What is happening on Robinhood Chain is an exotic mixture of RWAs and crypto-native experiments. We all viewed RWAs as fairly standard products. Finance finally coming onchain... and now, novel protocols are experimenting with tokenized stocks in ways nobody could have foreseen. All of this is great for @RobinhoodApp! You can see how receptive their communications have been. As speculative/retail flow interacts with tokenized stocks, their onchain prices become inefficient, depegged from the real world. That presents arbitrage opportunities that can be monetized by the sequencer, similar to how validator leaders on @solana monetize their blockspace. @arbitrum will soon revamp blockspace monetization with Priority Gas Auctions (PGA) and Fast Feed. > PGA will boost priority fees by allowing the market to compete for ordering. > Fast Feed will be a paid stream giving subscribers early visibility into transactions after tx ordering is determined. It's a redesign of how Arbitrum Chains handle and monetize transaction ordering and low-latency data. If implemented on Robinhood Chain, the frenzy across tokenized stocks and crypto-native experiments will only become more profitable for Robinhood. Crypto is always full of surprises. You never know what might spark a wave of onchain activity.

Annual hunt for Perseid meteors! This year’s edition was a 5-day camping road trip to Michigan’s Upper Peninsula. Simply being in nature restores your attentional capacity and reduces mental fatigue. Go touch grass, ruminate without the headphones, and stay a night or two 🍃

Primers by @serotonin_hq break down products across onchain finance. We've covered -> @centrifuge, @3janexyz, @3f_xyz, @paretocredit, @infiniFi, @RockawayX, @zipcodenetwork, @strata_markets Accuracy, concision, and data are the MO. If you're building in onchain finance, DM us.

Janus Henderson oversees over $500B in assets, and its $JAAA is the largest AAA-rated CLO ETF in the world with $29.67B in AUM. The same strategy was brought onchain by @centrifuge in June 2025. Today, JAAA has $692M in assets across @ethereum, @solana, @avax, @base, and other networks. The two largest holders are @grovedotfinance and @ethena, which hold it as a capital-preserving reserve asset that earns a floating short-term yield of 4.6% APY. JAAA makes up 13.9% of Grove’s assets ($391M) and 6.5% of Ethena’s assets ($251M). Anyone can independently verify the fund's asset-level holdings data using Proof of Asset by @ChronicleLabs. JAAA's usage across DeFi is still growing, but it has several integrations across @aave, @Morpho, and @eulerfinance, while @3f_xyz enables one-click leveraged looping that can achieve a maximum APY of 11.6% when taking the maximum leverage of 10x.

The 80% or 90% team allocation with no vesting idea would make for an interesting experiment. I don't recall it ever being done before. I like it in concept (align protocol success with the token entirely, give the core team huge skin in the game with an allocation of that size, they distribute the aligned token to other belivers/investors to fund operations long-term). That said, it's an idea primed for bad actors. This would only work if folks REALLY trusted the founder/team and they had a VALUABLE reputation that would be burned if they played any games. I also think it's a very tough hill to climb for the market to mentally accept that this much supply is given to the core team, simply because it requires so much trust, and that trust to be continually respected by the founder/team, to actually work.

Risk tranching is becoming a core primitive for onchain finance. @strata_markets leads the category with $78M across six markets for @ethena, @Neutrl, @MidasRWA, @saturn_credit, and @HastraFi. Strata V2 is coming soon, plus a new market for @blackopal_fi and @NestCredit.

Big launch! Been keeping an eye on @BirchHill_io since writing the State of Onchain Credit at @serotonin_hq. Yesterday, they launched their first product, a market on @Morpho for the GRO token by @GromaCorp, powered by a @ChronicleLabs Proof of Asset feed with property-level composition data for the underlying Groma Real Estate Trust. Each $GRO is a tokenized share in the REIT, with a total market cap of $68.6M on @base. The Birch Hill RWA USDC vault has $101k in deposits and is currently yielding 5.5%, compared to GRO's 7.7% annualized return since inception. Seeing this launch coincide with the SEC publishing a precautionary statement regarding vault curators stuck out to me. It's clear Birch Hill took the utmost precaution themselves when building this vault and the associated market. KYC, accreditation checks, and AML screens show this is an onchain financial product built by serious operators. Shoutout @RealBhavinVaid, @cflan_, and @jfo____. Looking forward to seeing this grow, and will be keeping tabs on the "Rentvesting" concept being pioneered by Groma and enabled by Birch Hill with this market. Renters of Groma's properties pay rent every month. The difference is those funds are used to purchase a stake in the REIT, deposit it on the GRO/USDC market, and borrow against it to pay the actual rent. This way, renters can make payments like normal while gaining equity and long-term upside. Still need to do more research, but it's a very enticing concept, especially for me as someone big into personal finance and who prefers renting over homebuying given the state of the market.

Hi friends, I'm enjoying seeing you all again on the timeline! I've been busy researching the transparency spectrum of RWAs. A new report is coming soon. Meanwhile, have been enjoying summertime Chicago and rooting for my favorite countries in the World Cup. Vamos Argentina 🇦🇷

Another solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump all-time high, this time above $400 million... Feels good to have another onchain runner like this, courtesy of the @blknoiz06 resurgence. This token gives me @stayloudio vibes by @0x_ultra. That proved to be a short-term, fun, memorable event. Not sure I agree with @0xCryptoSam's take on this memecoin becoming a long-term utility token, but I do think it can serve a medium-term purpose, driving attention and capital to @solana, @BullpenFi, and the trenches. Use the token to amplify, coordinate, and incentivize these communities. Re-energize them with this token before it ultimately flames out after having served its purpose. Let's see.

Live now is @sebyrubino walking through the @serotonin_hq primer on @zipcodenetwork that just went live! Enjoyed researching the nuances of an early stage protocol where information is still relatively scarce. Result? The most accurate written resource on Zipcode available.

A new onchain credit protocol, Zipcode Finance, is expected to launch this month. The first vault, curated by @zipcodenetwork and powered by @eulerfinance, will finance a HELOC originator. The opportunity is similar to what @HastraFi built with @Figure, which now has $407M in TVL. $SN46 emissions on @bittensor will be wrapped on @base to incentivize initial deposits and third-party curators. Upon launch, curators will be able to create vaults using Zipcode's oracle infrastructure, which can be used to create products akin to @3janexyz and @paretocredit warehouse facilities.

1) Accumulate bags 2) Announce investment thesis 3) Bullpost multi-year rocket mission 4) Sell bags 5) Share why it’s no longer a good investment At least he said it was a 3-month hold on @CoinDesk 😭

Great read on the success of @a16z New Media. Working with a16z appears to be cream of the crop. Lots of parallels to @serotonin_hq as I read this. We do a ton of work in the Launch, Comms/Media, and Social verticals. Editorial & Thought Leadership is where research sits.

Onchain credit now accounts for 11% ($501M) of @ethena reserves. Those assets are $STAC and $JAAA, mostly on @solana. Just 1% ($39M) remains in the original basis trade. Ethena is the gold standard for transparency in yield-bearing products. Great work on that front @gdog97_.

Roster is stacked, but... What's the purpose? These parties donated? What are the incentives? Humanitarian in me is behind @ethereumfndn. Investor is behind @ethlabs_org and @Etherealize_io. I support each, but wonder what a positive outcome looks like for @ethereum / ethereum:native.

Since I recorded this podcast with @alenka_on_x and @kaisakaisa_, liquidity for longer-duration onchain credit assets has expanded. > @centrifuge partnered with @grovedotfinance on Grove Basin, supporting instant redemptions for $JTRSY, with targets set on $JAAA in the future. > @infiniFi became a bridge facilitator on @3f_xyz, financing bridge loans to instantly create and unwind leveraged positions of onchain credit assets by @JHIAdvisors and @FalconXGlobal. > Liquid Lane vaults on @symbioticfi launched, offering instant redemption capacity for @MidasRWA assets, such as $mGLOBAL and $mF-ONE by @FasanaraDigital. This liquidity, combined with @redstone_defi infrastructure, also processes liquidations on money market protocols like @Morpho. Liquidity enables the integration of longer-duration assets with DeFi. This expands their utility relative to legacy versions and is what will drive the continued growth of tokenized RWAs.

Fun time at the @HyperliquidX event down in Miami. Incredible venue, thanks for hosting @hypeglobal_! Shout out to @andyhyfi and the guys at @HypurrFi for the Zippo and shirt!