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Today's News Recap
State Crackdown - Connecticut banned state crypto use and tightened firm disclosures, highlighting regulatory divergence.
Tokenization Push - Robinhood launched tokenized stocks in the EU and an Arbitrum L2, as XRP Ledger’s ETH sidechain went live.
Dominance Rises - Bitcoin volatility rose ahead of key U.S. economic data, triggering an altcoin sell-off and boosting BTC dominance.
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DePIN / Cloud Compute Marketplace
Lease revenue surpassed $1 million (+38% QoQ)
Average GPU capacity rose 55% to 897 units, with usage up 54%
AI training/inference, websites, blockchain nodes, game servers
Layer-1 smart contract platform
ALGO token — used for staking, transaction fees, and governance
Transitioning from community governance to elected xGov council
USDC drove a 137% QoQ increase in stablecoin supply, pushing Algorand’s stablecoin market cap to $135M
Web3 gaming protocol built on opBNB (BNB Chain L2)
PvE dungeon gameplay, leaderboard competition, and economic participation through staking and trading
Seraph’s token saw $1.6B in Q1 trading volume
Season 2 introduced over $1M in rewards, new gameplay mechanics, and deeper player engagement systems
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Two Bits
Your Solana Wallet is Now Your Brokerage Account
By: Matthew Nay
Yesterday, xStocks released a suite of tokenized U.S. equities and ETFs offered by Kraken in partnership with Backed, a regulated Swiss issuer. The product line launched with over 60 products, ranging from Apple and Tesla to broad index funds, and will be available to non-U.S. clients. These tokens will be issued on Solana as fully collateralized representations of the underlying shares and held in regulated custody. Kraken users will be able to trade the assets on-exchange or withdraw them to be used onchain within DeFi protocols. Jupiter, Kamino, Solflare, Phantom, and many more Solana protocols all launched day one support. Users can now swap any token for a tokenized U.S equities, as long as they have a Solana wallet and an internet connection. Funny enough, people were quick to notice that you can swap Fartcoin for SPY, all within Jupiter.
xStocks distinguishes itself through a compliance-first structure backed by a European prospectus and its seamless integration with Kraken’s exchange and Solana’s DeFi infrastructure. The platform is designed to democratize access to U.S. equities, particularly for users in regions underserved by traditional brokerage services.
This is the next step for the Solana Foundation’s goal of becoming the decentralized NASDAQ and building the infrastructure for internet capital markets (ICM). Last month, when the platform Believe gained a lot of momentum from its success launching LAUNCHCOIN, many in the community believed this was ICM. I argued at the time that although this meant tokenization is easier than ever, true ICM is when this infrastructure starts serving companies with meaningful value. xStocks gets us one step closer to that goal. The next step will be the launch of Opening Bell by Superstate. Instead of issuing tokenized equities that track the price of the underlying equities, Opening Bell will allow companies to issue SEC-registered shares directly on Solana.
