FINRA First - Ironlight wins FINRA approval for first U.S. regulated ATS with onchain atomic settlement.
Solana Staking - Grayscale debuts Solana staking ETF, as crypto firms push ahead despite government shutdown.
ETF Inflows - Bitwise spot Solana ETF draws $69.5 million on debut as new HBAR and Litecoin funds see zero flows.
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Strengthened role as a privacy-first yet compliant Layer-1 by integrating with Request Finance, joining USDG’s Global Dollar Network, and listing on Revolut and Binance Alpha
Market cap: +50.5% QoQ → $117.6M
Token (ALEO): +15.7% QoQ → $0.22
Developer tooling matured, and partnerships expanded across fintech, compliance, and privacy infrastructure
POL’s market cap rose 39.2% QoQ to $2.36B, outperforming the broader market (+20.7%)
Polygon PoS active addresses up 13%, transactions up 20%
Polygon processed $1.82B in payment volume across 50+ platforms and $380.8M in Mastercard/Visa card transactions
Launch of Agglayer CDK Enterprise, enabling permissioned, privacy-first EVM chains with built-in interoperability
Significant growth in ETH and SOL-focused digital asset treasury companies (DATs). ETH DAT NAV rose 2,983% QoQ to $14.46 billion, while SOL DAT NAV jumped 330% to $858.6 million.
Ethereum ETFs saw more inflows than Bitcoin ETFs in Q3, $8.68 billion vs. $7.53 billion. ETH ETF AUM rose 170% to $27.43 billion, driven by BlackRock’s ETHA and regulatory clarity on staking.
Publicly traded crypto equities rose an average of 19% in Q3. Galaxy Digital and Robinhood led performance, while Coinbase cooled after a hot Q2. The IPOs of Circle, Bullish, and Gemini reinforced investor interest in regulated crypto infrastructure.
Major institutions, including JPMorgan, SWIFT, Circle, and Google Cloud, launched purpose-built blockchains for settlement, payments, and tokenization.
Attached at the HIP-3: A Year One Projection of HIP-3 Revenue
Hyperliquid faces a few risks. The high barrier to entry for HIP-3, vague slashing conditions, and limited appeal of long-tail markets could make HIP-3 a difficult investment to underwrite, even if it’s just a loan. But Hyperliquid has garnered interest from the world's largest fintech companies and investors, and HIP-3 is a unique way to get exposure to Hyperliquid through fees.
While we project modest volumes in the first year, this does not diminish the long-term importance of the upgrade. HIP-3, like Ethereum’s modular roadmap, will take time to mature. We expect a slow start for teams to acquire tickers and improve their oracles. But the strategy reinforces Hyperliquid’s deepest moats: the most performant perps infrastructure, deep liquidity, and trustworthy brand.
