2026 NAGA Heavyweight Champion 🏆 @NAGA_FIGHTER @BalanceMMA

Weekly transfer volume of tokenized stocks just hit a record $25.5B and @base is emerging as the dominant network ($15B). Base now accounts for 59% of all tokenized stock transfer volume, more than every other chain combined, and has led for 6 straight weeks. Overall, weekly volume is up over 6,800% since October 2025 ($368M). data: @tokenterminal

Papertrade generated over $55M in revenue during its first week of launch, more than any other project in the space except Tether ($114M). One reason is that @papertrade_xyz is the counterparty to every trade, and collects on every close and liquidation: • 2% fee on realized profit at close • 2% fee on margin lost in liquidations • LP profits above the $5M cap, swept to PAPER stakers Most of the revenue comes from the third, which is really just net trader losses. data: @tokenterminal

Tokenized RWA capital is being put to work at record levels. RWAs deployed into DeFi just hit a new high of $4.2B, up $381M (~10%) in 30 days. @Morpho Blue is the largest venue at $733M (~18% of the total), followed by Aave V3 ($433M) and Kamino ($412M). Meanwhile, RWA perps open interest hit $18.5B across CEXs and DEXs (+16.5% in 30 days). RWAs are increasingly being used in borrowing, lending, and as collateral. Much more to come.

Since launching just over a year ago, @HyperliquidX's HIP-3 has processed $603B+ in permissionless, 24/7 perp volume across equities, commodities, and other RWAs. 95% ($572B) of this volume went through a single deployer, @tradexyz One year in, HIP-3 accounts for 25% of all open interest on Hyperliquid ($4B of $15.7B), and 19% of all open interest across the entire perp DEX space ($20.5B). Over the same period, stablecoin supply on Hyperliquid grew $2B (+39%) to a record $7.1B. data: @hydromancerxyz

Jito, Jiu-Jitsu, and the future of Solana. Amazing time, thanks for having me 💪

All-time RWA perp volume just crossed $1T. And $940B of it has traded in 2026 alone, nearly 11x of all volume in 2025. Adoption is increasingly moving onchain: decentralized venues went from 32% of RWA perp volume in 2025 to 78% this year. All through a rough stretch of conflict in the Middle East, the first Fed hike in three years, and sticky inflation. The emergence of 24/7, permissionless venues that never close has become a significantly powerful primitive that has bled over into the tradfi space, and is gradually replacing legacy structures. data: @artemis

Apps on @solana generated over $172M in revenue in September, up 31% month over month, the network's highest monthly total of 2026 and its most since September 2025 ($187M). Launchpads now account for 44% of all app revenue, their highest share ever. But the mix shifted sharply: @Pumpfun's share fell from an all-time high of 42% in August to 27%, even though its revenue only dipped 14% ($55M to $47.5M). Stonkfun (@LaunchOnSF) grew nearly 22x ($1.3M to $28.4M), jumping from 1% to 16% to become the second-largest revenue generator. Meanwhile, collectibles have accounted for at least 10% of app revenue for 6 straight months, led by @Collector_Crypt ($12.3M) and @phygitals ($5.5M). data: @Blockworks

There are now four different venues generating $1M+ per month in fees just by routing traffic to @HyperliquidX Yet the differences are pretty striking: @Rabby_io had $2.1B volume with $412K fees @MetaMask had $1.9B volume, but with $1.7M fees So less volume, but 4x the fees. Effective take rate (fees ÷ volume): Trust Wallet 9.5 bps MetaMask 9.1 Phantom 5.0 Fomo 4.4 Rabby 2.0 Same exchange, same orderbook, yet the app you trade from can cost you 4x more. The market continues to demonstrate that convenience has pricing power and users will pay a premium to trade where they already are.

Despite the Fed's first rate hike since 2023, we head into this week coming off the largest spot crypto ETF net inflows since the October 2025 crash, with $3.37B pouring in. $BTC led ($2.4B, 71%), followed by $ETH ($690M, 20%). Meanwhile, $SOL quietly posted its second-best week ever at $188M, trailing only its debut week ($199M). Crypto demand is holding up as monetary conditions tighten, while institutional flows are broadening beyond BTC. SOL is seeing it now, HYPE could be next.

$751M of onchain capital rotated to Hyperliquid this week. No one else is even close. $18.3B of open interest: an all-time high and 6.5x the next largest venue (Aster). $7.7B USDC supply: +14% on the week, second only to Ethereum ($46.5B) after flipping Solana. Markets are slowly recovering, and capital is flowing towards the deepest liquidity, the best execution, and the most capital-efficient margin. data: @artemis

Capital is pouring into perp DEXs at historic levels as open interest has surged to a record high of $26.4B. The sector has grown 33% month-over-month and has fully recovered from the October 2025 market crash. This has been led by Hyperliquid, which reached a record $17.7B OI (+42% MoM). But there's an interesting difference this time, as capital appears to be more organic and more sticky: October 2025: $1.6T volume, $19B OI (84x turnover) September 2026 (so far): $410B volume, $26.4B OI (15.5x turnover) Meanwhile, OI on @Lighter_xyz has grown 66% over the last month as Lighter trends back towards its previous highs reached in October 2025, making it the fastest-growing of the top perp DEXs by OI data: @Blockworks

Markets are rallying, HYPE +16%, SOL +14%, ETH +9%, and BTC +9% are up on the week, yet only @Strategy ($8.7B), @HypeStrat ($2.6B), and @HyperionDeFi ($110M) are profitable. No one was more aggressive than Hyperliquid Strategies, who roughly doubled their HYPE holdings this year with high-conviction buying through a bear market. And no one was more creative with balance sheet capital, going beyond vanilla staking to actively optimize yield across the ecosystem. Other DATs mostly bought the top, did little more than stake, and are now just chasing breakeven. data: @artemis

In the midst of a choppy market caused by the CLARITY Act's failure to advance and the first rate hike in 3 years this week, Hyperliquid flipped Solana to become the second largest chain in terms of USDC supply, growing 12% on the month and outpacing every other major network (+0.3% Ethereum, -1% Solana, +0.6% Base). Meanwhile, hyperliquid:native is at a new all-time high above $91, up over 11% today. This is all happening as @HyperliquidX builds out the full DeFi primitive stack natively. Manual borrows just went live enabling users to supply HYPE/BTC as collateral to borrow USDC/USDT, using the same HyperCore infra as portfolio margin. $269M has already been borrowed on day one. Combined with vaults, predictions, and spot, the full DeFi stack is now enshrined at the base layer. data: @hl_eco

No chain has seen more net bridged inflows than Robinhood Chain since launching in July. Meanwhile, most other major chains are flat or net negative on bridged flows. Interestingly, Hyperliquid has seen the largest net bridged outflow over the same period. Onchain capital is increasingly rotating into @RobinhoodApp data: @artemis

Hyperliquid has surpassed $7B in total stablecoin supply and continues to grow as the 5th largest network by stablecoin supply. @circle USDC dominates the chain, growing 15% over the past month: the fastest growth among major blockchains. @HyperliquidX is quickly approaching Solana ($7.3B) as the 2nd largest USDC chain. Capital could be concentrating and positioning ahead of a potential US pathway.

Robinhood Chain now generates a record $4.6M in daily fees, the most of any network, and the 6th most overall (trailing Pump's $4.8M). Meanwhile, daily DEX volume has surged to $1.8B and more than doubled from last week as @RobinhoodCrypto currently handles 17% of all daily DEX volume.

Morpho has quietly grown to handle 20% of all active onchain loans, with 9 consecutive months of growth and more than 2x its market share from a year ago. Part of this is driven by @Morpho's distribution. The protocol has become embedded as the lending backend for @coinbase (BTC-backed loans, USDC lending), @RobinhoodApp's new Earn product (~$500M in deposits), and the largest lending protocol on Base by TVL. Moreover, Morpho has focused on capital efficiency: isolated markets let curators like Steakhouse and Gauntlet fine-tune risk and yield more aggressively than traditional borrow/lend products. data: @tokenterminal

August was a historic month for tokenized stock ownership. Over 1.6M new users entered the market, more than the entire total through July. Total holders reached 2.5M, growing 173% on the month. @RobinhoodCrypto continues to be a significant driver of adoption, now with over 900K holders of its Token Stocks. bStocks has also been a powerful venue for BNB Chain, with over 900K users. As more features emerge that enable composability across venues and maximize capital efficiency, especially ones that let users hold tokenized stocks as collateral, use them as margin, or put them to other uses, adoption will accelerate even further. data: @RWA_xyz