Morning Minute: Tokenized Shares Leap 5x on Robinhood Chain

Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt.

GM!

At the moment’s prime information:

• Crypto majors are inexperienced as Oil falls 8%; BTC at $65k, ETH $1,960
• ETH ETFs see $103M in internet inflows final week in comparison with $33M for BTC
• BitMart shuts down its alternate, following BitMex
• ZEC Ironwood Improve set to launch tomorrow
• Pons captures 80% market share on Robinhood forward of v2 launch; PONS hits new ATH

📈 Robinhood Chain’s Tokenized Shares Leap 5x

Tokenized real-world property (i.e. inventory shares buying and selling onchain) on Robinhood Chain have jumped roughly fivefold in below two weeks to about $70 million.

When Robinhood Chain launched on July 1, memecoins instantly took over, and it appeared that Robinhood had spent cash constructing infrastructure solely to draw hypothesis. That’s now shifting. A dozen tokenized shares are every clearing greater than $500,000 in day by day quantity, with 5 above $1 million, led by GameStop at $26.6 million a day, Nvidia at $14 million, and SpaceX at $6.4 million.

The broader chain has scaled fast alongside it. Complete worth locked (TVL) has roughly tripled since mid-July to about $312 million, the chain is clearing greater than $600 million in day by day DEX quantity, and it’s logged over 138 million transactions in 30 days, placing it among the many most lively networks in crypto. On the tokenization facet particularly, over 100 property have been tokenized and whole RWA worth is nearing $25 million. Day by day buying and selling volumes have spiked from ~$5M/day to $60M/day (the largest development story).

What makes this extra fascinating and well timed, is that Robinhood experiences earnings this week. That places Vlad Tenev on a name with Wall Road analysts days after this knowledge landed, and he has each incentive to speak about it. Tenev has been the loudest voice hyping the chain, from the “Robinhood Summer season is right here” submit to fanning the memecoin frenzy, and tokenization is the strategic story that justifies the entire construct to shareholders. Anticipate him to lean arduous into the RWA and tokenized-equity numbers.

The query for the market is that if HOOD inventory is pricing on this development but or not, and the way precisely Vlad will spin it (and if they’ve another surprises up their sleeve). My intestine is—it’s not priced in. We are going to discover out this week…

🌎 Macro Crypto and Markets

• Crypto majors are very inexperienced as oil fell 7% on Iran peace progress; BTC +1% at $65k; ETH +4% at $1,960; SOL +2% at $76.5; HYPE +3% at $59.90
• PUMP (+18%)LIT (+11%) and ZRO (+10%) led prime movers
• Oil -7% at $83; Gold +1% at $4,100
• Inventory futures are very inexperienced with Oil dropping; DOW +1.1%, Nasdaq +1.5%
• Crypto alternate BitMart is shutting down after nine yearswith its BMX token crashing 58% on the information, the second alternate closure in per week after BitMEX
• Technique overhauled its Bitcoin metrics to indicate internet publicity after senior claims, pegging its “Web Reserve” at $36.6 billion as soon as $22.3 billion of most well-liked inventory and convertible debt is stripped out, and completely anchoring the equity-issuance threshold at 1.0x mNAV
• A $5 billion cluster has formed in Bitcoin optionswhich analysts learn as a bullish setup heading into the Fed week
• A US regulator warned prediction markets in opposition to reducing corners on occasion contracts
• Russia’s largest financial institution, Sberbank, plans crypto trading infrastructure by December
• Institutional buying and selling platform LMAX is exploring a sale or IPOworking with Morgan Stanley and KBW to weigh its choices
• Brazilian farmers tokenized dairy cows to get loans, bypassing financial institution lending limits, within the newest real-world tokenization use case

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were barely inexperienced on the week with Shiba main; DOGE +1%, SHIB +19%, PEPE +4%, PENGU +4%, TRUMP +2%, BONK +3%
• Shiba Inu surged 20% as South Korean merchants fueled a rally
• Robinhood chain was led by PONS +7% to $45M and a brand new ATH; Cashcat -14% to $40M
• Solana leaders included Cate (+150x), EPIK (+3,000%) and Geod (+30%); ANSEM -10% at $175M

💰 Token, Airdrop & Protocol Tracker

• ZCash’s Ironwood Improve is expected to go live tomorrowwith a brand new shielded pool and a turnstile mechanism to keep away from counterfeit considerations
• Pons v2 is launching this weekwith a brand new incomes mechanism, rug-proof design, customized pairing property and a brand new price stream

🚚 What is occurring in NFTs?

• NFT leaders have been principally flat; Punks even at 32 ETH, BAYC even at 8.6 ETH, Pudgy +1% at 4.14 ETH; Hypurr’s +5% at 195 HYPE
• StonkBrokers (+10%) and Creepz (+8%) led prime movers
• FWA confirmed token buybacks are coming, that the token could develop into tradeable forward of the 15-day window closing, and that Pokemon could come to the platform quickly; FWA token at $20M