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Happy Monday everyone! Multicoin’s DATCO completed its SOL purchases, managing to fill at an average price of $232. USDH drama is finally over (congratulations to the Native Markets team) and we have a fun week of markets coming up. To help you prepare, we compiled a few charts for you to catch up on what happened over the past week!

REV Top 10 held up the best over the past day, mainly driven by SOL and TRX. SOL performed relatively well compared to the broader market, helped by recent DATCOs. Today, Multicoin’s new Solana DATCO, Forward Industries, completed the purchase of 6.82 million SOL at an average price of $232, totaling $1.58 billion. In addition, Helius secured over $500 million in funding from Pantera Capital and Summer Capital to launch a Solana treasury company.

Despite positive SOL news, we saw Solana Eco tokens struggle over the past day (-3.96%) but do well over the past week (+7.88%). Modular and gaming both got beaten down over the past day, -5.45% and -4.85%, respectively.

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On Friday’s livestream, we covered:

• Solana DATs and the $1.65 billion Forward raise, which was structured in cash rather than in-kind. We examined how this changed market expectations, why steady SOL bid since late July suggested positioning ahead of the announcement, and how Kyle Samani and Mike Novogratz shaped the narrative with claims about Solana’s capacity to settle global securities transactions.

• DAT mechanics and sustainability, where we drew attention to the fixed costs of running DATs, liquidity constraints in sub-$10 billion tokens, and TWAP-driven pumps that revert once buying ends. We noted how much of this activity was pre-telegraphed and compared current dynamics to Ethereum’s prior DAT cycle, with less room for reflexive upside.

• Tether’s USAT launch, positioned through Anchorage as issuer and Cantor Fitzgerald for treasuries. We examined the competitive impact on Circle, which shares 50% of its revenue with Coinbase and relies on money-market-style spreads, and we discussed how Circle’s limited product expansion leaves it exposed as payments and remittance-focused entrants gain ground.

• Gemini’s IPO at $28/share and ~$3.3 billion valuation, raising ~$400 million. We noted that Gemini captured only 0.06% of BTC spot volume in the prior 24h ($31 million vs ~$46 billion), raising questions about long-term fundamentals even if oversubscription drives a short-term pop.

• The Solana launchpad rotation, where Pump.fun, Launch Coin (~$343 million FDV peak), and Light repeated the pattern of rapid hype cycles followed by sharp drawdowns. We explored how these windows are tradable for individuals but difficult to systematize for funds, and why mechanisms like futarchy-based clawbacks could better align team incentives.

• Creator tokenization experiments across Zora and Pump, highlighting why post-coins on Zora failed to sustain volume despite rising activity, while Pump invested in onboarding streamers with kits and higher payout incentives. We assessed the difference between short-lived “rug” tokens and the potential of persistent creator coins tied to ongoing revenue streams.

• Hyperliquid’s USDH governance process, where Native Markets emerged as the leading candidate against Paxos after Ethena withdrew. We examined how Hyperliquid intends to retain USDH economics while selecting an operator, and we noted parallels to Unit’s prior UBTC rollout, with much of the outcome shaped through off-chain coordination before the vote.

Find the full livestream on YouTube, Spotify, Apple Podcasts and X.

This summary was generated with assistance from AI tooling.

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Charts of the week:

BTC DATCOs recorded $15.1 billion in trading volume over the past week, making up 51.5% of total volumes. ETH DATCOs followed with $12.9 billion (44%), and have trailed BTC DATCOs for the third-straight week.

BTC ETFs had $2.32 billion of inflows this week, while ETH ETFs had $638 million and SOL ETFs had $15.9 million. BTC has led inflows for three straight weeks and continues to dominate ETF demand.

Solana launchpads generated $17.3 million in revenue this week, while Base launchpads produced $200K. Pump.fun led with $16 million, followed by LetsBonk.fun at $427K, Raydium at $138K and Meteora at $125K.

Solana has dominated weekly launchpad revenues for three straight weeks, with Pump.fun consistently accounting for the majority share.

Pump.fun had $20.1 million in revenue this week, while Hyperliquid recorded $18.9 million and PancakeSwap $17.8 million. Axiom followed with $9.4M.

Pump.fun has been the top revenue-generating application for three consecutive weeks, with Hyperliquid and PancakeSwap close behind.

— Boccaccio