New-chain launches are far from over, but the playbook is changing. Robinhood Chain crossed $10 billion of DEX volume in 22 days, showing how an established consumer platform can bootstrap liquidity and activity far faster than a standalone network building distribution from scratch. More than 80% of early DEX volume was memecoin-driven, but roughly $70 million of tokenized real-world assets and more than $400 million of stablecoins point to a broader financial stack taking shape. Building on the success of chain integrations by Coinbase and Telegram, Robinhood may be the turning point where app-owned chains become a repeatable vertical integration strategy across distribution, trading, settlement, and economics.

Trading activity in crypto treasury preferreds has accelerated sharply in 2026, with monthly par-normalized volume reaching approximately $13B in June. The step-change has been driven by STRC and a growing number of new preferred listings, transforming what was once a niche market for bespoke financing dominated by financial institutions (banks and insurers) into a broader, more liquid, and increasingly evergreen asset class. Beyond higher trading volumes, the key signal is the maturation of the preferred equity market itself. As liquidity deepens, these instruments become increasingly more efficient not only on coupon and issuer quality, but also on secondary-market depth, relative value, and the durability of investor demand. This evolution is beginning to extend beyond crypto: in June, Alphabet launched its first convertible preferred offering as part of an $80B + equity raise to fund AI infrastructure, while Super Micro Computer announced a $3.75B convertible preferred issuance within a $7B capital raise for AI expansion, underscoring the growing role of preferred equity as a scalable financing instrument across sectors.

We are excited to share several promotions and team additions across ParaFi. Promotions • Adrian Uberto has been promoted to President, continuing as Partner and COO • Anjan Vinod has been promoted to Partner New Team Members • Jeff Park joins as Partner and Portfolio Manager, following investing and portfolio management roles at ProCap Financial, Bitwise, Corbin Capital, Harvard Management Company, and Morgan Stanley • Ryan Silva joins as Head of Trading, bringing experience across crypto, macro, and fixed income markets from firms including BlockTower and Borderless • Dani de la Lama joins as Counsel following investment fund formation and structuring roles at Simpson Thacher and Weil • Leah Valente joins as an Analyst after prior investing and research roles at DCG and Artemis We believe the opportunity ahead in digital assets has never been greater, and we continue to invest heavily in building the strongest team in the industry. We are actively hiring across investing, engineering, trading, and operations roles. Please reach out to careers@parafi.com

1/ Thrilled to announce our Series A extension at a $192M valuation. Crypto is at an inflection point. The bottleneck to growth is no longer just the technology. It's the trust gap between issuers and investors. Blockworks will solve that.

Last month, together with @ParaFiCapital, we hosted our first official institutional dinner in NYC. @MorganStanley, Apollo, @jump_ , Pantera , @Polymarket , @FalconXGlobal, @0xfluid, @PayPal and 40+ in the room. What struck me was how much the conversation has evolved. It's no longer about whether onchain finance is real. The question now is which platform becomes the operating layer for global capital flows. Many still know @JupiterExchange as a DEX aggregator. What we are building is much broader, a full-stack onchain superapp for trading, lending, payments and tokenized assets at scale. We hope the evening offered a broader perspective where Jupiter and onchain finance markets are heading It is only the beginning.