Q2 report is packed! Spectra positioned itself as a leading yield trading venue for XRP Finance, with over $160M in DEX volume this year. Nearly all of that came from markets and vaults outside the emissions program. SGP-20 took emissions to zero this quarter, growth runs on usage now. The highlight for me was seeing MetaVaults actually prove their core value prop. The $4M+ rollover through the GamiLabs MetaVault, where hundreds of LPs just stayed in position while the vault moved them into the new stXRP pools. For those LPs, no manual unwinding, no hunting for new pool links, no re-entering was needed. That friction is where people usually dropped off, and it held back protocol growth. MVs take it off the table for anyone in them and support protocol's liquidity depth over time. MVs took over a year of building, then months of BD and liquidity work, just to watch that first-of-many rollover happen. It's definitely a big step for onchain fixed-term markets. Mid Q2, the team shipped MetaVault V2, the most capable vault framework on the market, offering cross-chain yield sourcing, PT/YT exposure, the ability to tap into async strategies, with order book support around the corner. All that in a transparent, verifiable fashion. Much of the MV-related work these days centers on bringing institutional strategies onchain and shaping the stack around what they need: auditability, flexibility, and the range of yield sources they can tap into and surface. Between the Vault Summit event at the NYSE in June and dozens of talks with industry leaders throughout this year, that demand is clearly ramping up, and it's where a lot of the infra effort goes. a note on MV's agility: they can route liquidity where the opportunity is most optimal within its boundaries, whether Spectra's fixed-term pools, standalone PT and YT positions, or yield assets across protocols, adapting as conditions shift. With emissions now at zero, the groundwork is set for the tokenomics upgrade we're actively working on, which will be surfaced on the governance forum for everyone's input. Plenty planned for Q3 in parallel: order book, Stellar expansion, Base season, among others, positioning Spectra protocol for the next stage of growth.

Back from NYC. A few reflections from the trip, @stable_summit and @Vault__Summit at NYSE. My clearest takeaway: institutions now treat DeFi as a building block of finance, not a curiosity. The conversations I had with asset managers and institutional players were of a different caliber than a year ago. Less "what is this," more "how do we integrate this." The shift runs both ways. DeFi is now ready to meet TradFi, having understood its real pain points and now building to address them. Async settlement is a clear case. And it speaks a language they know: vaults, taking on various forms like access points, yield engines, optimizers. Spectra's MetaVaults' value proposition clicks with them quickly when I lay it out: one vault, one token representing your position across multiple assets and fixed-term markets. You can also feel the appetite for onchain fixed-rate products thickening in the air, and the concept naturally needs no introduction for them. I spent last week sharing the MetaVault V2 model with curators and funds. Three significant initiatives are now running in parallel, and I'm having more and more conversations with teams looking to build on this infrastructure. It's now the most agile framework out there, and heads turn when I mention features like cross-chain agility and ease of integrating external protocols, alongside fixed-rate market curation. It was great to meet some of the people we've been building alongside in person during my stay, and a big hat tip to organizers and sponsors of both events 🤝

I am very excited about where things are headed for Spectra. A few things I want to share, in no particular order: - The value proposition of MetaVaults is working. We are seeing curators source liquidity and incentive packages for their MV deployments independent of Spectra's internal BD efforts. Any founder or BD person will understand how impactful it is to have an independent party capable of sourcing liquidity without a single call or text message. - The second MV value proposition: liquidity rollovers, the biggest pain point of fixed-term markets. Smaller-scale rollovers have already executed with zero friction to liquidity providers. The model holds so far, and a significant pool expiry next month will be its first test at scale. Both of these dynamics remain somewhat masked by market turbulence, but the early signs are evident. - The team has been developing MetaVault V2, and recently completed an important audit with @Certora covering the key components ahead of the Order Book implementation and a strategic non-EVM deployment. The report is due any day now. I'll say it plainly: MetaVaults V2 is the most capable and flexible vault framework on the market. Combined with the team's years of PT/YT infrastructure expertise, this puts MV V2 well ahead of any comparable offering. I will be presenting MV V2 to curators and funds next week during my stay in NYC, centered around the Vault Summit event at NYSE headquarters. - Spectra protocol activity is very vibrant, and Spectra is now the #1 yield trading venue for XRP Finance on EVM. Anyone can monitor and verify the ongoing activity at activity.spectra. finance (more data depth on the pool pages in the App). While I'm here, I also want to reiterate that a tokenomic upgrade for the SPECTRA token remains planned. Since our Q1 update, the thinking has developed alongside the protocol's growth, and we'll bring the detail to the governance forum for discussion. I appreciate everyone's support