GM bulls, What do you think about the-open-network:native right now, formerly known as solana:WKMZummev5UcXz5nNKQZvTD6QjNSM2X58uwmDReondo? Does the project still have enough narratives left to drive another growth phase? Let me note down a few key catalysts that could potentially support the-open-network:native in the coming period. [1] GRAM is a blockchain connected to an ecosystem with 1B+ users, and the real opportunity is turning that massive user base into onchain users. [2] the-open-network:native is gradually becoming the payment rail for Telegram. [3] MTONGA has completed 4 out of 7 steps so far. There are still 3 important milestones left, and I think the the-open-network:native team could announce more details soon. [4] More exchange listings could bring additional liquidity and exposure. One example is BitFlyer Japan, which is expected to list it on Sep 29, 2026. [5] Institutional accumulation is another point I’m watching, with entities like TON Strategy Co. continuing to build exposure to GRAM. Personally, I’ve already accumulated a bag around this range. Ofc, NFA.

Japan just cleared the path for spot crypto ETFs on the Tokyo Stock Exchange! The law passed reclassifies Bitcoin and about 105 other tokens as financial instruments, the same legal category as stocks. It opens the door to crypto ETFs by 2027 and puts Japan's crypto tax on a path from as high as 55% down to a flat 20%. For the largest pool of household savings outside the United States, that is a major change in access. This week, SBI Financial Services and gC Labs, a subsidiary of the gaming company Gumi (@gumi_pr), launched a fund called SBI Crypto Fund I, with Daiwa Securities (@DaiwaSecGroup) and Yamada Securities among the backers. The ¥3 billion vehicle, about $18 million, is a private placement closed to ordinary retail. It holds Bitcoin and major altcoins using staking and hedging, and Gumi says it is meant to build a track record before the ETF era arrives. The exchange side is already scaling. SBI VC Trade (@SBIVCTrade), the group's own platform, recently passed 2 million accounts, roughly double a year ago, and has listed regulated stablecoins including $USDC and Ripple's $RLUSD. Nomura's Laser Digital (@LaserDigital_) is moving into institutional trading and custody, bitFlyer (@bitFlyer) runs one of the country's largest licensed exchanges, and Daiwa now lends yen against Bitcoin and Ether.