test new application models. This is happening not only with xStocks but also across many emerging distribution platforms that aim to become the core layer where traditional assets operate according to onchain liquidity. The rise of the Distribution Layer seems inevitable. The key questions now involve which projects can capture the most value from tokenized asset flows, whether the market will consolidate under a single protocol or develop through cooperation among several platforms, and how each project will position itself to take advantage of this shift.

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

Mantle & The Fat Protocol Thesis: The Bridge Between TradFi and DeFi RWA has become a core strategic direction for @Mantle_Official at a time when growth driven by restaking is losing effectiveness. Projects that once dominated the liquid restaking narrative have faded in momentum, and even @ether_fi has shifted toward a Neobank angle to find a more sustainable path. Mantle chose a different route, connecting tradFi and onchain markets, which is exactly the environment where the Fat Protocol Thesis becomes relevant: "Long-term value must ultimately accrue at the protocol layer". To achieve this, Mantle is expanding along two major axes: • The horizontal axis focuses on expanding the flow of assets and capital between TradFi and DeFi. • The vertical axis focuses on strengthening legal foundations, security, custody, and community education so that horizontal expansion can sustain itself. These two axes operate simultaneously and reinforce one another, creating a growth model that very few L2 networks have managed to build. Along the horizontal axis, Mantle has become a true two-way bridge. One direction brings TradFi into DeFi through tokenization. Mantle works with @BackedFi and @xStocksFi to bring US equities on-chain and connects directly to Bybit so users can trade and withdraw these tokenized assets back to Mantle without intermediaries. Alongside this shift, the team has announced a Tokenization-as-a-Service platform that enables institutions to bring RWAs onchain while ensuring full compliance across KYC, legal setup, smart contracts, and security audits. This positions Mantle as an RWA hub and opens the door to institutional capital. Meanwhile, USD1 from @worldlibertyfi, along with USDY and mUSD from @OndoFinance, backed by t-bills, have been integrated directly into the ecosystem. This diversifies Mantle’s DeFi activity away from reliance on crypto-native liquidity and toward capital from traditional markets. The bridge also works in the opposite direction. Instead of waiting for TradFi investors to figure out how to access crypto, Mantle brings crypto to them in a regulated format. Mantle Index Four (MI4) is the clearest example -> a tokenized index for tradFi investors to gain exposure to BTC, ETH, SOL, and synthetic USD through a standardized investment product. For all of this to operate sustainably, Mantle strengthens the vertical axis that supports the ecosystem. The RWA ScholarSHIP Content Bounty helps the builders community understand tokenization, institutional-grade stablecoins, and new primitives. When builders understand the nature of RWA, ecosystem expansion happens naturally and more sustainably. Reference: https://t.co/CtdSEG4l0x About institutional trust, another relevant aspect, the partnership with @Anchorage provides compliant custody for MNT through the self-managed Porto wallet, aligning with standards used by US-regulated banks. Mantle also integrates @CopperHQ to custody $mETH and uses @gelatonetwork to automate operational processes, creating a secure and compliant environment that institutions can rely on. As the infrastructure solidifies, institutional holdings of MNT continue to rise, signaling growing institutional confidence in Mantle. All of these movements demonstrate that Mantle is scaling in a way very few ecosystems can match. It attracts assets and capital from TradFi into DeFi, while distributing crypto assets into TradFi through regulated financial structures. It strengthens the full vertical infrastructure required for long-term expansion. These two axes intersect to form a model where value consistently returns to the protocol layer, aligning perfectly with the Fat Protocol Thesis and reinforcing Mantle’s position in the RWA sector.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Privacy is making a comeback in crypto. Decentralized IDs, confidential compute, zk credentials, and shielded payments will define how we prove identity, protect data, and hedge against AI Here are four projects pushing the space forward 👇 (Expand the image for the full breakdown) @Humanityprot - $H A decentralized ID network with stackable, privacy-preserving credentials. It uses palm-scan biometrics, verified on Polygon’s zkEVM, to enable users to prove personhood and access services without exposing personal data. Check this: https://t.co/vqEjCzEE5Q Their focus on making the infrastructure easy to plug into makes it ideal for institutions and enterprises looking to integrate privacy tech; thus, it's definitely a player to keep an eye on. @Worldcoin - $WLD Worldcoin focuses on proof-of-personhood through iris scans, aiming to create a global identity layer and long-term universal basic income system. It's built on the OP Stack and combines zk proofs with biometric verification to establish a decentralized ID management system. It's by far the biggest initiative regarding countering AI online, as the World App counts over 37 million users. Adding synergies with OpenAI, it has very good chances of becoming a consumer app used worldwide. @Zcash - $ZEC One of the pioneers of privacy-focused cryptocurrencies. Powered by zk-SNARKs, it offers users the choice between transparent and shielded transactions, enabling private payments while maintaining cryptographic security. About shielded transactions, check this: https://t.co/KsFgweTSAe Zcash is actually well-suited for enterprises, institutions, and anyone interested in transacting with confidentiality. It has to be seen if big tradFi players and enterprises will actually use it over developing their own tech (in-house or by leveraging other infra solutions). While for users, the explorer data shows there is good activity, and they think it's likely to continue. @Dashpay - $DASH Dash positions itself as a digital cash system that also enables optional privacy. CoinJoin mixing (a technique to hide which inputs belong to which outputs) and masternode incentives (special nodes that enable faster transactions) enable fast, low-cost payments while preserving user anonymity when desired. Compared to Zcash, it leans more towards providing fast, efficient transaction railways rather than privacy, actually. Its privacy is also not as cryptographically robust as Zcash's shielded transactions, so I think when it comes to transacting privately, Zcash might be a better solution. Does Privacy Truly Matter? After watching a TED talk by Glenn Greenwald, I’ve been thinking a lot about why privacy actually matters, and I think it's worth spending a few words about it. The idea that only “bad people” need privacy is wrong. “If you’ve got nothing to hide, you’ve got nothing to fear”. That mindset is dangerous. By that logic, you wouldn’t use passwords, locks, or private messages. Yet everyone does. Privacy isn’t about hiding something; it’s about having your space to think, grow, and live freely without judgment. Because when people know they’re being watched, they act differently. And a society that treats privacy as suspicious ends up rewarding obedience and punishing individuality. And so, caring and talking about privacy is something we should promote more, inside and outside of crypto.

Name & Symbol: Humanity ($H)
Address: 0x44f161ae29361e332dea039dfa2f404e0bc5b5cc

Privacy is making a comeback in crypto. Decentralized IDs, confidential compute, zk credentials, and shielded payments will define how we prove identity, protect data, and hedge against AI Here are four projects pushing the space forward 👇 (Expand the image for the full breakdown) @Humanityprot - $H A decentralized ID network with stackable, privacy-preserving credentials. It uses palm-scan biometrics, verified on Polygon’s zkEVM, to enable users to prove personhood and access services without exposing personal data. Check this: https://t.co/vqEjCzEE5Q Their focus on making the infrastructure easy to plug into makes it ideal for institutions and enterprises looking to integrate privacy tech; thus, it's definitely a player to keep an eye on. @Worldcoin - $WLD Worldcoin focuses on proof-of-personhood through iris scans, aiming to create a global identity layer and long-term universal basic income system. It's built on the OP Stack and combines zk proofs with biometric verification to establish a decentralized ID management system. It's by far the biggest initiative regarding countering AI online, as the World App counts over 37 million users. Adding synergies with OpenAI, it has very good chances of becoming a consumer app used worldwide. @Zcash - $ZEC One of the pioneers of privacy-focused cryptocurrencies. Powered by zk-SNARKs, it offers users the choice between transparent and shielded transactions, enabling private payments while maintaining cryptographic security. About shielded transactions, check this: https://t.co/KsFgweTSAe Zcash is actually well-suited for enterprises, institutions, and anyone interested in transacting with confidentiality. It has to be seen if big tradFi players and enterprises will actually use it over developing their own tech (in-house or by leveraging other infra solutions). While for users, the explorer data shows there is good activity, and they think it's likely to continue. @Dashpay - $DASH Dash positions itself as a digital cash system that also enables optional privacy. CoinJoin mixing (a technique to hide which inputs belong to which outputs) and masternode incentives (special nodes that enable faster transactions) enable fast, low-cost payments while preserving user anonymity when desired. Compared to Zcash, it leans more towards providing fast, efficient transaction railways rather than privacy, actually. Its privacy is also not as cryptographically robust as Zcash's shielded transactions, so I think when it comes to transacting privately, Zcash might be a better solution. Does Privacy Truly Matter? After watching a TED talk by Glenn Greenwald, I’ve been thinking a lot about why privacy actually matters, and I think it's worth spending a few words about it. The idea that only “bad people” need privacy is wrong. “If you’ve got nothing to hide, you’ve got nothing to fear”. That mindset is dangerous. By that logic, you wouldn’t use passwords, locks, or private messages. Yet everyone does. Privacy isn’t about hiding something; it’s about having your space to think, grow, and live freely without judgment. Because when people know they’re being watched, they act differently. And a society that treats privacy as suspicious ends up rewarding obedience and punishing individuality. And so, caring and talking about privacy is something we should promote more, inside and outside of crypto.

Name & Symbol: Humanity ($H)
Address: 0x44f161ae29361e332dea039dfa2f404e0bc5b5cc

Deposit → Loop → Earn Points Nest by @plumenetwork is launching its V2 very soon, and with it, its points program. Not sure if this will lead to an airdrop or additional rewards, but either way, multiple funds are yielding 9-11% APY, so it’s definitely worth checking out the platform. Along with that, new funds from @WisdomTreeFunds are also launching soon, and they’ll be loopable on @MorphoLabs. Very juicy stuff is being cooked at Plume’s headquarters. This comes on top of all the recent progress made by the team, which I’ve summarized below: 1. Registered as a transfer agent, meaning they can now manage shareholder records, trades, and dividends fully onchain, removing a major bottleneck holding RWAs back from becoming native, onchain assets (see image below). 2. Launch of an enterprise-focused L3 in partnership with @EYnews, one of the largest companies in the world ($51B in yearly revenue). This new chain includes native privacy features and targets enterprise clients from EY’s network. Considering the size of EY's network, it will bring a lot of onchain activity to Plume in the next months. 3. Acquisition of @dinero_xyz, providing institutions access to BTC, ETH, and SOL staking products. 4. Partnerships with TradFi asset managers like @apolloglobal and @WisdomTreeFunds. Plume's blog never stops publishing PR about tradFi players tokenizing and launching products on their chain. In simple terms: hundreds of millions in tokenized assets already live on Plume, and several billions are on the way.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Just as AI disrupted coding, crypto will disrupt neobanks & fintechs. Following up on my previous post, I wanted to expand on the topic, sharing a few more crypto neobanks worth watching, along with thoughts on why this sector excites me (and has real potential to reshape tradFi). When I last wrote about crypto neobanks, we covered @UR_global, @ether_fi, and @Plasma. (Previous post: https://t.co/YOHsGZhSuS) But I've realized the list is way larger, so here are more names worth watching: @useTria • Proprietary chain abstraction engine (no gas or bridging) • Built on @arbitrum & @eigenlayer • Up to 15% APY on savings and 6% cashback • 0% fees on deposits and FX swaps • Available worldwide @gnosispay • Supports both IBAN and Pix • Zero fees (no TX, gas, FX, or off-ramp fees) • Built on top of @safe • No native APY; yields depend on what you hold in your Safe. • Self-custodial Visa linked to a smart account • Supports salaries in fiat or stablecoins • Option for auto-yield deposits @stables_money • Global USD account • Worldwide card spending (150+ countries) • OTC trading available • Points program with multi-season rewards • Earn features coming soon @AviciMoney • No fees for card top-up, FX, transactions • No payment limits • Community-bootstrapped model • Plans to offer onchain mortgages soon Other players to watch: • Fraxnet by @Frax (available only in the U.S.) • @Sophon's native app • @galaxyhq (institutional-focused) • @KASTcard • @MetaMask • @RedotPay Why Crypto Neobanks, and Why Now? The response is simple. Neobanks are the ultimate crypto product. They package together everything from stablecoins and RWAs to onchain products and bring them to the masses through an abstracted, simple UI. You can think of it this way: Backend = Stablecoins, RWAs, AI Agents, DeFi Products Frontend = Neobanks And everything is lining up for crypto neobanks to disrupt their traditional peers: • Regulations are being laid out (Genius Act, Market Structure Bill almost complete, etc.) • Stablecoin usage is at an all-time high, with total supply surpassing $300B • Several L1s and L2s now support thousands of TPS at ultra-low cost • DeFi <> TradFi partnerships simplifying on/off-ramping • Production-ready modular infra that lets teams deploy apps in <1 day The last point is the most relevant one. What makes crypto neobanks viably superior to traditional ones is their underlying modular infrastructure. The capability of launching their own stablecoin, for instance, is a crucial advantage that allows them to retain most of the margins. As outlined in the previous piece, the main bottleneck most startups in this vertical face is third-party dependency. The majority of those entering the sector don't actually control the underlying infrastructure, and, therefore, have a weak position when it comes to customer acquisition costs (CAC) and Lifetime value (LTV). Web2 neobanks rely on legacy operators to run their operations, burning through a large share of their revenue. Partner banks earn the yield on customer deposits. Neobanks get nothing. Neither do users. That’s where crypto makes the difference.

Name & Symbol: Sophon ($SOPH)
Address: 0x31dba3c96481fde3cd81c2aaf51f2d8bf618c742

Just as AI disrupted coding, crypto will disrupt neobanks & fintechs. Following up on my previous post, I wanted to expand on the topic, sharing a few more crypto neobanks worth watching, along with thoughts on why this sector excites me (and has real potential to reshape tradFi). When I last wrote about crypto neobanks, we covered @UR_global, @ether_fi, and @Plasma. (Previous post: https://t.co/YOHsGZhSuS) But I've realized the list is way larger, so here are more names worth watching: @useTria • Proprietary chain abstraction engine (no gas or bridging) • Built on @arbitrum & @eigenlayer • Up to 15% APY on savings and 6% cashback • 0% fees on deposits and FX swaps • Available worldwide @gnosispay • Supports both IBAN and Pix • Zero fees (no TX, gas, FX, or off-ramp fees) • Built on top of @safe • No native APY; yields depend on what you hold in your Safe. • Self-custodial Visa linked to a smart account • Supports salaries in fiat or stablecoins • Option for auto-yield deposits @stables_money • Global USD account • Worldwide card spending (150+ countries) • OTC trading available • Points program with multi-season rewards • Earn features coming soon @AviciMoney • No fees for card top-up, FX, transactions • No payment limits • Community-bootstrapped model • Plans to offer onchain mortgages soon Other players to watch: • Fraxnet by @Frax (available only in the U.S.) • @Sophon's native app • @galaxyhq (institutional-focused) • @KASTcard • @MetaMask • @RedotPay Why Crypto Neobanks, and Why Now? The response is simple. Neobanks are the ultimate crypto product. They package together everything from stablecoins and RWAs to onchain products and bring them to the masses through an abstracted, simple UI. You can think of it this way: Backend = Stablecoins, RWAs, AI Agents, DeFi Products Frontend = Neobanks And everything is lining up for crypto neobanks to disrupt their traditional peers: • Regulations are being laid out (Genius Act, Market Structure Bill almost complete, etc.) • Stablecoin usage is at an all-time high, with total supply surpassing $300B • Several L1s and L2s now support thousands of TPS at ultra-low cost • DeFi <> TradFi partnerships simplifying on/off-ramping • Production-ready modular infra that lets teams deploy apps in <1 day The last point is the most relevant one. What makes crypto neobanks viably superior to traditional ones is their underlying modular infrastructure. The capability of launching their own stablecoin, for instance, is a crucial advantage that allows them to retain most of the margins. As outlined in the previous piece, the main bottleneck most startups in this vertical face is third-party dependency. The majority of those entering the sector don't actually control the underlying infrastructure, and, therefore, have a weak position when it comes to customer acquisition costs (CAC) and Lifetime value (LTV). Web2 neobanks rely on legacy operators to run their operations, burning through a large share of their revenue. Partner banks earn the yield on customer deposits. Neobanks get nothing. Neither do users. That’s where crypto makes the difference.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Most RWA talk is about bonds and treasuries. Meanwhile the consumer IP market is worth $90B+ and is almost entirely illiquid. Here's why "unsexy" RWAs will be the next big onchain vertical. There is a significant consumer market for IP that people already care about, such as anime/Trading Card Game, tickets, and domains, among others. The playbook is (kinda) simple: make high-demand assets easy to own and trade with a Web2-style UX, while DeFi is leveraged behind the scenes for liquidity and settlement. And this is happening at a historical moment when U.S. regulators are leaning toward broader access to advanced products, and exchanges are rolling out more “exotic” offerings. On the DeFi side, activity has also shifted from memecoin trading to more productive use cases. We’re seeing it in the RWA boom and the growing stablecoin supply, in Aave ranking as the 37th-largest “bank” by deposits (with the key difference that Aave is fully reserved while banks are fractional, otherwise it’d rank even higher), and in the rise of new sectors like ComputeFi and PayFi. The transition from purely speculative use cases that have characterized 2024 to more “real” applications this year is very real and hard to miss. Even the recent surge in collectibles trading indicates the same, with several projects seeing heavy adoption, including: • @ripdotfun • @Courtyard_io • @beezie_io IP TOKENIZATION: A CLOSER LOOK In a recent article, @Forbes highlighted how ‘unsexy RWAs’ like IP rights and carbon credits are quietly moving onchain, and become far more useful once they do. That said, I’m skeptical about carbon credits. Many are low quality, and it takes serious due diligence to separate the good from the bad. IP, however, is a real opportunity. It’s a major growth driver, contributing about $6.6T annually in the U.S. and close to 40% of GDP across developed economies. Patents, trademarks, copyrights, and trade secrets all drive innovation, support brand value, and create competitive advantages across industries. Tokenization takes this further: real-time pricing based on supply, demand, and market sentiment turns all these from static, illiquid assets into something liquid and tradable. Here is more data to give you an idea of how big these markets are: MARKET SNAPSHOTS The global Trading Card Game (TCG) market is valued at $7.8 billion and projected to grow to $11.8 billion by 2030. Has to be pointed out that the TCG demand is cyclical, driven by liquidity and macro conditions. Zooming out, the global anime market was $81.96B in 2024. Here, the notable thing is the dominance of Japan, which accounts for over 40% of that number. The Association of Japanese Animations (AJA) reports Japan’s animation industry generated ~$22B in 2023. (Other data from Precedence Research) At the start, I mentioned domains, and you'll be surprised by how big this market also is. A market that saw 378.6 million domains registered in 2024, with different sources (Straits Research, Market Data Forecast, e.g.) valuing the sector around $2.4B and projecting strong growth thanks to digital marketing and e-commerce's growth. It's an industry that has been (almost) completely illiquid; you either own a domain or you don’t. Tokenization would disrupt this industry completely by enabling fractional ownership, secondary markets, and domain-backed lending for the first time. And domains are actually a great asset to be tokenized. They aren’t speculative, as they have real utility in the internet's infrastructure. And they’re natively digital, which makes issuance and management far simpler, no messy off-chain ↔ on-chain bridging. Bottom line: Projects focused on these “unsexy” RWAs are solving real liquidity problems in established markets. Most tokenization attention (mine included, tbh) goes to credit, treasuries, and other headline assets. But there’s a huge, untapped consumer market in assets people already want to own and trade. RECENT CASE STUDY: OASYS CHAIN @oasyschain is an EVM L1 that has expanded its focus from pure gaming to a consumer-grade RWA/IP chain. One standout app in their ecosystem is @TCGSTORE_io, which lets users buy Pokémon and other popular trading cards directly onchain. A marketplace like this could plausibly clear ~$200M/year in card sales; at a 1.5% take rate, that’s ~$3M/year in trading commissions alone. Apart from that, it's worth highlighting the traction they're getting in the other sectors, particularly in the Japanese market. The team recently announced a collaboration with GATES, Inc. (a Japanese real estate firm), with a plan to tokenize $75M worth of Tokyo real estate. The same firm also outlined plans to tokenize up to $200B of property, nearly 1% of Japan’s market. This is also quite interesting as Japan’s real estate market has historically been hard for global investors to access due to regulatory friction, legal complexity, and language barriers. This will require them to satisfy the regulatory requirements, so it has to be seen in the long term how things will evolve. Most likely, more firms will follow with similar initiatives and pressure regulators to ease rules and enable broader access. Overall, this mirrors what’s happening in pre-IPO markets, another huge, under-tapped area that’s likely to grow quickly over the next months. If you’re curious, here’s a deeper dive: THE TECH Oasys architecture resembles that of other networks (@RaylsLabs, @avax, e.g.), tailored for institutions that can seamlessly spin up their own environment, fitting their needs: • Hub Layer (L1): A public, EVM chain that acts as the settlement layer for the whole ecosystem. • Verse Layers (L2s): Permissioned, app-specific rollups based on the OP Stack. Each Verse operator controls who can deploy contracts and which transactions are allowed. A key UX choice of "Verses" is that they're gasless for users. The operator sponsors gas and recovers costs via app fees, rev-share, or other ways. To create one of these L2s, you need to stake 1M+ $OAS (currently ~$11,000). Why this setup works: Enterprises get custom rules and a smoother UX on their own L2, while the Hub stays lean. That keeps throughput high and lets the ecosystem scale horizontally without congesting the main network. CLOSING THOUGHTS Ultimately, the next big step for tokenization isn’t more bonds onchain (or at least, not just that), it’s IP and other “exotic” consumer assets people already own and trade. As the market matures, expect more chains built for this purpose (ideally without founders exiting five months post-TGE). Oasys is an example of that shift: if it keeps onboarding IP and turning it into active secondary markets, the flywheel is obvious: More creators/issuers → more collectors → deeper liquidity → more creators/issuers → more revenue.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

As Mantle gets more integrated with ByBit, the team keeps rolling out new yield farming opps on the platform. There's a solid one going on for @FalconStable, one of the hottest tokens rn (along with $XPL obviously). I'll walk you through what I've done step-by-step and show you how to earn from it before it ends in 5 days: Strategy Breakdown 1. Buy $MNT on spot or swap any token into $MNT 2. Go to the Earn section 3. Click on Launchpool 4. You'll see the $FF pool with three staking options 5. I deposited into the MNT pool (earn FF by staking MNT) 6. I've maxxed out leverage to 3x 7. Chill ROI Calculations Rate & Remaining Time: • Remaining time: 5.2 Days • Daily rate: 41.52% ÷ 365 = 0.114% • 5.17D return: 0.114% × 5.2 = 0.588% Total Staked: • Capital: 10,613 MNT • Borrowed (3x): 31,839 MNT • Total staked: 42,452 MNT Earnings: • Total earned: 42,452 MNT × 0.588% = 249.6 MNT Borrowing Costs: • Amount borrowed: 31,839 MNT • Hourly interest rate: 0.0011% • Total interest: 5.2D × 0.0011% = 0.136% • Interest cost: 31,839 × 0.136% = 43.3 MNT Net Profit: • Total earned: 249.6 MNT • Interest paid: -43.3 MNT • Net profit: 206.3 MNT • ROI on your capital: 1.94% Dropping my ref here if you wanna follow me: https://t.co/68HAjjOi4H

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

As Mantle gets more integrated with ByBit, the team keeps rolling out new yield farming opps on the platform. There's a solid one going on for @FalconStable, one of the hottest tokens rn (along with $XPL obviously). I'll walk you through what I've done step-by-step and show you how to earn from it before it ends in 5 days: Strategy Breakdown 1. Buy $MNT on spot or swap any token into $MNT 2. Go to the Earn section 3. Click on Launchpool 4. You'll see the $FF pool with three staking options 5. I deposited into the MNT pool (earn FF by staking MNT) 6. I've maxxed out leverage to 3x 7. Chill ROI Calculations Rate & Remaining Time: • Remaining time: 5.2 Days • Daily rate: 41.52% ÷ 365 = 0.114% • 5.17D return: 0.114% × 5.2 = 0.588% Total Staked: • Capital: 10,613 MNT • Borrowed (3x): 31,839 MNT • Total staked: 42,452 MNT Earnings: • Total earned: 42,452 MNT × 0.588% = 249.6 MNT Borrowing Costs: • Amount borrowed: 31,839 MNT • Hourly interest rate: 0.0011% • Total interest: 5.2D × 0.0011% = 0.136% • Interest cost: 31,839 × 0.136% = 43.3 MNT Net Profit: • Total earned: 249.6 MNT • Interest paid: -43.3 MNT • Net profit: 206.3 MNT • ROI on your capital: 1.94% Dropping my ref here if you wanna follow me: https://t.co/68HAjjOi4H

Name & Symbol: Falcon Finance ($FF)
Address: 0xac23b90a79504865d52b49b327328411a23d4db2

Hyperliquid >>> Aster Aster doesn't have the tech Aster doesn't have the UX Aster doesn't have the (real) users Aster is not even a DEX Aster is a CZ / paid KOL trade CEXes and VCs are fudding your HYPE once again to scare you out of your positions bc they're still underexposed and hope they can hard shill and scam pump the the "HL competitors" they've been funding and use you as exit liquidity, just to finally rotate back the gains into HYPE at cheap prices and tell you how they've "always been bullish". If you're playing the hype to make money gg, but pls don't get rekt frens. And remember to stay Hyperliquid.

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Ondo tokenized stocks and ETFs are changing how markets are accessed worldwide. Just weeks after launch, Ondo Global Markets is already the largest platform of its kind, with: - 250+ Million TVL - 400+ Million in Total Volume - 30+ Global Markets Alliance Partners https://t.co/aOtexVRpv1

Name & Symbol: Ondo ($ONDO)
Address: 0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3

Last week, Aave launched Horizon. It has the potential to unlock liquidity for the entire RWA landscape. And ultimately, become the bridge between DeFi and TradFi. Here’s an in-depth overview and my bold take 👇 Much has been written about onboarding TradFi to DeFi over the past year. By now, the progress we've made as an industry is a testament that we're going in the right direction. @RWA_xyz estimates the tokenized assets market to be valued at ~$28B, with a +117% growth in the past year only. But the market still suffers from one key issue: The sector is fragmented across multiple chains and platforms.  As a matter of fact, there are currently 49 assets tokenizing US Treasuries alone. WisdomTree, for example, has seven different products under this category. And when you look at other areas of tokenization, it becomes clear that the number of tokens will only continue to grow. However, a significant portion of these tokens remains idle and illiquid. And as I've repeated several times, the true potential of RWAs relies on what can be done with them once they are living onchain. Tokens offer a superior UX compared to anything in traditional finance or Web2 today. Thus, whether it is gold bars, private credit, or durian farms, the objective is to be able to trade, lend, borrow, and do anything with all kinds of assets (on any chain at any time). Bringing assets onchain just for the sake of making them digital is useless. Composability is a critical component of RWAs, and a way to frame this is by drawing similarities with the open capital markets of the past. When capital and assets flow freely, innovation explodes, new businesses are born, and entire economies grow. • Amsterdam became the global financial center by pioneering stock markets, accessible to anyone. • Singapore became a global financial hub within a few decades by encouraging the free flow of capital and minimizing restrictions on foreign investments. The same will happen onchain. The more assets can interact seamlessly, the more value and growth will be unlocked. @aave's new product may be the definitive solution: Horizon It's essentially bridging permissioned institutions into permissionless DeFi in what could be the most critical development to merge tradFi and DeFi into a single world. Horizon is a marketplace where tokenized assets can connect with DeFi capital while still maintaining regulatory control. Qualified institutions deposit RWAs as collateral to borrow stablecoins, while DeFi users supply those stablecoins and earn yield. How it works: • For institutions (KYC/qualified): Deposit tokenized RWAs, e.g., Superstate’s USTB/USCC or Centrifuge’s JTRSY/JAAA, and borrow against them. Borrowable assets include USDC, GHO, and RLUSD (Ripple’s stablecoin), with positions managed on Aave. • For everyone else: Supply stablecoins (USDC, GHO, RLUSD) into Horizon pools and earn lending yield from the institutional side. No whitelist required to LP. Bottom line: institutions leverage RWAs to borrow; anyone can supply stablecoins and earn yield; compliance is maintained by separating permissioned collateral from permissionless liquidity. ENSURING SECURITY VIA CHAINLINK 🛡️ As this is not "regular" lending, accurate risk pricing is vital for Horizon’s lending market due to the diverse collateral classes. For instance, overstated Net Asset Values (NAVs) could cause undercollateralized loans and lead to bad debt and losses. To counter this, Horizon leverages @chainlink's SmartData for real-time, verified RWA data. SmartData is a series of products developed by Chainlink that includes: • Proof of Reserve Feeds • NAVLink Feeds • SmartAUM Feeds NAVLink feeds are those that provide accurate NAVs for assets ⬇️ In simple terms, nodes aggregate data from trusted offchain sources, achieve consensus, sign them, and deliver the data onchain, which is then used for precise loan-to-value ratios and automated liquidations. This tech stack, paired with the Proof of Reserve and SmartAUM feeds, should ensure real-time valuations and protect Horizon against mispricing risks. A MORE IN-DEPTH OVERVIEW 🔍 So far, Horizon supports seven assets, with four being eligible as collateral and three being stables: USDC, RLUSD, and GHO. It is worth noting that borrowing against RWAs doesn’t magically create yield; it just lets you use your RWA (e.g., tokenized T-bills) as collateral to borrow stablecoins. You still earn the RWA’s base yield, and stablecoin lenders earn the borrow interest. The core economic model for institutions comes down to the net APR. NetAPR = asset yield (e.g., ~4.9% on T-bills) ​- borrow APR. If the borrow APR is higher than the asset yield, they’re effectively paying for the liquidity premium Horizon offers.  If it’s lower, they get liquidity while still earning yield on their position. Quick example: hold tokenized T-bills at ~5% and borrow USDC at ~3% → you keep ~2% net. If borrowing jumps to 6%, your net goes negative, and you’ll pay 1% to stay liquid. The crucial point is: Horizon gives institutions the flexibility to trade off yield vs. liquidity, depending on market conditions. I looked into the platform's early stats and traced a few wallets to see how institutions are actually using the platform and what they are doing with their stables. Key findings: • USDC leads demand: 77% utilization with 3% supply APY. • RLUSD is idle: $26M supplied, but almost no borrowing. Clear preference for USDC. • Collateral mix: $11M of Superstate’s USCC is posted, corresponding to ~50% of the fund’s current cap. Then, when looking onchain, one wallet stood out: it supplied $9.3M USCC and borrowed $6.1M USDC. Of that borrowed: • $4.5M went to Circle (offramped) • $1.5M to @FalconXGlobal • $100k to different DeFi protocols Early takeaway: institutions are using Horizon to unlock liquidity against tokenized assets without selling them. Some % of this capital is pouring into DeFi. CLOSING THOUGHTS ✏️ As stablecoins scale (accelerated by the GENIUS Act), banks will keep bleeding. Dollars sitting in low-yield checking/savings, retail and institutional MMFs, short-term repo, etc., will migrate onchain; the U.S. Treasury has flagged up to $6.6T of deposits “at risk” of moving. Once deposits start leaving bank's balance sheets, they’ll need new funding lines (wholesale, securitizations, credit facilities) to keep originating loans (or pay more to retain customers). And that’s where DeFi steps in. 1. Originate quality assets 2. Tokenize them 3. Tap into global onchain liquidity The winners will be the venues that can bridge tradFi and DeFi seamlessly. Expect Aave (via Horizon) to be one of them. It's a battle-tested platform, and Horizon is the new frontier. Launching first on Ethereum was also spot on, given that 53% of all tokenized assets live on Ethereum, and, ultimately, I anticipate Horizon will see a steady increase in TVL over time and become the biggest player in the RWA sector. Or, as @StaniKulechov said, Horizon will unlock trillions.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Amid the recent @a1research__ report on programmable privacy we did, a few projects stood out to me that I will be highlighting in the next few days and weeks. One of them is @SunscreenTech, which provides an end-to-end platform for secure data coordination and computation with Fully Homomorphic Encryption (FHE). Their new Secure Processing Framework (SPF) is a completely abstracted platform that enables AI and Web3 teams to train LLMs or run smart contract logic, directly on high-value, proprietary, encrypted data. Imagine being able to get LLMs to deliver inference or blockchains to execute txs using your private data, without actually seeing it. SPF is chain-agnostic, and does not require developers to rewrite their existing code to integrate FHE. Its Parasol compiler uses a unique, highly parallelized architecture inspired by transformers in LLMs and pioneers a new variant of the battle-tested TFHE scheme. Sunscreen's latest benchmarks show how it beats its competitors like @zama_fhe by over 2x on some programs. According to the team, Sunscreen is on a mission to unlock the value of all private data, and I'm excited to continue to follow their journey. DYOR anon.

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

Everyone is talking about tokenization. But no one is talking about the elephant in the room. $200+ billion of TVL coming on their chain in the next 5 years. In the seventh part of the RWA-centric chain series (previous pieces in the QTs chain), we will focus on a well-known ecosystem: Avalanche 🔺 The ecosystem started to position itself in the tokenization vertical years ago, and the bet is paying off. The flywheel has started to spin, particularly in the last year, and momentum is building fast. The chain currently holds 1.2% of the tokenized RWA TVL (data by @RWA_xyz), but with over $550 million in new commitments (and multiple billions lining up for the upcoming years), Avax will become the 5th largest chain by tokenized RWA value in the near term. But first, as we typically do in these deep dives, let's dive into the tech. HOW DID WE GET HERE ❓ You see, Avalanche's core thesis for institutional adoption and RWA tokenization relies on its unique architecture: Sovereign L1 networks (what many mistakenly define as "Subnets"). However, before diving into that, let’s review the Primary Network, which serves as the backbone of the entire ecosystem. The Primary Network consists of three chains: • X-Chain (Exchange Chain): Handles token creation and trading. • P-Chain (Platform Chain): Handles staking, validators, and new L1s creation. • C-Chain (Contract Chain): EVM chain for deploying smart contracts. Notably, Avalanche has evolved from its previous model, where validators on each subnet were also required to validate the Primary Network (requiring a min 2,000 AVAX stake). The Avalanche 9000 upgrade softened these requirements, and now, to spin up new chains, validators only need to register on the P-Chain through a subscription model, then run their L1 with custom rules suited to their needs. Combined with Avalanche Warp Messaging (AWM), which we'll dive into soon, this horizontal model enables Avalanche to support many specialized apps without congesting the Primary Network. Now, back to the sovereign L1 networks, these are purpose-built blockchains with their own rules, fee structures, and even virtual machines. The modular design lets DeFi teams, Web2 enterprises, and TradFi institutions quickly launch dedicated infrastructure tailored to their needs. Among the many verticals where this model can be leveraged, the team has strategically chosen to tailor it for the financial sector to provide enterprises and institutions with the benefits of both public and private chains in one setup called Evergreen Subnets. These are designed to solve the most critical concerns around compliance and governance, as they enable user and validator permissioning, allowing for KYC and AML checks to be enforced at the chain level. Institutions can operate in a private, permissioned environment where all counterparties are known and verified, directly addressing the biggest regulatory hurdle that has been "haunting" them for years. The second core advantage builders should pay attention to is the Avalanche Warp Messaging (AWM). Thanks to this piece of tech, Institutions can transfer assets and data between their compliant, whitelisted Subnets without relying on third-party bridges, which have historically been the primary source of security exploits and vulnerabilities. This is possible due to its features: • Shared source of truth: Every subnet’s validators also validate the Primary Network (the P-Chain). The P-Chain keeps the log of all validators and their stake weights. • Signature at the source: When Subnet A wants to message Subnet B, the message is signed by validators on the source subnet. Their signatures are then aggregated into one multi-sig that can be easily verified. • Verification at the destination: The destination subnet can then leverage the P-Chain to verify the signatures really came from Subnet A’s validators and represent enough staked weight. • Configurable security: Each subnet can set its own security threshold (e.g., “≥ 30% of Subnet A’s stake must sign”) for a message to be considered valid. Bottom line: subnets can natively communicate and trust each other without extra bridges, because verification is anchored to the validator stake recorded on the P-Chain. In practice, @avax functions as the "Intranet of Finance". Regulated entities can leverage a decentralized infrastructure to interact with each other while maintaining the control, security, and compliance they require. It echoes what Cosmos and Polkadot set out to build, but in this case, it’s live with strong traction by the target audience it was meant for. And to back this up, below you can find a pretty extensive list of the high-profile partnerships Avalanche has secured over the past year: • @SkyBridge: With $2B+ AUM, SkyBridge plans to tokenize about $300M on Avalanche. If executed, it would nearly double Avalanche’s current RWA TVL, signaling genuine institutional confidence. They’ll start with two funds, a crypto-only vehicle and a "fund of funds" that includes both venture and crypto assets. All this will be executed in collaboration with @TokenySolutions and @ApexGlobalGroup. • @JHIAdvisors: @grovedotfinance, an institutional-grade credit protocol backed by @SteakhouseFi, has partnered with Janus Henderson (asset management company) to deploy two RWA funds worth $250 million on Avalanche. The two funds will invest in the collateralized loan certificate (CLO) and short-term U.S. Treasury bond markets. • @DinariGlobal: A tokenization protocol focused on U.S. stocks is launching a blockchain using Avalanche’s tech stack, with the vision of being the "DTCC of tokenized stocks" by enhancing the clearing and settlement of tokenized equities across various chains. • FundBridge Capital & Standard Chartered: Libeara, a tokenization platform from Standard Chartered's SC Ventures, and FundBridge Capital launched the "ULTRA tokenized U.S. Treasury fund" on Avalanche, sub-managed by @Wellington_Mgmt. • Wyoming State Government: The Wyoming government launched the first state-backed stablecoin, FRNT, on Avalanche and a select few blockchains. This is backed 102% by cash and U.S. Treasuries and is integrated with Visa payments through Rain, thereby expanding its cross-border utility for remittances and payroll solutions. This partnership in particular reinforces Avalanche's credibility in front of government and enterprise clients. • Sumitomo Mitsui Financial Group (SMBC): Japan’s top three megabanks, SMBC, alongside Ava Labs, TIS, and Fireblocks, have signed a Memorandum of Understanding (in simple terms, they formalized a plan) to explore new services for payments and settlements nationwide. • JPYC: Always in Japan, a yen-backed stablecoin issuer recognized by Japan’s Financial Services Agency, is launching liquidity on the Avalanche C-Chain this year. • Toyota: Finally, to complete the Japanese trifecta, Toyota Blockchain Lab, Toyota's blockchain-focused division, will start tracking cars' entire lifecycle to open up use cases such as fractionalization and enhanced transparency for car insurance and reparations. • @apolloglobal: A $800B+ asset manager has tokenized private credit on Avalanche through the Apollo Diversified Credit Securitize Fund (ACRED). • @FTI_US: Another asset manager, handling $1.7T in assets, has also deployed its tokenized money market fund, FOBXX, on Avalanche, offering USDC-to-share conversion and p2p transfers. • @WatrProtocol: Watr, a blockchain infrastructure project in the commodities industry, announced in April its launch of a tailored blockchain to bring commodities trade and financing onchain. • @nonco_otc: An institutional trading firm that launched the "FX On-Chain" protocol for automated conversions between local currencies and USD-backed stablecoins. • @re: A DeFi reinsurance platform that provides yield products based on T-bills, delta-neutral ETH basis strategies, and fully collateralized underwriting of U.S. insurance lines. • Bergen County: The Bergen County Clerk’s Office in New Jersey announced it will "digitize" and tokenize the property records of over 370,000 parcels of real estate, worth $240 billion, in partnership with @balconytech over the next 5 years. To put things in perspective, this is 16x the total RWAs sector (excluding stablecoins). • U.S. Commerce Department: Yesterday, the Department of Commerce began publishing select economic datasets, like GDP, on Avalanche and a small set of other blockchains. Beyond tokenization itself, as highlighted by @luigidemeo, Avalanche's DeFi metrics are also growing and showing an overall ecosystem "rebirth": • DEX volumes have been in a steady uptrend since June, hitting an ATH in monthly volume since 2022. • Daily transactions this month have surged 4x from the lows. • The stablecoin market cap has grown by 15% in the last month. CLOSING THOUGHTS ✏️ When you put the pieces together, compliance-ready L1s, native cross-subnet messaging (AWM), and a growing roster of institutional pilots and commitments, Avalanche becomes a real contender in the tokenization race. Their model gives tradFi institutions and enterprises the control they want (KYC, permissions, custom rules) without losing the benefits of open, interoperable DeFi. However, as many RWA-centric chains are being launched, the ultimate core proposition, in my opinion, is the extensive track record of partnerships, which don’t just add TVL but create a deep interconnected network of entities that incentivize other enterprises and institutions to partake in it. More Partnerships -> Wider Network -> Higher Composability & Possible Use Cases to Bootstrap -> Higher Incentive to Join the Ecosystem -> If execution stays on track, Avalanche is set to become one of the default ecosystems for the RWA sector.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Transparent rails do not work for institutions, AI apps, or consumer products that handle sensitive data. Or at least, not for everything. The future of DeFi is hybrid: Devs, institutions, and users will choose the environment that fits their needs, whether that is permissionless or permissioned. It's evident when you look at RWA-centric chains like @convergeonchain and @RaylsLabs, which are being built to enable both institutions and DeFi teams to deploy in either mode. Which is why privacy tech stacks, such as MPC, FHE, TEEs, and ZKPs, are essential to this vision, yet they are often overlooked. And it's not just about the permissionless/permissioned factor itself; it’s the new use cases these tools unlock that will drive adoption. Examples: • zkTLS to bring verifiable offchain data onchain (@3janexyz). • Unified IDs for seamless Web2/Web3 logins (@Moca_Network). Bottom line: adoption will be driven by real needs: • Institutions need confidentiality (compliance + alpha preservation) • AI needs access to siloed data • MEV needs encrypted flow • Consumer apps need private shared state Hybrid, composable privacy stacks (e.g., ZK + TEE) unlock all of this and will enable the next wave of onchain apps.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Transparent rails do not work for institutions, AI apps, or consumer products that handle sensitive data. Or at least, not for everything. The future of DeFi is hybrid: Devs, institutions, and users will choose the environment that fits their needs, whether that is permissionless or permissioned. It's evident when you look at RWA-centric chains like @convergeonchain and @RaylsLabs, which are being built to enable both institutions and DeFi teams to deploy in either mode. Which is why privacy tech stacks, such as MPC, FHE, TEEs, and ZKPs, are essential to this vision, yet they are often overlooked. And it's not just about the permissionless/permissioned factor itself; it’s the new use cases these tools unlock that will drive adoption. Examples: • zkTLS to bring verifiable offchain data onchain (@3janexyz). • Unified IDs for seamless Web2/Web3 logins (@Moca_Network). Bottom line: adoption will be driven by real needs: • Institutions need confidentiality (compliance + alpha preservation) • AI needs access to siloed data • MEV needs encrypted flow • Consumer apps need private shared state Hybrid, composable privacy stacks (e.g., ZK + TEE) unlock all of this and will enable the next wave of onchain apps.

Name & Symbol: Mind Network ($FHE)
Address: 0xd55c9fb62e176a8eb6968f32958fefdd0962727e

Last week, I wrote about credit risk in DeFi, but left out a key player: @AlloraNetwork. (Idk how tf I missed it lol) It's one of the most interesting protocols out there with a use case most people don't talk about. AI-driven credit risk assessment ⬇️ TLDR on Allora The Allora Network is a collective ecosystem of AI models that collaborate to solve specific problems with greater accuracy than individual models can achieve alone. How it works: Workers: Individual AI models generate predictions, or "inferences," for specific tasks. Reputers: Agents evaluate the accuracy of these predictions. Consensus: The network aggregates predictions and evaluations to deliver a single, highly accurate result. For credit risk, Allora’s network generates "signals" to estimate default odds, assess borrower credibility, and even predict asset prices. These, produced by multiple models, are then aggregated and used for loan underwriting, collateral valuation, risk modeling, and other use cases. It was also interesting to see several projects in the RWA sector already leveraging Allora for risk assessment, including: • @plumenetwork: Incorporates Allora’s system to build advanced valuation models for RWA scaling. • @Novastro_xyz: Uses Allora’s AI for credit scoring in its modular RWAfi layer. • @StoryProtocol: Leverages Allora’s AI for real-time risk management in IP tokenization. • @metastreetxyz: Uses Allora’s AI price predictions to offer risk-sensitive lending for NFTs. • @Unlockd_Finance: Integrates Allora’s AI for real-time risk modeling and price predictions in its permissionless liquidity protocol for RWAs. Essentially, Allora delivers predictions that are more accurate and less subject to the limitations of single-model systems. Unlike traditional credit risk assessments, which often produce static outputs such as “Borrower X has a current credit score of 650 and $10,000 in onchain assets,” Allora provides forward-looking insights. A practical example is: “There is an 8% probability that Borrower [x] will default on their loan within the next 12 months.” This kind of output enables institutions and DeFi protocols to implement preventive measures, such as adjusting loan terms or enhancing risk monitoring, and manage risk with greater accuracy. Ultimately, it's what I believe makes Allora a potential unicorn in this sector, and with the potential for disrupting many other verticals.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Today, BTCfi has passed BNB Chain. It's now the 3rd largest DeFi ecosystem. Its infrastructure is advancing, but one bottleneck still holds it back. Here’s the state of BTCfi and what comes next. BTCfi’s momentum is driven by two forces: institutional pull and infrastructure push. The substantial inflows into Bitcoin ETFs, along with the amount of BTC held in various treasuries, demonstrate the strong institutional demand for Bitcoin as a store of value. The next phase will involve utilizing Bitcoin as a yield-generating asset, leveraging the substantial BTC holdings of these institutions. On this front, the most significant infrastructure push so far is BitVM. This system has enabled smart contracts with full programmability on Bitcoin, which in turn facilitates advanced DeFi protocols, rollups, and secure bridges without altering the network's consensus rules. As such, there have been many new Bitcoin rollups, which are now looking more promising than "mere sidechains". 📒 RESTAKING Then, looking at data from @DefiLlama, we immediately see that the (re)staking sector accounts for over 90% of BTCFi's TVL. On this front, @babylonlabs_io has pioneered trustless Bitcoin staking by using Bitcoin’s native time-locking mechanism and scripting language. This allows BTC holders to earn yield by contributing to the security of PoS networks, known as Bitcoin Supercharged Networks. Babylon’s market position is a testament to its success; with a TVL of over $5.8 billion, it ranks second among all crypto restaking protocols and represents over 70% of BTCFi’s total TVL. Among the many milestones achieved, they have recently secured partnerships with @krakenfx for native staking, @NexusMutual for slashing insurance, and @cosmos ecosystems via Lombard and Neutron. Leveraging Babylon’s architecture, protocols like @Lombard_Finance and @SolvProtocol enable liquid staking and more DeFi integration. Lombard’s utilizes a Security Consortium of 14 institutions, including OKX and Fireblocks, to validate its ledger and enable trustless minting and redemption of its LST. With a TVL of $1.7 billion, it's now deployed over 13 chains and has recently secured partnerships with institutional staking providers like @Figment_io, @galaxyhq, @Kiln_finance , and @P2Pvalidator. Solv, on the other hand, has as its main selling point its Staking Abstraction Layer (SAL), which enables users to stake Bitcoin across multiple blockchains while maintaining liquidity via its LST, SolvBTC. The protocol holds a TVL of $2.1 billion, with BNB Chain having 63% of SolvBTC, and Venus (the largest lending market in the ecosystem) being the most used protocol. It has to be pointed out how Solv has launched an institutional-grade BTC+ yield vault, offering a base yield of 5-6% on idle Bitcoin and raised $10 million for it. 🫗 Spilling some juicy alpha: A yield strategy to earn a good yield on SolvBTC is to bridge to @Coredao_Org and deposit the LST on @colend_xyz for a 17% APY. Finally, another major player with over $400m of TVL is @satlayer, which extends Babylon’s security by enabling Bitcoin restaking via smart contracts on the Babylon chain and other L1s/protocols like @SuiNetwork, @berachain, @PlumeNetwork, @TacBuild, etc. Similar to Eigenlayer on Ethereum, this process creates "Bitcoin Validated Services" (BVS), which are dApps or protocols that derive their security guarantees from restaked BTC. 📗 ALTERNATIVE STAKING PRIMIITVES Beyond conventional staking, other protocols are building alternative staking primitives for BTC. Liquid Custody Tokens (LCTs) - Pioneered by @bounce_bit, they address compliance and security concerns by storing assets with regulated custodians like Fidelity. In return, users receive a voucher token that can be used in DeFi. Similarly, Solv protocol also uses a semi-custodial model, with SolvBTC reserved through a partnership with @CeffuGlobal. Dual-Staking mode - This requires users to stake both BTC and a protocol’s native token to secure the network. Core DAO pioneered this approach, combining BTC with its native $CORE token to offer tiered yields and enable self-custodial BTC staking with EVM-compatible DeFi. Core offers 0.1% if you stake BTC only and up to 5% yield when you add more $CORE. With a similar model, another notable entity is @b14g_network, which addresses reward token sell pressure by pairing a user’s BTC with another user’s native token, $CORE, e.g., to form a dual staking position. This allows BTC holders to earn higher yields without exposure to the secondary token price risk. B14g is one of the most promising projects in the Core ecosystem right now, and it currently holds ~$350 million of TVL. 📙 LENDING SECTOR The BTCFi landscape also includes a growing lending sector. Particularly, the @Stacks ecosystem is evolving into a lending hub on Bitcoin sidechains. Lending protocols like @ZestProtocol and @GraniteBTC are experiencing a steady increase in deposits, which is in clear contrast with other protocols that have seen declining TVL over the same period. 🫗 Some other alpha for those who are reading until this point: 1. Bridge $BTC to Stacks to acquire sBTC. 2. Enroll in the sBTC rewards program to receive sBTC-denominated yield, which currently stands at ~3.17% APY. 3. Lend sBTC on Zest to earn an additional yield, which can reach up to 5% APR. 4. Borrow and stake $USDh on @HermeticaFi to earn an additional 11% APY. Beyond DeFi-native apps, Coinbase has also adopted a decentralized approach to Bitcoin-backed lending, integrating with @MorphoLabs on their chain. Right now, it has generated almost 750k loans backed by $1.2 billion of collateral. Can't talk about lending without mentioning Aave, which currently has over $5 billion in $wBTC deposited in its smart contracts. However, the yield is nothing to brag about. Indeed, there is still a huge difference in yield between BTC DeFi lending and TradFi lending, with companies like Vield and @hodlwithLedn offering much more attractive rates (see following image). And so the question arises naturally: Is a 12% "centralized" yield worth enough for sacrificing the self-custody that BTCFi enables? 📘 CLOSING THOUGHTS To wrap up this "short" piece, there are a lot of debates about how much BTC is underutilized in DeFi, but one core issue still holds back the sector: most platforms offer non-competitive yields, which would be further diluted if more capital flowed in. Personally, I think the turning point for BTCFi rests on Babylon, especially Phase 3, which will extend support to additional BSNs. This will allow ecosystems like Sui, BOB, and Osmosis to integrate Babylon’s Bitcoin staking for stronger security and liquidity. If those chains generate meaningful yield, it will create a flywheel for the entire BTCfi ecosystem that could truly unlock BTC's hidden potential.

Name & Symbol: SatLayer ($SLAY)
Address: 0xfc5a743271672e91d77f0176e5cea581fbd5d834

July was a massive quarter for regulatory wins, RWAs, and the broader crypto industry. Hong Kong passed its Stablecoin Bill, the U.S. signed the GENIUS Act, and countries like El Salvador, Argentina, the UAE, and the Central African Republic opened sandboxes dedicated to tokenization. At the same time, Fortune 500 companies (Amazon, Walmart, Shopify, PayPal) announced or tested stablecoin infra, while TradFi giants such as VanEck (vBILL), WisdomTree (USDW), and Figure (tokenized HELOCs) entered the market, targeting different asset categories each. Yet crypto, at $3.7 trillion, is still a fraction of global finance. BlackRock alone manages more than three times the size of our industry. With this perspective, the upside for Plume is immense. Although I consider the mainnet launch a success, with $367 million of TVL after two months, the margin for growth is orders of magnitude bigger. Breakdown of the TVL among the top 10 protocols: 1. @NestCredit (Yield Vaults) - $66m 2. @MorphoLabs (Lending) - $60m 3. @superstatefunds (Institutional funds) - $56m 4. Nucleus (Stablecoin) - $53m 5. USDC.e (Stablecoin) - $38m 6. Plume pUSD (Stablecoin) - $37m 7. @SoleraLabs (All-in-one app) - $16m 8. @MineralVault_ (Commodities) - $10m 9. @MidasRWA (Yield strategies) - $10m 10. @roosterprotocol (DEX) - $7m One cool (and funny) thing is seeing more exotic assets being tokenized, such as Durian farms, Thai tuk-tuks, and African-focused remittances. Cash-flow generating assets or businesses are being brought onchain to leverage DeFi's strengths and open up tons of new use cases. To wrap up, the sector is finally getting what it needed: clearer regulations. There is still a long way to go, but the favorable macro situation, paired with new entrants of companies, institutions, and governments, is making things quite bullish for everyone involved in the tokenization space, particularly Plume.

Name & Symbol: Plume ($PLUME)
Address: 0x4c1746a800d224393fe2470c70a35717ed4ea5f1