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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BREAKING: SpaceXAI has released another major new update for Grok Build (v1.0.19)
This update improves background task handling, adds transparent terminal themes, worktree support for headless sessions, and better session/dashboard controls. It also fixes UI freezes, crashes, feedback issues, clickable URLs, and makes the first prompt after login faster.
Breaking Changes
• Scheduled /loop tasks always run in the background; they no longer inject turns into your conversation.
Features
• New terminal theme option makes backgrounds transparent so the terminal's own colors show through. • MCP servers blocked by organization policy now show clear messages and are refused before any config change. • Session resume now tells the model what loops, subagents, and workflows were still running. • Dashboard now shows newly dispatched sessions immediately instead of waiting for the store. • Headless sessions (grok -p) now support the --worktree flag to run in a separate git worktree. • Dashboard now says 'Open session' instead of 'Add session' for the session picker button. • Multi-line bash commands now render with proper wrapping and highlighting when opening the block viewer. • /usage now works from the dashboard and shows account allowance when no session is active.
Bug Fixes
• Fixed mid-turn UI freezes when the terminal stops reading output. • Fixed crashes that occurred when the terminal pane was closed while grok was exiting. • MCP server list in minimal mode now correctly shows policy-blocked servers. • URLs that wrap across multiple lines inside quotes or lists are now fully clickable. • The welcome screen composer now grows taller when you paste multi-line text. • Enterprise policy files are no longer deleted on startup when your team login is stored at a custom GROK_AUTH_PATH. • /feedback now drops unsupported images with a notice (matching the modal) and never loses your report text on save errors. • Feedback drafts keep their paragraph breaks when updated, and the modal no longer switches tabs unexpectedly. • Turn summary lines no longer lose their spacing after background tasks finish. • Thinking blocks no longer stay expanded after switching between fullscreen and minimal modes.
Performance
• First prompt after login is faster when MCP servers are configured; they connect in the background.
Download Grok Build: https://x.ai/build
Update to the latest Alpha release: grok update --alpha
Update to the latest Stable release: grok update
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BREAKING: SpaceXAI has released another major new update for Grok Build (v1.0.19)
This update improves background task handling, adds transparent terminal themes, worktree support for headless sessions, and better session/dashboard controls. It also fixes UI freezes, crashes, feedback issues, clickable URLs, and makes the first prompt after login faster.
Breaking Changes
• Scheduled /loop tasks always run in the background; they no longer inject turns into your conversation.
Features
• New terminal theme option makes backgrounds transparent so the terminal's own colors show through.
• MCP servers blocked by organization policy now show clear messages and are refused before any config change.
• Session resume now tells the model what loops, subagents, and workflows were still running.
• Dashboard now shows newly dispatched sessions immediately instead of waiting for the store.
• Headless sessions (grok -p) now support the --worktree flag to run in a separate git worktree.
• Dashboard now says 'Open session' instead of 'Add session' for the session picker button.
• Multi-line bash commands now render with proper wrapping and highlighting when opening the block viewer.
• /usage now works from the dashboard and shows account allowance when no session is active.
Bug Fixes
• Fixed mid-turn UI freezes when the terminal stops reading output.
• Fixed crashes that occurred when the terminal pane was closed while grok was exiting.
• MCP server list in minimal mode now correctly shows policy-blocked servers.
• URLs that wrap across multiple lines inside quotes or lists are now fully clickable.
• The welcome screen composer now grows taller when you paste multi-line text.
• Enterprise policy files are no longer deleted on startup when your team login is stored at a custom GROK_AUTH_PATH.
• /feedback now drops unsupported images with a notice (matching the modal) and never loses your report text on save errors.
• Feedback drafts keep their paragraph breaks when updated, and the modal no longer switches tabs unexpectedly.
• Turn summary lines no longer lose their spacing after background tasks finish.
• Thinking blocks no longer stay expanded after switching between fullscreen and minimal modes.
Performance
• First prompt after login is faster when MCP servers are configured; they connect in the background.
Download Grok Build: x.ai/build
Update to the latest Alpha release: grok update --alpha
Update to the latest Stable release: grok update
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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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news9/4news
The Bright Side: Onchain Growth
Price action often overshadows the progress we're making as an industry. When prices are suppressed, pessimism floods timelines and it feels like it's all over. That's a disservice to the teams still building. Growth should be celebrated, not just green candles. So we're launching The Bright Side: short pieces, charts, and quick commentary, all on the growth we're seeing in crypto. Bringing optimism and drawing attention to what moves us forward. This first issue covers onchain activity that's picked up over the summer. Overall activity is nowhere near past peaks, and yet certain ecosystems and protocols have found ways to thrive. Life in the Solana trenches @solana processed 1.32B transactions in the week of August 23, past the 800M peak of the 2024-2025 memecoin season. That’s roughly double its January base. A revival in memecoin trading on @Pumpfun drove most of it, with @fomo as the new entrant.
@Pumpfun's weekly revenue has grown for six weeks straight, from $6M in the week of July 13 to $17.5M in the week of August 24, with daily active wallets hitting a high of 673k. @fomo, the hit social trading app peaked at 93K daily active users on Solana. Beyond transactions, revenue is picking up as well. Solana application had $143M in revenue in August, the most since January and 81% above the April low. Coinbase <> Base pipeline @base TVL crossed $5.5B on August 26, a high for the year and just under the $5.58B record set on October 7, 2025. $3.9B of that, or 70%, sits in @Morpho markets, and $3B of it is cbBTC deposited through @coinbase crypto-backed loan product built on Morpho. Because that collateral is bitcoin-denominated, holding $3B through a year in which BTC fell roughly 37% reflects the growth in the deposit base grew substantially in BTC terms.
Uniswap's Robinhood Chain payoff Uniswap processed 39.9M swaps in the week of August 24, up 4.3x from an April low of 9.2M and 38% above the prior high of 28.9M a week earlier. The fee switch turns that activity into supply reduction. The protocol executed its largest dollar-value UNI burn on August 21, roughly 150,000 UNI worth about $590,000.
Robinhood chain is the reason behind the surge. Over $30B in DEX volume has run through Uniswap on the chain since its July 1 launch, accounting for 91% of all DEX volume there. Robinhood Stock Tokens make up $1.3B while crypto-native tokens and memecoins make up the rest. Stable active address growth Monthly active stablecoin addresses reached 55.3M in July, up 25% year-on-year. USDT accounted for 69%, with USDC representing 27%. Although stablecoin supply has remained at ~$300B since the start of the year, address counts have continued to grow. The demand behind them is payments and dollar access, on top of being trading collateral. Retail-sized transfers hit a monthly record of 162M transactions in August, reflecting the rise in consumer adoption.
And that’s a wrap for this issue. Prices will do what they do. Builders keep shipping, products that work keep compounding and the industry keeps growing. More charts and commentary to come.
75·ALong
n
news9/4news
The Bright Side: Onchain Growth
Price action often overshadows the progress we're making as an industry. When prices are suppressed, pessimism floods timelines and it feels like it's all over. That's a disservice to the teams still building. Growth should be celebrated, not just green candles.
So we're launching The Bright Side: short pieces, charts, and quick commentary, all on the growth we're seeing in crypto. Bringing optimism and drawing attention to what moves us forward. This first issue covers onchain activity that's picked up over the summer. Overall activity is nowhere near past peaks, and yet certain ecosystems and protocols have found ways to thrive.
Life in the Solana trenches
@solana processed 1.32B transactions in the week of August 23, past the 800M peak of the 2024-2025 memecoin season. That’s roughly double its January base. A revival in memecoin trading on @Pumpfun drove most of it, with @fomo as the new entrant.
@Pumpfun's weekly revenue has grown for six weeks straight, from $6M in the week of July 13 to $17.5M in the week of August 24, with daily active wallets hitting a high of 673k.
@fomo, the hit social trading app peaked at 93K daily active users on Solana. Beyond transactions, revenue is picking up as well. Solana application had $143M in revenue in August, the most since January and 81% above the April low.
Coinbase <> Base pipeline
@base TVL crossed $5.5B on August 26, a high for the year and just under the $5.58B record set on October 7, 2025. $3.9B of that, or 70%, sits in @Morpho markets, and $3B of it is cbBTC deposited through @coinbase crypto-backed loan product built on Morpho. Because that collateral is bitcoin-denominated, holding $3B through a year in which BTC fell roughly 37% reflects the growth in the deposit base grew substantially in BTC terms.
Uniswap's Robinhood Chain payoff
Uniswap processed 39.9M swaps in the week of August 24, up 4.3x from an April low of 9.2M and 38% above the prior high of 28.9M a week earlier. The fee switch turns that activity into supply reduction. The protocol executed its largest dollar-value UNI burn on August 21, roughly 150,000 UNI worth about $590,000.
Robinhood chain is the reason behind the surge. Over $30B in DEX volume has run through Uniswap on the chain since its July 1 launch, accounting for 91% of all DEX volume there. Robinhood Stock Tokens make up $1.3B while crypto-native tokens and memecoins make up the rest.
Stable active address growth
Monthly active stablecoin addresses reached 55.3M in July, up 25% year-on-year. USDT accounted for 69%, with USDC representing 27%. Although stablecoin supply has remained at ~$300B since the start of the year, address counts have continued to grow. The demand behind them is payments and dollar access, on top of being trading collateral. Retail-sized transfers hit a monthly record of 162M transactions in August, reflecting the rise in consumer adoption.
And that’s a wrap for this issue. Prices will do what they do. Builders keep shipping, products that work keep compounding and the industry keeps growing. More charts and commentary to come.
75·ALong
l
listing9/3listing
Binance: If you're willing, please take 25 minutes to watch this interview; you'll benefit greatly!
🧐After watching this interview, my biggest takeaway is that CZ no longer emphasizes scale, valuation, and ranking when discussing entrepreneurship. He values people, execution, resilience, compliance, and long-term development more. Having experienced Binance's rapid expansion and regulatory pressure, his understanding of entrepreneurship is clearly more pragmatic.
1⃣CZ's attitude towards work is very direct: he doesn't look at how busy someone seems, but only whether things are progressing. He doesn't like chasing employees every day to ask about progress. Once tasks are clearly assigned and completion dates are set, the other party should proactively move forward and report. Problems can be discussed, but they cannot be concealed, delayed, or waited for by the boss to repeatedly urge them.
He doesn't need simply obedient employees, but rather collaborators with an entrepreneurial mindset: those who don't need constant prompting, who won't let you down in crucial moments; those who can work independently and know when to communicate. For CZ, initiative, reliability, and resilience are more important than superficial diligence.
He currently has a relatively flexible work style. Sometimes he works many hours a day, sometimes only two or three hours; he rests when he's tired, and he won't force himself to sit for a full eight hours if he's not feeling well. But when something really happens, he deals with it immediately. He doesn't agree with using working hours to prove effort, but values the final result more.
2⃣When facing difficulties, CZ's attitude is not to complain, but to break down the problem and deal with it step by step. Which ones can he control, which ones are temporarily out of his control; which ones must be solved immediately, and which ones can be dealt with later. He admits that starting a business will definitely be stressful, but he won't let himself be trapped in his emotions for too long.
He believes that failure doesn't automatically become experience. Only by carefully reviewing the situation, figuring out what was overlooked, where the judgment went wrong, and what mechanisms should be established next time, does failure have value. Otherwise, the so-called "experience of failure" is just repeating the same mistakes.
3⃣In the video, when talking about "if you were to rebuild a global crypto trading platform," CZ's first priority wouldn't be trading volume or how many tokens to list, but rebuilding the team. Because product mistakes can be corrected, and the wrong direction can be adjusted, but if the team lacks initiative, everything will come to a standstill. The second key point is compliance. Different countries have different requirements for spot trading, contracts, leverage, wealth management, payments, and fiat currency deposits and withdrawals; a single product cannot cover the entire world. When starting a new business, he will establish a company structure that can adapt to regulatory changes earlier. The third key point is localization. Headquarters cannot truly understand the regulations, culture, and user habits of every country; therefore, local managers, local compliance personnel, and local product teams are needed. Headquarters is responsible for direction, security, and bottom lines, while regional teams are responsible for implementation. The fourth key point is product security and user experience. The future Binance cannot only pursue trading volume; it must also make products simpler, more stable, and easier for ordinary users to understand, while continuing to explore new directions such as payments, RWA, and on-chain finance.
👏The entire interview can be summarized in one sentence: Choose proactive people and build a team capable of fighting tough battles; face difficulties without complaining or running away, break down problems and solve them; continue to promote globalization, localization, security, and technological innovation on the basis of compliance.
💪If Binance were to start over, CZ would most likely prioritize: talent and execution, global compliance, localization, product security and user experience, and finally, new technologies and long-term strategic planning.
@cz_binance
10·CNeutral
m
meme9/3meme
quote: Every object now comes with its own "behind-the-scenes". 🧱💡 https://x.com/aimikoda/status/2095141166962311555 | MiniMax H3 - Prompt Share
This prompt turns any reference image into a video showing how the subject could be made by hand from scratch. I tried it with my profile picture. It should work with any subject.
Prompt:
A cinematic creation film follows one maker reconstructing the main subject shown in the referenced image completely from scratch. The referenced image defines the finished subject’s complete visible appearance, proportions, structure, materials, colors, clothing or surface details, and distinctive features; ignore its background, framing, lighting, and unrelated elements. Begin directly on an empty, clean virtual workbench. Use a stable front three-quarter overhead view that keeps the developing subject readable. There is one maker throughout, represented by the same consistent left and right hands and forearms. Show no more than two hands at once. From 0 to 14 seconds, the entire creation unfolds as a clearly accelerated timelapse with rapid, purposeful hand movement and restrained motion blur. Short jump cuts compress repetitive manual work only after each action has visibly completed. Every cut inherits the exact form and progress left by the previous action. 0-2 seconds: One hand enters already holding the first foundation material, armature, or base element appropriate to the referenced subject and places it at the center. The second hand steadies it as the maker establishes the initial supporting form. 2-8 seconds: The maker rapidly develops the subject’s major structure and volumes using one coherent creation method appropriate to what the referenced image depicts. A living subject is sculpted as one continuous, non-gory digital form from armature to anatomy; a vehicle or machine is built from chassis to functional structure; an object is formed or assembled from its supporting body outward. Each additional material or component enters from outside the frame while firmly held by one of the maker’s hands, is carried to its destination, and remains under hand control until attached or shaped. 8-12 seconds: The same hands develop the recognizable outer form and reference-specific features. The maker sculpts, fits, wraps, stitches, fastens, carves, or polishes only where appropriate to the subject. Facial features, hair, clothing, body panels, wheels, glass, surfaces, accessories, or equivalent defining elements emerge through visible hand and tool contact, never through spontaneous transformation. 12-14 seconds: The maker refines proportions, edges, joints, surface transitions, textures, colors, and distinctive details until the developing subject closely matches the referenced image. One hand stabilizes the form while the other performs each final adjustment with a hand-held tool. 14-15 seconds: The maker removes the last tool by hand and withdraws both hands. The timelapse returns to normal speed as the camera makes a restrained push toward the completed subject and holds on a clean final view. Materials and components do not need to be visible before use, but anything newly introduced must enter the frame already held by one of the maker’s hands. Nothing moves, assembles, appears, disappears, or changes material independently. Maintain one maker, one continuous subject, one creation position, and one category-appropriate construction method. No assistants, extra hands, detached anatomy, duplicated elements, magical morphing, drawing phase, software interface, cursor, menus, annotations, or text overlays.