Enterprise Ecosystem on Allora
Ecosystem spotlight: how large infrastructure players tap a neutral, verifiable AI network instead of betting everything on a single closed model vendor.
Every enterprise buying AI today faces the same uncomfortable dependency. The intelligence that increasingly drives pricing, risk, forecasting, and operations sits inside a handful of closed models owned by a handful of vendors. You cannot see how the output was produced. You cannot verify it. You cannot easily swap it. And when that single provider changes its terms, its weights, or its availability, your business inherits the risk.
For regulated industries, sovereign infrastructure operators, and large cloud and telecom players, that is not a comfortable position. They want AI intelligence that is reliable, neutral, and verifiable, and they increasingly want a decentralized or auditable option rather than a black box under someone else's control.
This is the gap Allora is built to fill. Allora is the leading Model Coordination Network (MCN), a decentralized AI network that coordinates many specialized machine-learning models around a shared objective, weighting them in real time and aggregating their output into a single forecast that consistently beats any one model on its own. It produces forward-looking inference that applications consume via API or onchain, through a neutral and verifiable network. A neutral, decentralized network is attractive to enterprises precisely because it is not a single-vendor black box.
The enterprise segment of the Allora ecosystem reflects that pull. The names associated with it are among the largest infrastructure and connectivity operators in the world: Amazon Web Services, Alibaba Cloud, Saudi Telecom (stc), Exaion, and Xross Road. Together they represent global cloud capacity, national digital infrastructure, and specialized compute at a scale few networks can claim proximity to.
Where Enterprise AI meets a neutral network
@alibaba_cloud is the cloud and AI arm of Alibaba and one of the largest cloud providers in the world, with deep infrastructure across Asia and beyond. Public Allora communications describe a collaboration with Alibaba Cloud around launching an S&P 500 prediction topic on the network. At the level the public record supports, this positions Alibaba Cloud as an infrastructure and go-to-market participant rather than a defined product integration.
@awscloud (Amazon Web Services) is the largest cloud platform globally and appears in the enterprise segment of the Allora ecosystem map. AWS is the default deployment environment for a large share of AI workloads, so its presence signals where Allora-connected builders run infrastructure.
@stc (Saudi Telecom) is the Kingdom's largest telecom operator and a major digital infrastructure company, expanding aggressively into cloud, sovereign AI, data centers, and enterprise services under Saudi Arabia's Vision 2030. stc appears among the enterprises named as engaged with Allora. For a national operator building sovereign AI capacity, a neutral network that can be independently verified is a natural fit.
Exaion, historically a subsidiary of the French energy utility EDF, operates high-performance computing and secure cloud and AI infrastructure across Europe and Canada. Exaion is named among the infrastructure players engaged with Allora, aligning with its focus on secure, sovereign compute for AI workloads.
@xross__road is a Japan-based Web3 platform focused on intellectual property incubation and fan engagement. Its publicly announced partnership with Allora centers on AI and IP solutions: data analysis to enhance IP markets, customized user experiences, and detecting IP misuse. It sits on the enterprise map more as a regional platform partner than a core infrastructure provider.
What Allora gives an enterprise
The enterprise problem is dependency without verifiability. A single closed model is opaque, non-neutral, and impossible to audit, yet it may sit at the center of decisions the business is accountable for.
Allora supplies neutral, adaptive intelligence in place of that dependency. Because it coordinates many competing models and weights them by demonstrated accuracy, no single vendor controls the output, and the aggregate consistently outperforms any individual model. The result is inference an enterprise can consume via API or onchain, from a network whose behavior can be inspected rather than taken on trust.
For infrastructure operators, that is the strategic point. Allora is an open intelligence layer they can tap, extend, and build on, rather than a product they must accept as-is. As enterprises look for AI they can verify and govern, a neutral network becomes infrastructure, not just a vendor.
Sources
https://thedefiant.io/news/press-releases/allora-foundation-announces-launch-of-allora-mainnet-and-allo-token
https://www.allora.network/blog
https://hackernoon.com/xrossroad-announces-strategic-partnership-with-allora-network-to-expand-japanese-ip-in-web3
https://www.edf.fr/en/pulse/ventures-portfolio-exaion
https://vision2030.ai/institutions/stc/
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Self-Sovereign GraphQL in Every Browser
Arweave holds the data and the index; PermawebOS gives every user a node that can answer and prove its own queries.
The third principle of Arweave is “Guarantee the right to listen”. In cyberspace, you can only hear if you can actually discover the data. On the permaweb, that’s made possible with GraphQL.
GraphQL provides a critical link in the composability architecture of the permaweb: allowing all apps to build on top of the same, shared content lake, joined by a single global index. Arweave transactions are posted with tags, discoverable by wallet address, or the block they were mined into, but GraphQL is the layer that lets users and applications see all data matching these queries. Without it, there’d be no way to find data matching criteria, or build data protocol-based apps.
It’s one of the permaweb’s core utilities, but until now it has been confined to the realm of enterprise-grade hardware. Services like that are usually incredibly difficult to decentralize because the hardware requirements are high and the incentives are low. The permaweb’s GraphQL services so far have depended on building and maintaining gargantuan off-chain indexes of more than 76 billion rows: scanning the historical chain, keeping it current and serving it quickly. In practice, this has meant that permaweb apps inherit the availability and policy of a tiny number (often two, sometimes – like today – even just one) of hosted indexers which had no incentive to adopt a decentralized model.
Offset queries (queries that seek, intersect and page by weave position) will change everything about how Arweave’s query layer is served. HyperBEAM's offset-query path makes the index compact enough to publish on Arweave, orders it by weave offset, and lets any node or client query the relevant pages directly.
(txid)
This is not another centralized GraphQL service, and it’s not just a way to make GraphQL more available to node operators. It is a method that makes GraphQL execution so lightweight that it can be run directly on users’ browsers, with Arweave nodes simply serving them data chunks.
Hyperoptimized GraphQL with Offsets
All pieces of data in Arweave already have unique positions in the weave – every byte is either ‘before’ or ‘after’ every other byte. We call these byte positions in the network offsets. In March, we showed how any transaction on the weave can be referenced by its offset as a name -- short, deterministic values like 101t.arweave.net, derived only from the data’s onweave properties.
That same offset property gives us more than a way to retrieve bytes. It also can power queries because it gives us a common ordering that can be reused across every possible match in an index.
The new match index stores rows using three extremely compact values:
a hash of the field name being matched;
a hash of the value that is present;
the weave offset of the item carrying that predicate.
Each potential match is compressed into an average of just ~9.5 bytes per row, each stored in an onweave ArLMDB database. By utilizing Arweave chunks as batches of LMDB pages, ArLMDB allows us to traverse the database to find any specific node with only a few individual Arweave node requests. By organizing rows into the compressed components 1-3 above, a query with two or three factors to match can walk those ordered sets together, advancing whichever cursor is behind until the offsets meet – a ‘leapfrog’ version of the same flow as a single lookup. Critically, finding the intersection is part of finding the results for each match criteria -- not a second step.
The same ordering solves pagination -- page fifty can seek to its starting offset instead of replaying pages one through forty-nine. Offset lookups give results a stable order without adding another ordering database.
AO Compute; Arweave the Shared Hard Drive
LMDB is normally a local database file. HyperBEAM's new arlmdb store reads that database from Arweave instead.
Try decentralized GraphQL from your browser
This is already proven at production scale with item lookup. A 622 GiB transaction contains the locations of over 70 billion rows. HyperBEAM reads the database where it sits. A cold lookup traverses it with three Arweave chunk requests; once the shared branches are cached, another lookup needs just one. The ArLMDB implementation is merged into HyperBEAM and used for ID lookups from Arweave.
With an immutable index on Arweave, anyone can read it without trusting the publisher to keep a query endpoint online. Like the Arweave schedulers powering Bazar, this is another example of AO employing Arweave as the source of truth, and using it to power the permaweb.
Instead of every query operator repeating the historical sweep and building the same large database, nodes serve chunks while the client traverses the index locally. The node's job is reduced to serving bytes quickly. It does not decide which results exist, execute the filter or ask the application to trust its view of the weave. The live tip still needs rolling indexes, but the expensive historical work no longer has to be repeated by every participant.
The client does not even need the whole database (depending on optimization, we’ve seen database sizes anywhere between 1 and 60 terabytes). The production offset index already demonstrates the access pattern: in the live chunkar browser demo, the second arbitrary lookup needs only around half a megabyte of new index data to traverse the full offset index. The match index works the same way. It traverses the pages needed for the requested predicates, intersects the ordered rows, reads the candidate items and checks that they actually carry the fields requested by the query. This is lightweight enough to make it so that every user can be their own personal no-dependency GraphQL service provider, with provable data, from the browser.
As well as the browser playground, today you can use the arlmdb.js library to integrate Arweave-stored database lookups into UIs.
From Centralized Node to Self-Sovereign Service
Today an application sends a GraphQL request to a server that already holds an index. With a published offset index, the application can instead hold a locator and a cache.
A HyperBEAM node can do that, but one way we imagine most users will access the query layer is through the browser: a user's application fetches Arweave chunks, keeps the hot index pages locally and performs the query for itself. This can be baked into the PermawebOS browser extension along with the local AO node the extension already spawns. This shift brings more and more AO services that were previously hosted (on exclusive TEE hardware) into a local-first environment. The stack is becoming so lightweight it’s able to be run cheaply, per-user, as background services in the browsers, phones and laptops everyone already has.
Previous designs for a decentralized GraphQL layer were unable to answer the question of trust without TEEs. How can you be sure that the response you get back from a GraphQL server has arrived complete and uncensored? While PermawebOS node architectures like LapEE and AndEE solve the trust question in theory, in practice the job of indexing the entire blockweave is too big for small workers.
Offset queries over onweave LMDB data -- made lightweight enough to traverse and prove by any browser -- change the equation entirely.
The browser never asks a server to decide the answer. It asks nodes for the exact index chunks it needs and walks the authenticated LMDB pages itself, intersecting the offset-ordered sets locally.
The new schema provides chunks and Merkle paths for each page accessed; the recipient can repeat the exact same work and see that they get the same complete set, with no missing results. The hashpath signs the request + response pair, and the validator can trivially repeat the work, whether on a node or in a browser. The resulting item is then bound back to its ANS-104 ID. A node can withhold bytes and make itself unavailable, but it cannot alter a row, skip a qualifying result or invent one without breaking the proof.
The Personal Permaweb Stack
Decentralizing GraphQL does not necessarily require a decentralized fleet of GraphQL servers. The permaweb is unique in that it combines a decentralized permanent storage layer with everyday web semantics. HTTP, lightweight proofs, and browser-based nodes handle the workload when the logic is optimized enough to sidestep expensive hardware.
The network holds the whole index. Each user keeps only the path to their answer.
With PermawebOS putting an AO node in every browser and LapEE turning abundant consumer hardware into secure bundlers, schedulers and tunnels, local GraphQL pushes the permaweb towards a cyberspace everyone can own.
Read this on the Permaweb:
https://ao.arweave.net/#/blog/self-sovereign-graphql-in-every-browser
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Thoughts on the Liquid whitehat incident:
Background:
- Liquid is a Bitcoin L2/sidechain, launched by Blockstream in 2018. 4,000 BTC from their bridge was taken by a whitehat yesterday (and then mostly returned).
- You can think of the Liquid network as running a fork of Bitcoin Core (called Elements). Elements added new features such as confidential transactions, other assets, BTC peg in/out, and new opcodes.
- The bug seems not to be a cryptography one but in integration logic. Bug A was there for years, was recently patched, and the patch likely introduced Bug B, which was exploited.
- I’m glad this was a whitehat, and most of the funds have been returned. Could’ve been much worse if an actual attacker.
Learnings:
- There should’ve been rate limits in place both at the swap service and peg out. There likely were some limits that didn’t trigger. Such rate limits and time delays can drastically reduce the potential damage.
- It’s clear that we’re in the age of AI-driven security wars. The new capability of these models is forcing us to discover bugs that went undetected for years. Overall, this will be a net positive, even if short-term painful.
- Both the earlier Zcash bug and this Liquid one reinforce how keeping Bitcoin simple and hardened is the right call. If anything, we should be pushing for Bitcoin ossification.
Stacks security:
- I got several questions about Stacks. We also have a bridge for sBTC. The exact Elements bug isn't applicable here, as Stacks doesn’t use Elements. For any bridges or DeFi apps, security should be priority #1. Stacks devs actively run frontier AI models (both open-source and from frontier labs) on our repos. We also have active bug bounty programs with Immunefi and others. Our regular security audit reports are also available publicly.
- Even with the emphasis on security, AI model testing, audits, etc, for over a year, Stacks devs have been pushing in the long-term direction of self-custodial solutions. The Bitcoin bonds/staking upgrade keeps the BTC deployed fully self-custodial (no bridge or smart contract risk). Further, new approaches to self-custodial lending and other areas are in the R&D stage right now.
Summary:
Running the absolute latest AI models on sensitive repos is job #1 for crypto devs. We’ll see a short-term increase in discovered bugs but get hardened systems and healthy practices in the long term.
Stacks is now heavily focusing on self-custodial solutions for bitcoin capital markets, while relentlessly doing defensive security testing/audits on existing infra.
The Liquid incident should be a wake-up call to take AI threats extremely seriously, even at Bitcoin Core (we’ve done some work on this). We should ossify Bitcoin Core and keep it as simple as possible; all new bitcoin functionality can be built on layers like Stacks. Forward!
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Last week in Bitcoin:
→ Bitcoin held the low $80Ks, printing a weekly high near $82K on September 3 (its highest since May) before a blowout August jobs report pushed it back under $80K, up roughly 2% on the week.
→ The Liquid Network was paused after roughly 4,000 BTC (~$320M) left the Blockstream-run Federation wallet via an Elements software bug.
→ The UK's Hargreaves Lansdown opened nine crypto ETNs to its ~2M retail clients, nearly a year after ban was lifted.
→ France's Capital B ran a rare raise-and-buy in a single announcement on September 7, adding 376 BTC via a €30.1M raise to reach 3,521 BTC group-wide.
→ US spot Bitcoin ETFs pulled in $986.9M for the week (third straight positive week, IBIT led at $691.5M).
→ 21Shares said it will commit its own BTC treasury to the Stacks Genesis Bond for institutional Bitcoin staking launching September 10.
→ The CLARITY Act's fate hinges on a September 15 Senate cloture vote needing 60 votes, with stablecoin rewards, ethics rules, and AML provisions still unresolved.
→ Optech #421 advanced post-quantum work with two new proposals (SHRINCS and DropKick) alongside a Core Lightning DoS fix.
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Raptr has been accepted to @EuroSysConf '27 🎉
Now in production on @Aptos, significantly cutting latency. The core idea — Prefix Consensus: replicas vote on the longest prefix of data they have, not the full block, avoiding fetching on the critical path.
Robustness + speed, no trade-off.
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Meritz Securities (Korean sell side): GPT-6 Astra launch and implications for the memory stock rebound
On September 3, OpenAI unveiled GPT-6 Astra. As interpretations of this model became a hot topic, semiconductor stocks rebounded on September 4 even as the broader US market fell on rising rates following a jobs surprise, with the DRAM ETF up 6.6% versus the prior day.
Astra's implication is unlikely to be simply whether AGI has been achieved. What drew the most attention was the score of 99.9% on ARC-AGI-3, a benchmark used to judge AGI, a huge improvement over the previous model (Sol at 7.8%). This benchmark is not a knowledge test; it evaluates a model's ability to learn on its own in an abstract environment it has never seen before, and this is where the improvement over the previous model was large. General intelligence, as measured by AAII or Humanity's Last Exam, did not improve much.
The differentiated strength improved in Astra is "the ability to acquire skills that humans learn in an unfamiliar environment as efficiently as a human does." Where AI until now found the answer by pressing this and that 100 times, Astra has started to behave more like a human: observing the phenomenon, inferring the rules, and executing right away.
The key point is "an expanded scope for replacing human intelligence and human work." If existing AI was an AI that told you what to do, Astra is closer to an AI that, given only a goal, uses the computer directly and produces the result all the way to the end. In other words, an easy to use OpenAI model has begun to handle on its own part of the agent orchestration layer that had been the domain of less accessible tools such as OpenClaw. For users, the barrier to entry for AI agents has been lowered, meaning more work can be handed over.
Expansion of AI workloads
Astra naturally also comes with efficiency gains that lower the token cost per task versus the previous model. This is a trend across the AI industry as a whole, and if AI workloads were fixed, demand for AI data centers would have to plunge.
The reason Jevons paradox continues to operate even after token price declines became a trend following the rise of Chinese models is that AI technological progress also expands the workload. What Astra's technological progress means is that where humans used to hand five minute, ten minute, and twenty minute tasks to AI, as AI performance improves and token prices get cheaper there is more to hand over, such as one hour and 24 hour tasks.
Just as news flow about rising GPU rental prices has spread since Astra's arrival, it must be understood that falling AI token prices do not necessarily shrink or slow the AI hardware TAM. Rather, one should recognize that the emergence of a model like Astra can create another inflection point for the AI industry and structurally grow AI demand.
Our understanding is that since early July, as the pace of GPU rental price increases slowed and token prices fell, a long IGV (software) / short SOX (semiconductors) pair trade has persisted in the US. This is because falling token prices were interpreted as positive for software, where tokens are a cost, but negative for infrastructure.
If progress in models like Astra structurally spreads AI workloads and GPU rental prices begin to respond again, the perception that falling token prices are bad news for AI infrastructure companies could weaken (on 9/4 the DRAM ETF rebounded while IGV fell).
As we have argued consistently, the issues accumulating in the AI industry since June (the proliferation of open models, this GPT-6 Astra release, and so on) are, in our interpretation, positive catalysts that generate new demand for AI infrastructure and hardware that did not exist before. We think that in a phase where rates are rising overall and liquidity is becoming scarce, these accumulated positives are not being reflected.
The stock market in September is still uncomfortable with high rates, and within the Korean market there remain hurdles to get through, including digesting a round of earnings estimate cuts driven by the sharp won appreciation before the 3Q26 preview season. There is still discomfort standing in the way of the accumulated positives being reflected in a sustained trend. Overall, we continue to view the market conservatively.
Even so, as emphasized in our September strategy, we believe one should not substantially empty out positions in core AI infrastructure stocks centered on memory. Positive catalysts not reflected in share prices are accumulating. While our baseline is conservative through mid October, one should keep the upside risk open that the trend, led by AI and semiconductor leaders, could turn at any time, even before October.
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SK hynix sharply raises share of leading edge DRAM… 1c to become main process early next year
SK hynix is rapidly expanding the production share of its sixth generation 10nm class (1c) DRAM. With 1c DRAM set to serve as the core die stacked into next generation high bandwidth memory (HBM4E), the company appears to be accelerating its process transition. As demand for high value added memory for servers and artificial intelligence (AI) grows, the race with Samsung Electronics and Micron to migrate to finer process nodes is also heating up.
"1c process share expected to exceed 34% within the year"
According to industry sources on the 7th, SK hynix's 1c DRAM share rose from around 10% in the first quarter of this year to the 13% range in the second quarter. It is projected to reach the 24% range in the third quarter and the 34% range in the fourth quarter. In the first quarter of next year, the 1c share is expected to climb to the 35% range, overtaking 1b (33% range) for the first time and becoming the company's main process.
The share of 1b (fifth generation 10nm class) DRAM was found to have peaked at the 43% range in the second quarter of this year and turned downward. As the production shift to 1c gets into full swing, the share of older generation processes is shrinking in sequence. Industry estimates show that, as of the end of the second quarter, Samsung Electronics' 1c share stood in the 16% range and Micron's in the 19% range, somewhat ahead of SK hynix (13% range). However, with SK hynix stepping up the pace of its transition in the second half of this year, it is expected to overtake Samsung Electronics (31% range) on a fourth quarter basis (34% range).
On its second quarter earnings conference call last month, SK hynix said that supply of DRAM built on the sixth generation 10nm class (1c) process had begun in earnest in the second quarter. The company projected that bit growth (the rate of increase in production volume) in the second half of this year would exceed the first half, driven by expanding HBM4 (sixth generation HBM) volumes and rising shipments of 1c based commodity DRAM.
Process transition in preparation for HBM4E performance gains
The battle for HBM4 leadership between Samsung Electronics and SK hynix is also intertwined with the pace of the 1c transition. Samsung Electronics is applying 1c DRAM from the HBM4 stage onward and is touting top tier performance with operating speeds of around 11.7Gbps. SK hynix, by contrast, chose a strategy that prioritizes mass production stability, relying on its proven 1b DRAM and advanced MR-MUF packaging technology, and is applying 1c DRAM as the core HBM die for the first time starting with next generation HBM4E (seventh generation HBM).
Industry observers say this difference in strategy is being reflected in the two companies' market shares. Major research firms including Counterpoint Research project this year's HBM4 market share, on a combined basis across NVIDIA, Google, AMD and others, at the mid 50% range for SK hynix, the high 20% range for Samsung Electronics, and the high 10% range for Micron. The picture is one in which SK hynix holds its volume advantage on the strength of mass production stability, while Samsung Electronics seeks to expand share through a technical spec advantage.
Against this backdrop, analysts say SK hynix's push to speed up the 1c transition will translate into tangible benefits in cost and productivity, beyond simply shrinking the node. Since bit output per wafer rises compared with the previous generation, more bits are produced from the same wafer input, improving cost competitiveness, which is cited as a factor that will help defend DRAM segment profitability from the second half onward. With the 1c transition proceeding alongside a growing mix of high value added products for servers and HBM, analysts say productivity gains are highly likely to feed directly into margin improvement.
An official in the semiconductor industry said, "The pace of the 1c transition itself is encouraging, but it only becomes meaningful if actual production yields and customer qualification schedules back it up," adding, "Starting with HBM4E, the fine process competition between Samsung Electronics and SK hynix will intensify further."
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Bitwise CIO Matt Hougan Names Bitcoin (BTC) and Zcash (ZEC) as Core Digital Assets Holdings for Next 10 Years
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CROWDFUNDINSIDER: Bitwise CIO Matt Hougan Names Bitcoin (BTC) and Zcash (ZEC) as Core Digital Assets Holdings for Next 10 Years
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CROWDFUNDINSIDER: Bitwise CIO Matt Hougan Names Bitcoin (BTC) and Zcash (ZEC) as Core Digital Assets Holdings for Next 10 Years
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Next week preview: US Aug CPI due Friday; China Aug FX reserves, CPI, trade, M2 scheduled Mon — China publishes Aug foreign-exchange reserves; US and Canadian equity markets closed for Labor Day, metals and oil markets close early, reduced liquidity expected.
Tue — China releases Aug trade balance (USD and RMB reporting); US releases Aug NFIB small‑business index and NY Fed 1‑yr inflation expectations; Japan, Germany and France publish July trade data.
Wed — China publishes Aug CPI YoY (market‑moving for China inflation/monetary outlook); US weekly ADP employment change to Aug 22.
Thu — US 10‑yr Treasury auction (stop‑out yield and bid‑cover ratio); US Aug PPI YoY and MoM; weekly initial jobless claims; existing‑home sales and July wholesale sales; EIA weekly natural‑gas inventory; China posts Aug M2 YoY; EIA and OPEC publish monthly oil reports; Apple hosts autumn product event; TSMC publishes Aug revenue; ECB President Lagarde speaks at Bundesbank event and holds a monetary‑policy press briefing.
Fri — US Aug CPI releases: unadjusted YoY, seasonally adjusted MoM and core MoM, plus preliminary 1‑yr inflation expectations and University of Michigan consumer sentiment (prelim); weekly EIA crude and Cushing inventories and SPR stock change; IEA monthly oil report; UK July GDP, manufacturing and industrial output and trade data; China opens new domestic refined‑fuel price adjustment window. (https://mktnews.com/flashDetail.html?id=01a076e0-7eee-7118-84b9-83392ac6a31c)
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I’ve been asked a lot: Why is Midnight live on only one market? why can’t Morpho Vaults allocate to it yet? why only one chain? Answers below:
1. Vaults Morpho Vaults hold ~$5B in deposits but can only deposit in Blue markets, not Midnight markets yet. Enabling vaults to allocate to Midnight takes one tx from the DAO, but opens the door to significant capital entering a protocol that launched just a few weeks ago. We want curators and users to become familiar with Midnight, and give the ecosystem time to develop the tooling needed to support those allocations. → Expect Vault activation Q4.
2. More Chains & Markets The initial deployment gives us a focused environment to observe behaviors, improve the experience, and prepare for broader adoption. → Expect Ethereum in the coming days, with more chains to follow. → Expect a few more markets next week, followed shortly by all Morpho Blue markets.
3. More Features What launched onchain is the Midnight core contract. The app, SDK, API, and supporting contracts will progressively expose more of its capabilities. We’ve already shipped Lend Callbacks and Secondary. Many (many) more functionality will follow, including support for bespoke offers, multi-collateral, rolling, rehypothecation, receivables, undercollat, etc…
4. But preserving a slow pace matters Midnight introduces a new completely new lending paradigm. Its flexibility creates new amazing possibilities, and the ecosystem needs time to understand them and build the tooling, bots, and data infrastructure around them. We’ve shipped multiple protocols over the years. One lesson has remained constant: there is no shortcut to security. We want everything live, everywhere, as much as you do. But each step should give us the confidence to take the next, appreciate your patience!
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$GRAM is also a strong candidate in the near term.
> $GRAM wallet max rollout is about to begin (team teaser below). It’s becoming increasingly clear this isn’t merely another crypto wallet - the team are now positioning it as a mass-market onboarding layer into a much broader financial ecosystem
> Durov is making a clear move to bring the $GRAM eco significantly closer to the core Telegram app. While the full scope of revised $GRAM utility within Telegram is still to be defined, the market is likely to start pricing in future integrations
> Multiple near-term catalysts remain w Durov expected to confirm details of steps 5–7 of the “MTGA” initiative over the coming days/wks. Following the announcement of the new non-custodial wallet rollout, I’m assigning a higher premium to these upcoming catalysts
> Chart starting to show an early bullish reversal structure w a higher low now printed on the Nance daily (post token migration)
The key part of this thesis: Telegram is shifting from merely supporting the $GRAM ecosystem to embedding it as a native financial layer within its flagship app. If Telegram successfully executes this wallet rollout, it could create one of the largest bridges ever built between blockchain infrastructure and a mainstream consumer platform, putting crypto functionality directly in front of 1bn+ monthly active users
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How 8 companies across five continents the world are using AI agents to serve customers, run operations, and equip their teams:
1. 🇬🇧 Starling launched the UK's first agentic AI financial assistant for personal account holders.
2. 🇧🇷 Bullla uses AI for critical processes and regulatory reports that once took hours or days but now run in minutes.
3. 🇧🇷 Core AI helps companies launch their own credit programs in 25 days, compared with a market average of around 300.
4. 🇬🇧 Dojo employees created more than 680 AI agents within two months of adopting Gemini Enterprise across the organization.
5. 🇩🇪 SIGNAL IDUNA made Gemini Enterprise its front door to AI and achieved more than 80% monthly active usage in under two months.
6. 🇨🇭 AXA Switzerland specialists who once spent 25 minutes reading complex medical documents now get key information in seconds.
7. 🇺🇸 Paypal runs its AI workloads on GKE and Gemini Enterprise Agent Platform, serving more than 500 production models that handle nearly 1 billion requests a day at 99.999% availability.
8. 🇪🇸 Unicaja is partnering with Google Cloud to accelerate its AI strategy toward a Conversational Banking model.
Across banking, payments, insurance, and credit, these eight companies have moved AI agents out of experimentation and into daily operations, where regulated, high-stakes work gets done ↓ https://goo.gle/3UCV7Sz
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Enhance Your DeFi Strategy with Bonzo Finance's Innovations on Hedera
Recap, a look back at an earlier Hedera session. If you're navigating the exciting world of Decentralized Finance (DeFi), you've certainly come across the essential role of managing liquidity. With current market conditions testing many protocols, Bonzo Finance's recent session offered eye-opening insights into how their innovative solutions are evolving liquidity management. Bonzo Vaults stand as a beacon, surpassing $1 million in Total Value Locked (TVL), showing remarkable resilience and growth. Here's everything you need to know to stay ahead and use these tools effectively. 🔗 Key Links 📺 Watch the full livestream → Building AI Agents on Bonzo Finance (https://www.youtube.com/watch?v=P5Iw0XCr1UY) 📄 Explore Hedera Docs → Hedera Documentation (https://docs.hedera.com) 🛠� Engage with the Community → Hedera Discord (https://hedera.com/discord) 📌 TL;DR Bonzo Finance strengthened Hedera's DeFi suite with a $60M TVL in favorable markets. Bonzo Vaults exceeded $1M in TVL; the beta test is ongoing. Yield on USD-HBAR vault shows potential with up to 92.2% 30-day APY. LayerZero Stargate integration for cross-chain liquidity is forthcoming. Developers are equipped to optimize market strategies using these advancements. Bonzo Finance on Hedera: Unveiling Opportunities A New Era for DeFi Protocols Bonzo Finance's session was a testament to its continual growth in the DeFi landscape on the Hedera network, underscoring the pivotal role their solutions play in amplifying liquidity. At the heart, Bonzo Lend, their flagship lending protocol, soared with over $60 million in TVL during favorable market conditions, maintaining a solid $19 million today. Even amid market volatility, Bonzo Vaults' performance is impressive, consistently topping $1 million in TVL. This achievement reflects a strong community backing and an endorsement of the platform's capacity for optimizing returns. Bonzo Vaults: Architectural Innovation Bonzo Vaults stand out with their non-traditional approach that goes beyond the conventional ERC-4626 standard, introducing a dual-layer architecture. This strategy separates 'vault' contracts managing deposits from 'strategy' contracts that handle external engagements, providing unmatched flexibility to align strategies with market dynamics. A significant innovation came through their concentrated liquidity management strategy. Unlike the traditional methods of constant rebalancing, Bonzo Finance smartly opts for adjustments only when market shifts necessitate it, reducing resource use without sacrificing output. This approach is vital for developers looking to enhance efficiency and maximize returns strategically. Project Demo: Yield Optimization During a live demo, Bonzo Finance showcased how smart contracts in Bonzo Vaults activate yield-generating strategies. This demonstration highlighted interactions where deposits are strategized dynamically, tailored for various asset classes. Key performance metrics drove the point home: DOVU single asset vault: Offers a 7-day APY of 35%. USD-HBAR dual asset vault: Provides dual returns, with a 7-day APY of 61.9% and an impressive 30-day APY reaching 92.2%. These figures serve as powerful proof of concept and motivation for developers to delve into yield optimization strategies backed by cutting-edge technology. Key takeaway: Bonzo Vaults' architecture innovates liquidity management, reducing unnecessary actions while amplifying profitability.
The Technical Backbone of the Bonzo Ecosystem Bonzo Lend and Vaults: The Mechanics Deep within Bonzo's workings, custom smart contracts govern the functionality of Bonzo Lend and Vaults. They capitalize on automated mechanisms to optimize asset allocation strategy, maximizing the operational efficiency tied to returns. While specific APIs and contract addresses were not shared, Bonzo's session illuminated smart contract methodologies. You can adjust contract parameters regarding amount, frequency, and employed strategies, ensuring that they retain a high degree of adaptability and responsiveness. AI-Driven Rebalancing Strategies Elevating their platform, Bonzo Finance integrates advanced AI to enhance asset management. This innovation automates decision-making using real-time market data, which is a significant advancement for managing numerous liquidity positions with accuracy. Through market predictors, you can simulate and implement optimal strategies to increase yield without needing manual tweaks. This predictive AI application crafts an insightful roadmap, helping anticipate potential market maneuvers. Preparing for Cross-Chain Expansion Embracing the future, Bonzo Finance is set to integrate LayerZero Stargate, extending its liquidity capabilities across chains. This move empowers developers to orchestrate liquidity beyond Hedera's ecosystem, marking a pivotal step toward multi-chain yield optimization strategies. When this becomes reality, expect heightened interoperability through bridge contracts. This could redefine cross-chain liquidity and asset exchanges, paving the way for a new era of expansive risks and opportunities. Key takeaway: Bonzo Finance's AI strategies coupled with cross-chain expansion avenues empower you with pioneering tools for managing assets and liquidity more effectively.
Your Building Blocks on Hedera Using Bonzo's Platform for Innovation Bonzo Finance offers fertile ground for you to devise, structure, and launch novel financial services on Hedera. Here are pathways you can explore: Yield Optimization Models: Using Bonzo Vaults, you can craft sophisticated models to boost yields even in fluctuating markets. Existing strategies act as a template, while you adapt to market shifts to maximize high-yield opportunities. Cross-Chain Liquidity Solutions: As LayerZero Stargate materializes, use Hedera as a principal node in your DeFi endeavors, expanding beyond traditional boundaries into a cross-chain liquidity flow system. AI-Powered Rebalancing: Bonzo equips you with AI tools that streamline rebalancing efforts, reducing costs while addressing liquidity drifts. Design a decentralized protocol that adapts its strategies automatically. Efficient Building with Bonzo's Features Kickstart your DeFi projects on Bonzo Finance with these tactical steps: Conduct an in-depth review of Bonzo's smart contract structures to absorb best vault creation practices. Use performance data from operational vaults to polish your strategy, especially focusing on untapped assets and their combinations. Develop a prototype using Bonzo's strategies, ensuring you draw on comprehensive yield optimization potential. Gear up your infrastructure for the imminent cross-chain capabilities to exploit liquid access and performance gains. With Bonzo's development landscape, rapid deployment is facilitated through pre-fabricated layers, minimizing setup times and allowing you to bolster functionality that directly impacts user interaction. Key takeaway: Engaging Bonzo's ecosystem offers dynamic possibilities for crafting innovative DeFi solutions anchored in Hedera's ever-evolving infrastructure. Resources to Deepen Your Engagement Hedera Documentation: Explore Technical Guides (https://docs.hedera.com) Join the Hedera Community: Connect on Discord (https://hedera.com/discord) Official Livestream Source: Building AI Agents on Bonzo Finance (https://www.youtube.com/watch?v=P5Iw0XCr1UY) Are you using Bonzo Finance's advanced capabilities in your Hedera project? We'd love to hear how you're building on this transformative DeFi platform. Showcase your projects and join the conversation. Understanding Bonzo Finance's Ecosystem Components of the Bonzo Ecosystem The Bonzo Finance ecosystem is robust and strategically designed to enhance liquidity on the Hedera distributed ledger. As a builder, understanding the core components of Bonzo will empower you to use its tools for your decentralized applications. The ecosystem includes: Bonzo Lend Protocol: This protocol is central to Bonzo's offerings, enabling lending and borrowing within the Hedera ecosystem. It was developed by forking the Aave V2 protocol, a well-established lending protocol in the Web3 space. The team had to modify the contracts for compatibility with Hedera Token Service (HTS) and ensure seamless integration with SaucerSwap and other Hedera-native services. Bonzo Vaults: These provide automated yield optimization through liquidity provisioning on platforms like SaucerSwap. The vaults employ harvester bots for automatic rebalancing and yield compounding, allowing users to maximize their returns effortlessly. Bonzo Bridge: Integrating with LayerZero's Stargate protocol, Bonzo Bridge aims to facilitate cross-chain liquidity. This feature is expected to be a game-changer for Hedera, allowing liquidity to flow seamlessly between chains and expanding the reach of your DeFi applications. Understanding these components will help you optimize your strategies and build more efficient decentralized solutions on Hedera. The Role of Harvester Bots One of the standout features of Bonzo Finance is its use of harvester bots within the Bonzo Vaults. These bots are crucial for maintaining and maximizing your yield in a hands-off manner. Here's how they work: Automated Yield Compounding: Harvester bots automatically compound the yield derived from liquidity pools, ensuring that your returns are continually reinvested to maximize profitability. Continuous Rebalancing: The bots monitor market conditions and perform continuous rebalancing of assets within the vaults. This means your investment remains optimized for the highest possible returns without manual intervention. Seamless User Experience: With the automation provided by harvester bots, you can focus on other aspects of your DeFi strategy. The bots handle the complexity of yield farming, so you don't have to. By leveraging harvester bots, Bonzo Finance simplifies the yield optimization process, making it accessible to both novice and experienced DeFi participants.
Building AI Agents with Bonzo Finance Integrating AI Agents in DeFi Bonzo Finance's integration with AI agents represents a forward-looking approach to decentralized finance. As a developer, you can enhance your DeFi applications by incorporating AI-driven strategies that automate decision-making and optimize financial interactions. Contextual AI Prompts: When building AI agents, it's crucial to provide contextual prompts. For instance, using Bonzo's comprehensive data on liquidity and yield, AI agents can make informed decisions that align with market trends and user preferences. Agentic Coding Frameworks: Tools like Claude code and Codex allow for the development of smart AI agents that can interact with Bonzo's protocols. These frameworks help automate complex tasks, such as optimizing liquidity pools or executing strategic trades based on predictive analytics. Enhanced User Engagement: AI agents can enhance user engagement by providing personalized financial advice and real-time insights into their investment activities. This leads to a more interactive and educational DeFi experience. By embedding AI agents within your DeFi solutions, you can offer users a smarter, more dynamic financial ecosystem that adapts to their needs and the evolving market landscape. Practical Steps to Implement AI Agents If you're ready to integrate AI agents with Bonzo Finance, here's a practical guide to get started: Understand Bonzo's Protocols: Gain a deep understanding of Bonzo's lending, vault, and bridge protocols. This knowledge will inform your AI agent's decision-making process. Select an AI Framework: Choose an agentic coding framework like Claude code or Codex that aligns with your project requirements. Ensure the framework supports seamless integration with Hedera's ecosystem. Develop Contextual Prompts: Create prompts that provide your AI agents with the necessary context to make informed decisions. This includes data on liquidity, yield rates, and market conditions. Test and Iterate: Begin by testing your AI agents in a controlled environment within the Bonzo ecosystem. Gather feedback and iterate on the prompts and algorithms to enhance performance. Deploy and Monitor: Once satisfied with your AI agents' performance, deploy them within your DeFi application. Continuously monitor their interactions and make adjustments as needed to ensure they align with user goals and market changes. By following these steps, you can successfully deploy AI agents that add value to your DeFi applications and provide users with a more innovative financial experience.
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news9/4news
Introducing Creator Success: a new way to get funded to build in Decentraland. 🛠️
The program is designed to help you move from an early idea to a tested, funded game project.
To make it even easier, the team launched new AI Game Design Skills, which help turn a rough concept into a structured Game Design Document (GDD), covering things like your core loop, social play, retention and scope.
The skills can also help you rapidly prototype your idea.
The steps:
💡 Shape your idea with Game Design Skills
📝 Build a clear GDD
💸 Apply for $1,000 in initial funding
🎮 Build, playtest and improve your game
📈 Progress to further funding rounds if the project performs well
Applications are open now to the public.
Get all of the details: https://decentraland.org/blog/announcements/how-to-make-money-in-virtual-worlds-games-wearables-and-creator-opportunities-in-decentraland?utm_org=dcl&utm_source=x&utm_medium=organic&utm_campaign=creatorsuccess&utm_term=launchannouncement
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meme9/4meme
quote: Another indication reinforcing what should now be understood about Iran’s current strategy:
1. Iran will not accept the continuation of the status quo. Tehran is not prepared to allow Washington to maintain intense economic pressure indefinitely without imposing costs of its own on the United States.
2. Iran will not allow the Strait of Hormuz to return to normal while it remains under a maritime blockade. Tehran’s basic position is straightforward: if Iran cannot export its oil freely, it will not simply allow everyone else to do so.
3. Iran is no longer waiting to be attacked before acting. It is increasingly willing to conduct preemptive operations when it believes an American strike is imminent. What happened tonight in Jordan is another indication of this shift.
4. Tehran’s central message is economic. Iran wants Washington to understand that maintaining the current pressure campaign will impose significant costs not only on Iran, but on the global economy, and ultimately on American consumers.
5. Iranian leaders believe they can win a "contest of pain" with Washington. That calculation rests heavily on their assessment of Iran’s ability to absorb prolonged economic pressure while creating economic, military, and political costs for the United States and its partners.
6. Effective economic pressure should not be confused with successful coercion. Sanctions and the maritime blockade can hurt Iran significantly without bringing it closer to capitulation. In fact, the greater the pressure, the more likely Tehran is to intensify its own actions.
7. Jordan has become increasingly important in Iranian strategic calculations as more U.S. military assets and capabilities in the Middle East have been concentrated there. That makes Jordan a more significant potential target in a broader U.S.–Iran confrontation.
8. Iran remains willing to return to the previous memorandum of understanding, but on terms it considers acceptable. Tehran is not seeking an endless war. But neither will it refrain from using its capabilities as long as the current situation continues.
9. Iran’s decision-making process regarding the use of force has changed dramatically. The hesitation and extreme caution that previously characterized decisions involving direct friction with U.S. forces are far less evident today.
10. Iran is more proactive, more offensive, and more willing to take the initiative. Tehran still appears to operate within certain rules of the game and to calibrate escalation. But if the United States attacks Iran directly, it should be assumed that Tehran will be prepared to expand the confrontation.
11. Iran is not going to capitulate at the negotiating table. Nor should Washington expect Tehran to offer substantially greater concessions than those already discusse, including its demand for a recognized role in the future arrangements governing the Strait of Hormuz.
These are no longer simply predictions about what Iran might do. They should be the operating assumptions for anyone trying to understand Iran’s current strategy.
The crucial distinction for Washington is between hurting Iran and coercing Iran. The United States may be capable of doing the former. There is little evidence that economic and military pressure alone will produce the latter.
If U.S. strategy continues to assume that enough pressure will eventually force Tehran to surrender its core demands, Washington risks building its policy around an Iranian response that is increasingly unlikely to materialize.
#iran | Several flights are being put on hold in Emirati airspace following the launch of ballistic missiles from Isfahan, Iran.
This means the missiles were heading towards the Strait of Hormuz, likely targeting ship-to-ship transfers.
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news9/4news
Stellar Q2 Token Holder Report
Executive Summary
Q2 2026 brought the institutional adoption Stellar spent a decade building toward. On May 27, the Depository Trust & Clearing Corporation announced plans to connect the Depository Trust Company's tokenization service to Stellar, a venue that custodies and services more than $114 trillion in securities. Tokenized assets are expected to become available on Stellar in the first half of 2027. In the interim, DTCC and the Stellar Development Foundation will evaluate use cases across constituents of the Russell 1000, ETFs tracking major indices, and US Treasury bills, bonds, and notes.
What the numbers do reflect is asset growth. Tokenized real-world assets closed Q2 at $3.00 billion, up from $1.50 billion at the end of Q1, and the network passed three separate billion-dollar marks inside a single calendar year. Payment volume recovered to $16.43 billion, up 68.8% from Q1's $9.73 billion. Stablecoin balances grew 16.0% to $346 million.
Underneath the asset growth, the composition of network activity kept shifting. Stellar settles two kinds of activity on a single ledger: classic operations (the original payment, orderbook, and trustline primitives) and Soroban (the smart contract environment added in a February 2024 protocol upgrade). Both are validated by the same set of validators, so the split between them describes where activity settles rather than a choice users make. Soroban accounted for 41.3% of all Stellar transactions in Q2, up from 38.8% in Q1 and 25.3% three quarters earlier. Soroban transactions grew 14.3% quarter over quarter against 3.1% for classic transactions, and Soroban now carries 94.4% of network fees and 82.4% of onchain trading volume. Stellar is measurably deepening into a DeFi ecosystem alongside its payments business.
The upgrade cadence held. Protocol 26, "Yardstick," went live on mainnet on May 6 after an April 16 testnet launch, introducing CAP-77 Quorum Freeze, a protocol-native onchain account freeze mechanism that lets validators contain compromised ledger keys through federated consensus. Protocol 27, "Zipper," reached testnet on June 18 and activated on mainnet on July 8, shortly after the quarter closed.
Network fees fell 18.2% to $90,440 as the cost of using the network continued to come down by design. Whisk, Protocol 23, went live on mainnet in September 2025 and restructured rent and resource pricing, and the network's soroban limit parameters cap what a single transaction can consume, holding per-transaction cost down as usage grows. Fees have fallen in every quarter since, while transaction counts have risen in each of them. Daily active addresses averaged 63,442, down 10.2% from Q1. Address counts and asset growth are not expected to track each other closely on this network, because tokenized Treasuries and similar instruments are bought and held rather than transacted daily.
Financials
Stellar is a network supported by a nonprofit foundation, and its financial picture should be read that way. The Stellar Development Foundation exists to grow a network that is open to everyone, and there is no protocol revenue in the sense that a fee-capturing application has revenue.
Total transaction fees for Q2 2026 were $90,440, equivalent to 507,780 XLM, averaging $994 per day. That is a decline of 18.2% from Q1's $110,519, and it extends a four-quarter contraction from $553,931 in Q3 2025, through $268,161 in Q4 2025 and $110,519 in Q1 2026. Against 444.5 million transactions in the quarter, the implied average fee was roughly $0.0002.
The decline is a product decision with a specific mechanism behind it. Whisk, Protocol 23, was activated to restructure rent and read costs so that contract execution became materially cheaper. Alongside it, the limits set by the Stellar Limits Proposal cap the resources a single transaction can consume, which holds per-transaction cost down as usage grows. Fees have fallen in every quarter since Whisk went live, while transaction counts have risen in each of those quarters. Cheap access is the objective. The fee line is where it’s demonstrated.
The composition of those fees is the more informative figure. Soroban accounted for 94.4% of network fees in Q2 while handling 41.3% of transactions. Contract execution consumes metered resources, meaning instructions, ledger reads and writes, and rent for persistent state, where classic payment operations pay a flat base fee. As contract activity grows as a share of the network, fees concentrate there, and classic payments contribute very little to the pool.
Stellar's transaction fees collect in a locked fee pool. They are not burned, not distributed to validators, and not spendable by the Foundation. There is no staking yield, because the Stellar Consensus Protocol is not proof-of-stake, and there is no buyback or burn mechanism. Fees accumulate outside circulation.
XLM circulating supply closed the quarter at 33.98 billion, up 2.8% from 33.04 billion at the end of Q1. Stellar removed its inflation mechanism by community protocol upgrade in 2019, so the increase is distribution from Foundation-held balances rather than new issuance. Either way, 0.93 billion additional XLM reached the market during the quarter, and the proportional claim of existing holders fell accordingly. Q2 was the fastest quarter of distribution in the past year, ahead of 0.66 billion in Q1 and 0.48 billion in Q4 2025.
The Foundation's position is disclosed onchain across labeled accounts covering development, ecosystem growth, product and innovation, and assets and liquidity. Deducting circulating supply, the locked fee pool, and the upgrade reserve from the 50.00 billion total leaves approximately 15.76 billion XLM in SDF mandate accounts at June 30, equal to 46% of circulating supply and 32% of total supply. At the Q2 distribution rate that balance represents several years of potential supply. The holdings are large, identifiable, and publicly trackable. Scale and transparency are separate facts about them.
Network Activity & Payments
Stellar processed 444.5 million transactions in Q2 2026, up 7.4% from Q1, averaging 4.89 million per day. The share that failed fell to 26.0%, a fourth consecutive quarterly improvement from 36.0% in Q3 2025. Operations grew faster, reaching 1.10 billion, up 29.4% quarter over quarter. Operations are the unit of user intent, since each one is a discrete instruction a sender asked the network to carry out, while resource utilization is the under-the-hood quantity that sets what a transaction costs.
The rise in operations per transaction came entirely from the classic side of the ledger. Classic transactions carried 3.50 operations each in Q2 against 2.72 in Q1, a 29% increase on a classic transaction count that grew only 3.1%. Soroban transactions carry exactly one operation each, in this quarter and every prior one. Senders, meaning developers and applications, package multiple operations into a single classic transaction envelope before submitting it, and they did more of that this quarter. Because a Soroban envelope carries one operation regardless of how much computation it performs, operation counts cannot be used to compare the scale of work in the two environments.
Address activity declined. Daily active addresses averaged 63,442 in Q2 against 70,632 in Q1, down 10.2%, and below the 75,283 of Q3 2025, the high of the five-quarter window.
Daily address counts measure participants who transact on a given day, which is a poor proxy for holdings in assets that are bought and held. Tokenized Treasuries, corporate credit, and similar instruments generate little recurring transaction activity by design. Asset growth and daily address counts are therefore not expected to move together on this network, and the gap between them this quarter should not be read as either confirming or contradicting the other.
Payment volume recovered to $16.43 billion, up 68.8% from $9.73 billion in Q1. USDC carried 56.3% of that volume, XLM 36.3%, other stablecoins 4.2%, tokenized real-world asset transfers 2.7%, and all remaining assets 0.6%.
The distribution matters more than the total. Median daily payment volume was $159 million while the mean was $181 million and the single largest day reached $735 million. Three days account for a disproportionate share of the quarter. On May 29 the network settled $735 million, of which $401 million was tokenized real-world asset transfers, a single institutional settlement rather than recurring throughput. On June 29 and June 30, volumes of $731 million and $715 million were almost entirely USDC. Underneath those spikes the network ran a stable base of roughly $150 million to $180 million a day, and that base is the better guide to what recurs.
Disbursements through the Stellar Disbursement Platform totaled $0.6 million for the quarter across 2,050 payments. These are programmatic aid and remittance flows, and they are reported separately from organic payment activity rather than blended into it.
Stellar's stablecoin throughput can be measured two ways, and the answers differ by more than a factor of two, so the basis matters whenever the figure is quoted. Counting payment operations, which is what a user would recognize as sending money, stablecoin volume was $9.93 billion in Q2, up 80.2% quarter over quarter. Counting every stablecoin transfer across all operation types, including DEX trades and contract movements that are not user payments, the Foundation reports $11.4 billion, up 72%.
This report uses the payment-operation figure throughout, because it corresponds to economic settlement rather than internal contract mechanics.
Tokenized Assets & Stablecoins
Real-world assets
Tokenized real-world assets on Stellar closed Q2 2026 at $3.00 billion, up 100.0% from $1.50 billion at the end of Q1. Over five quarters the total grew roughly sixfold, from $493 million at the end of Q2 2025. The network crossed $1 billion in January, $2 billion in April, and $3 billion in June. The pace is the notable part, not the level. Every figure in this section counts tokenized real-world assets and excludes stablecoins.
By asset class at quarter close, US Treasury debt is the anchor at $1,203 million across 16 instruments. Active strategies follow at $560 million across 6, corporate credit at $513 million across 4, and non-US government debt at $487 million across 6. Real estate accounts for $166 million across 18 instruments and tokenized stocks $26 million across 6. Four smaller classes hold the remaining $42 million between them: private equity at $23 million, asset-backed credit at $16 million, and commodities and diversified credit at under $2 million each. The concentration in government and corporate fixed income is what makes the DTCC scope, which centers on Treasuries and index constituents, a natural extension of what is already there.
Composition above is a single-quarter position, not a trend. The subclass taxonomy was recut twice during the past year, and categories split rather than renamed, so subclass balances are not comparable across quarters even though the totals are.
Issuer concentration is the risk that deserves naming. Thirteen issuers held tokenized assets on Stellar at quarter close. The top four held 92.5% of the total. Spiko accounted for $1,089 million, or 36.3%, across 9 instruments. Franklin Templeton held $596 million (19.9%) across 4, Realiz $558 million (18.6%) across 3, and Ondo $530 million (17.7%) in a single instrument. Ranked by issuer, Franklin Templeton is second to Spiko. Ranked by individual asset, Franklin Templeton's BENJI sits behind Ondo's USDY, so descriptions of BENJI as the largest or second-largest tokenized asset on Stellar depend on which of those two bases is meant. The practical implication is that the headline figure is presently a function of four issuers' commercial decisions, and the migration of any one of them would be visible in the total immediately.
Stablecoins and wrappers
Stablecoin balances closed Q2 at $346 million, up 16.0% from $298 million at the end of Q1. USDC dominates at $258 million held across 643,185 accounts. Two issuances are new this quarter: MoneyGram's MGUSD at $25.0 million across 4 holding accounts, and Figure's YLDS at $25.0 million across 7. Supply in both sits with issuers rather than distributed users. Holder counts would need to rise before those balances represent retail circulation. Among the established issuances, SG Forge's EURCV held $17.1 million, PYUSD $7.9 million, Novatti's AUDD $3.8 million, and Circle's EURC $3.1 million across 4,582 accounts.
Stablecoin participation was flat. Daily senders averaged 24,331 in Q2 against 24,442 in Q1, and daily receivers 22,484 against 22,357, both within a percentage point of the prior quarter. These counts cover classic Stellar accounts only; activity held in contracts, liquidity pools, and claimable balances is excluded. Set against 16.0% balance growth and 80.2% growth in stablecoin payment volume, the same number of participants moved more value.
Regulated wrapper exposure remains small. Four spot exchange-traded products referencing XLM held $69.9 million at quarter close, taking in $2.2 million of net inflows against effectively flat flows in Q1. The category is immaterial to the network's economics at this size.
Protocol Analysis
Platform migration
The clearest structural trend on Stellar is the growth of Soroban contract execution alongside classic payment operations. Both run on the same ledger and are secured by the same validators. Soroban handled 41.3% of all network transactions in Q2, up from 38.8% in Q1 and 25.3% in Q3 2025. The growth differential drives the mix: Soroban transactions rose 14.3% quarter over quarter while classic transactions rose 3.1%. On economic measures the shift is further along than the transaction count suggests, with Soroban carrying 94.4% of network fees and 82.4% of onchain trading volume.
Onchain trading volume totaled $2.78 billion in Q2, up 54.8% from $1.80 billion in Q1. Soroban venues carried $2.29 billion of that, the classic orderbook $454 million, and classic automated market maker pools $36 million. Trade count grew faster still, reaching 63.8 million against 37.3 million in Q1.
DeFi total value locked closed the quarter at $196 million, up 18.4% from $166 million at the end of Q1. The intra-quarter path was not smooth. TVL peaked at $243 million on May 30 before retracing, and touched a low of $158 million on May 23.
Consensus and security
The validator set expanded over the quarter, from 87 active validators at the close of Q1 to 94 at the close of Q2. The categories are nested, not additive. Of the 94 active validators at quarter close, 70 were full validators that also publish history archives, and 21 of those sat in the tier-one quorum set that anchors network consensus. Set alongside the Foundation's publicly labeled mandate accounts, this is the concrete material for assessing decentralization: the validator count is growing, tier-one membership is small and identifiable, and Foundation holdings are trackable. Stellar's consensus does not use stake weighting, so validator influence is a function of quorum configuration rather than token holdings.
Protocol 26, "Yardstick," reached mainnet on May 6, 2026 following an April 16 testnet deployment. Its headline capability, CAP-77 Quorum Freeze, is the first protocol-native onchain account freeze mechanism on a major layer 1, allowing validators to freeze compromised ledger keys through federated consensus within minutes rather than hours. It answers a pattern of exploits across the industry, where the absence of formalized emergency tooling forced ad-hoc coordination. A February 2026 DeFi exploit on Stellar was one of the incidents that informed it. Yardstick also added checked 256-bit arithmetic to prevent overflow in financial calculations, lower-cost BN254 cryptographic operations to support zero-knowledge applications, and Stellar Asset Contract improvements.
Protocol 27, "Zipper," entered testnet on June 18. Two features arrive through CAP-71. Authentication delegation lets custom smart contract accounts delegate authentication logic to other addresses, and address-bound Soroban credentials bind an authorization payload to the address it was signed for, preventing cross-account signature replay. Zipper passed its mainnet vote and activated on July 8, 2026, shortly after the quarter closed. Stellar recorded no core protocol security incidents in Q2 and maintained uptime above 99.99%.
Product & Ecosystem Updates
Institutional infrastructure
The DTCC selection announced on May 27 is the quarter's most consequential development. DTCC and the Stellar Development Foundation will evaluate tokenization use cases across Russell 1000 constituents, ETFs tracking major indices, and US Treasury bills, bonds, and notes, with availability targeted for the first half of 2027. The arrangement was enabled by a no-action letter the Depository Trust Company received from the SEC in December 2025. Under the announced design, DTC retains the authoritative legal record while Stellar hosts a synchronized onchain representation.
Bermuda selected Stellar during the quarter to support its plan to operate as a fully onchain national economy, extending the regulated-issuance pattern from asset classes to a sovereign context.
Products shipped
MoneyGram launched MGUSD, a regulated digital dollar reaching a cash network serving more than 60 million customers. Stellar is the exclusive network for both the MoneyGram wallet and the MGUSD stablecoin, and 2026 marks five years since MoneyGram's cash ramps first went live on Stellar. MoneyGram joined Stellar's tier-one validator set on July 16, alongside Figure Markets and Range, deepening its operational commitment to the network.
On agentic payments, Stellar shipped the x402 specification and SDK and joined the x402 Foundation with a board seat, and delivered a full Multi-Party Payments SDK within a week of the Stripe and Tempo announcement. Circle's CCTP is live on the network connecting 23 chains.
Two forward-looking items reached preview rather than production. The Confidential Tokens developer preview was released on June 29, allowing any SEP-41 token to hold private balances and transfer amounts using Noir-based zero-knowledge proofs while keeping sender and recipient addresses visible for compliance. It runs on testnet and is not approved for mainnet. On June 9, the Foundation published a Quantum Preparedness Plan setting out a three-stage path to post-quantum security, beginning with post-quantum verification in Soroban contracts before protocol-level integration.
Ecosystem
Developer activity was the standout ecosystem measure. Stellar reached 2,968 monthly active developers as of June 30, an all-time high and up 125% year over year, ranking second globally on that measure. Growth concentrated in Nigeria, India, Turkey, and Brazil. Stellar Community Fund rounds 42 and 43 committed $5.5 million across 55 companies.
Regional distribution advanced on several fronts: MGUSD, YLDS, and Stellar House Mexico City in Latin America; AllUnity's EURAU and Cashlink in Europe; and Matrixdock, Bitkub, Ant Digital's TopNod, Kenanga, and Marketnode across APAC. Meridian 2026 is scheduled for Lisbon on October 28 and 29.
Closing Summary
Stellar closes Q2 2026 with its strongest institutional validation to date. Tokenized real-world assets doubled to $3.00 billion, payment volume recovered 68.8% to $16.43 billion, stablecoin balances grew 16.0%, developer activity hit an all-time high, and the network shipped a mainnet upgrade on schedule with a second following in July. DTCC's selection puts the core of US market infrastructure on a path toward the network under an existing regulatory accommodation.
The tokenholder question is separate from the adoption question, and it turns on mechanics that have not changed. Fees collect in a locked pool that cannot be spent or distributed. There is no staking yield, no burn, and no buyback. Network fees fell 18.2% to $90,440 and have declined every quarter since the Whisk upgrade restructured resource pricing, which is the intended result of making the network cheaper to use. Adoption of the network and accrual to the asset are governed by different mechanisms.
Participation narrowed while value grew. Daily active addresses fell 10.2%, while stablecoin senders and receivers held flat and the value they moved rose sharply. For assets that are bought and held, that combination is expected rather than contradictory, but it does mean this quarter's growth came through a smaller set of transacting participants.
Three things would further validate growth in Q3. First, a firmed DTCC implementation timeline ahead of the H1 2027 target. Second, issuer diversification in the RWA base, where four issuers hold 92.5% of $3.00 billion and Spiko alone holds 36.3%; growth from a fifth and sixth issuer of scale would make the total more durable than growth from the existing four. Third, distribution of the newer stablecoins, where MGUSD and YLDS each hold $25.0 million across single-digit account counts and will only represent circulation once holder counts rise.
Protocol 27 activated on mainnet on July 8, holding the one-upgrade-per-quarter cadence intact, and Meridian in Lisbon at the end of October gives the Foundation a natural forum for the next set of commitments. The growth of Soroban, now 41.3% of transactions and the large majority of fees and trading volume, is the structural change most likely to determine what Stellar’s growth looks like a year from now.
For full pdf download visit https://blockworks.com/quarterly-reports.
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STBL Product Update
The Road Ahead
STBL is moving into its next phase, with work progressing across functions to bring innovative products to market and establish the infrastructure for a broader ESS ecosystem. Several important workstreams are now moving toward execution, and we wanted to share a clear view of where we stand today and what we are working towards next.
RXUSD: All Set for Launch
Following the strong response to the RXUSD pre-registration campaign, we saw 18,000+ wallet registrations, with 12,500+ wallets minting RXUSD on the testnet. This provides a strong foundation as RXUSD moves into the final stages ahead of mainnet launch.
The core RXUSD smart contracts are complete, while the remaining legal and structural frameworks are being finalized with internal and external stakeholders. The regulatory and structural complexities identified earlier have been resolved.
On the product side, the DApp design has been finalized, with front-end implementation underway and the interface being refined for production. Work is also progressing with ecosystem partners to finalize initial liquidity and establish integrations and partnerships that will strengthen RXUSD’s utility and adoption following launch.
The associated sRXUSD staking wrapper is moving into security audit. Our intent is to minimize the gap between the RXUSD launch and the subsequent availability of sRXUSD to boost adoption.
In parallel, the PR and GTM strategy is being finalized, with STBL Genesis Ambassadors Season 2 set to launch alongside RXUSD to support community engagement and ecosystem growth.
iBENJI: Expanding USST Collateral
iBENJI is an important part of expanding the collateral base for USST and strengthening the ESS ecosystem.
All technical prerequisites have been finalized, including wallet address whitelisting and the required administrative steps. Deployment is currently scheduled for next week, beginning with EVM-compatible networks, followed by expansion to Stellar.
Solana: Taking USST Multi-Chain
Following the launch on Stellar, multi-chain integration is a key part of the strategy for USST.
In line with this, the Solana smart contracts are now complete and ready for security audit. Cyfrin has been selected as the external security partner for the audit.Following successful completion of the audit and technical sign-off, the Solana deployment will proceed toward mainnet.
What’s Ahead
The focus now is on turning the work completed behind the scenes into live deployments and real ecosystem utility.
RXUSD is moving into its final stages of preparation, while iBENJI and our multi-chain expansion continue in parallel.
We’re looking forward to the next phase — and there’s more to share as these pieces come together.
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FED’S WALLER LEANS TOWARD SEPTEMBER HOLD
Fed Governor Christopher Waller is inclined to keep rates unchanged at the September 15-16 meeting if August inflation confirms recent disinflation progress.
However, a hotter inflation report could prompt him to support a rate hike, saying even a modest acceleration may justify tighter policy.
Waller said economic growth remains solid and the labor market healthy, while underlying inflation is improving faster than headline core measures suggest.
He still sees upside inflation risks amid geopolitical, trade and AI uncertainty.