Tokenised stocks have crossed $3B, but most of that capital still sits idle. Last week, @xStocksFi vaults went live in collaboration with @Kamino, @veda_labs, and @SentoraHQ, letting @krakenfx users earn yield on these assets. Join us on Wed, 23rd Sep, 3 pm UTC

Derive, Hyperliquid, Aerodrome, Uniswap, Near, and Pendle collectively generated ~$560m in revenue YTD. Their tokens are also among the strong performers. The market is increasingly pricing in revenue and token alignment.

At Castle Labs, we support the foundation behind Quick Slots. From a market microstructure perspective, compressing the block time can help the L1 to mitigate Loss Versus Rebalancing (LVR) for passive liquidity providers. Keeping onchain asset pricing tighter to offchain venues improves capital efficiency, reduces toxic arbitrage leaks, and secures lending protocols through faster liquidation windows. Regarding concerns, we want to ensure testing demonstrates that shorter slots do not raise the barrier to entry for geographically distributed and home validators, as tighter propagation windows could quietly push staking toward well-connected data centres. Additionally, we want to understand how compressed slots affect timing games and builder competition; when each slot is shorter, latency and colocation advantages matter more, which could further concentrate block building. On the ecosystem side, contracts and offchain systems that treat block numbers as a clock (governance periods, timelocks, blocks-per-year interest models) must have a clear mitigation path well before activation.

SEC's "Innovation Exemption" is out. This means U.S. users can now legally trade tokenised equities via onchain permissioned AMMs. They outline three key rules: ✦ Tokenised stocks must carry the same rights as the underlying share, including voting rights and dividends. ✦ Contracts must be public, auditable, and deployed on permissionless chains. ✦ If a third party tokenises a stock, the company receives 30 days' notice and can object. This exemption lasts 5 years, and synthetic assets that provide only price exposure, not full rights, are excluded.

Join us later today with @MikeSilagadze, CEO of @ether_fi, as we unpack: • Why EtherFi expanded beyond staking • What its new products unlock • How it differs from exchanges and crypto cards • Security, risk and adoption • What comes next

The latest edition of our newsletter is out: ✦ @sparkfinance on OKX and @hexonaut interview ✦ @standard_rsv mint ✦ @theorem_markets integrates @RWA_xyz NAV data ✦ @pear_protocol AP Vault ✦ @DeriveXYZ v3 ✦ Clarity, @tradexyz events, @arc mainnet

Balancer proposed winding down, routing treasury assets to $BAL holders, and the economics behind it make sense. Balancer's monthly spending exceeds revenue. They spend about $150k/month, while protocol revenue was $30k in August and treasury yield was $25k. The treasury balance is $9m, excluding $BAL, with each token priced at ~$0.13 based on circulating supply, while the market price is $0.11. The initial distribution begins at the end of May 2027, and any unclaimed tokens are redistributed to those who redeemed.

RWAs have now reached $39b in tokenised value. YTD, RWAs have grown at ~50x the velocity of stablecoins. However, over the same period, active DeFi RWA TVL fell from 12.5% of net RWA value to 10.9%. We need to match issuance pace with composability.

.@ether_fi has added tokenised assets, borrowing through Aave, and soon perps around Cash, while tying more product revenue back to $ETHFI Join us w/ @MikeSilagadze as we look at how they are becoming more than cards 📆 Wed 16 Sep 2:30pm UTC