Tokenized RWAs on @solana continue to accelerate as more users are putting more capital onchain than ever. There is now over $3.3B of tokenized RWAs on the network, held by more than 1.75M wallets. And the user base has grown 1200% since last October. But these users aren't simply holding assets passively, they're moving them and putting them to work at record levels. RWA transfer volume reached $5.75B this past week, $743M (23% of all RWAs on Solana) has been deposited into lending protocols, and another $370M (11%) sits on exchanges ready to trade. With confidential transfers heading to mainnet, this could accelerate further as users can move assets onchain without exposing balances and amounts. data: @BlockworksData

ETH ETFs have bled $1.18B in October so far and are approaching the record level of net outflows seen in November 2025 ($1.42B). Overall, $ETH represents over 80% of all crypto ETF outflows this month (-$1.4B). data: @SoSoValueCrypto https://t.co/CLF65jeTnt

Jito, Jiu-Jitsu, and the future of Solana. Amazing time, thanks for having me 💪

Apps on @solana generated over $172M in revenue in September, up 31% month over month, the network's highest monthly total of 2026 and its most since September 2025 ($187M). Launchpads now account for 44% of all app revenue, their highest share ever. But the mix shifted sharply: @Pumpfun's share fell from an all-time high of 42% in August to 27%, even though its revenue only dipped 14% ($55M to $47.5M). Stonkfun (@LaunchOnSF) grew nearly 22x ($1.3M to $28.4M), jumping from 1% to 16% to become the second-largest revenue generator. Meanwhile, collectibles have accounted for at least 10% of app revenue for 6 straight months, led by @Collector_Crypt ($12.3M) and @phygitals ($5.5M). data: @Blockworks

All-time RWA perp volume just crossed $1T. And $940B of it has traded in 2026 alone, nearly 11x of all volume in 2025. Adoption is increasingly moving onchain: decentralized venues went from 32% of RWA perp volume in 2025 to 78% this year. All through a rough stretch of conflict in the Middle East, the first Fed hike in three years, and sticky inflation. The emergence of 24/7, permissionless venues that never close has become a significantly powerful primitive that has bled over into the tradfi space, and is gradually replacing legacy structures. data: @artemis

There are now four different venues generating $1M+ per month in fees just by routing traffic to @HyperliquidX Yet the differences are pretty striking: @Rabby_io had $2.1B volume with $412K fees @MetaMask had $1.9B volume, but with $1.7M fees So less volume, but 4x the fees. Effective take rate (fees ÷ volume): Trust Wallet 9.5 bps MetaMask 9.1 Phantom 5.0 Fomo 4.4 Rabby 2.0 Same exchange, same orderbook, yet the app you trade from can cost you 4x more. The market continues to demonstrate that convenience has pricing power and users will pay a premium to trade where they already are.

Despite the Fed's first rate hike since 2023, we head into this week coming off the largest spot crypto ETF net inflows since the October 2025 crash, with $3.37B pouring in. $BTC led ($2.4B, 71%), followed by $ETH ($690M, 20%). Meanwhile, $SOL quietly posted its second-best week ever at $188M, trailing only its debut week ($199M). Crypto demand is holding up as monetary conditions tighten, while institutional flows are broadening beyond BTC. SOL is seeing it now, HYPE could be next.

Capital is pouring into perp DEXs at historic levels as open interest has surged to a record high of $26.4B. The sector has grown 33% month-over-month and has fully recovered from the October 2025 market crash. This has been led by Hyperliquid, which reached a record $17.7B OI (+42% MoM). But there's an interesting difference this time, as capital appears to be more organic and more sticky: October 2025: $1.6T volume, $19B OI (84x turnover) September 2026 (so far): $410B volume, $26.4B OI (15.5x turnover) Meanwhile, OI on @Lighter_xyz has grown 66% over the last month as Lighter trends back towards its previous highs reached in October 2025, making it the fastest-growing of the top perp DEXs by OI data: @Blockworks

Markets are rallying, HYPE +16%, SOL +14%, ETH +9%, and BTC +9% are up on the week, yet only @Strategy ($8.7B), @HypeStrat ($2.6B), and @HyperionDeFi ($110M) are profitable. No one was more aggressive than Hyperliquid Strategies, who roughly doubled their HYPE holdings this year with high-conviction buying through a bear market. And no one was more creative with balance sheet capital, going beyond vanilla staking to actively optimize yield across the ecosystem. Other DATs mostly bought the top, did little more than stake, and are now just chasing breakeven. data: @artemis

In the midst of a choppy market caused by the CLARITY Act's failure to advance and the first rate hike in 3 years this week, Hyperliquid flipped Solana to become the second largest chain in terms of USDC supply, growing 12% on the month and outpacing every other major network (+0.3% Ethereum, -1% Solana, +0.6% Base). Meanwhile, hyperliquid:native is at a new all-time high above $91, up over 11% today. This is all happening as @HyperliquidX builds out the full DeFi primitive stack natively. Manual borrows just went live enabling users to supply HYPE/BTC as collateral to borrow USDC/USDT, using the same HyperCore infra as portfolio margin. $269M has already been borrowed on day one. Combined with vaults, predictions, and spot, the full DeFi stack is now enshrined at the base layer. data: @hl_eco